In 2019/20, Kincora’s focus pivoted to NSW with activities since having capital efficiently advanced the Mongolian portfolio (including securing a mining license, announcing a maiden JORC resource and updated exploration target, and, making a new (third) intrusive complex discovery).

A strategic review process was undertaken for the wholly owned Mongolian portfolio seeking to maximize value for Kincora shareholders and streamline focus to the NSW portfolio.

In August 2024, Kincora announced a binding Term Sheet agreement with Woomera Mining Limited (ASX: WML, Woomera). Woomera is funded, successful and motivated partner.

Kincora has retained upside to the Mongolian assets by: (i) becoming Woomera’s largest shareholder, (ii) via an earn-in; and, (iii) carry/bullet payment and Net Smelter Royalty (NSR) deal structure.

A high impact field program is proposed before year end including new discovery and resource expansion drilling coupled with a second mining license conversion.

For further details please refer to Kincora’s August 12, 2024 press release and Woomera’s press release updates.