Copper-gold explorer and hybrid prospect generator Kincora Copper Limited (Kincora) 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).
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. Image Credit: Kincora Copper Limited
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 40 km across the Nevertire and Nevertire South licenses.
Highlights
- Extensive porphyry complex with multiple discovery potential confirmed: Phase 1 drilling (8-holes for 3385.2 meters, completed in 2H'2025) validated the presence of a large, highly prospective composite volcanic-intrusive complex across a greater than 5.4 km strike at the Nevertire Magmatic Complex (NMC). Drilling intesected porphyry related lithologies, alteration, and vein hosted and disseminated copper, gold and pathfinder mineralization.
- 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 center(s) (Figure 5). High-priority infill and step-out drilling has recommenced to further refine vectoring patterns and test multiple potential porphyry centers.
- 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 ∼110 km2 gravity surveying has been completed as part of a planned ∼400 km2 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 100 km 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 40 km strike.
Phase 1 drilling included large step-out holes from two previously favorable 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 mineralized 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 favorable 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 2,350 km2 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, 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 12 km Nevertire Magmatic Complex (NMC) and was designed to follow up two prior favorable drill results reported by Newcrest Mining and the most northern drilled holes at the NMC.
Newcrest holes ACDNY005 and ACDNY006 were drilled ∼2.7 km 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" . 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 centers. 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 meters, utilized 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 ∼70 m (in the south-west) to a 250 m depth.
Step-out drilling across a greater than 4 km 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. Favorable 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 center(s) (see Figure 5).
High priority infill and further step-out drilling has recommenced to discover and refine vectoring patterns toward prospective porphyry centers.
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.
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 40 km N-S, representing a greater than 6x increase relative to the initial Phase 1 drill strike extent - see Figure 3.
A gravity survey covering ∼110 km2 has been completed and is currently being intergrated with legacy gravity data-sets, totalling ∼148 km2, 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 ∼290 km2 of gravity surveying planned in 2026.
Figure 2. Positive results have supported an acceleration of exploration activities, with step-out and infill drilling recommenced at the Nevertire South license, wider exploration planned to the south, and planning underway for recommencing drilling at multiple targets within the the Nyngan license, and potentially a maiden scout hole in the Nyngan South license. Image Credit: Kincora Copper Limited
Prior explorer drilling across the southern extensions of the NMC includes 23 diamond holes totalling 7,383.7 meters, 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 favorable magnetic and/or gravity anomalies and returning anomalous geochemical results, were not advanced beyond initial testing. Many of these intersections are now recognized to be spatially associated with interpreted Macquarie Arc intrusive complexes that remain open and untested.
Figure 3. Phase 1 drilling results reaffirm Kincora's view that the NMC is the most advanced and geologically prospective porphyry project in the covered northern extensions of the Macquarie Arc, with the southern strike highlighting new province-scale potential. Image Credit: Kincora Copper Limited
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.
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 100 km strike across 5 adjacent licenses (see References footnote 7 for source data for disclosed inventory/metal endowment).
A gravity survey covering > 100 km2 has been completed within a planned total survey area of > 400 km2. This work, together with resampling of historical drill core, is expected to refine step-out and scout drilling targets and support evaluation of multiple potentially new Macquarie Arc intrusive complex targets.
Initial drilling has commenced with broad area approvals in place for upto 16 holes with further approvals to the south pending.
Figure 4. Phase 1 drilling included large scale step out drilling across a > 4 km strike in the central to northern portions of the NMC. Image Credit: Kincora Copper Limited
Plan view of 2H'2025 drilling, with the corresponding long section provided in Figure 5. Results are consistent with Newcrest's prior interpretation that the project hosts lithologies, alteration and veining characteristic of a setting comparable to Macquarie Arc porphyry systems such as Cadia-Ridgeway and Goonumbla (Ridgeway).
Figure 5. Phase 1 drilling successfully upgraded the immediate target zone (open in all directions), providing vectors for follow up drilling, including copper and gold grades suggestive of proximity to a porphyry system center. Image Credit: Kincora Copper Limited
Information disclosed for Cadia-Ridgeway is not necessarily indicative of the Nevertire Magmatic Complex ("NMC"), and is provided for illustrative purposes only to demonstrate the typically discrete alteration and mineralization footprints characteristic of Macquarie Arc "pencil" or "finger" porphyry systems. Phase 1 drilling by Kincora has returned encouraging copper and gold assay results, together with lithologies, alteration and veining consistent with this conceptual framework, supporting its relevance.
Figure 6. Positive observations with intrusions, hydrothermal alteration, porphyry veining associated with disseminated and vein-hosted sulphide.
