Encouraging results expands Kincora Copper and AngloGold Ashanti's First Drilling Program

• The first drilling program by Kincora with earn-in partner AngloGold Ashanti Australia Limited (AngloGold Ashanti) at the Nyngan porphyry project has been expanded and is ongoing following favorable initial results that support district-scale deposit potential

  • 6 wide spaced scout holes for 2707m completed at the South-West and Ace of Spades targets with all interpreted to have intersected targeted Macquarie Arc rocks¹

  • Encouraging anomalous copper and pathfinder minerals noted in multiple holes

  • Hole NYDD007 encountered porphyry style quartz veins, multiple intrusives and significant sulphides indicating a potential proximal setting and a priority target for Stage 2 follow up drilling

  • The initial scout drilling program has been resumed following the summer break, and now expanded with further approvals submitted for up to a total of twenty holes

• A ground gravity survey is underway across an ~40km strike covering the wider South West and Ace of Spades targets

• A Stage 2 follow up phase of step out drilling is proposed post completion of the scout drilling and ground gravity programs

• Permitting and land access activities commenced to support a first phase drilling program with earn-in partner AngloGold Ashanti at the Nevertire porphyry project

• Kincora is managing the programs and receives a 10% management fee

• AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest in the Nyngan and Nevertire projects.

Melbourne, Australia--(ACN Newswire - February 13, 2025) - Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased to provide an update on its ongoing and expanded exploration programs at the Nyngan project, located in the interpreted undercover extension of the Macquarie Arc in NSW, Australia, conducted under an earn-in and joint venture agreement with, and funded by, AngloGold Ashanti.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, commented:

"Initial drilling has provided encouraging results supporting our belief that the Nyngan project is a new porphyry district scale opportunity and, as agreed with our partner AngloGold Ashanti, this warrants an expansion to our first phase of exploration activities with renewed drilling and geophysics mobilised.

Scout drilling to date has provided very wide spatial coverage across separate potential intrusive complexes, with all holes interpreted to have intersected Macquarie Arc rocks ¹, and, encouraging chalcopyrite and anomalous copper in multiple holes.

In particular, the last hole of 2024, hole NYDD007 encountered porphyry style quartz veins, multiple intrusives, a locally developed exoskarn and significant sulphides strongly warranting step out drilling to either discover or provide a vectoring pattern to a possible deposit.

Further separate potential complexes within the South-West and Ace of Spades targets have been chosen for the continuation of the scout drilling. A detailed ground gravity survey covering ~400km² is in progress to help define more drilling targets including possible silicified basement hills under the cover rocks which may be due to high sulphidation gold mineralisation related to porphyry deposits.

The expanded scout drilling and ground gravity survey will assist with specific vectoring and a budgeted second phase follow-up and step out drilling program.

Preparations are also taking place for the first Kincora-AngloGold Ashanti drilling at the Nevertire project."

Background

The interpreted undercover extensions of the renowned Macquarie Arc porphyry copper-gold geology are a globally significant exploration opportunity offering new district(s) scale discovery potential. The relatively mature and well-explored sections of the Macquarie Arc host:

• a mineral endowment of over 160 million gold equivalent ounces ²,
• multiple world-class mines, some of which have recently attracted over $16 billion of corporate activity ³, and,
• two projects with resource growth of over 10 million gold equivalent ounces (Boda-Kaiser and Cowal) ⁴.

The less explored extensions of the Arc have attracted five recent earn-in and joint venture agreements supporting potentially over $300 million in exploration and development expenditures ³.

Kincora was an early entrant into the geophysically interpreted undercover Northern Junee-Narromine Belt (NJNB) of the Macquarie Arc. The Company now holds a >100km north-south strike of contiguous licenses across a number of interpreted underexplored, some never drilled, probable intrusive complexes and volcanic edifice sections of the undercover extensions of this belt.

The Company's Nyngan and Nevertire projects are two of a total of five Kincora projects in the NJNB, and are being advanced via an up to A$50 million earn-in and joint venture agreement with AngloGold Ashanti (the other three projects are held 100% and Kincora is proactively seeking asset level partners).

Initial drilling results at the Nyngan project have provided strong encouragement and support the view that the Nyngan project is highly prospective for large scale porphyry related copper-gold deposits and offers new district scale potential.

The exploration program by Kincora with AngloGold Ashanti has been expanded, including both a continuation of a scout drilling program and an expansion of ground gravity geophysical surveying.

During 4Q'2024, six holes for 2707m were completed utilising cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. The holes have provided samples of basement geology across separate magnetic complexes and key lithological domains.

The first phase scout program has sought to gain wide spatial coverage across in two very broad areas, the South-West target and the Ace of Spades target, both defined by coincident aeromagnetic and gravity features with only one previous hole to basement at the South-West target and no prior basement intersections at the Ace of Spades (see Figure 2).

The holes (NYDD002 to NYDD007) encountered a variety of basement lithologies including andesite, volcaniclastic breccia, diorite, gabbro, dolerite, and granodiorite, sandstone and siltstone, which based on extensive geological experience in the district, are all interpreted to be Macquarie Arc basement rocks, but noting age dating and lithogeochemistry analysis are pending. Hole NYDD007 within the south-western stem of the Ace of Spades has identified a high priority follow-up target warranting step out drilling to either discover or create a vectoring pattern to a possible deposit. See Figure 3 for select photos of NYDD007 drill core.

Intervals hosting native copper, chalcopyrite, bornite, pyrite and molybdenite were noted in holes NYDD002, 003, 004, 006 and 007 (see Tables 1 and 2). The sulphides occur as disseminations, fracture-fill and within quartz±carbonate veins, and also in mineralized skarn in NYDD007. Long intervals of anomalous copper were returned in the assays for NYDD003, 004 and 007 (see Table 2). The volcanic, sedimentary and/or intrusive rocks had been overprinted by moderate to strong, patchy to pervasive magnetite+chlorite-, epidote+carbonate±albite-, sericite and garnet+epidote+chlorite+calcite bearing hydrothermal alteration assemblages in NYDD003, 004, 006 and 007.

Table 1: Nyngan project: Summary of 2024 mud rotary-diamond tail drill holes (metres)

Drilling paused for the summer holiday period with the scout drilling program recommenced to provide further wide spatial coverage of basement lithologies across separate potential intrusive complexes at both the South-West and Ace of Spades targets. Further drill hole permits have been submitted for up to a total of twenty holes (see Figure 2).

A ground gravity survey is progressing well, covering a total of ~400km² across the extensions of the South-West and Ace of Spade targets (see Figure 2), and expanding and providing infill coverage from the ground gravity survey completed in 2024. The infill program is expected to refine an existing interpreted high sulphidation gold target associated with a basement high, whilst the regional survey is expected to define additional targets.

Completion of the initial scout drilling program and the ground gravity survey are expected to refine areas of interest for a proposed and budgeted second phase follow-up drilling.

Figure 1: A new district-scale series of major and untested magmatic complex targets are situated with in the Nyngan project that potentially represent the largest volcano-intrusive complex of the Macquarie Arc

Kincora is managing the exploration program, currently receives a 10% management fee of expenditures with expanded initial scout drilling and ground gravity survey ongoing

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Figure 2: 6 wide spaced scout holes have been completed with drilling expanded with further approvals submitted for up to a total of 20-holes. A ground gravity survey has commenced across ~40km N-E strike covering the wider South-West and Ace of Spades targets.

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Figure 3A: NYDD007: select photos of key lithological units of diamond drill core

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Figure 3B: NYDD007: select photos of key lithological units of diamond drill core

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Table 2: Nyngan project: Selected maximum assay values

¹ - A 12.8m interval of interpreted Ordovician age gabbro was returned in diamond core sampling of basement for NYDD002. The reported maximum assay values is over a 1.3m sample of the gabbro unit below a contact with an overlying conglomerate (from 440.7m), The intersected basement had a weak to moderate pervasive propylitic alteration assemblage comprising chlorite, magnetite and epidote, overprinted by weak patchy albite with hematite dusting. The last four metres of the hole had rare very fine grained bornite and chalcopyrite occurring together with chlorite and magnetite.

² - NYDD003 returned broad intervals of anomalous copper (up to 378ppm copper over 2m from 396m). The best intercepts were 6m @ 214ppm copper from 309m (within a fine to medium grained basaltic andesite with moderate pervasive chlorite, patchy epidote with 1-5% wispy calcite±epidote±quartz veins, rarely with fine grained pyrite and chalcopyrite) and 64m @ 264ppm copper from 362.4m (within very coarse grained plagioclase phyric diorite with weak to moderate pervasive chlorite+calcite+magnetite with patchy epidote and non-stratified pebbly-granular volcaniclastic sandstone or matrix-supported breccia with moderately shearing and foliation, moderate pervasive chlorite+calcite and very weak to weak patchy zones of very fine grained quartz, magnetite and pyrite) (calculated using 200ppm copper minimum and 4m internal dilution cutoffs).

³ - volcaniclastic rocks returned anomalous copper (up to 680ppm copper over 2m from 381m within a andesite brecca clast) over broad intervals in NYDD004. The best intercepts were from upper parts of the hole, where native copper occurred as fracture-fill and disseminations: 14m @ 427ppm copper from 339m and 8m @ 523ppm copper from 375m. Broad intervals of disseminated and vein-hosted chalcopyrite occurred in lower parts of the hole: 28m @ 255 ppm copper from 393m and 65m @ 249ppm copper from 428.5m (calculated using 200ppm copper minimum and 4m internal dilution cutoffs).

⁴ - Minor mineralization was noted in NYDD005 and related to disseminated very fine-grained magnetite and rare euhedral pyrite crystals with calcite strain fringes with only up to 159ppm copper over 2m from 341m.

⁵ - Trace chalcopyrite was rarely observed in hole NYDD006 in calcite+quartz±epidote veins with up to 245ppm copper over 2m from 316m.

⁶ - NYDD007 encountered a volcanic package of plagioclase phyric andesite, microdiorite, fine-grained volcaniclastic sandstone and minor andesite-clast breccia, intruded by an equigranular granodiorite and associated aplite, pegmatite and quartz-feldspar porphyry. The intrusions occurred as multi-metre bodies, smaller dykes, veins and stringers. Pyrite (locally up to 5%) and trace amounts of chalcopyrite, molybdenite and native copper (locally up to 0.3%) occurred in hole NYDD007. Quartz+pyrite±carbonate±epidote veins up to 5cm width occurred throughout the hole, within the granodiorite and volcanic-sedimentary host rocks, some containing chalcopyrite or molybdenite, many with bleached, sericite-rich selvedges. There were also pyrite±chalcopyrite veins and pyrite stringers. Late carbonate veins and breccia veins tended to be associated with fracture zones and were surrounded by broad sericite+carbonate±pyrite-altered zones. There were multiple hydrothermal and contact-metamorphic alteration assemblages observed throughout NYDD007. The maximum grade of 0.215 g/t gold is over 1m from 418m with a geological description provided in Figure 3 with an accompanying photo and description of that lithological unit..

Table 3: Nyngan project: Summary of mud rotary-diamond drill

Holes completed 4Q'2024

About the Nyngan Project

The Nyngan license (Exploration Licence 8929) was the first ground Kincora secured in NSW. It is a large 762km² direct application tenement granted by the NSW State Government covering a significant portion of the interpreted under cover section of the northern Junee-Narromine Belt ⁷. The Junee-Narromine Belt is one of the two largest belts of the Macquarie Arc, Australia's foremost porphyry belt, which hosts a mineral endowment of over 160 million gold equivalent ounces ².

