WONGARBON PROJECT

(press release – June 2024)

(press release October 2024)

(press release October 2025)

In 2024, Kincora successfully secured the Wongarbon project (100% ownership), pegged directly from the NSW Government, and brought in a technical and funding partner, Fleet Space Technologies.

Wongarbon is interpreted to be a new and large Macquarie Arc porphyry complex. The remaining untested intrusive complexes of the Macquarie Arc are a globally significant exploration opportunity. This is increasingly evident by AngloGold Ashanti, FMG, S2 Resources, Gold Fields and Newmont having secured over 10,000km2 of exploration ground in the last few years via multiple earn-in and joint venture agreements supporting potentially over $385 million in exploration expenditure.

Kincora’s technical director John Holliday has been waiting to drill the Wongarbon project since 1996. At that time, the project was a priority target for Newcrest Mining with John overseeing ground magnetics and a proposed maiden drilling program at Wongarbon before the discoveries of Cadia-Ridgeway and Far East. Wongarbon’s basement geology remains completely untested by any drilling.

Following systematic exploration and drilling success at the Nyngan and Nevertire South projects, in partnership with AngloGold Ashanti, at similar undercover and untested porphyry complex targets, in 2025 Kincora was successful applying for and being granted a cooperative funding grant by the NSW Government for a maiden drilling campaign.

Drilling is expected to shortly occur, including the first ever hole to basement geology at the Wongarbon project. This program seeks to confirm Kincora’s geological concept that Wongarbon hosts a large and untested Macquarie Arc intrusive complex, provide vectors for follow up drilling and to optimize proposed Multiphysics Surveys included in the agreement with Fleet Space Technologies.

Background

Pegged as open ground and secured only in June 2024, Wongarbon (EL9652) covers 173km² and is interpreted to host one of the last remaining large and untested intrusive complexes of the Macquarie Arc:

• Regionally significant magmatic complex situated on the interpreted under cover extension of the northern Molong Belt coincident with an intrusive level cross arc structure supporting a series of large and untested porphyry targets.

• Clear analogues of the nearby complexes and existing Tier-1 deposits in the Arc and aeromagnetic signatures of other globally significant porphyry deposits, including the Boda-Kaiser deposits which are interpreted to be situated on a potentially common transverse structure.

• Previously identified as a large-scale new intrusive complex target by Newcrest but not drill tested at the time due to focus on the Cadia Far East and Ridgeway discoveries.

• Recent interpretations support immediate high priority targets for drilling.

• The Wongarbon project has never been drilled.

 

Alkane and Magmatic Resources’ have recently undertaken drilling at a total of seven porphyry targets along a common transverse structure that is interpreted to extend into the Wongarbon project and be a key control to the 14.7Moz gold equivalent inventory at the Boda and Kaiser porphyry deposits. These programs have been encouraging with follow up exploration either planned and/or ongoing at these and other regional targets.

Fleet Space has undertaken regional and infill ANT surveys at Alkane’s Northern Molong Porphyry Project (NMPP), including the Boda and Kaiser deposits.  The surveys mapped the deposits and the key structures well, and, on a regional scale confirmed existing targets and basement geology within a NW trending transverse corridor (the Cadia, Boda-Kaiser, Copper Hill, Myall, Cowal, Marsden, Duck Creek, Nyngan, Nevertire South magmatic complexes all host similar transverse corridors).

Alkane has stated its intension to undertake further ANT, ground gravity, IP and air-core drilling with bottom of hole lithogeochem over the large area surrounding the Comobella Intrusive Complex within the NMPP. Such an exploration approach is a very similar exploration strategy to that Kincora and Inflection are deploying in the NJNB and is proposed at the Wongarbon project.

The ANT survey by Alkane supports Kincora’s concept that the secondary transverse structures appear to be key controls in the Boda-Kaiser deposits and are interpreted to continue into the Wongarbon project.

In October 2024, Kincora expanded its existing partnership with Fleet Space to include: (i) a listed equity investment, (ii) Multiphysics Surveys at the Wongarbon project to identify and refine targets, and, (iii) the right to drill test targets to earn an asset level interest in the Wongarbon project, key details include:

1. Fleet Space will have a right to fund a minimum of 2,000m drill program, with targets:

• identified and refined from the Multiphysics Surveys using Fleet Space’s ExoSphere Discovery technology; and,
• mutually agreed by Kincora and Fleet Space.

2. An exercise of the right in 1) will entitle Fleet Space to a 20% equity interest in the Wongarbon project.

3. The right in 1) may be exercised within 6 months of the completion of the Multiphysics Surveys.

4. Should Fleet Space exercise the right, the parties will enter into a Joint Venture Agreement (JV Agreement). Key principles governing the JV Agreement will be customary for such stage exploration project including both parties having the right to provide additional funding maintain their respective ownership interests and dilution provisions should either party not participate in additional project funding, noting that any holder of a project interest less than 10% will have its interest converted to a 1% NSR royalty.

Fleet Space is to be the operator of the multiphysics surveys, with support from Kincora, and Kincora the operator of the drilling program.

The Multiphysics Surveys will comprise real-time 3D ANT and ground gravity surveys applying cutting-edge technology to generate and interpret new homogeneous and primary datasets via Fleet Space’s proprietary and vertically integrated technology stack, ExoSphere, and be integrated with existing regional geophysical surveys and geological data.

Following systematic exploration and drilling success by Kincora in partnership with AngloGold Ashanti at the Nyngan and Nevertire South projects, similar large and un/under explored Macquarie Arc intrusive complexes in the northern extension of the Junee-Narromine Belt, Kincora applied for a cooperative funding grant from the NSW government.

In October 2025, Kincora was awarded a A$143,000 grant. The award follows a competitive expert panel review process, monies are non-dilutionary and funds drilling on a matched dollar-for-dollar basis. The grant is provided by the Critical Minerals and High-Tech Metals Exploration Program within NSW’s Critical Minerals Strategy 2024-35. Preparations are taking place to shortly commence this program with the abolition to provide proof of concept, provide vectors for follow up drilling and optimize the Multiphysics Surveys proposed in the partnership with Fleet Space.

Further details and technical disclosures are available on Kincora’s website and press releases (including: “New Major, Completely Unexplored Porphyry Complex and Drill Targets Secured” – Kincora release June 3, 2024 and “Kincora announces Strategic Investment & Expanded Partnership with Fleet Space” – Kincora release October 15, 2024).