Drilling at Trundle intersects shallow mineralisation

Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05% respectively. Internal dilution is below cut off. Internal dilution is below cut off.

AuEq: $1800/oz Au, 3.55/lb Cu & 42,000/t Mo (100% recoveries).

Abbreviations: ab = albite, act = actinolite, alt = alteration, cal-calcite, ch = chlorite, cp = chalcopyrite, ep = epidote, hm = hematite, mt = magnetite, qtz = quartz, py = pyrite

Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and/or 0.05% respectively. Internal dilution is below cut off. Internal dilution is below cut off.

AuEq: $1800/oz Au, 3.55/lb Cu & 42,000/t Mo (100% recoveries).

Abbreviations: ab = albite, alt = alteration, ch = chlorite, cp = chalcopyrite, hm = hematite, qtz = quartz

¹ January 19^th, 2023 press release: "Kincora commences new phase of drilling at the brownfield Trundle project"
² December 23^rd, 2022 press release: "Kincora awarded drilling grant for brownfield Trundle project"
³ August 18^th, 2022 press release: "Positive assay results for Trundle and Fairholme projects"
⁴ For further details and references please refer to Kincora's website: https://kincoracopper.com/northparkes-project/

Criteria

JORC Code explanation

Commentary

Sampling techniques

• Nature and quality of sampling (e.g.
  cut channels, random chips, or
  specific specialised industry standard
  measurement tools appropriate to the
  minerals under investigation, such as
  down hole gamma sondes, or
  handheld XRF instruments, etc.).
  These examples should not be taken as
  limiting the broad meaning of sampling.
• Include reference to measures taken
  to ensure sample representivity and
  the appropriate calibration of any
  measurement tools or systems used.
• Aspects of the determination of
  mineralisation that are Material to
  the Public Report.
• In cases where 'industry standard'
  work has been done this would be
  relatively simple (e.g. 'reverse
  circulation drilling was used to obtain
  1 m samples from which 3 kg was
  pulverised to produce a 30 g charge
  for fire assay'). In other cases more
  explanation may be required, such as
  where there is coarse gold that has
  inherent sampling problems. Unusual
  commodities or mineralisation types
  (eg submarine nodules) may warrant
  disclosure of detailed information

• Kincora Copper Ltd. is the operator of the
  Trundle Project, with drilling using diamond coring
  and Air coring methods by DrillIt Consulting Pty
  Ltd, from which sub-samples were taken over 2 m
  intervals and pulverised to produce suitable
  aliquots for fire assay and ICP-MS.
• Diamond drilling was used to obtain orientated
  samples from the ground, which was then
  structurally, geotechnically and geologically logged.
• Sample interval selection was based on geological
  controls and mineralization.
• Sampling was completed to industry standards with
  1?4 core for PQ and HQ diameter diamond core and
  1?2 core for NQ diameter diamond core sent to
  the lab for each sample interval.
• Samples were assayed via the following methods:

- Gold: Au-AA24 (Fire assay) unless above
detection limit where the interval is re-assayed
using fire assay method with atomic-absorption
finish (Au-AA26 method of ALS). The technique
allows to accurately determine the gold grade above
0.01 g/t and suitable for high - grade samples
where grade exceeds 10 g/t.

- Multiple elements: ME-ICP61 (4 acid digestion
with ICP-AES analysis for 33 elements) and
ME-MS61 (4 acid digestion with ICP-AES &
ICP-MS analysis for 48 elements)

- Copper oxides and selected intervals with native
copper: ME-ICP44 (Aqua regia digestion with
ICP-AES analysis) has been assayed, but not reported

- Assay results >10g/t gold and/or 1% copper are
re-assayed

• Historic sampling on other projects included soils,
  rock chips and drilling (aircore, RAB, RC and
  diamond core).

Drilling techniques

• Drill type (e.g. core, reverse
  circulation, open-hole hammer,
  rotary air blast, auger, Bangka,
  sonic, etc) and details (e.g. core
  diameter, triple or standard tube,
  depth of diamond tails, face-sampling
  bit or other type, whether core is
  oriented and if so, by what method,
  etc.).

