KINCORA COPPER T eam, Location, T argets SOUTHERN GOBI - - PowerPoint PPT Presentation

T eam, Location, T argets

SOUTHERN GOBI COPPER-GOLD BELT, MONGOLIA

October 2018 KCC.TSXV

KINCORA COPPER

KCC.TSXV

Cautionary Statement on Forward-Looking Information and Statements

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. 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

• btaining 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 of Kincora, who is the Qualified Person for the purpose of NI 43-101. All pricing & information in this presentation is at close of business September 24st, 2018 and is in C$, unless otherwise stated.

2

Kincora Copper Ltd (KCC- TSXV)

Southern Gobi copper-gold belt, Mongolia

Team

Exceptional Tier 1 porphyry track record with deep in-country and international experience Implementing proven exploration strategy Low overheads with “skin in the game” alignment with shareholders

Location

Dominant and district scale position in world-class underexplored belt New Silk Road within trucking distance to worlds largest commodity consumer Foremost group pursuing further countercyclical expansion

Targets

Disciplined & systematic exploration adding value to pipeline:

• i. Advanced target: Bronze F

e Fox

• ii. Brownfield target: East T

T sagaan Su Suvarga

• iii. Strategic district holding
• iv. Advanced project generation

Strong backing from leading institutions Strong backing from leading institutions

KCC.TSXV 3

Creating value through Exploration and Expansion

4

Hole F62 at Bronze Fox project: ~800m @ 0.4% CuEq, incl 37m >1% CuEq1

ü 14 NDAs, 1 offer & period of exclusivity with copper major

Resolution of Bronze Fox dispute, again consolidates project IBEX merger consolidates district. New industry leading technical team C$5.92m raised supporting 12-mth budget

ü Cornerstone investments post extensive due diligence (2 groups)

Large-scale exploration target for West Kasulu (Bronze Fox)

ü X416-428Mt for 1.3-1.5Mt CuEq contained metal1

Quantity & grade ranges are conceptual in nature & based on nearest neighbour/

• rdinary krige estimates. There has been insufficient exploration to define a mineral

resource & it is uncertain if further exploration will result in the target being delineated as a mineral resource1

Successful Phase1results (E TS and Bronze Fox advanced) Board changes/new chair. Shareholder overhang crossed, new cornerstone investor 2018 field work ongoing: 2 targets proposed for drilling, advancing pipeline Further corporate/expansion activities and discussions with industry groups 3Q’1 ’12 4Q’1 ’15 1Q’1 ’18 4Q’1 ’16

1 See slide 25 for further details and disclaimers

4

2Q / / 3Q’1 ’18

24,000 metres of core from West Kasulu relogged in 2018

West Kasulu prospect, Bronze Fox

4Q’1 ’17

KCC.TSXV

Typical Southern Gobi terrane; One of a series of trenches across the

• xide zone at West Kasulu

West Kasulu prospect, Bronze Fox

KCC.TSXV 5

Exploration Portfolio approach: Advancing pipeline up value curve

3 West Kasulu, Bronze Fox: The potential quantity & grade ranges are

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.

Tourmaline Hill East TS

East TS “brownfield” Devonian porphyry Red Well Argalant, Ulgii Khud Massive

Mine Feasibility Pre- Feasibility Advanced Drilling T arget T esting Reconnaissance Title Concept Resource Delineation

1 Mining Associates – 2018

416-428Mt @ 0.26-0.30% Cu 3

2 Micromine – 2012

0.4-23.8Mt @ 0.27-0.40% Cu 3

Bayan Tal Bronze Fox: Western trend

Tourmaline Hill

Project Generation: ground truthing prospective districts/targets Block models Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1, 2, 3

Max uplift in shareholder value

T

• urmaline Hills

KCC.TSXV

Mongolia: One of the last under explored frontiers

6

Notable copper & gold occurrences

Copper & gold resource or exploration targets Major copper & gold mines/development projects Kincora properties Copper porphyry showings Copper scarn or massive sulfide deposits/showings Island arc Back arc basin Devonian belt

Rich in natural resources with

• nly 30% of the country explored

# # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## ## # # # # # # # # ## # # ## # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # ### # # # ## # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # ## # # # # # # # # # # # ## # # # # # # # ## ## # # # # # # # # # ## # # # # ## # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ### # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # # ## # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # ## # # # # # # # # # # # # #

T Tsag sagaan aan S Suvar arga a Oyu Oyu T Tolg

• lgoi
• i

Kharma magtai Wh Whit ite e Hill Hill Ulaanbaa Ulaanbaatar ar Er Erdene denet Ba Bayan an Ai Airag Zu Zuun Mo Mod Br Bron

