KINCORA COPPER Funding Discovery Drilling T eam, Location, T - - PowerPoint PPT Presentation

May 2019 KCC.TSXV

KINCORA COPPER

Funding Discovery Drilling T eam, Location, T argets

KCC.TSXV

Cautionary Statement on Forward-Looking Information and Statements

The views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources that have not be independently verified. This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of base metals; and the ability of the Company to

• btain 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

• f 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 May 3rd , 2019 and is in C$, unless otherwise stated.

2 KCC.TSXV

Background: Lookout at the Oyu Tolgoi open pit

• Discover

Mongolia conference site visit Sep’18

• Oyu Tolgoi has

hosted over 3600 stakeholder site visitors in 2018

• Photo with thanks

to Oyu Tolgoi

2

Location: Elephant country Targets: Elephants

KCC.TS .TSXV 3 3

Team: Discovery track record

5 independent targets, two mineralized projects. . . . . . “as good as you get within a global setting” 1 Drill ready, Tier 1 scale (KCC- TSXV)

Kincora Copper Ltd

Background: High grade monzodiorite intersection at hole F62 in West West Kasulu, Bronze Fox

3.1% Cu, 0.3% Au & 467ppm Mo

1 Public record statement from Senior VP of Exploration, refer to our Exploration Strategy 2019 overview for further details:

https://www.kincoracopper.com/about-us/exploration-strategy-2019

.

Southern Gobi copper-gold belt, Mongolia

T eam, Location, Targets

First modern exploration across a district landholding in a world-class copper belt . . .

Location: Elephant country Targets: Elephants Team: Discovery track record

KCC.TS .TSXV 4 4

Exceptional Tier 1 porphyry discovery track record with deep in-country/international experience Implementing proven exploration strategy Low overheads with “skin in the game” alignment to shareholders Dominant position in proven world-class underexplored belt First modern systematic district scale exploration in belt New Silk Road within trucking distance to worlds largest commodity consumer High grade focus within/on strike to large exploration target: Bronze Fox

(incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 31)

Brownfield project: East Tsagaan Suvarga (<15km from >US$1b project) District holding being advanced Leading project generation in-country

Background: Maiden drilling at E TS project near Devonian outcrop

ETS003 intersected fertile Devonian monzodiorite with background Cu & Mo

Private placement Strong backing from institutions

. . . Now supporting first target testing drilling and continued systematic pipeline

KCC.TS .TSXV 5 5

Background: One of a series of trenches across the oxide zone at West Kasulu

West Kasulu prospect, Bronze Fox

Raising Key Terms Cornerstones Use of Funds

up to $6 million Pre-money $7.1 million 10c/unit Full 2 year warrant at 25c/sh Strong support from insiders,

• ther existing and new investors

Existing ~28% shareholder, LIM Advisors Up to 18,000m of drilling Earlier stage project pipeline/G&A Drilling for discovery at 5 indep/large scale porphyry targets

Further highlighted background information on the offering and Kincora Lead Orders in Private Placement press release: www.kincoracopper.com/news/press-releases Exploration Strategy 2019 overview: www.kincoracopper.com/about-us/exploration-strategy-2019 Corporate Strategy summary: www.kincoracopper.com/about-us/corporate-strategy “Introduction to Mongolia” presentation www.kincoracopper.com/investors/mongolia

KCC.TSXV 6 6

Capital Structure (KCC : TSXV)

Issued shares (pre-raising) 71.4 million U Unit price price 10 c cen ents Pre-m e-money ey valuation valuation C$7.1 .1 m million Fu Full W Warrant ( (2 yea ear ter erm) 25 25 cen ents Pre-m e-money ey valuation valuation f for i in-the the-money ey C$33 C$33 million million 5 52-w

• week

eek r range e 8–2 –24 c cen ents Secondary overhangs (22/6/18) 13c (C$2.59 million) La Last raising raising ( (Sep Sep/Oct’1 ’17) 33c ( (C$5.9 .92 million million) ) Options 3.6 million Weighted average price 42c / term 1.8 years (Dec’18 accounts) Warrants 9.0 million Weighted average price 47c / term 0.6 year (Dec’18 accounts)

Corporate summary Align the capital markets strategy to asset portfolio

HNW / Family Office Board / T echnical T eam Retail Insitutional

LIM (Jun’18) 28% Board/Management 7% EBRD (Oct’17) 6% Instos / Family office (Aug’17) 14% Other Instos 16% HNW 14% Other retail 13%

(Management Est. – May 3rd 2019)

Sophisticated & consolidated register T

• p 6 group’s ~60%

Pre-Private Placement Shareholder Summary

ü Multiple Discoveries – Tier 1 incl’s:

• Cadia Au/Cu (Newcrest, Australia) 1

Director, T echnical Committee Chair John Holliday 1 Peter Leaman 2 Senior VP of Exploration, T echnical Committee Imants Kavalieris 4 Advisor T echnical Committee Tsolmon Amgaa 6 Project Generation Geologist

• Reko Diq Cu/Au (for BHP

, Pakistan) 2

ü Ex BHP South Gobi (Falcon) Ivanhoe JV team

• Exploration Manager (Mongolia) 2
• Chief Geophysicist (Global) 3

ü Chief geophysicist: BHP/Ivanhoe/HPX

• Consultant geophysicist KCC: Barry de Wet 3

ü Executive from Oyu T

• goi's Exploration T

eam 4

ü Mongolia Project Generation head T

rafigura 5

ü Senior geologist T

eck & Vale 6

ü President/Chief Geologist OrigoT

rafigura MLG

• Consultant geologist KCC: Henry T

ebar

T eam Exceptional exploration record

KCC.TSXV 7

+ “Skin in the game” 7% register

Board Know Mongolia

KCC.TSXV

• ü Chairman : ex President/CEO Oyu T
• lgoi/chair of Exploration Committee

>40 years experience

Full development cycle

>150 years specific sector experience

Cameron McRae 7 Independent Chairman President & CEO, T echnical Committee, Director Molor Erdenebat 5 Head Geologist Sam Spring 8

7

8

ü CEO : 6 years leading KCC

8 10

ü Head of Business Development for Oyu T

• lgoi
• Independent Director KCC: Ray Nadarajah 9

ü T

rader for Marc Rich & Co/Glencore International

• T

rading copper and other commodities in Mongolia/Asia region

• LIM Advisors’ nominee director KCC: Lewis Marks 10

ü Director of Steppe Gold

• Current construction project in Mongolia

Further details on slide 29 - full bio’s @ www.kincoracopper.com

KCC.TSXV

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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

Mongolia One of the last under explored frontiers

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

KCC.TS .TSXV 9 9

Southern Gobi region

Source: Company & Industry data www.kincoracopper.com/investors/mongolia Introduction to Mongolia presentation

KCC.TSXV

⌃

Entrée 2018 targets / Rio Tinto drilling West Kasulu / Oxides

Legend

Oyu T

• lgoi

(“OT”) Rio Tinto/ TRQ/ Entrée Kharmagtai

Xanadu Mines Ikh Shankh private

Tsagaan Suvarga (“TS”) MAK/EBRD

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

• urmaline

Hills Argalant, Ulgii Khud Massive

2017/19 drilling activities Kincora Licenses (100%) Incumbent new licenses Other license holders Interpreted Devonian belt Resource / Cu-Au occurance

TRQ Aug’18 drilling/targets Rio Tinto operated

30km

Kincora priority drill targets

Bronze Fox East TS

5 independent & large scale targets Bronze Fox project

• West West Kasulu

(incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq

Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 31)

• West Extension (South)

East T sagaan Suvarga project (East TS)

• 3x Tier 1 scale brownfield targets

10

Location Multiple work programs primarily within two known mineralized projects

KCC.TSXV

Chile

150km Tsagaan Suvarga Kharmagtai Bronze Fox East TS

Mongolia

Source: Company & Industry Data

11

Chile

> 5 years production ~1% global supply é production 1 mine (+) >100 years production >10% global supply ê production >15 mines

Chile Mongolia

Background: Pre-stripped Serven Sukhait

• pen pit at Tsagaan Suvarga

Oxide material within the eastern pit

KCC.TS .TSXV 11 11

Same landmass

Oyu Tolgoi 150km

Location Highly mineralized but vastly underexplored

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

Sparsely populated, generally flat

• pen desert, not

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

(incl. Erdenes Tavan T

• lgoi (ETT))

“White Pearl” Camp Oyu T

• lgoi

Bronze Fox Tsagaan Suvarga 32km 27 km 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.TS .TSXV 12

Background: OT aquifer & power lines to TS

12 12

KCC.TSXV

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 2018 2019

Copper in major discoveries (Mt Contained)

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”.