• Drilling by Kincora at Trundle used diamond core
  drilling with PQ, HQ and NQ diameter core
  depending on drilling depth and some shallow
  depth Air core drilling.
• All Kincora core was oriented using a Reflex ACE
  electronic tool.
• Historic drilling on Kincora projects used a variety
  of methods including aircore, rotary air blast,
  reverse circulation, and diamond core. Methods
  are clearly stated in the body of the previous reports
  with any historic exploration results.

Drill sample recovery

• Method of recording and assessing
  core and chip sample recoveries
  and results assessed.
• Measures taken to maximise sample
  recovery and ensure representative
  nature of the samples.
• Whether a relationship exists between
  sample recovery and grade and
  whether sample bias may have
  occurred due to preferential loss/gain
  of fine/coarse material.

• Drill Core recovery was logged.
• Diamond drill core recoveries are contained in
  the body of the announcement.
• Core recoveries were recorded by measuring the
  total length of recovered core expressed as a
  proportion of the drilled run length.
• Core recoveries for most of Kincora's drilling were
  in average over 97.1%, with two holes averaging
  85.0%
• Poor recovery zones are generally associated with
  later fault zones and the upper oxidised parts of
  drill holes.
• There is no relationship between core recoveries
  and grades.

Logging

• Whether core and chip samples have
  been geologically and geotechnically
  logged to a level of detail to support
  appropriate Mineral Resource
  estimation, mining studies and
  metallurgical studies.
• Whether logging is qualitative or
  quantitative in nature. Core (or
  costean, channel, etc.) photography.
• The total length and percentage of the
  relevant intersections logged.

• All Kincora holes are geologically logged for their
  entire length including lithology, alteration,
  mineralisation (sulphides and oxides), veining and
  structure.
• Logging is mostly qualitative in nature, with some
  visual estimation of mineral proportions that is
  semi-quantitative. Measurements are taken on
  structures where core is orientated.
• All core and Air core chips are photographed.
• Historic drilling was logged with logging mostly
  recorded on paper in reports lodged with the NSW
  Department of Mines.

Sub-
sampling techniques
and sample preparation

• If core, whether cut or sawn and
  whether quarter, half or all core
  taken.
• If non-core, whether riffled, tube
  sampled, rotary split, etc. and
  whether sampled wet or dry.
• For all sample types, the nature,
  quality and appropriateness of the
  sample preparation technique.
• Quality control procedures adopted
  for all sub-sampling stages to
  maximise representivity of samples.
• Measures taken to ensure that the
  sampling is representative of the in
  situ material collected, including for
  instance results for field
  duplicate/second-half sampling.
• Whether sample sizes are appropriate
  to the grain size of the material being
  sampled.

• Once all geological information was extracted
  from the drill core, the sample intervals were cut with an
  Almonte automatic core saw, bagged and delivered
  to the laboratory.
• This is an appropriate sampling technique for this
  style of mineralization and is the industry standard
  for sampling of diamond drill core.
• PQ and HQ sub-samples were quarter core and NQ
  half core.
• Sample sizes are considered appropriate for the
  disseminated, generally fine-grained nature of
  mineralisation being sampled.
• Duplicate sampling on some native copper bearing
  intervals in TRDD001 was undertaken to determine
  if quarter core samples were representative, with
  results indicating that sampling precision was
  acceptable.
• Follow up high grade gold assay results received for
  a 2 meter interval in TRDD032, with re-assays for
  three samples where undertaken from reject
  samples (the coarse part of samples) seeking to
  confirm the original high grade interval (12.6g/t
  gold) and also to test if quarter core samples
  were representative. Duplicated values for the two
  adjacent samples were in-line with both gold
  (via Au-AA26 and Au-AA26D, duplicate,
  techniques) and base metals higher than the original
  results for the high-grade sample.
• No other duplicate samples were taken.

Quality of
assay data
and
laboratory
tests

• The nature, quality and
  appropriateness of the assaying
  and laboratory procedures used and
  whether the technique is considered
  partial or total.
• For geophysical tools, spectrometers,
  handheld XRF instruments, etc, the
  parameters used in determining the
  analysis including instrument make
  and model, reading times,
  calibrations factors applied and their
  derivation, etc.
• Nature of quality control procedures
  adopted (e.g. standards, blanks,
  duplicates, external laboratory
  checks) and whether acceptable levels
  of accuracy (ie lack of bias) and
  precision have been established.

• Gold was determined by fire assay and a suite of
  other elements including Cu and Mo by 4-acid
  digest with ICP-AES finish at ALS laboratories in
  Orange and Brisbane. Over-grade Cu (>1%) was
  diluted and re-assayed by AAS.
• Techniques are considered total for all elements.
  Native copper mineralisation in TRDD001 was
  re-assayed to check for any effects of incomplete
  digestion and no issues were found.
• For holes up to TRDD007 every 20th sample was
  either a commercially supplied pulp standard or
  pulp blank. After TRDD007 coarse blanks were utilised.
• Results for blanks and standards are checked upon
  receipt of assay certificates. All standards have
  reported within certified limits of accuracy and
  precision.
• Historic assays on other projects were mostly gold
  by fire assay and other elements by ICP.

Verification of sampling
and assaying

• The verification of significant
  intersections by either independent or
  alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data
  entry procedures, data verification,
  data storage (physical and electronic)
  protocols.
• Discuss any adjustment to assay data.

• Significant intercepts were calculated by Kincora's
  geological staff.
• No twinned holes have been completed.
• The intercepts have not been verified by
  independent personal.
• Logging data is captured digitally on electronic
  logging tablets and sampling data is captured on
  paper logs and transcribed to an electronic format
  into a relational database maintained at Kincora's
  Mongolian office. Transcribed data is verified by the
  logging geologist.
• Assay data is received from the laboratory in
  electronic format and uploaded to the master
  database.
• No adjustments to assay data have been made.
• Outstanding assays are outlined in the body of the
  announcement.

Location of
data points

• Accuracy and quality of surveys used
  to locate drill holes (collar and down-
  hole surveys), trenches, mine
  workings and other locations used in
  Mineral Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic
  control.

• Collar positions are set up using a hand-held GPS
  and later picked up with a DGPS to less than 10cm
  horizontal and vertical accuracy.
• Drillholes are surveyed downhole every 30m using
  an electronic multi-shot magnetic instrument.
• Due to the presence of magnetite in some alteration
  zones, azimuth readings are occasionally unreliable
  and magnetic intensity data from the survey tool is
  used to identify these readings and flag them as
  such in the database.
  
• Grid system used is the Map Grid of Australia Zone
  55, GDA 94 datum.
• Topography in the area of Trundle is near-flat and
  drill collar elevations provide adequate control

Data spacing and
distribution

• Data spacing for reporting of
  Exploration Results.
• Whether the data spacing and
  distribution is sufficient to establish
  the degree of geological and grade
  continuity appropriate for the
  Mineral Resource and Ore Reserve
  estimation procedure(s) and
  classifications applied.
• Whether sample compositing
  has been applied.

• Kincora drilling at Trundle is at an early stage, with
  drill holes stepping out from previous
  mineralisation intercepts at various distances.
• Data spacing at this stage is insufficient to establish
  the continuity required for a Mineral Resource estimate.
• No sample compositing was applied to Kincora drilling.
• Historic drilling on Trundle and other projects was
  completed at various drill hole spacings and no
  other projects have spacing sufficient to establish a
  mineral resource.

Orientation
of data in relation to geological structure

• Whether the orientation of sampling
  achieves unbiased sampling of
  possible structures and the extent to
  which this is known, considering the
  deposit type.
• If the relationship between the
  drilling orientation and the
  orientation of key mineralised
  structures is considered to have
  introduced a sampling bias, this should be
  assessed and reported if material.

