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KINCORA TIER 1 DRILLING AND DISTRICT SCALE EXPLORATION COPPER SOUTHERN GOBI DEVONIAN COPPER-GOLD BELT, MONGOLIA Drilling at the brownfield East March 2018 KCC.TSXV Tsagaan Suvarga Devonian porphyry target - 3Q17 Cautionary Statement on


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SLIDE 1

TIER 1 DRILLING AND DISTRICT SCALE EXPLORATION

SOUTHERN GOBI DEVONIAN COPPER-GOLD BELT, MONGOLIA

March 2018 KCC.TSXV

KINCORA COPPER

Drilling at the brownfield East Tsagaan Suvarga Devonian porphyry target - 3Q’17

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SLIDE 2

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 March15th, 2018 and is in C$, unless otherwise stated.

2

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SLIDE 3

Kincora Copper Location, T eam,Targets

KCC.TSXV

3

One of a series of trenches across the

  • xide zone at West Kasulu

West Kasulu prospect, Bronze Fox

Commenced the first modern Tier1 drill testing and district scale reconnaissance exploration program in a world-class porphyry belt T echnical team with multiple Tier 1 copper discoveries & board with track record in Mongolia Large-scale copper-gold exploration target announced for West Kasulu prospect, Bronze Fox East T sagaan Suvarga drilling confirms brownfield Devonian porphyry target Strategic value from earlier stage exploration pipeline (100% of 1437 km2) and further countercyclical corporate and expansion activities

Location Tea eam Target ets

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SLIDE 4

Creating value through: Exploration and Expansion

KCC.TSXV

4

4

Resolution of dispute for Bronze Fox, consolidating West Kasulu prospect IBEX merger consolidates district. New industry leading technical team C$5.92m raised supporting 12-mth budget and up to 20,000 metres of drilling

  • Cornerstone investments post extensive technical & legal due diligence from:
  • preeminent private equity exploration specialist fund
  • the European Bank for Reconstruction and Development (“EBRD”)

Large-scale exploration target announced for West Kasulu prospect

  • Independent exploration target of 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: incl. East TS drilling confirms brownfield porphyry target Initial 2018 field work recommenced Phase 2 exploration - 2 targets proposed for drilling, advancing pipeline Further corporate/expansion activities and discussions with industry groups

4Q’1 ’15 4Q’1 ’16 1Q’1 ’18 3Q’1 ’17 1Q’1 ’18

1 See slide 19 for further details and disclaimers

4 1Q’1 ’18

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SLIDE 5

KCC.TSXV

Location: Dominant position in a world-class porphyry belt

5

⌃ 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 NE OT trend 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)

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SLIDE 6

KCC.TSXV

Location: Highly mineralized but vastly underexplored

Exploration / mine development analogous to Chile: “We see that Mongolia has the

  • pportunity to do

things better than Chile 40 years ago”

– Codelco, Nov’17

6

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

Notable arc transverse structures

Ulgii Khud Same size landmass in Northern Chile there are now:

  • i. >15 copper mines
  • ii. Supplying >10%
  • f global production

Porphyries occur in clusters on key structures within established belts

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SLIDE 7

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

China’s doorstep; world’s largest consumer of copper and coal Sparsely populated, generally flat open desert, not at altitude Between >US$14b OT and >US$1b TS copper projects, & major coal basin (incl. Erdenes Tavan T

  • lgoi (ETT))

7 “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

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

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SLIDE 8

KCC.TSXV

8

T eam: T echnical team with multiple Tier 1 discoveries

T echnical Committee Board (ex-T

echnical Committee)

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 Duchintav Khojgor

  • Exec. Business Development and

Government Relations. A proactive Mongolian partner, >20 years' entrepreneurship experience, including many Mongolian mining/ exploration entities, and major shareholder since Kincora’s formation Eric Zurrin CEO of Shanta Gold. 15 years’ experience in mining and investment banking, previously with UBS Investment Bank in London. Canadian national and has worked and lived North America, London, Hong

  • Kong. Dar-es-Salaam and Ulaanbaatar

Director, T echnical Committee Chair Non-Executive Chairman & Shareholder 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

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SLIDE 9

KCC.TSXV

Proprietary knowledge, gained via: Senior T echnical/Project Generation T eam

Molor Erdenebat >10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Resource Development and Solomon Resources, in Mongolia and Africa Tsolmon Amgaa >20 years in mineral exploration with juniors, and more recently with the majors Vale and Teck as Senior Geologist. Working knowledge of the Mongolian copper belts and interpretation of their geological controls and models Henry T ebar Formerly President & Chief Geologist of Trafigura 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 Tolgoi deposits

T echnical Committee Advisor

T echnical Advisor

Origo-Trafigura –

President & Chief Geologist

Trafigura - member

  • f project generation

BHP/Ivanhoe JV – BHP Exploration

Manager Mongolia

Teck - country manager,

project generation

Ivanhoe - one of 6

executive exploration team at OT

9

T eam: Exploration, Expansion and In-country

Last district scale exploration 2006-09

BHP JV with Ivanhoe

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SLIDE 10

KCC.TSXV

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

10

Rio Tinto Drilling

Bronze Fox – West Kasulu prospect

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

Large-scale exploration target for West Kasulu prospect Potential 2018 work programs include: Refining high grade infill/extension drill targets resource definition activities