* 20 40 60 80 100 120 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Copper in major discoveries (Mt Contained) Copper in discoveries (RoW) Copper in discoveries (

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 2018

Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Average LME Copper Price (US$/lb) (US$/lb)

Analysis excludes T sagaan Suvarga project, also in Southern Gobi (1.4Mt Cu resource) 2 20 40 60 80 100

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

Last district scale Gobi exploration1 Lack of discoveries despite price

2

13

Further background on exploration in the Gobi: https://www.kincoracopper.com/ southern-gobi-belt/history

9% of contained metal discovered globally1

1997-2007

Bronze Fox & East TS? Bronze Fox & East TS potential: First new significant discovery(s) since 2014?

Southern Gobi Important source of new discoveries

KCC.TSXV

1 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

Argalant, Ulgii Khud Massive

Mine Feasibility Pre- Feasibility Title Concept

Bayan Tal

Bronze Fox: Western trend Tourmaline Hill T

• urmaline Hills

Advanced Drilling T arget T esting Max uplift in shareholder value

Red Well Project Generation: ground truthing prospective districts/targets East TS “brownfield” Devonian porphyry – 3 targets Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1

Reconnaissance Resource Delineation

Exploration Maiden target testing drilling under world-class technical team

14

30 years cumulative experience in belt 5 years project exploration Maiden target testing drilling – 5 targets

KCC.TSXV

SolGold case study:

• 20x in 31 months

Raisings / drilling Mar’16 Sep’16 Jun’17 Nov’17 Oct’18 Nov’18 Amount raised ($m) A$5.7 US$54 US$41.2 C$75.6m US$59.2 US$3.2 @ price /sh 2.3p $0.16 41p 25p 45p 37.14p Drill holes completed 13 15 23 39 67 67 Stage Ta Targ rget Te t Testing sting As Asses essmen ent “Top up rights” Share price re-rating 20x Resource Maiden Upgrade Industry groups Newcrest Newcrest Newcrest BHP Newcrest

T ypical exploration/development scenario. . . . . . Tier 1 copper-gold porphyry examples

Drilling for discovery 5 independent targets: Each offering 10x+ upon success

15

“Original” Ivanhoe Mines case study:

• US$30m valuation at time of deal with BHP for Oyu T
• lgoi
• 100x 6 yrs later from Rio Tinto’s initial investment
• Share price: C$0.80/sh to >C$26/sh

Kincora’s targets at East TS have “Hugo” (OT) scale potential

e Advanced Drilling T arget T esting

Discovery Assessment Discovery Production Discovery Value Discovery Risk Financing & construction KCC 2019 KCC 2017

Jan’19 Indep. Technical Report “Discovery hole was drilled in 2012 (by Kincora) in now understood West Bronze Fox”

• 2 strategic investors

East TS Bronze Fox 3 drill targets 2 drill targets

KCC.TSXV

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

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 Previous shallow drilling at NW monzonite zone failed to reach subsequent IP & coincident magnetic anomalies with 5 (Kinocra) holes drilled

• nly on margin of new targets

Previous shallow drilling (<320m) short of &/or adjacent to subsequent interpreted intrusions & geophysical targets

“OT Discovery Hole” A geophysical/ hypogene target

Previous drilling (max 280m) failed to reach the geophysical target and mineralization zones

West West Kasulu East TS

Source: Adapted from Ivanhoe & “Exploration of the Oyu Tolgoi Copper, Gold, Silver Deposit in South Gobi, Mongolia” presentations

16

KCC.TSXV 17 KCC.TS .TSXV 17 17

2005 4 holes 1237 metres 2011 Ivanhoe Mines 2006-09 Temujin Mines 17 holes 1680m1 Kincora Copper 2012 2013-16 IVN JV BHP Kincora Copper Exclusivity with major Windfall Tax Bronze Fox excluded

Retained by Ivanhoe C$40-50m Mkt Cap

Background: Discovery of Oyu Tolgoi

(Elsevier 2018) – Figure 15.1, with thanks to Sergei Diakov Aug’05 BHPB OT project review delegation: L2R - D Hernandez, R Friedland, P Leaman, C Forster, M Salamon & M Randolph

Key milestones for Western license

106 Dispute

2km

“If we have Bronze Fox & Oyu Tolgoi today, and we were just starting the exploration process, it's not at all clear to me that we would screw around with Oyu Tolgoi”- Robert Friedland Mar’05 2

Focus was extensive surface mineralization in eroded granodiorite zone illustrating size of the system at Bronze Fox (only 1 yr drilling*)

Timeline for now understood (2018) monzodiorite zone

2012 KCC consolidates

• riginal Ivanhoe

Bronze Fox - drilling incl’s. F62:

13m @ 1.4% CuEq within 390m @ 0.49% CuEq 3

2018 (post funding) KCC reviews new geology & geophysics

• >new interpretation

New focus is extensive preserved & younger monzodiorite targets (across fault from eroded

granodiorite)

1 Drilling by T

emujin impacted by only 100 metres of RC rods

2 Source: http://archive.li/Cv07X 3 Refer to slide 31 for full

disclaimers/notes.

Unrestricted (“U’”) access U’ access New targets 4 holes 3148m U’ access Volcanics Granodiorite

Phases of Drilling

(predominate lithology target) 2005 – Ivanhoe (Granodiorite/too shallow 4 Monzodiorite) 2010 – Nadmin (Granodiorite) 2011 – Kincora (Granodiorite) 2011 – Temujin1 (too shallow for Monzodiorite) 2012 – Kincora (Granodiorite/4 holes Monzodiorite) 2014 – Kincora (Volcanics)

Monzodiorite

Insert: Drilling over IP chargeability with Mining Associated block model:/ exploration target Western strike insufficiently tested RHS: Drilling phases at Bronze Fox over

• utcropping intrusive with

current license boundary – impacted by ownership, geological knowledge & drilling equipment1

License Boundary

Bronze Fox Unrestricted access to drill high-grade zone for first time since 2012

KCC.TSXV

C$XX

ü Resolution

106-license dispute

ü Bronze Fox

reconsolidated

ü IBEX merger

Block model supports 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

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

New Drill Targets

C$40-50m Mkt Cap

ü 14 NDAs ü 1 Company Offer ü Separate period of

exclusivity with copper major

X 106-license dispute

Block Model New Gravity & Mag Geophy- sical review “SJ” IP Survey

3 of 4 holes* >1% Cu

Key regional fault & change in lithology ü 3 of 4 holes by Kincora in now understood monzodiorite >1% Cu ü Western Bronze Fox license hosts monzodiorite intrusion

New Surface Geology

18 18

2012 Now

Exploration target: 1.3-1.5Mt CuEq metal New high grade targets in two large zones

1

106 License Dispute

SG’s for 43-101

24km core relogged

1 Refer to slide 31 for

full disclaimers/notes.

“Search” IP Survey Funding New Technical Team

Bronze Fox story New geological model: high grade system / targets significantly advanced

KCC.TSXV

Bronze Fox geology Eastern granodiorite outcrops & eroded, western monzodiorite preserved (West West Kasulu)

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 19 for coincident magnetic low & wider IP profile)

Monzodiorite Granodiorite

F62 F57 License Boundary

Monzodiorite Granodiorite

T

• v Fault

T

• v Fault

Outcrop & location of section Conceptual cross section – Looking NE

Background: 24,139 metres of Bronze Fox core were relogged in 2018

Relogging activities at the White Pearl camp

KCC.TSXV 19 14

Conceptual cross section – Looking NE

Conceptual cross section – Looking NE

Monzodiorite

preserved & younger

Granodiorite

eroded

KCC.TSXV

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

Open Open Open Open License Boundary

Granodiorite

eroded

Monzodiorite

preserved & younger

Mining Associates (Jan’18) - Block Model 1 Green: Western (higher grade) monzodiorite zone Blue: Eastern granodiorite zone

(Plan view of >0.2% Cu envelope)

Open

3 of 4 Kincora holes >1% Cu

1 Refer to slide 31 for full disclaimers/notes.

Bronze Fox story Higher grade across western fault in monzodiorite section of system (West West Kasulu)

20

KCC.TSXV 21 21

Bronze Fox geophysics Compelling large zones associated with high-grades largely untested

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

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

West West Kasulu

• Kincora inadequately tested <260m

strike

• 6065 metres (total) supports exploration

target of 141Mt for 890Mlb of copper & 0.25Moz gold in the monzodiorite zone1

• Monzodiorite target zone now >1.5km x

>500m wide

• Southern concealed intrusion (>2km

strike), coincident with a large chargeability high/demag zone, and discrete surface anomalies (mapping, soil & pan con sampling in 2018)

