Focus Team, Location, Targets November 2019 Drilling commenced at - - PowerPoint PPT Presentation

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Dec 19, 2022 294 likes •526 views

Discovery Drilling and Focus Team, Location, Targets November 2019 Drilling commenced at the recently optioned earn-in Badrakh project that will for the first time test the potential for a preserved and large scale copper-gold porphyry system,

SLIDE 1

Discovery Drilling and Focus

Team, Location, Targets

November 2019 Drilling commenced at the recently optioned earn-in Badrakh project that will for the first time test the potential for a preserved and large scale copper-gold porphyry system, as well as for a nearer surface supergene cap.

SLIDE 2 2 The views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources that have not be independently verified. This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of base metals; and the ability of the Company to obtain all necessary approvals and permits in connection with the development of its projects. Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, fluctuations in the price of copper and other commodities, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls, regulations and political or economic developments in Mongolia, the accuracy of the Company’s current estimates of mineral resources and mineral grades, the accuracy of the geology of the Company’s projects, risks associated with mining or development activities, including the ability to procure equipment and supplies, including, without limitation, drill rigs, and the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits. Many of these uncertainties and contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from that expressed or implied in any forward-looking information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of copper, uncertainty of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements, commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability to retain key executives and personnel, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of environmental expenditures and potential environmental liabilities, accidents or labour disputes. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. The scientific and technical information in this presentation 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

f Kincora, who is the Qualified Person for the purpose of NI 43-101.

All pricing and information in this presentation is at opening of business November 18th, 2019 and is in C$, unless otherwise stated.

SLIDE 3 3

The most active listed junior seeking to make the next Tier 1 discovery in Mongolia.”

Investment opportunity

“

Drilling: Currently drilling and well funded to continue extensive program into

2020 targeting new discovery(s)

Pipeline: Focus on the Southern Gobi copper belt continues, two new areas

added and seeking more

Project Generation: Most active foreign group pursuing new opportunities in

Mongolia and broadened jurisdictional focus

secured option/earn-in agreement for the Badrakh project, Southern Gobi
direct license application in the Lachlan Fold Belt, Central NSW, Australia
Team: Exceptional track record of Tier 1 discoveries, know Mongolia and the

Lachlan Fold Belt, and have “skin in the game” equity ownership

Strong Backing: Sophisticated and consolidated shareholder register
Funded: $6.25m raised in June 2019 supporting current activities with a market

capitalization of only $7.4m

SLIDE 4 4 Institutions 57% Retail 17% HNW + Family Office 19% Board Management 7%

Corporate summary KCC - TSXV

Capital Structure Shareholder Summary

135m

Issued shares

$7.4m1

Market Cap

$6.2m2

Cash Well funded for extensive drilling & project generation programs into 2020

LIM Advisors 27% New Prospect Capital 12% Notes:

1. Share price $0.055 (COB 15/11/19)
2. Cash balance: funds received from Jun 22nd, 2019 raising

SLIDE 5 5 2 1 John Holliday Director, Technical Committee Chair 2 Peter Leaman Senior VP of Exploration, Technical Committee 3 Imants Kavalieris Advisor, Technical Committee 4 Molor Erdenebat Head Geologist 3 4 1 2

Discovery Team

3 5 1

Exceptional exploration record

+ “Skin in the game”, 7% of register Internationally

Multiple Tier 1 Discoveries, includes:

– Cadia Au/Cu (for Newcrest - Lachlan Fold Belt, NSW, Australia) 1 – Reko Diq Cu/Au (for BHP - Pakistan) 2

Chief geophysicist: BHP/Ivanhoe/HPX

– Consultant geophysicist KCC: Barry de Wet

Mongolia

Ex BHP South Gobi (Falcon) Ivanhoe JV team

– Exploration Manager (Mongolia) 2 – Chief Geophysicist (Global)

Executive from Oyu Tolgoi's Exploration Team 3
Mongolia Project Generation head Trafigura 4
Senior geologist Teck & Vale 5

