Kincora Copper Limited press release

Kincora Secures Option over Outcropping Porphyry Project

2026-10-26

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Zinc · Lead · Arsenic · Canada · M&A / Asset Transactions

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Low-cost Option Agreement to secure 100% interest in six early-stage copper-gold exploration licences covering 1,147km²located in the Lachlan Fold Belt, Australia

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Flagship is an underexplored outcropping mineralised porphyry project located in a highly prospective exploration and major mining region of the Macquarie Arc

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Near-term drilling planned to validate, and seek to extend, prior interval of 48m @ 0.35% copper and 0.31g/t gold at the Dairy Hill prospect within the Boree Creek project 1

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Option Agreement increases Kincora's hybrid prospect generator model with focused, low cost, systematic modern exploration to confirm geological concepts and increase scale potential before seeking an asset level partner

Melbourne, Australia--(Newsfile Corp. - October 26, 2026) - Copper-gold explorer and hybrid project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincoraor the Company) is pleased to announce it has secured an exclusive Option Agreement with Lightning Minerals Limited (Lightning) (ASX: L1M) to purchase 100% interest in some or all of six early-stage exploration licences in the Lachlan Fold Belt.

Of note, the licences include the Boree Creek project, hosting an outcropping Macquarie Arc porphyry copper-gold system, and the Corryong project, hosting a multi-reef Victorian gold field target, prospective for porphyry mineralisation and adjacent to the same namesake project recently the focus of Indigo Metals' agreement with Dart Mining.

Limited shallow drilling at the Boree Creek project has targeted an outcropping mineralised volcanic and intrusive system at the Dairy Hill prospect. There has been no regional surface exploration, geophysics or modern systematic exploration of substance across the wider project and greater than 10km strike potential. A highlight of limited RC drilling by CRA Exploration Ltd / Rio Tinto (JV) was 48m @ 0.35% copper and 0.31g/t gold from 96m (downhole; true width unknown) drilled in 1994 below outcrop1.

The Dairy Hill prospect is interpreted to be located on the arc parallel Columbine Mountain Fault 2that may also localise porphyry mineralisation at the Copper Hill project located ~20km to the north (hosting a Measured, Indicated and Inferred Mineral Resource of 190Mt @ 0.28% copper, 0.28g/t gold and 1.3g/t silver, containing 0.52Mt copper, 1.72Moz gold and 7.9Moz silver 3) and the Spur project ~20km to the south (currently the focus of an 11 drill rig program by Waratah Minerals 4). The project is surrounded by ground held by, or subject to earn-ins with, Gold Fields, Alkane and Regis Resources, and encloses part of the Lachlan Transverse Zone which crosses the Molong Belt about 15 km WNW of the Cadia-Ridgeway group of copper-gold ore deposits 5.

Sam Spring, Kincora President & CEO, commented,

"_The low-cost option to secure 100% of a known outcropping Macquarie Arc porphyry system with limited follow up in 20 years in proximity to very significant current exploration and mining activities provides significant leverage to exploration success. First-principles, systematic and cost-effective exploration is expected to significantly advance the Boree Creek project and our geological concepts. _

The agreement increases the scale of Kincora's hybrid prospect generator model and is a unique opportunity that we are very excited to drill in the nearer term."

[](https://images.newsfilecorp.com/files/2305/320822_7dd65816c4a678c6_002full.jpg)

Figure 1: A unique opportunity to secure one of the last underexplored and mineralised porphyry systems with outcrop in the Macquarie Arc Strategically located in a highly prospective exploration and major mining region of Australia's foremost copper-gold district. Near term drilling by Kincora is proposed at the Dairy Hill prospect within the Boree Creek project.

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2305/320822_7dd65816c4a678c6_002full.jpg

Transaction Highlights

Kincora has paid a non-refundable $100,000 option fee to Lightning, an arm's-length party, providing for a 9-month exclusive option to purchase a 100% interest in some or all of the licences comprising the Boree Creek, Burdett, Manildra, Corryong and Gundagai projects.

The Company has the obligation to complete not less than 400m of diamond core drilling on Exploration Licence 9273, part of the Boree Creek project, and/or other exploration (if any) sufficient to support licence renewal in 2027.

Upon exercise, Kincora will secure 100% of the nominated licences free from any encumbrances and will pay to or issue to Lightning (or its subsidiary or nominee):

1. $100,000; and,

1. 153,837 ordinary fully paid shares.