The license hosts almost no prior explorer drilling even though regional geophysics strongly indicates a new potential district-scale setting for a significant number of interpreted, large-scale, porphyry copper-gold intrusive complex targets.

In May 2024, Kincora signed a definitive multiple-phase Earn-in and Joint Venture Agreement (Agreement) over the Nyngan and Nevertire licences with AngloGold Ashanti Australia Limited, a wholly owned subsidiary of AngloGold Ashanti plc (NYSE: AU; JSE: ANG), the world's fourth largest gold miner by production which has a successful track record for greenfields discovery success.

AngloGold Ashanti has the right to spend up to A$50 million to earn an 80% interest through:

• A$25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.
• Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II).

In July 2024, separate to the Agreement with AngloGold Ashanti, Kincora formed a partnership with Fleet Space Technologies Pty Ltd (Fleet Space) to undertake Ambient Noise Tomography (ANT) and gravity geophysical surveys under a research and development grant at the Nyngan project.

The Fleet Space surveys were completed in 2024 and focused on a small portion of the Ace of Spades target. The ongoing ground gravity survey covering ~400km² provides further coverage across the extensions of the South-West and Ace of Spade targets and infill spacing over areas of the 2024 ground gravity survey.

About Kincora

Kincora Copper Limited is dual listed on the ASX and TSX-V (ticker "KCC") and is an active explorer and project generator focused on world-class copper-gold discoveries.

The Company has recently shifted to an asset level funding strategy for its wholly owned porphyry projects, partnering to date for five of twelve projects, and retaining its Cobar superbasin project (Condobolin) as a 100% owned project.

Recent deals have unlock up to A$60 million in multiple year partner funding and supported countercyclical growth increasing the number of NSW based projects by a third.

Field activities resumed in 4Q'2024 and have began to ramp up with over 7000 metres of drilling and over A$3.5m of partner funded exploration.

Kincora is now focused on further and larger asset level deals for its more advanced and/or proximal to mine porphyry projects, and, advancing the next stage of exploration for already partnered projects.

For more information please visit Kincora's website at www.kincoracopper.com

References:

¹ The interpretation of Macquarie Arc age basement rocks is based on extensive geological experience in the district with age dating, lithogeochemistry and other analytical analysis are pending seeking to confirm
² Sourced from MinEx Consulting for Kincora
³ Sourced Ocean Blue Equities Oct 8, 2024 initiation research report on Waratah Minerals
⁴ These include:
(i) Cowal epithermal gold project by Evolution Mining: Current endowment of 13.7Mtoz gold, including historic production of 4.7Moz gold and current resource of 9Moz gold, relative to the resource of 3.4Moz gold at the time of the project acquisition in May 2015. Significant resource growth has come from the Dalwhinnie/ GRE46 underground discovery with production from the underground now ramping up with resource gold grades almost 3x higher than open pit (@ 2.45g/t Au) (refer to www.evolutionmining.com.au for further details, including the annual resource / reserve statements with technical disclaimers, the Mar 25, 2015 release "Transformative Acquisition of Cowal Gold mine" and the Ocean Blue Equities Oct 8, 2024 initiation research report on Waratah Minerals); and,
(ii) (ii) the Boda-Kaiser porphyry project is owned Alkane Resources (refer to www.alkane.com.au for further details, including the annual resource / reserve statements with technical disclaimers).

This announcement has been authorised for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

Qualified Person
The scientific and technical information in this announcement was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Chairman of Kincora's Technical Committee, who are Qualified Persons for the purpose of NI 43-101

JORC Competent Person Statement
Information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves are those that have been previously reported (with the original release referred to in this announcement), in the case of Mineral Resources or Ore Reserves the material assumptions and technical parameters underpinning the estimates have not materially changed, and have been reviewed and approved by John Holliday and Peter Leaman, who are Competent Persons under the definition established by JORC and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. John Holliday and Peter Leaman consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The review and verification process for the information disclosed herein for the Nyngan Projects have included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora's geological staff using standard verification procedures.

Forward-Looking Statements
Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

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