• nze

F Fox Ba Bayan an Kh Khundii Sar Saran an Uul Uul Bor Boroo

• Ga

Gatsuurt

Alt Altan an Ts Tsagaan Ov Ovoo

• Oyu

Oyut Ulaan Ulaan Ol Olon

• n Ov

Ovoot

• ot

Kh Khadat Ba Bayan an Uul Uul Southern Gobi region

Source: Company & Industry Data KCC.TSXV

KCC.TSXV

Southern Gobi An important new source for global copper discoveries: Illustrates belts prospectivity

7

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 20 40 60 80 100 120 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average LME Copper Price (US$/lb) Copper in major discoveries (Mt Contained) Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)

OT – Sth Oyu Kharmagtai OT – Hugo Dummett OT – Shivee OT – Heruga

Adapted from S&P Global Market Intelligence report which identified 220 primary copper deposits (generally >500,000t of Cu Mt in reserves/past production) initially identified by discovery holes drilled between 1990-2017. Year of addition based on interpreted “discovery hole”.

Lack of copper development pipeline well document, but even larger lack of new discoveries

Codelco: spending US$39b just to keep production flat (US$1b extraordinary capitalisation from Government Jun’18) Rio Tinto: “8 new mines the size of Oyu Tolgoi will be needed within a decade to fill an anticipated 5Mt pa copper supply gap” BHP: “Copper exploration remains a strategic priority” (only exploring for copper & petroleum) Exploration is difficult & getting harder

ü Prices have not resulted in more discoveries ü “Low hanging” fruit picked; focus on new

jurisdictions &/or concealed discoveries

ü Despite limited relative exploration

expenditure & level of activities, the Southern Gobi has still made a significant contribution to new global discoveries

*Analysis excludes T sagaan Suvarga project, also in Southern Gobi (1.4Mt Cu resource) *

5 discoveries in the Southern Gobi represented 9% of contained metal discovered globally over the decade *

KCC.TSXV

Location Dominant position a proven belt: Already hosts one of the few new large scale copper mines

8

⌃ 30km

Entrée 2018 targets / Rio Tinto drilling

1 >US$1b construction project (>US$370m spent) 2 $5.3b expansion to 3rd largest copper mine (>US$9b spent)

West Kasulu / Oxides

Legend

Oyu T

• lgoi

(“OT”)2 Rio Tinto/ TRQ/ Entrée

Kharmagtai Xanadu Mines Ikh Shankh private

Tsagaan Suvarga (“TS”) 1 MAK/EBRD

Red Well Bayan T al XV-19315 TRQ / Rio Tinto drilling Bronze Fox T

• urmaline

Hills Argalant, Ulgii Khud Massive

2017/18 drilling activities Kincora Licenses (100%) Incumbent new licenses Other license holders Interpreted Devonian belt Resource / Cu-Au occurance

Proven Jurisdiction

Oyu T

• lgoi:

ü One of a few new large scale copper mines built in recent decades ü Largest expansion project currently in the mining industry

(any commodity, any location)

Globally Attractive

Rio Tinto:

ü Resumed regional drilling & pursuing expansion (1H’17) ü New Office (1Q’18)

Codelco:

ü Preparing to invest in Mongolia - CEO Pizarro (Aug’17)

Source: Company & Industry Data TRQ Aug’18 drilling/targets Rio Tinto operated

Kincora priority drill targets Bronze Fox East TS

KCC.TSXV

Location Highly mineralized but vastly underexplored: World-class porphyry belt

9

Oyu Tolgoi Tsagaan Suvarga Kharmagtai Bayan Tal Bronze Fox East TS XV19315 Ulgii Khud

Analogous to Chile Mongolia Chile

5 years since first production 1% of global supply (>4% 2025) 1 producing mine (@ least 2 2025) >100 years since first production >10% of global supply (decreasing) >15 producing mines

“We see that Mongolia has the

• pportunity to do

things better than Chile 40 years ago”

– Codelco, Nov’17

Notable arc transverse structures

Porphyries occur in clusters on structures within established belts – they do not occur in isolation Some belts are more prospective than others – Chile & Peru account for 46% of global Cu metal discovered since 1990 – Canada & Russia: “Lagging behind... reasonable numbers of new discoveries... they tend to be smaller & develop into smaller producing assets” - S&P Global

