KINCORA COPPER NEW CORNERSTONE INVESTOR PRESENTATION WORLD CLASS - - PowerPoint PPT Presentation

NEW CORNERSTONE INVESTOR PRESENTATION WORLD CLASS COPPER BELT , DOMINANT POSITION, LEADING TEAM & TARGETS

SOUTHERN GOBI COPPER-GOLD BELT, MONGOLIA

June 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 June 22nd, 2018 and is in C$, unless otherwise stated.

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KCC.TSXV

3

One of a series of trenches across the

• xide zone at West Kasulu

West Kasulu prospect, Bronze Fox

Unique proposition Location, T eam,Targets

First modern Tier1 drill testing & district scale exploration program in a world-class porphyry belt T eam with multiple Tier 1 copper discoveries & track record in Mongolia Exploration T arget: one of the largest in-situ copper systems in Mongolia, with only modest drilling & new high grade drill targets (West Kasulu, Bronze Fox) Confirmed “brownfield” Tier 1 scale conceptual target

(East T sagaan Suvarga)

Dominant position in world-class belt (100% of 1230 km2) Countercyclical corporate & expansion activities

Location Tea eam Target ets

Creating value through Exploration and Expansion

KCC.TSXV

4

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

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

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

• Cornerstone investments post extensive due diligence (2 groups).

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

• 416-428Mt for 1.3-1.5Mt CuEq contained metal1
• Quantity & grade ranges are conceptual in nature & based on nearest neighbour/ordinary

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. Board changes. Shareholder overhang crossed, new cornerstone investor. 2018 field work recommenced: 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 22 for further details and disclaimers

4

2Q’1 ’18

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

West Kasulu prospect, Bronze Fox

Maiden Phase 1 drilling confirming brownfield target

East Tsagaan Suvarga target

4Q’1 ’17

KCC.TSXV

Mongolia is one of the last under explored frontiers

5

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

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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

KCC.TSXV

Location Dominant position the leading mineral province in Mongolia: a world-class porphyry belt

6

⌃ 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 Resources

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 East TS 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:
• One of a few new large scale

copper mines built in recent decades

• Largest expansion project

currently in the mining industry

(any commodity, any location)

Globally Attractive

Rio Tinto:

• Resumed regional drilling &

pursuing expansion (1H’17)

• New Office (1Q’18)

Codelco:

• Preparing to invest in

Mongolia

CEO Pizarro (Aug’17)

KCC.TSXV

Location Highly mineralized but vastly underexplored

7

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 >15 producing mine

“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 key structures within established belts

– they do not occur in isolation

Analogous to Chile

Comparison of the same size landmasses in the key copper belts in Southern Gobi & Northern Chile

KCC.TSXV

Location One of the world’s fastest developing mining and infrastructure regions

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

8 “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

Kincora’s year

round “White Pearl” camp

Water wells at

Bronze Fox, White Pearl & East TS

Grid power within

license area and 500 metres from camp (linking OT to

TS to Mandakh soum)

Annual average

temperature is 2ºC. Can work all year around

China’s doorstep

KCC.TSXV

9

T eam T echnical team with multiple Tier 1 discoveries

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. Ray Nadarajah Seasoned finance executive and investor with extensive experience in the natural resources and infrastructure sectors in Mongolia and globally. Ex-TPG Capital, Rio Tinto, Citi and Goldman, having worked in over 25 countries. Fluent in Mandarin Chinese and T

• k Pisin.

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

Exceptional Tier 1 porphyry track record: Multiple discoveries T rack record operating in Mongolia 3 transactions, 2 newly issued licenses

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 Extensive experience as a Director and CFO of numerous publicly traded corporations in the metals and mining industry, and CFO to Kincora since Sep’14. Principal of BridgeMark Financial

• Corp. & a founder of Jackson &

Company Chartered Accountants. Anthony Jackson

CFO, Director

T echnical Committee Board (ex-T

echnical Committee)

KCC.TSXV 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. 10 Henry T ebar

Senior T echnical/Project Generation T eam

T eam Exploration, Expansion and In-country

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., BHPB, 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

Last district scale exploration 2006-09

BHP JV with Ivanhoe

Proprietary knowledge, gained via:

BHP JV – BHP Exploration Mgr (Mongolia) & Chief Geophysicist (Gbl) Teck - country manager, project generation Ivanhoe - one of 6 executive exploration team at OT Origo-Trafigura – President/Chief Geologist Trafigura – member of project generation

KCC.TSXV 11

Exploration Portfolio approach, advancing pipeline up value curve

Red Well Tourmaline Hill Bronze Fox – West Kasulu1 East TS

T

• urmaline Hills

Bronze Fox – Oxide Studies/Target 2, 3 Bronze Fox – West Kasulu Exploration Target 1, 3 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

Independent block models:

1 Mining Associates - 2018 2 Micromine - 2012

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

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

Block models

KCC.TSXV

Targets Phase 2 drilling proposed at 2 targets while advancing district scale pipeline

12

⌃

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: Drill testing high grade infill targets Drill testing extension & new targets NI 43-101 resource definition activities (data quality)

• xide studies for small scale, near term SXEW production

mining license conversion

Shivee Tolgoi mineralised trend

30km

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

“Brownfield” TS style target

Current Activities 14 holes for 3452m Geophysics Stage 2 Drilling

Large scale exploration target (Jan’18) 1

• 416-428Mt @ 0.26-0.30% Cu 1
• 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

Phase 1 drilling/geophysics Value catalysts include: Induced Polarization (IP) 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

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

KCC.TSXV

No Norther ern Ecuador Ecuador

Kharmagtai Intrusive Complex (KIC) West Kasulu Bronze Fox Intrusive Complex (BFIC)

Tourmaline Hills Intrusive Complex

Company data. Refer 25/1/18 press release “Large copper-gold porphyry target quantified at Bronze Fox”; &, 21/11/17 “Kincora appoints consultant for review of Bronze Fox” for details on West Kasulu

Bronze Fox Bulk tonnage system, with only modest drilling - key is again drilling high grade (last 2012)

F85 F62 F57 Kharmagtai 13

Eastern Zone

Northern Ecuador

Parameters for select copper-gold porphyry exploration projects

Southern Gobi, Mongolia (Carbonifer erous a age) e) Exploration Stage Strike Depth (up to) Drilling @ T arget stage Drilling @ Resource stage T arget / Resource Drilling total Mineralized AoI License Size Operator % Interest Ticker Market Cap KIC - Kharmagtai Maiden-Resource 1.8km (3 centres) >1km N/A 108,130m 203Mt >160,000m 25km2 66.5km2 Xanadu 76.5% XAM.AU / CN A$113m BFIC – West Kasulu Pre-Resource 1.5km 1.3km 24,139m . N/A 416-438Mt <50,000m 40km2 223km2 Kincora 100% KCC.CN C$9m Cascabel - Alpala Maiden-Resource 0.5km >2.2km N/A <57,000m 1080Mt >110,000m 25km2 50km2 SolGold 85% SOLG.LSE / CN C$628m

Western Zone

Open Open Open

Mining Associates Block Model & Exploration T arget at West Kasulu Green: Western (higher grade) zone target Blue: Eastern zone target

Plan view of >0.2% Cu envelope

KCC.TSXV

West West Kasulu Large porphyry target with grade on margin

Preserved porphyry target offers significant grade & scale potential

4 h holes es o

• nly d

drilled ed b by Ki Kincora i in w wes ester ern z zone, 3 e, 3 i inter ersec ecting h high-g

• grade m

e miner eralization

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

Western zone key events: 3 holes by Ivanhoe (2005) 17 holes by Temujin (only 2 to >100m depth in 2011) 4 holes by Kincora (2012, incl F62/F57/F85), <12 mths access 14 NDA’s & 1 offer Search IP (not drill tested) 8000m core relogged by Cu major under exclusivity Tenure restored 2018 activities Mining Associates geological review & block model/ exploration target 24,000m of core relogged & new surface mapping Specialist geophysical review (Barry de Wet)

1 See slide 22 for further details and disclaimers

14

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)

KCC.TSXV 15

West Kasulu Grade returned coincident with margin

• f subsequent geophysical anomalies in Western zone

Sus

Chargeability iso- surfaces: 10 (GREY), 15 (BLUE),& 20 (GREEN) mV/V over MVA magnetics

Chargeability iso-surfaces 15mV/V (yellow) and 20mV/V (green) on MVA Dyke swarm (per Mining Associates review Jan’18)

New high grade target zone Untes

ested ed I IP s P survey ey, n , new ew b block m model el & & 2 24,0 ,000m o

• f c

core r e rel elogged ed - n

• new

ew G Geo eophysical/Geo eological t target ets

Grade & Scale Potential

Inadeq equatel ely t tes ested ed o

• nly 2

260m o

• f >1

>1km s strike, b e, but i illustrated ed h high g grade g e grade o e on m margin o

