Kincora Announces Shareholder Meeting Results
Vancouver, British Columbia--(Newsfile Corp. - December 9, 2024) - Kincora Copper Limited (TSXV: KCC) (the "Company", "Kincora") is pleased to announce the results of voting at its Annual General and Special Meeting ("AGM" or the "Meeting") on December 9th, 2024 at 4pm PST held by hybrid meeting with webcast from Vancouver, Canada.
All matters submitted to shareholders for approval as set out in the Company's Notice of Meeting and Information Circular, dated November 8th, 2024, were approved by the requisite majority of votes cast at the Meeting with 23.53% of shareholder proxies returned.
Details of the resolutions are provided below as well as an update that was presented to shareholders at the Meeting.
This announcement has been authorised for release by the Board of Kincora Copper Limited.
By order of the Board of Directors:
Cameron McRae, Chairman [email protected] or +1 604 283 1722
Kincora Copper Limited (ARBN 645 457 763)
Executive office Canada Subsidiary office Australia
400 - 837 West Hastings Street Vista Australia Vancouver, BC V6C 3N6, Canada Level 4, 100 Albert Road Tel: 1.604.283.1722 South Melbourne, Victoria 3205 Fax: 1.888.241.5996 Tel: +613 9692 7222
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.
AGM details
Audited Annual Report
Shareholders received and considered the Financial Statements for the financial year ended December 31, 2023 and the report of the auditor thereon.
Number of Directors | 99.89% For Shareholders approved retaining the number of directors at five (5).
Election of Directors
Shareholders voted in favour of Kincora's management's nominees to the board of directors: Jonathan (Sam) Spring (99.87% For), John Holliday (99.87% For), Luke Murray (99.81% For), Cameron McRae (91.71% For) and Jeremy Robinson (99.85% For).
Auditor Appointed | 100.00% For Manning Elliot LLP was appointed Auditor of the Company to hold office until the next AGM or until its successor is duly appointed, and the directors were authorized to fix the Auditor's remuneration.
Approval of Issue of Tranche 2 Placement Shares | 98.83% For
Shareholders passed an ordinary resolution to ratify the issuance prior placement shares as described in the Information Circular.
Approval of Issuance Placement Option | 98.75% For Shareholders passed an ordinary resolution to ratify the issuance of placement options relating to prior placement shares as described in the Information Circular.
Ratification of Prior Issuance of Placement Shares | 99.58% For Shareholders passed an ordinary resolution to ratify the issuance prior placement shares as described in the Information Circular.
Share Capacity | 99.50% For Shareholders passed a special resolution re-approving the capacity to issuance up to an additional 10% capital over a 12 month period pursuant to ASX Listing Rule 7.1A as described in the Information Circular.
Equity Incentive Plan (EIP) | 99.74% For Shareholders passed an ordinary resolution re-approving of the existing EIP as amended as described in the Information Circular.
Shares for Services Agreement | 90.76% For Shareholders passed an ordinary resolution re-approving of the existing shares for services agreements as described in the Information Circular.
Ratification of Prior Issuance of Options pursuit to EIP | 90.84% For Shareholders passed an ordinary resolution to ratify the issuance prior options pursuit to the existing EIP as described in the Information Circular.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233137
KINCORA COPPER
Annual General and Special Meeting
Focused On Tier-1 Copper-Gold Discovery
December 9, 2024 at 4:00 PM PST
ASX & TSXV ticker: KCC
Cautionary Statement
Kincora Copper Limited (ARBN 645 457 763)
Certain disclosure may constitute "forward-looking statements”. In making the forward-looking statements, Kincora Copper Limited (“Kincora” or “the Company”) has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are described from time to time in the Company's filings with the appropriate securities commissions, and may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals or financing, fluctuating metal prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Qualified Person: The scientific and technical information in this presentation was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non- Executive Director and Chairman of Kincora’s Technical Committee, who are Qualified Persons for the purpose of NI 43-101.
JORC Competent person statement: Information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves are those that have been previously reported (with the original release referred to in Slide 35 of this presentation), in the case of Mineral Resources or Ore Reserves the material assumptions and technical parameters underpinning the estimates have not materially changed, and have been reviewed and approved by John Holliday and Peter Leaman, who are Competent Person’s under the definition established by JORC and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. John Holliday and Peter Leaman consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. $ presented in AUD unless otherwise stated.
Opening of Meeting
Introductions
Quorum
Update from the President & CEO
Meeting Formalities
Q&A
Photo: 4Q’2024 drilling at the Nyngan project, in partnership with AngloGold Ashanti 3
Why Copper-Gold in NSW?