  • xide studies for small scale, near term SXEW production

mining license conversion

Shivee Tolgoi mineralised trend

West Kasulu

30km

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

East T sagaan Suvarga

“Brownfield” TS style target

  • Analogue: TS >US$1b project

Current Activities 14 holes for 3452m Geophysics Stage 2 5000m

“Advanced” drilling exploration target

  • Analogue: Kharmagtai >US$100m project
  • Underpinned Kincora’s previous $40-50m market cap

East Tsagaan Suvarga

Ulgii Khud massif

Phase 1 drilling and geophysics supports geological model Potential 2018 work programs include: Two phase Induced Polarization (IP) Drilling

Red Well NE OT trend Bayan T al Argalant T

  • urmaline

Hills Bronze Fox

Legend

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

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SLIDE 11

KCC.TSXV

Exploration Strategy: Systematically advancing a wholly owned pipeline up the value curve

11

Red Well Argalant, Ulgii Khud Massive Tourmaline Hill Bayan Tal Bronze Fox – West Kasulu1 East TS Bronze Fox – oxide studies 2

Bayan Tal T

  • urmaline Hills

Bronze Fox – Oxide Studies 2 Bronze Fox – West Kasulu Exploration Target 1 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 2 Micromine – 2012

See slide 18 for further details

Independent block models

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SLIDE 12

KCC.TSXV Kharmagtai Intrusive Complex (KIC) West Kasulu

Bronze Fox Intrusive Complex (BFIC) – includes West Kasulu prospect

Mining Associates review of West Kasulu (Jan’18)

supports an large scale exploration target:

Previous internal studies supported potential small-

scale, oxide SXEW development project at West Kasulu (positive NPV at current spot copper prices)

14 NDAs & 1 period of exclusivity in prior cycle

Bronze Fox Intrusive Complex (BFIC)

Tourmaline Hills Intrusive Complex Mandakh Soum

  • 416 Mt to 428 Mt grading 0.26% to 0.30% copper for up to

2,437Mlb of copper and 0.84Moz gold, ranking as one of the largest potential in-situ copper-gold systems in Mongolia and with only modest drilling

  • The potential quantity and grade ranges are conceptual in

nature and based on nearest neighbor and ordinary krige

  • estimates. 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

  • NW “higher grade” monzonite zone identified across regional

fault – only 4 holes for 2,170m drilled by Kincora (including F62 with 37m @ >1%CuEq, within 1000m mineralized zone)

  • Scope to follow similar exploration strategy to Xanadu Mines

at its advanced Kharmagtai porphyry project, where Mining Associates provided a similar review with an exploration target Explorat.Stage Strike Depth (up to) Drilling @ T arget stage Drilling @ Resource stage T arget / Res. Drilling total Mineralized AoI License Size Operator % Interest Ticker Market Cap KIC Post-Resource 1.8km 1km N/A 108,130m 203Mt >160,000m 25km2 66.5km2 Xanadu 76.5% XAM.AU / CN A$147m So Souther ern G Gobi C Carbonifer erous C Cu-Au s system ems St Sth G Gobi C Carbonifer erous C Cu-Au ex exploration p projec ects BFIC – West Kasulu Pre-Resource 1.5km 1.3km 24,139m

.

N/A 416-438Mt <50,000m 40km2 223km2 Kincora 100% KCC.CN C$10m Mining A Associates es B Block M Model el/Exploration T T arget et: : Pl Plan v view ew o

  • f >0

>0.2 .2% C Cu en envel elope: G e: Green een - W

  • Wes

ester ern z zone, B e, Blue: E e: Easter ern z zone e target et * 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”

Bronze Fox: Bulk tonnage sulphide system, with

  • xide cap

F85 F62 F57 12

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SLIDE 13

KCC.TSXV

Eas astern z zone: S Sear arch I IP i in 2 2013 by by K Kincora a Western z zone: H Historic v vector I IP by by I IVN VN

500 M Metres 500 M Metres

Monzodiorite Monzogranodiorite At least min. 8m interval @ >0.5% CuEq or 1m >1g/t Au Other drill holes End of hole License boundary T

  • v (NNE regional) fault

Bronze Fox: Most prospective parts of West Kasulu are under explored; access issues resolved

Only 2 active & unencumbered drilling seasons (one by Kincora) across the two license portfolio that hosts the West Kasulu prospect within the BFIC NW monzonite zone identified across regional NNE (“Tov”) fault, where 3 of 4 holes (F62, F57 & F85) drilled by Kincora (2012) intersected higher grade

mineralization (including best hole at the project: F62 with 37m @ >1%CuEq, within 1000m of mineralized zone)

Legend Mining Associates 2018 Exploration Target NW monzonite zone SW granodiorite zone Lithology interpretation Granodiorite Intrusion Post Mineralized Porphyry Mineralized Porphyry Induced Polarization surveys (Eastern zone: “Search” IP in 2013 by Kincora)

