Exploration expand and upgrades Nevertire with drilling recommenced
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 1
Website: www.kincoracopper.com Email: [email protected]
Kincora and AngloGold Ashanti
Exploration Expands and
Upgrades Nevertire with Drilling
Recommenced
Melbourne, Australia — February 10th, 2026
Copper-gold explorer and hybrid prospect generator Kincora Copper Limited (ASX & TSXV:
“KCC”) (Kincora or the Company ) is pleased to provide an update on strong initial results
and an acceleration of exploration activities following completion of the Phase 1 drilling program
at the Nevertire and Nevertire-South projects. The programs are being conducted under earn-in
and joint venture agreements with AngloGold Ashanti Australia Limited (AngloGold Ashanti).
Phase 1 drilling has upgraded the immediate target zone and reaffirmed Kincora’s view that the
Nevertire Magmatic Complex (NMC ) represents the most advanced and geologically prospective
porphyry project within the covered northern extensions of the Macquarie Arc. Drilling has now
recommenced to follow up high-priority targets advanced during the second half of 2025.
In parallel, exploration activities have expanded to materially increase the search space to the
south of the NMC. New geophysical surveys and a review of prior explorer drilling are
underway to systematically evaluate and advance a prospective strike length exceeding
40km across the Nevertire and Nevertire South licenses.
HIGHLIGHTS
• Extensive porphyry complex with multiple discovery potential confirmed: Phase 1
drilling (8-holes for 3385.2 metres, completed in 2H’2025) validated the presence of a large,
highly prospective composite volcanic-intrusive complex across a greater than 5.4km strike at
the Neve rtire Magmatic Complex ( NMC). Drilling intesected porphyry related lithologies,
alteration, and vein hosted and disseminated copper, gold and pathfinder mineralisation.
• Targets upgraded; follow-up drilling underway: Phase 1 successful ly upgraded the
immediate target zone (open in all directions) and generated strong vectors for follow -up
drilling. Copper and gold grades suggest increasing proximity to one or more porphyry system
centre(s) (Figure 5). High-priority infill and step-out drilling has recommenced to further refine
vectoring patterns and test multiple potential porphyry centres.
• Scale increased to province-scale: Phase 1 results combined with a review of prior explorer
drilling support a greater than six -fold increase in the prospective strike length across the
Nevertire and Nevertire South licenses. An initial ~110km² gravity surveying has been
completed as part of a planned ~400km² program. The results, together with historical core
resampling, are expected to refine step -out and scout drilling targets across multiple newly
interpreted Macquarie Arc intrusive complexes.
• Expanded scout drilling planned at Nyngan: Planning and permitting are underway to
expand scout drilling at two targets at the Nyngan license along with a potential first-ever hole
at the adjacent Nyngan South license.
• Strong partnership and commercial alignment: The Nyngan, Nyngan South, Nevertire
South and Nevertire projects form part of two earn -in and joint venture agreements with
AngloGold Ashanti , which has the right to invest up to A$ 100-million across a total of five
projects covering a continuous strike greater than 100km within Kincora’s Northern Junee-
Narromine Belt (NJNB) portfolio. Kincora currently manages the programs and receives a 10%
management fee on expenditures.
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 2
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John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said:
“Initial results have been very positive , validating Newcrest’s prior analogues to the Cadia-
Ridgeway and the Goonumbla (Northparkes) porphyry deposits and reaffirmed our view that
the Nevertire Magmatic Complex is the most advanced and prospective porphyry project in the
covered northern extensions of the Macquarie Arc.
As a result, activities have been expanded to both follow up immediate high priority targets with
drilling but also systematically advance a province-scale pipeline across a greater than 40km
strike.
Phase 1 drilling included large step-out holes from two previously favourable Newcrest intercepts
and successfully upgraded the immediate target zone. We are very excited to have recommenced
drilling, as the results indicate a new, large -scale mineralised system with the geological
characteristics required for multiple discoveries.
Additional scale is also emerging to the south. A review of prior explorer drilling and a ground
gravity survey completed in late 2025 have highlighted significant southern extension potential,
where favourable basement intersections, anomalous results, and untested magnetic and gravity
anomalies remain open for drill testing.
Separately, planning continues to support further scout drilling at the Nyngan and potentially
Nyngan South projects. With a portfolio exceeding 2,350km² and a strong partnership with
AngloGold Ashanti, Kincora is well positioned to systematically advance this unique, province-
scale opportunity, offering substantial leverage to shareholders.”
NEVERTIRE AND NEVERTIRE SOUTH PROJECTS
Target specific drilling
Following the April 2025 amended and second earn-in agreement with AngloGold Ashanti 1, a first
phase drilling program commenced at both the Nevertire and Nevertire South licenses in 2H’2025.
The program benefitied from unimpeded access across the consolidated ~8 x 12km Nevertire
Magmatic Complex ( NMC) and was designed to follow up two prior favo urable drill results
reported by Newcrest Mining and the most northern drilled holes at the NMC.
Newcrest holes ACDNY005 and ACDNY006 were drilled 2.7km apart, in the central portion of
the NMC, and returned “lithologies, alteration and veining consistent with a setting similar to the
Cadia-Ridgeway and Goonumbla (Northparkes) porphyry Cu-Au deposits” 2. Kincora’s relogging
of these holes, led by technical director John Holliday, supported this interpretation.
The Phase 1 program included large scale step-out drilling and was designed to identify and define
vectoring pattern s toward potential porphyry centres . This program was very encouraging in
providing strong vectors, upgrading the immediate target zone, supporting Newcrest’s previous
interpretation and reaffirming the Company’s view that the NMC is the most geologically
prospective porphyry project in the northern covered extensions of the Macquarie Arc.
