Melbourne, Australia--(Newsfile Corp. - February 10, 2026) - Copper-gold explorer and hybrid prospect generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased to provide an update on strong initial results and an acceleration of exploration activities following completion of the Phase 1 drilling program at the Nevertire and Nevertire-South projects. The programs are being conducted under earn-in and joint venture agreements with AngloGold Ashanti Australia Limited (AngloGold Ashanti).

Phase 1 drilling has upgraded the immediate target zone and reaffirmed Kincora's view that the Nevertire Magmatic Complex (NMC) represents the most advanced and geologically prospective porphyry project within the covered northern extensions of the Macquarie Arc. Drilling has now recommenced to follow up high-priority targets advanced during the second half of 2025.

In parallel, exploration activities have expanded to materially increase the search space to the south of the NMC. New geophysical surveys and a review of prior explorer drilling are underway to systematically evaluate and advance a prospective strike length exceeding 40km across the Nevertire and Nevertire South licenses.

HIGHLIGHTS

• Extensive porphyry complex with multiple discovery potential confirmed: Phase 1 drilling (8-holes for 3385.2 metres, completed in 2H'2025) validated the presence of a large, highly prospective composite volcanic-intrusive complex across a greater than 5.4km strike at the Nevertire Magmatic Complex (NMC). Drilling intesected porphyry related lithologies, alteration, and vein hosted and disseminated copper, gold and pathfinder mineralisation.

• Targets upgraded; follow-up drilling underway: Phase 1 successfully upgraded the immediate target zone (open in all directions) and generated strong vectors for follow-up drilling. Copper and gold grades suggest increasing proximity to one or more porphyry system centre(s) (Figure 5). High-priority infill and step-out drilling has recommenced to further refine vectoring patterns and test multiple potential porphyry centres.

• Scale increased to province-scale: Phase 1 results combined with a review of prior explorer drilling support a greater than six-fold increase in the prospective strike length across the Nevertire and Nevertire South licenses. An initial ~110km² gravity surveying has been completed as part of a planned ~400km² program. The results, together with historical core resampling, are expected to refine step-out and scout drilling targets across multiple newly interpreted Macquarie Arc intrusive complexes.

• Expanded scout drilling planned at Nyngan: Planning and permitting are underway to expand scout drilling at two targets at the Nyngan license along with a potential first-ever hole at the adjacent Nyngan South license.

• Strong partnership and commercial alignment: The Nyngan, Nyngan South, Nevertire South and Nevertire projects form part of two earn-in and joint venture agreements with AngloGold Ashanti, which has the right to invest up to A$100-million across a total of five projects covering a continuous strike greater than 100km within Kincora's Northern Junee-Narromine Belt (NJNB) portfolio. Kincora currently manages the programs and receives a 10% management fee on expenditures.

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

"Initial results have been very positive, validating Newcrest's prior analogues to the Cadia-Ridgeway and the Goonumbla (Northparkes) porphyry deposits and reaffirmed our view that the Nevertire Magmatic Complex is the most advanced and prospective porphyry project in the covered northern extensions of the Macquarie Arc.

As a result, activities have been expanded to both follow up immediate high priority targets with drilling but also systematically advance a province-scale pipeline across a greater than 40km strike.

Phase 1 drilling included large step-out holes from two previously favourable Newcrest intercepts and successfully upgraded the immediate target zone. We are very excited to have recommenced drilling, as the results indicate a new, large-scale mineralised system with the geological characteristics required for multiple discoveries.

Additional scale is also emerging to the south. A review of prior explorer drilling and a ground gravity survey completed in late 2025 have highlighted significant southern extension potential, where favourable basement intersections, anomalous results, and untested magnetic and gravity anomalies remain open for drill testing.

Separately, planning continues to support further scout drilling at the Nyngan and potentially Nyngan South projects. With a portfolio exceeding 2,350km² and a strong partnership with AngloGold Ashanti, Kincora is well positioned to systematically advance this unique, province-scale opportunity, offering substantial leverage to shareholders."

