Kincora Copper Ltd (KCC) July 22, 2026 Conference Transcript

Super. Thank you for the introduction. Great to see the room full. Fantastic attendees. Michael, what are the stories that you'll hear this week? We think we've got a good team. We think we've got some great properties. We're drilling at the moment. I think one of the key differentiations to a lot of those stories that you'll hear is the funding model and the portfolio approach, and let me walk through that. So Kincora is a copper-gold explorer with districts, the scale portfolio, seven different projects in New South Wales. That portfolio has been assembled by a very strong technical team that's driving this exploration. We're doing this with partners, the predominant amount of exploration expenditures being incurred by our partners which gives shareholders significant leverage to exploration success and I'll go through that funding model in a bit more detail. Not only are we looking to do deals with the traditional mining companies but we're also looking at doing deals with the next generation of tech providers. New technology looking at applying industry leading geoscience across this portfolio both with our sole funded projects but also the scenario where these partners are bringing that capital to these individual projects. Technical team led by John Holliday, Peter Leeman both found tier one copper gold assets and have been responsible for assembling this portfolio which is obviously a key thing being at the the risk stage, venture capital stage of pre-discovery exploration. Unlike most exploration companies we've got a portfolio approach. Usually the market under traditional dollar at the equity level model will only give you capital for one or two projects so it becomes a relatively binary scenario. Generally you don't invest your own capital just with one or two stocks you have a portfolio that's the approach that we're looking to do here with the exploration and any one of these projects giving you material upside and every one of those projects having a specific value driver that we're looking to work along systematically. New South Wales you've seen plenty of corporate activity you've seen deals with majors with juniors you've seen good exploration success two of Australia's premier mining districts the Macquarie Arc and the Cobar Basin. Importantly corporately we're well capitalised, over $13 million in the bank which goes a hell of a long way when you've got most of your funding from asset level partners. Another $5 million that's cash pending from looking at divesting our Mongolian portfolio that we've just announced in the last couple of months and also receiving management fees. For operating a couple of our earnings we receive 10% of expenditure as a discretionary income fee which again helps offset corporate costs and makes every dollar go a bit further. I guess one thing we're dual listed on the ASX, TSX fee, one particular focus out of the North American markets is structure and when I talk about structure it's how many shares you've got outstanding, we've got less than 48 million, but also who are your shareholders and what's that structure, what's that alignment with and I'll go through that in a little bit. But that's really important when you've got this funding model where you've got a portfolio where any of those assets can give you material upside but you've also got the right structure in place. So focusing here on where the projects are we're drilling at our Condoblin project in the southern end of the Cobar Basin. As you'll hear I'm sure from others Cobar is generally long processing capacity excess milling and short ore which means it's an interesting scenario where a junior can add value without a huge amount of time and capital unlike porphyries which for exploration juniors can be quite difficult given the time and the capital needs. So within this portfolio there's seven assets, one being Condoblin and the Cobar, six others being big porphyry projects. Capital structure, I guess I'll sort of quickly highlight about 40 million market cap, potentially 20 million in the bank at the end of the year which is a great position to be in. About half our free, half our shares are listed on the TSX fee, about half on the ASX but really strong shareholder alignment there with Rick Rule, Jeff Phillips being key backers that's about 20% of the register, reporting insiders on the board is about 20%. Peter and John I touched on there in terms of having been involved with big discoveries, originating projects that have led to that, looking to do that again in terrains that particularly John's very familiar with, backed up by a very good competent board from the exploration through to the mining side of things. They're supported by a very strong advisory board that was formed after Jeff Phillips and Rick Rule led a financing last year. I'm sure Brent Cook's probably known to a number of people in the room, Kerry Stephenson I'm sure is probably known to most and she's in the room. But the advisory board's there to really argument in terms of bringing further firepower to us and particularly re-engaging with the North American capital markets. So what is a prospect generator? In short, it's really