2 2 4 5 Tsolmon Amgaa Project Generation Geologist

SLIDE 6 6

Board

2 3 1 Cameron McRae Independent Chairman 2 Sam Spring President/CEO, Technical Committee, Director 1 2

Know Mongolia

>40 years experience in- country

International Experience

>150 years specific sector experience

Full development cycle track record

Chairman2: President & CEO of three Rio Tinto businesses (three different countries)
Including ex President & CEO Oyu Tolgoi/chair of Exploration Committee
CEO3: 7 years leading Kincora & former leading London research/corporate finance analyst
Head of Business Development for Oyu Tolgoi, Rio Tinto Executive Office and emerging

markets infrastructure private equity funds

– Independent Director KCC: Ray Nadarajah

Trader for Marc Rich & Co/Glencore International

– Trading copper and other commodities in Mongolia/Asia region – LIM Advisors’ nominee director KCC: Lewis Marks4

Long-standing director of CBH Resources4

– Including mining operations and exploration in Central NSW, Australia

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Mongolia

pper & gold resource or exploration targets

Major copper & gold mines/development projects Kincora properties C

pper porphyry showings

pper scarn or massive sulfide deposits/showings

Island arc Back arc basin Devonian belt Southern Gobi copper belt region

One of the last under-explored frontiers

Rich in natural resources with only 30% of the country explored Notable copper and gold occurrences # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## ## # # # # # # # # ## # # ## # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # ## # ## # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # ### # # # ## # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # # # # # ## # # # # # # # ## ## # # # # # # # # # ## # # # # ## # # ### # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ### # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # T s agaan S uvarga Oyu Tolgoi Kharmagtai White Hill Ulaanbaatar E rdenet B ayan Airag Zuun Mod B ronze Fox B ayan Khundii S aran Uul B

G ats uurt Altan T s agaan Ovoo Oyut Ulaan Olon Ovoot Khadat B ayan Uul B adrakh

SLIDE 8 8

Within trucking

distances to the worlds largest commodity consumer

Sparsely populated,

generally flat open desert, not at altitude, rapidly emerging infrastructure, skilled labor force & favorable operating costs

Hosts >US$14b Oyu

Tolgoi & >US$1b Tsagaan Suvarga copper projects, plus major coal basin (incl. Erdenes Tavan Tolgoi (ETT))

Location

District scale position in Mongolia’s leading porphyry belt

Large resource endowments in the Southern Gobi on the new Silk Road One of the world’s fastest developing mining and infrastructure regions Bronze Fox East Tsagaan Suvarga CHINA Badrakh Badrahk project – KCC Option/Earn-in Insert from South-East Mongolia infrastructure map South-East Mongolia infrastructure map

SLIDE 9 9

Location

Strategic position in Australia’s leading porphyry belt

Kincora’s team enjoys previous Tier 1 discovery success in the belt

Two exciting recent discoveries have stimulated

exploration and corporate activities in the Lachlan Fold Belt (“LFB”)

Average re-rating of ASX listed explorers (5) active in belt >2x
LFB hosts a gold equivalent endowment >100 million oz
Direct license application for large size (762km2) in

favourable location with encouraging limited drilling inadequately followed up

LFB lends itself to complementary exploration approach

and scale of targets to on-going activities Mongolia

Kincora to apply for State cooperative drilling funding

Summary of the Lachlan Fold Belt, central NSW, Australia

SLIDE 10 10

2019/20 work programs

June 2019

Oversubscribed raising

C$6.25m private

placement

Two anchor investors

Sep-Oct 2019

East Tsagaan Suvarga – Phase 1 drilling completed

1,848 metres drilled
3 holes, a at each target

Jul-Sep 2019

Bronze Fox – Phase 1 drilling completed

4,264 metres drilled
6 holes, 3 at each target
Bronze Fox – Mining license conversion
Up to 3,800 metre budget left
Potentially seek maiden resource
Badrakh Phase 1 drilling (& follow up)
Issuance of Lachlan Fold Belt ground, initial

exploration & application for State drilling co-funding

Pipeline: First modern systematic district scale exploration in Southern Gobi & two new projects Project Generation: - foremost foreign group pursuing new opportunities in Mongolia

other jurisdictions that leverage existing experience & offer similar scale of targets