NEVERTIRE AND NEVERTIRE SOUTH PROJECTS

Target specific drilling

Following the April 2025 amended and second earn-in agreement with AngloGold Ashanti ¹, a first phase drilling program commenced at both the Nevertire and Nevertire South licenses in 2H'2025. The program benefitied from unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex (NMC) and was designed to follow up two prior favourable drill results reported by Newcrest Mining and the most northern drilled holes at the NMC.

Newcrest holes ACDNY005 and ACDNY006 were drilled ~2.7km apart, in the central portion of the NMC, and returned "lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla (Northparkes) porphyry Cu-Au deposits" ². Kincora's relogging of these holes, led by technical director John Holliday, supported this interpretation.

The Phase 1 program included large scale step-out drilling and was designed to identify and define vectoring patterns toward potential porphyry centres. This program was very encouraging in providing strong vectors, upgrading the immediate target zone, supporting Newcrest's previous interpretation and reaffirming the Company's view that the NMC is the most geologically prospective porphyry project in the northern covered extensions of the Macquarie Arc.

The 8 hole program, totalling 3385.2 metres, utilised cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence, followed by NQ3 diamond core drilling of the porphyry-prospective basement. All holes intersected basement. Drilling to date has intersected the NMC at shallow to moderate depths, with basement mostly at ~70m (in the south-west) to a 250m depth.

Step-out drilling across a greater than 4km of strike intersected multiple porphyritic intrusive phases beneath a moderate thickness of post-mineral cover - see Figures 4-5 and Tables 1-4. Lithologies intersected include monzonite, diorite, dacite, and crowded pyroxene-hornblende andesites - see selected core photographs in Figure 6. Favourable alteration and porphyry-style veining were observed, with copper, gold and pathfinder element geochemistry providing vectors for high-priority follow-up drilling, including copper grades suggestive of increasing proximity to a porphyry system centre(s) (see Figure 5).

High priority infill and further step-out drilling has recommenced to discover and refine vectoring patterns toward prospective porphyry centres.

Larger scale new target and intrusive complex generation

As previously announced, following encouraging initial visual observations, follow-up geophysical surveys commenced in 2H'2025, together with a review of prior explorer drilling results and ground gravity survey data ³.

These activities have resulted in a material increase in the prospective search space across the Nevertire and Nevertire South licenses, supporting a total prospective strike of greater than 40km N-S, representing a greater than 6x increase relative to the initial Phase 1 drill strike extent - see Figure 3.

A gravity survey covering ~110km² has been completed and is currently being intergrated with legacy gravity data-sets, totalling ~148km², acquired by prior explorers. These historical surveys were variable in coverage density and spatial distribution, reflecting piecemeal target-specific objectives. When combined with the new systematic gravity coverage, the dataset is expected to support a more coherent district-scale interpretation, with a further ~290km² of gravity surveying planned in 2026.

Prior explorer drilling across the southern extensions of the NMC includes 23 diamond holes totalling 7,383.7 metres, with some drillcore hosted in the publicly accessible Londonderry core library at the NSW Government's WB Clarke Geoscience Centre. Numerous historical drillholes in the Nevertire South priority area and adjacent southern targets were only partially sampled or analysed for a limited element suite, and most critical porphyry pathfinder elements were not consistently assayed.

As a result, multiple historical drillholes intersecting basement, coincident with favourable magnetic and/or gravity anomalies and returning anomalous geochemical results, were not advanced beyond initial testing. Many of these intersections are now recognised to be spatially associated with interpreted Macquarie Arc intrusive complexes that remain open and untested.

Resampling, re-logging and modern analytical work on high-priority historical drillholes, together with new geophysical data, is planned and is expected to expand and systematically advance the exploration pipeline, refine further step-out and scout drilling targets, and support evaluation of multiple potential new Macquarie Arc intrusive complexes.