Detailed core photography of selection portions of 2H'2025 drilling, showing a range of mineralization and alteration types from mineralized intervals within the middle-northern section of the Nevertire Magmatic Complex ("NMC")
See Tables 1-3 for additional geological discriptions, peak and significant assay results
For Photos of the drill core please refer to the PDF of this release available on Kincora's home page at https://kincoracopper.com/wp-content/uploads/2026/02/20260210_KCC_Exploration-expands-and-upgrades-Nevertire-South.pdf(09-02-2026)
Hole NEDD005 - 348.1 m: stockwork chalcopyrite-pyrite bearing quartz-carbonate veins intersect silicified dacite porphyry, returning elevated copper (542 ppm) with minor zinc.
Hole NEDD005 - 358.6 m: stockwork chalcopyrite-pyrite bearing quartz-carbonate veins intersect silicified, brecciated dacite porphyry, returning elevated copper (235 ppm) with minor molybdenum and zinc.
Hole NEDD006 - 337.15 m: chalcopyrite-pyrite bearing quartz-carbonate veins cutting strongly propylitic altered intermediate volcanic rocks, returning elevated copper (4470 ppm) with minor gold, molybdenum, silver and zinc.
Hole NEDD006 - 407.7 m: chalcopyrite-pyrite rich quartz-carbonate-magnetite-hematite veins intersecting weakly propylitically altered intermediate volcanic rocks, returning elevated copper (1310 ppm) with gold (0.431 g/t) and minor molybdenum, silver and zinc.
Hole NEDD006 - 417.25 m: chalcopyrite-pyrite bearing quartz-carbonate-chlorite-hematite vein and dessiminated chalcopyrite-pyrite within weakly propylitically altered intermediate volcanic rocks with elevated copper (234 ppm) with minior gold, molybdenum, silver and zinc.
Hole NEDD007 - 384.45 m: chalcopyrite-pyrite-bornite rich quartz-carbonate-specular hematite veining intersecting weakly propylitically altered intermediate volcanic rocks, returning elevated copper (3400 ppm) and gold (0.341 g/t), with minior molybdenum, silver and zinc.
Hole NEDD007 - 519.5 m: chalcopyrite-pyrite rich quartz-carbonate-chlorite veins intersecting strongly propylitic-sodic altered hydrothermal breccia, returning elevated copper (13700 ppm) with gold (0.475 g/t) and molybdenum (31.8 ppm) with minor silver, lead and zinc.
Hole NEDD007 - 557.4 m: hydrothermal breccia with a quartz-carbonate+chlorite cement hosting disseminated chalcopyrite mineralization, returning elevated copper (812 ppm) and gold (0.28 g/t) with minior molybdenum and silver.
About the NJNB Project Portfolio
The Macquarie Arc is a hotspot for recent corporate activity with over A$16-billion of M&A for producing porphyry assets and over A$385 million of exploration earn-in/joint ventures. The district has seen considerable exploration success, including two greater than 10 Moz gold equivalent discoveries/resource expansions and an emerging gold discovery by Waratah Resources at the Spur project and LinQ Minerals at the southern zone of the Gilmore project.
Despite regional magnetics effectively mapping the Macquarie Arc volcanic belts, due to the post mineral cover, there has been very limited prior drilling of the extensions of both the Junee-Narromine and Molong volcanic belts relative to the southern more outcropping sections which hosts a number of world-class deposits and mines (e.g. Cadia, Cowal and Northparkes).
Kincora's portfolio and the wider NJNB offers new district-scale discovery potential with spatial and temporal settings, coupled with magnetics, gravity and new Ambient Noise Tomography (ANT) surveys, supportive of large-scale targets analogous to porphyry deposits located in the southern section of the Arc.
AngloGold Ashanti has secured Earn-in and Joint Venture Agreements with both Kincora and Inflection Resources (AUCU.CSE) ("Inflection", market capitalization C$31.3 million) within the NJNB with over A$20 million investment to date. In 2Q'2025, AngloGold Ashanti moved to Phase II of its earn-in agreement with Inflection designating a total of four projects to continue earning into (including two projects adjacent to Kincora's Nyngan project) and signed a major amendment with Kincora to include a second joint venture supporting a continuous strike greater than a 100 kms and five projects.
The most recent notable example of a new globally significant emerging porphyry district is the Vicuña district, which is also an extension of a renowned world-class porphyry belt. Vicuña is an extension of the central Andean belts in Argentina on the border of Chile and situated at over 4000 m altitude.
Within this district NGEx Resources Inc in 2009 held three early-stage exploration projects and at the time had a market capitalization of approximately C$40 million. These same projects are all still at a pre-development phase but have yielded in four large-scale discoveries valued at over A$11 billion.
Kincora was an early mover into the NJNB and has opportunistically pegged strategically important ground directly from the State resulting in a district scale portfolio of the interpreted most prospective and shallow to moderate covered part of the northwards extension of the Macquarie Arc under post mineral cover. This portfolio now covers a strike twice the length of the Vicuña district and is included in earn-in and agreements with AngloGold Ashanti.