Analogous to Chile

Comparison of the same size landmasses in key copper belts in Southern Gobi & Northern Chile Source: Company & Industry Data

KCC.TSXV

Location One of the world’s fastest developing mining/infrastructure regions: Lower barriers to entry

Large resource endowments on the new Silk Road within trucking distances to the worlds largest commodity consumer

Cheap drilling rates, skilled labor force, sparsely populated, generally flat

• pen desert, not

at altitude Between >US$14b OT & >US$1b TS copper projects, plus largest global coal export basin

10 “White Pearl” Camp Bayan T al Oyu T

• lgoi

Bronze Fox Tsagaan Suvarga 32km 27 km 52km 129km Km’s from White Pearl Camp

80km

Km’s to China from OT Manlay Mandakh Khanbogd

Gashuun sukhait

ü Kincora’s year

round “White Pearl” camp

ü Water wells at

Bronze Fox, White Pearl & East TS

ü Grid power within

license area and 500 metres from camp (linking OT to

TS to Mandakh soum)

ü Annual average

temperature is 2ºC. Can work all year around

China’s doorstep

Source: Company & Industry Data

11

T eam Experienced board: Complementary track record

John Holliday >30 years exploration with BHP Minerals and Newcrest Mining Principal discoverer/site manager for Cadia/Marsden Tier 1 gold-copper porphyry, with worldwide experience in goldcopper deposit exploration, discovery and evaluation. Cameron McRae Seasoned mining industry executive. 28- years with Rio Tinto, incl. CEO/President

• f Oyu T
• lgoi LLC where he led the

construction & start-up of the then US$6 billion Oyu T

• lgoi copper-gold mine in

southern Mongolia. Advisor to Kincora for majority of period since OT . UB based.

Independent Non- Executive Director, T echnical Committee Chair Independent Chairman

Exceptional Tier 1porphyry track record Full development cycle: >150 years specific sector experience T rack record operating in Mongolia: >40 years experience

Sam Spring Leads Kincora's activities since 2012, incl. active exploration, resolution of 106- license/IBEX transaction disputes, together with an active M&A strategy Former mining analyst, >10 years within Goldman Sachs and Ocean Equities, CA and CFA Charterholder.

President & CEO, Director

Peter Leaman >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 porphyries.

Senior Vice-President of Exploration

Kincora’s White Pearl camp

Southern Gobi

T echnical Committee Board (ex-T

echnical Committee)

Lewis Marks Former practicing & currently registered New York lawyer, who has lived in Asia for 37 years, including residence and business operations in Mongolia for most of the last 17 years, with extensive experience across the natural resource

• sector. UB based.

Independent Non- Executive Director

Ray Nadarajah Seasoned finance executive & investor with extensive experience in the natural resources and infrastructure sectors in Mongolia and globally. Ex-TPG Capital, Rio Tinto, Oyu T

• lgoi, Citi and

Goldman, having worked in over 25 countries.

Independent Non- Executive Director Appointed Aug’18 Appointed Jul’18 Appointed May’18

KCC.TSXV

T eam Leading exploration team

Molor Erdenebat >10 years of base metal exploration and mining experience including roles with T rafigura, Erdene Resource Development and Solomon Resources, in Mongolia and

• Africa. Molor has extensive experience in

all different stages of exploration and with Kincora since 2014. Tsolmon Amgaa >20 years in mineral exploration with juniors, and more recently with the majors Vale and T eck as Senior Geologist. Working knowledge of the Mongolian copper belts and interpretation of their geological controls and models. Henry T ebar

Senior T echnical/Project Generation T eam

Plus Minerals LLC

T echnical Advisors

Formerly President & Chief Geologist of T rafigura Origo JV in Mongolia, having identified & truthed >300 targets. >30 years’ experience in copper, precious/base metals & geothermal in Asia (ex-Leyshon Res., Central China Goldfields, Anomaly Res., BHP , & Billiton). Plus Minerals LLC Khashagerel Bat-Erdene and Imants

• Kavalieris. Extensive experience in

Mongolia and have worked on some of the largest Cu deposits in SE Asia Imants was one of the 6 executive exploration team during the exploration & delineation of the Oyu T

• lgoi deposits.

