After being one of the most active and leading explorers and project generator juniors in the Mongolian copper sector in 2019/20 Kincora’s focus pivoted to NSW.
Since then, Kincora has capital efficiently advanced the Mongolian portfolio, including securing an initial mining license, announcing a maiden JORC resource and updated exploration target, and making a new (third) intrusive complex discovery at the Bronze Fox Project. The Company retains a year-round field camp and a proprietary Mongolia wide project generation database.
The flagship Bronze Fox Project of this portfolio covers 175km2, is located approximately 450km south of the capital Ulaanbataar and within trucking distance to the world’s largest consumer of copper, China.
Bronze Fox hosts three near surface, large and relatively underexplored intrusive complexes (one of which has never been drilled), and has the potential to be the fourth emerging porphyry district within the world-class Southern Gobi porphyry belt.
This belt is one of the most rapidly emerging new infrastructure and copper districts anywhere in the world where:
(i) the Oyu Tolgoi Project is set to be the world’s fourth largest copper mine by 2030 (operated by Rio Tinto, in partnership with the Mongolian government, located <200km from Bronze Fox),
(ii) Tsagaan Suvarga Project is a >US$1b capex greenfield construction stage project (privately owned, located <50km from Bronze Fox), and,
(iii) Kharmagtai Project, previously in JV between Zijin Mining (operator) and Xanadu Mines was the focus of a A$160m takeover in 2025 (located <150km from Bronze Fox).
The Bronze Fox Project hosts a Mineral Resource Estimate of 194Mt at 0.26% copper equivalent (CuEq) at a 0.2% CuEq cutoff within a notional pit shell to a depth of approximately 325m below surface at the West Kasulu prospect (cut off grades and pit shell depth profiles mirroring the Kharmagtai project) 1. There is an additional Exploration Target for the West Kasulu prospect of between 100Mt and 300Mt at 0.25% to 0.35% CuEq 1.
The West Kasulu prospect is interpreted to be an eroded and less prospective section of one of three very large intrusive complexes at the Bronze Fox Project with all three intrusive complexes offering significant exploration upside.
In 3Q’2024, Kincora announced an earn-in and joint venture deal with Woomera Mining Limited, since renamed Orbminco Limited (“Orbminco”, ticker OB1 on the ASX).
2024 field season activities undertaken by Orbminco included drilling with to primarily objectives 2 :
- Infill and test the depth potential extent (latter via one deeper hole) of the existing >400kt copper + >400koz gold JORC resource
- Satisfy the conditions for a second mining license conversion
All but one of the 16 first phase holes have returned significant copper intervals with highlights including:
- Hole F111: 26m @ 0.91% CuEq from 14m (with up to 8.29% Cu)
- Hole F109: 486m @ 0.21% CuEq from 352m
The 2025 field season sampling and mapping activities further confirmed and expanded the potential for a higher-grade extension to the current MRE envelope 1, which remains open 3. More recent geophysical programs comprised of Induced Polarisation (IP) and gravity surveys have also been completed reconfirming existing targets and identified additional targets for further review 4.
2025 field sampling and geophysical programs have also been undertaken at the Shuteen North target, which hosts extensive sub-cropping copper mineralisation and multiple intrusive systems 3 4. The Shuteen North target has never been previously drilled and is interpreted to be associated with the Shuteen lithocap, the largest lithocap in the Southern Gobi. The importance of this conceptual geological setting is significant given the lithocap at the Oyu Tolgoi project was an important early-stage exploration marker and the relative size of the Shuteen lithocap relatively to Oyu Tolgoi.
On September 22nd, 2025, Kincora resecured the full rights of its Mongolian portfolio following Orbminco withdrawal from the September 2024 earn-in agreement as it focuses on its Australian gold exploration.
With Kincora now controlling 100% ownership, the Company will move forward to build on existing and new interest in the project.
Kincora intends to consider a range of options, including focused self-funded exploration, third party investment and other corporate initiatives. Near term value add activities may include the potential submission for a second mining license at the Bronze Fox project and fresh mining studies relating to the existing oxide resource reflecting recent shifting in commodity prices.
Further market updates will be provided following any material development arising to the Company’s Mongolian asset portfolio.
Footnotes
1 The Mineral Resource Estimate (MRE) and Exploration Target have been prepared by independent consultant DG & JG Larsen Consulting Pty Ltd and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code) and is not based on Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions, and as a result the estimate is not recognized under National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101).
The MRE and Exploration Target were commissioned and paid for by Resilience Mining Mongolia Limited, an unrelated party, meeting a condition precedent from a Joint Venture and Acquisition Agreement, and subsequent extension agreement, that was subsequently terminated by Kincora. The MRE and Exploration Target were based on data and geological information supplied by Kincora and Resilience Mining Mongolia Limited.
The MRE and Exploration Target were reviewed by Kincora’s geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), then Exploration Manager Australia, who was the Qualified Persons for the purpose of NI 43-101.
In 2022, Kincora retained a 100% interest in the project, data and reports pertaining to the MRE and Exploration Target from Resilience Mining Mongolia Limited (see the July 8, 2022, release “Kincora provides corporate update for Mongolian portfolio” for further details).
In September 2024, Kincora executed a definitive agreement with Orbminco Limited’s (formerly Woomera Mining Limited) to provide certain rights to the Mongolian project. Under the Earn-In and Joint Venture Agreement with Kincora multiple phases of exploration were undertaken by Orbminco Limited, including:
- 4Q’2024 drilling program: a sixteen hole for 2,516 metre drilling program was completed designed to infill and extend the existing MRE with results that “confirm expansion and higher-grade potential of the West Kasulu resource” 2.
- 1Q’2025 mapping and surface sampling program: the program “validated historic sampling and confirm a high-grade, copper-gold extension structure at the West Kasulu prospect which is open and trends northwest beneath shallow cover”. Orbminco noted the “trend remains largely undrilled and that IP and gravity surveys are proposed to facilitate follow up drilling”. At the Shuteen North prospect, located 10km southwest of the West Kasulu MRE, “limited previous exploration has recorded extensive sub-cropping copper mineralisation and multiple phase intrusive systems associated with strong mineral alteration, which has been confirmed during the recent mapping” 3.
- 3Q’2025 geophysical program: a “large geophysical survey” included induced polarisation (IP) and gravity survey and followed up the 1Q’2025 mapping and surface sampling program. “Several IP anomalies have been identified to the west of the current resource and at Shuteen North. The results of the completed IP and gravity surveys have reconfirmed the existing targets and identified additional targets for further review” 4.
In accordance with the Earn-In and Joint Venture Agreement, Orbminco Limited will within 60 days following the date of effective termination deliver all technical data obtained to Kincora.
The Company is not aware of any information otherwise which materially affects the information included in the announcement referred to above and, in the care of the MRE and Exploration Target, all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply.
For further details relating to the Mongolian licenses please refer to the Company’s website (www.kincoracopper.com) and ASX listing prospectus, including the Mining Associates Technical Export Report (February 25, 2021).
References
1 Further details and technical disclosures included in the July 26, 2022, Kincora Copper press release “Mineral resource and updated exploration target for Bronze Fox”.
2 Further details and technical disclosures included in the January 14, 2025, Orbminco Limited press release “Drilling Results for Bronze Fox Copper-Gold Project”.
3 Further details and technical disclosures included in the March 26, 2025, Orbminco Limited press release “High grade copper-gold potential confirmed at Bronze Fox”
4 Further details and technical disclosures included in the August 15, 2025, Orbminco Limited press release “Update on Mongolian Operations”.