Team, Location, Targets
SOUTHERN GOBI COPPER-GOLD BELT,
MONGOLIA
March 2019
KCC.TSXV
KINCORA COPPER
Typical Southern Gobi terrane; One of a series of trenches across the oxide zone at West Kasulu West Kasulu prospect, Bronze Fox
KCC.TSXV
Cautionary Statement on Forward-Looking Information and Statements
The views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources that have not be independently verified.
This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of base metals; and the ability of the Company to obtain all necessary approvals and permits in connection with the development of its projects. Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, fluctuations in the price of copper and other commodities, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls, regulations and political or economic developments in Mongolia, the accuracy of the Company’s current estimates of mineral resources and mineral grades, the accuracy of the geology of the Company’s projects, risks associated with mining or development activities, including the ability to procure equipment and supplies, including, without limitation, drill rigs, and the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits. Many of these uncertainties and contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from that expressed or implied in any forward-looking information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of copper, uncertainty of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements, commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability to retain key executives and personnel, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of environmental expenditures and potential environmental liabilities, accidents or labour disputes. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. The scientific and technical information in this presentation 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 staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, who is the Qualified Person for the purpose of NI 43-101.
All pricing & information in this presentation is at close of business February 28th, 2019 and is in C$, unless otherwise stated.
2 KCC.TSXV 2
Background: Lookout at the Oyu Tolgoi open pit - Discover Mongolia conference site visit Sep’18 - Oyu Tolgoi has hosted over 3600 stakeholder site visitors in 2018 - Photo with thanks to Oyu Tolgoi
Location: Elephant country
Targets: Elephants
KCC.TSXV 3
Team: Discovery track record
Multiple Projects, Multiple Targets
Targets: “as good as you get within a global setting”
Drill ready, Tier 1 scale
. First modern exploration across a district landholding in a world-class copper belt
(KCC- TSXV)
Kincora Copper Ltd
Background: High grade monzodiorite intersection at hole F62 in West West Kasulu, Bronze Fox 3.1% Cu, 0.3% Au & 467ppm Mo
Investment Highlights Southern Gobi copper-gold belt, Mongolia
Location: Elephant country Targets: Elephants
Strong backing from leading institutions
Team: Discovery track record
KCC.TSXV 4
Exceptional Tier 1 porphyry discovery track record with deep
in-country/international experience
Implementing proven exploration strategy
Low overheads with “skin in the game” alignment to shareholders
Dominant position in proven world-class underexplored belt
First modern systematic district
scale exploration in belt
New Silk Road within trucking distance to worlds largest
commodity consumer
High grade focus within/on strike to large exploration target: Bronze Fox (incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq
Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 29)
Brownfield project: East Tsagaan Suvarga (<15km from >US$1b project)
District holding being advanced
Leading project generation in-country
Background: Maiden drilling at E TS project near Devonian outcrop ETS003 intersected fertile Devonian monzodiorite with background Cu & Mo
ü Multiple Discoveries – Tier 1 incl’s: • Cadia Au/Cu (Newcrest, Australia) 1
Director, Technical Committee Chair
John Holliday 1
Peter Leaman 2 Senior VP of Exploration, Technical Committee
Imants Kavalieris 4 Advisor Technical Committee
Tsolmon Amgaa 6 Project Generation Geologist
• Reko Diq Cu/Au (for BHP, Pakistan) 2
ü Ex BHP South Gobi (Falcon) Ivanhoe JV team • Exploration Manager (Mongolia) 2 • Chief Geophysicist (Global) 3
ü Chief geophysicist: BHP/Ivanhoe/HPX • Consultant geophysicist KCC: Barry de Wet 3
ü Executive from Oyu Togoi's Exploration Team 4
ü Mongolia Project Generation head Trafigura 5
ü Senior geologist Teck & Vale 6
ü President/Chief Geologist OrigoTrafigura MLG • Consultant geologist KCC: Henry Tebar
Team Exceptional exploration record
KCC.TSXV 5
Board Know Mongolia
KCC.TSXV
ü Chairman : ex President/CEO Oyu Tolgoi/chair of Exploration Committee
>40 years experience
Full development cycle >150 years specific sector experience
Cameron McRae 7
Independent Chairman President & CEO,
Technical Committee,
Director
Molor Erdenebat 5
Head Geologist Sam Spring 8
7
6
ü CEO : 6 years leading KCC 8
