Kincora Copper Ltd Expanding along an emerging world class copper - - PowerPoint PPT Presentation

Newly identified outcropping quartz monazite at the East Tsagaan Suvarga target

Kincora Copper Ltd

Expanding along an emerging world class copper belt

TSXV listed, Mongolian copper-gold exploration and development company (KCC.CN)

February 2017

2

Disclaimer

Information not recommendation The views expressed in this presentation are based on information derived from Kincora Copper Limited’s (“Kincora”) own internal and publicly available sources that have not be independently verified. No representation, warranty or undertaking, expressed or implied, is made or given by Kincora, or any of their officers or employees as to the fairness, accuracy, completeness

• r reliability of that information.

This presentation should not be relied upon as a recommendation or forecast. Any recipient of this presentation is responsible for conducting their own due diligence and

• ther enquires as to the information provided to them. Recipients of this presentation

should seek and rely upon their own legal, tax, geological, geophysical, financial and accounting advice.

Any decision to rely on the information contained in this presentation is the sole responsibility of the recipient of this document and Kincora will be responsible for any loss incurred by the recipient as a result of any actions taken by them relying on the information presented in this report. 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 geological staff under the supervision of Peter Leaman, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101. All pricing and information in this presentation is at February 10st, 2017 and is in C$, unless otherwise stated.

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Investment highlights: Location, Team, Targets

Recent Transformational Transaction with IBEX Expands portfolio creating the dominant position in one of the worlds fastest growing mine and infrastructure regions Strategic landholding, majority of prospective copper belt: highest potential for further Tier 1 discoveries in a proven under explored copper belt which includes Rio Tinto’s largest global expansion project Industry leading Technical Team: exceptional discovery track record with Tier 1 porphyries Two drill ready targets analogies to the existing two large scale mines in belt: proof of geological interpretation for a discovery to support significant value add

• 1. “Brownfield” open pit target 13km on strike from Tsagaan Suvarga (“TS”) development project (307Mt @ 0.54% Cu) at

East TS

• 2. Devonian (“Oyu Tolgoi style”) stratigraphy at Bayan Tal, including adjacent 18m @ 0.66% CuEq (hole 6) & 0.75% CuEq

(trench) Advancing district scale multi-target, multi-stage pipeline up the value curve: systematically advancing regional portfolio Conditional access to High Power Exploration Inc. (HPX) suite of geophysical technologies The largest project financing of its kind for Oyu Tolgoi Stage 2 development demonstrates the attractiveness of Mongolia as a place to do business and invest Exploration success and re-rating of other active exploration juniors highlights Mongolia’s resource potential

Focus of exploration in the belt is additional Tier 1 (Devonian) copper-gold porphyries

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Location: Dominant position between/on strike from the only 2 (Devonian) mines

Oyu Tolgoi (“OT”)1

Rio Tinto/ TRQ/Entrée Gold

Tsagaan Suvarga (“TS”)

MAK/EBRD

Kincora licenses (IBEX t (IBEX tran ansact action ion) ) Interpreted key structures Mines/development projects

World-clas ass u under e expl plored c coppe pper- gold be belt w which i includes Ri Rio T Tinto’s lar argest g global bal e expan pansion pr project (val alued @ @ > >US$10 bi billion3) )

Porphyries occur in clusters focused on key geological structures within established belts — they do not occur in isolation

Erdenet Copper Mine Ulaanbaatar CHINA RUSSIA OT OT TS TS

• 1. OT is forecast to be in the top 3 largest copper mines, and one of largest gold deposits, with multi-generational reserves/resources, post ongoing

underground development, which follows the largest project financing of its kind. YE 2016 open pit production was 201,300t Cu and 300,000oz Au

• 2. TS is owned by a private Mongolian conglomerate with construction started in 2012, expected to produce 316,000t Cu and 4,400t Mo pa
• 3. TRQ has a US$7.1b mkt cap with 66% interest in OT (“GoM” Government of Mongolia 34%). RIO owns 50.8% of TRQ. Ex Entrée interest in OT.

