Kincora secures a funded, successful and motivated partner for Mongolian assets

• The successful completion of the strategic review process for Kincora’s Mongolian assets has resulted in a binding Earn-In Term Sheet (Agreement) of Woomera Mining Limited (ASX: WML) (Woomera) for the Bronze Fox copper-gold project
• Woomera has the right to invest up to US$4 million over a 5-year period to earn an 80% interest and may then choose to:
  • purchase the remaining 20% ​​of Kincora for a cash consideration of US$10 million and a net smelter royalty (NSR) of 1%; or,
  • enter into a shareholders’ agreement whereby Kincora will be freely transferred until a final investment decision is made (FID) for project development (minimum reserve of 1Moz gold equivalent)
• Woomera is a reputable partner with a highly successful team and a strong shareholder register. Woomera will raise A$2 million through a highly supported placement and a proposed share purchase plan to support the deal.
• Starting next month, a high impact field program will be proposed, including new discoveries and drilling for resource expansion, combined with a second conversion of the mining license
• Kincora receives A$450,000 worth of shares in Woomera, which becomes the largest shareholder, and A$100,000 in cash
• Scrip component offers highly attractive upside for success and advancement of fourth major porphyry district in world-class Southern Gobi copper belt
• The agreement enables Kincora to focus on NSW’s premier copper-gold projects in the highly prolific Macquarie Arc and follows its strategy of executing deals with financing and technical partners to unlock the value of its existing project pipeline

Melbourne, Australia–(Newsfile Corp. – August 12, 2024) – Kincora Copper Limited (TSXV: KCC) (ASX: KCC) (Kincora or the Company) is pleased to have signed the agreement setting out the terms under which Woomera, an independent and unrelated party to Kincora, will be able to acquire rights in the Company’s wholly owned Mongolian subsidiaries and thereby gain exposure to the Company’s Bronze Fox copper-gold project, located in the leading and fast growing Southern Gobi copper belt.

Cameron McRae, chairman of Kincora, and Sam Spring, president and CEO, said: