Mr. Sam Spring reports

KINCORA COMMENCES DRILLING AT THE WONGARBON PORPHYRY PROJECT

Kincora Copper Ltd. has commenced drilling at the Wongarbon porphyry project, designed to provide the first-ever sample of basement geology and test a prominent magnetic anomaly analogous to the anomalies associated with the largest greenfield discoveries in the Macquarie Arc in recent decades.

Highlights:

• First-ever hole to basement geology commenced at the Wongarbon project:
  • Designed to test a large buried magnetic anomaly interpreted as a gold-copper porphyry target;
  • Seeks to confirm the Wongarbon project hosts one of the few remaining large and untested intrusive complexes of the Macquarie Arc and located within a common transverse structure to the recent 14.7-million-ounce-gold-equivalent Boda and Kaiser porphyry discoveries;
• Anticipated 650-metre hole expected to take approximately four weeks to complete;
• Funding grant from the New South Wales (NSW) state government supports an anticipated cost of less than $100,000 (U.S.) to Kincora shareholders;
• Results will assist optimize follow-up exploration, including Kincora's multiphase partnership with Fleet Space Technologies utilizing its AI-powered (artificial intelligence) ExoSphere platform, which integrates real-time geophysical sensors, proprietary multiphysics surveys, geochemistry and AI-enabled drill targeting into a single workflow:
  • Fleet Space has the right to earn a minority non-carried interest in the project with drilling.

John Holliday, technical committee chair, commented: "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. Regional magnetics has proven very effective in mapping the prospective Macquarie Arc belts and the major porphyry deposits have identifiable magnetic intrusive complex signatures. The Wongarbon project is a real standout untested example of this signature in the right location and with the right features.

"I am very excited for Kincora to drill the first hole ever into basement geology at Wongarbon. This hole is set to finally test a target that I had first recognized back in 1996 before the Cadia-Ridgeway and Far East discoveries that year.

"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 chief executive officer and Peter Leaman, vice-president of exploration, added: "Wongarbon is an elephant-scale target located in elephant country, favourably located near to and potentially associated with the most significant new porphyry system discovery in NSW of recent decades (the Boda-Kaiser deposits).

"While you can't ever expect to make a discovery with your first hole, regardless, this hole will greatly assist follow-up exploration and optimize the innovative multiphase partnership in place with Fleet Space.

"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.

"This hole is in line with Kincora's capital-efficient value add strategy for its sole-financed projects and offering shareholders multiple shots on goal with seven different licences being drilled within a 12-month horizon."

Background

The remaining untested intrusive complexes of the Macquarie Arc porphyry geology are a globally significant exploration opportunity, as recently indicated by the significant discovery and resource growth by Alkane Resources at the Boda and Kaiser deposits (now 14.7 million ounces gold equivalent) and Evolution Mining at the Cowal mine (taking a resource of 3.4 million ounces gold at the time of acquisition to now a 13.8-million-ounce endowment producing over 330,000 ounces gold in fiscal 2025).

Within the district, various exploration groups have been having greenfield and early-stage exploration success at previously untested and open volcano-intrusive complexes of the Macquarie Arc. These groups include AngloGold Ashanti in partnership with Kincora (at the Nyngan, Nevertire South and Nevertire projects), AngloGold Ashanti in partnership with Inflection Resources (at the Duck Creek and Trangie projects), FMG directly and with Magmatic Resources (latter at the Myall project), Gold Fields in partnership with Gold and Copper (privately held around Cadia, drilling commenced), S2 Resources with Legacy Minerals (at the Glenlogan project), Newmont with Koonenburry Gold (at the Fairholme and Junee projects), Gilmore South (LinQ Minerals), and most recently Waratah Minerals (with its new Consols discovery at the Spur project), amongst others.

In 2024, Kincora opportunistically pegged the Wongarbon project directly from the NSW State (100-per-cent ownership) and has brought in a technical and financing partner (Fleet Space). On Oct. 20, 2025, Kincora announced the award of a grant for up to $143,483 (Australian) by the state government supporting drilling.

The award follows a competitive expert panel review process; moneys are non-dilutionary and funds drilling on a matched dollar-for-dollar basis. The grant is provided by the Critical Minerals and High-Tech Metals Exploration Program within NSW's Critical Minerals Strategy 2024-2035. These programs reiterate a favourable pro-investment and operating environment in NSW, with the Macquarie Arc being Australia's foremost porphyry region and a Tier 1 global copper-gold jurisdiction.

The Wongarbon licence is interpreted to host one of the very few remaining completely untested, volcano-intrusive complexes of the Macquarie Arc. The licence covers a large (173-square-kilometre) portion of the interpreted Macquarie Arc geology situated under postmineral cover that has not previously been drill tested or sampled.

The Wongarbon project was a priority for drilling in 1996 by Newcrest Mining (led by Mr. Holliday) before the discoveries at Cadia-Ridgeway and Far East (latter now known as Cadia East) within three holes of each other that year. Almost 30 years later, Wongarbon remains undrilled and Mr. Holliday is leading Kincora's exploration strategy at the project and seeking to finally advance the geological understanding of this new district-scale opportunity and a compelling large porphyry system target.

Both Alkane and Magmatic Resources are undertaking exploration and drilling at up to seven targets along a common transverse structure that is interpreted to potentially extend into the Wongarbon licence and be a key control to the 14.7-million-ounce-gold-equivalent resource inventory at the Boda and Kaiser porphyry copper-gold discoveries.

It is well documented that the composite volcanic and intrusive complexes elsewhere in the Macquarie Arc have large alteration and geochemical halos that are identifiable from regional geophysical surveys (features interpreted to be present at the Wongarbon project), with the mineralized deposits generally situated on intrusive level cross-arc structures (such as those currently being tested by Alkane and Magmatic, hosting the Boda-Kaiser deposits, and interpreted to extend into the Wongarbon project). The latter interpretation is also supported by recent proprietary surveys and interpretation at the Boda-Kaiser deposits by Fleet Space, which Kincora has partnered with to advance the Wongarbon project.

The commence drill hole utilizes cost-effective mud-rotary drilling cover sequence and diamond core drilling in the basement rocks with NQ-triple-tube-diameter diamond core tail. This technique is time- and cost-effective for gaining initial samples of porphyry-prospective basement and is being used by Kincora in similar terrain in the Northern Junee-Narromine belt at the Nyngan, Nevertire South and Nevertire projects under the earn-in and joint venture agreements with AngloGold Ashanti.

For further details and technical disclosures on the Wongarbon project, please refer to the following press releases:

• Oct. 22, 2025, "Kincora awarded drilling grant for Wongarbon project";
• Oct. 15, 2024, "Kincora announces strategic investment and expanded partnership with Fleet Space";
• June 3, 2024, "New major, completely unexplored porphyry complex and drill targets secured."

About Kincora Copper Ltd.

Kincora Copper is an emerging Australia-focused gold-copper explorer with a hybrid project generator strategy.

The company is 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 Lachlan fold belt and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar basin in New South Wales.

The company has already unlocked over $100-million of potential partner financing for multiple earlier-stage and/or non-core porphyry projects. These initial deals have supported over 13,500 metres 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 over 20 million ounces gold equivalent.

By having a significant portfolio of partner-financed large porphyry projects and a very focused program on a 100-per-cent-owned Condobolin 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 person

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.

JORC (Joint Ore Reserves Committee) competent person statement

Information in this news release 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 news release); 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 Mr. Holliday and Mr. Leaman, who are competent persons under the definition established by JORC, and have sufficient experience that is relevant to the style of mineralization and type of deposit under consideration, and to the activity being undertaking to qualify as competent persons as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Holliday and Mr. Leaman consent to the inclusion in this news release of the matters based on the information in the form and context in which it appears. The review and verification process for the information disclosed herein for the Nyngan projects has 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.

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