T echnical Committee Advisor

>50 years experience, actively contributing to discovery of deposits with Ivanhoe Group (Ivanhoe Australia & HPX) & BHPB (Chief Geophysicist). Knowledge of Sth Gobi belt from BHP (with Peter Leaman in Ivanhoe JV) , HPX and former IBEX board member. Barry de Wet

Geophysics Consultant

Proprietary experience & knowledge:

ü Multiple Discoveries – T1 incl’s:

• Cadia Au/Cu (Newcrest, Australia)
• Reko Diq Cu/Au (for BHP

, Pakistan)

ü BHP Regional JV with Ivanhoe

• BHP Exploration Manager (Mongolia)
• Chief Geophysicist (Global)

ü President/CEO of Oyu T

• lgoi, chair of Exploration Committee

ü T

eck - Country Manager, Project Generation

ü Origo-T

rafigura – President/Chief Geologist

ü T

rafigura – member of Project Generation

ü Head of Business Development for Oyu T

• lgoi

ü Ivanhoe - one of 6 Executive exploration team at Oyu T

• lgoi

ü Marc Rich & Co/Glencore International

• T

rading copper in Mongolia/Asia region

ü Director of Steppe Gold

• Current construction project in Mongolia

KCC.TSXV

KCC.TSXV

Targets Phase 2 drilling proposed at 2 targets: Analogues for value uplift potential

13

⌃

Rio Tinto Drilling

at Bronze Fox

Alagbayan Massif Oyu Tolgoi mineralised trend Tsagaan Suvarga Massif

Kincora camp

⌃

Kincora licenses Interpreted key structures Interpreted Devonian Belt Mineral Resource and Ore Reserves Mineralised Cu-Au occurrence Confirmed Devonian stratigraphy

Confirmed Devonian Stratigraphy

Value catalysts include:

ü Drill testing high grade infill & strike extension targets within

western zone of exploration target block model

ü Drill testing new targets and western extension of system ü NI 43-101 activities (data quality) / Mining License conversion

Shivee Tolgoi mineralised trend

30km

Kharmagtai Intrusive Complex Bronze Fox Intrusive Complex Tourmaline Hills Intrusive Complex Ikh Shankh Lithocap Shuteen Lithocap

Confirmed “Brownfield” environment (Phase 1 drilling) Large scale exploration target (Jan’18) 1 ü 416-428Mt @ 0.26-0.30% Cu 1 ü up to 2,437Mlb of copper & 0.84Moz gold 1

(western zone:141Mt for 890Mlb of copper & 0.25Moz gold) 1

East Tsagaan Suvarga

Ulgii Khud massif

Value catalysts include:

ü SJ geophysical (IP) survey ü Drilling

Red Well Bayan T al T

• urmaline

Hills Bronze Fox

⌃

Legend

Kincora Licenses Interpreted Devonian Belt Mineralized Cu-Au occurrence Mineral Resource & Ore Reserve

West Kasulu East TS at T sagaan Suvarga

Disclosure note: West Kasulu Interpreted key structures

1 The potential quantity & grade ranges are 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 *Refer 4/9/18 release “Kincora commences IP survey at brownfield East Tsagaan Suvarga target” for further details *Refer 27/8/18 release “Kincora announces new high-grade targets at Bronze Fox” for further details West Kasulu

KCC.TSXV

No Norther ern Ecuador Ecuador

Kharmagtai Intrusive Complex (KIC) West Kasulu

Tourmaline Hills Intrusive Complex

Bronze Fox Mineralized system again consolidated: Drill targets advanced

14

Mining Associates (Jan’18) - Block Model 1 Green: Western (higher grade) zone target Blue: Eastern zone target (Plan view of >0.2% Cu envelope) 2005 4 holes 1237 metres 2011 Ivanhoe Mines 2006-09 Temujin Mines 17 holes 1680m* Kincora Copper 2012 4 holes 3148m 2013-15 IVN JV BHP Kincora Copper Exclusivity with major Windfall Tax 106 Dispute

ü Deeper/higher resolution “Search” IP survey ü Mining Associates Block Model (improved understanding of faults/lithology & tonnage/grade) ü Relogging of core: 8000m by major, then 24000m by Kincora ü Lithogeochemical/petrographic studies; ü Further magnetics and gravity survey’s; ü Further mapping; ü Geophysical review by specialist consultant Barry de Wet; ü Drill targets refined by new Technical Team

Bronze Fox excluded

Retained by Ivanhoe

* Drilling by Temujin Mines impacted by having only 100 metres of RC rods

F85 F62 F57

T

• v

f a u l t T

• v

f a u l t T

• v

f a u l t Eastern Zone Western Zone

Open Open Open

Limited drilling at Western license & West West Kasulu target

Work Programs since last drilling

C$40-50m Mkt Cap Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq

Key milestones for Western license

3 of 4 Kincora holes returned higher grade: >1km strike untested

1 See slide 24 for further details and disclaimers

Bronze Fox Intrusive Complex Eastern License Western License

KCC.TSXV

Bronze Fox Large intrusion drives bulk tonnage system: Western strike and system trend untested

