Copper-gold explorer and hybrid project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) is pleased to provide an update on positive drilling results from ongoing exploration programs at two projects in the Northern Junee-Narromine Belt. These projects are located in the undercover extension of the Macquarie Arc in NSW and being conducted under earn-in and joint venture agreements with AngloGold Ashanti Australia Limited.

HIGHLIGHTS

• A successful first drilling program at the Nyngan project has identified multiple Macquarie Arc composite volcano-intrusive complexes:
  • Encouraging geology and anomalous assay results support porphyry copper and epithermal gold potential.
  • Targets resulting from the 1Q’2025 ground gravity survey returned encouraging results, at particularly shallow depths, significantly expanding future search spaces.
  • A continuation of further scout drilling and/or a Stage 2 step out phase is proposed.
• Drilling is ongoing at the highly prospective Nevertire South and Nevertire projects:
  • The first drilling program at the Nevertire Magmatic Complex since Kincora consolidated the tenement ownership supporting a >8km untested strike.
  • Initial observations reaffirm Kincora’s view that the NMC is the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.
  • Initial seven-hole program ongoing and scheduled for ~2,150 metres.
  • Planning has already commenced for follow up geophysical surveys given encouraging initial results and scale of the existing system ahead of potential follow up drilling.
• Kincora is managing the programs and receives a management fee based on 10% of expenditure.
• The Nyngan, Nevertire South and Nevertire projects are included in two earn-in and joint ventures with AngloGold Ashanti who has the right to spend up to A$100 million across a total of five projects covering a continuous strike greater than a 100kms within Kincora’s NJNB portfolio.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said:

“While early days in our first drilling program at the Nevertire South project we are very excited by the large, multi-phase Macquarie Arc volcanic and intrusive complex we are intersecting – we are in what looks to be a very large, mineralised and very prospective system with the right geological signs.

Large scale step-out drilling is ongoing and designed to discover or create a vectoring pattern to a targeted porphyry deposit. We have already seen enough to be planning near term geophysical programs to help guide and refine a high priority next phase of drilling.

It is also worth noting that the conclusion of the first phase of scout drilling at the Nyngan project was particularly successful at testing new targets that emerged from the gravity survey only undertaken in the first quarter this year. Several new mineralised multi-phase volcano-intrusive complexes were intersected at shallow depths, significantly expanding the near-term search space, particularly across the wider Gerar target area. Follow up exploration is planned and will be refined upon receipt of all pending drilling results.

Finally, it is also particularly pleasing to see Waratah Resource’s new gold discovery at its Spur porphyry project and the significant interest this has attracted – congratulations to Peter Duerden and his team. It is a great reminder of the geological potential of the Macquarie Arc and the results that testing new geological concepts in new search spaces can yield.”

NEVERTIRE AND NEVERTIRE SOUTH PROJECTS

Following the April 2025 amended and second earn-in agreement with AngloGold Ashanti ¹, drilling plans were expanded for a first phase program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex.

The ongoing seven-hole program includes both large scale step out and scout targets designed to discover or create a vectoring pattern to a targeted porphyry deposit. This program seeks to effectively test part of a greater than 8km northern strike of the NMC, following up from prior favorable drill results of Newcrest Mining.

Newcrest holes ACDNY005 and ACDNY006 were drilled ~2.7km apart and returned “lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla porphyry Cu-Au deposits” ². Hole ACDNY006 returned a “very encouraging intersection of anomalous copper mineralisation (from basement to end of hole), veining and magnetite alteration situated in a high volcanic-hosted level” ³ and hole ACDNY005 returned very favorable alteration, a Phase 4 Macquarie Arc age date and up to 0.53 g/t gold.

Three of an initial seven planned holes have been completed by Kincora, with step-outs ranging from 600m to 1,200m away from prior Newcrest holes ACDNY005 and ACDNY006. Drilling commenced from the south within the confirmed Macquarie Arc domain and is progressing towards the north – see Figures 2 & 3. Initial observations from these holes reaffirm the Company’s view that the central and northern portions of the NMC are the most geologically prospective porphyry project in the covered extensions of the Macquarie Arc.

