Mr. Sam Spring reports

KINCORA COPPER REPORTS THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS

Kincora Copper Ltd. has released its financial and operating results for the quarter ended Sept. 30, 2026.

The quarter saw Kincora significantly increase the scale of the company's hybrid prospect generator financing model and advance key activities across the copper-gold portfolio while continuing to increase its cash position.

President and chief executive officer Sam Spring, and chairman Cameron McRae commented: "The last quarter has laid the foundation for a step change with increased exploration activity and expansion of our project portfolio, supported by a strengthening cash position.

"We expect to increase field activities from one to three projects before year-end, with drilling scheduled across six projects over the next six months. At the same time, we have taken steps to potentially expand our landholdings by almost 50 per cent, adding a further 1,559 square kilometres to our portfolio.

"A key contributor to this growth has been the divestment of our Mongolian projects, with $6.5-million (U.S.) received to date and the remaining $3.5-million (U.S.) scheduled for the current quarter. This transaction is enabling us to recycle non-dilutive capital into our core NSW projects and further scale our hybrid prospect generator model.

"We are also encouraged by the progress achieved in partnership with AngloGold Ashanti. Recent drilling has upgraded two large volcanic-intrusive complexes within the broader Nevertire magmatic complex, while initial scout drilling has strengthened our geological thesis for the potential of a new, province-scale copper-gold system across the Nevertire and Nevertire South licences.

"With additional 2026 funding support from AngloGold Ashanti, we are now accelerating exploration at the newly named Cookara target, where drilling is ongoing. We are excited by the technical potential and the opportunity to build on the progress achieved to date."

Key highlights during the September quarter

Partner-financed exploration strategy and progress:

• AngloGold Ashanti earn-in for the Northern Junee-Narromine belt project: Drilling has continued to return strong encouragement at the Nevertire-South licence, including a newly named immediate target zone -- Cookara -- and solidifying the thesis that the Nevertire-Nevertire South licences host newly identified, province-scale potential across the Macquarie Arc with a strike greater than 40 kilometres (km). After the period-end, Kincora announced additional 2026 exploration financing from AngloGold Ashanti, which has supported an expanded and continuing program at the Cookara target. Further potential infill, deeper and stepout drilling is expected at the Cookara target in 2027 as part of a broader systematic exploration program across the Nevertire magmatic complex.
• Cowal East quantum ground gravity survey: As part of the partnership with Atomionics Pte. Ltd., a next-generation quantum ground gravity technology survey with AI (artificial intelligence) interpretation is scheduled to shortly commence at the Cowal East project. The survey seeks to confirm and refine targets identified earlier this year by a traditional ground gravity survey ahead of air core drilling in Q1 (first quarter) 2027.
• New partner discussions advance: A formal asset-level partner process -- for the Trundle, Fairholme, Cowal East and Cundumbul porphyry projects -- has commenced, resulting in multiple confidentiality agreements and site visits.

Sole-financed projects:

• Divestment of Mongolian assets advances with definitive agreement and further milestone payments received: In July, Kincora executed a definitive agreement with Tumen Ail Coal LLC (TAC) to secure 100 per cent of Kincora's wholly owned Mongolian subsidiaries. The aggregate staged consideration to Kincora is $10-million (U.S.), with $6.5-million (U.S.) received to date. A final staged payment of $3.5-million (U.S.) is held in escrow and is due on or before Dec. 31, 2026. The transaction recycles capital to the company's core activities in New South Wales, unlocks significant project level value and streamlines Kincora's investment proposition.
• Exploration strategy update with drilling planned across four projects: In September, Kincora announced board approval for a sole-financed exploration budget of up to $3-million (Australian) over the Australian late spring-summer period. The program supports extensive air core drilling of at least 25,000 metres, systematically and cost-effectively advancing 17 targets across four projects -- Nyngan West, Fairholme, Cowal East and Trundle -- expanding existing known mineralized porphyry systems and testing of new targets. The air core programs complement continuing asset-level partner discussions and are expected to add scale and value while upgrading Kincora's geological concepts. Drilling is scheduled to commence at Nyngan West before commencing at the Fairholme project, immediately following the end-of-year field break.
• Drilling completed at the Condobolin mining field: A first phase diamond drilling program (totalling nine holes) has been completed at Kincora's 100-per-cent-owned Condobolin project. Condoblin is an epithermal gold, silver and base metals project located in the Cobar basin, focused on the Meritilga discovery. The program has sought to better understand the nature, size and grade of the mineral system at this first target within the historic mining field. Final assay results and a review are pending.
• Expanding Kincora's project portfolio -- new low-cost option secured over priority porphyry copper-gold target: In October, the company announced it had secured an exclusive option agreement with Lightning Minerals Ltd. to purchase a 100-per-cent interest in some or all of six early-stage exploration licences in the Lachlan fold belt. The licences include the Boree Creek project that hosts an outcropping Macquarie Arc porphyry copper-gold system, with near-term drilling to validate, and seek to extend, a prior interval of 48 metres (m) at 0.35 per cent copper and 0.31 gram per tonne (g/t) gold.
• Expansion of targets via new open claims: Kincora continues to opportunistically peg open claims and since June 30 has made applications for four new licences situated adjacent to existing targets.
• New opportunities: The company continues to review various new project and direct licence application opportunities where it feels it has a competitive advantage to add shareholder value. The company is pro-actively using Geomorphic AI's proprietary system in this process with over 30 reviews completed to date.

Corporate:

• Cash balance of approximately $13-million (Australian) at the end of September;
• A further $3.5-million (U.S.) (approximately $5-million (Australian)) cash payment for the Mongolian asset divestment is due on or before Dec. 31, 2026.

The full quarterly activities report, financial statements, and management's discussion and analysis (MD&A) for the period ended Sept. 30, 2026, have been filed on SEDAR+ and are also available on the company's website.

About Kincora Copper Ltd.

Kincora Copper is an emerging Australia-focused gold-copper explorer with a hybrid project generator strategy and currently drilling at two projects (Nevertire South and Condobolin).

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 and Mongolia's Southern Gobi, two 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 financing for multiple earlier-stage and/or non-core porphyry projects. These initial deals have supported over 20,000 metres of drilling and over $10-million (Australian) of partner-financed exploration since late 2024, with management fees and exploration ramping up.

Various partner discussions are continuing for the company's remaining 100-per-cent-owned flagship and advanced-exploration-stage porphyry projects.

By having a significant portfolio of partner-financed large porphyry projects, and very focused capital-efficient programs at the Condobolin and other sole-financed 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 Australian Securities Exchange.

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