Location, Team, Targets

Dear shareholders,

At Kincora Copper our focus is the discovery of the next generation of Tier 1 gold rich copper porphyries in the under explored Southern Gobi belt, and further countercyclical corporate and expansion activities in Mongolia.
 
In 4Q’15, our wholly owned Bronze Fox project was again unimpaired and in 4Q’16 Kincora completed a transformational transaction with IBEX, a private entity indirectly controlled by Robert Friedland (via HPX), to form the dominant landholding (>1400km2) between and on strike from Rio Tinto’s ‘Oyu Tolgoi’ mine (the industry’s largest global expansion project), and the privately owned ‘Tsagaan Suvarga’ open pit development project (>US$1 billion capex).
 
Our technical team is credited with multiple discoveries of Tier 1 copper assets and is undertaking the first modern systematic Tier 1 drill testing and district scale exploration program in this world-class belt.
 
In 3Q’17, we completed a two-phase equity raise for C$5.9 million, lead by two new large scale institutional groups post extensive due diligence, supporting up to 20,000m of drilling and a 12-month exploration and expansion budget.
 
Phase 1 exploration activities in 2017 were on budget and systematically advanced the portfolio to assist multiple activities at multiple targets in 2018.

In Jan’18, an independent review of our Bronze Fox project outlined a large-scale exploration target for the West Kasulu porphyry target, ranking as one of the largest potential in-situ copper-gold systems in Mongolia and with only modest drilling, which is a priority for 2018 activities along with Phase 2 drilling at our "brownfield" East Tsagaan Suvarga target.

Sincerely,

Sam Spring
President & CEO
Kincora Copper Ltd.

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