10
ü Head of Business Development for Oyu Tolgoi • Independent Director KCC: Ray Nadarajah 9
ü Trader for Marc Rich & Co/Glencore International • Trading copper and other commodities in Mongolia/Asia region • LIM Advisors’ nominee director KCC: Lewis Marks 10
ü Director of Steppe Gold • Current construction project in Mongolia
Further details on slide 28 - full bio’s @ www.kincoracopper.com
KCC.TSXV
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Tsagaan Suvarga
Oyu Tolgoi
Kharmagtai
White Hill
Ulaanbaatar
Erdenet
Bayan Airag
Zuun Mod
Bronze Fox
Bayan Khundii
Saran Uul
Boroo
Gatsuurt Altan
Tsagaan Ovoo
Oyut Ulaan Olon Ovoot
Khadat
Bayan Uul
Mongolia One of the last under explored frontiers Notable copper & gold occurrences
Copper & gold resource or exploration targets Major copper & gold mines/development projects Kincora properties
Copper porphyry showings Copper scarn or massive sulfide deposits/showings
Island arc
Back arc basin
Devonian belt
Rich in natural resources with only 30% of the country explored
KCC.TSXV 7
Southern Gobi
region
Source: Company & Industry data
www.kincoracopper.com/investors/mongolia
Introduction to Mongolia presentation
KCC.TSXV
⌃
Entrée 2018 targets / Rio Tinto drilling
West Kasulu
/ Oxides
Legend
Oyu Tolgoi (“OT”)
Rio Tinto/ TRQ/
Entrée
Kharmagtai Xanadu Mines
Ikh Shankh private
Tsagaan Suvarga (“TS”)
MAK/EBRD
Red Well
XV-19315 TRQ / Rio Tinto drilling
Bronze Fox
Tourmaline Hills
Argalant, Ulgii Khud
Massive
2017/19 drilling activities
Kincora Licenses (100%)
Incumbent new licenses
Other license holders
Interpreted Devonian belt
Resource / Cu-Au occurance
TRQ Aug’18 drilling/targets Rio Tinto operated 30km
Kincora priority drill targets
Bronze Fox
East TS
Location Multiple drill ready targets at multiple projects in Southern Gobi copper belt Kincora: Priority Drill Targets
Bronze Fox • West West Kasulu
(incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 29)
• West Extension (Southern)
East Tsagaan Suvarga (East TS) • Multiple Tier 1 scale brownfield targets
8
KCC.TSXV
Chile
150km
TsagaanSuvarga
KharmagtaiBronzeFox
EastTS
XV19315
Mongolia
Source: Company & Industry Data
9
Chile
> 5 years production
~1% global supply é production
1 mine (+)
>100 years production
>10% global supply ê production
>15 mines
Chi
le
Mon
golia
Background: Pre-stripped Serven Sukhait open pit at Tsagaan Suvarga Oxide material within the eastern pit
KCC.TSXV 9
Same landmass
OyuTolgoi
150km
Location Highly mineralized but vastly underexplored
KCC.TSXV
Location One of the world’s fastest developing mining and infrastructure regions
Large resource endowments on the new Silk Road within trucking distances to the worlds largest commodity consumer
Sparsely populated, generally flat open desert, not at altitude
Between >US$14b OT & >US$1b TS copper projects, plus major coal basin (incl. Erdenes Tavan Tolgoi (ETT))
“White Pearl” Camp
Oyu Tolgoi
Bronze Fox
Tsagaan Suvarga
32km27km
129km
Km’s from White Pearl Camp
80km
Km’s to China from OT
Manlay
Mandakh
Khanbogd
Gashuun sukhait
! Kincora’s year round “White Pearl” camp
! Water wells at Bronze Fox, White Pearl & East TS
! Grid power within license area and 500 metres from camp (linking OT to TS to Mandakh soum)
! Annual average temperature is 2ºC. Can work all year around
China’s doorstep
KCC.TSXV 10
Background: OT aquifer & power lines to TS
10
KCC.TSXV
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Average LME C
opper Price (US$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
Adapted from S&P Global Market Intelligence report which identified 220 primary copper deposits (generally >500,000t of Cu Mt in reserves/past
production) initially identified by discovery holes drilled between 1990-2017. Year of addition based on interpreted “discovery hole”.
*
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
Analysis excludes Tsagaan Suvarga project, also in Southern Gobi (1.4Mt Cu resource)
2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0
20
40
60
80
100
120
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average LM
E Copper Price (U
S$/lb)
Cop
per
in m
ajor
disc
over
ies
(M
t Con
tain
ed)
Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)
OT
– H
ugo
Dum
met
t
Kha
rmag
tai
OT
– S
hive
e
OT
– H
erug
a
OT
– S
th O
yu
Last district scale Gobi
exploration1
2009-12 most majors sought position in Southern Gobi
Lack of discoveries
despite price
Kha
rmag
tai –
Zar
aa?
Bron
ze F
ox &
Eas
t TS?
Southern Gobi Important source of new discoveries
Majors balance sheets restored Lack of pipeline – revisit Gobi
- Regional Drilling - Pursuing Expansion
- New Office
Rio Tinto
11
. . . in an industry struggling for discoveries
2 9% of contained metal discovered globally 1
KCC.TSXV
Targets Systematically advancing pipeline
12
1 West Kasulu, Bronze Fox: The potential quantity & grade ranges are conceptual in nature. There has been insufficient exploration
to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
Refer to slide 29 for full disclaimers/notes.
