Kincora Provides Drilling Update Supporting New Province-Scale Potential

Kincora Copper Limited has released an exploration update regarding its Nevertire, Nevertire South, and Nyngan licences, which are located within the Northern Junee-Narromine Belt and represent the northern extensions of the Macquarie Arc. These projects are operated under two earn-in joint venture agreements with AngloGold Ashanti. To date, the programme has comprised 24 holes totalling 10,379.7 metres, utilizing mud-rotary drilling through cover with NQ3 diamond tail sections in the basement. All holes intersected basement rocks interpreted as part of the Macquarie Arc.

Assays have been returned for 20 holes, including intervals from NEDD010 to NEDD018. Nine holes have been reported, while seven remain pending: NEDD019, NEDD020, NEDD021, NEDD022, NEDD023, NEDD024, and NEDD025.

Key reported intervals, measured from basement to the end of hole with a low cutoff, include:

• NEDD011: 312.8m @ 0.025% Cu and 0.0304 g/t Au from 275.6m to EOH 588.4m, including 33.2m @ 0.059% Cu, 0.089 g/t Au from 440.0m, including 2.0m @ 0.115% Cu, 0.307 g/t Au from 459.0m; also including 18.33m @ 0.096 g/t Au, 0.017% Cu from 315.0m; also including 6.8m @ 0.059% Cu, 0.117 g/t Au from 373.0m.
• NEDD014: 210.8m @ 0.011% Cu, 0.0365 g/t Au, including 19.55m @ 0.198 g/t Au (which includes 10.0m @ 0.315 g/t Au from 288.0m).
• NEDD015: 342.9m @ 0.013% Cu, 0.0270 g/t Au, including 27.4m @ 0.115 g/t Au, 0.035% Cu from 562.0m.
• NEDD017: 163.4m @ 0.016% Cu, 0.0109 g/t Au, including 15.06m @ 0.055 g/t Au, 0.038% Cu.
• NEDD010: 132.8m @ 0.012% Cu, 0.0064 g/t Au.
• NEDD013: 149.9m @ 0.013% Cu, 0.0023 g/t Au.
• NEDD016: 220.1m @ 0.011% Cu, 0.0072 g/t Au.
• NEDD018: 171.3m @ 0.007% Cu, 0.0030 g/t Au.

Peak single-sample values recorded include NEDD011 at 1,525 ppm Cu / 0.307 g/t Au; NEDD018 at 1,285 ppm Cu / 0.025 g/t Au; NEDD014 at 778 ppm Cu / 0.669 g/t Au; and NEDD015 at 780 ppm Cu / 0.412 g/t Au.

Four scout holes were completed across a 15km strike at the southern end of Nevertire South. These holes are interpreted to have intersected Macquarie Arc rocks, though confirmatory lithogeochemistry and age dating are pending. The company claims a prospective strike of greater than 40km, describing this as a greater-than-5x increase versus the drilled strike extent.

A gravity survey covering approximately 110km² was completed, with approximately 148km² of legacy data integrated. A further approximately 32km² is scheduled. Scout drilling has resumed at Nyngan at the Ace of Spades and Gerar targets, with five to eight holes planned.

Under the partnership framework, AngloGold Ashanti may invest up to A$100M across five adjacent licences covering more than 100km of continuous strike. Kincora manages the programme and receives a 10% management fee on expenditures.

Kincora Copper Limited (KCC) is a pre-resource grassroots explorer with no revenue, resource, reserves, or Preliminary Economic Assessment (PEA). The company’s market capitalisation is approximately A$52M. The absence of true width, cutoff discipline, metallurgy, and a resource is the baseline state for a company at this stage and is not, by itself, the reason for the analyst’s rating; the grade substance is.

Nothing about tonnes or grade has changed in the latest update. Two interpreted intrusive complexes are flagged for follow-up, and a 15km scout traverse is claimed to extend the prospective footprint to more than 40km. The grade data delivered are the same halo-level anomalism already disclosed in February 2026. NEDD005 was reported in February as 161.3m @ 121 ppm Cu, which is essentially identical to the 0.011-0.016% Cu long intervals reported now.

The anchor for this target was established with the February 10, 2026 release, which reported a peak of 13,700 ppm Cu / 0.475 g/t Au (NEDD007) and 4,470 ppm Cu / 0.543 g/t Au (NEDD006). These results were described as confirming "a large composite volcanic-intrusive complex across >5.4km strike." That release drove the stock from approximately $0.96 on February 9 to $1.25 on February 10, and on to $1.70 by March 3, representing a genuine market-moving Material result.