• Encouraging alteration & mineralization in

limited drilling, supporting subsequent geophysics

1 See slide 31 for further details and disclaimers

Previous drilling including Ivanhoe / Temujin / Kincora

KCC.TSXV

Drill results support geophysics Focus on more higher grade results

22 22

Block model Block model

West West Kasulu

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

coincident chargeability high and magnetic low anomalies (periphery intersected in F62) drilling into the right lithology (ie into the monzodiorite , not away)

ü Step out from Mining Associate exploration

target

• Hole F62: 13m @ 1.4% CuEq within 390m @

0.49% CuEq

• Grade on margin moderate chargeability high and

coincident demaag zone

• HP-5 to drill into main chargeability high, mag low

and right lithology (monzodiorite) for the first time

Tov Fault

New Targets

infill step out

Chargeability

(Vertical depth 190-480m)

Magnetisation

(Vertical depth 480m-c.1500)

Exploration Target1

v Fault

Block Model1 (Mining

Associates

• Jan’18)

288Mt1 141Mt1

Infill 260m

???

Strike >1km

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

Monzodiorite Granodiorite

• 3 of 4 previous Kincora holes intersected >1%

copper in one drill season of unimpeded access

• Subsequent geophysics and geological review

helps explain previous results with lithology and geophysical anomalies now understood

• Focus is drilling high-grade targets:

#1

West West Kasulu

1 Refer to slide 31 for

full disclaimers/notes.

MVA (ground magnetics) background with IP chargeability iso-surfaces

West West Kasulu Bronze Fox F62 F62: drilled across periphery of target, geology correlates HP1 PV1

KCC.TSXV 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 23

East TS: Multiple Tier 1 scale targets

Target is equivalent preserved high grade Hugo or Heruga orebody (or series of

• rebodies) as at

Oyu T

• lgoi within

the T sagaan Suvarga intrusion

KCC.TS .TSXV 23 23

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

East TS Where is the “Hugo” of the TS complex?

Background: Fleet of trucks that have completed the pre-strip of the eastern Serven Sukhait open pit

MAK’s Tsagaan Suvarga project

KCC.TSXV

East TS At the point of target testing drilling

24

10-15km from >US$1b open pit development

2011 IBEX 2016 Ground mag Kincora Copper 2017 14 holes 3452m

Key milestones for East TS

Zeus IP Survey/ Prospecting KCC-IBEX Merger Age dating Fertility Mapping Soil sampling 2018 Ground Magnetics + Gravity SJ IP Survey

ü Interpreted from Induced Polarization (IP), magnetic, gravity & resistivity data with

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

ü Demagnetised zones are interpreted to represent magnetite-destructive mineralized

phyllic or argillic alteration in structural trend within brownfield intrusive

ü SJ (“SJ”) Geophysics 3D IP, resistivity & magnetotelluric survey supports multiple

coincident geophysical and geological targets for drilling

24 KCC.TS .TSXV

Moderate IP High Strong IP High

Section: Phase 1 drilling holes ETS011, 003 & 002 ü Confirmed fertile brownfield Devonian environment (+positive green rock) on eastern margin of TS Intrusive Complex ü Preserved porphyry - Carboniferous above Devonian stratigraphy in holes ETS001/003/002 (purpose <25m basement sample of

• Dev. Complex only – not target testing drilling)

ü ETS011/003/002 – highest Cu/Mo grades short of extensive magnetic & chargeable body in monzodiorite (did not test subsequently defined coincident geophysical targets) 24 24 24

Background: Magnetics

IP chargeability high (iso- surfaces) coincident with MVA (magnetic) interpreted intrusion (background)

Mag High

(sediments?)

Strong IP High Moderate IP High ETS011 ETS003 ETS002 Demag

Drilling to basement confirmed fertile preserved brownfield mineralized monzodiorite Devonian complex below Carboniferous cover but short of subsequently defined large deep seated coincident chargeable, magnetic & resistive anomalies

Demag Zone

(intrusion?)

KCC.TSXV

East TS Multiple Tier 1 scale targets – 3 for drilling

25 25 S e c t i

• n

Interpreted altered intrusive body (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

S e c t i

• n

( S l i d e 2 4 ) Interpreted altered intrusive body (magnetite depletion) Interpreted altered intrusive body (magnetite depletion)

2km

S e c t i

• n

( s l i d e 2 4 )

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

Interpreted intrusive bodies (magnetite depletion)

SJ Geophysics 3D IP – chargeability at 700m –

• ver previous shallow

drilling

Previous shallow to basement drilling (<320m) short of &/

• r adjacent to

subsequent interpreted intrusions & geophysical targets

3km

KCC.TSXV

Why Kincora?