TourmalineHill
Argalant, Ulgii Khud Massive
Mine Feasibility Pre-Feasibility
Title Concept
Bayan Tal
Bronze Fox: Western trend
TourmalineHill
Tourmaline Hills
Advanced Drilling
Target Testing
Max uplift in shareholder
value
Red Well Project Generation: ground truthing prospective districts/targets
East TS “brownfield” Devonian porphyry
Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1
Reconnaissance Resource
Delineation
KCC.TSXV
Targets Looking to maximize shareholder value
13
SolGold case study:
• 20x in 31 months
• 2 strategic investors case study: Cu-Au Tier 1 discovery in Ecuador) Raisings / drilling Mar’16 Sep’16 Jun’17 Nov’17 Oct’18 Nov’18
Amount raised ($m) A$5.7 US$54 US$41.2 C$75.6m US$59.2 US$3.2
@ price /sh 2.3p $0.16 41p 25p 45p 37.14p
Drill holes completed 13 15 23 39 67 67
Stage Target Testing Assessment “Top up rights” Share price re-rating 20x
Resource Maiden Upgrade
Industry groups Newcrest Newcrest Newcrest BHP Newcrest
“Original” Ivanhoe Mines case study:
• US$30m valuation at time of deal with BHP for Oyu Tolgoi
• 100x 6 yrs later from Rio Tinto’s initial investment
• Share price: C$0.80/sh to >C$26/sh
TourmalineHill
EastTSEast TS “brownfield” Devonian porphyry
Red Well
Argalant, Ulgii Khud Massive
Mine Feasibility Pre-Feasibility
Reconnaissance Title Concept Resource Delineation
Bayan Tal
Bronze Fox: Western trend
TourmalineHillProject Generation: ground truthing prospective districts/targets
Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1
Tourmaline Hills
Advanced Drilling
Target Testing
Max uplift in shareholder
value
Discovery Assessment Discovery Production Discovery Value
Discovery Risk
Financing & construction
Typical exploration/development scenario. . . . . . Tier 1 copper-gold porphyry examples
Source: Company & Industry data
Source: Adapted from Lion Selection, with thanks to Hedley Widdup
KCC.TSXV
Bronze Fox & East TS not dissimilar story to OT with new geophysical targets supported by geology?
14
Oyu Tolgoi discovery: OTD 150 was the first ‘deep‘ hole that tested the hypogene at Sth West
Previous shallow drilling at NW monzonite zone failed to reach subsequent IP & coincident magnetic anomalies with 4 (Kinocra) holes drilled only on margin of new targets
Previous shallow drilling (<320m) short of &/or adjacent to subsequent interpreted intrusions & geophysical targets
“OT Discovery Hole”
A geophysical/hypogene target Previous drilling failed to reach the geophysical target and mineralization zones
West West Kasulu
East TS
Source: Adapted from Ivanhoe & “Exploration of the Oyu Tolgoi Copper, Gold, Silver Deposit in South Gobi, Mongolia” presentations
KCC.TSXV 15 KCC.TSXV 15
Bronze Fox Unrestricted access to drill high-grade zone for first time since 2012
2005
4 holes 1237 metres
2011
Ivanhoe Mines
2006-09
Temujin Mines
17 holes 1680m1
Kincora Copper
2012 2013-16
IVN JV BHP
Kincora Copper
Exclusivity with major
Windfall Tax
Bronze Fox excluded Retained by Ivanhoe
C$40-50m Mkt Cap
Background: Discovery of Oyu Tolgoi (Elsevier 2018) – Figure 15.1, with
thanks to Sergei Diakov Aug’05 BHPB OT project review delegation: L2R - D Hernandez, R Friedland, P Leaman, C
Forster, M Salamon & M Randolph
Key
mile
ston
es fo
r W
este
rn li
cens
e
106 Dispute
0 2km “If we have Bronze Fox & Oyu Tolgoi today, and we were just starting the
exploration process, it's not at all clear to me that we would screw around with Oyu Tolgoi”- Robert Friedland Mar’05 2
Focus was extensive surface mineralization in eroded granodiorite zone illustrating size of the
system at Bronze Fox (only 1 yr drilling*)
Timeline for now understood (2018) monzodiorite zone
2012 KCC consolidates original Ivanhoe
Bronze Fox - drilling incl’s. F62: 13m @ 1.4% CuEq
within 390m @ 0.49% CuEq 3
2018 (post funding) KCC reviews new
geology & geophysics ->new interpretation
New focus is extensive preserved & younger monzodiorite targets
(across fault from eroded granodiorite)
1 Drilling by Temujin impacted by only 100 metres of RC rods 2 Source: http://archive.li/Cv07X
3 Refer to slide 29 for full disclaimers/notes.
Unrestricted (“U’”) access U’ access
New targets
4 holes 3148m
U’ access
Volcanics
Granodiorite
Phases of Drilling (predominate lithology
target) 2005 – Ivanhoe
(Granodiorite/too shallow 4 Monzodiorite)
2010 – Nadmin (Granodiorite) 2011 – Kincora (Granodiorite)
2011 – Temujin1 (too shallow for Monzodiorite) 2012 – Kincora
(Granodiorite/4 holes Monzodiorite)
2014 – Kincora (Volcanics) Monzodiorite
Insert: Drilling over IP chargeability with Mining Associated block model:/ exploration target Western strike insufficiently tested
RHS: Drilling phases at Bronze Fox over
outcropping intrusive with current license boundary – impacted by ownership, geological knowledge &
drilling equipment1
License Boundary
KCC.TSXV
C$XX
ü Resolution 106-license dispute
ü Bronze Fox reconsolidated
ü IBEX merger
Block model supports large scale exploration target (Jan’18) 1
ü 416-428Mt @ 0.26-0.30% Cu 1
ü up to 2,437Mlb of copper & 0.84Moz gold 1 (monzodiorite zone:141Mt for 890Mlb of copper & 0.25Moz gold) 1
New Drill
Targets C$40-50m Mkt Cap
ü 14 NDAs ü 1 Company Offer ü Separate period of
exclusivity with copper major
X 106-license dispute
Block Model
New Gravity & Mag
Geophy- sical
review
“SJ” IP
Survey
3 of 4 holes*
>1% Cu
Key regional fault & change in lithology ü 3 of 4 holes by Kincora in now understood monzodiorite >1% Cu
