Kincora Copper receives drilling grant for Wongarbon

Executive Summary

• Kincora Copper Ltd. has been awarded a $143,484 (AUD) co-funding grant from the New South Wales (NSW) government for drilling activities at its Wongarbon project.
• The grant supports the first-ever hole to basement geology at the Wongarbon project and enables the commencement of maiden drilling following a competitive expert panel review.
• This award is part of the NSW Critical Minerals and High-Tech Metals Exploration Program (CMEP), which aims to support the state's resource sector sustainability and critical minerals strategy for 2024-2035.

Key Details

• Grant Amount: $143,484 (Australian Dollars).
• Project: Wongarbon Project.
• Grant Purpose: Co-funding for drilling and the first-ever hole to basement geology at the site.
• Funding Source: NSW Critical Minerals and High-Tech Metals Exploration Program (CMEP), a pillar of the critical minerals strategy 2024-2035.
• Program Structure: The CMEP is a $2.5-million program supporting exploration on a co-funded, 50-per-cent basis over two years.
• Competitiveness: The grant was awarded following a competitive expert panel review of applications in high demand. 18 explorers received grants, including 11 drilling programs.
• Strategic Context: The NSW government highlighted the essential role of copper in the energy transition, national security, and industrial production.
• Company Strategy: Kincora is pursuing a hybrid project generator strategy, having already unlocked over $100-million of potential partner financing and supported over 13,500 metres of drilling since late 2024.

Notable Quotes

• Sam Spring, President and CEO: "Kincora only secured the Wongarbon project directly from the state mid-last year. Since, we have formed an innovative multiphase partnership agreement with Fleet Space Technologies supporting cutting-edge multiphysics, with maiden drilling to shortly commence following this non-dilutive grant."
• Sam Spring, President and CEO: "We would like to thank the NSW government for the direct financial support to Kincora and the wider industry via the critical minerals strategy 2024-2035. These programs provide a strong pro-investment and pro-exploration to mining message to all stakeholders."
• Sam Spring, President and CEO: "As indicated by recent U.S. government policy, copper is one of, if not the most critical of, the critical minerals due to its essential role in the energy transition and national security, and essential role in industrial production and the wider economy."