Kincora Copper: Positive Drilling Results at Two Northern Junee-Narromine Belt Projects

Announcement posted by ACN Newswire 27 Aug 2025

Melbourne, Australia--(ACN Newswire - August 26, 2025) - Copper-gold explorer and hybrid project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased to provide an update on positive drilling results from ongoing exploration programs at two projects in the Northern Junee-Narromine Belt (NJNB). These projects are located in the undercover extension of the Macquarie Arc in NSW and being conducted under earn-in and joint venture agreements with AngloGold Ashanti Australia Limited (AngloGold Ashanti).

HIGHLIGHTS

A successful first drilling program at the Nyngan project has identified multiple Macquarie Arc composite volcano-intrusive complexes:
- Encouraging geology and anomalous assay results support porphyry copper and epithermal gold potential.
- Targets resulting from the 1Q'2025 ground gravity survey returned encouraging results, at particularly shallow depths, significantly expanding future search spaces.
- A continuation of further scout drilling and/or a Stage 2 step out phase is proposed.
Drilling is ongoing at the highly prospective Nevertire South and Nevertire projects:
- The first drilling program at the Nevertire Magmatic Complex (NMC) since Kincora consolidated the tenement ownership supporting a >8km untested strike.
- Initial observations reaffirm Kincora's view that the NMC is the most advanced and geologically prospective porphyry project in the covered extensions of the Macquarie Arc.
- Initial seven-hole program ongoing and scheduled for ~2,150 metres.
- Planning has already commenced for follow up geophysical surveys given encouraging initial results and scale of the existing system ahead of potential follow up drilling.
Kincora is managing the programs and receives a management fee based on 10% of expenditure.
The Nyngan, Nevertire South and Nevertire projects are included in two earn-in and joint ventures with AngloGold Ashanti who has the right to spend up to A$100 million across a total of five projects covering a continuous strike greater than a 100kms within Kincora's NJNB portfolio.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said:

"While early days in our first drilling program at the Nevertire South project we are very excited by the large, multi-phase Macquarie Arc volcanic and intrusive complex we are intersecting - we are in what looks to be a very large, mineralised and very prospective system with the right geological signs.

Large scale step-out drilling is ongoing and designed to discover or create a vectoring pattern to a targeted porphyry deposit. We have already seen enough to be planning near term geophysical programs to help guide and refine a high priority next phase of drilling.

It is also worth noting that the conclusion of the first phase of scout drilling at the Nyngan project was particularly successful at testing new targets that emerged from the gravity survey only undertaken in the first quarter this year. Several new mineralised multi-phase volcano-intrusive complexes were intersected at shallow depths, significantly expanding the near-term search space, particularly across the wider Gerar target area. Follow up exploration is planned and will be refined upon receipt of all pending drilling results.

Finally, it is also particularly pleasing to see Waratah Resource's new gold discovery at its Spur porphyry project and the significant interest this has attracted - congratulations to Peter Duerden and his team. It is a great reminder of the geological potential of the Macquarie Arc and the results that testing new geological concepts in new search spaces can yield."

NEVERTIRE AND NEVERTIRE SOUTH PROJECTS

Following the April 2025 amended and second earn-in agreement with AngloGold Ashanti 1, drilling plans were expanded for a first phase program at both the Nevertire and Nevertire South projects with unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex (NMC).

The ongoing seven-hole program includes both large scale step out and scout targets designed to discover or create a vectoring pattern to a targeted porphyry deposit. This program seeks to effectively test part of a greater than 8km northern strike of the NMC, following up from prior favorable drill results of Newcrest Mining.

Newcrest holes ACDNY005 and ACDNY006 were drilled ~2.7km apart and returned "lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla porphyry Cu-Au deposits" 2. Hole ACDNY006 returned a "very encouraging intersection of anomalous copper mineralisation (from basement to end of hole), veining and magnetite alteration situated in a high volcanic-hosted level" 3 and hole ACDNY005 returned very favorable alteration, a Phase 4 Macquarie Arc age date and up to 0.53 g/t gold.

Three of an initial seven planned holes have been completed by Kincora, with step-outs ranging from 600m to 1,200m away from prior Newcrest holes ACDNY005 and ACDNY006. Drilling commenced from the south within the confirmed Macquarie Arc domain and is progressing towards the north - see Figures 2 & 3. Initial observations from these holes reaffirm the Company's view that the central and northern portions of the NMC are the most geologically prospective porphyry project in the covered extensions of the Macquarie Arc.

The step-out holes have intersected multiple porphyritic intrusive phases beneath a moderate thickness of post mineral cover. Lithologies intersected include monzonite, diorite, and crowded pyroxene-hornblende andesites. Favorable alteration is noted with intervals of strong chlorite ± magnetite ± epidote ± sericite ± hematite ± K-feldspar and disseminated and vein-hosted pyrite ± chalcopyrite is present in multiple zones ± localised bornite. Late-stage chalcedonic and tourmaline-bearing veins suggest potential for a telescoped hydrothermal overprint.

The program uses cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence followed by diamond core drilling (NQ3) of porphyry-prospective basement. This technique was successfully used in the first phase program at the Nyngan project.

While assay and other sampling technique results are pending, planning has already commenced for follow up geophysical surveys given the encouraging initial observations. A follow up drill program will be assessed once all assay results are received.

NYNGAN PROJECT

Initial scout drilling activities at the Nyngan project commenced in calendar 4Q'2024 in partnership with AngloGold Ashanti under the May 2024 earn-in agreement 4. A total of nineteen wide-spaced scout holes for 7,345.4 metres were completed and confirmed multiple newly identified interpreted Macquarie Arc composite volcanic and intrusive complexes.

All holes to date have provided samples of basement geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc magnetic complexes, the Ace of Spades and Gerar (formerly South-West) targets, which cover ~16 x 18km and ~7 x 17km, respectively - see Figures 2 & 4 below.

Following encouraging results for the first six holes completed in 4Q'2024, the drilling program was expanded to provide greater coverage across the two wider target areas and a ground gravity survey was commissioned and completed in 1Q'2025 5. Most recent drilling across a wider search space and targets resulting from the gravity survey returned encouraging results, at particularly shallow depths, further significantly increasing the search space - see Figure 2 below.

Shallower than anticipated cover, encouraging geology, alteration, anomalous copper and pathfinder minerals, and preserved structural blocks support porphyry and epithermal gold potential and provide vectors for follow up drilling at multiple targets - see Tables 1 & 2 below.

A continuation of further scout drilling and/or a Stage 2 step out phase is proposed post receipt of full results and analysis with our partner AngloGold Ashanti. Several further potential scout holes have existing permits and land access offering walk up drill targets.

Figure 1: Kincora and AngloGold Ashanti have partnered to explore a new district-scale undercover extension of the world-class Macquarie Arc via two earn-in and joint venture agreements and are currently aggressively drilling large greenfield targets

Kincora is managing the earn-in programs with AngloGold Ashanti, receiving a 10% management fee of expenditures, covering a continuous 100km strike and 5 projects

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/263878_figure1.jpg

Figure 2: Drilling has transitioned from an initial 19-hole scout drilling program at the Nyngan project to a step out drilling program at the Nevertire South and Nevertire projects

Further potential step out drilling and a Phase 2 step out program at Nyngan are proposed

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/263878_figure2.jpg

Figure 3: A first phase drilling program under two separate earn-in and joint venture agreements with AngloGold Ashanti has commenced and will for the first time test the >8km northern strike of the Nevertire Magmatic Complex with unimpeded access for the first time from previous very favourable drilling results by Newcrest Mining

The ongoing program includes both large scale step out and scout targets designed to discover or create a vectoring pattern to a targeted porphyry deposit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/263878_figure3.jpg

Figure 4: 19 wide spaced scout holes have been completed in the first phase AngloGold Ashanti and Kincora program at the Nyngan project

The scout holes to basement have taken samples of geology across separate magnetic complexes and key lithological domains hosted within two separate and previously untested Macquarie Arc volcano-intrusive complexes (the Ace of Spaces and the Gerar targets). A 1Q'2025 extensive ground gravity survey generated a number of new targets, four of which were drilled in 2Q'2025. Due to the very broad nature and extensive regional coverage of the current program Kincora has not provided sectional views of the current scout-drilling phase (as required under Clause 19 of the JORC Code). Such sections are anticipated upon commencement of a Phase 2 follow up step out phase of drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2305/263878_figure4.jpg