ü Western Bronze Fox license hosts monzodiorite intrusion
New Surface Geology
16
2012
Now
Exploration target: 1.3-1.5Mt CuEq metal
New high grade targets in two large zones
1
106 License Dispute
SG’s for 43-101
24km core
relogged
1 Refer to slide 29 for full disclaimers/notes.
“Search” IP
Survey
Funding
New Technical
Team
Bronze Fox story New geological model: high grade system / targets significantly advanced
KCC.TSXV
Inferredhigh-gradetargetzoneassociatedwithcoincidentmagneticlow,
chargeabilityhigh(15-20mV/V)&encouraginggrade/vectorsfromholeF57&F62onperipheryofinterpretedtarget
Outcrop&locationofsection
IP(seeslide1forIP&maglow)&locationofsection
OPEN
A
B
A
B
A B
Conceptualcrosssection–LookingNE
Chargeability high (see slide 19 for coincident magnetic low & wider IP profile)
Monzodiorite Granodiorite
F62 F57
Lice
nse
Boun
dary
Monzodiorite Granodiorite
Tov Fault
Tov Fault
Outcrop & location of section Conceptual cross section – Looking NE Background: 24,139 metres of Bronze Fox core were relogged in 2018 Relogging activities at the White Pearl camp
KCC.TSXV 17
19
Inferredhigh-gradetargetzoneassociatedwithcoincidentmagneticlow,
chargeabilityhigh(15-20mV/V)&encouraginggrade/vectorsfromholeF57&F62onperipheryofinterpretedtarget
Outcrop&locationofsection
IP(seeslide1forIP&maglow)&locationofsection
OPEN
A
B
A
B
A B
Conceptualcrosssection–LookingNE
Chargeability high (see slide 19 for coincident magnetic low & wider IP profile)
Monzodiorite Granodiorite
F62 F57
Lice
nse
Boun
dary
Monzodiorite Granodiorite
Tov Fault
Tov Fault
Outcrop & location of section Conceptual cross section – Looking NE Background: 24,139 metres of Bronze Fox core were relogged in 2018 Relogging activities at the White Pearl camp
Monzodiorite preserved & younger
Granodiorite eroded
Bronze Fox geology Eastern granodiorite outcrops & eroded, western monzodiorite preserved (West West Kasulu)
KCC.TSXV
ü 3.12% Cu, 0.32g/t Au & 467 ppm Mo
ü 864 metres @ 0.38% CuEq, with 37 metres @ 1% CuEq
ü 1.67% Cu, 0.20g/t Au & 27 ppm Mo
ü 173 metres @ 0.30% CuEq
ü 1.41% Cu & 0.15g/t Au
ü 10 metres @ 1.48% CuEq
F62
F57
F85
ü 3.12% Cu, 0.32g/t Au & 467 ppm Mo
ü 864 metres @ 0.38% CuEq, with 37 metres @ 1% CuEq
ü 1.67% Cu, 0.20g/t Au & 27 ppm Mo
ü 173 metres @ 0.30% CuEq
ü 1.41% Cu & 0.15g/t Au
ü 10 metres @ 1.48% CuEq
F62
F57
F85
Open
Open
Open
Open
License Boundary
Granodiorite eroded
Monzodiorite preserved & younger
Mining Associates (Jan’18) - Block Model 1
Green: Western (higher grade) monzodiorite zone Blue: Eastern granodiorite zone
(Plan view of >0.2% Cu envelope)