• f t

target et z zone e

Higher grade zones (highlighted in red on RHS geophysical summary) from limited drilling on margin of (now understood, not at the time of drilling) large coincident chargeability high and magnetic low anomalies below outcropping dyke swarms and arc transverse copper and gold soil/ rock chip anomalies North

Western Zone Eastern Zone

Chargeability iso-surfaces 15mV/V (yellow) and 20mV/V (green) on MVA Surface Dykes (per Mining Associates review Jan’18)

F62

KCC.TSXV

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

16

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 3 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

East TS Phase 1 was designed to refine Phase 2 target testing drilling in 2018

2017 maiden drilling & geophysics: 14 holes for 3452m Subsequent infill ground magnetics

& maiden gravity surveys

Multiple targets at explorable

depths (>200m depth)

Concept is a high grade potassic

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

Induced Polarization (IP) survey planned

to refine targets

Phase 2 target testing drilling program

scheduled for the Autumn

TSIC intersected (Hole #) e #) TSIC not intersected Inferred TSIC pluton boundary

• Est. 2018 IP survey Area of Interest

Cu anomalies in soils 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 17

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

• rebody as at Oyu T
• lgoi

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

KCC.TSXV

East TS Large scale conceptual targets in brownfield Devonian environment

18

Interpreted from magnetic, gravity & resistivity data with spatial correlation

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

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

• 0.20

0.40 0.60 ' r l' Oct ' r l' Oct ' r

3 recent new institutional shareholders Share price

• verhangs removed with new cornerstone investor

Capital structure (KCC : TSXV)

Share price (June 22nd, 2018) 13 cents Issued shares 69.3 million Market Capitalization C$9 million Cash (Mar’18) C$2.85 million Debt nil Enterprise Value C$6.15 million 52-week range 12–42 cents

(Management Est. – June 22nd 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 supporting 12 month budget Consolidated shareholder register: >80% in top 20 shareholders Only 12.3m warrants

• 2.95m @ 54.0c/sh, 1.80x Jul’16 PP (Nov’18) – HPV transaction
• 6.86m @ 44.5c/sh, 1.35x Aug’17 PP (Aug’19)
• 0.37m @ 44.5c/sh (Aug’18)
• 2.12m @ 44.5c/sh, 1.35x Sep’17 PP (Oct’19) – EBRD

Kincora share price (C$/sh) since Jan’16

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

IBEX deal announced IBEX deal closed

0.4 0.2

Apr’16

Volume since Jan’16 (C$m/mth)

$2m $1m

Jul’16 Oct’16 Jan’17 Jul’17 Oct’17 Jan’18 Apr’17 HNW / Family Office Board / Techical Team Ret etail Institutional Institutional Apr’18

19

KCC.TSXV

Kincora Copper Tier 1 drilling and district scale exploration

20

• Overhang removed, strong shareholder register
• T

eam with exceptional Tier 1 porphyry track record

• First modern exploration program across a district scale portfolio in the belt
• 2018 activities commenced:
• “Advanced” high grade drilling targets at western zone of West Kasulu

(Bronze Fox)

• Analogue: Kharmagtai >C$100m project
• Alone underpinned Kincora’s previous C$40-50m market cap
• Drilling confirmed “brownfield” East T

sagaan Suvarga target

• Analogue: equivalent preserved high grade orebody(s) within T

sagaan Suvarga mineralized system as the Hugo or Heruga orebodies within the Oyu T

• lgoi mineralized system
• Active regional program, currently advancing previously drilled T
• urmaline

Hills target following high grade gold samples and mapping Red Well

• Project generative targets and discussions with industry groups

Current field work at Tourmaline Hills is undertaking a regional pan con sampling program following a grab sample of 282g/t gold in Feb’18

Tourmaline Hills Intrusive Complex & wider western license

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 provide 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. “ ” “ ”)

• Oyu T
• lgoi Stage 2 - largest expansion project globally and largest project finance in industry history
• IMF lead US$5.5 billion financing package (till 2020) and protection of investment agreements
• Exploration juniors illustrating geological potential (>$150m 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. “ ” “ ”)

21

• – “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 –

Jun’18 – Oversubscribed $10m placement Xanadu Mines

KCC.TSXV

Appendix - Bronze Fox Large-scale Cu-Au target, with modest drilling to more advanced projects

22

* 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

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

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. .