Figure 1: Kincora and AngloGold Ashanti have partnered to explore new district-scale undercover extensions of the world-class Macquarie Arc in the Northern Junee-Narromine Belt via two earn-in and joint venture agreements, currently aggressively drilling large greenfield targets 

Kincora has a portfolio of eight active projects, including managing two earn-in programs with AngloGold Ashanti, receiving a 10% management fee on expenditures, and covering a continuous 100km strike across 5 adjacent licenses (see References footnote 7 for source data for disclosed inventory/metal endowment)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/283322_9d387295a4fb3b48_001full.jpg

Figure 2: Positive results have supported an acceleration of exploration activities, with step-out and infill drilling recommenced at the Nevertire South license, wider exploration planned to the south, and planning underway for recommencing drilling at multiple targets within the the Nyngan license, and potentially a maiden scout hole in the Nyngan South license 

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/283322_9d387295a4fb3b48_002full.jpg

Figure 3: Phase 1 drilling results reaffirm Kincora's view that the NMC is the most advanced and geologically prospective porphyry project in the covered northern extensions of the Macquarie Arc, with the southern strike highlighting new province-scale potential 

A gravity survey covering >100 km² has been completed within a planned total survey area of >400 km². This work, together with resampling of historical drill core, is expected to refine step-out and scout drilling targets and support evaluation of multiple potentially new Macquarie Arc intrusive complex targets. 

Initial drilling has commenced with broad area approvals in place for upto 16 holes with further approvals to the south pending.

To view an enhanced version of this graphic, please visit:
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Figure 4: Phase 1 drilling included large scale step out drilling across a >4km strike in the central to northern portions of the NMC

Plan view of 2H'2025 drilling, with the corresponding long section provided in Figure 5. Results are consistent with Newcrest's prior interpretation that the project hosts lithologies, alteration and veining characteristic of a setting comparable to Macquarie Arc porphyry systems such as Cadia-Ridgeway and Goonumbla (Ridgeway) ²

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/283322_9d387295a4fb3b48_004full.jpg

Figure 5: Phase 1 drilling successfully upgraded the immediate target zone (open in all directions), providing vectors for follow up drilling, including copper and gold grades suggestive of proximity to a porphyry system centre

Information disclosed for Cadia-Ridgeway is not necessarily indicative of the Nevertire Magmatic Complex ("NMC"), and is provided for illustrative purposes only to demonstrate the typically discrete alteration and mineralisation footprints characteristic of Macquarie Arc "pencil" or "finger" porphyry systems. Phase 1 drilling by Kincora has returned encouraging copper and gold assay results, together with lithologies, alteration and veining consistent with this conceptual framework, supporting its relevance.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/283322_9d387295a4fb3b48_005full.jpg

Figure 6: Positive observations with intrusions, hydrothermal alteration, porphyry veining associated with disseminated and vein-hosted sulphide
Detailed core photography of selection portions of 2H'2025 drilling, showing a range of mineralisation and alteration types from mineralised intervals within the middle-northern section of the Nevertire Magmatic Complex ("NMC")

See Tables 1-3 for additional geological discriptions, peak and significant assay results

For Photos of the drill core please refer to the PDF of this release available on Kincora's home page at https://kincoracopper.com/wp-content/uploads/2026/02/20260210_KCC_Exploration-expands-and-upgrades-Nevertire-South.pdf?utm_source=email&utm_medium=email%20marketing&utm_campaign=Kincora%20and%20AngloGold%20Ashanti%20exploration%20expands%20and%20upgrades%20Nevertire%20with%20drilling%20recommenced%20(09-02-2026)

Hole NEDD005 - 348.1m: stockwork chalcopyrite-pyrite bearing quartz-carbonate veins intersect silicified dacite porphyry, returning elevated copper (542 ppm) with minor zinc.

Hole NEDD005 - 358.6m: stockwork chalcopyrite-pyrite bearing quartz-carbonate veins intersect silicified, brecciated dacite porphyry, returning elevated copper (235 ppm) with minor molybdenum and zinc.

Hole NEDD006 - 337.15m: chalcopyrite-pyrite bearing quartz-carbonate veins cutting strongly propylitic altered intermediate volcanic rocks, returning elevated copper (4470 ppm) with minor gold, molybdenum, silver and zinc.