Open
3 of
4 K
inco
ra h
oles
>1%
Cu
1 Refer to slide 29 for full disclaimers/notes.
18
Bronze Fox story Higher grade across western fault in monzodiorite section of system (West West Kasulu)
KCC.TSXV 19
Bronze Fox geophysics Compelling large zones associated with high-grades largely untested
Northern Ecuador
Parameters for select copper-gold porphyry exploration projects
Conductivity–keyre
gional
faults&lithology
Magnetic–deepseated
&large
intrusion
Tov
Fault
Chargeability–untes
tedwestern
strikecoincidentw
ithmaglow
Chargeability
Cond
uctiv
ity
Magne
tics
Ope
n
Ope
n
TovFault
Shearz
one
Ope
n
Ope
n
2km
Shear
Zone
License boundary
Mining Associations block model/ exploration target
Drill hole
Key fault
EasternLicenseWestern
License
License boundary
Mining Associations block model/ exploration target
Drill hole
Key fault
West West Kasulu
Chargeability over conductivity & magnetics with the Mining Associates block model, historic drilling & license boundary
Western trend #2
#1
#1
#2
#2
#1 West West Kasulu • Kincora inadequately tested <260m
strike • 6065 metres (total) supports exploration
target of 141Mt for 890Mlb of copper & 0.25Moz gold in the monzodiorite zone1
• Monzodiorite target zone now >1.5km x >500m wide
• Southern concealed intrusion (>2km strike), coincident with a large chargeability high/demag zone, and discrete surface anomalies (mapping, soil & pan con sampling in 2018)
• Encouraging alteration & mineralization in limited drilling, supporting subsequent geophysics
1 See slide 29 for further details and disclaimers Previous drilling including Ivanhoe / Temujin / Kincora
KCC.TSXV
Drill results support geophysics Focus on more higher grade results
20
Blockmodel
Blockmodel
West West Kasulu
ü On section from F62*: First time test the central coincident chargeability high and magnetic low anomalies (periphery intersected in F62) drilling into the right lithology (ie into the monzodiorite , not away)
ü Step out from Mining Associate exploration target
• Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq
• Grade on margin moderate chargeability high and coincident demaag zone
• HP-5 to drill into main chargeability high, mag low and right lithology (monzodiorite) for the first time
TovFault
EasternZoneWesternZone
New
Targets
infill
stepout
Chargeability
(Verticaldepth
190-480m)
Magnetisation
(Verticaldepth
480m-c.1500)
Exploration
Target1
TovF
ault
Block
Model1
(Mining
Associates
-Jan’18)
288Mt1141Mt1
Infill260m
???
Strike>1km
SIUnitsSuscepti-bility
Charge-ability(mV/V)
Monzodiorite Granodiorite
• 3 of 4 previous Kincora holes intersected >1% copper in one drill season of unimpeded access
• Subsequent geophysics and geological review helps explain previous results with lithology and geophysical anomalies now understood
• Focus is drilling high-grade targets:
#1 West West Kasulu
1 Refer to slide 29 for full disclaimers/notes.
MVA HP-5PV-6
MVA (ground magnetics) background with IP chargeability iso-surfacesWest West Kasulu Bronze Fox
F62
F62: drilled across periphery of target, geology correlates
HP1 PV1
KCC.TSXV
TSIC intersected (Hole #) TSIC not intersected Inferred TSIC pluton boundary Conceptual intrusive body(s) Kincora East TS licenses MAK Serven Sukhait pits (resource) JICA targets (mineralized outcrop)
Cenozoic cover
Creataceous cover
Triassic volcanics
Pennsylvanian volcanics
Turnaisian sediments
Devonian pluton
Lithology interpretation
21
East TS: Multiple Tier 1 scale targets
Target is equivalent
preserved high grade Hugo or
Heruga orebody (or series of
orebodies) as at Oyu Tolgoi within
the Tsagaan Suvarga intrusion
KCC.TSXV 21
East Tsagaan Suvarga is a brownfield Devonian target beneath explorable cover
East TS Where is the “Hugo” of the TS complex?
Background: Fleet of trucks that have completed the pre-strip of the eastern Serven Sukhait open pit MAK’s Tsagaan Suvarga project See slide 30 for further details
KCC.TSXV
East TS At the point of target testing drilling
22
10-15km from >US$1b open pit development
2011
IBEX
2016
Ground mag
Kincora Copper
2017
14 holes 3452m
Key
mile
ston
es fo
r Ea
st T
S
Zeus IP Survey/
Prospecting
KCC-IBEX Merger
Age dating Fertility
Mapping Soil sampling
2018
Ground Magnetics +
Gravity
SJ IP Survey
ü Interpreted from Induced Polarization (IP), magnetic, gravity & resistivity data with spatial correlation with Phase 1 drilling (Cu/Mo assay & magnetic susceptibility)
ü Demagnetised zones are interpreted to represent magnetite-destructive mineralized phyllic or argillic alteration in structural trend within brownfield intrusive
ü SJ (“SJ”) Geophysics 3D IP, resistivity & magnetotelluric survey supports multiple coincident geophysical and geological targets for drilling
22 KCC.TSXV
ModerateIPHigh
StrongIPHigh
Section: Phase 1 drilling holes ETS011, 003 & 002 ü Confirmed fertile brownfield Devonian environment (+positive
green rock) on eastern margin of TS Intrusive Complex ü Preserved porphyry - Carboniferous above Devonian stratigraphy
in holes ETS001/003/002 (purpose <25m basement sample of Dev. Complex only – not target testing drilling)
ü ETS011/003/002 – highest Cu/Mo grades short of extensive magnetic & chargeable body in monzodiorite (did not test subsequently defined coincident geophysical targets)
22 22
Background:Magnetics
IP chargeability
high (iso-surfaces)
coincident with MVA (magnetic) interpreted
intrusion (background)
MagHigh(sediments?)
StrongIPHigh
ModerateIPHigh
ETS011
ETS003ETS002
Demag
Drilling to basement confirmed fertile preserved brownfield mineralized monzodiorite Devonian complex below Carboniferous cover but short of subsequently defined large
deep seated coincident chargeable, magnetic & resistive anomalies
DemagZone
(intrusion?)