Project Owner Stage km2 Res. (Mt) Cu (%) Au g/t Est capex “OT” Rio Tinto, via TRQ with GoM Stage 2 UG Develop’t 777 4,397 0.65 0.29 ~$12 Incl. Open Pit Production (reserves) 148 951 0.45 0.28 ~$5b “TS” MAK (private group) Develop’t (sulfides

• nly)

1.3 of 175 307 0.54 n/a ~$1.0 –1.4

Other notable licenses

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Oyu Tolgoi (OT) Tsagaan Suvarga (TS) East Tsagaan Suvarga (East TS) Bayan Bayan Tal Tal

Bayan Tal Intrusive Complex

Kincora licenses Interpreted key structures Interpreted Devonian Belt

Devonian Stratigraphy:

Mineral Resource and Ore Reserves Mineralised Cu-Au occurrence Confirmed Devonian - insert1

• 1. All inserts like-for-like scale (20km reference provided in OT insert)
• 2. TS mineralized occurrences and ore reserves adapted from JICA

1992 and satellite imagines

• Bayan Tal and East TS (100% Kincora) - only two new, known Devonian targets since the discovery of OT

Oyu Oyu Tolg Tolgoi

• i

Bayan Bayan Tal Tal

Tsagaan Suvarga

East Tsagaan Suvarga

• Bayan Tal is an “Oyu Tolgoi” style target and East TS a ‘brownfield’ “Tsagaan Suvarga” style target

Progress: Proving the Devonian belt and advancing our geological models

IBEX006: 18m @ 0.66% Cu Eq Trench: 18m @ 0.75% Cu Eq

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Milestones: Transformational last 6 months

Foundations set by the following milestones:

IBEX scrip/share transaction closed (announced May, closed Nov’16): HPX becomes Kincora shareholder Deleveraging and recapitalization: Two private placements and two debt conversions Tightened corporate structure: 10:1 share consolidation New Technical Team: multiple discovery of Tier 1 gold rich copper porphyries Aligned to shareholders: New remuneration structures (70:30 share/cash) Strengthened board to reflect refined strategy: previous exploration and expansion success Exploration advanced: New priority exploration targets advanced, geological models presented New exploration license: issued directly from Mongolian Government application process Turn in the commodity cycle: copper price increase >30%, re-rating of successful exploration plays Changing investor sentiment towards Mongolia: parliamentary election, OT Stage 2 and exploration success of other juniors (ERD.CN & XAM.AU >$100m market caps, with C$12m bought deal and A$12.2m placement)

What drives value in 2017 for Kincora?

• 1. Advance existing projects

along development pipeline:

• Drill testing two priority target

areas (East TS and Bayan Tal) which provide analogies to the existing two large scale mines in belt

• Advancing existing earlier

stage prospects

• Drop ground which does not

fit our target exploration profile

• 2. Further corporate opportunities

to access additional ground/more advanced projects

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4,000 7,000 10,000

• 3.00

6.00 Jan.'11 Jan.'12 Jan.'13 Jan.'14 Jan.'15 Jan.'16 Jan.'17

• 0.20

0.40 0.60

• 1.50

Jan.'16 Apr.'16 Jul.'16 Oct.'16 Jan.'17

Corporate Summary

Capital structure

(as at Feb 10th 2017, including Dec’16 PP and debt conversion4) Share price 46.5 cents Issued shares4 50.35 million Market capitalisation C$23.41 million Cash1,4 C$ 0.75 million Debt nil Enterprise Value C$22.66 million 52-week range2 15–55 cents

High insider ownership

(>45% represented by Board, >85% in top 20 shareholders)

US$0.9m scrip (share) consideration for IBEX transaction3

(discount to historic >US$25m of cash investment into IBEX)

Only warrants 2.95m (to HPV3 for IBEX transaction)

