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
• Four adjacent mineralised system targets drilled with shallow higher grade and board gold-copper mineralised zones
• 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
• 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
• 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, May 10, 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."

• Highlights of new results from Trundle

• Botfield prospect - assay results for hole TRDD037 (western hole) with a high-grade vein and mineralised skarn from 112m and 330m vertical, respectively:
• 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).
• 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).
• Botfield prospect - visual interpretation of hole TRDD039¹ (eastern hole) with a high-grade vein and mineralised skarn from 80m and 240m vertical, respectively:
• Strong hydrothermal hematite-silica alteration overprinting early feldspar altered volcaniclastic conglomerate and coarse banded chalcopyrite-pyrite veins (from 92-94m).
• 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).
• North-East Gold 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:
• 135.5m @ 0.23g/t gold, 0.02% copper and 10ppm molybdenum from 220.5m
• hole remains open (end of hole 357.3m) pending upcoming workshop noting:
• 3m @ 0.53 g/t gold and 0.03% copper from 243m
• 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

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.

Kincora Copper Ltd. (ASX: KCC) (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 than 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-grade gold-base metal targets within a 2km radius.

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 reported³ 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:
• 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
• 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.

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

Kincora has completed two holes at the Botfield prospect that have for the first time drill tested a large magnetic high complex coincident with shallow anomalous copper-gold results and an Induced Polarisation (IP) chargeability high anomaly.

Kincora's first and most western hole TRDD037 at Botfield was drilled on the margin of this coincident magnetic and IP chargeability anomaly, with follow up hole TRDD039 a step out 260 to the east and into the geophysical anomalies core, seeking to test if the Botfield prospect was a large untested skarn and/or porphyry complex associated with the adjacent Southern Extension Zone (SEZ) discovery.

Holes TRDD037 and TRDD039 indicate that the Botfield prospect is located in an uplifted block, in the order of over 500m, to the immediately adjacent SEZ prospect across an interpreted significant N-S fault zone, with high grade, coarse banded vein hosted mineralisation intersected as close as 80m vertical depth and board magnetite skarn horizons from 240m vertical depth - see Figure 2.

Massive to semi-massive and banded magnetite skarn with associated pyrite and chalcopyrite has been discovered over a NW-SE strike length of over 900m from the most western hole at the SEZ (TRDD031) through to and including the most eastern hole at Botfield (TRDD039). This magnetite skarn is an extensive mineralising system, with mineralising porphyry intrusive source rocks and pathway to the skarn yet to be confirmed and open for further exploration.

Assay results for hole TRDD037 (western of the holes at the Botfield prospect):

• 2.9m @ 0.62g/t gold, 0.95% copper, within coarse banded chalcopyrite-bornite-pyrite veins (from 129-132m), including 0.9m @ 1.75g/t gold, 2.24% copper (from 131m)
• 31m @ 0.16g/t gold, 0.08% copper, within massive magnetite-pyrite-chalcopyrite skarn (>80% magnetite, from 393-424m downhole, 330m vertical)
• 18m @ 0.20g/t gold, 0.10% copper, within banded magnetite-pyroxene-feldspar skarn with pyrite and chalcopyrite (<30% magnetite from 402-420m)

Visual interpretation of hole TRDD039¹ (eastern of the holes at Botfield):

• Strong hydrothermal hematite-silica alteration overprinting early feldspar altered volcaniclastic conglomerate and coarse banded chalcopyrite-pyrite vein (from 92-94m, interpreted to be similar to 129-132m in hole TRDD037)
• Almost a 40m interval of semi-massive to massive magnetite skarn from 284.5m to 322.40m, including early garnet veins overprinted by retrograde magnetite (massive) cut by a carbonate-chalcopyrite vein at 288.6m

See Table 1 for further details of assay results for hole TRDD037 and Photo 1 for photo's of aforementioned core from TRDD039.

Photo 1: Examples of key mineralised zones from hole TRDD039
Assay results pending
(a) Coarse chalcopyrite-pyrite banded carbonate vein (similar to TRDD037 @ 131m) - insert @ 92.9m
(b) Semi-massive skarn, pyroxene-feldspar-garnet altered basaltic andesite - insert @ 288.6m of semi-massive magnetite skarn with massive chalcopyrite vein

Photos are of selected intervals which are not representative of the mineralization hosted on the whole property or the Trundle Park prospect, which the Botfield target area is hosted, but are of the alteration and lithology's intersected in the mineralized zones within these sections of diamond drill hole TRDD039.

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

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.

Furthermore, the Company cautions that given the style and nature of mineralisation encountered visual estimates must be used with a high degree of caution with third party and specialist thin sections and petrography required to provide a high degree of confidence for visual estimates.