The stock has since fully round-tripped, moving from $1.70 on March 3 to $0.77 on April 7. It has spent the last six months in range-bound trading between roughly $0.77 and $1.34, and currently sits at $1.10. This price is about 52% above its 52-week low and 35% below its high. The price is not assuming the February result repeats.

The delta in the current release shows the best peak copper at 1,525 ppm (NEDD011), which is approximately 9x below the February peak of 13,700 ppm. The best peak gold is 0.669 g/t (NEDD014), which is modestly better than February's 0.543 g/t. There is no economic-grade interval in either release, so the delta is on peak sample values, not on interval grade-thickness. On balance, the new data are weaker in copper and similar in gold, but they are not a collapse of an embedded expectation.

The market has already been told twice, on February 10 and September 3, that Nevertire South hosts a large porphyry complex with vectors toward a centre. This release delivers no new grade substance and defers the answer to seven pending holes.

For a producer, a hole like this would be irrelevant. For this explorer, the assets that matter are the AngloGold Ashanti funding of up to A$100M across five licences and the approximately A$12M cash-plus-receivable position, rather than an individual halo hole. The cost of exploration failure is largely borne by the partner, which limits the downside.

Kincora Copper Limited (ASX: KCC / TSXV: KCC), a Melbourne- and Vancouver-registered pre-revenue explorer focused on Australian gold and copper assets, operates a hybrid prospect generator model. This approach combines partner-funded exploration on large porphyry grounds with self-funded work on smaller, higher-grade targets. The company’s portfolio spans seven projects across New South Wales, including the Macquarie Arc’s Northern Junee-Narromine Belt and the Cobar Basin.

In the Northern Junee-Narromine Belt, Kincora holds the Nevertire, Nevertire South, Nyngan, Nyngan South, and Mulla licences. These assets are covered by two earn-in and joint venture agreements with AngloGold Ashanti, encompassing a continuous strike of more than 100km. AngloGold Ashanti may invest up to A$100M, while Kincora operates the projects and earns a 10% management fee on expenditures. The company has drilled 43 holes for 17,620m in partnership across three licences, with over 20,000m of partner-funded drilling and over A$10M of partner-funded exploration conducted since late 2024.

The Condobolin project in the Cobar Basin is 100% owned. Kincora has completed its first systematic drilling in over a decade, consisting of nine holes totaling 2,615m, with assays pending. Historical non-43-101 references include 4m @ 20 g/t Au and 30.2 g/t Ag from hole CORC029, and 1m @ 62 g/t Au, 60 g/t Ag. Alluvial hits have reached up to 28.4 g/t Au in gravels. The site benefits from nearby third-party mill and infrastructure.

Wongarbon, also 100% owned, covers 173km². A first-ever basement hole was completed at 414m, with results pending; this release does not cover the project. Funding includes a non-dilutive NSW Government grant of up to A$143,483, and partner Fleet Space Technologies holds a right to earn a minority non-carried interest. At Cowal East, ground coverage expanded approximately 40% to ~100km² in March 2026. Ground gravity surveys are complete, with a quantum gravity and AI partnership with Atomionics scheduled for further surveying in November.

Kincora divested its Mongolia assets to Tumen Ail Coal LLC for a total staged value of US$10M. US$6.5M has been received, with US$3.5M due on or before December 31, 2026. A Mongolian tax dispute relating to a 2016 merger remains an open item per the Q1-2026 MD&A.

The company reported 47,573,219 shares outstanding as of Q1-2026, with approximately 45% in free float. The Bloomfield Group holds ~11%, and board and management hold ~7%. Strategic investors include Rick Rule and Jeff Phillips. In February 2026, Kincora raised A$4M at A$1.05, with one A$1.35 option per two shares. The book value stands at C$0.48 per share, roughly A$0.53, meaning the stock trades at approximately 2x book.

As of March 31, 2026, Kincora reported cash of C$6,998,000 and working capital of C$5,432,000, with no debt. The FY-2025 net loss was C$3,444,000, while Q1-2026 net income was C$86,000, driven by a C$700,000 derivative fair-value gain and C$106,000 of AngloGold Ashanti management fee income. A data discrepancy exists regarding cash positions: ASX-facing quarterly and strategy releases cite approximately A$12M cash at June 30, 2026, and the investor deck cites >$13M AUD as of March 31, 2026, while the SEDAR balance sheet shows C$6,998,000 (roughly A$7.5M) at March 31, 2026.

The investor deck claims a district-level portfolio endowment of >50 moz AuEq, with the Northern Junee-Narromine Belt contributing >20 moz and Condobolin >10 moz. There is no JORC or NI 43-101 resource, reserve, PEA, NPV, IRR, capex, or AISC table in the provided materials. The endowment figure is a regional estimate and should be treated as promotional context, not as contained metal.