31.1 17.5 11.8 8.2 5.8 4.1 2.7 0.9

Chargeability (mV/V /V)

14 9 5 2

Chargeability (mV/V /V)

Ivanhoe (est 2005: @ 200m) Kincora (2013: @ 500m) Eastern license Western (previously disputed) license Eastern license Western (previously disputed) license F62 F62 F85 F57 F57 F85 13

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SLIDE 14

KCC.TSXV

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

Phase 1 confirmed brownfield target: 14 holes for 3452m subsequent infill ground

magnetics and maiden gravity surveys

Two phase Induced Polarization (IP)

survey planned for the Spring

Phase 2 target testing drilling program

scheduled for the Summer (budget 5,000m)

Correct geological and structural with

scope for a preserved porphyry setting

  • analogue for East TS hosting an

equivalent preserved high grade Hugo or Heruga orebody as at Oyu Tolgoi

Mapping, infill soil sampling and maiden drilling in 2017 was a “technical success”

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 14

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SLIDE 15

KCC.TSXV

East TS: Half the holes intersected targeted Devonian fertile intrusion – confirmed Cu-Mo porphyry target

15

ETS ETS001 001 ETS ETS002 002 ETS ETS003 003 ETS ETS004 004 ETS ETS005 005 ETS ETS006 006 ETS ETS007 007 ETS ETS008 008 ETS ETS009 009 ETS ETS0010 0010 ETS ETS0011 0011 ETS ETS0012 0012 ETS ETS0013 0013 ETS ETS0014 0014 127m 127m 283m 283m 81m 81m 321m 321m 300m 300m 205m 205m 174m 174m 309m 309m 210m 210m 229m 229m 304m 304m 304m 304m 300m 300m 300m 300m

1000 1000 40 3900ppm-> 200 200 20 100 100 20 200 200 20 20 20 20 20 30 40 40 10 20 40 100 100 100 100 100 100 400 400 300 300 400 400 300 300 200 200 100 100 200 200

Lithology interpretation 2017 Drilling TSIC intersected (Hole #) TSIC not intersected Assay Traces Laboratory XRF Overburden T rachyte Sediments Andesite, basalt Sedimentary breccia Carboniferous sediments Devonian quartz monzonite Devonian monzodiorite

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SLIDE 16

KCC.TSXV

  • 0.20

0.40 0.60

Consolidated register: C$5.92m raised supports multiple drilling and exploration programs

Capital structure (KCC : TSXV)

Share price (Mar 15th, 2018) 16 cents Issued shares 69 million Market Capitalization C$11 million Cash (est YE Dec’17) C$3.25 million Debt nil Enterprise Value C$7.8 million 52-week range 14–57 cents

(Management Est. – Mar 15th 2018)

3Q’17 raisings lead by two new and large institutions post extensive due diligence and supported 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 (Sep’19) – EBRD

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

Origo Partners PLA 23% Duchintav Khojgor 7% Other board/management 7% EBRD 6% New Insto’s / Family offices 14% Other Insto 16% HNW 14% Other retail 13%

16

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

16

HNW / Family Office Board / Techical Team Ret etail Institutional Institutional

slide-17
SLIDE 17

KCC.TSXV

Kincora Copper Tier 1 drilling and district scale exploration

  • Dominant position in a highly mineralized but vastly underexplored copper-

gold belt (100% interest covering 1437 km2)

  • T

eam with exceptional Tier 1 porphyry track record and “skin in the game”

  • Undertaking the first modern exploration program across a district scale

portfolio in the belt; systematically advancing pipeline of targets

  • 2018 field activities commenced and funded from existing multiple–phase

drilling and exploration budget, including:

  • Refining high grade infill/extension drill targets (post large-scale

independent exploration target), and potential resource definition activities, oxide studies and mining license conversion at Bronze Fox

  • Drilling at confirmed “brownfield” Devonian age East T

sagaan Suvarga porphyry target

  • Discussions continue for project generative targets and with industry groups

17

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SLIDE 18

KCC.TSXV

Appendix - Exploration Strategy: First modern Tier1drill testing and district scale exploration in belt

18 Legend: Geo eochron: incl. age dating, green rock, petrographic & lithochem/geochronological; GMA GMAG: ground magnetics; G Gravity; ground gravity; IP IP: Induced Polarization; Inter erp: interpretation Exploration Targets:

1 Mining Associates Jan’18 report and block model

supports a total exploration target of:

  • 416 Mt to 428 Mt grading 0.26% to 0.30% copper

for up to 2,437Mlb of copper and 0.84Moz gold (0.2% Cu cut off), ranking as one of the largest potential in-situ copper-gold systems in Mongolia and with only modest drilling.

  • The potential quantity and grade ranges are

conceptual in nature and based on nearest neighbour and ordinary krige estimates. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

2 Micromine Consulting Services Oct’12 report and block

model supports near surface exploration target of:

  • 0.4 Mt to 23.8 Mt grading 0.27% to 0.40% copper

(0.2% Cu cut off and 1% top cut).

  • The potential quantity and 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.

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SLIDE 19

KCC.TSXV

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

19

* 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.

slide-20
SLIDE 20

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. .