Winter-Spring 2020

Project Generation

Application/Issuance for Lachlan Fold Belt ground
Badrakh option/earn-in deal
Advance reviews/negotiations for new licenses/projects

SLIDE 11 11

Badrakh

On-going drilling will for the first time test the potential for a large-scale porphyry system, as well as for a nearer surface supergene cap

a) Chalcocite intersected in the supergene cap in hole KHUD002; &, b) Quartz-barite-hematite- malachite vein from northern periphery of the alteration system (1.85g/t Au, 0.3% Ba & 0.22% Cu)

Current hole testing a large scale coincident chargeability high
versetting a donut magnetic anomaly on the margin of a silica cap,

brecciated quartz–baryte zone and a phyllic alteration zone

Anomalous outcropping copper, gold and molybdenum geochemistry
2nd hole tests west section of large phyllic/propylitic alteration system
in proximity to hole KHUD002, that intersected chalcocite and chalcopyrite in

a weak supergene cap but failed to test the underlying primary potential

Path to control alongside a well credentialed vendor/partner

Section from outcrop map Cross- Section line

SLIDE 12 12 Mining license conversion process

ngoing

Budget for: 1.Phase 2 drilling (<3800m)

2. Maiden

resource Exploration target: 1.3- 1.5Mt CuEq metal1

Bronze Fox

1 West West Kasulu,: The potential quantity and grade ranges are conceptual. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. – – – Chargeability Bronze Fox Intrusive Complex (“BFIC”) plan view over Induced Polarisation (“IP”) chargeability 2019 phase 1 drilling:

West West Kasulu target:

Holes F103, F107 & F108

West Extension target:

Holes F104, F105 & F106 See September 10th and November 18th, 2019 “Exploration update” press releases for further details

Limited drilling supports
ne of largest copper

systems in Mongolia

Previous 37m @ >1%

CuEq (2 on slide 20)

2019 drilling:

Drilling has added geological information to support an updated block model, enhance the dataset sufficiently for NI 43-101 purposes and a maiden resource”.

Drilling has confirmed and better defined a large lower grade porphyry system with localized higher-grade zones at the West West Kasulu target

“

SLIDE 13 13

East Tsagaan Suvarga

Right location, geology and geophysics for discovery Drilling has tested three Tier 1 scale brownfield targets East TS license has been downgraded

Drilling has failed to confirm the targeted geological concepts

2019 drilling:

failed to provide vectors to refine targets for Phase 2 step drilling, which coupled with the depth of cover means that further drilling is too high a risk for a junior to solely fund”.

“

Concept: A preserved porphyry system lies beneath younger cover within the brownfield Tsagaan Suvarga Intrusive Complex, a similar style/ setting to the Hugo & Heruga orebodies within the Oyu Tolgoi mineralised system

SLIDE 14 14

Project Generation

“

Broadening jurisdictional focus to new globally attractive belts

targeting complementary exploration approach, scale of targets and regional experience

4 corporate transactions in Mongolia

securing/consolidating Bronze Fox
consolidating the dominant position in the Southern Gobi belt via the IBEX merger
recent option and earn-in deal for Badrakh

Organic growth

2 new licenses issued directly from the Mongolian State
recent application for new strategic exploration license prospective for gold rich copper

porphyries in the Lachlan Fold Belt, Central NSW, Australia Active systematic exploration approach

Post IBEX deal >1500km2, current portfolio <750km2 -> test a concept, prove it or drop it

Walked >200 projects/targets in the last 18 months as part of due diligence

Leveraging team and systematic exploration approach

Most active foreign group pursuing counter-cyclical expansion opportunities in Mongolia.”

“

SLIDE 15 15

Why Kincora?

