Kincora Commences Drilling at the Wongarbon Porphyry Project

On November 18, 2025, Kincora Copper announced it has commenced drilling at its Wongarbon porphyry project in New South Wales, Australia. This is the first-ever drill hole to test the basement geology of the project.

The program consists of a single 650-metre hole targeting a large, buried magnetic anomaly that the company interprets as a significant gold-copper porphyry target. Management has described the target as "elephant scale" with potential analogous to "Cadia-scale" deposits.

The drilling program is supported by a grant of up to A$143,483 from the NSW Government, which is expected to reduce the cost to Kincora shareholders to less than US$100,000. Under a joint venture agreement, Fleet Space Technologies has the right to earn a minority interest in the project through this drilling.

The commencement of a first-ever drill program on a key, high-potential target is a material positive catalyst for an exploration company of Kincora's size. This news confirms the company is executing on its stated strategy following the announcement of the government drilling grant on October 22, 2025.

The key positive factors are: - Execution: It demonstrates operational progress and moves a conceptual target toward tangible evaluation. - High-Impact Potential: Management's commentary, while promotional, underscores the large scale of the target. A successful discovery here could be transformative for the company. - Low Financial Risk: The government grant and JV structure mean Kincora is testing this high-impact target with minimal capital outlay, preserving the treasury raised in the recent C$4 million financing for other projects like Condobolin.

However, from a critical, risk-averse perspective: - High Expectations: The use of terms like "elephant" and "Cadia-scale" sets an extremely high bar for success. Anything less than a spectacular discovery could be viewed as a disappointment by the market. - Exploration Risk: This is a single drill hole into a blind, geophysical target. The odds of making a discovery on the first hole are inherently low, regardless of the quality of the preparatory work. The outcome is binary.

Overall, the news is materially positive as it initiates a catalyst without draining the company's treasury. It moves the story forward and provides the market with near-term discovery potential to anticipate. The true material impact, however, will be dictated by the drill results, not the commencement of drilling.

Kincora Copper is a junior exploration company with a portfolio of copper-gold projects in Australia and Mongolia. The company's primary focus is now on its assets within the Macquarie Arc of New South Wales, Australia, a world-class porphyry belt.

Kincora operates a hybrid project generator model. It partners with major mining companies on some projects, such as its extensive joint venture with AngloGold Ashanti, where the partner funds up to $100 million in exploration. This de-risks a significant part of its portfolio and provides management fee income. Simultaneously, Kincora advances its 100%-owned projects, such as the Condobolin and Wongarbon projects, using its own treasury. This strategy allows for exposure to large, partner-funded discoveries while retaining the 100% upside of self-funded exploration. The company recently regained full control of its Mongolian assets after a partner withdrew, but these appear to be non-core to the current strategy.