Kincora Copper : ASX Statement of CDIs on Issue

Extensive multiple system porphyry complex confirmed at Trundle

• All five diamond holes of the current Trundle project program have confirmed an extensive multiple system gold-copper complex

1. Four adjacent mineralised system targets drilled with shallow higher grade and board gold-copper mineralised zones

1. Assay results received for four of the five holes are to hand, with a technical workshop planned for the end of May to review final results and plan follow-up activities

o A 3.2km gold-copper mineralised strike remains open to the north and south, confirmed up to 900m wide (open) and a vertical depth of greater than 800m

• Maiden Kincora drilling program has commenced at the Condobolin project while Trundle results are finalised and workshop completed

1. Drilling at the Condobolin project tests new geological concepts at existing high grade and shallow gold-base metal targets at the Meritilga, Phoenix and Tilga prospects

Melbourne, Australia - May 10th, 2023

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

"The results of this program further illustrate the very extensive scale (3.2km and open) of the mineralised zone at the southern portion of the Trundle license. The zone has demonstrated higher grade potential, including most recent assay results of up to 2.24% copper and 1.75g/t gold.

The most northern three holes intersected significant zones of mineralisation and alteration from near surface in a composite intrusive system, including the strongest and longest interval of potassic (biotite) alteration to date at the project within the North-East Gold Zone.

To the south, an extensive mineralised magnetite skarn has been discovered by Kincora along a 900m NW-SE trending strike from over 800m vertical depth in the Southern Extension Zone to only 240m at the adjacent Botfield prospect. This is a very significant mineralising skarn system, with the porphyry intrusive source rocks and pathways to the skarn open for further exploration.

Alteration zones and grades encountered in all holes of this program are suggestive of being in a proximal porphyry setting and continue to strongly support our exploration concept that Trundle has the potential for a series or cluster of porphyry- related ore deposits.

Following receipt of pending assays a detailed workshop is scheduled to design more drill targets at Trundle, as drilling continues at the Condobolin project and as we work through a large number of gold-copper discovery opportunities across a pipeline of 5 projects."

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• Highlights of new results from Trundle

1. Botfield prospect - assay results for hole TRDD037 (western hole) with a high-gradevein and mineralised skarn from 112m and 330m vertical, respectively:

1. 2.9m @ 0.95% copper and 0.62g/t gold within coarse banded chalcopyrite- bornite-pyrite veins (from 129-132m), including 0.9m @ 2.24% copper and 1.75g/t gold (from 131m).

o 31m of anomalous gold and copper within a banded magnetite-pyroxene- feldspar skarn with pyrite and chalcopyrite, and a later massive magnetite- pyrite-chalcopyrite skarn (from 393-424m).

1. Botfield prospect - visual interpretation of hole TRDD0391 (eastern hole) with a high- grade vein and mineralised skarn from 80m and 240m vertical, respectively:

o Strong hydrothermal hematite-silica alteration overprinting early feldspar altered volcaniclastic conglomerate and coarse banded chalcopyrite-pyrite veins (from 92-94m).

o Semi-massive to massive magnetite skarn, including early garnet veins overprinted by retrograde magnetite (massive) cut by a carbonate-chalcopyrite vein at 288.6m (from 284.5-322.40m).

o North-EastGold Zone prospect - assay results for hole TRDD038 with the strongest and longest interval of potassic alteration with sulphides to date at Trundle (from 220.5m to end of hole) within multiple intrusions and the adjacent wall- rocks:

• 1. 135.5m @ 0.23g/t gold, 0.02% copper and 10ppm molybdenum from 220.5m o hole remains open (end of hole 357.3m) pending upcoming workshop noting:
     o 3m @ 0.53 g/t gold and 0.03% copper from 243m o 2m @ 0.73g/t gold and 0.11% copper from 354m
     20m @ 0.20g/t gold, 0.02% copper and 48.9ppm molybdenum from 326m
• Drilling commenced at the high grade Meritilga prospect with promising initial visual results 1

1 In relation to the disclosure of visual results and estimates, the Company cautions that visual results and estimates should not be considered a proxy or substitute for laboratory analysis, which are required to determine the widths and grade of the mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available, expected in the next month for the Trundle project and June for the Condobolin project.

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Figure 1: Kincora's drilling at the Trundle project is has confirmed an extensive multiple system porphyry complex across 4 adjacent system targets and 3.2km mineralised strike. Neighbouring explorer drilling has also tested the western and southern extensions of existing known mineralised systems and potential common targets.

Current phase of drilling holes

2023 drilled hole

Planned/

Grant hole

Prior Collar

>500ppm Cu &/ or >0.1g/t Au

Open directions

Dunn's

North

Dunn's

South

Significant mineralisation in four separate & adjacent porphyry / skarn systems across 3.2km strike:

12.5m @ 2.77g/t Au (from 77.5m)

44.4m @ 0.36g/t Au, 0.19% Cu &

41ppm Mo from 52.5m, incl:

• 8.6m @ 1.21g/t Au, 0.26% Cu, 90ppm Mo

• 4.5m @ 0.50g/t Au, 0.79% Cu, 180ppm Mo

Background :Total

Magnetics, TMI

N

05km

Central

Zone

Cross section Figure 2

SEZ

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Eastern

Zone

NE Gold

Zone

Botfield

135.5m @ 0.23g/t Au, 0.02% Cu &

10ppm Mo from 220.5m

	Botfield
Western hole		Eastern hole
High grade veins &		High grade veins &
mineralised skarn		mineralised skarn
from 112m & 330m		from 80m & 240m
vertical:		vertical:
•	2.9m @ 0.95%		•	Coarse banded
	Cu, 0.62g/t Au			chalcopyrite-
•	(from 129-132m)			pyrite vein
31m magnetite		•	~40m
	skarn hosted			magnetite
	anomalous Au-			skarn
	Cu (from 393-424m)		(visual results only 1 )

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		Open
			3.2km
			mineralised
			corridor
		Open
Trundle license: EL8222	Magnetic
Kincora diamond drill hole
anomalies
Kincora air-core drill hole	Rimfire prospects
>500ppm Cu &/or >0.1g/t Au	FMG prospects

Drilling update

Kincora Copper Limited (ASX & TSXV: KCC, Kincora or the Company) is pleased to provide an exploration update from drilling activities in the Lachlan Fold Belt (LFB) in NSW, Australia, as the ongoing program seeks to test a total of 13 gold-copper discovery opportunities across a pipeline of 5 projects.