15

Northern Ecuador

Parameters for select copper-gold porphyry exploration projects

C

• n

d u c t i v i t y – k e y r e g i

• n

a l f a u l t s & l i t h

• l
• g

y M a g n e t i c – d e e p s e a t e d & l a r g e i n t r u s i

• n

T

• v

F a u l t C h a r g e a b i l i t y – u n t e s t e d w e s t e r n s t r i k e c

• i

n c i d e n t w i t h m a g l

• w

Chargeability Conductivity Magnetics

Open Open

Tov Fault Shear zone

Open Open 2km

S h e a r Z

• n

e

License boundary Mining Associations block model/ exploration target Drill hole Key fault

E a s t e r n L i c e n s e W e s t e r n L i c e n s e License boundary Mining Associations block model/ exploration target Drill hole Key fault

West West Kasulu

Chargeability over conductivity & magnetics with the Mining Associates block model, historic drilling & license boundary

Western trend

#1 #2 #1 #1 #2 #2

ü On section from F62*: First time test the central

coincident chargeability high and magnetic low anomalies (periphery intersected in F62)

ü Step out from Mining Associate exploration

target to the west: inadequately tested ~260m strike (of >1km target)

ü Large scale targets: step out and test system to

the west where the interpreted main Bronze Fox intrusion is potentially concealed, coincident with a large chargeability high and often discrete anomalous surface mineralization Specialist geophysical consultant, Barry de Wet:

A number of significant scale and very attractive coincident geophysical anomalies have been identified at Bronze Fox, particularly in the western zone of West Kasulu . . . There is an extremely large mineralized system that remains under explored at Bronze Fox.

“ ”

* Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq

KCC.TSXV

Bronze Fox West West Kasulu conceptual section

16

Northern Ecuador

Inferred high-grade target zone associated with coincident magnetic low, chargeability high (15-20mV/V) & encouraging grade/vectors from hole F57 & F62 on periphery of interpreted target

Outcrop & location of section IP (see slide 1 for IP & mag low) & location of section

OPEN A B A B A B

Conceptual cross section – Looking NE

Chargeability high (see slide 15 for coincident magnetic low & wider IP profile)

KCC.TSXV

West West Kasulu Grade on margin: Significant untested strike

1 See slide 25 for further details and disclaimers

17

Block model Block model Block model Geophy

• sical

extensions

Tov Fault Eastern Zone Western Zone

New Targets

infill step out

Chargeability

(Vertical depth 190-480m)

Magnetisation

(Vertical depth 480m-c.1500)

Exploration Target1

Tov Fault

Block Model1 (Mining

Associates

• Jan’18)

288Mt1 141Mt1

Infill 260m

???

Strike >1km

SI Units Suscepti- bility Charge- ability (mV/V)

4 holes drilled in western zone, 3 with high-grade mineralization

ü ü ü ü ü ü ü 3.12% Cu, 0.32g/t Au & 467 ppm Mo ü 864 metres @ 0.38% CuEq, with 37 metres @ 1% CuEq ü 1.67% Cu, 0.20g/t Au & 27 ppm Mo ü 173 metres @ 0.30% CuEq ü 1.41% Cu & 0.15g/t Au ü 10 metres @ 1.48% CuEq

F62 F57 F85 ü 4 holes drilled in western

zone, 3 with high-grade mineralization

ü Previous drilling

inadequately tested ~260m of a >1km strike

ü 2018: For the first time

test the strongest & core chargeability high zone (20mV/V) coincident with the magnetic low (F62 intersected small zone of moderate 15mV/V chargeability high coincident with mag low which corresponded with highest copper grades) within potassic altered monzodiorite across the Tov fault

#1

West West Kasulu

KCC.TSXV

2017 maiden drilling & geophysics:

ü 14 holes for 3452m ü Subsequent infill ground magnetics

& maiden gravity surveys

ü Multiple targets at explorable

depths (>200m depth)

ü Concept is a high grade potassic

zone core of a preserved porphyry copper deposit(s)/structural trend

ü Induced Polarization (IP) survey

commenced to refine targets

ü Phase 2 target testing drilling program

scheduled for winter

East TS Phase 1 in 2017 was successful: Refines Phase 2 in 2018

TSIC intersected (Hole #) e #) TSIC not intersected Inferred TSIC pluton boundary Conceptual intrusive body(s) Kincora East TS licenses MAK Serven Sukhait pits (resource) JICA targets (mineralized outcrop) Cenozoic cover Creataceous cover T riassic volcanics Pennsylvanian volcanics T urnaisian sediments Devonian pluton Lithology interpretation 18