Hole NEDD006 - 407.7m: chalcopyrite-pyrite rich quartz-carbonate-magnetite-hematite veins intersecting weakly propylitically altered intermediate volcanic rocks, returning elevated copper (1310 ppm) with gold (0.431 g/t) and minor molybdenum, silver and zinc.

Hole NEDD006 - 417.25m: chalcopyrite-pyrite bearing quartz-carbonate-chlorite-hematite vein and dessiminated chalcopyrite-pyrite within weakly propylitically altered intermediate volcanic rocks with elevated copper (234 ppm) with minior gold, molybdenum, silver and zinc.

Hole NEDD007 - 384.45m: chalcopyrite-pyrite-bornite rich quartz-carbonate-specular hematite veining intersecting weakly propylitically altered intermediate volcanic rocks, returning elevated copper (3400 ppm) and gold (0.341 g/t), with minior molybdenum, silver and zinc.

Hole NEDD007 - 519.5m: chalcopyrite-pyrite rich quartz-carbonate-chlorite veins intersecting strongly propylitic-sodic altered hydrothermal breccia, returning elevated copper (13700 ppm) with gold (0.475 g/t) and molybdenum (31.8 ppm) with minor silver, lead and zinc.

Hole NEDD007 - 557.4m: hydrothermal breccia with a quartz-carbonate+chlorite cement hosting disseminated chalcopyrite mineralization, returning elevated copper (812 ppm) and gold (0.28 g/t) with minior molybdenum and silver.

Table 1: Nevertire-Nevertire South: Highlights of 2025 mud rotary-diamond tail drill holes
See Figure 4 for a plan view of collar locations of Kincora and prior explorer drill holes over magnetics
(NEDD009 drilled on the Nevertire license, all other holes at Nevertire South & the interpreted NMC)
See Figure 5 for a long section of collar locations of Kincora and prior explorer drill holes

Table 2: Nevertire-Nevertire South: Peak Assay Values for Key Target and Pathfinder Elements
Holes completed 2025
(NEDD009 drilled on the Nevertire license, all other holes at Nevertire South & the interpreted NMC)

Table 3: Nevertire-Nevertire South: Significant Intervals for 2025 drill holes
Copper (Cu) & Gold (Au) intervals with associated pathfinder elements above defined thresholds*

*Note: Significant intervals are reported using early-stage exploration cut-offs of ≥0.05 g/t Au and/or ≥0.05% Cu, with up to 5m of internal dilution and minimum metal accumulation thresholds of ≥0.1 g·m Au or ≥0.1 %·m Cu. Higher-grade internal intervals (≥0.10 g/t Au and/or ≥0.10% Cu) are reported as discrete internal intervals. Grades are downhole length-weighted averages with no top-cuts applied. Pathfinder elements are reported where their length-weighted average over the reported interval meets or exceeds thresholds considered indicative of porphyry-style mineral systems (Ag ≥0.1 ppm; As ≥15 ppm; Bi ≥1 ppm; Te ≥1 ppm; Tl ≥1.5 ppm; Sb ≥4 ppm; W ≥7 ppm; Mo ≥20 ppm; Zn ≥0.1%; Pb ≥0.1%; S ≥1%). These intervals are not intended to represent economic cut-offs or resource grades but highlight zones of geological and hydrothermal significance within an evolving porphyry-style system.

Table 4: Nevertire-Nevertire South: Summary of mud rotary-diamond drilling
Holes completed 2025
(NEDD009 drilled on the Nevertire license, all other holes at Nevertire South & the interpreted NMC)

ABOUT THE NJNB PROJECT PORTFOLIO
The Macquarie Arc is a hotspot for recent corporate activity with over A$16-billion of M&A for producing porphyry assets and over A$385 million of exploration earn-in/joint ventures ⁶. The district has seen considerable exploration success, including two greater than 10Moz gold equivalent discoveries/resource expansions ⁷ and an emerging gold discovery by Waratah Resources at the Spur project ⁸ and LinQ Minerals at the southern zone of the Gilmore project ⁹.

Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral 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 hosts a number of world-class deposits and mines (e.g. Cadia, Cowal and Northparkes).