Team with exceptional Tier 1 discovery track record
Active and systematic explorer
Aggressive project generation
Strong & aligned shareholder register, board & management
Currently drilling and well funded to continue extensive

program into 2020 targeting new discovery(s)

Market capitalization of only $7.4m versus $6.2m raising in

June 2019

SLIDE 16 16

Appendix - Kincora’s story

1st modern systematic district scale exploration in the Southern Gobi copper belt Target testing drilling

2011

Kincora formed

Eastern Bronze Fox

license

2012

Bronze Fox consolidated

Hole F62: > 37m @ >1%

CuEq within 800m @ 0.4% CuEq

Offer for Kincora, period
f exclusivity & 14 NDAs

2013–16

106-license dispute resolved

Western Bronze Fox

licence revoked/then returned

2016

IBEX merger

Kincora consolidates

dominant and district scale position in Southern Gobi copper belt New technical team/targets

2017

Funding for new technical team

Phase 1 of two-phase

exploration program completed

2018

Governance issues/overhang resolved

3 of 5 board turned over
2 overhangs crossed: new 28%

shareholder

Large exploration target for

Bronze Fox

June 2019

Funded ($6.25m raised) for unimpeded exploration + drilling

Up to 12 month /

18,000 metre budget

2H2019

Phase 1 of two-phase drilling complete

Two new projects ->

Badrakh being drilled

Country focus broadened

SLIDE 17 17

Appendix - Bios: Board and Technical team

Board

Cameron McRae Independent Chairman Appointed Aug 2018 Seasoned mining industry executive. 28-years with Rio Tinto, incl. CEO of Oyu Tolgoi LLC where led construction and start-up of the then US$6 bln Oyu Tolgoi copper-gold mine in southern Mongolia. Advisor to Kincora for majority of period since OT. UB based. Former practicing and currently registered New York lawyer, who has lived in Asia for 37 years, including residence and business

perations in Mongolia for most of the last 17 years. Extensive

experience across the natural resource sector. UB based. Lewis Marks Non-Executive Director (LIM Nominee) Appointed Jul 2018 Seasoned finance executive and investor with extensive experience in the natural resources and infrastructure sectors in Mongolia and globally. Principal with Global Infrastructure Partners, ex-TPG, Rio Tinto, Oyu Tolgoi, Citi and Goldman, having worked in over 25 countries. Ray Nadarajah Independent Non-Executive Director Appointed May 2018

Discovery team

Technical Committee Leads Kincora's activities since 2012, incl. active exploration, resolution of 106- license/IBEX transaction disputes, together with an active M&A strategy. Former leading mining analyst, >10 years within Goldman Sachs and Ocean Equities, CA and CFA Charterholder. Sam Spring President & CEO, Director Joined Sep 2012 Over 30 years exploration with BHP Minerals and Newcrest Mining Principal discoverer/site manager for Cadia/Marsden Tier 1 gold-copper porphyry in the Lachlan Fold Belt, NSW,, with worldwide experience in gold/copper deposit exploration, discovery and evaluation. John Holliday Independent Non-Executive Director, Technical\ Committee Chair Appointed Nov 2016 Senior Technical/Project Generation Team Molor Erdenebat Head Geologist Over 10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Res. and Solomon Res., in Mongolia and Africa. Molor has extensive experience in all different stages of exploration and with Kincora since 2014. Over 20 years in mineral exploration with juniors, and more recently with the majors Vale and Teck as Senior Geologist. Unique knowledge of the Mongolian copper belts and interpretation of their geological controls and models. Tsolmon Amgaa Project Gen Geologist Technical Advisers Over 40 years exploration with BHPB, incl. Country manager Mongolia, 2006-09 responsible for the Ivanhoe JV, and PanAust Ltd, Multiple discoveries incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold deposits. Peter Leaman Senior Vice-President of Exploration Appointed Nov 2016 Plus Minerals LLC Technical Committee Adviser Joined Nov 2016 Khashagerel Bat-Erdene and Imants Kavalieris. Extensive experience in Mongolia and have worked on some of the largest Cu deposits in SE Asia. Imants (photo) was one of the 6 executive exploration team during the exploration and delineation of the Oyu Tolgoi deposits. >50 years experience, actively contributing to discovery of deposits with Ivanhoe Group (Ivanhoe Australia and HPX) and BHPB (Chief Geophysicist). Knowledge of Sth Gobi belt from BHP (with Peter Leaman in Ivanhoe JV) & HPX, and Lachlan Fold Belt, NSW. Barry de Wet Geophysics Consultant Joined Nov 2017

