Mr. Sam Spring reports

KINCORA COMMENCES DRILLING AT THE HISTORIC CONDOBOLIN MINING FIELD

Kincora Copper Ltd. has recommenced drilling at the Condobolin project, located in the southern end of the Cobar basin in central-west New South Wales.

Highlights:

• First-phase drilling program under way at the 100-per-cent-owned Condobolin epithermal gold/silver/base metals project located in the Cobar basin;
• Capital-efficient, sole-financed drilling program of up to eight diamond core holes;
• First systematic drilling in over a decade at the historic Condobolin mineral field;
• Testing downdip, on strike, new adjacent coincident geochemical and geophysical targets at the high-grade Meritilga discovery;
• Fully financed follow-up drilling proposed at Meritilga, with additional targets including other open prior discoveries and larger causative porphyry centres also under consideration;
• Recent corporate activity highlights the value on high-grade projects in the Cobar basin.

John Holliday, technical committee chair, and Peter Leaman, vice-president of exploration, commented: "We are very excited to be drilling at two highly prospective projects, including the first systematic drilling program in over a decade at our wholly owned Condobolin project. Our recent efforts have included consolidating the historic Condobolin mining field, an extensive airborne geophysical survey, a regional assessment of shallow historical workings, open prior explorer discoveries and potential causative porphyry targets.

"While water and the weathering profile previously impeded mining and exploration efforts, those historic obstacles now support a compelling opportunity. The last phase of drilling delivered proof-of-concept with strong results and straightforward exploration upside at multiple historical mines and new discoveries, including a blind high-grade gold discovery at Meritilga. Cobar-style deposits are often vertically extensive with repeating mineral systems. Our commenced program will, for the first time, properly test that potential at Mertiliga and advance our geological concept of a deeper intrusion(s) driving zoned hydrothermal systems across multiple historical mines and targets -- offering both attractive grade and scale opportunity.

"Recent M&A [mergers and acquisitions] in the Cobar district highlights the strategic value of high-grade precious and critical mineral deposits, particularly where synergies can be unlocked from existing processing capacity. The Condobolin project is an asset where a junior explorer like Kincora can add significant value."

District, regional and adjacent property information disclosed is provided for general awareness and educational purposes and is not necessarily indicative of any other project of the company it is being compared with.

About the Cobar district

The Cobar basin has a 150-year history of high-grade, long-life mining and is an important supplier of critical and precious metals. The region benefits from established infrastructure and favourable ESG (environmental, social and governance) considerations with significant scope for processing and mining efficiencies, supporting further potential regional consolidation.

The district has recently seen several significant new discoveries utilizing modern exploration techniques in lesser explored regions (for example: Federation, Achilles, Mallee Bull, Southern Nights and Wagga Tank) and emerging corporate activity (for example: Harmony's $1.6-billion (Australian) takeover for MAC Copper, Aeris Resources' $214-million (Australian) acquisition of Peel Mining and Kingston Resources recently receiving $50-million (Australian) cash for the first tranche of its divestment of its PNG (Papua New Guinea) Misima project).

About the Condobolin project

The Condobolin project was historically the focus of up to 25 informal open-pit operations (peak late 1800s to early 1900s), with mining impacted by the water table and exploration by the weathering profile. The mineral field has not been effectively explored below the weathered zone (approximately 30 metres).

Very limited modern exploration has taken place, with initial activities by Clancy Exploration (now RareX Ltd.) yielding encouraging results at all five prospects drilled (2011 to 2013), including a virgin high-grade gold discovery at the Meritilga prospect.

More recently, within the immediate district, Kingston Resources has significantly expanded the resources and restarted hard-rock mining at the Mineral Hill mine and Talisman Mining has had success at its Rip N Tear and Durnings targets (to both the immediate north and south of Mineral Hill), while Australian Gold and Copper has excited the market with its new district-scale discovery at its Achilles target, located within the southwestern extension of the Cobar basin.

The Condobolin project is located approximately 40 kilometres south from the mill at Mineral Hill and north of the Condobolin town (which is the primary source of employees to Mineral Hill operation who drive through the Condobolin project to work).

Kincora has consolidated a 100-per-cent project ownership and continued to expand its foothold across the near-surface potential of the historical Condobolin mineral field. Approximately 20 per cent of the wider project is outsubcropping with the average depth of cover in non-outcropping areas less than five metres supporting very easy exploration with surface geology and sampling being an effective, quick and cheap methods.

In Q4 2025, the company completed an approximately 150-square-kilometre airborne electromagnetic (AEM) geophysical survey and the first systematic drilling program in over a decade commenced at the Meritilga target.

Meritilga was a new blind shallow discovery made by Clancy in 2012 following up a coincident two-kilometre-by-two-kilometre arsenic-lead-zinc (plus gold) geochemical anomaly and potassium-channel radiometric anomaly over ridges east of the historic mines at Mascotte and west of Potters. The anomalies coincided with key northeast-striking structures identified in detailed 3-D induced polarization (IP) surveys.

The gold, silver and base metals system is situated within a lode with high-grade lens (ore grade, for example: four metres at 20 grams per tonne gold and 30.2 g/t silver from 75 m, including one m at 62 g/t gold and 60 g/t silver in hole CORC029) and a lower-grade halo. The lode is a consistent body, open updip and downdip.

Land access agreements are in place and the permitting process commenced for an up-to-15-diamond-drill-hole program for 4,100 metres testing downdip (up to 350 m depth) and strike extensions and the potential for repeat high-grade lens and/or a stacked series of lenses. Permits and land access are in place for a first-phase program of up to eight holes.

This setting is supported by the last phase of reverse circulation (RC) drilling by Clancy, the one diamond hole drilled by Kincora in 2023, coupled with a favourable structural setting where the main Meritilga fault has been crosscut by north-south-trending faults.

The program will also test new adjacent coincident geochemical and geophysical targets.

The current working geological model, underpinned by pathfinder zonation and coincident geophysical anomalies, supports the potential for a larger mineralized intrusive source at depth, which this drilling program seeks to also support.

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 18,000 metres of drilling and over $9-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, which are all situated within existing porphyry camps containing over 20 million ounces gold equivalent of resource inventory.

By having a significant portfolio of partner-financed large porphyry projects and very focused capital-efficient programs at the Condobolin and other sole-financed projects, 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.

We seek Safe Harbor.