KCC.V · 2025-08-26 12:00:00

Kincora Copper: Positive Drilling Results at Two Northern Junee-Narromine Belt Projects

Drill Results

Kincora Copper: Positive Drilling Results at

Two Northern Junee-Narromine Belt Projects

Melbourne, Australia--(Newsfile Corp. - August 26, 2025) - Copper-gold explorer and hybrid project

generator

Kincora Copper Limited

(ASX: KCC) (TSXV: KCC) (

Kincora

the Company

) is pleased

to provide an update on positive drilling results from ongoing exploration programs at two projects in the

Northern Junee-Narromine Belt (

NJNB

). 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 (

AngloGold Ashanti

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 (

NMC

) 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

, 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 (

NMC

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"

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"

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

. 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

. 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

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2305/263878_figure1.jpg

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

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2305/263878_figure2.jpg

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.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/2305/263878_figure3.jpg

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)

Hole

Mud

Rotary

Diamond

Core

End

of Hole

Interpreted

Basement

Interval

Highlights

NYDD002

212.9

240.7

453.6

440

13.6

Confirmed Macquarie Arc age date.

Rare chalcopyrite, bornite.

NYDD003

257.8

168.6

426.4

257.8

168.6

Distal propylitic alteration & weak gold-copper anomaly.

Minor chalcopyrite.

NYDD004

335.5

165.4

500.9

318

182.9

Propylitic alteration & moderate copper anomaly. Minor

disseminated chalcopyrite, pyrite (locally up to 5%), fracture-

fill native copper. Trace vein hosted chalcopyrite. Confirmed

Macquarie Arc age date.

NYDD005

335.5

35.7

371.2

333

38.2

Distal propylitic alteration.

NYDD006

302.7

135.5

438.2

302.7

135.5

Trace vein hosted chalcopyrite.

NYDD007

305.7

210.6

516.3

300

216.3

Epithermal style alteration overprinting propylitic alteration.

Minor disseminated & vein hosted pyrite, molybdenite &

chalcopyrite with minor fracture filled native copper.

NYDD008

209.7

174.6

384.3

201

183.3

New potassic & sodic-potassic intrusive system Minor

chalcopyrite, rare bornite & fracture-fill native copper.

NYDD009

287.7

161.8

449.5

282

167.5

Propylitic andesitic with five distinct events Rare pyrite & very

fine bornite.

NYDD010

224.3

79.5

303.8

224.3

79.5

Distal propylitic alteration & weak gold-copper anomaly.

Broad zone of disseminated pyrite with rare chalcopyrite &

native copper. Confirmed Macquarie Arc age date.

NYDD011

296.6

165.6

462.2

286

176.2

Broad disseminated pyrite with minor chalcopyrite & bornite.

Confirmed Macquarie Arc age date.

NYDD012

371.9

104.3

476.2

360

116.2

Multiple intrusions & breccias with minor chalcopyrite &

bornite.

NYDD013

332.8

36.4

369.2

327

42.2

Distal propylitic alteration.

NYDD014

245.7

62.2

307.9

245.7

62.2

Multiphase hydrothermal-igneous breccias with minor pyrite,

bornite & molybdenite. Structurally controlled epithermal

zone with stibnite. Confirmed Macquarie Arc age date.

NYDD015

260.6

104.8

365.4

246

119.4

New intrusive system, pervasive propylitic alteration. Minor

pyrite & chalcopyrite.

NYDD016

302.5

69.7

372.2

286

86.2

New intrusive system. Volcanic + intrusive +

breccia rare

chalcopyrite, pyrite, sericite.

NYDD017

263.3

60.6

323.9

243

80.9

Low energy sediment with high background levels of copper,

native copper in fractures.

NYDD018

209.8

152.1

361.9

202

159.9

Volcanosedimentary sequence with over 130m aggregate

porous volcanic breccia with minor chalcopyrite & bornite.

Shallow cover.

NYDD019

117.3

50.8

168.1

110

58.1

Propylitic altered tuffaceous volcanics, rare native copper

and chalcopyrite. Minor stockwork veins.