Visual Kincora estimates for Photo 1 (a) are 0.7% chalcopyrite, 0.2% pyrite (0.9% total sulphides) for the interval from 92m to 94m down hole, based on detailed internal geological logging.

Visual Kincora estimates for Photo 1 (b) are 2% chalcopyrite, 5% pyrite (7% total sulphides) for the interval from 288m to 290m down hole, based on detailed internal geological logging.

Assay results for the intervals presented in Photo 1 are anticipated to be at hand and reported next month.

Hole TRDD038 was a 170m step out from previous shallow intrusive hosted gold mineralisation. Geological logging indicates the strongest and longest interval of potassic alteration (secondary biotite) with sulphides to date at Trundle (mainly pyrite with trace chalcopyrite) hosted with both diorite and monzodiorite intrusions and also into the adjacent volcaniclastic wall-rocks. This presence of secondary biotite and pyrite with traces of chalcopyrite is indicative of a proximal setting to the mineralising system.

A broad interval was returned of 135.5m @ 0.23g/t gold, 0.02% copper and 10ppm molybdenum from 220.5m, in a sequence of volcaniclastic sandstone and andesite with monzodiorite intrusions - see Table 2 for further details. The hole remains open (end of hole 357.3m) pending the upcoming technical workshop and noting:

• 3m @ 0.53 g/t gold and 0.03% copper from 243-246m within monzodiorite
• 2m @ 0.73g/t gold and 0.11% copper from 354-356m within altered volcaniclastic sandstone, and;
• 20m @ 0.20g/t gold, 0.02% copper and 48.9ppm molybdenum from 326-346m within altered volcaniclastic sandstone.

Kincora has recently consolidated the ground around the historic Condobolin gold-base metal mining district. This immediate district was previously the focus of 25 informal open pit operations, with mining impacted by the water table and exploration by the weathering profile. Limited modern exploration has taken place despite significant new discoveries in the Cobar Superbasin.

Following detailed technical reviews Kincora's commenced program is seeking to test new geological concepts for the controls of mineralisation at three existing high-grade gold-base metal targets; the Meritilga; Phoenix; and, Tilga prospects - see Figure 3.

The three prospects are located within a 2km radius with the designed program seeking to test the concept of a potential hub and spoke development scenario.

Hole CDDH001 has commenced at the Meritilga prospect where previous limited prior drilling sought to test mapped NE trending quartz veins, breccia zones with quartz-sulphide matrix, historic workings, soil geochemistry, IP chargeability and resistivity anomalies.

The best gold grades compiled from historic information included:

• 5m @ 7.9g/t gold, 22g/t silver and 14ppm molybdenum (from 99m)
• 10m @ 5.8 g/t gold, 27 g/t silver and 0.1% copper (from 80m)
• 28m @ 0.76 g/t gold and 4g/t silver (from 26m)

In Kincora's view, the mapped NE trending breccia zones and veins with quartz only, as identified from drilling by previous explorers, have proven to not be associated with the main mineralizing event. These quartz veins are syn-tectonic quartz veins with a similar orientation to regional foliation. Observations from previous drill cores has noted gold closely associated with sulphides (mainly pyrite and arsenopyrite) and quartz along breccia zones.

Kincora's new geological concept at the Meritilga prospect is that numerous very significant previous mineralisation intervals appear to be structurally controlled and inline with prominent regional NW trending lineaments defined by magnetics. These NW trends are also evident in soil and rock chip sampling geochemistry and have not been adequately drill tested. The ongoing program is seeking to test this new concept.

Hole CDDH001 is ongoing with promising initial visual results¹ - see Photo 2.

Photo 2: Examples of initial early mineralisation zone from ongoing drilling of the first hole at the Condobolin project, hole CDDH001 at the Meritilga prospect
Assay results pending
(a) Banded epithermal-like quartz veining with pyrite-arsenopyrite at 63.7m
(b) Quartz-pyrite-arsenopyrite filling a breccia from 78.3 to 81m

Photos are of selected intervals which are not representative of the mineralization hosted on the whole property or the Meritilga prospect, but are of the alteration and lithology's intersected in the mineralized zones within these sections of diamond drill hole CDDH001.

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

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.

Furthermore, the Company cautions that given the style and nature of mineralisation encountered visual estimates must be used with a high degree of caution with third party and specialist thin sections and petrography required to provide a high degree of confidence for visual estimates.

Visual Kincora estimates for Photo 2 (a) are 4% arsenopyrite, 3% pyrite (7% total sulphides) for the interval from 63m to 64m down hole, based on detailed internal geological logging.

