(Kincora or the Company) is pleased to announce it has executed a Term Sheet and received a non-refundable Option Payment of US$1.5-million from Tumen Ail Coal LLC (TAC) providing it exclusivity to secure 100% of Kincora's wholly owned Mongolian subsidiaries (the "Transaction"). TAC is an arms-length group with assets and operations in Mongolia.

The aggregate staged consideration for the Transaction is US$10-million, payable in full to Kincora, free and clear of any taxes, levies, or fees, but excluding certain contractual obligations of Kincora's.

All definitive transaction documents shall be executed no later than July 1st, 2026, at which milestone the next staged payment of US$3.5-million is due to Kincora.

Upon execution of the definitive agreement, TAC shall deposit the final staged payment of US$5-million into an escrow account for release upon registration of the changes in the shareholders of the Mongolian subsidiaries which is anticipated to occur before year-end.

About Kincora

Kincora Copper Limited is an emerging Australia-focused gold-copper explorer with a hybrid project generator strategy and currently drilling at two projects (Nevertire South and Condobolin).

The Company is successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia's Lachlan Fold Belt and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar basin in NSW.

The Company has already unlocked over $100 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects. These initial deals have supported over 20,000 metres of drilling and over A$10m of partner funded exploration since late 2024, with management fees and exploration ramping up.

Various partner discussions are ongoing for its remaining 100% owned flagship and advanced exploration stage porphyry projects.

By having a significant portfolio of partner funded large porphyry projects, and a very focused capital efficient programs at the Condobolin and other sole funded projects, the Company is seeking to position Kincora as a leading institutional grade explorer in the public Australian and Canadian markets, and the leading project generator on the ASX.

Published Date:2026-05-20