Post completion of the Transaction, and upon renewal of Exploration Licence 9273 in full, Kincora will issue to Lightning a further 102,558 ordinary fully paid shares (or to its subsidiary or nominee). Issuance of Kincora share consideration is subject to TSX Venture acceptance and pursuant to existing capacity under ASX Listing Rule 7.1.

This low-cost, staged structure gives Kincora capital-efficient exposure to, and optionality over, a substantial district-scale package ahead of only the third diamond drill hole at the Boree Creek project.

Boree Creek Copper and Gold Project

The Boree Creek project is one of the last underexplored porphyry systems with mineralised outcrop in the Macquarie Arc. It is strategically located in an immediate major gold and copper mining and exploration district dominated by major industry players, benefiting from established infrastructure, no seasonality, cost effective exploration and favourable ESG considerations.

While attracting a number of major exploration and mining companies, such as Anaconda, AMAX, Billiton, Geopeko, CRA Exploration, Rio Tinto, Mt Isa Mines Ltd and Alkane Resources, amongst others, the project has only previously had 53 holes for 2488 metres of drilling in total 6with limited exploration of substance in the last 20 years.

Prior drilling has been focused across a ~370m quartz-feldspar outcropping strike at the Dairy Hill prospect and produced encouraging results at shallow depths including (all intervals downhole; true widths unknown; refer Appendix 1):

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48m @ 0.35% Cu, 0.31 g/t Au from 96m (RC94DH06)1

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incl. 6m @ 0.55% Cu, 0.39 g/t Au from 120m

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incl. 3m @ 0.64% Cu, 0.89 g/t Au from 141m

Previously reported prior explorer drilling includes: 14 holes for 1752 metres of RC; 37 holes for 74 metres of auger; and, 2 holes for 662 metres of diamond, including one diamond hole by Alkane Resources at depth which led to them exiting the project in 2007, and no exploration of significance having taken place since. Other than this one hole the system hasn't been tested at depth, presenting opportunities for further exploration including geophysics as well as drill target generation further along strike utilising cost effective systematic surface exploration.

Near-term drilling is planned to validate, and seek to extend, the prior interval returned in RC94DH06, gaining diamond core, supporting assaying for pathfinder elements and other modern exploration sampling techniques. Drilling and the option milestone payments are funded from Kincora's existing cash position (estimated to be approximately $13-million).

Limited historical records note both mineralised dacite and monzonite porphyry intrusions with propylitic-potassic alteration, the latter with a K-feldspar-magnetite chalcopyrite association, which is overprinted by magnetite-destructive phyllic (sericite) alteration.

The location and interpreted relationship to the arc parallel Columbine Mountain Fault creates risk, in terms of fault blocks and immediate scale at the Dairy Hill prospect, and opportunity, given the wider untested strike potential over greater than 10km and that the fault may also localise porphyry mineralisation at the intrusive complexes at Copper Hill to the north and Spur to the south.

Subject to land access and permitting, Kincora expects to commence first-pass systematic exploration in the near term providing clear catalysts for the Boree Creek project.

The Burdett and Manildra projects, also optioned by Kincora, are large, single licence, early-stage exploration projects to the west of the Boree Creek project. These projects are adjacent to ground held by privately owned Gold and Copper Resources Pty Limited, which has a number of multi-phase, multi-project option and joint venture agreements with Gold Fields.

Corryong Gold, Molybdenum and Copper Project

The Corryong licence is located in the Lachlan Fold Belt on the Victorian side of the NSW-Victorian border and adjacent to the same namesake project recently the focus of Indigo Metals' agreement with Dart Mining 7.

Prior desktop reviews of available data, including rock chip and auger samples, suggest the licence may be host to orogenic gold, polymetallic skarn and porphyry style mineralisation (+/- molybdenum, gold, copper and silver), as well as reef-style Victorian gold with informal mining at the Mt Elliot and New Chum workings.

The Mt Unicorn deposit lies 17 km south-east of the Corryong licence and hosts a Mineral Resource of 203 Mt @ 596 ppm molybdenum equivalent (at a 400 ppm molybdenum equivalent cut off) in a molybdenum-copper-silver porphyry system8.

