Newly discovered higher-grade zones expand the large-scale gold-copper system at Trundle Park

  (a)

i.   Upper skarn: @ 735m within 734-736m @ 1.94 g/t gold & 0.94% copper, comprising: prograde garnet (olive)-magnetite (black)-pyrite (dark yellow)-chalcopyrite (yellow), cut by later retrograde carbonate (tan iron carbonate and white calcite)-hematite (red)-chalcopyrite (yellow)

ii.  Upper skarn: @ 757.4m within 756-758m @ 0.96 g/t gold & 0.48% copper, with a similar mineralogy description and paragenesis as mentioned in Figure 1 (a) i.

(b)

i.   Middle skarn (assay results pending): @ 828.6m LHS (towards contact with the overlying limestone unit and Middle Skarn unit with chalcopyrite clots of up to 5%) & @ 858m RHS (garnet-magnetite-pyrite-chalcopyrite)

ii.  Middle skarn (assay results pending): @ 877.6m, predominantly with magnetite (black)-garnet (olive)-disseminated pyrite (dark yellow) and disseminated chalcopyrite (yellow)  

iii.  Middle skarn (assay results pending): @ 892.4m LHS (garnet-magnetite-pyrite + disseminated chalcopyrite) & @ 905m RHS (magnetite-garnet-pyrite-chalcopyrite, cut by iron carbonate-calcite with clots of chalcopyrite) 

iv.  Middle skarn: @ 940.3m (assay results pending): magnetite (black)-garnet (olive)-disseminated pyrite (dark yellow) and disseminated chalcopyrite (yellow). 

(c)

i.   Lower skarn: @ 984.6m (assay results pending): developed in crystalline limestone (light-grey) with disseminated magnetite (black)-pyrite (dark yellow)-chalcopyrite (yellow) and hematite (red) along with later carbonate fill (white).

¹ gold equivalent calculated @ US$1834/oz gold and US$4.52/lb copper with 100% recoveries 

² Photos of selected intervals which are not representative of the mineralization hosted on the whole property or Trundle Park prospect but are of the alteration and lithology's intersected in the mineralised zones in these sections of drill hole TRDD029, and current working geological interpretation presented in Figure 2.

There is insufficient drilling data to date to demonstrate continuity of mineralised domains and determine the relationship between mineralization widths and intercept lengths. True widths are not known.

(a)

Plan view of Trundle Park prospect, multiple visually significant mineralised zones in TRDD029 and
ongoing hole TRDD030 - see Figure 2 (b) & (c) for sections

(b)

Working Leapfrog alteration model and section of the Trundle Park prospect

(Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

(c)

Key alteration and intrusions with significant mineralised intervals/holes

Illustration of strike/down dip target of TRDD030, noting collar distance to TRDD029 is ~685m

(Section line looking southeast through Figure 2 (a). Length ~1450m and width ~600m)

Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.
Internal dilution is below cut off; and, * Dilutions related with Core loss

For further details, including QAQC procedures, please refer to the following press releases:

1.

July 6, 2020 - Kincora announces high-grade gold-copper results from first hole at Trundle

2.

July 23, 2020 - Kincora reports further strong encouragement at Trundle

3.

September 3, 2020 - Kincora provides update on expanded drilling program at Trundle

4.

November 30, 2020 - Kincora intersects broad mineralised zones at Trundle

5.

January 20, 2021 - Kincora intersects further shallow mineralization at Trundle

6.

March 2021 - Independent Technical Report for the ASX prospectus 

7.

April 22, 2021 - Exploration Update

8.

July 8, 2021 - Exploration portfolio drilling update

9.

August 17 2021 - Significant gold-bearing intervals at Trundle Park

10.

December 7 2021 - Porphyry system extended to surface and depth at Trundle Park

11.

January 2022 - Multiple broad higher-grade intervals at Trundle Park

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 is the operator
  of the Trundle Project, with drilling using diamond 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)
  - 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.
• 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 96.7%, 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 is 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. 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
  w 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 three 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) and
  EL9320 (Mulla) 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) 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 materia
  l 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.
• 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 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
  Trundle are zones of higher grade within
  unmineralised 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.

• Drilling at the Mordialloc and Trundle Park targets
  are ongoing at the time of publication of this report
  and plans for further step-out drilling are in place
  at both the Trundle Park and Mordialloc prospects.
  Further drilling is proposed at other Trundle
  project areas, including air core programs at the
  Mordialloc, Dunns 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.