Visual Kincora estimates for Photo 2 (b) are 5% arsenopyrite and 4% pyrite (9% total sulphides) from 78m to 79m, 3% arsenopyrite and 2% pyrite (5% total sulphides) from 79m to 80m, and 4% arsenopyrite and 2% pyrite (6% total sulphides) from 80m to 81m down hole, based on detailed internal geological logging.

Assay results for the intervals presented in Photo 2 are anticipated to be at hand and reported in June 2023.

Figure 3: Maiden Kincora drilling program commenced at the Condobolin project
Kincora has consolidated the historic open pit, high grade Condobolin mining district which has had a lack of systematic modern exploration. Near surface targets for drilling testing the concept of a hub and spoke development scenario.

Table 1: Trundle project - Diamond hole collar information of current drill program²
For diamond and air-core drilling collar information of previous Kincora holes please refer to the July 17, 2022 press release: "Highest grade assays to date from Trundle's Southern Extension Zone discovery"

Table 2: Botfield prospect - hole TRDD037 (western of the two Botfield holes)
Significant interval summary tables

Table 3: North-East Gold Zone prospect - hole TRDD038
Significant interval summary table

Following extensive technical reviews, the Company's ongoing drilling program in NSW will seek to drill test 13 new copper-gold discovery opportunities across 5 projects.

The Trundle project is located in the Junee-Narromine volcanic belt of the Macquarie Arc, less than 30km from the mill at the Northparkes mines in a brownfield setting within the westerly rift separated part of the Northparkes Igneous Complex ("NIC"). The NIC hosts a mineral endowment of approximately 24Moz AuEq (at 0.6% Cu and 0.2g/t Au) and is Australia's second largest porphyry mine comprising of 22 intrusive porphyry discoveries, 9 of which with positive economics.

The Trundle project includes one single license covering 167km² and was secured by Kincora in the March 2020 agreement with RareX Limited ("REE" on the ASX). Kincora is the operator, holds a 65% interest in the Trundle Project and is the sole funder until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

For further information on the Trundle and Northparkes Projects please refer to Kincora's website: https://kincoracopper.com/the-trundle-project/

The Condobolin project is located in the south-eastern section of the Cobar Superbasin, situated north of the Condobolin township.

The Condobolin project includes two licenses covering 207.4km² (EL7748 covering 43.2 km² and EL9340 164.2 km²). EL7748 was secured by Kincora in the March 2020 agreement with RareX Limited ("REE" on the ASX) and EL9340 was pegged by Kincora in 2022, consolidating the historic high grade Condobolin mining district. This immediate district was previously the focus of 25 informal open pit operations, with mining impacted by the water table and exploration by the weathering profile.

Kincora is the operator, holding 100% of EL9340 and a 65% interest in EL7748, and regarding the latter, is the sole funder until a positive scoping study is delivered at which time a fund or dilute joint venture will be formed.

This announcement has been authorised for release by the Board of Kincora Copper Ltd. (ARBN 645 457 763)

Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release.

Sampling and QA/QC procedures are carried out by Kincora Copper Ltd., and its contractors, using the Company's protocols as per industry best practise.

All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.

Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists. All drill core was logged to best industry standard by well-trained geologists and Kincora's drill core sampling protocol consisted a collection of samples over all of the logged core.

Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.

All reported assay results are performed by ALS and widths reported are drill core lengths. 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 at this stage.

Significant mineralised intervals for drilling at the Trundle project are reported based upon two different cut off grade criteria:

• Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively; and,
• Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.

Significant mineralised intervals are reported with dilution on the basis of:

• Internal dilution is below the aforementioned respective cut off's; and,
• Dilutions related with core loss as flagged by a "*".

The following assay techniques have been adopted for drilling at the Trundle project:

• Gold: Au-AA24 (Fire assay), reported, unless above detection limit where the interval is re-assayed using fire assay method with atomic-absorption finish (Au-AA26 method of ALS). The technique allows accurately determine the gold grade above 0.01 g/t and suitable for high - grade samples where grade exceeds 10 g/t.
• 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), the latter report for holes TRDD001, TRDD035, TRDD036 and TRDD038 and also the former reported for holes TRDD002-TRDD034, TRDD037 and TRDD039.
• 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.

The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and was reviewed, verified and compiled by Kincora's geological staff under the supervision of Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), Exploration Manager Australia, who is the Qualified Persons for the purpose of NI 43-101.

Information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves has been reviewed and approved by Paul Cromie, a Qualified Person under the definition established by JORC and have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Paul Cromie (BSc Hons. M.Sc. Economic Geology, PhD, member of the Australian Institute of Mining and Metallurgy and Society of Economic Geologists), is Exploration Manager Australia for the Company.

Paul Cromie consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The review and verification process for the information disclosed herein for the Trundle, Fairholme and Nyngan projects have 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.

JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections).

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

SOURCE Kincora Copper Ltd.