• The orientation of Kincora drilling at Trundle has
  changed as new information on the orientation of
  mineralisation and structures has become available.
• The angled drill holes were directed as best possible
  across the known lithological and interpreted
  mineralised structures.
• There does not appear to be a sampling bias
  introduced by hole orientation in that drilling not
  parallel to mineralised structures.

Sample security

• The measures taken to ensure sample
  security.

• Kincora staff or their contractors oversaw all stages
  of drill core sampling. Bagged samples were placed
  inside polyweave sacks that were zip-tied, stored in
  a locked container and then transported to the
  laboratory by Kincora field personnel.

Audits or reviews

• The results of any audits or reviews of
  sampling techniques and data.

• Mining Associates has completed an review of
  sampling techniques and procedures dated January
  31st, 2021, as outlined in the Independent Technical
  Report included in the ASX listing prospectus, which
  is available at:
  https://www.kincoracopper.com/investors/asx-prospectus

Criteria

JORC Code explanation

Commentary

Mineral
tenement
and land
tenure
status

• Type, reference name/number, location
  and ownership including agreements
  or material issues with third parties
  such as joint ventures, partnerships,
  overriding royalties, native title
  interests, historical sites, wilderness or
  national park and environmental
  settings.
• The security of the tenure held at the
  time of reporting along with any
  known impediments to obtaining a
  licence to operate in the area.

• Kincora holds four exploration licences in NSW and
  rights to a further six exploration licences through an
  agreement with RareX Limited (RareX, formerly known
  as Clancy Exploration).
• EL8222 (Trundle), EL6552 (Fairholme), EL6915
  (Fairholme Manna), EL8502 (Jemalong), EL6661
  (Cundumbul) and EL7748 (Condobolin) are in a JV
  with RareX where Kincora has a 65% interest in the
  respective 6 licenses and is the operator /sole funder of
  all further exploration until a positive scoping study or
  preliminary economic assessment ("PEA") on a project
  by project basis. Upon completion of PEA, a joint venture
  will be formed with standard funding/dilution and right of
  first refusal on transfers.
• EL8960 (Nevertire), EL8929 (Nyngan), EL9320 (Mulla)
  and EL9340 (Condobolin East) are wholly owned by Kincora.
• All licences are in good standing and there are no known
  impediments to obtaining a licence to operate.

Exploration
done by
other parties

• Acknowledgment and appraisal of
  exploration by other parties.

• All Kincora projects have had previous exploration
  work undertaken.
  The review and verification process for the information
  disclosed herein and of other parties for the Trundle project
  has included the receipt of all material exploration data,
  results and sampling procedures of previous operators and
  review of such information by Kincora's geological staff
  using standard verification procedures. Further details
  of exploration efforts and data of other parties are providing
  in the March 1^st, 2021, Independent Technical Report included
  in the ASX listing prospectus, which is available at:
  https://www.kincoracopper.com/investors/asx-prospectus

Geology

• Deposit type, geological setting and
  style of mineralisation.

• All projects ex EL7748 (Condobolin) and EL9340
  (Condobolin East) are within the Macquarie Arc,
  part of the Lachlan Orogen.
• Rocks comprise successions of volcano-sedimentary
  rocks of Ordovician age intruded by suites of
  subduction arc-related intermediate to felsic
  intrusions of late Ordovician to early Silurian age.
• Kincora is exploring for porphyry-style copper and
  gold mineralisation, copper-gold skarn plus related
  high sulphidation and epithermal gold systems.

Drill hole Information

• A summary of all information material
  to the understanding of the exploration
  results including a tabulation of the
  following information for all Material
  drill holes:
• easting and northing of the drill hole
  collar
• elevation or RL (Reduced Level -
  elevation above sea level in metres) of
  the drill hole collar
• dip and azimuth of the hole
• down hole length and interception
  depth
• hole length.
• If the exclusion of this information is
  justified on the basis that the
  information is
  not Material and this exclusion does
  not detract from the understanding of
  the report, the Competent Person
  should clearly explain why this is the case.

• Detailed information on Kincora's drilling at
  Trundle is given in the body of the report.

