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Hole

Mud
Rotary

Diamond
Core

End
of Hole

Interpreted
Basement

Basement
Interval

Highlights

NYDD002

212.9

240.7

453.6

440.8

12.8

Chalcopyrite, bornite

NYDD003

257.8

168.6

426.4

255

171.4

Chalcopyrite

NYDD004

235.3

265.6

500.9

318

182.9

Chalcopyrite, pyrite, native copper

NYDD005

335.5

35.7

371.2

333

38.2

NYDD006

302.7

135.5

438.2

302.7

135.5

Chalcopyrite

NYDD007

305.7

210.6

516.3

305.7

210.6

Pyrite, molybdenite, chalcopyrite native copper

Total

1649.9

1056.7

2706.6

Hole

Copper
(ppm)

Gold
(ppm)

As
(ppm)

Mo
(ppm)

S
(%)

Ag
(ppm)

NYDD002 ¹

424

0.011

6.0

1.56

0.03

0.29

NYDD003 ²

378

0.016

29.4

1.23

0.19

0.24

NYDD004 ³

680

0.038

15.8

1.60

0.85

0.28

NYDD005 ⁴

159

0.014

16.8

1.48

1.08

0.66

NYDD006 ⁵

245

0.016

27.1

1.27

0.02

0.32

NYDD007 ⁶

472

0.215

11.1

211

3.49

0.59

Target

Hole

End of
Hole (m)

Dip
(°)

Azimuth
(true)

Easting
(MGA)

Northing
(MGA)

Elevation
(m)

Diamond Core
recovery (%)

South-West

NYDD002

453.6

-90

0

517309

6532972

149

99.9%

Ace of Spades

NYDD003

426.4

-90

0

533326

6554167

149

99.7%

Ace of Spades

NYDD004

500.9

-90

0

533918

6547408

149

97.5%

Ace of Spades

NYDD005

371.2

-75

247

529381

6557836

149

98.0%

Ace of Spades

NYDD006

438.2

-90

0

525242

6554783

149

99.7%

Ace of Spades

NYDD007

516.3

-90

0

525542

6545010

149

99.6%

Executive office
400 - 837 West Hastings Street
Vancouver, BC V6C 3N6, Canada
Tel: 1.604.283.1722
Fax: 1.888.241.5996

Subsidiary office Australia
Vista Australia
Level 4, 100 Albert Road
South Melbourne, Victoria 3205

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 Limited (Kincora) is the operator of the Nyngan Project (EL8929) undertaking exploration in partnership with AngloGold Ashanti under an earn-in and joint venture agreement.

• Drill hole planning, targeting, sampling and budgeting is discussed and agreed at quarterly technical committee workshops between Kincora and AngloGold Ashanti.

• Drilling ulitises mud-rotary to refusal followed by diamond coring methods by Ophir Drilling Pty Ltd from which sub-samples of core are taken over 2 m intervals and pulverised to produce suitable aliquots for fire assay and ICP-MS.

• Diamond drilling was used to obtain core samples from the ground, which was then structurally, geotechnically and geologically logged.

• Some sample intervals spanning lithological contacts or changes in alteration and mineralization were less than 2 m.

• Sampling was completed to industry standards with 1⁄4 core for PQ and HQ diameter diamond core and 1⁄2 core for NQ3 diameter diamond core sent to the lab for each sample interval.

• Samples were assayed via the following methods:
  - Gold: Au-Tl43 (Fire assay)
  -Multiple elements: ME-MS61 (4 acid digestion with ICP-MS analysis of 48 elements)
  - Assay results >10g/t gold and/or 1% copper are re-assayed
  - Hyperspectral: analysis of alteration minerals using Terraspec instrument and HYP-PKG

• All of the diamond core from the 2024 drilling of six holes has been cut and submitted to Australian Laboratory Services Pty Ltd (ALS) in Orange, with assays returned for all holes.

• An initial batch of nine core samples for petrological descriptions and confirmation of the lithologies, alteration assemblages, textures and paragenesis has been submitted, with results pending at the time of writing.

• Four quarter core samples have been submitted for U-Pb age dating of the zircon, titanite or apatite grains, with results pending at the time of writing.

• A suite of coherent (volcanic and intrusive) rocks have been chosen for lithogeochemistry, with results pending at the time of writing.

• Select existing pulps will be re-run as Li borate fusion discs to obtain more accurate trace element concentrations.

• Historic sampling on other projects included soils, rock chips and drilling (aircore, reserve circulation 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 Nyngan has used cost effective mud-rotary in the cover sequence rocks and diamond core drilling in the basement rocks with NQ triple tube diameter diamond core tail.