26

ü T

eam with exceptional Tier 1 discovery track record

ü Strong & aligned shareholder register, board & management ü First modern systematic exploration across a district scale portfolio now advanced to

first “Target et t tes esting” (drilling f for d discover ery) p programs

ü Value catalysts: 2 m

miner eralized ed p projec ects, 5 , 5 i indep epen enden ent d drill t target ets

• Each target success: offering likely10x+ re-rating

first significant new copper discovery(s) globally since 2014

• Drilling 2 h

high g grade t e target ets at western zone and strike of West Kasulu (Bronze Fox)

• Su

Succes ess: confirm high-grade zones & rapidly expand existing large scale independent exploration target (seek maiden resource & mining license)

• Drilling 3 c

confirmed ed “ “brownfiel eld” T Tier er 1 1 s scale t e target ets (East T sagaan Suvarga)

• Su

Succes ess: support concept for series of preserved high grade orebody(s) per Hugo/Heruga orebodies within Oyu T

• lgoi mineralized system
• Foremost group pursuing counter

ercyclical ex expansion o

• pportunities

es in Mongolia

• Su

Succes ess: path to control for “T arget testing”-”Advanced drilling” copper, gold &/or VMS project/district

Background: Kincora’s White Pearl camp

Southern Gobi, OT & TS road / powerline

26 26

KCC.TSXV

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

Jan’17 Jan’16

0.6

Jan’19

27 27

Cheap? Yes, for corporate headwinds

28% 19.9m shares New Team & Targets but need new funding providers Share overhang emerges 35% 18m shares Offering - Private Placement Offering - Warrant

Recent milestones:

• New

New T T ea eam/T arget ets F Funded ed: C$5.9m raised

• Board St

Stren engthen ened ed: 3 of 5 members turned over

• T

ec echnical T T ea eam St Stren engthen ened ed: +Barry de Wet

• Sh

Share R e Reg egister er St Stren engthen ened ed: + : + 3 institutions (new 28% cornerstone (LIM Advisors), EBRD & PE group)

• Foremost international group pursuing further

counter ercyclical ex expansion o

• pportunities

es in Mongolia

• First m

moder ern s system ematic d district s scale ex e exploration commenced in the world class Southern Gobi belt

• Bronze F

e Fox: L : Large s e scale t e target et + new ew h high g grade z e zones es

• East T

TS: c S: confirmed ed 3 3 b brownfiel eld T T1 t target ets

• +

+ Indep

• ep. t

. tec echnical r rev eview ew f from l larges est s shareh eholder er

• St

Strong s support f for u up t to C C$6m r raising t to f fund m maiden en target et t tes esting d drilling – 5 5 i indep epen enden ent t target ets/2 p projec ects

Corporate h e hea eadwinds o

• ver

er s shadow m miles estones es & i impacting “Target et ( (discover ery) t tes esting” d drilling

KCC.TSXV 28 28

Kincora key milestones

Valuation parameters Key milestones

Kincora formed Bronze Fox Consolidated 106 Dispute IBEX merger closes Funding for new Technical Team Governance issues/ Overhand resolved Unimpeded exploration 2011 2012 2013–16 2016 2017 2018 2019 § Hole F62: > 37m @ >1% CuEq within 800m @ 0.4% CuEq1 § Offer for KCC, period of exclusivity, 14 NDAs § Bottom of cycle (Anglo A and T eck exit Mongolia/ copper <$2/lb) § KCC consolidated belt via IBEX merger § New T echnical T eam/ Targets § C$5.9m raising (2 new instos) § Phase 1 exploration § 3 of 5 board turned over § 2 overhangs crossed: new 28% shareholder § Large exploration target for Bronze Fox

Maiden “Target (discovery) testing” drilling

• 30 years cumulative experience in belt
• 5 years project exploration
• T

wo mineralized projects

Bronze Fox

• i. West West Kasulu includes:

– 37m 1% CuEq within 800m @ 0.4% CuEq1 – Exploration target: 1.3–1.5Mt CuEq metal1

• ii. West Extension (Southern)

East Tsagaan Suvarga (East TS)

iii. 3 Tier 1 scale (‘Hugo’ type) brownfield targets

5 independent targets

• Each offering likely10x+ re-rating upon success
• Each such size potential that success is first

significant new copper discovery(s) globally since 2014 Market cap (C$m) Exploration success $20m $40m 2012 2013–16 2016 2017 2018 2019

1 Refer to slide 31 for full disclaimers/notes.

First modern systematic district scale exploration

KCC.TSXV 29 29

Bios Board & T echnical team

T echnical Committee Senior T echnical/Project Generation T eam

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.

