Since 2011, Kincora has undertaken the first modern district scale systematic exploration in the Southern Gobi copper gold belt, Mongolia’s leading porphyry region. The Company retains three (3) licenses including one (1) mining license across a portion of the Bronze Fox Project.

A peak landholding of 13 licenses across 1689km2 was secured, systematically explored and refined to these three licenses across 321km2 which host two known adjacent large scale copper gold porphyry systems, the Bronze Fox and Tourmaline Hills Intrusive Complexes.  

This strategy has confirmed a large discovery at the Bronze Fox project, which hosts a block model-based exploration target of 416-428Mt grading 0.26-0.30% copper1.

Kincora has undertaken desktop studies and independent block modelling of a near surface oxide zone potentially supporting a SX-EW (solvent extraction-electrowinning) development project.

Kincora made good and capital efficient progress in Mongolia in 2020, converting an exploration license to a mining license for a key portion of the Bronze Fox Project. The Company also reviewed the Tourmaline Hills Project and gained encouragement for near surface gold potential at the West Fox prospect.

In the third quarter of 2020, Kincora commenced a strategic review exploring avenues to involve partners in taking Bronze Fox and the Mongolian portfolio forward and on December 14th, 2020, announced a binding and conditional term sheet with Resilience Mining (Resilience)

In June 2021, a definitive acquisition and joint venture agreement was executed with Resilience Mining (Resilience) and Resilience received in-principal approval from the Australian Securities Exchange (ASX). Resilience has completed a pre-IPO financing and is in advanced preparations for its planned Initial Public Offering (IPO, ticker reserved “RM1”), and for a $5-6 million associated raising. 

A key use of proposed funds for Resilience (subject to successful IPO) includes drilling walk up and permitted targets at the Bronze Fox mining license and neighboring Tourmaline Hills exploration license, and commencing reviews of at/near surface oxide mineral systems at Bronze Fox (within the existing mining license and existing exploration target) for drilling and desktop economic studies. Field activities are expected to shortly commence post IPO in the next quarter.

The key commercial terms from the original term sheet remain in place and provide Kincora significant upside to exploration, project generation and development successes in Mongolia without near to medium term funding obligations.

Kincora will retain 9.9% in Resilience post the ASX listing and fund raising, and retain a 20% carried asset level interest until certain project milestones are achieved.

The framework provides attractive upside to Kincora, backing a well-motivated group, advancing an attractive portfolio and project generation strategy. The deal also enables Kincora to focus on its district scale pipeline and ongoing drilling activities in the LFB, NSW, Australia.