Australia’s foremost & world class porphyry district
- >160Moz gold equivalent endowment
Mining hotspot
- Mining history & culture
- Existing infrastructure & favorable ESG
- Recent >$16 billion in M&A for producing assets
Exploration hotspot
- Public access & funded exploration datasets
- Two recent >10Moz gold equivalent discoveries
- Well positioned for current market dynamic of industry groups seeking to rebuild exposure to earlier stage and new discovery exploration
- eg 5 earn-in/JV deals supporting >$300m in potential exploration
- Recent re-rating of exploration plays (eg AGC & WTM)
Photo: Cover page of the NSW government’s October 2024 Critical Minerals Policy “Sending a clear message to Aussie and global miners: Invest in NSW”, Chris Minns – Premier of NSW upon launching the NSW Government’s vision to drive global investment and growth the critical minerals and high-tech metals sector (October 21st, 2024) 4
Why Kincora?
Value through Deals, Partner Funding & Leveraged Exposure to Copper-Gold Discovery
Industry Leading Team (eg Tier-1 Cadia & Reko Diq discoveries)
Tier-1 Scale Targets
Execution: Inflection Point for Deals & Drilling
Photo: Woomera is drilling an open structural high grade corridor at Bronze Fox – prior drill hole F62 returned 37m @ >1%CuEq 5 Execution: Early Stages, Significant Upside
Key resolutions supporting our pivot to a project generator/partner model were approved at last years AGM Phases of transition to project generator/partner model for Tier-1 scale porphyry projects
| Stage 2: Deals with Asset Level Partners 1H’2025 (focused on advanced/larger/proximal to mine projects) | ||
|---|---|---|
| Opportunistically Grow 4 new NSW projects in 2024 | Recommence Drilling From Stage 1 deals 4 rigs, 3 projects in 4Q’2024 | Ramp Up Drilling From Stage 1, Stage 2 deals + Condobolin in 2025 |
| 6 |
Execution: With Inflection Point Reached
“ Exposure to >7500m To date we have partnerships for five of our twelve porphyry projects and that have unlocked over $60 million of potential partner funding.
of Drilling
From a number of projects perspective we are less than half way delivering upon (assays pending)
our strategy and we are now seeking partners for our more advanced and flagship projects, so we are at a significantly earlier stage from a potential value and partner funding perspective.
Partner Discussions In terms of ramping up exploration on projects with existing partners this is just
Ongoing
now occurring. After 12 months of no prior drilling, in 4Q’24 we saw four rigs active at three of our partner projects. Drill results are pending.
Further deals/partnerships, drilling results from current programs and new 2025
Cameron McRae
drill programs are all key milestones for investors to keep an eye out for.
Chairman We believe the foundations now in place provide an inflection point in terms of news flow and value catalysts, and, as we seek to achieve a self funding model
Sam Spring
with project management fees from operating further new partner funded President & CEO projects covering our corporate costs.
Kincora’s Highly
NYNGAN WEST
Prospective
N “KCC”: ASX & TSXV NYNGAN Wholly Owned SOUTH NYNGAN 0 100 km Cobar
Portfolio
Nyngan NEVERTIRE MULLA
Cobar
NEVERTIRE mineral
Molong Superbasin
SOUTH belt 100% Owned mineral WONGARBON
Kincora Project
Project name New 2024 Dubbo Asset Partner Asset partner Project name
Key belts of Lachlan Fold Belt/Orogen
Wellington Cobar Macquarie
Cobar
Superbasin Arc TRUNDLE CUNDUMBUL
Superbasin
Deposits CONDOBOLIN Copper Gold
Condobolin Parkes Junee Orange Central West NSW 2023/24 buy out /
Narromine belt
corporate transaction FAIRHOLME Recent significant Forbes exploration success Bathurst Operating mine JEMALONG Cowal Au
Junee Molong belt Narromine belt
Corporate Snapshot
| 5 Recent Asset Level Deals | >$60m Potential Partner Funding |
| (Earlier stage/non-core porphyry projects) |
| More Deals | Larger Partner Funding | |
| (Advanced/proximal to mine porphyry projects) | ||
| Nevertire South, Nyngan South & Nyngan West Project Fairholme Project Jemalong Project Trundle Project | ||
| Cobar superbasin Condobolin Project (Kincora to retain 100%) |
$9m Market Cap
Cash $0.8m
(KCC, ex-Partner Funding/Mgmt Fee) Nyngan & Nevertire Projects
$1.3m Raising
(October 16, 2024, total before + costs)
Nyngan Wongarbon $0.3m Project Project
Shares
(Orbminco Limited “OB1”
)
Cundumbul Project
Skin in the game
Board Ownership & Rem Structures Bronze Fox
Insider Ownership
Project (Mongolia)
~40% Of Share Register
Legend for Drilling Partner Geophysics Activities AI
Drill results pending: 4 rigs, 3 projects
~2,500m Drilling hole 6
Nyngan Nyngan
Multiphysics Drilling
Bronze Fox Cundumbul
Drilling AI & Drilling
~2,500m ~2,000m 16 holes complete 4 holes complete (+ Updated MRE + ML 1Q’25) (+2 more holes 1Q’25)