Kincora Advances the Historic Condobolin Mining Field

On October 14, 2025, Kincora Copper announced it has commenced a fully funded, multi-phase exploration campaign at its 100%-owned Condobolin project in New South Wales, Australia. The first phase is an airborne electromagnetic (AEM) geophysical survey covering approximately 155 km². This will be followed by a planned diamond drilling program of up to 15 holes for 4,100 metres at the Meritilga target, which has historical high-grade gold intercepts. The company is also reviewing the alluvial gold potential at the project. Additionally, Kincora has expanded the total project size by a third to 297 km² by staking adjacent ground.

The news is Non-Material but Positive. The initiation of exploration at Condobolin is the direct execution of the company's stated use of proceeds from the C$4 million financing that closed in September 2025. While it is positive to see the company actively advancing its 100%-owned flagship asset and delivering on its promises, this was an expected operational development, not a discovery or a new strategic shift. The market should have already priced in the commencement of this work program following the financing.

In the context of the year's news flow, this is a routine update. More material events in 2025 have been: * The major expansion of the AngloGold Ashanti JV (April 2025), potentially doubling the earn-in expenditure to $100 million and validating the belt's potential. This was a significant positive de-risking event. * The cancellation of the Mongolian earn-in agreement with Orbminco (September 2025). This is a material negative, as a funded partner has walked away, leaving Kincora with 100% of a portfolio burdened by an ongoing tax dispute in a challenging jurisdiction. * The appointment of highly-regarded advisors Brent Cook and Laurie Thomas (October 2025), which adds significant technical and capital markets credibility.

The current news confirms Kincora is deploying its recently raised capital as planned. The material news from Condobolin will be the results from the AEM survey and, more importantly, the assay results from the upcoming drill program. Until then, this is a positive but expected step in the exploration cycle.

Kincora Copper is a junior exploration company with a portfolio of copper-gold projects in Australia and Mongolia. The company operates a project-generator model, seeking to advance its projects through partner-funded exploration (earn-in/JVs) to minimize shareholder dilution.

Its primary focus is on its large, district-scale landholdings in the Macquarie Arc of New South Wales, Australia, a world-class porphyry belt. * Flagship JV Projects (Nyngan, Nevertire, etc.): A major, multi-project earn-in and joint venture with AngloGold Ashanti, who can spend up to A$100 million to earn an 80% interest. Kincora is the initial operator, earning a 10% management fee. * Flagship 100%-Owned Project (Condobolin): A historical high-grade gold-base metal mining field that the company is now advancing with its own funds following the most recent financing.