Table 1: Option Agreement –Licence schedule

| Project | Licence | Name | State | Size | Renewal | | Boree Creek | EL9273 | South | NSW | 34 km² | Aug 2027 | | | EL9609 | North | NSW | 12 km² | Oct 2029 | | Burdett | EL9172 | Burdett | NSW | 234 km² | May 2027 | | Manildra | EL9148 | Manildra | NSW | 278 km² | May 2027 | | Gundagai | EL9274 | Gundagai | NSW | 163 km² | Aug 2027 | | Corryong | EL008345 | Corryong | Victoria | 426 km² | Jul 2030 | | Total | | | | 1,147 km² | |

Notes:

$ = Australian Dollars unless otherwise stated

References:

1Sourced from Lightning Minerals, ASX announcement "_Acquisition of Advanced Brownfields Gold and Copper Projects in QLD and NSW"_(June 30, 2025), including its JORC Code 2012 Table 1 (Appendix 1) and drill hole and intercept tables (Appendix 3), and originally reported by CRA Exploration Ltd / Rio Tinto (JV) 1994 – NSW Digital Imaging Geological System Reports (DIGS) No. R00000144 (https://search.geoscience.nsw.gov.au/report/R00000144).

Drill hole information and a JORC Code 2012 Table 1 summary are provided in Appendix 1. Near term diamond drilling by Kincora is planned to validate and extend this prior RC hole. Historical exploration results and interval(s) were publicly reported by the previous explorers named above; the reported intervals have been checked by Kincora's Competent Person against CRA Exploration's original drill hole summary sheet, although the underlying assay data have not been independently verified; and they are reported in accordance with the JORC Code 2012, subject to the limitations of the historical data set out in Appendix 1 (see Competent Person's Statement below). It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced.

2Key regional structures are often important for forming mineral systems and deposits in the Macquarie Arc and other globally significant porphyry belts. The current working regional geological interpretation and other mineral systems in the immediate region demonstrate district fertility only; not implying grade, scale or continuity onto the optioned licences of Kincora's.

References to the Copper Hill resource and the Spur project drilling program relate to other companies' projects and are based on those companies' public disclosures. Kincora is not aware of any new information or data that materially affects the information as disclosed. Nothing in this announcement implies any resource, reserve, grade, scale or continuity on Kincora's optioned tenements.

3Copper Hill Mineral Resource Estimate reported under the JORC Code 2012 within an optimised reporting pit shell, comprising 148Mt @ 0.32% Cu and 0.28g/t Au at a 0.2% Cu cut-off plus a further 42Mt @ 0.13% Cu and 0.28g/t Au below the 0.2% Cu cut-off but above a 0.2g/t Au cut-off; approximately 31% Measured, 39% Indicated and 30% Inferred; excluding a further exploration target. Sourced from Golden Cross Resources Ltd, ASX announcement "_Substantial increase in Mineral Resource Estimate at Copper Hill_" (September 6, 2022).

Kincora is not aware of any new information or data that materially affects the information as disclosed.

4Number of current drill rigs operating at the Spur project sourced from Waratah Minerals, ASX announcement _"Precious Metals Summit Presentation" _(September 23, 2026).

Kincora is not aware of any new information or data that materially affects the information as disclosed.

5Originally reported by Mount Isa Mines Ltd 2002 – NSW Digital Imaging Geological System Reports (DIGS) No. R00032788 (https://search.geoscience.nsw.gov.au/report/R00032788).

6Prior explorer and activities sourced from 2025 Annual Exploration Report for Exploration Licence No 9273 (1992).

Historical exploration results and interval(s) were reported by the previous explorers named above; they have not been independently verified by Kincora or a Competent Person engaged by Kincora and are not to be regarded as being reported, adopted or endorsed by Kincora (see Competent Person's Statement below).

7Sourced from Dart Mining NL, ASX announcement "_DTM enters into agreement with Indigo Metals Limited_" (June 9, 2026).

8Mt Unicorn Mineral Resource Estimate sourced from Dart Mining NL, ASX announcement "_Scoping Study Confirms Unicorn Economics_" (October 17, 2012). At a 400 ppm molybdenum equivalent (MoEq) cut-off, the total Mineral Resource (102 Mt Measured, 35 Mt Indicated and 66 Mt Inferred) grades 355 ppm Mo, 480 ppm Cu and 2.97 g/t Ag and contains approximately 72,000 t molybdenum, 98,000 t copper and 19.4 Moz silver. Dart Mining calculated MoEq as MoEq (ppm) = Mo (ppm) + Cu (ppm)/3.44 + 34.3 × Ag (g/t), using average market prices from 22 June to 23 August 2012 of A$25,871/t Mo, A$7,525.70/t Cu and A$27.60/oz Ag. The formula does not apply metallurgical recoveries; metallurgical test work reported by Dart Mining returned recoveries of up to 92.3% Mo, 96.1% Cu and 82.6% Ag. The estimate was prepared by AMC Consultants Pty Ltd and reported by Dart Mining under the 2004 Edition of the JORC Code; it has not been updated to comply with the JORC Code 2012.

Historical Mineral Resources, exploration results and interval(s) were reported by the previous explorers named above; they have not been independently verified by Kincora or a Competent Person engaged by Kincora and are not to be regarded as being reported, adopted or endorsed by Kincora (see Competent Person's Statement below).

Kincora is not aware of any new information or data that materially affects the information as disclosed. Other mineral systems in the immediate region demonstrate district fertility only; not implying grade, scale or continuity onto the optioned licences of Kincora's.

About Kincora

Kincora Copper Limited (ASX: KCC) (TSXV: KCC) is an emerging Australia-focused gold-copper explorer with a hybrid project generator strategy.

The Company is successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia's Lachlan Fold Belt, one of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar basin in NSW.

The Company has already unlocked over $100 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects. These initial deals have supported over 20,000 metres of drilling and over $10m of partner funded exploration since late 2024, with management fees and exploration ramping up.

Various partner discussions are ongoing for its remaining 100% owned flagship and advanced exploration stage porphyry projects.

By having a significant portfolio of partner funded large porphyry projects, and very focused, capital-efficient programs at the Condobolin and other sole funded projects, the Company is seeking to position Kincora as a leading institutional grade explorer in the public Australian and Canadian markets, and the leading project generator on the ASX.

The Company's website is: www.kincoracopper.com

This announcement has been authorised for release by the Board and Technical Committee of Kincora Copper Limited (ARBN 645 457 763)

| FOR FURTHER INFORMATION PLEASE CONTACT: | | | | | | Sam Spring, President and Chief Executive Officer | Kaitlin Taylor, Investor Relations | | sam.spring@kincoracopper.comor +61431 329 345 | investors@kincoracopper.com | | | | | Executive office | Subsidiary office Australia | | 400 – 837 West Hastings Street | C/- JM Corporate Services | | Vancouver, BC V6C 3N6, Canada | Level 6, 350 Collins Street | | Tel: 1.604.283.1722 | Melbourne, VIC, Australia 3000 |

Qualified Person

The scientific and technical information in this announcement 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 and compiled from publicly available and referenced sources by Kincora's President & CEO, Sam Spring, under the supervision of Cerith Frame (B.Sc. (Hons) Exploration & Resource Geology, MAIG 11594), Exploration and Business Development Manager and member of Kincora's Technical Committee, who is a Qualified Person for the purpose of NI 43-101. The Qualified Person has verified the reported RC94DH06 intervals against CRA Exploration's original drill hole summary sheet but has not independently verified the underlying historical exploration data referred to in this announcement, including the sampling, analytical and quality assurance/quality control procedures used by previous explorers, and such data should be regarded as historical in nature.

JORC Competent Person Statement

Information in this announcement that relates to Exploration Results or Mineral Resources is based on, and fairly represents, information compiled by Kincora's President & CEO, Sam Spring, that was publicly available and been previously reported (with the original release(s) and/or source documents referred to in this announcement), and been reviewed and approved by Cerith Frame (B.Sc. (Hons), MAIG 11594), a full-time employee of Kincora, Exploration and Business Development Manager and member of Kincora's Technical Committee, who is a Competent Person under the definition established by JORC. Mr. Frame has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. During Kincora's review and due diligence process of the Lightning licences nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the former owners' and explorers' Exploration Results. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced. Mr. Frame consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

This announcement refers to historical exploration activities and results, including drilling completed by Anaconda, AMAX, Billiton, Geopeko, CRA Exploration, Rio Tinto, Mt Isa Mines Ltd and Alkane Resources, amongst others, and to mineral resource estimates previously reported by other companies in respect of the Copper Hill and Mt Unicorn deposits. Third-party information, including the Copper Hill and Mt Unicorn Mineral Resource estimates, is not to be regarded as being adopted or endorsed by Kincora. No Mineral Resource has been estimated at the Boree Creek project. The historical RC94DH06 exploration results are reported in accordance with the JORC Code 2012, subject to the limitations of the historical data set out in Appendix 1, and during the Option Agreement period Kincora plans to validate, and seek to extend, the prior reported interval of 48m @ 0.35% copper and 0.31g/t gold in RC hole RC94DH06 at the Dairy Hill prospect within the Boree Creek project (uncut, three-metre samples and true widths unknown). Drill hole information and a JORC Code 2012 Table 1 summary for the historical Dairy Hill drilling are set out in Appendix 1. The planned diamond hole, and/or any other potential surface exploration sufficient to renew EL9273 in 2027, are funded from the Company's existing cash balance (approximately $13-million). It is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced.