November 18th, 2021

Dear Investor,

2020 and 2021 to date have seen significant changes for Kincora and globally. COVID-19 has impacted national and territory economies and borders, and the way we all work. Over this period we have seen a strong acceleration towards decarbonization and increase in the copper price. 

This period has also been transformational for Kincora where the Company built on the acquisition (by grant) of a single licence (the Nyngan project) in Australia’s Lachlan Fold Belt on 21st November, 2019. 

By mid-March 2020, Kincora had exercised an option over RareX Limited’s six copper-gold exploration licences. In just over four more weeks, the exploration team had the first rig turning on the brownfield Trundle project, while another licence (the Nevertire project) was acquired by government grant. 

Today, drilling has continued uninterrupted at the Trundle project, maiden Kincora drilling programs commenced at our Nyngan and Fairholme projects, and neighbouring junior explorer drilling is advancing the understanding of our Cundumbul project. The Company has secured a third new project via grant (Mulla) and benefitted from the New South Wales government’s cooperative funding drilling program.

We are actively and systematically pursuing our focus on the discovery of world-class copper gold porphyry associated deposits and the near term ambition to become the leading listed pure play explorer in what we believe is one of the most significant gold rich porphyry regions in the world, the Lachlan Fold Belt, and which is the foremost porphyry region of Australia. Coupled with drilling, project generation and realisation opportunities continue to be integral to our business model.

Reflecting the Company’s strategy, a commitment to list on the Australian Securities Exchange (“ASX”) was made in the fall of 2020 and strategic review commenced relating to our Mongolian portfolio of projects following the grant of a mining license for the Bronze Fox project.

Listing on the ASX was achieved in March, 2021 alongside a well oversubscribed A$10m equity raising with strong support from our lead-managers Morgans and Bridge Street Capital and with EY supporting legally. The dual listing has opened up a new significant pool of domestic capital and seen a significant increase in liquidity. 

On the Mongolian tenements in late 2020 the exploration team continued field activities at the Tourmaline Hills Intrusive Complex at the West Fox prospect. The highlight was the gathering of rock chip samples with high average gold and copper grades and the identification of new epithermal target areas. Further field activities have only recently commenced to advance and expand these targets. In December 2020, a binding term sheet was signed with Resilience Mining Mongolia. Under this agreement, Kincora retains significant upside to exploration, project generation and development successes for the Mongolian portfolio, and streamlining our core focus advancing priority drilling activities in Australia.

In our view, a favourable structural outlook for the copper sector continues to emerge. A lack of new discoveries and new projects in the pipeline coupled with diminishing production from existing major mines will likely not see the supply side meet the expected robust demand underpinned by global decarbonization and industrial growth. We believe that the strong structural outlook for copper, and the industry dynamics will see copper demand and pricing stronger and higher for longer.

The Company is focused on executing our clear strategy and business model. As shareholders, the Board and management team are very conscious of our share price. We believe our ability to execute will be well rewarded, particularly given the tailwind from the expected commodity price environment and operating in a Tier 1 jurisdiction.

In all aspects of our business, the Company retains our focus on the safety and wellbeing of our staff, engaging with stakeholders and creating shareholder value. 

Thank you for investing in Kincora Copper and we look forward to advising of further positive and value enhancing developments this year and in 2022.


Cameron McRae
Chairman of the Board

Sam Spring
President and CEO