The step-out holes have intersected multiple porphyritic intrusive phases beneath a moderate thickness of post mineral cover. Lithologies intersected include monzonite, diorite, and crowded pyroxene-hornblende andesites. Favorable alteration is noted with intervals of strong chlorite ± magnetite ± epidote ± sericite ± hematite ± K-feldspar and disseminated and vein-hosted pyrite ± chalcopyrite is present in multiple zones ± localised bornite. Late-stage chalcedonic and tourmaline-bearing veins suggest potential for a telescoped hydrothermal overprint.

The program uses cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. This technique was successfully used in the first phase program at the Nyngan project.

While assay and other sampling technique results are pending, planning has already commenced for follow up geophysical surveys given the encouraging initial observations. A follow up drill program will be assessed once all assay results are received.

NYNGAN PROJECT

Initial scout drilling activities at the Nyngan project commenced in calendar 4Q’2024 in partnership with AngloGold Ashanti under the May 2024 earn-in agreement ⁴. A total of nineteen wide-spaced scout holes for 7,345.4 metres were completed and confirmed multiple newly identified interpreted Macquarie Arc composite volcanic and intrusive complexes.

All holes to date have provided samples of basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc magnetic complexes, the Ace of Spades and Gerar (formerly South-West) targets, which cover ~16 x 18km and ~7 x 17km, respectively – see Figures 2 & 4 below.

Following encouraging results for the first six holes completed in 4Q’2024, the drilling program was expanded to provide greater coverage across the two wider target areas and a ground gravity survey was commissioned and completed in 1Q’2025 ⁵. Most recent drilling across a wider search space and targets resulting from the gravity survey returned encouraging results, at particularly shallow depths, further significantly increasing the search space – see Figure 2 below.

Shallower than anticipated cover, encouraging geology, alteration, anomalous copper and pathfinder minerals, and preserved structural blocks support porphyry and epithermal gold potential and provide vectors for follow up drilling at multiple targets – see Tables 1 & 2 below.

A continuation of further scout drilling and/or a Stage 2 step out phase is proposed post receipt of full results and analysis with our partner AngloGold Ashanti. Several further potential scout holes have existing permits and land access offering walk up drill targets.

Figure 1: Kincora and AngloGold Ashanti have partnered to explore a new district-scale undercover extension of the world-class Macquarie Arc via two earn-in and joint venture agreements and are currently aggressively drilling large greenfield targets

Kincora is managing the earn-in programs with AngloGold Ashanti, receiving a 10% management fee of expenditures, covering a continuous 100km strike and 5 projects

Figure 2: Drilling has transitioned from an initial 19-hole scout drilling program at the Nyngan project to a step out drilling program at the Nevertire South and Nevertire projects

Further potential step out drilling and a Phase 2 step out program at Nyngan are proposed

Figure 3: A first phase drilling program under two separate earn-in and joint venture agreements with AngloGold Ashanti has commenced and will for the first time test the >8km northern strike of the Nevertire Magmatic Complex with unimpeded access for the first time from previous very favourable drilling results by Newcrest Mining

The ongoing program includes both large scale step out and scout targets designed to discover or create a vectoring pattern to a targeted porphyry deposit.

Figure 4: 19 wide spaced scout holes have been completed in the first phase AngloGold Ashanti and Kincora program at the Nyngan project

The scout holes to basement have taken samples of geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc volcano-intrusive complexes (the Ace of Spaces and the Gerar targets). A 1Q’2025 extensive ground gravity survey generated a number of new targets, four of which were drilled in 2Q’2025. Due to the very broad nature and extensive regional coverage of the current program Kincora has not provided sectional views of the current scout-drilling phase (as required under Clause 19 of the JORC Code). Such sections are anticipated upon commencement of a Phase 2 follow up step out phase of drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/263878_figure4.jpg

Table 1: Nyngan project: Summary of 2024-25 mud rotary-diamond tail drill holes (metres)

Table 2: Nyngan project: Selected maximum assay values for 2024/2025 drill holes
Combined geochemistry, alteration and fertility analysis support porphyry copper & epithermal gold settings and targets

Table 3: Nyngan project: Summary of mud rotary-diamond drilling

Holes completed to date 2024/2025 at the Ace of Spaces and the Gerar targets (the latter formerly known as the South-West target)

Table 4: Nevertire South and Nevertire projects: Summary of mud rotary-diamond drilling

Holes completed to date 2025 – detailed logging, assay and other sampling technique results are pending

ABOUT THE NJNB PROJECT PORTFOLIO

The Macquarie Arc is a hotspot for recent corporate activity with over A$16-billion of M&A for producing porphyry assets and over A$385 million of exploration earn-in/joint ventures ⁶. The district has seen considerable exploration success, including two greater than 10Moz gold equivalent discoveries/resource expansions ⁷ and an emerging gold discovery by Waratah Resources at the Spur project ⁸.

Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral cover, there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern more outcropping sections which hosts a number of world-class deposits and mines (e.g. Cadia, Cowal and Northparkes).

Kincora’s portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new Ambient Noise Tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Arc.

AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (CSE: AUCU) (“Inflection”, market capitalisation C$24.7 million) within the NJNB with over A$14 million investment to date ⁹. In 2Q’2025, AngloGold Ashanti moved to Phase II of its earn-in agreement with Inflection designating a total of four projects to continue earning into (including two projects adjacent to Kincora’s Nyngan project) ¹⁰ and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than a 100kms and five projects.

The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000m altitude.

Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalisation of approximately C$40 million ¹¹. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries valued at over A$10 billion ¹².

Kincora was an early mover into the Northern Junee-Narromine Belt and has opportunistically pegged strategically important ground directly from the State resulting in a district scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and is included in earn-in and agreements with AngloGold Ashanti.

ABOUT KINCORA

Kincora Copper Limited is an emerging Australia-focused copper-gold explorer with a hybrid project generator strategy. The Company is now successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia’s Macquarie Arc and Mongolia’s Southern Gobi, two of the globe’s leading porphyry belts, and the historical Condobolin mining field within the Cobar superbasin in NSW.

Kincora is using an asset level partner model to develop and implement exploration strategies for its wholly-owned large-scale exploration stage porphyry projects. The Company has already unlocked over $110 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects ¹³. These initial deals have supported over 13,500 metres of drilling and over A$6.5m of partner funded exploration since late 2024, with management fees and exploration ramping up ¹³.

Partner discussions are ongoing for its remaining 100% owned flagship projects that are all situated within existing porphyry camps containing over 20-million-ounce gold equivalent resource inventory.

Kincora’s ambition is to be the operator for exploration budgets of over $10 million per annum for the porphyry portfolio providing sufficient project management fees for the Company to be self-funding (covering corporate costs and maintenance of remaining wholly owned projects) and have partnerships with a diversified portfolio of industry leading producers/explorers. This is in addition to the various other existing partnerships where Kincora is not the operator or receiving a management fee income stream.

The Company has assembled an industry leading technical team who have made multiple world-class copper and gold discoveries, who have “skin in the game” equity ownership, and, backed by a consolidated and sophisticated shareholder register (insiders currently owning over 40% of the Company and represented on the Board).

On July 7^th, 2025, Kincora announced an oversubscribed C$4 million non-brokered private placement of units led by leading North American investors, including Rick Rule and Jeff Phillips, and their investor networks.

The share units have a 12-month hold period and there is an accelerator on the warrants – both at the lead investors requests. This raising is concurrent with a corporate restructuring and share capital roll back.

The roll back and placement terms provides Kincora the corporate structure to leverage the deals, partner funding and project results already in place and to unlock significant existing value. This is starting to be realized.

The new capital provides the ability to accelerate more drilling, do more asset level deals, earn more management fees, and, ultimately, supporting the ambition of more (big) new discoveries. These multiple avenues all provide further material value catalysts for shareholders.

Closing of the non-brokered private placement is anticipated shortly after the scheduled August 27^th, Annual General and Special Shareholders meeting.

The financing also supports Kincora pursuing a hybrid project generator model and undertaking drilling at our 100% owned Condobolin project. The Condobolin project hosts a historical mining field located within the Cobar superbasin and within trucking distance to an existing mill seeking third party ore. The Cobar superbasin has recently seen a number of significant new discoveries (eg Federation, Achilles, Mallee Bull, Southern Nights and Wagga Tank) and significant corporate activity (eg Harmony’s A$1.6 billion offer for MAC, Kingston Resources recently receiving A$50 million cash for the first tranche of its divestment of its Misima project etc). The project and regional profiles’ support the Condobolin project being an asset that a junior explorer such as Kincora can add significant value too.

By having a significant portfolio of partner funded large porphyry projects, and a very focused program on a 100% owned project, the Company is seeking to position Kincora as a leading institutional grade explorer in the public Australian and Canadian markets, and the leading project generator on the ASX.