• Indep. Non Executive

Director, T echnical Committee Chair

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

>10 years of base metal exploration and mining experience including roles with T rafigura, Erdene Res. and Solomon Res., in Mongolia &

• Africa. Molor has extensive

experience in all different stages of exploration & 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. Unique knowledge of the Mongolian copper belts and interpretation of their geological controls and models. Henry T ebar 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).

Head Geologist Project Gen Geologist

Molor Erdenebat

Joined Aug’12 Appointed Nov’16 1,2 Appointed Nov’16 2

Cameron McRae Seasoned mining industry executive. 28-years with Rio Tinto, incl. CEO

• f Oyu T
• lgoi LLC where led

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

• lgoi copper-gold

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

Independent Chairman

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

• perations in Mongolia for most of

the last 17 years. Extensive experience across the natural resource sector. UB based.

Non-Executive Director (LIM Nominee)

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

Plus Minerals LLC

T echnical Advisors

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 (photo) 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 Appointed Nov’16 2 Joined Nov’17

KCC.TSXV 2005 Ivanhoe & JV with BHP (OT discovery 2001; recon 2002–09)

• Controls of mineralisation are more advanced than when the deposits were discovered

Including;

• The largest deposits are of Devonian age and the controlling lithologies and stratigraphy

are better defined

• Post-Devonian age block faulting and thrusting is common and has resulted in the

preservation of the Hugo Dummett and Heruga deposits below post-mineral cover and sand cover. Thus there is significant remaining potential for the preservation and discovery

• f similar mineralised systems.
• Advancement of geophysical and geological exploration techniques (see slide 28 on SOM

as an example of leading edge modern exploration approach)

The last period of district scale exploration (LHS) Advances since:

Exploration First modern systematic exploration by key members involved in the last district scale programs

ü KCC has developed an effective exploration modus operandi incorporating a number of advancements in global exploration techniques for copper

porphyries and incorporating a more geological balanced approach away from previous IBEX managements strong reliance on IP (Zeus) technology, and factoring in lessons’ learnt by the BHP and Ivanhoe experiences

• Exploration in the 2000s’ (Ivanhoe & then BHP Falcon JV with Ivanhoe) focused mainly
• n surface geochemical & prospecting techniques supplemented with airborne

(magnetics & gravity gradiometry) and ground (IP and magnetics) geophysics with subsequent drilling of anomalies.

• Key members of KCC team with deep understanding of previous exploration in belt:
• Leaders of the BHP Falcon JV – Peter Leaman & Barry de Wet
• Ivanhoe team – Imants Kavalieris

30 30

KCC.TSXV

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 Bronze Fox excluded

Retained by Ivanhoe

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

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

Key milestones for Western license

Appendix - Bronze Fox Large-scale Cu-Au target

* 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

Defined Resources and Reserves

ü Notable Mongolian copper porphyry systems

Mining Associates exploration target at West Kasulu

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.

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 0.5547 0.02 Kharmagtai Exploration 129 0.36 0.36 Inferred 2 OT, Hugo Dummet Construction 1,835 0.7916 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 0.334 0.01 Kharmagtai Exploration 469 0.31 0.19 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

1 Reported Measured & Indicated Mineral Resources as report to respective code (J 2 Reported Inferred Mineral Resources as report to respective code (JORC or NI 43-1 3 Cut-off grade - CuEq per respective technical report (otherwise stated as Cu %) 4 Reported at 0.3% CuEq cut off 5 Reported total holes and metres drilled

Holes included Metres in 745 136 441,456 148,889 921 282 613 54,764 189,170 326,510 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 0.58 2018 0.30 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 0.42 2018 0.30 4 de (JORC or NI 43-101) I 43-101) es included 441,456 148,889 54,764 189,170 326,510

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

31 31

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KCC.TSX .TSXV

www.kincoracopper.com @KincoraCopper Kincora Copper Limited

Background: Kincora’s White Pearl camp

Southern Gobi, OT & TS powerline in background

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

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