Kincora Copper continues drilling at Nevertire projects

Executive Summary

• Kincora Copper reports positive drill intercepts at its Nyngan, Nevertire South and Nevertire projects in the northern Junee‑Narromine Belt, indicating porphyry copper–gold potential.
• The company announced an oversubscribed CAD 4 million non‑brokered private placement of units to fund accelerated drilling, partner financing and development of its 100 % owned Condobolin project.
• AngloGold Ashanti retains earn‑in/joint‑venture rights to spend up to AUD 100 million across five projects in Kincora’s NJNB portfolio, underscoring strong partner commitment.

Key Details

• Drilling – Nyngan Project
• 19 wide‑spaced scout holes (7,345.4 m) completed; intersected multiple newly identified Macquarie Arc composite volcanic‑intrusive complexes.
• Targets derived from Q1 2025 ground gravity survey returned shallow‑depth mineralization, expanding the search space around the Ace of Spades and Gerar targets.

• Follow‑up scout drilling or a stage‑2 stepout phase is proposed pending assay results.

• Drilling – Nevertire & Nevertire South Projects

• Seven‑hole program (≈2,150 m) underway across an ~8 km untested strike of the Nevertire Magmatic Complex (NMC).
• Stepout holes (600–1,200 m from prior Newcrest holes) intersected porphyritic intrusions (monzonite, diorite, pyroxene‑hornblende andesites) with strong chlorite‑magnetite‑epidote alteration and disseminated pyrite/chalcopyrite ± bornite.
• Lithological and alteration signatures comparable to Cadia‑Ridgeway and Goonumbla porphyry systems; gold up to 0.53 g/t reported in historic Newcrest hole ACDNY005.

• Planning commenced for follow‑up geophysical surveys; additional drilling contingent on assay results.

• Earn‑in / JV with AngloGold Ashanti

• AngloGold Ashanti holds rights to spend up to AUD 100 million across five NJNB projects covering >100 km of continuous strike.

• Recent amendment (April 2025) expands drilling plans for Nevertire and Nevertire South, providing unimpeded access to the consolidated ~8 × 12 km NMC.

• Financing – CAD 4 million Private Placement

• Oversubscribed non‑brokered private placement of units led by North American investors (Rick Rule, Jeff Phillips).
• Units include warrants with a 12‑month hold period and an accelerator feature.
• Proceeds to accelerate drilling on partner‑financed porphyry projects, fund the 100 % owned Condobolin project, and support corporate restructuring/share‑capital rollback.

• Closing expected shortly after the Aug. 27, 2025 annual general and special shareholders meeting.

• Condobolin Project

• 100 % owned; located in Cobar superbasin near an existing mill capable of third‑party ore processing.

• Financing will enable drilling to evaluate historic mining field and leverage regional discovery momentum (e.g., Federation, Achilles).

• Management Fees

• Kincora receives a management fee equal to 10 % of exploration expenditure for the NJNB programs.

Notable Quotes

“While early days in our first drilling program at the Nevertire South project, we are very excited by the large, multiphase Macquarie Arc volcanic and intrusive complex we are intersecting… Large‑scale stepout drilling is ongoing and designed to discover or create a vectoring pattern to a targeted porphyry deposit.” – John Holliday, Technical Committee Chair

“The conclusion of the first phase of scout drilling at the Nyngan project was particularly successful… Several new mineralized multiphase volcano‑intrusive complexes were intersected at shallow depths, significantly expanding the near‑term search space.” – Peter Leaman, Vice‑President Exploration