Kincora's portfolio and the wider NJNB offers 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 (AUCU.CSE) ("Inflection", market capitalisation C$31.3 million) within the NJNB with over A$20 million investment to date ¹⁰. In 2Q'2025, AngloGold Ashanti moved to Phase II 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) ¹¹ and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than a 100kms and five projects.

The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000m altitude.

Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalisation of approximately C$40 million ¹². These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries valued at over A$11 billion ¹³.

Kincora was an early mover into the NJNB 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 northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and is included in earn-in and agreements with AngloGold Ashanti.

ABOUT KINCORA
Kincora Copper Limited (ASX: KCC) (TSXV: KCC) is an emerging Australia-focused copper-gold explorer with a hybrid prospect 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 Basin 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 $100 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects ¹³. These initial deals have supported over 16,000 metres of drilling and over A$7m of partner funded exploration since late 2024 until September 30, 2025, with management fees and exploration ramping up ¹⁴.

Partner discussions are ongoing for its remaining 100% owned flagship projects that are all situated within existing porphyry camps containing over 20-million-ounce gold equivalent resource inventory.

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-funding (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 who have made multiple world-class copper and gold discoveries, who have "skin in the game" equity ownership, and, backed by a consolidated and sophisticated shareholder register. In Septmber 2025, Kincora closed an oversubscribed C$4 million 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 roll back with only 43-million shares outstanding and over 60% of the register held by reporting insiders and/or in 12-month hold stock.

The roll back and placement terms provides Kincora the corporate structure to leverage the deals, partner funding 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.

The financing also supports Kincora pursuing a hybrid project generator model and undertaking drilling at our 100% owned Condobolin project. The Condobolin project hosts a historical mining field located within the Cobar Basin and within trucking distance to an existing mill seeking third party ore. The Cobar Basin has recently seen a number of significant new discoveries (eg Federation, Achilles, Mallee Bull, Southern Nights and Wagga Tank) and significant corporate activity (eg Harmony's A$1.6 billion takeover of MAC, Kingston Resources receiving A$50 million 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 funded large porphyry projects, and a very focused program on a 100% 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 ASX.

To learn more, please visit: www.kincoracopper.com

References:

1. ¹ Kincora press release Apr 14, 2025, "Second Major Earn-in Secured with AngloGold Ashanti"
2. ² Open file annual report for former EL6337 by Newcrest Mining 2008
3. ³ Kincora press release Aug 25, 2025, "Positive drilling results at two Northern Junee-Narromine Belt projects"
4. ⁴ MinEx Consulting reports for Kincora
5. ⁵ Information disclosed for Cadia-Ridgeway is not necessarily indicative for the NMC or other deposits/systems in the Macquarie Arc but provided to illustrate the generally descrete alternation and mineralisaiton footprints of Macquarie Arc "pencil" or "finger" porphyry systems. These systems and the Cadia-Ridgeway deposit has been extensively researched. Images and technical information sourced from:
6. "Discovery of the Cadia Ridgeway gold-copper porphyry" - John Holliday, Colin McMillan and Ian Tedder, Newcrest Mining
7. https://smedg.org.au/discovery-of-the-cadia-ridgeway-gold-copper-porphyry-deposit-john-holliday-colinmcmillanian-tedder/
8. CODES Ores in Magmatic Arcs Workshop - Macquarie Arc: November 29, 2021 presentation "Cadia district geology, exploration and deposits (by David Cooke & team)" citing Newcrest, Wilson (2003), Cuison (2010), Harris et al. (2020) and Reynolds (2007)
9. ⁶ Ocean Blue Equities Oct 8, 2024 initiation research report on Waratah Minerals with the addition of Newmont's earn-in and joint venture agreements with Koonenberry Gold (KNB.ASX) for the:
   1. Junee porphyry project (A$23.9m of expenditure to date, ex the Jan 2025 drilling with Koonenberry Gold carried until commercial production); and,
   2. Fairholme porphyry project (Koonenberry carried until A$15m of exploration expenditure, with A$1.14m spent to date, ex the Jan 2025 drilling program).
10. ⁷ Public data, including the resource growth at the Cowal project since Evolution Mining's acquisition driven by the Dalwhinnie underground discovery and the discovery/resource growth of the Boda and Kaiser deposits by Alkane Resources. Estimated metal endowment of the Macquaire Arc sourced from MinEx Consulting report for Kincora.
11. ⁸ Waratah Minerals' Aug 4, 2025 release "Multiple zones of high-grade gold mineralisation extend Spur Gold Corridor".
12. ⁹ LinQ Minerals' January 2026 releases regarding its first drilling program at the Dam Deposit.
13. ¹⁰ Includes AngloGold Ashanti funded exploration per Inflection Financial Statements for the period ended June 30, 2025 and Kincora September 30, 2025. Inflection release Aug 28, 2025 and Kincora release Nov 13, 2025. Inflection market capitalisation at the COB February 6^th, 2026.
14. ¹¹ Inflection Resources' Mar 25, 2025 release "AngloGold Ashanti Designates Four Inflection Resources Projects for Phase II of Exploration Earn-in Agreement".
15. ¹² Refer to NGEx Mineral's presentation July 2024 for further details.
16. ¹³ ">A$11 billion market value": includes values for Filo Corp & Josemaria based on the Jul 29, 2024 transaction values from Lundin Mining & BHP (see public market releases, "Lundin Mining and BHP to Acquire Filo and Form a 50/50 Joint Venture to Progress the Filo del Sol and Josemaria Projects") and Dec 31^st, 2025 market capitalisation of NGEx Minerals.
17. ¹⁴ Over $100 million of potential partner funding for seven earlier stage and/or non-core projects via 5 deals and four partners, with over 16000 metres of drilling and over A$7m of partner funded exploration since late 2024 until Sep 30, 2025 includes:
    1. The original up to A$50m earn-in & JV agreement with AngloGold Ashanti for the Nyngan & Nevertire projects and the amended agreement to include the Nyngan South, Nevertire South and Mulla projects including another up to A$50m earn-in & JV: refer May 28, 2024 release "AngloGold Ashanti to earn-in to the NJNB Project" and Apr 14, 2025, "Second Major Earn-in Secured with AngloGold Ashanti" (estimated budget approximately $4.5m, incl. 27 holes for 10,780.6m of drilling, Kincora currently the project manager receiving a 10% fee of expenditure). For more information on AngloGold Ashanti please visit their website at www.anglogoldashanti.com
    2. Fleet Space Technologies (which in December 2024 raised $150m in a Series D financing) partnership under R&D Grant for geophysical surveys at Nyngan: refer Jul 25, 2024 release "ANT and Gravity Geophysical Surveys at the Nyngan Project" (estimated budget approximately $500k). For more information on Fleet Space please visit their website at https://www.fleetspace.com
    3. Fleet Space partnership for the Wongarbon project: refer Oct 16, 2024 release "Kincora announces Strategic Investment & Expanded Partnership with Fleet Space" (Fleet Space is to conduct ANT & gravity surveys with the right to fund >2000m of drilling for an earn-in/JV. Estimated budget for ANT & gravity surveys $600k, follow up drilling >$0.5m). On October 22, 2025, Kincora was awarded a cooperative funding grant from the NSW Government for up to A$143,483 supporting a first ever drilling campaign to basement at the Wongarbon project. On November 18, 2025 Kincora announced a maiden hole funded with the NSW grant had commenced "Kincora commences drilling at the Wongarbon porphyry project" (results pending).
    4. Exploration Alliance partner Earth AI (which in January 2025 raised US$20m in a Series B financing) drilling commenced at the Cundumbul project: refer May 20, 2024 release "Artificial Intelligence Partner Drilling New Copper Targets at the Cundumbul Project" (Earth AI has the right to right to spend up to $4.5m at Cundumbul and earn an NSR upon a "qualifying interval". Estimated budget to date >$850k, incl. 5 completed holes for >2500m with a VTEM geophysical survey recently completed and analysis ongoing). For more information on Earth AI please visit their website at https://earth-ai.com/
       See Kincora's September 30, 2025 quarterly accounts released November 13, 2025 for further background and information.

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.)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283322

Source: Kincora Copper Limited