Kincora Copper begins drilling at Wongarbon

Executive Summary

• Kincora Copper Ltd. has commenced drilling at its Wongarbon porphyry project in the Macquarie Arc, NSW, targeting the first-ever basement geology samples at the site to test a prominent magnetic anomaly interpreted as a gold-copper porphyry target.
• The initial hole is anticipated to be 650 meters deep and take approximately four weeks to complete, with costs to shareholders capped at less than $100,000 (U.S.) due to a matching grant from the New South Wales state government.
• The exploration program is supported by a strategic partnership with Fleet Space Technologies, utilizing AI-powered geophysical sensors and multiphysics surveys to optimize drill targeting, with Fleet Space holding the right to earn a minority non-carried interest in the project.

Key Details

• Drilling Objective: First-ever hole to basement geology at Wongarbon; designed to test a large buried magnetic anomaly interpreted as a gold-copper porphyry target.
• Geological Context: Target is located within a common transverse structure to the recent 14.7-million-ounce-gold-equivalent Boda and Kaiser porphyry discoveries by Alkane Resources.
• Hole Specifications: Anticipated depth of 650 meters; expected completion time of approximately four weeks.
• Drilling Method: Cost-effective mud-rotary drilling for the cover sequence, transitioning to diamond core drilling in basement rocks using NQ-triple-tube-diameter diamond core tail.
• Funding & Cost:
  • Total anticipated cost to Kincora shareholders is less than $100,000 (U.S.).
  • Supported by a non-dilutional grant of up to $143,483 (Australian) awarded on Oct. 20, 2025, from the NSW Critical Minerals and High-Tech Metals Exploration Program.
  • Grant funds drilling on a matched dollar-for-dollar basis.
• Strategic Partnership:
  • Multiphase partnership with Fleet Space Technologies utilizing the AI-powered ExoSphere platform.
  • Fleet Space integrates real-time geophysical sensors, proprietary multiphysics surveys, geochemistry, and AI-enabled drill targeting.
  • Fleet Space has the right to earn a minority non-carried interest in the project through drilling activities.
• Project Background:
  • Wongarbon is a 173-square-kilometre licence covering untested volcano-intrusive complexes of the Macquarie Arc under post-mineral cover.
  • The target was previously prioritized by Newcrest Mining in 1996 before the Cadia-Ridgeway and Far East discoveries.
  • Kincora holds 100% ownership of the Wongarbon licence, pegged opportunistically in 2024.
• Management Commentary:
  • John Holliday (Technical Committee Chair) describes the target as "virgin territory" with "huge upside," noting it is a standout untested example of the magnetic intrusive complex signatures found in major porphyry deposits.
  • Sam Spring (CEO) highlights the "highly compelling" risk-reward scenario, noting the low cost compared to similar targets in the Americas (> $1 million) and the company's strategy of offering shareholders "multiple shots on goal" with seven different licenses to be drilled within a 12-month horizon.

Notable Quotes

• John Holliday, Technical Committee Chair: "There is a good chance that the next Cadia-scale deposit in the Macquarie Arc will be found in the covered and underexplored parts of the Lachlan fold belt. This is virgin territory and a major opportunity with huge upside... Wongarbon is a prime candidate for major discovery, and this first hole will provide very valuable information to assist guide follow-up activities."
• Sam Spring, President and CEO: "Wongarbon is an elephant-scale target located in elephant country... Coupled with last month's funding grant from the NSW government, the risk-reward scenario is highly compelling and unique on a global perspective. The expected cost of less than $100,000 (U.S.) to Kincora shareholders compares exceptionally well to similar nature targets requiring budgets of greater than $1-million (U.S.) in the Americas."