(at 54c/sh, 1.8x Jul’16 PP)

Kincora share price (C$/sh)

2016 capital markets — key items

Jul 2016 Dec 20164 Price per share (cents) 30 34.5 Non-brokered raising ($m) 1.05 0.53 Debt conversion ($m) 2.21 0.06

Board/ Mgmt Rep HNW/ Retail Insto

Origo Partners PLC Duchintav Khojgor Other Board/Mgmt High Power Vent. (HPV*) MGL/F Fund Quantum Other Insto HNW Other retail

t conversion 4

32% 8% 6% 13% 4% 4% 4% 15% 16%

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Team: Track Record in Exploration and Expansion

Exceptional track record with Tier 1 porphyries: Multiple discoveries Access to the international capital markets and active M&A strategy: >C$65m3

Name (Positions) Board New1 Background/Bio Technical Committee Peter Leaman Senior Vice-President of Exploration

• >40 yrs exploration with BHPB, incl. country manager Mongolia, 2006-09 responsible for the Ivanhoe JV, and PanAust Ltd,

Regional Exploration Manager SE Asia/remains an Exploration Advisor Hands on and target orientated responsible for project generation and exploration programs resulting in multiple discoveries

• incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold porphyries

John Holliday Independent Technical Director and Chair of Technical Committee

• >30 yrs exploration with BHP Minerals and Newcrest Mining, including Chief Geoscientist, General Manager, Property

Generation and more recently in the junior sector Principal discoverer/site manager of the undercover Cadia/Marsden Tier 1 gold-copper porphyry in NSW, with worldwide experience in gold-copper deposit exploration, discovery and evaluation Sam Spring President and CEO

• Assisted form and capitalize Kincora in 2011, joining in executive capacity in 2012. Since, Kincora has been one of the most

active exploration groups in Mongolia, oxide development studies commenced, lead resolution of the 106-exploration license and IBEX transaction disputes,, together with an active M&A strategy Former mining analyst, >10 yrs within Goldman Sachs & Ocean Equities, CA and CFA Charterholder Adviser Plus Minerals LLC,

• Incl. Khashagerel Bat-

Erdene and Imants Kavalieris

• Extensive experience in Mongolia, with both the Kincora and IBEX licenses and have worked on some of the largest

porphyry Cu-Au deposits in SE Asia Imants was one of the 6 executive exploration team during the exploration and delineation of the Oyu Tolgoi copper-gold porphyry deposits Board (Ex-Technical Committee) Luke Leslie Chairman/Shareholder

• Lead the formation of Kincora. A natural resource private equity investor with extensive capital markets, transaction and

advisory experience ex Trafigura-Origo JV, UBS Investment Bank’s mining team and Accenture. Currently a Director of Shanta Gold (including responsible for M&A strategy), Moly World and Origo Advisors Limited Duchintav Khojgor Director/Shareholder

• Exec. Business Development and Government Relations for Kincora. A proactive Mongolian partner and major shareholder

since Kincora’s formation Executive in various Mongolian businesses, including significant coal and other natural resource projects, with >20 yrs' experience in entrepreneurship Eric Zurrin Independent Director

• Former CFO of Shanta Gold and previously a Director of UBS Investment Bank’s global mining team

>13 yrs of corporate and capital markets transaction experience, having worked in Toronto, London, Hong Kong, Dar es Salaam and Ulaanbaatar covering mining and industrial sectors

• 1. Technical Committee formed post the IBEX transaction – refer 14/11/16 release “Copper experts credited with multiple Tier 1 discoveries join Kincora’s team”
• 2. Luke appointed Non-Executive Chairman and John as Independent Technical Director on 1/2/17– refer “Kincora strengthens board with new Chairman and Technical Director”.
• 3. Includes Kincora new equity, debt and shares issued for M&A ex IBEX historic invested equity (>US$25m)

