Corporate Strategy

March 1st, 2021

Dear Investor,

At Kincora Copper Limited (TSX-V: KCC) (Kincora or the Company) our focus is on the discovery of world-class copper gold porphyry associated deposits with the near term ambition to become the leading listed pure play explorer in what we believe is one of the most significant gold rich porphyry regions in the world, the Lachlan Fold Belt (LFB) of Australia.

On behalf of the Company’s Directors, it is my pleasure to invite you to become an investor as we embark on our proposed dual listing on the Australian Securities Exchange (ASX) and accelerate our drilling activities from one to three projects within the LFB in 2021. In our view, these priority projects demonstrate potential hallmarks of neighbouring world-class discoveries which are now major mines. We are planning over 15,000 metres of drilling shortly post listing as part of a minimum of 34,000 metres total drilling program across the projects with our drill targeting utilizing established exploration models.

I lead an experienced, well-balanced Board of Directors and management team who have “skin in the game” equity ownership and are backed by a significant institutional and family office shareholder base. We believe we have a very capable team that above all embraces the need to do things the smart and correct way, leveraging the fact that the majority of our team members are either Australian or have an extensive background operating in Australia with leading exploration and mining organisations.

For explorers, we consider the technical team is very important. In our opinion, Kincora has one of the best industry experienced technical teams for a junior company that, during their careers, have made multiple world-class copper and gold discoveries. The team also has unique knowledge and a track record of discoveries in the LFB. The board’s technical director, John Holliday, is a leading porphyry expert and based in this region. He is backed up by a strong Technical Committee and wider team. John is best known as being key to Newcrest’s origination and, discovery and management of the Cadia project during the exploration phases. Cadia is now one of Australia’s largest and most profitable gold mines.

Our team over the last year has assembled a strategic and district scale position and project pipeline of early stage to advance walk up drill target projects in areas of the Macquarie Arc with significant exploration potential, within the LFB, in Central West New South Wales (NSW), Australia.

High priority drilling commenced in April 2020 and continues at our flagship Trundle project within the LFB, with very promising copper and gold results after making an initial near surface discovery that could be considered consistent with the start of a potentially major and globally significant project. Our first hole returned 51 metres at 1.17 g/t gold and 0.54% copper commencing from only 39 metres depth.

The Trundle project is situated in the same minerals complex as Northparkes, Australia’s second largest porphyry mine. Trundle is the only brownfield porphyry project held by a listed junior in the LFB, and we consider it rare for a junior explorer to secure such a brownfield opportunity in any jurisdiction let alone a Tier 1 location such as Australia.

The LFB is a world-class gold and copper region hosting an estimated endowment of over 100Moz gold and over 24Mt copper1. It is Australia’s foremost porphyry region and serviced by favourable existing infrastructure. The LFB hosts flagship operations including Cadia (the world’s largest currently known alkalic porphyry system2), Cowal (Evolution Mining’s flagship mine), and Northparkes (a cluster of porphyry deposits including five notable gold rich copper orebodies supporting Australia’s second largest copper porphyry mine). While the LFB has enjoyed a mining history for well over a hundred years, the amount of extensive exploration to depth in most regions has been limited and, in our opinion, in certain projects ineffective. It is very evident to our team that there is a significant opportunity in the LFB by applying new exploration concepts and techniques.

The recent Boda porphyry discovery by Alkane Resources, Alkane’s brownfield drilling results at its Tomingley gold mine, Evolution Mining’s significant resource inventory growth at Cowal, the significant resource growth at Northparkes, CleanTeq’s battery metals development stage complex at Sunrise and Kincora’s initial drilling results at Trundle highlight the regions exploration potential. As summarised by Richard Schodde, a globally recognised minerals economist from MinEx Consulting, “as an economic geologist ... NSW, Lachlan Fold Belt, for copper and gold, is the place to be”3.

I am often asked, why dual list on the ASX? In the Board’s view this is the natural stock exchange now for the Company, Kincora’s primary focus and value drivers are related to our LFB assets. Our assets and team are better known in this domestic market, and by dual listing on the ASX we are seeking to access local investors who have an interest in funding local exploration and mining projects, and improve the Company’s liquidity.

In all aspects of our business, the Company retains our focus on the safety and wellbeing of our staff, engaging with stakeholders and creating shareholder value. On behalf of the Directors, I invite you to consider this opportunity to invest in the Company and look forward to welcoming you as an investor.

Yours faithfully

Cameron McRae

Chairman

Kincora Copper Limited

1 Bespoke request by Richard Schodde from MinEx Consulting for Kincora Copper, March 2020.

2 “Porphyry Au-Cu mineralization controlled by reactivation of an arc-transverse volcano sedimentary subbasin”, Nathan Fox, David R. Cooke, Anthony C. Harris, Dean Collett, Graeme Eastwood, September 2015

3 “The Assay” video interview with Richard Schodde and John Holliday, April 2020

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