NYDD020

148.5

145.7

294.2

135

159.2

Prehnite-propylitic, minor potassic alteration with phyllic

overprint; weak molybdenite, fine bornite-chalcopyrite veins

& disseminations, & minor porphyry vein styles all consistent

with peripheral/upper porphyry levels.

Total

5020.8

2324.6

7345.4

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

Hole

Copper

(ppm)

Gold

(ppm)

(%)

(ppm)

NYDD002

424

0.011

6.0

1.56

0.03

0.29

NYDD003

378

0.016

29.4

1.23

0.19

0.24

NYDD004

680

0.038

15.8

1.60

0.85

0.28

NYDD005

159

0.014

16.8

1.48

1.08

0.66

NYDD006

245

0.016

27.1

1.27

0.02

0.32

NYDD007

472

0.215

11.1

211.0

3.49

0.59

NYDD008

265

0.018

6.7

2.18

0.08

1.12

NYDD009

207

0.003

5.0

0.60

0.03

0.19

NYDD010

262

0.014

5.9

1.20

0.25

0.19

NYDD011

395

0.028

63.4

14.90

1.61

0.35

NYDD012

453

0.021

26.6

3.27

0.65

0.48

NYDD013

94.3

0.007

4.8

0.85

0.02

0.08

NYDD014

71.3

0.005

20.3

6.48

0.15

0.06

NYDD015

137

0.006

10.9

2.94

0.52

0.29

NYDD016

270

0.007

27.7

4.5

0.38

0.53

NYDD017

303

0.004

12.2

2.28

0.13

0.36

NYDD018

424

0.026

85.8

4.95

0.65

0.25

NYDD019

217

0.012

4.2

0.77

0.19

0.14

NYDD020

1935

0.014

10.7

2.41

0.18

0.81

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)

Target

Hole

End of

Hole (m)

Dip

(°)

Azimuth

(true)

Easting

(MGA)

Northing

(MGA)

Elevation

(m)

Diamond Core

recovery (%)

Gerar

NYDD002

453.6

-90

517309

6532972

165

99.9%

Ace of Spades

NYDD003

426.4

-90

533326

6554167

162

99.7%

Ace of Spades

NYDD004

500.9

-90

533918

6547408

158

97.5%

Ace of Spades

NYDD005

371.2

-75

247

529381

6557836

159

98.0%

Ace of Spades

NYDD006

438.2

-90

525242

6554783

158

99.7%

Ace of Spades

NYDD007

516.3

-90

525542

6545010

160

99.6%

Gerar

NYDD008

384.3

-90

518160

6535379

159

99.8%

Ace of Spades

NYDD009

449.5

-90

528818

6548318

163

100%

Ace of Spades

NYDD010

290.3

-90

533680

6555200

162

99.9%

Ace of Spades

NYDD011

462.2

-90

532000

6559000

159

99.3%

Ace of Spades

NYDD012

476.2

-90

535498

6550116

155

100%

Ace of Spades

NYDD013

369.2

-90

530630

6544500

160

100%

Ace of Spades

NYDD014

307.9

-90

524440

6551352

160

99.6%

Ace of Spades

NYDD015

365.4

-90

531656

6556402

159

95.2%

Ace of Spades

NYDD016

372.2

-90

533623

6551638

160

100%

Ace of Spades

NYDD017

323.9

-90

522666

6548315

158

100%

Gerar

NYDD018

361.9

-90

518782

6538471

162

100%

Gerar

NYDD019

168.1

-90

522108

6537616

161

99.9%

Gerar

NYDD020

294.2

-90

516657

6529071

162

99.7

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

Target

Hole

End of

Hole (m)

Dip

(°)

Azimuth

(true)

Easting

(MGA)

Northing

(MGA)

Elevation

(m)

Diamond Core

recovery (%)

Nevertire South

NEDD002

NEDD003

NEDD004

401.2

410.3

361.4

-80

129

226

286

555625

555276

556240

6488460

6487160

6489210

188

189

83.7

99%

TBC

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

. The district has seen

considerable exploration success, including two greater than 10Moz gold equivalent

discoveries/resource expansions

and an emerging gold discovery by Waratah Resources at the Spur

project

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

. 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)

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

. 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

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 (ASX: KCC) (TSXV: KCC) 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

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

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

, 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

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

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