getting partners to come in look under the bonnet do their due diligence and then put that capital to work without shareholders benefiting from having material upside to that expiration and expiration success you only have dilution at the project level if there's success as rick puts it mathematically it's the best way to speculate in the expiration space generally because you end up in a scenario where it's a one plus one equals three type scenario where you've got technical synergies, you've got the capital that's more streamlined, but also it means that you can do more projects. It's a portfolio approach. For us, we've seen over $10 million worth of partner funding going in the ground to date. We've got deals that potentially seize over $100 million of expenditure by these partners. We've seen to date 20,000 metres of drilling across seven different licences and received over $600,000 in management fees. I guess one of the queries that I quite often get is how much of this do you give away? With copper-gold systems, particularly porphyries, the nice thing about this business model is if you find what you're looking for, you're finding something that's a big prize. Hard rock gold-rich copper porphyries are one of the biggest prizes in the hard rock space and probably the best example in Australia is Greatland Gold with Newcrest earning in and supporting that re-rating that Greatland Gold had with the Have Your Own Deposit. You can see 20X there with Greatland Gold having that exposure with Newcrest funding that. So what's our sole funded exploration strategy? We're looking at systematically adding value in a very focused way. The Mongolian assets have unlocked 10 million US for an asset that was forgotten about within our portfolio. That's assisted us. We're drilling at our Doberland project. Visually that's looking quite interesting at this stage, but we're also working up that pipeline. Some of our flagship projects, Trundle Fair Home, are adjacent to world-class mines, have had major mining companies earning in there before. These are advanced projects with hallmarks of those neighbouring tier one assets. There we've got various reviews and work programs ongoing to advance those, but ultimately we want partners to come in and put money into the ground for the next 10 to 20 30 million we can add some value ourselves with the capital that we've got on our balance sheet but again adding that pipeline in a very focused way here we are up in the northern part of the junior narrow mine belt with anglo gold ashanti and this gives you an example of the types of deals that we're looking to try and do with trundle and fair home and our cow lease project anglo gold are funding this we're the operator there's two earnings we receive that management fee model, what you've got here is a 100k strike north-south. It's early stage exploration down to the southern part of the Macquarie Arc. You've got 160 million ounce gold equivalent resource inventory. As you go further north you've got post-mineral cover. These volcanic belts map themselves quite well in the magnetics and the gravity and potentially the largest part of the Macquarie Arc extends up to the north and that's what the thesis that $30 million worth of expenditure to date by Anglo-Gold Ashanti with us with another junior and themselves supports and what we're looking for is a really a new province. We started drilling here in December 2024 and we're drilling hole number 40 at the moment and seeing some really encouraging results that will shortly get out to market. At our Condoblin project this is as mentioned at the southern end of the Cobar basin it's a historical mining field that was impacted by water that obstacles an opportunity for us modern exploration the water is not an issue you're within 45 kilometers of mineral hill which is long processing capacity and willing to take third party all this is a project that we think we can add value to a junior clancy exploration made a discovery last commodity cycle it had been sitting there for a decade and that's what we're testing at the moment drilling down dip along strike and like a lot of the the other discoveries in the Cobard Basin recently, these systems generally repeat, they're generally vertically extensive and that potential really hasn't been tested at Condoblin. Visually results are looking interesting, we just have to wait to see what the SA results come back with. Again portfolio approach, just mindful of time, seven different assets still within there, discussions ongoing and again a systematic process to add value for each one of those assets in the portfolio. So looking to wrap up. Exposure to large-scale copper gold systems, what we're looking for is something that would be globally significant, backed by a strong technical team that has skin in the game, assembling these projects and running a very systematic process that's enabling us to attract partners with this hybrid prospect generator model. We're expecting to see our cash balance increase three quarters in a row as we've received the proceeds from our Mongolian assets, so there's multiple near-term catalysts with drilling ongoing further deals an increase in cash. So thank you everyone for the opportunity.