Data
aggregation methods

• In reporting Exploration Results, weighting
  averaging techniques, maximum and/or
  minimum grade truncations (e.g. cutting of
  high grades) and cut-off grades are
  usually Material and should be stated.
• Where aggregate intercepts incorporate
  short lengths of high grade results and
  longer lengths of low grade results, the
  procedure used for such aggregation
  should be stated and some typical
  examples of such aggregations
  should be shown in detail.
• The assumptions used for any reporting
  of metal equivalent values should be clearly stated.

• For Kincora drilling at Trundle the following methods
  were used:
• Interpreted near-surface skarn gold-copper intercepts
  were aggregated using a cut-off grade of 0.20 g/t Au
  and 0.10% Cu respectively.
• Porphyry gold-copper intercepts were aggregated
  using a cut-off grade of 0.10 g/t Au and 0.05% Cu
  respectively.
• Internal dilution below cut off included was
  generally less than 25% of the total reported
  intersection length and is noted in the summary
  tables of significant mineralised intervals of the respective holes.
• Core loss was included as dilution at zero values.
• Average gold and copper grades calculated as
  averages weighted to sample lengths.
• Historic drilling results in other project areas are
  reported at different cut-off grades depending
  on the nature of mineralisation.

Relationship between mineralisation widths
and
intercept
lengths

• These relationships are particularly
  important in the reporting of Exploration
  Results.
• If the geometry of the mineralisation with
  respect to the drill hole angle is known, its
  nature should be reported.
• If it is not known and only the down hole
  lengths are reported, there should be a
  clear statement to this effect (eg 'down
  hole length, true width not known').

• Due to the uncertainty of mineralisation orientation,
  the true width of mineralisation is not known at Trundle.
• Intercepts from historic drilling reported at other
  projects are also of unknown true width.

Diagrams

• Appropriate maps and sections (with scales)
  and tabulations of intercepts should be
  included for any significant discovery
  being reported These should include, but
  not be limited to a plan view of drill hole
  collar locations and appropriate sectional views.

• Relevant diagrams and figures are included in the body
  of the report, including the current working models and
  interpretations.

Balanced
reporting

• Where comprehensive reporting of all
  Exploration Results is not practicable,
  representative reporting of both low and
  high grades and/or widths should be
  practiced to avoid misleading reporting
  of Exploration Results.

• Intercepts reported for Kincora's drilling at Trundle are zones
  of higher grade within non-mineralised or weakly anomalous
  material.

Other
substantive exploration
data

• Other exploration data, if meaningful and
  material, should be reported including
  (but not limited to): geological observations;
  geophysical survey results; geochemical
  survey results; bulk samples - size and
  method of treatment; metallurgical
  test results; bulk density, groundwater,
  geotechnical and rock characteristics;
  potential deleterious or contaminating substances.

• No other exploration data is considered material to the reporting
  of results at Trundle. Other data of interest to further exploration
  targeting is included in the body of the report.
• Historic exploration data coverage and results are included in
  the body of the report for Kincora's other projects.

Further
work

• The nature and scale of planned further
  work (e.g. tests for lateral extensions or
  depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas
  of possible extensions, including the main
  geological interpretations and future drilling
  areas, provided this information is not commercially sensitive.

• Recent drilling has concluded at the Mordialloc, Mordialloc and
  Trundle Park targets at the time of publication of this report
  and plans for further step-out drilling are in place at the
  Trundle Park, Mordialloc and Botfield prospects.
• Reviews are ongoing and concluding for the newly identified
  North-East Gold Zone and recent Southern Extension (skarn)
  Zone discovery at the Trundle Park prospect.
  Further drilling and second phase programs are proposed at
  other Trundle project areas, including air core programs at the
  Mordialloc, Dunn's North and Ravenswood South prospects, that
  have complementary but insufficiently tested geochemistry and
  geophysical targets with the aim to find: (a) and expand near
  surface copper-gold skarn mineralization overlying or adjacent
  to (b) underlying copper-gold porphyry systems. Permitting,
  planning and drill rig/team scheduling is ongoing, and is subject
  to improved ground conditions.