Mr. Sam Spring reports

KINCORA COPPER: POSITIVE DRILLING RESULTS AT TWO NORTHERN JUNEE-NARROMINE BELT PROJECTS

Kincora Copper Ltd. has provided an update on positive drilling results from continuing exploration programs at two projects in the northern Junee-Narromine belt (NJNB). These projects are located in the undercover extension of the Macquarie Arc in New South Wales and being conducted under earn-in and joint venture agreements with AngloGold Ashanti Australia Ltd.

Highlights:

• A successful first drilling program at the Nyngan project has identified multiple Macquarie Arc composite volcano-intrusive complexes:
  • Encouraging geology and anomalous assay results support porphyry copper and epithermal gold potential.
  • Targets resulting from the Q1 (first quarter) 2025 ground gravity survey returned encouraging results, at particularly shallow depths, significantly expanding future search spaces. A continuation of further scout drilling and/or a stage 2 stepout phase is proposed.
• Drilling is continuing at the highly prospective Nevertire South and Nevertire projects:
  • The first drilling program at the Nevertire magmatic complex (NMC) since Kincora consolidated the tenement ownership supporting a more-than-eight-kilometre (km) untested strike.
  • Initial observations reaffirm Kincora's view that the NMC is the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.
  • The initial seven-hole program is continuing and scheduled for approximately 2,150 metres.
  • Planning has already commenced for follow-up geophysical surveys given encouraging initial results and scale of the existing system ahead of potential follow-up drilling.
• Kincora is managing the programs and receives a management fee based on 10 per cent of expenditure.
• The Nyngan, Nevertire South and Nevertire projects are included in two earn-in and joint ventures with AngloGold Ashanti, which has the right to spend up to $100-million (Australian) across a total of five projects covering a continuous strike greater than 100 km within Kincora's NJNB portfolio.

John Holliday, technical committee chair, and Peter Leaman, vice-president of exploration, said:

"While early days in our first drilling program at the Nevertire South project, we are very excited by the large, multiphase Macquarie Arc volcanic and intrusive complex we are intersecting; we are in what looks to be a very large, mineralized and very prospective system with the right geological signs.

"Large-scale stepout drilling is ongoing and designed to discover or create a vectoring pattern to a targeted porphyry deposit. We have already seen enough to be planning near-term geophysical programs to help guide and refine a high-priority next phase of drilling.

"It is also worth noting that the conclusion of the first phase of scout drilling at the Nyngan project was particularly successful at testing new targets that emerged from the gravity survey only undertaken in the first quarter this year. Several new mineralized multiphase volcano-intrusive complexes were intersected at shallow depths, significantly expanding the near-term search space, particularly across the wider Gerar target area. Follow-up exploration is planned and will be refined upon receipt of all pending drilling results.

"Finally, it is also particularly pleasing to see Waratah Resource's new gold discovery at its Spur porphyry project and the significant interest this has attracted; congratulations to Peter Duerden and his team. It is a great reminder of the geological potential of the Macquarie Arc and the results that testing new geological concepts in new search spaces can yield."

Nevertire and Nevertire South projects

Following the April, 2025, amended and second earn-in agreement with AngloGold Ashanti, drilling plans were expanded for a first phase program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated approximately eight by 12 km Nevertire magmatic complex (NMC).

The continuing seven-hole program includes both large-scale stepout and scout targets designed to discover or create a vectoring pattern to a targeted porphyry deposit. This program seeks to effectively test part of a greater than eight km northern strike of the NMC, following up from prior favourable drill results of Newcrest Mining.

Newcrest holes ACDNY005 and ACDNY006 were drilled approximately 2.7 km apart and returned "lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla porphyry Cu-Au deposits." Hole ACDNY006 returned a "very encouraging intersection of anomalous copper mineralization (from basement to end of hole), veining and magnetite alteration situated in a high volcanic-hosted level," and hole ACDNY005 returned very favourable alteration, a phase 4 Macquarie Arc age date and up to 0.53 gram per tonne (g/t) gold.

Three of an initial seven planned holes have been completed by Kincora, with stepouts ranging from 600 m (metres) to 1,200 m away from prior Newcrest holes ACDNY005 and ACDNY006. Drilling commenced from the south within the confirmed Macquarie Arc domain and is progressing toward the north. Initial observations from these holes reaffirm the company's view that the central and northern portions of the NMC are the most geologically prospective porphyry project in the covered extensions of the Macquarie Arc.

The stepout holes have intersected multiple porphyritic intrusive phases beneath a moderate thickness of postmineral cover. Lithologies intersected include monzonite, diorite and crowded pyroxene-hornblende andesites. Favourable alteration is noted with intervals of strong chlorite plus or minus magnetite plus or minus epidote plus or minus sericite plus or minus hematite plus or minus K-feldspar, and disseminated and vein-hosted pyrite plus or minus chalcopyrite is present in multiple zones plus or minus localized bornite. Late-stage chalcedonic and tourmaline-bearing veins suggest potential for a telescoped hydrothermal overprint.

The program uses cost-effective mud rotary drilling through the relatively soft postmineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. This technique was successfully used in the first phase program at the Nyngan project.

While assay and other sampling technique results are pending, planning has already commenced for follow-up geophysical surveys given the encouraging initial observations. A follow-up drill program will be assessed once all assay results are received.

Nyngan project

Initial scout drilling activities at the Nyngan project commenced in calendar Q4 2024 in partnership with AngloGold Ashanti under the May, 2024, earn-in agreement. A total of 19 wide-spaced scout holes for 7,345.4 m were completed and confirmed multiple newly identified interpreted Macquarie Arc composite volcanic and intrusive complexes.

All holes to date have provided samples of basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc magnetic complexes, the Ace of Spades and Gerar (formerly South-West) targets, which cover approximately 16 by 18 km and approximately seven by 17 km, respectively.

Following encouraging results for the first six holes completed in Q4 2024, the drilling program was expanded to provide greater coverage across the two wider target areas, and a ground gravity survey was commissioned and completed in Q1 (first quarter) 2025. Most recent drilling across a wider search space and targets resulting from the gravity survey returned encouraging results, at particularly shallow depths, further significantly increasing the search space.

Shallower than anticipated cover, encouraging geology, alteration, anomalous copper and pathfinder minerals, and preserved structural blocks support porphyry and epithermal gold potential and provide vectors for follow-up drilling at multiple targets.

A continuation of further scout drilling and/or a stage 2 stepout phase is proposed postreceipt of full results and analysis with the company's partner, AngloGold Ashanti. Several further potential scout holes have existing permits and land access offering walk-up drill targets.

About the NJNB project portfolio

The Macquarie Arc is a hotspot for recent corporate activity with over $16-billion (Australian) of M&A (merger and acquisition) for producing porphyry assets and over $385-million (Australian) of exploration earn-in/joint ventures. The district has seen considerable exploration success, including two greater-than-10-million-ounce (oz) gold equivalent discoveries/resource expansions and an emerging gold discovery by Waratah Resources at the Spur project.

Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the postmineral cover, there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern-more outcropping sections, which host a number of world-class deposits and mines (Cadia, Cowal and Northparkes).

Kincora's portfolio and the wider NJNB offer new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new ambient noise tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the arc.

AngloGold Ashanti has secured earn-in and joint venture agreements with both Kincora and Inflection Resources (market capitalization of $24.7-million (Canadian)) within the NJNB with an investment of over $14-million (Australian) to date. In Q2 (second quarter) 2025, AngloGold Ashanti moved to phase 2 of its earn-in agreement with Inflection, designating a total of four projects to continue earning into (including two projects adjacent to Kincora's Nyngan project), and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than 100 km and five projects.

The most recent notable example of a new globally significant emerging porphyry district is the Vicuna district, which is also an extension of a renowned world-class porphyry belt. Vicuna is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4,000 m altitude.

Within this district, NGEx Resources Inc. in 2009 held three early-stage exploration projects and at the time had a market capitalization of approximately $40-million (Canadian). These same projects are all still at a predevelopment phase but have yielded in four large-scale discoveries valued at over $10-billion (Australian).

Kincora was an early mover into the northern Junee-Narromine belt and has opportunistically pegged strategically important ground directly from the state, resulting in a district-scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northward extension of the Macquarie Arc under postmineral cover. This portfolio now covers a strike twice the length of the Vicuna district and is included in earn-in and agreements with AngloGold Ashanti.

About Kincora Copper Ltd.

Kincora is an emerging Australia-focused copper-gold explorer with a hybrid project generator strategy. The company is now successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill-ready targets. These assets are located in Australia's Macquarie Arc and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar superbasin in NSW.

Kincora is using an asset-level partner model to develop and implement exploration strategies for its wholly owned large-scale exploration-stage porphyry projects. The company has already unlocked over $110-million of potential partner financing for multiple earlier-stage and/or non-core porphyry projects. These initial deals have supported over 13,500 m of drilling and over $6.5-million (Australian) of partner-financed exploration since late 2024, with management fees and exploration ramping up.

Partner discussions are continuing for its remaining 100-per-cent-owned flagship projects that are all situated within existing porphyry camps containing a resource inventory of over 20 million oz gold equivalent.

Kincora's ambition is to be the operator for exploration budgets of over $10-million per annum for the porphyry portfolio, providing sufficient project management fees for the company to be self-financing (covering corporate costs and maintenance of remaining wholly owned projects) and have partnerships with a diversified portfolio of industry-leading producers/explorers. This is in addition to the various other existing partnerships where Kincora is not the operator or receiving a management fee income stream.

The company has assembled an industry-leading technical team that has made multiple world-class copper and gold discoveries, that has "skin-in-the-game" equity ownership, and is backed by a consolidated and sophisticated shareholder register (insiders currently owning over 40 per cent of the company and represented on the board).

On July 7, 2025, Kincora announced an oversubscribed $4-million (Canadian) non-brokered private placement of units led by leading North American investors, including Rick Rule and Jeff Phillips, and their investor networks.

The share units have a 12-month hold period and there is an accelerator on the warrants -- both at the lead investors' requests. This raising is concurrent with a corporate restructuring and share capital rollback.

The rollback and placement terms provide Kincora the corporate structure to leverage the deals, partner financing and project results already in place, and to unlock significant existing value. This is starting to be realized.

The new capital provides the ability to accelerate more drilling, do more asset-level deals, earn more management fees and, ultimately, supporting the ambition of more (big) new discoveries. These multiple avenues all provide further material value catalysts for shareholders.

Closing of the non-brokered private placement is anticipated shortly after the scheduled Aug. 27, annual general and special shareholders meeting.

The financing also supports Kincora pursuing a hybrid project generator model and undertaking drilling at the company's 100-per-cent-owned Condobolin project. The Condobolin project hosts a historical mining field located within the Cobar superbasin and within trucking distance to an existing mill seeking third party ore. The Cobar superbasin has recently seen a number of significant new discoveries (Federation, Achilles, Mallee Bull, Southern Nights and Wagga Tank) and significant corporate activity (Harmony's $1.6-billion (Australian) offer for MAC, Kingston Resources recently receiving $50-million (Australian) cash for the first tranche of its divestment of its Misima project etc.). The project and regional profiles support the Condobolin project being an asset that a junior explorer such as Kincora can add significant value too.

By having a significant portfolio of partner-financed large porphyry projects and a very focused program on a 100-per-cent-owned project, the company is seeking to position Kincora as a leading institutional grade explorer in the public Australian and Canadian markets, and the leading project generator on the Australian Securities Exchange.

Qualified persons

The scientific and technical information in this news release 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, and was reviewed, verified and compiled by Kincora's staff under the supervision of Peter Leaman (MSc, mineral exploration, FAusIMM), senior vice-president of exploration of Kincora, and John Holliday (BSc (honours), 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

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