Kincora Faces Mongolian Tax Dispute While Accelerating Australian Drilling Programs

Strategic Financing and Portfolio Expansion

Kincora Copper Limited has successfully closed an oversubscribed C$4 million non-brokered private placement, accompanied by a ten-for-one share consolidation. This capital injection, supported by prominent North American investors including Rick Rule and Jeff Phillips, provides the company with a strengthened balance sheet and a platform to accelerate its exploration activities across Australia and Mongolia.

The financing supports Kincora’s pivot to a project generator funding model, which leverages partnerships to fund exploration while retaining ownership of key assets. This approach has enabled the company to double its license holdings in New South Wales to 16, with eight projects now active and clear milestones set to unlock value.

Advancing Drilling Programs with Major Partners

During the quarter, Kincora commenced sole-funded exploration and drilling at multiple licenses, including two under a second earn-in agreement with AngloGold Ashanti. Early visual results from the Nevertire Magmatic Complex reaffirm the project’s status as a highly prospective porphyry copper-gold system within the Macquarie Arc. Encouraged by these findings, the company is planning follow-up geophysical surveys and additional drilling phases.

In parallel, Kincora’s partnership with Earth AI, an artificial intelligence-driven exploration company, has progressed with drilling at the Cundumbul project. The integration of AI technology aims to enhance targeting and discovery potential, reflecting Kincora’s commitment to innovative exploration methods.

Government Support and Mongolian Portfolio Update

Subsequent to the quarter, Kincora was awarded a non-dilutive drilling grant of up to A$143,483 from the New South Wales Government for its Wongarbon project. This grant underscores the favorable investment climate in NSW and the strategic importance of the Macquarie Arc as a Tier 1 copper-gold jurisdiction.

Additionally, Kincora resecured full rights to its Mongolian copper-gold portfolio at no cost following Orbminco Limited’s withdrawal from the earn-in agreement. The company is evaluating options for this portfolio, including self-funded exploration and potential near-term development of an existing oxide resource, while managing ongoing tax dispute proceedings with Mongolian authorities.

Financial Performance and Outlook

For the nine months ended September 30, 2025, Kincora reported a net loss of CAD 2.786 million, primarily influenced by non-cash share-based compensation expenses. The company ended the period with a cash balance of CAD 4.336 million, supported by management fees from operating joint ventures and recent financings.

With a consolidated and sophisticated shareholder base, a growing portfolio of partner-funded projects, and a newly formed advisory board comprising industry veterans, Kincora is positioned to advance its exploration pipeline and pursue further asset-level partnerships.