East T sagaan Suvarga is a brownfield Devonian target beneath explorable cover

Specialist geophysical consultant Barry de Wet: Exploration activities have clearly defined four interpreted intrusive bodies. These support Tier 1 scale targets . . . The series of targets at East TS are the first brownfield Devonian targets since the OT mineralized trend, where a similar limited outcrop and systematic approach resulted in significant exploration success. .

“ ”

Target for East TS is hosting an equivalent preserved high grade Hugo or Heruga

• rebody (or series of orebodies) as at Oyu

T

• lgoi within the T

sagaan Suvarga intrusion

KCC.TSXV

East TS Large scale conceptual targets: “Brownfield” Devonian environment

19

ü Interpreted from magnetic, gravity & resistivity data with spatial correlation

with Phase 1 drilling (Cu/Mo assay & magnetic susceptibility)

ü Demagnetised zones may represent magnetite-destructive mineralized

phyllic or argillic alteration in structural trend within brownfield intrusive

ETS011 ETS002 ETS003 Demagnetised Intrusion? S e c t i

• n

Interpreted altered intrusive body (magnetite depletion) Interpreted intrusive bodies (magnetite depletion) Interpreted altered intrusive body (magnetite depletion) Interpreted intrusive bodies (magnetite depletion)

2km Interpreted halo of magnetite alteration at 700m - high amplitude magnetisation in red

Section: Susceptibility logs in holes ETS11 ,3 & 2 Magnetisation Amplitude shows mineralisation in alteration halo ü ETS011 – highest Cu/Mo grades just above magnetic body ü ETS003 - anomalous Cu/Mo into the top of an extensive concealed magnetisation body

Four large-scale conceptual intrusive bodies

KCC.TSXV

Bronze Fox & East TS Not dissimilar story to OT: New geophysical targets supported by geology?

20

Source: Kincora Copper, company data (including Ivanhoe and Zeus presentations)

Previous shallow drilling at NW monzonite zone failed to reach subsequent IP , and coincident magnetic, anomalies with 4 holes drilled only on margin of targets Previous shallow drilling (<320m) short of or adjacent to subsequent interpreted intrusions

“OT Discovery Hole” A geophysical/ hypogene target

Previous drilling failed to reach the geophysical target and mineralization zones

West Kasulu East TS

Oyu T T

• lgoi d

discover ery: O : OTD 1 D 150 w was t the f e first ‘d ‘deep eep‘ h ‘ hole t e that t tes ested ed t the h e hypogen ene a e at St Sth W Wes est

KCC.TSXV

Share price overhangs removed New cornerstone investor and new strong independent board

Capital structure (KCC : TSXV)

Share price (28/9/18) 15.5 cents Issued shares 70 million Market Capitalization C$10.9 million Cash (Jun’18 accounts) C$2.1 million Enterprise Value C$8.8 million 52-week range 12–40 cents

(Management Est. – Aug 31st 2018)

29% of register overhang removed June 22nd by new cornerstone investor 3Q’17 raisings (C$5.92m @ 33c/sh) lead by two new & large institutions post extensive due diligence

LIM (Jun’18) 29% Board/Management 7% EBRD (Oct’17) 6% Instos / Family office (Aug’17) 14% Other Instos 16% HNW 14% Other retail 13%

https://www.kincoracopper.com/investors/stock-information

IBEX deal announced IBEX deal closes 2nd tranche raising closes Shareholder

• verhangs crossed

0.2 0.3 0.4 0.5 1.5 1.0 0.5

Jan’18

Volume lume sinc ince Jan’16

21 HNW / Family Office Board / Technical Team Retail Insitutional Jan’17 Jan’16

KCC.TSXV

Kincora Tier 1 drilling and district scale exploration

ü T

eam with exceptional Tier 1 porphyry track record

ü Strong & aligned shareholder register, board & management ü First modern exploration program across a district scale portfolio ü Near term activities:

• “Advanced” high grade drilling targets at western zone and strike of West

Kasulu (Bronze Fox)

• Su

Succes ess: confirm high-grade zone & large scale independent exploration target – supporting potential first significant copper discovery globally since 2014 (per S&P: refer slide 6)

• Drilling confirmed “brownfield” East T

sagaan Suvarga target

• Su

Succes ess: support concept for series of preserved high grade orebody(s) within T sagaan Suvarga mineralized system (per Hugo/Heruga orebodies within OT mineralized system)

• Active regional program, currently advancing previously drilled T
• urmaline

Hills target following high grade gold samples and mapping Red Well

ü Foremost group pursuing further countercyclical expansion opportunities in

Mongolia

MVA

HP-5 PV-6

Proposed infill hole for the first time test the central portion (not previous periphery) of the highest resolution coincident chargeability high and magnetic low anomalies within monzodiorite below the Tov fault at F62 MVA (ground magnetics) background

West West Kasulu Bronze Fox 23

KCC.TSXV Jun’18 – $4.1m placement & dual listing raising $1.4m on Mongolian Stock Market Erdene Resource Development Corp May’18 – C$25m TSX IPO, having raised US$34.8m privately Steppe Gold Nov’17 – Underwritten A$16.5m rights issue Aspire Mining Sep’17 – Oversubscribed A$15.4m placement Xanadu Mines Mar’17 – T eck Resources $0.5m non-brokered placement Erdene Resource Development Corp Feb’17 – Oversubscribed $13.8m bought deal financing Erdene Resource Development Corp Jan’17 – Oversubscribed C$7.6m equity offering Entrée Gold Jun’16 – Successful A$12.2m placement Xanadu Mines Apr/Jun’16 – Sandstorm $2.5m royalty linked placement & $0.5m T eck placement Erdene Resource Development Corp

Mongolia Oyu T

• lgoi and IMF/IFIs: Investor

confidence

Oct’17 – 7x oversubscribed international Government of Mongolia bond US$800m @ 5.6% for 5.5 years May’17 – Protection of existing Investment Agreements Delay in IMF approval of EFP until Parliament legislation confirms investor agreements (removal of sub-clause 11) Feb’17 – “Total External Financing Package (EFP) will be around US$5.5 billion” IMF lead with Mongolian Government - underpinned by mining sector May’16 – “Approval of a US$5.3 billion investment” for underground development of Oyu T

• lgoi

Rio Tinto, T urquoise Hill Resources, Oyu T

• lgoi LLC
• Draw down of US$4.4 billion project financing facility - syndicate incl Canada, USA

& Australia Govts, along with 15 commercial banks (incl IFC)

• – “Xanadu”

“Company” Xanadu‟s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “The results of this targeted ” million ounces of gold resource (see Xanadu‟s ASX announcement –

– – “ ”) “ ”). (“ ”) at a price of C$0.77 per including the full exercise of the Underwriters’ 15% over “ ”) “We are ex shareholders into Erdene”, said Peter ey, Erdene’s President and CEO. “ ” “ ”)

ü Oyu T

• lgoi Stage 2 - largest expansion project globally and largest project finance in industry history

ü IMF lead US$5.5 billion financing package (till 2020) and protection of investment agreements ü Exploration juniors illustrating geological potential (>$165m raised, including Kincora $7.5m but ex $2.6m secondary)

– – “ ”) “ ”). (“ ”) at a price of C$0.77 per including the full exercise of the Underwriters’ 15% over “ ”) “We are ex shareholders into Erdene”, said Peter ey, Erdene’s President and CEO. “ ” “ ”) – – “ ”) “ ”). (“ ”) at a price of C$0.77 per including the full exercise of the Underwriters’ 15% over “ ”) “We are ex shareholders into Erdene”, said Peter ey, Erdene’s President and CEO. “ ” “ ”)

• – “Xanadu”

“Company” Xanadu‟s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “The results of this targeted ” million ounces of gold resource (see Xanadu‟s ASX announcement –

• 16,

• f the provinces of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject to
• completion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the fjnal prospectus has been issued. This document does not provide full disclosure of all

– – “ ”) “ ”). (“ ”) at a price of C$0.77 per including the full exercise of the Underwriters’ 15% over “ ”) “We are ex shareholders into Erdene”, said Peter ey, Erdene’s President and CEO. “ ” “ ”)

24

• – “Xanadu”

“Company” Xanadu‟s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “The results of this targeted ” million ounces of gold resource (see Xanadu‟s ASX announcement –

Aug’18 – A$15m Financing Package Aspire Mining Jun’18 – Oversubscribed $10m placement Xanadu Mines

KCC.TSXV

Appendix - Bronze Fox Large-scale Cu-Au target: Modest drilling to more advanced projects

25

* 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

Exploration target only Defined Resources and Reserves

ü Notable Mongolian copper porphyry systems

Mineralized system Current Stage Mt Cu, % Au, g/t Mo, % Measured & Indicated 1 OT, Hugo Dummet Construction 976 1.61 0.38 0.003 OT, Heruga Studies OT, Oyut OP (ex mined) Mining 1,092 0.43 0.27 0.006 OT, Oyut UG Studies 107 0.35 0.61 0.003 Tsagaan Suvarga (Primary) Construction 291 0.55 0.02 Kharmagtai Exploration 46 0.42 0.51 Inferred 2 OT, Hugo Dummet Construction 1,835 0.79 0.18 0.005 OT, Heruga Studies 1,816 0.39 0.37 0.011 OT, Oyut OP (ex mined) Mining 389 0.29 0.16 0.004 OT, Oyut UG Studies 159 0.39 0.32 0.003 Tsagaan Suvarga (Primary) Construction 15 0.33 0.01 Kharmagtai Exploration 157 0.32 0.28 Holes and metres drilled 5 OT, Hugo Dummet Construction OT, Heruga Studies OT, Oyut OP (ex mined) Mining OT, Oyut UG Studies Tsagaan Suvarga Construction Kharmagtai Exploration 921 282 265 54,764 108,130 326,510 Holes included Metres in 745 136 441,456 148,889 CuEq Grade Date Cut-off grade 1.87 2015 0.37 3 2015 0.61 2015 0.22 3 0.73 2015 0.37 3 0.60 2009 0.20 0.73 2015 0.3 & 0.5

4

0.93 2015 0.37 3 0.65 2015 0.37 3 0.40 2015 0.22 3 0.59 2015 0.37 3 0.36 2009 0.20 0.49 2015 0.3 & 0.5

4

54,764 108,130 326,510 es included 441,456 148,889

1 Reported Measured & Indicated Mineral Resources as report to respectiv 2 Reported Inferred Mineral Resources as report to respective code (JORC o 3 Cut-off grade - CuEq per respective technical report (otherwise stated as 4 Reported at 0.3% CuEq cut off within pit shells & cut-off 0.5% CuEq applie 5 Reported total holes and metres drilled

ctive code (JORC or NI 43-101) RC or NI 43-101) as Cu %) applied to underground

ü Mining Associates exploration target at West Kasulu

Notes:

Project

1

Exploration Targe Exploration targe West Kasulu - Target Range Mt Cu, % Au, g/t Mo, % 416 0.26 0.06 0.003

• 428

0.30 0.07 0.004 ation Target1 target range (per the Mining Ass CuEq Grade Contained Metal CuEq Mt 2 Date Cut-off grade Holes included Metres included 0.30 1.3

• 0.35

1.5 Associates review) - The potential quantity and grade ranges are 2018 0.20 76 24,139

1 2

Exploration targe nearest neighbo approximately 2 The drill spacing economic extrac exploration to de mineral resource Copper Equivale summed and exp have not been ad intended for sum target range (per the Mining Ass hbour and ordinary krige estimate ly 200 x 200 m within the West K acing is too broad to define grade traction have been applied. The to define a mineral resource and urce. valent (CuEq) calculation represe expressed in equivalent copper en adjusted for metallurgical or r summarizing grade. The copper Associates review) - The potential quantity and grade is conceptual in nature, and based on timates within an interpreted 0.2% Cu grade shell based on 81 drill holes spaced est Kasulu prospect within the western central portion of the Bronze Fox Intrusive Complex. rade continuity, but does illustrate geological continuity. No assumptions regarding eventual The potential quantity and grade is conceptual in nature, there has been insufficient and it is uncertain if further exploration will result in the target being delineated as a resents an estimate of the total value for each metal, multiplied by the conversion factor, pper percentage based on spot prices (Cu $3.11/lb, Au $1279/oz and Mo $7.1/lb). Grades al or refining recoveries and the copper equivalent grades are of an exploration nature only & per 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.

Contact

KCC.TSXV

Canadian Office 800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada +1 604 283 1722 Mongolian Office Khasvuu Building, Peace Avenue, T ransporter’s St, Ulaanbaatar 14210 +976 701 0095 Sam Spring President & CEO enquiries@kincoracopper.com

www.ki .kincoracopper pper.c .com

Mongolyn Alt LLC’s Serven Sukhait open pit development project – 13km’s from the East TS target

US$377 million invested of US$1,089 million total capital, forecast to produce up to 316,000tpa Cu and 4,400tpa Mo. .