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Name (Positions) Background/Bio Ca Came meron McR ron McRae Advisory Board/ shareholder (since 2014) § A prominent expat in the Mongolian mining sector and Exec. Chair of Terracom Ltd, coal producer/development in Australia/Mongolia/RoW, with >30 yrs mining experience leading development of various projects in emerging/frontier jurisdictions. § Former CEO of Oyu Tolgoi (oversaw >$6b capex), advisor to Kincora since 2014 and was in managerial role assisting with IBEX transaction transition. Founding President of INS Mongolia and Tarva Investment and Advisory. Molor Erd Molor Erdene neba bat t Head Geologist § >10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Resource Development and Solomon Resources, in Mongolia and Africa § Applied Earth Science qualification at Tokyo Institute of Technology and Master of Science degree at Mongolian University of Science and Technology Mik Mike Wood Woodbury bury Consultant Geologist § Successful geoscientist with a diverse and proven track record over >25 years. Extensive experience in Mongolia, particularly for copper porphyries in the Southern Gobi since 2011 with Anglo American, Teck and Forbes and Manhattan. being very familiar with the Kincora portfolio/area of interest. § Strong safety and team focus, with a Bachelor of Science (Hons) from the Australian National University Tsolmon A Tsolmon Amg mgaa Consultant Geologist (up until Feb’17) § >20 years in mineral exploration. In the field with Pursuit, Harrods Minerals, Batu Mining, amongst other juniors, and more recently with the majors Vale and Teck as Senior Geologist; and, as a researcher and lecturer with the School of Geology and Petroleum at the Mongolian University of Science and Technology (MUST). Working knowledge of the Mongolian copper belts and interpretation of their geological controls and models.

2 successful dispute resolutions and 3 M&A transactions in 4 years Strong on-the-ground team and presence with mix of locals versus expats

Team: Track Record In-Country

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Multi-target, Multi-stage: 10 licenses, 2 applications over >1560km2

Target Background License(s) Area (km2) Target Style Stage Bronze Fox (BF Intrusive Complex) KCC historic flagship 15000X 223 PCD / gold Mature exploration: Potential tonnage/grade modelling Tourmaline Hills (TH Intrusive Complex) Golden Grouse acquisition 17977X 247 PCD / gold Historically drilled: Advancing targets post return of license Red Well (North OT trend) New application (KCC) 20294X 40 PCD New License: Prospecting Bayan Tal (BT Igneous Complex) IBEX transaction 14396X 403 OT PCD (<500m) Devonian Historically drilled with grade: Multiple Multiple (T1 sca (T1 scale le) d drill re rill ready ta y targ rgets ts East TS (Tsagaan Suvarga Massif) IBEX transaction 13615X, 17650X 240 TS PCD (<200m) Devonian Refin Refinin ing mu g mult ltiple pot iple poten ential dr ial drill t ill tar arget gets Analysis of geology/geophysics Ulgii (Ulgii Massif) IBEX transaction 14523X, 14876X 14877X, 15167X 368 OT PCD / gold Advancing potential targets Analysis of geology/geophysics Subtota Subtotal l 10 10 1,521 1,521 Bayan Tal New application (IBEX) NE-026428 28 License application “approved” by “DP MRAM” with fee paid: Issuance of new license pending NE OT trend New application (IBEX) NE-027080 16 License application pending Tota Total l 12 12 1,565 1,565

• Looking to drill test “Oyu Tolgoi” and “Tsagaan Suvarga” style Porphyry Copper Deposits (“PCD”)

targets in 2017

• Systematically advancing a regional multi-target, multi-stage pipeline up the value curve

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Targets: Large and high quality dataset

Background is historic State airborne magnetic data

Bay ayan n Tal al Intru rusiv ive Com

• mple

lex Tourm rmali line ne Hi Hills ls Intru rusiv ive Co Complex Bronz nze Fo Fox Intru rusiv ive Co Complex Eas East TS S Ul Ulgii gii Proposed Drilling LEGEND Proposed Drilling

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Progress: Why does Age matter?

• Age dating is common in mature districts as certain age systems are proven to be more prospective
• The two development projects in the Southern Gobi are both Devonian, others are Carboniferous

Source: (LHS) Kincora Copper Ltd; (RHS) SolGold Plc (www.solgold.com.au)

• Both drill targets for Kincora in 2017* are Devonian age and analogous to the two development

projects in the belt

70

Age of Deposit (M yr)

10 100

Million Tonnes

1000 10000 100000 60 50 40 30 20 10 Notes: * 2017 Kincora drill targets are subject to board approvals

2 Bronze Fox & Alpala are included for illustrative purposes only and are not JORC or NI 43-101 compliant resources. Bayan Tal & East TS are Devonian age targets yet to be drilled.

Age of Deposit (M yr)

400 380 360 340 320 300 280 260 240 220 10 100 1000 10000 100000

Million Tonnes

Oyu Tolgoi Erdenet Kharmagtai Bronze Fox ‘Target’ 2 Tsagaan Suvarga

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Progress: Right Rock Composition (and Age)

• New analysis of age dating, whole rock geochemistry and magma fertility highlights a common suite

between the open pit at TS, the high-grade underground deposits at OT and our East TS target

• Our East TS target is fertile with comparable rocks to the two development projects in the belt

Oyu Tolgoi Kincora - 2016 Fertile S Suite Un-Fertile S Suite Kincora Oyu Tolgoi Tsagaan Suvarga Tsagaan Suvarga

156 Southern Gobi filtered samples incorporated into fertility discrimination diagrams (modified after Loucks 2014, includes Crane, D. and Kavalieris, I., Ms Tunalag, Blight et al, & Kincora)

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“TS style” target: Tsagaan Suvarga Massif at East TS

365-370Ma 367Ma § “Brownfields exploration”: within TS Massif porphyry system. – TS SS open pit Sulphide 307Mt @ 0.54% Cu resource Oxide 21Mt @ 0.40% Cu § Is mineralized: Surface geology at East TS provides analogue to TS open pit with favorable geochem and magnetics § Interpreted setting: Carboniferous overlying fertile Late Devonian arc volcanics and pluton at shallow depth under cover with some outcrop newly identified in 2016 § Proof of concept: mapping, age dating/ stratigraphy, petrology and fertility in 2016 support geological model East TS a ‘brownfield’ “Tsagaan Suvarga” style open pit target

Cenozic cover Cretaceous cover Carboniferous volcanics Triassic volcanics Devonian pluton Quartz monzonite Simplified Geology Age Dating Rock chip samples TS SS Open Pit Mineralized occurrences Age Dating Potential outcrops 2016 Geologic Mapping 2016 Ground Magnetics LEGEND

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“TS style” target: Field work advancing geology before drilling

• Favorable structural setting: Magnetics

supports geology that East TS sits on the western margin of the TS Intrusive Complex (TS SS open pit sitting on the eastern margin)

• Open pit target: Mapping in 2016 identified
• utcrop for the first time. Mapping, magnetics

and remote sensing suggests proximity of bedrock under shallow cover

• Scale: Geological mapping currently being

extended to the south post positive magnetic results, better understanding existing weak copper anomalies and areas of potential

• utcrop
• Drilling: 2017 field season likely to see shallow

drilling undercover to bedrock similar to Xanadu’s recent activities at Kharmagtai

Weak Cu anomaly - Leakage from mineralized basement? Newly identified Devonian intrusion outcrops Subcrop under shallow cover?

Objective of 2017 is to confirm TS open pit analogue with copper mineralization at East TS

Potential outcrops 2016 Geologic Mapping Quartz monzonite Background 2016 Ground Magnetics LEGEND

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“OT style” target: Bayan Tal Igneous Complex (BTIC)

Drill ready “Oyu Tolgoi Style” Devonian target: Advanced geology and geophysics supports large scale, shallow to moderate depth copper-gold porphyry targets One of the most significant untested complexes in the belt: large and deep-seated arc-parallel/transverse structures, similar to Oyu Tolgoi, Tsagaan Suvarga and many world class porphyry deposits Devonian stratigraphy: Interpreted general setting is Carboniferous overlying Late Devonian arc volcanics under conglomerate marker, only other confirmed similar stratigraphy to OT in belt to date Is mineralized: Trenching and drilling on Southern margin of the intrusive complex in Carboniferous sequence intersected broad zones of distal copper-gold porphyry mineralization IBEX006: 18m @ 0.66% Cu Eq Trench: 18m @ 0.75% Cu Eq Large scale intrusive: Previous drilling targeted Induced Polarization anomalies without coincident magnetics on the margin of the intrusion; focus now is to test magnetic targets that indicated potential for large scale mineralized intrusions in interpreted Devonian stratigraphy

One of the best candidates for a new Tier 1 porphyry discovery in the Southern Gobi

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Historic IBEX trenching/drilling - targeting geochem/IP No mag anomaly Best intersections (margin of intrusive):

• IBEX006: 18m @ 0.66% Cu Eq
• Trench: 18m @ 0.75% Cu Eq

Large magnetic feature, suggested (Devonian?) intrusive (source needed for PCD) Conglomerate confirmed Devonian (“OT type”) stratigraphy down-hole (background interpreted ground magnetics) Regional geology and magnetic feature suggest later intrusive (not a Devonian target) Conglomerate Outcrop and downhole LEGEND Illustration of target drilling (400-450m depth*) IBEX trench IBEX drilling

Advanced and complementary geology and geophysics

“OT style” target: Drill ready, historic grade

Illustration of a drilling target subject to final review and number of holes dependent on board approval The conglomerate is a key marker at OT, stratigraphically located above the mineralised quartz monzodiorite orebodies The Devonian age conglomerate at BTIC is the only other confirmed similar stratigraphy to OT (publically known to date)

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Pipeline: Advancing a portfolio of targets along the value curve

• Technically solid, proven exploration:

replicate the systematic approach successfully applied in discovering similar profile Tier 1 gold rich copper porphyry discoveries in Mongolia and elsewhere

• Scale potential: Portfolio supports

advancement of Oyu Tolgoi and Tsagaan Suvarga analogues, and/or traditional gold rich finger type porphyries

• Shallow-moderate depth: Focus leading

edge of half grabens and/or uplifted fault blocks with out-subcrop providing geological window to moderate depths

• Pipeline: high quality, ranked exploration

targets between and on strike from the two mines in the belt

• Active exploration: Drop ground which

doesn’t fit our target exploration profile

Geochron: incl. age dating/fertility/spectrometer/green rock studies; GMAG: ground magnetic surveys; IP: Induced Polarization surveys; Interp: interpretation

‘On the ground’ exploration across the dominant portfolio in a belt hosting world class deposits

Tar arget Li

• Lic. #

# Tar arget Styl Style e

Eas East TS TS 13615 13615 TS P TS PCD CD Bayan Bayan Ta Tal l 14396 14396 OT PC OT PCD D Ulg Ulgii ii 14523 14523 PCD / / Go Gold d 14877 14877 PCD / / Go Gold d 14876 14876 PCD / / Go Gold d 15167 15167 PCD / / Go Gold d Br Bron

• nze

e Fo Fox 15000 15000 PCD / / Go Gold d Tourma Tourmali li ne ne H Hills ills 17977 17977 PCD / / Go Gold d Red Red We Well ll 20294 20294 PC PCD D

ILLU LLUSTRA RATIVE VE P PRO ROGRA RAM T TIME LI LINE NE

GM GMAG AG Ma Map Inte Interp rp Dr Drillin illing Geo Geochr hron GM GMAG AG RE

REGIONA NAL RE L REVI VIEW O OF T TARG RGET G GENE NERA RATION O N OF C CORP RPORA RATE O OPPORT RTUNI NITIES

? ?

IP IP Dr Drop

• p

? ? ? ? ? ? ? ?

2016 2016 2017 2017

? ? ? ? ? ?

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Kincora proposition: Multiple value drivers

• Exploration and expansion strategy
• Team with a track record of success, skin the in the game and remuneration aligned with shareholders
• Exploration advancing multi-target, multi-stage pipeline up value curve
• Two drill ready targets analogies to the existing two large scale mines in belt to be tested in 2017
• Large incumbents expansion strategy(s) and/or ramping up exploration in the belt
• Improved investor sentiment and new entrants to Mongolia and the copper sector

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Appendix — Infrastructure: one of the world’s fastest developing regions

China’s doorstep; world’s largest consumer of copper & coal Between >$12b (OT) and >$1b (TS) copper projects, and major coal basin (incl. the major Erdenes Tavan Tolgoi (ETT) project) Winterized “White Pearl” camp Power lines recently installed within license area and 300 metres from camp Southern IBEX licenses are located within the OT aquifer Annual average temperature is 2ºC. Can work all year around

Sparsely populated, generally flat open desert, not at altitude and trucking distance to China

Oyu Tolgoi (copper gold) Power line Proposed rail 220 km 90 km 30 km Tsagaan Suvarga (copper moly) “White Pearl” Camp

• Bronze

Fox

Erdenes

• Tavan

Tolgoi (coal) Ukhaa Khudag (coal)

Metals depos its & mines C

• al depos

its & mines

P ropos ed MA K airport loca on OT airport is

• pera onal

Oyu Tolgoi <4 years post Investment Agreement to first exports Attractive exploration and mine development environment

21 § Discovery of an attractive project results in multiple of return (not single digit percentages of return) § Multiple of rerating depends on:

• i. Scale of discovery (regional/Tier 1 can support

>30-100x); and

• ii. Time in the commodity cycle

All pricing and information as at Jan 31st, 2017

Discoveries result in multiples of return (through the cycle) Increasing signs of improving investor sentiment towards exploration and a new commodity cycle

TICKER/RETURN MULTIPLE/NAME/COMMODITY/COUNTRY: TRQ (33x, Turquoise Hill Res., Cu/Au, Mongolia); SFR (148x, Sandfire Res. Cu/Au, WA); RMC (16x, Reservoir Min., Cu/Au, Serbia); XAM (4x, Xanadu Mines, Cu/Au, Mongolia); ERD (6x, Erdene Res., Au, Mongolia); CDB (14x, Cordoba Min., Cu/Au, Colombia); PNA (35x, PanAust, Cu/Au, Lao); MOD (8x, MOD Res., Cu/Ag, Botswana); GOR (13x, Gold Road, Au, WA); SIR (69x, Sirius Res., Ni, WA); SOLG (10x, SolGold, Cu/Au, Ecuador); IVN (7x, Ivanhoe Mines, Cu, DRC - multi asset coy but re-rating in part reflecting new discovery at Kamoa)

10 20 30 40 50 60 70 80 90 100 31/5/00 31/5/03 31/5/06 31/5/09 31/5/12 31/5/15 Return Mul@ple (x) TRQ SFR RMC XAM ERD CDB PNA SIR MOD GOR SOLG IVN

• 1,000

2,000 31/5/00 31/5/03 31/5/06 31/5/09 31/5/12 31/5/15

• 5,000

10,000 Cu ($/t RHS) Au ($/oz LHS)

Appendix — Exploration: Greatest valuation creation stage in mining

22

Appendix — Top down: Position in the cycle/sector

Lack of “new” copper opportunities in the sector – 2 excellent examples of new advanced exploration plays:

• i. Return of competitive tension for potential Tier 1 projects illustrated in recent SolGold private placement & on-market

acquisition of shares (AIM code: SOLG; >20x in 12mths; £600m market cap; US$33m raised Sep’16)

