Kincora and AngloGold Ashanti Exploration Expands and Upgrades Nevertire with Drilling Recommenced

2026-02-10

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Melbourne, Australia--(Newsfile Corp. - February 10, 2026) - Copper-gold explorer and hybrid prospect generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased to provide an update on strong initial results and an acceleration of exploration activities following completion of the Phase 1 drilling program at the Nevertire and Nevertire-South projects. The programs are being conducted under earn-in and joint venture agreements with AngloGold Ashanti Australia Limited (AngloGold Ashanti).

Phase 1 drilling has upgraded the immediate target zone and reaffirmed Kincora's view that the Nevertire Magmatic Complex (NMC) represents the most advanced and geologically prospective porphyry project within the covered northern extensions of the Macquarie Arc. Drilling has now recommenced to follow up high-priority targets advanced during the second half of 2025.

In parallel, exploration activities have expanded to materially increase the search space to the south of the NMC. New geophysical surveys and a review of prior explorer drilling are underway to systematically evaluate and advance a prospective strike length exceeding 40km across the Nevertire and Nevertire South licenses.

HIGHLIGHTS

Extensive porphyry complex with multiple discovery potential confirmed: Phase 1 drilling (8-holes for 3385.2 metres, completed in 2H'2025) validated the presence of a large, highly prospective composite volcanic-intrusive complex across a greater than 5.4km strike at the Nevertire Magmatic Complex (NMC). Drilling intesected porphyry related lithologies, alteration, and vein hosted and disseminated copper, gold and pathfinder mineralisation.

Targets upgraded; follow-up drilling underway: Phase 1 successfully upgraded the immediate target zone (open in all directions) and generated strong vectors for follow-up drilling. Copper and gold grades suggest increasing proximity to one or more porphyry system centre(s) (Figure 5). High-priority infill and step-out drilling has recommenced to further refine vectoring patterns and test multiple potential porphyry centres.

Scale increased to province-scale: Phase 1 results combined with a review of prior explorer drilling support a greater than six-fold increase in the prospective strike length across the Nevertire and Nevertire South licenses. An initial ~110km² gravity surveying has been completed as part of a planned ~400km² program. The results, together with historical core resampling, are expected to refine step-out and scout drilling targets across multiple newly interpreted Macquarie Arc intrusive complexes.

Expanded scout drilling planned at Nyngan: Planning and permitting are underway to expand scout drilling at two targets at the Nyngan license along with a potential first-ever hole at the adjacent Nyngan South license.

Strong partnership and commercial alignment: The Nyngan, Nyngan South, Nevertire South and Nevertire projects form part of two earn-in and joint venture agreements with AngloGold Ashanti, which has the right to invest up to A$100-million across a total of five projects covering a continuous strike greater than 100km within Kincora's Northern Junee-Narromine Belt (NJNB) portfolio. Kincora currently manages the programs and receives a 10% management fee on expenditures.

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

"Initial results have been very positive, validating Newcrest's prior analogues to the Cadia-Ridgeway and the Goonumbla (Northparkes) porphyry deposits and reaffirmed our view that the Nevertire Magmatic Complex is the most advanced and prospective porphyry project in the covered northern extensions of the Macquarie Arc.

As a result, activities have been expanded to both follow up immediate high priority targets with drilling but also systematically advance a province-scale pipeline across a greater than 40km strike.

Phase 1 drilling included large step-out holes from two previously favourable Newcrest intercepts and successfully upgraded the immediate target zone. We are very excited to have recommenced drilling, as the results indicate a new, large-scale mineralised system with the geological characteristics required for multiple discoveries.

Additional scale is also emerging to the south. A review of prior explorer drilling and a ground gravity survey completed in late 2025 have highlighted significant southern extension potential, where favourable basement intersections, anomalous results, and untested magnetic and gravity anomalies remain open for drill testing.

Separately, planning continues to support further scout drilling at the Nyngan and potentially Nyngan South projects. With a portfolio exceeding 2,350km² and a strong partnership with AngloGold Ashanti, Kincora is well positioned to systematically advance this unique, province-scale opportunity, offering substantial leverage to shareholders."

NEVERTIRE AND NEVERTIRE SOUTH PROJECTS

Target specific drilling

Following the April 2025 amended and second earn-in agreement with AngloGold Ashanti 1, a first phase drilling program commenced at both the Nevertire and Nevertire South licenses in 2H'2025. The program benefitied from unimpeded access across the consolidated ~8 x 12km Nevertire Magmatic Complex (NMC) and was designed to follow up two prior favourable drill results reported by Newcrest Mining and the most northern drilled holes at the NMC.

Newcrest holes ACDNY005 and ACDNY006 were drilled ~2.7km apart, in the central portion of the NMC, and returned "lithologies, alteration and veining consistent with a setting similar to the Cadia-Ridgeway and Goonumbla (Northparkes) porphyry Cu-Au deposits" 2. Kincora's relogging of these holes, led by technical director John Holliday, supported this interpretation.

The Phase 1 program included large scale step-out drilling and was designed to identify and define vectoring patterns toward potential porphyry centres. This program was very encouraging in providing strong vectors, upgrading the immediate target zone, supporting Newcrest's previous interpretation and reaffirming the Company's view that the NMC is the most geologically prospective porphyry project in the northern covered extensions of the Macquarie Arc.

The 8 hole program, totalling 3385.2 metres, utilised cost-effective mud-rotary drilling through the relatively soft post mineral cover sequence, followed by NQ3 diamond core drilling of the porphyry-prospective basement. All holes intersected basement. Drilling to date has intersected the NMC at shallow to moderate depths, with basement mostly at ~70m (in the south-west) to a 250m depth.

Step-out drilling across a greater than 4km of strike intersected multiple porphyritic intrusive phases beneath a moderate thickness of post-mineral cover - see Figures 4-5 and Tables 1-4. Lithologies intersected include monzonite, diorite, dacite, and crowded pyroxene-hornblende andesites - see selected core photographs in Figure 6. Favourable alteration and porphyry-style veining were observed, with copper, gold and pathfinder element geochemistry providing vectors for high-priority follow-up drilling, including copper grades suggestive of increasing proximity to a porphyry system centre(s) (see Figure 5).

High priority infill and further step-out drilling has recommenced to discover and refine vectoring patterns toward prospective porphyry centres.

Larger scale new target and intrusive complex generation

As previously announced, following encouraging initial visual observations, follow-up geophysical surveys commenced in 2H'2025, together with a review of prior explorer drilling results and ground gravity survey data 3.

These activities have resulted in a material increase in the prospective search space across the Nevertire and Nevertire South licenses, supporting a total prospective strike of greater than 40km N-S, representing a greater than 6x increase relative to the initial Phase 1 drill strike extent - see Figure 3.

A gravity survey covering ~110km2 has been completed and is currently being intergrated with legacy gravity data-sets, totalling ~148km2, acquired by prior explorers. These historical surveys were variable in coverage density and spatial distribution, reflecting piecemeal target-specific objectives. When combined with the new systematic gravity coverage, the dataset is expected to support a more coherent district-scale interpretation, with a further ~290km² of gravity surveying planned in 2026.

Prior explorer drilling across the southern extensions of the NMC includes 23 diamond holes totalling 7,383.7 metres, with some drillcore hosted in the publicly accessible Londonderry core library at the NSW Government's WB Clarke Geoscience Centre. Numerous historical drillholes in the Nevertire South priority area and adjacent southern targets were only partially sampled or analysed for a limited element suite, and most critical porphyry pathfinder elements were not consistently assayed.

As a result, multiple historical drillholes intersecting basement, coincident with favourable magnetic and/or gravity anomalies and returning anomalous geochemical results, were not advanced beyond initial testing. Many of these intersections are now recognised to be spatially associated with interpreted Macquarie Arc intrusive complexes that remain open and untested.

Resampling, re-logging and modern analytical work on high-priority historical drillholes, together with new geophysical data, is planned and is expected to expand and systematically advance the exploration pipeline, refine further step-out and scout drilling targets, and support evaluation of multiple potential new Macquarie Arc intrusive complexes.

Figure 1: Kincora and AngloGold Ashanti have partnered to explore new district-scale undercover extensions of the world-class Macquarie Arc in the Northern Junee-Narromine Belt via two earn-in and joint venture agreements, currently aggressively drilling large greenfield targets

Kincora has a portfolio of eight active projects, including managing two earn-in programs with AngloGold Ashanti, receiving a 10% management fee on expenditures, and covering a continuous 100km strike across 5 adjacent licenses (see References footnote 7 for source data for disclosed inventory/metal endowment)