KCC Kincora Copper Limited

Criteria

JORC Code explanation

Commentary

Sampling
techniques

• Nature and quality of sampling (e.g.
  cut channels, random chips, or
  specific specialised industry standard
  measurement tools appropriate to the
  minerals under investigation, such as
  down hole gamma sondes, or
  handheld XRF instruments, etc.).
  These examples should not be taken as
  limiting the broad meaning of sampling.
• Include reference to measures taken
  to ensure sample representivity and the
  appropriate calibration of any
  measurement tools or systems used.
• Aspects of the determination of
  mineralisation that are Material to
  the Public Report.
• In cases where 'industry standard'
  work has been done this would be
  relatively simple (e.g. 'reverse
  circulation drilling was used to obtain
  1 m samples from which 3 kg was
  pulverised to produce a 30 g charge
  for fire assay'). In other cases more
  explanation may be required, such as
  where there is coarse gold that has
  inherent sampling problems. Unusual
  commodities or mineralisation types
  (eg submarine nodules) may warrant
  disclosure of detailed information

• Kincora Copper Limited is the operator of the
  Trundle Project, with drilling using diamond coring
  and Air coring methods by DrillIt Consulting Pty Ltd,
  from which sub-samples were taken over 2 m
  intervals and pulverised to produce suitable aliquots
  for fire assay and ICP-MS.
• Diamond drilling was used to obtain orientated
  samples from the ground, which was then
  structurally, geotechnically and geologically logged.
• Sample interval selection was based on
  geological controls and mineralization.
• Sampling was completed to industry standards
  with 1⁄4 core for PQ and HQ diameter diamond core
  and 1⁄2 core for NQ diameter diamond core sent to
  the lab for each sample interval.
• Samples were assayed via the following methods:
• • Gold: Au-AA24 (Fire assay) unless above
    detection limit where the interval is re-assayed
    using fire assay method with atomic-absorption
    finish (Au-AA26 method of ALS). The technique
    allows to accurately determine the gold grade
    above 0.01 g/t and suitable for high – grade
    samples where grade exceeds 10 g/t.
  • Multiple elements: ME-ICP61 (4 acid digestion
    with ICP-AES analysis for 33 elements) and
    ME-MS61 (4 acid digestion with ICP-AES &
    ICP-MS analysis for 48 elements)
  • Copper oxides and selected intervals with
    native copper: ME-ICP44 (Aqua regia digestion
    with ICP-AES analysis) has been assayed, but
    not reported
  • Assay results >10g/t gold and/or 1% copper
    are re-assayed
• Historic sampling on other projects included soils,
  rock chips and drilling (aircore, RAB, RC and
  diamond core).

Drilling
techniques

• Drill type (e.g. core, reverse
  circulation, open-hole hammer,
  rotary air blast, auger, Bangka,
  sonic, etc) and details (e.g. core
  diameter, triple or standard tube,
  depth of diamond tails, face-sampling
  bit or other type, whether core is
  oriented and if so, by what method,
  etc.).

• Drilling by Kincora at Trundle has used diamond
  core drilling with PQ, HQ and NQ diameter core
  depending on drilling depth and some shallow depth
  Air core drilling.
• All Kincora core was oriented using a Reflex ACE
  electronic tool.
• Historic drilling on Kincora projects used a variety
  of methods including aircore, rotary air blast, reverse
  circulation, and diamond core. Methods are clearly
  stated in the body of the previous reports with any
  historic exploration results.

Drill sample
recovery

• Method of recording and assessing
  core and chip sample recoveries and
  results assessed.
• Measures taken to maximise sample
  recovery and ensure representative
  nature of the samples.
• Whether a relationship exists between
  sample recovery and grade and whether
  sample bias may have occurred due to
  preferential loss/gain of fine/coarse material.

• Drill Core recovery was logged.
• Diamond drill core recoveries are contained in the
  body of the announcement.
• Core recoveries were recorded by measuring the
  total length of recovered core expressed as a proportion
  of the drilled run length.
• Core recoveries for most of Kincora's drilling were
  in average over 97.1%, with two holes averaging 85.0%
• Poor recovery zones are generally associated with
  later fault zones and the upper oxidised parts of drill holes.
• There is no relationship between core recoveries
  and grades.

Logging

• Whether core and chip samples have
  been geologically and geotechnically
  logged to a level of detail to support
  appropriate Mineral Resource estimation,
  mining studies and metallurgical studies.
• Whether logging is qualitative or
  quantitative in nature. Core (or costean,
  channel, etc.) photography.
• The total length and percentage of the
  relevant intersections logged.

• All Kincora holes are geologically logged for their
  entire length including lithology, alteration,
  mineralisation (sulphides and oxides), veining
  and structure.
• Logging is mostly qualitative in nature, with some
  visual estimation of mineral proportions that is
  semi-quantitative. Measurements are taken on
  structures where core is orientated.
• All core and Air core chips are photographed.
• Historic drilling was logged with logging mostly
  recorded on paper in reports lodged with the NSW
  Department of Mines.

Sub-sampling
techniques and
sample
preparation

• If core, whether cut or sawn and
  whether quarter, half or all core taken.
• If non-core, whether riffled, tube
  sampled, rotary split, etc. and whether
  sampled wet or dry.
• For all sample types, the nature,
  quality and appropriateness of the
  sample preparation technique.
• Quality control procedures adopted
  for all sub-sampling stages to maximise
  representivity of samples.
• Measures taken to ensure that the
  sampling is representative of the in situ
  material collected, including for instance
  results for field duplicate/second-half
  sampling.
• Whether sample sizes are appropriate
  to the grain size of the material being
  sampled.

• Once all geological information was extracted from
  the drill core, the sample intervals were cut with an
  Almonte automatic core saw, bagged and delivered to
  the laboratory.
• This is an appropriate sampling technique for this
  style of mineralization and is the industry standard for
  sampling of diamond drill core.
• PQ and HQ sub-samples were quarter core and
  NQ half core.
• Sample sizes are considered appropriate for the
  disseminated, generally fine-grained nature of
  mineralisation being sampled.
• Duplicate sampling on some native copper bearing
  intervals in TRDD001 was undertaken to determine if
  quarter core samples were representative, with results
  indicating that sampling precision was acceptable.
• For air core holes, sampling used PVC spears into
  the rock chip bags that were collected from the drill rig
  cyclone at 1m intervals.
• Following high grade gold assay results received for
  a 2 meter interval in TRDD032 (from 850m), re-assays
  for three 2 meter samples where undertaken from reject
  samples (the coarse part of samples) seeking to confirm
  the original high grade interval (12.55g/t gold) and also
  to test if quarter core samples were representative.
• Duplicated values for the two adjacent 2 meter
  samples were in-line with both gold and base metals.
  For the original high grade 2 meter sample (from 850m)
  both re-assay results were materially higher
  (via Au-AA26), and base metals higher than the original
  results. Kincora has reported the average of the assay
  results for both gold and base metals.
• No other duplicate samples were taken.

Quality of
assay data
and
laboratory
tests

• The nature, quality and
  appropriateness of the assaying and
  laboratory procedures used and
  whether the technique is considered
  partial or total.
• For geophysical tools, spectrometers,
  handheld XRF instruments, etc, the
  parameters used in determining the
  analysis including instrument make and
  model, reading times, calibrations factors
  applied and their derivation, etc.
• Nature of quality control procedures
  adopted (e.g. standards, blanks,
  duplicates, external laboratory checks)
  and whether acceptable levels of accuracy
  (ie lack of bias) and precision have been
  established.

• Gold was determined by fire assay and a suite of
  other elements including Cu and Mo by 4-acid digest
  with ICP-AES finish at ALS laboratories in Orange
  and Brisbane. Over-grade Cu (>1%) was diluted and
  re-assayed by AAS.
• Techniques are considered total for all elements.
  Native copper mineralisation in TRDD001 was
  re-assayed to check for any effects of incomplete
  digestion and no issues were found.
• For holes up to TRDD007 every 20th sample was
  either a commercially supplied pulp standard or pulp
  blank. After TRDD007 coarse blanks were utilised.
• Results for blanks and standards are checked upon
  receipt of assay certificates. All standards have
  reported within certified limits of accuracy
  and precision.
• Historic assays on other projects were mostly
  gold by fire assay and other elements by ICP.

Verification
of sampling
and assaying

• The verification of significant
  intersections by either independent or
  alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data
  entry procedures, data verification, data
  storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.

• Significant intercepts were calculated by Kincora's
  geological staff.
• No twinned holes have been completed.
• The intercepts have not been verified by
  independent personal.
• Logging data is captured digitally on electronic
  logging tablets and sampling data is captured on
  paper logs and transcribed to an electronic format
  into a relational database maintained at Kincora's
  Mongolian office. Transcribed data is verified by
  the logging geologist.
• Assay data is received from the laboratory in
  electronic format and uploaded to the master
  database.
• No adjustments to assay data have been made.
• Outstanding assays are outlined in the body
  of the announcement.

Location of
data points

• Accuracy and quality of surveys used
  to locate drill holes (collar and down-hole
  surveys), trenches, mine workings and
  other locations used in Mineral Resource
  estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.

• Collar positions are set up using a hand-held GPS
  and later picked up with a DGPS to less than 10cm
  horizontal and vertical accuracy.
• Drillholes are surveyed downhole every 30m using
  an electronic multi-shot magnetic instrument.
• Due to the presence of magnetite in some alteration
  zones, azimuth readings are occasionally unreliable
  and magnetic intensity data from the survey tool is
  used to identify these readings and flag them as
  such in the database.
• Grid system used is the Map Grid of Australia
  Zone 55, GDA 94 datum.
• Topography in the area of Trundle is near-flat and
  drill collar elevations provide adequate control

Data spacing
and distribution

• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is
  sufficient to establish the degree of geological
  and grade continuity appropriate for the Mineral
  Resource and Ore Reserve estimation procedure(s)
  and classifications applied.
• Whether sample compositing has been applied.

• Kincora drilling at Trundle is at an early stage, with
  drill holes stepping out from previous mineralisation
  intercepts at various distances.
• Data spacing at this stage is insufficient to establish
  the continuity required for a Mineral Resource estimate.
• No sample compositing was applied to Kincora drilling.
• Historic drilling on Trundle and other projects was
  completed at various drill hole spacings and no other
  projects have spacing sufficient to establish a
  mineral resource.

Orientation
of data in
relation to
geological
structure

• Whether the orientation of sampling
  achieves unbiased sampling of possible
  structures and the extent to which this is
  known, considering the deposit type.
• If the relationship between the drilling
  orientation and the orientation of key
  mineralised structures is considered to
  have introduced a sampling bias, this
  should be assessed and reported if material.

• The orientation of Kincora drilling at Trundle has
  changed as new information on the orientation of
  mineralisation and structures has become available.
• The angled drill holes were directed as best
  possible across the known lithological and
  interpreted mineralised structures.
• There does not appear to be a sampling bias
  introduced by hole orientation in that drilling not
  parallel to mineralised structures.

Sample
security

• The measures taken to ensure sample security.

• Kincora staff or their contractors oversaw all stages
  of drill core sampling. Bagged samples were placed
  inside polyweave sacks that were zip-tied, stored in a
  locked container and then transported to the laboratory
  by Kincora field personnel.

Audits
or reviews

• The results of any audits or reviews of sampling techniques and data

.

• Mining Associates has completed an review of
  sampling techniques and procedures dated January
  31st, 2021, as outlined in the Independent Technical
  Report included in the ASX listing prospectus,
  which is available at:
  https://www.kincoracopper.com/investors/asx-prospectus

Criteria

JORC Code explanation

Commentary

Mineral
tenement
and land
tenure status

• Type, reference name/number, location
  and ownership including agreements or
  material issues with third parties such as
  joint ventures, partnerships, overriding
  royalties, native title interests, historical
  sites, wilderness or national park and
  environmental settings.
• The security of the tenure held at the
  time of reporting along with any known
  impediments to obtaining a licence to
  operate in the area.

• Kincora holds four exploration licences in NSW
  and rights to a further six exploration licences
  through an agreement with RareX Limited
  (RareX, formerly known as Clancy Exploration).
• EL8222 (Trundle), EL6552 (Fairholme), EL6915
  (Fairholme Manna), EL8502 (Jemalong), EL6661
  (Cundumbul) and EL7748 (Condobolin) are in a
  JV with RareX where Kincora has a 65% interest
  in the respective 6 licenses and is the operator
  /sole funder of all further exploration until a
  positive scoping study or preliminary economic
  assessment ("PEA") on a project by project basis.
  Upon completion of PEA, a joint venture will be
  formed with standard funding/dilution and right of
  first refusal on transfers.
• EL8960 (Nevertire), EL8929 (Nyngan), EL9320
  (Mulla) and EL9340 (Condobolin East) are
  wholly owned by Kincora.
• Kincora has formed an exploration alliance for
  EL6661 (Cundumbul) with Earth AI Pty Ltd
  ("Earth AI"). The success based alliance seeks
  to leverage Earth AI's vertically integrated,
  proprietary artificial intelligence and machine
  learning capacity to generate and drill test
  targets at their cost. See the October 6^th,
  2022 press release for further details.
• All licences are in good standing and there
  are no known impediments to obtaining
  a licence to operate.

Exploration
done by
other parties

• Acknowledgment and appraisal of
  exploration by other parties.

• All Kincora projects have had previous exploration
  work undertaken.
• The review and verification process for the
  information disclosed herein and of other parties
  for the Trundle project has included the receipt of
  all material exploration data, results and sampling
  procedures of previous operators and review of
  such information by Kincora's geological staff
  using standard verification procedures. Further
  details of exploration efforts and data of other
  parties are providing in the March 1^st, 2021,
  Independent Technical Report included in the
  ASX listing prospectus, which is available at:
  https://www.kincoracopper.com/investors/asx-prospectus

Geology

• Deposit type, geological setting and
  style of mineralisation.

• All projects ex EL7748 (Condobolin) and EL9340
  (Condobolin East) are within the Macquarie Arc,
  part of the Lachlan Orogen.
• Rocks comprise successions of volcano-sedimentary
  rocks of Ordovician age intruded by suites of
  subduction arc-related intermediate to felsic
  intrusions of late Ordovician to early Silurian age.
• Kincora is exploring for porphyry-style copper and
  gold mineralisation, copper-gold skarn plus related
  high sulphidation and epithermal gold systems.

Drill hole
Information

• A summary of all information material
  to the understanding of the exploration
  results including a tabulation of the
  following information for all Material
  drill holes:
• easting and northing of the drill
  hole collar
• elevation or RL (Reduced Level –
  elevation above sea level in metres)
  of the drill hole collar
• dip and azimuth of the hole
• down hole length and interception depth
• hole length.
• If the exclusion of this information is
  justified on the basis that the
  information is not Material and this
  exclusion does not detract from the
  understanding of the report, the
  Competent Person should clearly
  explain why this is the case.

• Detailed information on Kincora's drilling at
  Trundle is given in the body of the report.

Data
aggregation
methods

• In reporting Exploration Results,
  weighting averaging techniques,
  maximum and/or minimum grade
  truncations (e.g. cutting of high
  grades) and cut-off grades are
  usually Material and should
  be stated.
• Where aggregate intercepts
  incorporate short lengths of high
  grade results and longer lengths
  of low grade results, the
  procedure used for such
  aggregation should be stated
  and some typical examples of
  such aggregations should be
  shown in detail.
• The assumptions used for any
  reporting of metal equivalent
  values should be clearly stated.

• For Kincora drilling at Trundle the following
  methods were used:
• Interpreted near-surface skarn gold-copper
  intercepts were aggregated using a cut-off
  grade of 0.20 g/t Au and 0.10% Cu respectively.
• Porphyry gold-copper intercepts were
  aggregated using a cut-off grade of
  0.10 g/t Au and 0.05% Cu respectively.
• Internal dilution below cut off included was
  generally less than 25% of the total reported
  intersection length and is noted in the
  summary tables of significant mineralised
  intervals of the respective holes.
• Core loss was included as dilution at
  zero values.
• Average gold and copper grades calculated
  as averages weighted to sample lengths.
• Historic drilling results in other project
  areas are reported at different cut-off grades
  depending on the nature of mineralisation.

Relationship
between
mineralisation
widths and
intercept lengths

• These relationships are particularly
  important in the reporting of
  Exploration Results.
• If the geometry of the mineralisation
  with respect to the drill hole angle is
  known, its nature should be reported.
• If it is not known and only the down
  hole lengths are reported, there
  should be a clear statement to this
  effect (eg 'down hole length, true
  width not known').

• Due to the uncertainty of mineralisation
  orientation, the true width of
  mineralisation is not known at Trundle.
• Intercepts from historic drilling reported
  at other projects are also of unknown
  true width.

Diagrams

• Appropriate maps and sections (with
  scales) and tabulations of intercepts
  should be included for any significant
  discovery being reported These
  should include, but not be limited to a
  plan view of drill hole collar locations
  and appropriate sectional views.

• Relevant diagrams and figures are included in the
  body of the report, including the current working
  models and interpretations.

Balanced
reporting

• Where comprehensive reporting of all
  Exploration Results is not practicable,
  representative reporting of both low and
  high grades and/or widths should be
  practiced to avoid misleading reporting
  of Exploration Results.

• Intercepts reported for Kincora's drilling at
  Trundle are zones of higher grade within
  non-mineralised or weakly anomalous material.

Other
substantive
exploration
data

• Other exploration data, if meaningful
  and material, should be reported
  including (but not limited to): geological
  observations; geophysical survey results;
  geochemical survey results; bulk samples
  – size and method of treatment;
  metallurgical test results; bulk density,
  groundwater, geotechnical and rock
  characteristics; potential deleterious
  or contaminating substances.

• No other exploration data is considered material
  to the reporting of results at Trundle. Other data
  of interest to further exploration targeting is
  included in the body of the report.
• Historic exploration data coverage and results
  are included in the body of the report for Kincora's
  other projects.

Further
work

• The nature and scale of planned further
  work (e.g. tests for lateral extensions or
  depth extensions or large-scale step-out
  drilling).
• Diagrams clearly highlighting the areas
  of possible extensions, including the
  main geological interpretations and
  future drilling areas, provided this
  information is not commercially sensitive.

• Drilling has concluded at the Mordialloc,
  Mordialloc NE and Trundle Park prospects
  at the time of publication of this report and
  plans for further step-out drilling are in place
  at the Trundle Park (Southern Extension
  Zone and North-East Gold Zone targets),
  Dunns (North and South) and
  Botfield prospects.