• Historic drilling on other Kincora projects have used a variety of methods including aircore, reverse circulation and diamond core.

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 - see Table 3.

• Core recoveries were recorded by measuring the total length of recovered core expressed as a proportion of the drilled run length.

• 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 holes are geologically logged for their entire length including lithology, alteration, mineralization (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 is photographed wet and dry

• Historic drilling was logged with logging mostly recorded on paper in reports lodged with the NSW State.

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 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 are quarter cored and NQ half cored.

• Sample sizes are considered appropriate the nature of lithology and mineralization being sampled.

• No 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-MS finish at ALS laboratories in Orange.

• For all holes, every 20^th sample was either a commercially supplied pulp standard or pulp blank Certified Reference Material. Results of the Certified Reference Materials provide confidence in the accuracy of the analyses returned from ALS.

• ALS provides its own quality controls including laboratory duplicates and blanks as part of its routine procedures and provides these results to Kincora.

• 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 personnel.

• 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 master online database maintained by Kincora. Transcribed data is verified by the logging geologist.

• Assay data is received from the laboratory in electronic format and uploaded to the master database. Digital copies of Certificates of Analysis are stored in the master online 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 to less than 5 m horizontal and vertical accuracy.

• Drillholes are surveyed downhole every 30 m using an electronic gyro instrument and when drillholes terminated a single shot is taken.

• For NYDD002 and NYDD003, a single shot gyro survey was taken every 12m while pulling out of the hole.

• Grid system used is the Map Grid of Australia Zone 55, GDA 94 datum.

• Topography in the area of Nyngan 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 Nyngan is at an early stage, undertaking a wide spaced initial scout drilling programme seeking to determine depth to basement and provide maiden samples of basement geology across separate magnetic complexes and key lithological domains to provide wide spatial coverage within the South West and Ace of Spades targets.

• 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 Nyngan 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 drill holes are either vertical for depth penetration or steeply angled toward geophysical targets.

• At this stage of drilling the orientation the orientation of any mineralized structures or mineralized intercepts has not yet been determined.

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 undertaken by Kincora at the Trundle Project dated January 31^st, 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
  Kincora has continued to follow similar sampling techniques, systems and controls.

• Regular site visits are undertaken by Kincora's asset level partner, AngloGold Ashanti, with quarterly technical committee workshops reviewing all aspects of the programme.

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.

• On May 28, 2024, Kincora announced a multi-phase Earn-In and Joint Venture Arrangement with a wholly owned subsidiary of AngloGold Ashanti Plc for the Northern Junee-Narromine Belt (NJNB) Project, including EL8929.

• EL8929 (the Nyngan Project) is wholly owned by Kincora.

• On March 18, 2024, a three-year extension was granted to Kincora for EL8929 until January 2027.

• The licence is in good standing and there are no known impediments to obtaining a licence to operate.

• 16 Assessable Prospecting Operation (APO) approvals for drilling are in place, enabling 16 drill holes with 6 holes having already been completed. Currently two amendments to APO's and four new APOs pending.

• Land access agreements are in place to execute the proposed ongoing scout drilling programme and expanded ground gravity survey.

Exploration done by other parties

• Acknowledgment and appraisal of exploration by other parties.

• All Kincora projects have had previous exploration work undertaken, albeit relatively limited prior drilling at the Nyngan Project.
  The review and verification process for the information disclosed herein and of other parties for the Nyngan 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.

• The Nyngan Project is interpreted to be located in the undercover northern extension of the Junee-Narromine Belt of the Macquarie Arc, part of the Lachlan Orogen.

• Targeted 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 mineralization, 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 Nyngan 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.

Kincora drilling at Nyngan the following methods were used:

• Porphyry gold-copper intercepts were aggregated using a cut-off grade of 200ppm copper.

• Internal dilution below cut off included was generally less than 25% of the total reported intersection length.

• 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 mineralization orientation, the true width of mineralization is not known at Nyngan.

• 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 tables are included in the body of the report.

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 Nyngan are zones of higher grade within unmineralized 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 Nyngan. 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.

• Areas within the South-West and Ace of Spades targets at the Nyngan Project have been chosen for a continuation of the scout drilling during 2025, seeking to provide further wide special coverage of interpreted intrusive complexes. New APOs and amendments to existing approvals are pending - see Figures 2 & 3.

  • An expanded ground gravity survey across both targets is proposed with land access agreements in place - see Figures 2 & 3.

• Coupled with more detailed geoscientific studies, including petrology, lithogeochemistry and geochronology, the continuation of the scout drilling programme and expanded ground gravity survey will assist with specific vectoring and a proposed second phase follow-up diamond drilling programmes during 2025.