KCC.TSXV
East TS Multiple Tier 1 scale targets
23
Section
Interpreted altered intrusive body (magnetite
depletion)
Interpreted altered intrusive body (magnetite
depletion)
Interpreted intrusive bodies
(magnetite depletion)
2km
Interpreted halo of magnetite alteration at 700m - high amplitude magnetisation in red
Section (Slide 22)
Interpreted altered intrusive body (magnetite
depletion)
Interpreted altered intrusive body (magnetite
depletion) 2km
Section (slide 22)
Interpreted halo of magnetite alteration at 700m - high amplitude magnetisation in red
Interpreted intrusive bodies
(magnetite depletion)
SJ Geophysics 3D IP – chargeability at 700m – over previous shallow
drilling
Previous shallow to basement drilling (<320m) short of &/
or adjacent to subsequent
interpreted intrusions & geophysical
targets
3km
KCC.TSXV 24
Capital structure (KCC : TSXV)
Share price (28/2/19) 10.5 cents
52-week range 9–29 cents
Secondary overhangs (22/6/18) 13c (C$2.59 million)
Last raising (Sep/Oct’17) 33c (C$5.92 million)
Issued shares 71.4 million
Market Capitalization C$7.5 million
Cash (Sep’18 accounts) C$1.5 million
Enterprise Value C$7.0 million
Options 3.6 million
Weighted average price 42c / term 2 years (Sep’18 accounts)
Warrants 9.0 million
Weighted average price 47c / term 0.7 year (Sep’18 accounts)
Corporate summary Strong backing from leading institutions
HNW / Family Office
Board / Technical Team
Retail
Insitutional
LIM (Jun’18) 28% Board/Management 7%
EBRD (Oct’17) 6%
Instos / Family office (Aug’17) 14%
Other Instos 16%
HNW 14%
Other retail 13%
(Management Est. – Jan 14th 2019)
Sophisticated &
consolidated register
Top 6 group’s ~60%
KCC.TSXV
IBEX deal announced
IBEX deal closes
2nd tranche raising closes
Shareholder overhangs crossed
0.2
0.3
0.4
0.5
1.5 1.0 0.5
Jan’18
Volume since Jan’16
Jan’17 Jan’16
0.6
Jan’19
25
Cheap? Yes, for corporate headwinds
28% 19.9m shares
Last 20 months – milestones:
• New Team/Targets Funded: C$5.9m raised
• Board Strengthened: 3 of 5 members turned over
• Technical Team Strengthened: +Barry de Wet
• Share Register Strengthened: + 3 institutions (new 29% cornerstone (LIM Advisors), EBRD & PE group)
• Foremost international group pursuing further countercyclical expansion opportunities in Mongolia
• First modern systematic district scale exploration commenced in the world class Southern Gobi belt
• Bronze Fox: Large scale target + new high grade zones
• East TS: confirmed multiple brownfield T1 targets
• + Indep. technical review from largest shareholder
Corporate headwinds over shadow milestones & impacted Stage 2 drilling
New Team & Targets but need new funding providers
Share overhang emerges
35% 18m shares
KCC.TSXV
Why Kincora?
26
ü Team with exceptional Tier 1 porphyry track record
ü Strong & aligned shareholder register, board & management
ü First modern exploration program across a district scale portfolio
ü Value catalysts:
• Drilling two high grade targets at western zone and strike of West Kasulu (Bronze Fox)
• Success: confirm high-grade zone & large scale independent exploration target – supporting potential first significant copper discovery globally since 2014
• Drilling multiple confirmed “brownfield” Tier 1 scale targets (East Tsagaan Suvarga)
• Success: support concept for series of preserved high grade orebody(s) within Tsagaan Suvarga mineralized system (per Hugo/Heruga orebodies within OT mineralized system)
• Foremost group pursuing further countercyclical expansion opportunities in Mongolia
• Success: path to control for “Target testing”-”Advanced drilling” copper, gold &/or VMS project/district
Background: Kincora’s White Pearl camp Southern Gobi, OT & TS road /powerline
26
KCC.TSXV 27
Appendix - Kincora key milestones
Valu
atio
n pa
ram
eter
s Ke
y m
ilest
ones
Kincora
formed Bronze Fox
Consolidated 106
Dispute IBEX merger
closes Funding for new
Technical Team Governance issues/
Overhand resolved Unimpeded
exploration
2011 2012 2013–16 2016 2017 2018 2019
§ Hole F62: > 37m @ >1% CuEq within 800m @ 0.4% CuEq1
§ Offer for KCC, period of exclusivity, 14 NDAs
§ Bottom of cycle (Anglo A and Teck exit Mongolia/ copper <$2/lb)
§ KCC consolidated belt via IBEX merger
§ New Technical Team/Targets
§ C$5.9m raising (2 new instos)
§ Phase 1 exploration
§ 3 of 5 board turned over § 2 overhangs crossed: new
28% shareholder
§ Large exploration target for Bronze Fox
Tier 1 ‘discovery’ drilling
Bronze Fox i. West West Kasulu includes:
– 37m 1% CuEq within 800m @ 0.4% CuEq1
– Exploration target: 1.3–1.5Mt CuEq metal1 ii. West Extension (Southern)
East Tsagaan Suvarga (East TS) iii. Multiple Tier 1 scale (‘Hugo’ type) brownfield
targets
Mar
ket c
ap (C
$m)
Expl
orat
ion
succ
ess
$20m
$40m
2012 2013–16 2016 2017 2018 2019
Further information on Kincora:
Corporate strategy overview: www.kincoracopper.com/about-us/corporate-strategy
Exploration strategy 2019: www.kincoracopper.com/about-us/exploration-
strategy-2019
Mongolia introduction presentation: www.kincoracopper.com/investors/mongolia
1 Refer to slide 29 for full disclaimers/notes.
KCC.TSXV 28
Appendix - Bios Board & Technical team Technical Committee Senior Technical/Project Generation Team
John Holliday
>30 years exploration with BHP Minerals and Newcrest Mining Principal discoverer/site manager for Cadia/Marsden Tier 1 gold-copper porphyry, with worldwide experience in goldcopper deposit exploration, discovery and evaluation.
Indep. Non Executive Director, Technical Committee Chair
Sam Spring
Leads Kincora's activities since 2012, incl. active exploration, resolution of 106-license/IBEX transaction disputes, together with an active M&A strategy. Former mining analyst, >10 years within Goldman Sachs and Ocean Equities, CA and CFA Charterholder.
President & CEO, Director
Peter Leaman
>40 years exploration with BHPB, incl. Country manager Mongolia, 2006-09 responsible for the Ivanhoe JV, and PanAust Ltd, Multiple discoveries incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold porphyries.
Senior Vice-President of Exploration
>10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Res. and Solomon Res., in Mongolia & Africa. Molor has extensive experience in all different stages of exploration & with Kincora since 2014.
Tsolmon Amgaa
>20 years in mineral exploration with juniors, and more recently with the majors Vale and Teck as Senior Geologist. Unique knowledge of the Mongolian copper belts and interpretation of their geological controls and models.
Henry Tebar
Formerly President & Chief Geologist of Trafigura Origo JV in Mongolia, having identified & truthed >300 targets. >30 years’ experience in copper, precious/base metals & geothermal in Asia (ex-Leyshon Res., Central China Goldfields, Anomaly Res., BHP, & Billiton).
Head Geologist
Project Gen Geologist
Molor Erdenebat
Joined Aug’12 Appointed Nov’16 1,2 Appointed Nov’16 2
Cameron McRae
Seasoned mining industry executive. 28-years with Rio Tinto, incl. CEO of Oyu Tolgoi LLC where led construction & start-up of the then US$6 bln Oyu Tolgoi copper-gold mine in southern Mongolia. Advisor to Kincora for majority of period since OT. UB based.
Independent Chairman
Board (ex-Technical Committee)
Lewis Marks
Former practicing & currently registered New York lawyer, who has lived in Asia for 37 years, including residence and business operations in Mongolia for most of the last 17 years. Extensive experience across the natural resource sector. UB based.
Non-Executive Director (LIM Nominee)
Ray Nadarajah
Seasoned finance executive & investor with extensive experience in the natural resources and infrastructure sectors in Mongolia and globally. Ex-TPG Capital, Rio Tinto, Oyu Tolgoi, Citi and Goldman, having worked in over 25 countries.
Independent Non-Executive Director
Appointed Aug’18 Appointed Jul’18 Appointed May’18
Plus Minerals LLC Technical Advisors
Plus Minerals LLC
Khashagerel Bat-Erdene and Imants Kavalieris. Extensive experience in Mongolia and have worked on some of the largest Cu deposits in SE Asia. Imants (photo) was one of the 6 executive exploration team during the exploration & delineation of the Oyu Tolgoi deposits.
Technical Committee Advisor
>50 years experience, actively contributing to discovery of deposits with Ivanhoe Group (Ivanhoe Australia & HPX) & BHPB (Chief Geophysicist). Knowledge of Sth Gobi belt from BHP (with Peter Leaman in Ivanhoe JV) , HPX and former IBEX board member.
Barry de Wet Geophysics Consultant
Appointed Nov’16 2 Joined Nov’17
KCC.TSXV
2005
4 holes 1237 metres
2011
Ivanhoe Mines
2006-09
Temujin Mines
17 holes 1680m*
Kincora Copper
2012
4 holes 3148m
2013-15
IVN JV BHP
Kincora Copper
Exclusivity with major
Windfall Tax
106 Dispute
Bronze Fox excluded Retained by Ivanhoe
* Drilling by Temujin Mines impacted by having only 100 metres of RC rods
C$40-50m Mkt Cap
Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq
Key
mile
ston
es fo
r W
este
rn li
cens
e Appendix - Bronze Fox Large-scale Cu-Au target
* Refer to the following press releases for further details: 25/1/18 Large copper-gold porphyry target quantified at Bronze Fox; &, 21/11/17 Kincora appoints consultant for review of Bronze Fox
Defined Resources and Reserves ü Notable Mongolian copper porphyry systems
Mining Associates exploration target at West Kasulu
1
2
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgradeisconceptualinnature,andbasedonnearestneighbourandordinarykrigeestimateswithinaninterpreted0.2%Cugradeshellbasedon81drillholesspacedapproximately200x200mwithintheWestKasuluprospectwithinthewesterncentralportionoftheBronzeFoxIntrusiveComplex.Thedrillspacingistoobroadtodefinegradecontinuity,butdoesillustrategeologicalcontinuity.Noassumptionsregardingeventualeconomicextractionhavebeenapplied.Thepotentialquantityandgradeisconceptualinnature,therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthetargetbeingdelineatedasamineralresource.
CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgradeisconceptualinnature,andbasedonnearestneighbourandordinarykrigeestimateswithinaninterpreted0.2%Cugradeshellbasedon81drillholesspacedapproximately200x200mwithintheWestKasuluprospectwithinthewesterncentralportionoftheBronzeFoxIntrusiveComplex.Thedrillspacingistoobroadtodefinegradecontinuity,butdoesillustrategeologicalcontinuity.Noassumptionsregardingeventualeconomicextractionhavebeenapplied.Thepotentialquantityandgradeisconceptualinnature,therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthetargetbeingdelineatedasamineralresource.
CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgradeisconceptualinnature,andbasedonnearestneighbourandordinarykrigeestimateswithinaninterpreted0.2%Cugradeshellbasedon81drillholesspacedapproximately200x200mwithintheWestKasuluprospectwithinthewesterncentralportionoftheBronzeFoxIntrusiveComplex.Thedrillspacingistoobroadtodefinegradecontinuity,butdoesillustrategeologicalcontinuity.Noassumptionsregardingeventualeconomicextractionhavebeenapplied.Thepotentialquantityandgradeisconceptualinnature,therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthetargetbeingdelineatedasamineralresource.
CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.HoleF62(acrosstheTovfaultatWestKasulu)–37mgrading0.83%copperand0.14g/tgold(1.01%CuEq)from573m,[email protected]%CuEq(0.41%copperand0.08g/tgold)and794mat0.40%CuEq.TheCopperEquivalent(CuEq)calculationrepresentsanestimateforthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonlyandintendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.
Mineralizedsystem CurrentStage Mt Cu,%
Au,g/t
Mo,%
Measured&Indicated1
OT,HugoDummet Construction 976 1.61 0.38 0.003OT,Heruga StudiesOT,OyutOP(exmined) Mining 1,092 0.43 0.27 0.006OT,OyutUG Studies 107 0.35 0.61 0.003TsagaanSuvarga(Primary) Construction 291 0.5547 0.02Kharmagtai Exploration 129 0.36 0.36
Inferred2
OT,HugoDummet Construction 1,835 0.7916 0.18 0.005OT,Heruga Studies 1,816 0.39 0.37 0.011OT,OyutOP(exmined) Mining 389 0.29 0.16 0.004OT,OyutUG Studies 159 0.39 0.32 0.003TsagaanSuvarga(Primary) Construction 15 0.334 0.01Kharmagtai Exploration 469 0.31 0.19
Holesandmetresdrilled5
OT,HugoDummet ConstructionOT,Heruga StudiesOT,OyutOP(exmined) MiningOT,OyutUG StudiesTsagaanSuvarga ConstructionKharmagtai Exploration
1 ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)2 ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)3 Cut-offgrade-CuEqperrespectivetechnicalreport(otherwisestatedasCu%)4 Reportedat0.3%CuEqcutoff5 Reportedtotalholesandmetresdrilled
Holesincluded Metresincluded745136
441,456148,889
921
282613
54,764189,170
326,510
CuEqGrade Date Cut-off
grade
1.87 2015 0.37 3
20150.61 2015 0.22 3
0.73 2015 0.37 3
0.60 2009 0.200.58 2018 0.30 4
0.93 2015 0.37 3
0.65 2015 0.37 3
0.40 2015 0.22 3
0.59 2015 0.37 3
0.36 2009 0.200.42 2018 0.30 4
ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)
Metresincluded441,456148,889
54,764189,170
326,510
Project
1
ExplorationTarget1
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgraderangesareconceptualinnatureandbasedonnearestneighbourandordinarykrigeestimates.Therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthe
WestKasulu-TargetRange
Mt Cu,%
Au,g/t
Mo,%
416 0.26 0.06 0.003- - - -
428 0.30 0.07 0.004
ExplorationTarget1
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgraderangesareconceptualinnatureandbasedonnearestneighbourandordinarykrigeestimates.Therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthe
CuEqGrade
ContainedMetalCuEqMt2
Date Cut-offgrade
Holesincluded
Metresincluded
0.30 1.3- -0.35 1.5
ExplorationTarget1
Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgraderangesareconceptualinnatureandbasedonnearestneighbourandordinarykrigeestimates.Therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthe
2018 0.20 76 24,139
29
Follow
KCC.TSXV
Canadian Office 800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada +1 604 283 1722
Mongolian Office Khasvuu Building, Peace Avenue, Transporter’s St, Ulaanbaatar 14210 +976 701 0095
Sam Spring President & CEO [email protected]
www.kincoracopper.com
Background: Mongolyn Alt LLC’s (MAK) Serven Sukhait open pit development project – 10-15km’s from the drill targets at Kincora’s East TS project US$377 million invested of US$1,089 million total capital, forecast to produce up to 316,000tpa Cu and 4,400tpa Mo. - Southern Gobi, about 650 km SE of Ulaanbaatar and 155km NW of Oyu Tolgoi .
Contact
www.kincoracopper.com
@KincoraCopper
Kincora Copper Limited