Mr. Sam Spring reports

KINCORA COMMENCES EXTERNAL STRATEGIC REVIEW PROCESS FOR MONGOLIAN COPPER-GOLD PORTFOLIO

Kincora Copper Ltd. has received several unsolicited inquiries from corporate and other entities expressing interest in the company's wholly owned Mongolian asset portfolio.

Given this interest, the board of Kincora has decided to undertake an externally led strategic review process of the company's Mongolian asset and licence portfolio with the view of maximizing shareholder value. This review process will consider a range of potential partnering, financing and other asset initiatives.

Assets within the portfolio include:

• A large mineral resource estimate and exploration target reported under the JORC Code by Resilience Mining Mongolia Ltd. (1) for the West Kasulu prospect, which includes a small portion of one of three extensive, from surface and underexplored copper-gold intrusive complexes (the majority hosted on an existing 30-year mining licence);
• A year-round field camp;
• A proprietary Mongolia-wide project generation database.

Further details are provided in an appendix to this release.

Different commercial options are being considered. The company has appointed Cerberus Advisory to assist in facilitating the review process and provide recommendations to the board, which will include the expressions of interest Kincora has received to date. The review will have no effect on the company's current continuing drilling program in Australia, which seeks to test a total of 13 gold and copper discovery opportunities across five projects in Central Western New South Wales (2).

The company has not made a decision at this stage with respect to terms and a deal structure that it would be prepared to consider, and therefore makes no assurances that a transaction will eventuate. Kincora cautions shareholders not to make any investment decisions about the company's shares on the assumption that a transaction will proceed.

Further market updates will be provided following any material development arising to the company's Mongolian asset portfolio.

Appendix

Kincora notes recent non-binding interest from various unrelated parties for the company's Mongolian portfolio. This comes at a time of recent significant investment in the Mongolian critical and strategic minerals sector, including the Oyu Tolgoi copper-gold porphyry project being on track to become the world's fourth-largest copper mine by 2030.

In the last 12 months, BHP, Rio Tinto and Zijin Mining have made investments, increasing or initiating Mongolian exposure, with Xanadu Mining recently commencing one of the largest current porphyry exploration drilling programs in the world with 54,000 metres of drilling at the Kharmagtai copper-gold project located in the Southern Gobi copper-gold belt.

In Mongolia, Kincora retains a 100-per-cent interest in one of the largest land positions and porphyry complexes in the Southern Gobi copper-gold belt.

The company's Mongolian portfolio assets include:

• Bronze Fox mining licence (the eastern licence of the Bronze Fox project);
• Tourmaline Hills exploration licence (the western licence of the Bronze Fox project);
• Red Well exploration licence (on trend from the 26-kilometre strike Oyu Tolgoi mineralized system);
• White Pearl field camp (year-round facility);
• One of (if not) the largest project generation databases for Mongolia.

In July, 2022, the company announced a maiden inferred mineral resource estimate (MRE) and updated exploration target for the West Kasulu prospect within the Bronze Fox project reported under the JORC code and prepared by Resilience Mining Mongolia Ltd. (1). Both the MRE and exploration target are open in all directions (1).

The majority of the MRE and exploration target (1) are situated within the existing Bronze Fox mining licence with the balance being on the adjoining Tourmaline Hills exploration licence (collectively the Bronze Fox project). The MRE (1), initial metallurgical analysis, desktop studies and mining licence grant support the potential for a near-term, near-surface oxide SX-EW (solvent extraction and electrowinning) project.

The West Kasulu prospect is hosted within a small portion of the much larger mineralized Bronze Fox intrusive complex, which is one of three so far identified near-surface and underexplored large porphyry complexes at the wider Bronze Fox project.

The company continues to defend a tax assessment that was relied upon to complete a merger in 2016, with a Mongolian Supreme Court hearing in May, 2023, resolving to return the case back to the first instance court for another round of review and discussion (3).

Please refer to Kincora's website and contact the company or Cerberus Advisory for further details.

Footnotes

(1) The mineral resource estimate (MRE) and exploration target have been prepared by independent consultant DG & JG Larsen Consulting Pty. Ltd. and are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves 2012 (JORC Code) and are not based on Canadian Institute of Mining, Metallurgy and Petroleum (CIM) definitions, and as a result the estimate is not recognized under National Instrument 43-101 of the Canadian Securities Administrators (NI 43-101).

The MRE and exploration target were commissioned and paid for by Resilience Mining Mongolia Ltd., an unrelated party, meeting a condition precedent from a joint venture and acquisition agreement, and subsequent extension agreement, with Kincora that was subsequently terminated. The MRE and exploration target were based on data and geological information supplied by Kincora and Resilience Mining Mongolia Ltd. Kincora retains a 100-per-cent interest in the project, data and reports pertaining to the MRE and exploration target (see the July 8, 2022, release "Kincora provides corporate update for Mongolian portfolio" for further details).

The MRE and exploration target were reviewed by Kincora's geological staff under the supervision of Paul Cromie (BSc, honours, MSc, economic geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), exploration manager Australia, who is the qualified person for the purpose of National Instrument 43-101.

Further details and disclosures included in the July 26, 2022, press release "Mineral resource and updated exploration target for Bronze Fox." The company is not aware of any information which materially affects the information included in the announcement referred to above and, in the care of the MRE and exploration target, all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed.

(2) For further details on current drilling activities in NSW please refer to Kincora's latest exploration update press release "Extensive multiple system porphyry complex confirmed at Trundle" (May 10, 2023).

(3) Kincora press release "Mongolian tax dispute heads to the Supreme Court" (March 3, 2023).

For further details relating the Mongolian licences please refer to the company's website and Australian Securities Exchange listing prospectus, including the Mining Associates technical export report (Feb. 25, 2021).

We seek Safe Harbor.