• ii. HPX strategic investment in “post discovery” San Matias project with in Cordoba Minerals

(TSXV code: CDB; >14x post HPX investment; C$130m market cap) End of previous commodity cycle (12 mth resource sector % performance and outperformance with increasing liquidity and deal flow/financings) Exploration sector provides highest beta to new cycle (Coupled with >5 years declining exploration expenditure, declining discovery rates, record production/reserve depletion) Copper price has underperformed most industrial metals (Supply side surplus since 2011 driven by a handful of new projects - at peak- but facing declining grades/increasing capital intensity & production “shock” risk – eg Chile, Indonesia, DRC, Philippians etc) Favorable structural outlook for copper: “we anticipate it will be the first mineral commodity in our portfolio to return to fundamental market balance” - BHPB, Oct’16 (M&A through the cycle and overweight exploration budgets reflect the industries view of incentive/future pricing) Industry focus continues to be porphyry deposits (long life, low opex, lower technical risk) ) Gold systems preferred to moly (Copper-gold porphyries benefit to copper-moly systems from higher by-product credits) Limited under-explored copper frontiers (relatively favorable jurisdiction risk - DRC, Philippines, PNG, Indonesia, Myanmar v Mongolia) Lack of industry players and exploration teams/portfolios (historically Kincora had >10 NDAs with industry players when

• wning only one license, now only Rio Tinto and TRQ left in

Mongolia, but new entrants doing DD)

All pricing and information as at Feb 10th, 2017

23

Appendix — Strategic appeal: Dominant position

BD Sec JSC June 9th, 2016 research report “The South Gobi Land Grab”

Many leading geologists view the South Gobi Desert as the most prospective ground for copper mining in the world today” 1

“

Same size landmass in Northern Chile there are:

• i. >15 current large

mines

• ii. Producing ~2Mtpa Cu

(~11% of global production)

Oyu Tolgoi, the world’s most significant copper discovery/project of the past 25 years” 1

“

Bayan Tal

Blue square: same landmass size of Southern Gobi to Northern Chile (slide 24)

East TS

24

Appendix — Exploration potential: Analogous to Chile from >1970s

Blue square—same landmass size of Southern Gobi to Northern Chile

“With continued exploration there is excellent potential to discover new porphyry deposits … associated with the world-class OT mineralized trend” Robert Friedland (Mar’11) >US$75m of recent in-the-ground commitments for a comparable geological exploration portfolio (similar land mass to Kincora) in Northern Chile

25

Appendix — Competing expansion strategies: Not alone in an increasingly active region

Belt is significantly less crowded and new licenses are being issued again (after 5 year moratorium) Advances in exploration techniques, technology and understanding of the belt Rio Tinto related entities expanding land position surrounding Oyu Tolgoi; MAK with new drill targets at Tsagaan Suvarga Commodity cycle has given Kincora the opportunity to consolidate its position; post IBEX merger a 100% interest in the dominant land position in the belt New entrants again doing DD

1 BD Sec JSC June 9th, 2016 research report “The South Gobi Land Grab” Blue square—same landmass size of Southern Gobi to Northern Chile

It seems obvious to us that RIO/TRQ will aggressively pursue exploration licenses ahead of what may prove to be an epic land grab, which would mitigate future competition in the region”1

“

Ex Explo plorat atio ion act ctiv ivit itie ies

Today

Few Incumbents (but expanding portfolio and exploration)

2012

Trading licenses/new entrants (e.g. KCC >10 CA’s Bronze Fox only, & 1 period of exclusivity)

Canadian Office 800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada +1 604 283 1722 www.kincoracopper.com Sam Spring — President and CEO +61431 329 345 sam.spring@kincoracopper.com Mongolian Office Khasvuu Building, 3rd Floor Peace Avenue, Transporter’s St, Ulaanbaatar 14210 +976 701 0095

Contact