SLIDE 18 18

Appendix - Copper and Coal’s importance to the Mongolian economy

The Mongolian economy is heavily dependent on existing large and long life projects – two copper projects & one coal basin – two at critical stages of large expansion plans Erdenet Mining Corp (‘Erdenet’) (51% Government of Mongolia (‘GoM’)/49% Private) Copper-Molybdenum Metallurgical/Thermal Coal Copper-Gold-Silver- Molybdenum 1978 Erdene Tavan Tolgoi (‘ETT’) (100% GoM/ proposed part IPO) Proposed rapid expansion post IPO, including construction of rail 2011 Oyu Tolgoi LLC (‘OT’) (34% GoM/ 66% TRQ – controlled and operated by Rio Tinto) Ongoing construction of underground expected to result in >2.5x in volume 2013 Source: ”Introduction to Mongolia presentation”, Kincora Copper August 2019 - https://www.kincoracopper.com/investors/mongolia 1 2 3 4 5 6 7 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 Non-mining Other Mining Erdenet OT Coal Erdenet Copper has been a key contributor the Mongolian economy since the 1980s. Step change in export volumes from Oyu Tolgoi open pit production (stage 2 exports from the underground to be >2.5x in volume). Scope for MAK’s Tsagaan Suvarga project to enter (copper) production? Marginal nature of coal sector evident by volatility of export volumes and price.

Mid

2020’s?
Step change in export volumes from ETT & ramp up of Aspire operations?

Mongolia Exports (US$ billion) 29% Coal 51% Copper 4% Gold 15% Other State Budget Contribution 2011–2018 Non- mining mining First production

SLIDE 19 19

Appendix - Exploration success case study in Mongolia

Value creation curve: The Discovery and Development of the Oyu Tolgoi deposit(s) Lower risk Higher risk Production and future Startup (Open pit) Development Feasibility Discovery Pre-discovery Concept INV/TRQ (CAD) $25 $20 $15 $10 $5 $0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Timeline Better and better drill results prove out the copper-gold deposit, driving up the share price and speculation At this point, speculative retail investors

exit. Institutional investors come on board

to profit from the income stream generated from mining valuable ore. Sometimes it takes years,

r even decades to lay the

ground for a potential discovery. Technical Risk 2001: ‘Discovery’ hole OTD150 SW Oyu 2002: ‘Discovery’ Hugo OTD270 Rio Tinto Strategic Partnership Investment Agreement Underground development shut down Adopted from Visual Capitalist, Nicholas LePan, September 12th, 2019 - https://www.visualcapitalist.com/visualizing-the-life-cycle-of-a-mineral-discovery/

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Appendix - Bronze Fox, Large-scale Cu-Au target

