SOUTHERN GOBI BELT

SOUTHERN GOBI BELT OVERVIEW

In recent times, Kincora undertook the first modern district scale systematic exploration in the Southern Gobi copper gold belt, Mongolia’s leading porphyry region. The Company retains three (3) licenses including one (1) mining license across a portion of the Bronze Fox Project.

A peak landholding of 13 licenses across 1689km2 was secured, systematically explored and refined to these three licenses across 321km2. This strategy has confirmed a large discovery at the Bronze Fox project, which hosts a block model-based exploration target of 416-428Mt grading 0.26-0.30% copper1. Kincora has undertaken desktop studies and independent block modelling of a near surface oxide zone potentially supporting a SX-EW (solvent extraction-electrowinning) development project.

Kincora made good and capital efficient progress in Mongolia in 2020, converting an exploration license to a mining license for a key portion of the Bronze Fox Project. The Company also reviewed the Tourmaline Hills Project and gained encouragement for near surface gold potential at the second intrusive complex adjacent to Bronze Fox.

In the third quarter of 2020, Kincora commenced a strategic review exploring avenues to involve partners in taking Bronze Fox and the Mongolian portfolio forward and on December 14th, 2020, announced a binding and conditional term sheet with RMM. The framework provides attractive upside to Kincora, backing a well-motivated group, advancing an attractive portfolio and project generation strategy. The deal also enables Kincora to focus on its district scale pipeline and ongoing drilling activities in the LFB, NSW, Australia.

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