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 3
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The 8 hole program, totalling 3385.2 metres, utilised cost-effective mud-rotary drilling through the
relatively soft post mineral cover sequence, followed by NQ3 diamond core drilling of the porphyry-
prospective basement. All holes intersected basement. Drilling to date has intersected the NMC at
shallow to moderate depths, with basement mostly at ~70m (in the south-west) to a 250m depth.
Step-out drilling across a greater than 4km of strike intersected multiple porphyritic intrusive
phases beneath a moderate thickness of post -mineral cover – see Figures 4 -5 and Tables 1 -4.
Lithologies intersected include monzonite, diorite, dacite, and crowded pyroxene –hornblende
andesites – see selected core photographs in Figure 6. Favourable alteration and porphyry -style
veining were observed, with copper, gold and pathfinder element geochemistry providing vectors
for high-priority follow-up drilling, including copper grades suggestive of i ncreasing proximity to
a porphyry system centre(s) (see Figure 5).
High priority infill and further step-out drilling has recommenced to discover and refine vectoring
patterns toward prospective porphyry centres.
Larger scale new target and intrusive complex generation
As previously announced, following encouraging initial visual observations, follow-up geophysical
surveys commenced in 2H’2025, together with a review of prior explorer drilling results and
ground gravity survey data 3.
These activities have resulted in a material increase in the prospective search space across the
Nevertire and Nevertire South licenses, supporting a total prospective strike of greater than 40km
N-S, representing a greater than 6x increase relative to the initial Phase 1 drill strike extent – see
Figure 3.
A gravity survey covering ~110km2 has been completed and is currently being intergrated with
legacy gravity data-sets, totalling ~148km2, acquired by prior explorers. These historical surveys
were variable in coverage density and spatial distribution, reflecting piecemeal target -specific
objectives. When combined with the new systematic gravity coverage, the dataset is expected to
support a more coherent district-scale interpretation, with a further ~290km² of gravity surveying
planned in 2026.
Prior explorer drilling across the southern extensions of the NMC includes 23 diamond holes
totalling 7,383.7 metres, with some drillcore hosted in the publicly accessible Londonderry core
library at the NSW Government’s WB Clarke Geoscience Centre. Numerous historical drillholes in
the Nevertire South priority area and adjacent southern target s were only partially sampled or
analysed for a limited element suite, and most critical porphyry pathfinder elements were not
consistently assayed.
As a result, multiple historical drillholes intersecting basement , coincident with favourable
magnetic and/or gravity anomalies and returning anomalous geochemical results, were not
advanced beyond initial testing. Many of these intersections are now recognised to be spatially
associated with interpreted Macquarie Arc intrusive complexes that remain open and untested.
Resampling, re-logging and modern analytical work on high-priority historical drillholes, together
with new geophysical data, is planned and is expected to expand and systematically advance the
exploration pipeline, refine further step-out and scout drilling targets , and support evaluation of
multiple potential new Macquarie Arc intrusive complexes.
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 4
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Figure 1: Kincora and AngloGold Ashanti have partnered to explore new district-scale undercover extensions of the world-class Macquarie Arc
in the Northern Junee-Narromine Belt via two earn-in and joint venture agreements, currently aggressively drilling large greenfield targets
Kincora has a portfolio of eight active projects, including managing two earn-in programs with AngloGold Ashanti, receiving a 10% management fee on expenditures, and covering a
continuous 100km strike across 5 adjacent licenses (see References footnote 7 for source data for disclosed inventory/metal endowment)
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 5
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Figure 2: Positive results have supported an acceleration of exploration activities, with step-out and infill drilling recommenced at the
Nevertire South license, wider exploration planned to the south, and planning underway for recommencing drilling at multiple targets within
the the Nyngan license, and potentially a maiden scout hole in the Nyngan South license
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 6
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Figure 3: Phase 1 drilling results reaffirm Kincora’s view that the NMC is the most advanced and geologically prospective porphyry project in
the covered northern extensions of the Macquarie Arc, with the southern strike highlighting new province-scale potential
A gravity survey covering >100 km² has been completed within a planned total survey area of >400 km². This work, together with resampling of historical drill core, is expected to refine
step-out and scout drilling targets and support evaluation of multiple potentially new Macquarie Arc intrusive complex targets.
Initial drilling has commenced with broad area approvals in place for upto 16 holes with further approvals to the south pending.
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 7
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Figure 4: Phase 1 drilling included large scale step out drilling across a >4km strike in the central to northern portions of the NMC
Plan view of 2H’2025 drilling, with the corresponding long section provided in Figure 5. Results are consistent with Newcrest’s prior interpretation that the project hosts lithologies,
alteration and veining characteristic of a setting comparable to Macquarie Arc porphyry systems such as Cadia-Ridgeway and Goonumbla (Ridgeway) ²
Exploration expand and upgrades Nevertire with drilling recommenced (February 10th, 2026) 8
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Figure 5: Phase 1 drilling successfully upgraded the immediate target zone (open in all directions), providing vectors for follow up drilling,
including copper and gold grades suggestive of proximity to a porphyry system centre
Information disclosed for Cadia-Ridgeway is not necessarily indicative of the Nevertire Magmatic Complex (“NMC”), and is provided for illustrative purposes only to demonstrate the
typically discrete alteration and mineralisation footprints characteristic of Macquarie Arc “pencil” or “finger” porphyry systems. Phase 1 drilling by Kincora has returned encouraging
copper and gold assay results, together with lithologies, alteration and veining consistent with this conceptual framework, supporting its relevance.