Defined Resources and Reserves Notable Mongolian copper porphyry systems * Refer to the following press releases for further details: 25/1/18 Large copper-gold porphyry target quantified at Bronze Fox; &, 21/11/17 Kincora appoints consultant for review of Bronze Fox 1. Exploration target range (per the Mining Associates review) – The potential quantity and grade is conceptual in nature, and based on nearest neighbour and ordinary krige estimates within an interpreted 0.2% Cu grade shell based on 81 drill holes spaced approximately 200 x 200m within the West Kasulu prospect within the western central portion of the Bronze Fox Intrusive Complex. The drill spacing is too broad to define grade continuity, but does illustrate geological continuity. No assumptions regarding eventual economic extraction have been applied. The potential quantity and grade is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. 2. Copper Equivalent (CuEq) calculation represents an estimate of the total value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage based on spot prices (Cu $3.11/lb, Au $1,279/oz and Mo $7.1/lb). Grades have not been adjusted for metallurgical or refining recoveries and the copper equivalent grades are of an exploration nature only and intended for summarizing grade. The copper equivalent calculation is intended as an indicative value only. Hole F62 (across the Tov fault at West Kasulu) – 37m grading 0.83% copper and 0.14g/t gold (1.01% CuEq) from 573m, within 391m @ 0.50% CuEq (0.41% copper and 0.08g/t gold) and 794m at 0.40% CuEq. The Copper Equivalent (CuEq) calculation represents an estimate for the total value for each metal, multiplied by the conversion factor, summed and expressed in equivalent copper percentage based on spot prices (Cu $3.11/lb, Au $1279/oz and Mo $7.1/lb). Grades have not been adjusted for metallurgical or refining recoveries and the copper equivalent grades are of an exploration nature only and intended for summarizing grade. The copper equivalent calculation is intended as an indicative value only. 4 holes 1,237 metres Bronze Fox excluded Retained by Ivanhoe 17 holes 1,680m* 4 holes 3,128m Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq Exclusivity with major Ivanhoe Mines IVN JV BHP Windfall Tax Temujin Mines Kincora Copper C$40–50m Market Cap 106 Dispute Kincora Copper 2005 2006–09 2011 2012 2013–15 Key milestones for Western license Mining Associates exploration target at West Kasulu Project Mt Cu % Au g/t Mo % CuEq grade Contained Metal CuEq Mt2 Date Cut-off grade Holes included Metres included Exploration target1 West Kasulu target range 416 – 428 0.26 – 0.30 0.06 – 0.07 0.003 – 0.004 0.30 – 0.35 1.3 – 1.5 2018 0.20 76 24,139 Mineralised system Current stage Mt Cu % Au g/t Mo % CuEq grade Date Cut-off grade Measured and indicated1 OT, Hugo Dummet Construction 976 1.61 0.38 0.003 1.87 2015 0.373 OT, Heruga Studies 2015 OT, Oyut OP (ex mined) Mining 1,092 0.43 0.27 0.006 0.61 2015 0.223 OT, Oyut UG Studies 107 0.35 0.61 0.003 0.73 2015 0.373 Tsagaan Suvarga (Primary) Construction 291 0.5547 0.02 0.60 2009 0.20 Kharmagtai Exploration 129 0.36 0.36 0.58 2018 0.304 Inferred2 OT, Hugo Dummet Construction 1,835 0.7916 0.18 0.005 0.93 2015 0.373 OT, Heruga Studies 1,816 0.39 0.37 0.011 0.65 2015 0.373 OT, Oyut OP (ex mined) Mining 389 0.29 0.16 0.004 0.40 2015 0.223 OT, Oyut UG Studies 159 0.39 0.32 0.003 0.59 2015 0.373 Tsagaan Suvarga (Primary) Construction 15 0.334 0.01 0.36 2009 0.20 Kharmagtai Exploration 469 0.31 0.19 0.42 2018 0.304 Holes and metres drilled5 Holes include Metres included OT, Hugo Dummet Construction 745 441,456 OT, Heruga Studies 136 148,889 OT, Oyut OP (ex mined) Mining 921 326,510 OT, Oyut UG Studies Tsagaan Suvarga (Primary) Construction 282 54,764 Kharmagtai Exploration 613 189,170 1. Reported measured and indicated Mineral Resources as report to respective code (JORC or NI 43-101) 2. Reported Inferred Mineral Resources as report to respective code (JORC or NI 43-101) 3. Cut-off grade – CuEq per respective technical report (otherwise) stated as Cu %) 4. Reported at 0.3% CuEq cut off 5. Reported total holes and metres drilled

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KCC.TSX .TSXV

Sam Spring

President & CEO enquiries@kincoracopper.com Ulaanbaatar +976 701 0095 Vancouver +1 604 283 1722

www.kincoracopper.com @KincoraCopper Kincora Copper Limited

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