Kincora has completed five diamond drill holes at four adjacent but separate mineral system targets at its flagship Trundle project, located in a brownfield setting within the Northparkes Igneous Complex of the Macquarie Arc. All holes have intersected zones of gold-copper mineralisation at shallow depths with broader lower grade intervals and localised higher grades.

Assay results returned for four holes, and detailed geological logging of all holes1, are suggestive of an interpreted proximal setting to the targeted porphyry intrusions. This setting, coupled with the coincident magnetic response, across a long strike, and open both to the north and south, strongly supports the Company's concept that the southern portion of the Trundle project has the potential for a series or cluster of high-grade and gold endowed porphyry copper and skarn deposits.

Kincora's drilling has confirmed a 3.2km mineralised strike, from shallow depths, up to 900m wide (open) and vertical depth of greater then 800m.

The observed alteration and mineralisation at each prospect drilled during this program are interpreted to be analogous to a proximal setting in comparison to the deposits at Northparkes and Cadia mines.

A workshop, led by the Company's technical committee, is scheduled for the end of the month to undertake an analysis and review, pending results, to assist and plan follow-up exploration activities and drilling at the Trundle project.

In the interim, a maiden Kincora drilling program has commenced at the Condobolin project, located within the Cobar Superbasin and serviced from the Company's Trundle regional base. This program will test three near surface, high-gradegold-base metal targets within a 2km radius.

Trundle project

Kincora's current phase of drilling at the Trundle project commenced in January2 and has drilled 5 diamond holes for 1,972m testing four adjacent mineral systems.

Gold-copper mineralisation at shallow depths have been intersected in all five holes drilled in the current program with assay results for drilling at the Dunn's North and Dunn's South prospects previously reported 3 with higher grade results including:

• Dunn's North (TRDD035): 12.5m @ 2.77g/t gold from 77.5m, with 2m @ 14.2g/t gold
• Dunn's South prospect (TRDD036): 31m @ 0.49g/t gold, 0.25% copper and 55ppm molybdenum from 65.9m, including:

1. 8.6m @ 1.21g/t gold, 0.26% copper and 90ppm molybdenum from 65.9m, with 1m @ 6.88g/t gold, 0.30% copper & 46ppm molybdenum

1. 4.5m @ 0.50g/t gold, 0.79% copper and 180ppm molybdenum from 92.4m, with 0.5m @ 1.72g/t gold, 2.54% copper and 721ppm molybdenum

Assay results are now to hand for Kincora's first hole at the Botfield prospect and a step out hole at the North-East Gold Zone, with visual reports for a follow up second hole at Botfield.

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Figure 2: Extensive mineralised magnetite skarn system coming toward surface

Causative mineralising porphyry source and pathway yet to be confirmed for the Southern Extension Zone (SEZ)-Botfield magnetite skarn

Cross Section

W

SEZ

Botfield

E

Historical workings

TRDD029

36m @ 0.68 g/t Au, 0.29% Cu incl.:

4m @ 1.19 g/t Au, 0.59% Cu, &:

34m @ 0.38 g/t Au, 0.30% Cu cumulative 196m skarn horizons

TRDD030

4m @ 0.53 g/t Au, 0.14% Cu, &:

29m @ 0.53 g/t Au, 0.22% Cu, incl.:

5m @ 1.46 g/t Au, 0.56% Cu, &:

22m @ 0.51 g/t Au, 0.09% Cu, incl.:

430m

????

TRDD039:

SYSTEM

(projected)

TRDD037

• 2.9m @ 0.62 g/t Au, 0.95% Cu in chalcopyrite-bornite-pyrite epithermal veins

• 31m anomalous Au-Cu in magnetite skarn (from 330m vertical depth)

Drilled - assays	Planned hole
pending

4m @ 1.68 g/t Au, 0.09% Cu

assays

>500m

(section thickness

cumulative 164m skarn horizons

TRDD031

2m @ 0.07 g/t Au, 0.21% Cu, &:

pending

UPLIFTED

400m - dashed trace >200m)

Magnetite skarn

2m @ 0.31 g/t Au, 0.13% Cu cumulative 54m skarn horizons

TRDD032

104m @ 0.59 g/t Au, 0.11% Cu incl.:

High grade porphyry vein

2m @ 19.9g/t Au, 2.43% Cu

AU-CU

PORPHYRY

SOURCE/

TARGET *

PORPHYRY*

Off-section trace

Historical trace

Skarn

Limestone

Quartz-carbonate-chalcopyrite vein set

Quartz-tourmaline-bornite-(+/- covellite +/- chalcopyrite) veining

Coarse banded chalcopyrite-/+bornite- pyrite epithermal veins

34m @ 1.45 g/t Au, 0.25% Cu incl.: 2m @ 19.9 g/t Au, 2.43% Cu cumulative 120m skarn horizons

300m

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NW-SE TRENDING

>900m

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Chalcopyrite-pyrite-quartz-carbonate-muscovite-hematite (porphyry) vein

• $100,000 funding grant support from NSW Government (see Dec 23, 2023 press release)