SOUTHERN GOBI COPPER-GOLD BELT, MONGOLIA · Zuun Mod Bronze Fox Bayan Khundii Saran Uul Boroo Gatsuurt Altan Tsagaan Ovoo Oyut OlonOvoot Ulaan Khadat Bayan Uul Mongolia One of the

Team, Location, Targets

SOUTHERN GOBI COPPER-GOLD BELT,

MONGOLIA

March 2019

KCC.TSXV

KINCORA COPPER

Typical Southern Gobi terrane; One of a series of trenches across the oxide zone at West Kasulu West Kasulu prospect, Bronze Fox

KCC.TSXV

Cautionary Statement on Forward-Looking Information and Statements

The views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources that have not be independently verified.

This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions identify forward-looking information and statements. In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements; future prices of base metals; and the ability of the Company to obtain all necessary approvals and permits in connection with the development of its projects. Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, fluctuations in the price of copper and other commodities, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls, regulations and political or economic developments in Mongolia, the accuracy of the Company’s current estimates of mineral resources and mineral grades, the accuracy of the geology of the Company’s projects, risks associated with mining or development activities, including the ability to procure equipment and supplies, including, without limitation, drill rigs, and the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits. Many of these uncertainties and contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from that expressed or implied in any forward-looking information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of copper, uncertainty of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements, commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability to retain key executives and personnel, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of environmental expenditures and potential environmental liabilities, accidents or labour disputes. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information and statements. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as a result of new information, future events or otherwise, except to the extent required by applicable laws. The scientific and technical information in this presentation was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, who is the Qualified Person for the purpose of NI 43-101.

All pricing & information in this presentation is at close of business February 28th, 2019 and is in C$, unless otherwise stated.

2 KCC.TSXV 2

Background: Lookout at the Oyu Tolgoi open pit - Discover Mongolia conference site visit Sep’18 - Oyu Tolgoi has hosted over 3600 stakeholder site visitors in 2018 - Photo with thanks to Oyu Tolgoi

Location: Elephant country

Targets: Elephants

KCC.TSXV 3

Team: Discovery track record

Multiple Projects, Multiple Targets

Targets: “as good as you get within a global setting”

Drill ready, Tier 1 scale

. First modern exploration across a district landholding in a world-class copper belt

(KCC- TSXV)

Kincora Copper Ltd

Background: High grade monzodiorite intersection at hole F62 in West West Kasulu, Bronze Fox 3.1% Cu, 0.3% Au & 467ppm Mo

Investment Highlights Southern Gobi copper-gold belt, Mongolia

Location: Elephant country Targets: Elephants

Strong backing from leading institutions

Team: Discovery track record

KCC.TSXV 4

Exceptional Tier 1 porphyry discovery track record with deep

in-country/international experience

Implementing proven exploration strategy

Low overheads with “skin in the game” alignment to shareholders

Dominant position in proven world-class underexplored belt

First modern systematic district

scale exploration in belt

New Silk Road within trucking distance to worlds largest

commodity consumer

High grade focus within/on strike to large exploration target: Bronze Fox (incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq

Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 29)

Brownfield project: East Tsagaan Suvarga (<15km from >US$1b project)

District holding being advanced

Leading project generation in-country

Background: Maiden drilling at E TS project near Devonian outcrop ETS003 intersected fertile Devonian monzodiorite with background Cu & Mo

ü Multiple Discoveries – Tier 1 incl’s: •  Cadia Au/Cu (Newcrest, Australia) 1

Director, Technical Committee Chair

John Holliday 1

Peter Leaman 2 Senior VP of Exploration, Technical Committee

Imants Kavalieris 4 Advisor Technical Committee

Tsolmon Amgaa 6 Project Generation Geologist

•  Reko Diq Cu/Au (for BHP, Pakistan) 2

ü Ex BHP South Gobi (Falcon) Ivanhoe JV team •  Exploration Manager (Mongolia) 2 •  Chief Geophysicist (Global) 3

ü Chief geophysicist: BHP/Ivanhoe/HPX •  Consultant geophysicist KCC: Barry de Wet 3

ü Executive from Oyu Togoi's Exploration Team 4

ü Mongolia Project Generation head Trafigura 5

ü Senior geologist Teck & Vale 6

ü President/Chief Geologist OrigoTrafigura MLG •  Consultant geologist KCC: Henry Tebar

Team Exceptional exploration record

KCC.TSXV 5

Board Know Mongolia

KCC.TSXV

ü Chairman : ex President/CEO Oyu Tolgoi/chair of Exploration Committee

>40 years experience

Full development cycle >150 years specific sector experience

Cameron McRae 7

Independent Chairman President & CEO,

Technical Committee,

Director

Molor Erdenebat 5

Head Geologist Sam Spring 8

7

6

ü CEO : 6 years leading KCC 8

10

ü Head of Business Development for Oyu Tolgoi •  Independent Director KCC: Ray Nadarajah 9

ü Trader for Marc Rich & Co/Glencore International •  Trading copper and other commodities in Mongolia/Asia region •  LIM Advisors’ nominee director KCC: Lewis Marks 10

ü Director of Steppe Gold •  Current construction project in Mongolia

Further details on slide 28 - full bio’s @ www.kincoracopper.com

KCC.TSXV

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Tsagaan Suvarga

Oyu Tolgoi

Kharmagtai

White Hill

Ulaanbaatar

Erdenet

Bayan Airag

Zuun Mod

Bronze Fox

Bayan Khundii

Saran Uul

Boroo

Gatsuurt Altan

Tsagaan Ovoo

Oyut Ulaan Olon Ovoot

Khadat

Bayan Uul

Mongolia One of the last under explored frontiers Notable copper & gold occurrences

Copper & gold resource or exploration targets Major copper & gold mines/development projects Kincora properties

Copper porphyry showings Copper scarn or massive sulfide deposits/showings

Island arc

Back arc basin

Devonian belt

Rich in natural resources with only 30% of the country explored

KCC.TSXV 7

Southern Gobi

region

Source: Company & Industry data

www.kincoracopper.com/investors/mongolia

Introduction to Mongolia presentation

KCC.TSXV

⌃

Entrée 2018 targets / Rio Tinto drilling

West Kasulu

/ Oxides

Legend

Oyu Tolgoi (“OT”)

Rio Tinto/ TRQ/

Entrée

Kharmagtai Xanadu Mines

Ikh Shankh private

Tsagaan Suvarga (“TS”)

MAK/EBRD

Red Well

XV-19315 TRQ / Rio Tinto drilling

Bronze Fox

Tourmaline Hills

Argalant, Ulgii Khud

Massive

2017/19 drilling activities

Kincora Licenses (100%)

Incumbent new licenses

Other license holders

Interpreted Devonian belt

Resource / Cu-Au occurance

TRQ Aug’18 drilling/targets Rio Tinto operated 30km

Kincora priority drill targets

Bronze Fox

East TS

Location Multiple drill ready targets at multiple projects in Southern Gobi copper belt Kincora: Priority Drill Targets

Bronze Fox •  West West Kasulu

(incl. 800m @ 0.4% CuEq , incl 37m >1% CuEq Exploration target: 1.3-1.5Mt CuEq metal 1 on slide 29)

•  West Extension (Southern)

East Tsagaan Suvarga (East TS) •  Multiple Tier 1 scale brownfield targets

8

KCC.TSXV

Chile

150km

TsagaanSuvarga

KharmagtaiBronzeFox

EastTS

XV19315

Mongolia

Source: Company & Industry Data

9

Chile

> 5 years production

~1% global supply é production

1 mine (+)

>100 years production

>10% global supply ê production

>15 mines

Chi

le

Mon

golia

Background: Pre-stripped Serven Sukhait open pit at Tsagaan Suvarga Oxide material within the eastern pit

KCC.TSXV 9

Same landmass

OyuTolgoi

150km

Location Highly mineralized but vastly underexplored

KCC.TSXV

Location One of the world’s fastest developing mining and infrastructure regions

Large resource endowments on the new Silk Road within trucking distances to the worlds largest commodity consumer

Sparsely populated, generally flat open desert, not at altitude

Between >US$14b OT & >US$1b TS copper projects, plus major coal basin (incl. Erdenes Tavan Tolgoi (ETT))

“White Pearl” Camp

Oyu Tolgoi

Bronze Fox

Tsagaan Suvarga

32km27km

129km

Km’s from White Pearl Camp

80km

Km’s to China from OT

Manlay

Mandakh

Khanbogd

Gashuun sukhait

! Kincora’s year round “White Pearl” camp

! Water wells at Bronze Fox, White Pearl & East TS

! Grid power within license area and 500 metres from camp (linking OT to TS to Mandakh soum)

! Annual average temperature is 2ºC. Can work all year around

China’s doorstep

KCC.TSXV 10

Background: OT aquifer & power lines to TS

10

KCC.TSXV

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average LME C

opper Price (US$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)

Copper in discoveries (RoW) Copper in discoveries (MGL) Copper price (US$/lb)

Adapted from S&P Global Market Intelligence report which identified 220 primary copper deposits (generally >500,000t of Cu Mt in reserves/past

production) initially identified by discovery holes drilled between 1990-2017. Year of addition based on interpreted “discovery hole”.

*

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


Analysis excludes Tsagaan Suvarga project, also in Southern Gobi (1.4Mt Cu resource)

2

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

0

20

40

60

80

100

120

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Average LM

E Copper Price (U

S$/lb)

Cop

per

in m

ajor

disc

over

ies

(M

t Con

tain

ed)


OT

– H

ugo

Dum

met

t

Kha

rmag

tai

OT

– S

hive

e

OT

– H

erug

a

OT

– S

th O

yu

Last district scale Gobi

exploration1

2009-12 most majors sought position in Southern Gobi

Lack of discoveries

despite price

Kha

rmag

tai –

Zar

aa?

Bron

ze F

ox &

Eas

t TS?

Southern Gobi Important source of new discoveries

Majors balance sheets restored Lack of pipeline – revisit Gobi

- Regional Drilling - Pursuing Expansion

- New Office

Rio Tinto

11

. . . in an industry struggling for discoveries

2 9% of contained metal discovered globally 1

KCC.TSXV

Targets Systematically advancing pipeline

12

1 West Kasulu, Bronze Fox: The potential quantity & grade ranges are conceptual in nature. There has been insufficient exploration

to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Refer to slide 29 for full disclaimers/notes.

TourmalineHill

Argalant, Ulgii Khud Massive

Mine Feasibility Pre-Feasibility

Title Concept

Bayan Tal

Bronze Fox: Western trend

TourmalineHill

Tourmaline Hills

Advanced Drilling

Target Testing

Max uplift in shareholder

value

Red Well Project Generation: ground truthing prospective districts/targets

East TS “brownfield” Devonian porphyry

Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1

Reconnaissance Resource

Delineation

KCC.TSXV

Targets Looking to maximize shareholder value

13

SolGold case study:

•  20x in 31 months

•  2 strategic investors case study: Cu-Au Tier 1 discovery in Ecuador) Raisings / drilling Mar’16 Sep’16 Jun’17 Nov’17 Oct’18 Nov’18

Amount raised ($m) A$5.7 US$54 US$41.2 C$75.6m US$59.2 US$3.2

@ price /sh 2.3p $0.16 41p 25p 45p 37.14p

Drill holes completed 13 15 23 39 67 67

Stage Target Testing Assessment “Top up rights” Share price re-rating 20x

Resource Maiden Upgrade

Industry groups Newcrest Newcrest Newcrest BHP Newcrest

“Original” Ivanhoe Mines case study:

•  US$30m valuation at time of deal with BHP for Oyu Tolgoi

•  100x 6 yrs later from Rio Tinto’s initial investment

•  Share price: C$0.80/sh to >C$26/sh

TourmalineHill

EastTSEast TS “brownfield” Devonian porphyry

Red Well

Argalant, Ulgii Khud Massive

Mine Feasibility Pre-Feasibility

Reconnaissance Title Concept Resource Delineation

Bayan Tal

Bronze Fox: Western trend

TourmalineHillProject Generation: ground truthing prospective districts/targets

Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1

Tourmaline Hills

Advanced Drilling

Target Testing

Max uplift in shareholder

value

Discovery Assessment Discovery Production Discovery Value

Discovery Risk

Financing & construction

Typical exploration/development scenario. . . . . . Tier 1 copper-gold porphyry examples

Source: Company & Industry data

Source: Adapted from Lion Selection, with thanks to Hedley Widdup

KCC.TSXV

Bronze Fox & East TS not dissimilar story to OT with new geophysical targets supported by geology?

14

Oyu Tolgoi discovery: OTD 150 was the first ‘deep‘ hole that tested the hypogene at Sth West

Previous shallow drilling at NW monzonite zone failed to reach subsequent IP & coincident magnetic anomalies with 4 (Kinocra) holes drilled only on margin of new targets

Previous shallow drilling (<320m) short of &/or adjacent to subsequent interpreted intrusions & geophysical targets

“OT Discovery Hole”

A geophysical/hypogene target Previous drilling failed to reach the geophysical target and mineralization zones

West West Kasulu

East TS

Source: Adapted from Ivanhoe & “Exploration of the Oyu Tolgoi Copper, Gold, Silver Deposit in South Gobi, Mongolia” presentations

KCC.TSXV 15 KCC.TSXV 15

Bronze Fox Unrestricted access to drill high-grade zone for first time since 2012

2005

4 holes 1237 metres

2011

Ivanhoe Mines

2006-09

Temujin Mines

17 holes 1680m1

Kincora Copper

2012 2013-16

IVN JV BHP

Kincora Copper

Exclusivity with major

Windfall Tax

Bronze Fox excluded Retained by Ivanhoe

C$40-50m Mkt Cap

Background: Discovery of Oyu Tolgoi (Elsevier 2018) – Figure 15.1, with

thanks to Sergei Diakov Aug’05 BHPB OT project review delegation: L2R - D Hernandez, R Friedland, P Leaman, C

Forster, M Salamon & M Randolph

Key

mile

ston

es fo

r W

este

rn li

cens

e

106 Dispute

0 2km “If we have Bronze Fox & Oyu Tolgoi today, and we were just starting the

exploration process, it's not at all clear to me that we would screw around with Oyu Tolgoi”- Robert Friedland Mar’05 2

Focus was extensive surface mineralization in eroded granodiorite zone illustrating size of the

system at Bronze Fox (only 1 yr drilling*)

Timeline for now understood (2018) monzodiorite zone

2012 KCC consolidates original Ivanhoe

Bronze Fox - drilling incl’s. F62: 13m @ 1.4% CuEq

within 390m @ 0.49% CuEq 3

2018 (post funding) KCC reviews new

geology & geophysics ->new interpretation

New focus is extensive preserved & younger monzodiorite targets

(across fault from eroded granodiorite)

1 Drilling by Temujin impacted by only 100 metres of RC rods 2 Source: http://archive.li/Cv07X

3 Refer to slide 29 for full disclaimers/notes.

Unrestricted (“U’”) access U’ access

New targets

4 holes 3148m

U’ access

Volcanics

Granodiorite

Phases of Drilling (predominate lithology

target) 2005 – Ivanhoe

(Granodiorite/too shallow 4 Monzodiorite)

2010 – Nadmin (Granodiorite) 2011 – Kincora (Granodiorite)

2011 – Temujin1 (too shallow for Monzodiorite) 2012 – Kincora

(Granodiorite/4 holes Monzodiorite)

2014 – Kincora (Volcanics) Monzodiorite

Insert: Drilling over IP chargeability with Mining Associated block model:/ exploration target Western strike insufficiently tested

RHS: Drilling phases at Bronze Fox over

outcropping intrusive with current license boundary – impacted by ownership, geological knowledge &

drilling equipment1

License Boundary

KCC.TSXV

C$XX

ü  Resolution 106-license dispute

ü  Bronze Fox reconsolidated

ü  IBEX merger

Block model supports large scale exploration target (Jan’18) 1

ü 416-428Mt @ 0.26-0.30% Cu 1

ü up to 2,437Mlb of copper & 0.84Moz gold 1 (monzodiorite zone:141Mt for 890Mlb of copper & 0.25Moz gold) 1

New Drill

Targets C$40-50m Mkt Cap

ü  14 NDAs ü  1 Company Offer ü  Separate period of

exclusivity with copper major

X  106-license dispute

Block Model

New Gravity & Mag

Geophy- sical

review

“SJ” IP

Survey

3 of 4 holes*

>1% Cu

Key regional fault & change in lithology ü 3 of 4 holes by Kincora in now understood monzodiorite >1% Cu

ü Western Bronze Fox license hosts monzodiorite intrusion

New Surface Geology

16

2012

Now

Exploration target: 1.3-1.5Mt CuEq metal

New high grade targets in two large zones

1

106 License Dispute

SG’s for 43-101

24km core

relogged


“Search” IP

Survey

Funding

New Technical

Team

Bronze Fox story New geological model: high grade system / targets significantly advanced

KCC.TSXV

Inferredhigh-gradetargetzoneassociatedwithcoincidentmagneticlow,

chargeabilityhigh(15-20mV/V)&encouraginggrade/vectorsfromholeF57&F62onperipheryofinterpretedtarget

Outcrop&locationofsection

IP(seeslide1forIP&maglow)&locationofsection

OPEN

A

B

A

B

A B

Conceptualcrosssection–LookingNE

Chargeability high (see slide 19 for coincident magnetic low & wider IP profile)

Monzodiorite Granodiorite

F62 F57

Lice

nse

Boun

dary


Tov Fault

Tov Fault

Outcrop & location of section Conceptual cross section – Looking NE Background: 24,139 metres of Bronze Fox core were relogged in 2018 Relogging activities at the White Pearl camp

KCC.TSXV 17

19

Inferredhigh-gradetargetzoneassociatedwithcoincidentmagneticlow,

chargeabilityhigh(15-20mV/V)&encouraginggrade/vectorsfromholeF57&F62onperipheryofinterpretedtarget

Outcrop&locationofsection

IP(seeslide1forIP&maglow)&locationofsection

OPEN

A

B

A

B

A B

Conceptualcrosssection–LookingNE

Chargeability high (see slide 19 for coincident magnetic low & wider IP profile)


F62 F57

Lice

nse

Boun

dary


Tov Fault

Tov Fault

Outcrop & location of section Conceptual cross section – Looking NE Background: 24,139 metres of Bronze Fox core were relogged in 2018 Relogging activities at the White Pearl camp

Monzodiorite preserved & younger

Granodiorite eroded

Bronze Fox geology Eastern granodiorite outcrops & eroded, western monzodiorite preserved (West West Kasulu)

KCC.TSXV

ü  3.12% Cu, 0.32g/t Au & 467 ppm Mo

ü  864 metres @ 0.38% CuEq, with 37 metres @ 1% CuEq

ü  1.67% Cu, 0.20g/t Au & 27 ppm Mo

ü  173 metres @ 0.30% CuEq

ü  1.41% Cu & 0.15g/t Au


F62

F57

F85

ü  3.12% Cu, 0.32g/t Au & 467 ppm Mo

ü  864 metres @ 0.38% CuEq, with 37 metres @ 1% CuEq

ü  1.67% Cu, 0.20g/t Au & 27 ppm Mo


ü  1.41% Cu & 0.15g/t Au


F62

F57

F85

Open

Open

Open

Open

License Boundary

Granodiorite eroded

Monzodiorite preserved & younger

Mining Associates (Jan’18) - Block Model 1

Green: Western (higher grade) monzodiorite zone Blue: Eastern granodiorite zone

(Plan view of >0.2% Cu envelope)

Open

3 of

4 K

inco

ra h

oles

>1%

Cu


18

Bronze Fox story Higher grade across western fault in monzodiorite section of system (West West Kasulu)

KCC.TSXV 19

Bronze Fox geophysics Compelling large zones associated with high-grades largely untested

Northern Ecuador

Parameters for select copper-gold porphyry exploration projects

Conductivity–keyre

gional

faults&lithology

Magnetic–deepseated

&large

intrusion

Tov

Fault

Chargeability–untes

tedwestern

strikecoincidentw

ithmaglow

Chargeability

Cond

uctiv

ity

Magne

tics

Ope

n

Ope

n

TovFault

Shearz

one

Ope

n

Ope

n

2km

Shear

Zone

License boundary

Mining Associations block model/ exploration target

Drill hole

Key fault

EasternLicenseWestern

License

License boundary

Mining Associations block model/ exploration target

Drill hole

Key fault

West West Kasulu

Chargeability over conductivity & magnetics with the Mining Associates block model, historic drilling & license boundary

Western trend #2

#1

#1

#2

#2

#1 West West Kasulu •  Kincora inadequately tested <260m

strike •  6065 metres (total) supports exploration

target of 141Mt for 890Mlb of copper & 0.25Moz gold in the monzodiorite zone1

•  Monzodiorite target zone now >1.5km x >500m wide

•  Southern concealed intrusion (>2km strike), coincident with a large chargeability high/demag zone, and discrete surface anomalies (mapping, soil & pan con sampling in 2018)

•  Encouraging alteration & mineralization in limited drilling, supporting subsequent geophysics

1 See slide 29 for further details and disclaimers Previous drilling including Ivanhoe / Temujin / Kincora

KCC.TSXV

Drill results support geophysics Focus on more higher grade results

20

Blockmodel

Blockmodel

West West Kasulu

ü On section from F62*: First time test the central coincident chargeability high and magnetic low anomalies (periphery intersected in F62) drilling into the right lithology (ie into the monzodiorite , not away)

ü Step out from Mining Associate exploration target

•  Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq

•  Grade on margin moderate chargeability high and coincident demaag zone

•  HP-5 to drill into main chargeability high, mag low and right lithology (monzodiorite) for the first time

TovFault

EasternZoneWesternZone

New

Targets

infill

stepout

Chargeability

(Verticaldepth

190-480m)

Magnetisation

(Verticaldepth

480m-c.1500)

Exploration

Target1

TovF

ault

Block

Model1

(Mining

Associates

-Jan’18)

288Mt1141Mt1

Infill260m

???

Strike>1km

SIUnitsSuscepti-bility

Charge-ability(mV/V)


•  3 of 4 previous Kincora holes intersected >1% copper in one drill season of unimpeded access

•  Subsequent geophysics and geological review helps explain previous results with lithology and geophysical anomalies now understood

•  Focus is drilling high-grade targets:

#1 West West Kasulu


MVA HP-5PV-6

MVA (ground magnetics) background with IP chargeability iso-surfacesWest West Kasulu Bronze Fox

F62

F62: drilled across periphery of target, geology correlates

HP1 PV1

KCC.TSXV

TSIC intersected (Hole #) TSIC not intersected Inferred TSIC pluton boundary Conceptual intrusive body(s) Kincora East TS licenses MAK Serven Sukhait pits (resource) JICA targets (mineralized outcrop)

Cenozoic cover

Creataceous cover

Triassic volcanics

Pennsylvanian volcanics

Turnaisian sediments

Devonian pluton

Lithology interpretation

21

East TS: Multiple Tier 1 scale targets

Target is equivalent

preserved high grade Hugo or

Heruga orebody (or series of

orebodies) as at Oyu Tolgoi within

the Tsagaan Suvarga intrusion

KCC.TSXV 21

East Tsagaan Suvarga is a brownfield Devonian target beneath explorable cover

East TS Where is the “Hugo” of the TS complex?

Background: Fleet of trucks that have completed the pre-strip of the eastern Serven Sukhait open pit MAK’s Tsagaan Suvarga project See slide 30 for further details

KCC.TSXV

East TS At the point of target testing drilling

22

10-15km from >US$1b open pit development

2011

IBEX

2016

Ground mag

Kincora Copper

2017

14 holes 3452m

Key

mile

ston

es fo

r Ea

st T

S

Zeus IP Survey/

Prospecting

KCC-IBEX Merger

Age dating Fertility

Mapping Soil sampling

2018

Ground Magnetics +

Gravity

SJ IP Survey

ü  Interpreted from Induced Polarization (IP), magnetic, gravity & resistivity data with spatial correlation with Phase 1 drilling (Cu/Mo assay & magnetic susceptibility)

ü  Demagnetised zones are interpreted to represent magnetite-destructive mineralized phyllic or argillic alteration in structural trend within brownfield intrusive

ü  SJ (“SJ”) Geophysics 3D IP, resistivity & magnetotelluric survey supports multiple coincident geophysical and geological targets for drilling

22 KCC.TSXV

ModerateIPHigh

StrongIPHigh

Section: Phase 1 drilling holes ETS011, 003 & 002 ü  Confirmed fertile brownfield Devonian environment (+positive

green rock) on eastern margin of TS Intrusive Complex ü  Preserved porphyry - Carboniferous above Devonian stratigraphy

in holes ETS001/003/002 (purpose <25m basement sample of Dev. Complex only – not target testing drilling)

ü  ETS011/003/002 – highest Cu/Mo grades short of extensive magnetic & chargeable body in monzodiorite (did not test subsequently defined coincident geophysical targets)

22 22

Background:Magnetics

IP chargeability

high (iso-surfaces)

coincident with MVA (magnetic) interpreted

intrusion (background)

MagHigh(sediments?)

StrongIPHigh

ModerateIPHigh

ETS011

ETS003ETS002

Demag

Drilling to basement confirmed fertile preserved brownfield mineralized monzodiorite Devonian complex below Carboniferous cover but short of subsequently defined large

deep seated coincident chargeable, magnetic & resistive anomalies

DemagZone

(intrusion?)

KCC.TSXV

East TS Multiple Tier 1 scale targets

23

Section

Interpreted altered intrusive body (magnetite

depletion)


depletion)

Interpreted intrusive bodies

(magnetite depletion)

2km

Interpreted halo of magnetite alteration at 700m - high amplitude magnetisation in red

Section (Slide 22)


depletion)


depletion) 2km

Section (slide 22)

Interpreted halo of magnetite alteration at 700m - high amplitude magnetisation in red

Interpreted intrusive bodies

(magnetite depletion)

SJ Geophysics 3D IP – chargeability at 700m – over previous shallow

drilling

Previous shallow to basement drilling (<320m) short of &/

or adjacent to subsequent

interpreted intrusions & geophysical

targets

3km

KCC.TSXV 24

Capital structure (KCC : TSXV)

Share price (28/2/19) 10.5 cents

52-week range 9–29 cents

Secondary overhangs (22/6/18) 13c (C$2.59 million)

Last raising (Sep/Oct’17) 33c (C$5.92 million)

Issued shares 71.4 million

Market Capitalization C$7.5 million

Cash (Sep’18 accounts) C$1.5 million

Enterprise Value C$7.0 million

Options 3.6 million

Weighted average price 42c / term 2 years (Sep’18 accounts)

Warrants 9.0 million

Weighted average price 47c / term 0.7 year (Sep’18 accounts)

Corporate summary Strong backing from leading institutions

HNW / Family Office

Board / Technical Team

Retail

Insitutional

LIM (Jun’18) 28% Board/Management 7%

EBRD (Oct’17) 6%

Instos / Family office (Aug’17) 14%

Other Instos 16%

HNW 14%

Other retail 13%

(Management Est. – Jan 14th 2019)

Sophisticated &

consolidated register

Top 6 group’s ~60%

KCC.TSXV

IBEX deal announced

IBEX deal closes

2nd tranche raising closes

Shareholder overhangs crossed

0.2

0.3

0.4

0.5

1.5 1.0 0.5

Jan’18

Volume since Jan’16

Jan’17 Jan’16

0.6

Jan’19

25

Cheap? Yes, for corporate headwinds

28% 19.9m shares

Last 20 months – milestones:

•  New Team/Targets Funded: C$5.9m raised

•  Board Strengthened: 3 of 5 members turned over

•  Technical Team Strengthened: +Barry de Wet

•  Share Register Strengthened: + 3 institutions (new 29% cornerstone (LIM Advisors), EBRD & PE group)

•  Foremost international group pursuing further countercyclical expansion opportunities in Mongolia

•  First modern systematic district scale exploration commenced in the world class Southern Gobi belt

•  Bronze Fox: Large scale target + new high grade zones

•  East TS: confirmed multiple brownfield T1 targets

•  + Indep. technical review from largest shareholder

Corporate headwinds over shadow milestones & impacted Stage 2 drilling

New Team & Targets but need new funding providers

Share overhang emerges

35% 18m shares

KCC.TSXV

Why Kincora?

26

ü Team with exceptional Tier 1 porphyry track record

ü Strong & aligned shareholder register, board & management

ü First modern exploration program across a district scale portfolio

ü Value catalysts:

•  Drilling two high grade targets at western zone and strike of West Kasulu (Bronze Fox)

•  Success: confirm high-grade zone & large scale independent exploration target – supporting potential first significant copper discovery globally since 2014

•  Drilling multiple confirmed “brownfield” Tier 1 scale targets (East Tsagaan Suvarga)

•  Success: support concept for series of preserved high grade orebody(s) within Tsagaan Suvarga mineralized system (per Hugo/Heruga orebodies within OT mineralized system)

•  Foremost group pursuing further countercyclical expansion opportunities in Mongolia

•  Success: path to control for “Target testing”-”Advanced drilling” copper, gold &/or VMS project/district

Background: Kincora’s White Pearl camp Southern Gobi, OT & TS road /powerline

26

KCC.TSXV 27

Appendix - Kincora key milestones

Valu

atio

n pa

ram

eter

s Ke

y m

ilest

ones

Kincora

formed Bronze Fox

Consolidated 106

Dispute IBEX merger

closes Funding for new

Technical Team Governance issues/

Overhand resolved Unimpeded

exploration

2011 2012 2013–16 2016 2017 2018 2019

§  Hole F62: > 37m @ >1% CuEq within 800m @ 0.4% CuEq1

§  Offer for KCC, period of exclusivity, 14 NDAs

§  Bottom of cycle (Anglo A and Teck exit Mongolia/ copper <$2/lb)

§  KCC consolidated belt via IBEX merger

§  New Technical Team/Targets

§  C$5.9m raising (2 new instos)

§  Phase 1 exploration

§  3 of 5 board turned over §  2 overhangs crossed: new

28% shareholder

§  Large exploration target for Bronze Fox

Tier 1 ‘discovery’ drilling

Bronze Fox i.  West West Kasulu includes:

–  37m 1% CuEq within 800m @ 0.4% CuEq1

–  Exploration target: 1.3–1.5Mt CuEq metal1 ii. West Extension (Southern)

East Tsagaan Suvarga (East TS) iii.  Multiple Tier 1 scale (‘Hugo’ type) brownfield

targets

Mar

ket c

ap (C

$m)

Expl

orat

ion

succ

ess

$20m

$40m

2012 2013–16 2016 2017 2018 2019

Further information on Kincora:

Corporate strategy overview: www.kincoracopper.com/about-us/corporate-strategy

Exploration strategy 2019: www.kincoracopper.com/about-us/exploration-

strategy-2019

Mongolia introduction presentation: www.kincoracopper.com/investors/mongolia


KCC.TSXV 28

Appendix - Bios Board & Technical team Technical Committee Senior Technical/Project Generation Team

John Holliday

>30 years exploration with BHP Minerals and Newcrest Mining Principal discoverer/site manager for Cadia/Marsden Tier 1 gold-copper porphyry, with worldwide experience in goldcopper deposit exploration, discovery and evaluation.

Indep. Non Executive Director, Technical Committee Chair

Sam Spring

Leads Kincora's activities since 2012, incl. active exploration, resolution of 106-license/IBEX transaction disputes, together with an active M&A strategy. Former mining analyst, >10 years within Goldman Sachs and Ocean Equities, CA and CFA Charterholder.

President & CEO, Director

Peter Leaman

>40 years exploration with BHPB, incl. Country manager Mongolia, 2006-09 responsible for the Ivanhoe JV, and PanAust Ltd, Multiple discoveries incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold porphyries.

Senior Vice-President of Exploration

>10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Res. and Solomon Res., in Mongolia & Africa. Molor has extensive experience in all different stages of exploration & with Kincora since 2014.

Tsolmon Amgaa

>20 years in mineral exploration with juniors, and more recently with the majors Vale and Teck as Senior Geologist. Unique knowledge of the Mongolian copper belts and interpretation of their geological controls and models.

Henry Tebar

Formerly President & Chief Geologist of Trafigura Origo JV in Mongolia, having identified & truthed >300 targets. >30 years’ experience in copper, precious/base metals & geothermal in Asia (ex-Leyshon Res., Central China Goldfields, Anomaly Res., BHP, & Billiton).

Head Geologist

Project Gen Geologist

Molor Erdenebat

Joined Aug’12 Appointed Nov’16 1,2 Appointed Nov’16 2

Cameron McRae

Seasoned mining industry executive. 28-years with Rio Tinto, incl. CEO of Oyu Tolgoi LLC where led construction & start-up of the then US$6 bln Oyu Tolgoi copper-gold mine in southern Mongolia. Advisor to Kincora for majority of period since OT. UB based.

Independent Chairman

Board (ex-Technical Committee)

Lewis Marks

Former practicing & currently registered New York lawyer, who has lived in Asia for 37 years, including residence and business operations in Mongolia for most of the last 17 years. Extensive experience across the natural resource sector. UB based.

Non-Executive Director (LIM Nominee)

Ray Nadarajah

Seasoned finance executive & investor with extensive experience in the natural resources and infrastructure sectors in Mongolia and globally. Ex-TPG Capital, Rio Tinto, Oyu Tolgoi, Citi and Goldman, having worked in over 25 countries.

Independent Non-Executive Director

Appointed Aug’18 Appointed Jul’18 Appointed May’18

Plus Minerals LLC Technical Advisors

Plus Minerals LLC

Khashagerel Bat-Erdene and Imants Kavalieris. Extensive experience in Mongolia and have worked on some of the largest Cu deposits in SE Asia. Imants (photo) was one of the 6 executive exploration team during the exploration & delineation of the Oyu Tolgoi deposits.

Technical Committee Advisor

>50 years experience, actively contributing to discovery of deposits with Ivanhoe Group (Ivanhoe Australia & HPX) & BHPB (Chief Geophysicist). Knowledge of Sth Gobi belt from BHP (with Peter Leaman in Ivanhoe JV) , HPX and former IBEX board member.

Barry de Wet Geophysics Consultant

Appointed Nov’16 2 Joined Nov’17

KCC.TSXV

2005

4 holes 1237 metres

2011

Ivanhoe Mines

2006-09

Temujin Mines

17 holes 1680m*

Kincora Copper

2012

4 holes 3148m

2013-15

IVN JV BHP

Kincora Copper

Exclusivity with major

Windfall Tax

106 Dispute

Bronze Fox excluded Retained by Ivanhoe

* Drilling by Temujin Mines impacted by having only 100 metres of RC rods

C$40-50m Mkt Cap

Hole F62: 13m @ 1.4% CuEq within 390m @ 0.49% CuEq

Key

mile

ston

es fo

r W

este

rn li

cens

e Appendix - Bronze Fox Large-scale Cu-Au target

* Refer to the following press releases for further details: 25/1/18 Large copper-gold porphyry target quantified at Bronze Fox; &, 21/11/17 Kincora appoints consultant for review of Bronze Fox

Defined Resources and Reserves ü  Notable Mongolian copper porphyry systems

Mining Associates exploration target at West Kasulu

1

2

Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgradeisconceptualinnature,andbasedonnearestneighbourandordinarykrigeestimateswithinaninterpreted0.2%Cugradeshellbasedon81drillholesspacedapproximately200x200mwithintheWestKasuluprospectwithinthewesterncentralportionoftheBronzeFoxIntrusiveComplex.Thedrillspacingistoobroadtodefinegradecontinuity,butdoesillustrategeologicalcontinuity.Noassumptionsregardingeventualeconomicextractionhavebeenapplied.Thepotentialquantityandgradeisconceptualinnature,therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthetargetbeingdelineatedasamineralresource.

CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.


CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.


CopperEquivalent(CuEq)calculationrepresentsanestimateofthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonly&intendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.HoleF62(acrosstheTovfaultatWestKasulu)–37mgrading0.83%copperand0.14g/tgold(1.01%CuEq)from573m,[email protected]%CuEq(0.41%copperand0.08g/tgold)and794mat0.40%CuEq.TheCopperEquivalent(CuEq)calculationrepresentsanestimateforthetotalvalueforeachmetal,multipliedbytheconversionfactor,summedandexpressedinequivalentcopperpercentagebasedonspotprices(Cu$3.11/lb,Au$1279/ozandMo$7.1/lb).Gradeshavenotbeenadjustedformetallurgicalorrefiningrecoveriesandthecopperequivalentgradesareofanexplorationnatureonlyandintendedforsummarizinggrade.Thecopperequivalentcalculationisintendedasanindicativevalueonly.

Mineralizedsystem CurrentStage Mt Cu,%

Au,g/t

Mo,%

Measured&Indicated1

OT,HugoDummet Construction 976 1.61 0.38 0.003OT,Heruga StudiesOT,OyutOP(exmined) Mining 1,092 0.43 0.27 0.006OT,OyutUG Studies 107 0.35 0.61 0.003TsagaanSuvarga(Primary) Construction 291 0.5547 0.02Kharmagtai Exploration 129 0.36 0.36

Inferred2

OT,HugoDummet Construction 1,835 0.7916 0.18 0.005OT,Heruga Studies 1,816 0.39 0.37 0.011OT,OyutOP(exmined) Mining 389 0.29 0.16 0.004OT,OyutUG Studies 159 0.39 0.32 0.003TsagaanSuvarga(Primary) Construction 15 0.334 0.01Kharmagtai Exploration 469 0.31 0.19

Holesandmetresdrilled5

OT,HugoDummet ConstructionOT,Heruga StudiesOT,OyutOP(exmined) MiningOT,OyutUG StudiesTsagaanSuvarga ConstructionKharmagtai Exploration

1 ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)2 ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)3 Cut-offgrade-CuEqperrespectivetechnicalreport(otherwisestatedasCu%)4 Reportedat0.3%CuEqcutoff5 Reportedtotalholesandmetresdrilled

Holesincluded Metresincluded745136

441,456148,889

921

282613

54,764189,170

326,510

CuEqGrade Date Cut-off

grade

1.87 2015 0.37 3

20150.61 2015 0.22 3

0.73 2015 0.37 3

0.60 2009 0.200.58 2018 0.30 4

0.93 2015 0.37 3

0.65 2015 0.37 3

0.40 2015 0.22 3

0.59 2015 0.37 3

0.36 2009 0.200.42 2018 0.30 4

ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)

Metresincluded441,456148,889

54,764189,170

326,510

Project

1

ExplorationTarget1

Explorationtargetrange(pertheMiningAssociatesreview)-Thepotentialquantityandgraderangesareconceptualinnatureandbasedonnearestneighbourandordinarykrigeestimates.Therehasbeeninsufficientexplorationtodefineamineralresourceanditisuncertainiffurtherexplorationwillresultinthe

WestKasulu-TargetRange

Mt Cu,%

Au,g/t

Mo,%

416 0.26 0.06 0.003- - - -

428 0.30 0.07 0.004

ExplorationTarget1


CuEqGrade

ContainedMetalCuEqMt2

Date Cut-offgrade

Holesincluded

Metresincluded

0.30 1.3- -0.35 1.5

ExplorationTarget1


2018 0.20 76 24,139

29

Follow

KCC.TSXV

Canadian Office 800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada +1 604 283 1722

Mongolian Office Khasvuu Building, Peace Avenue, Transporter’s St, Ulaanbaatar 14210 +976 701 0095

Sam Spring President & CEO [email protected]

www.kincoracopper.com

Background: Mongolyn Alt LLC’s (MAK) Serven Sukhait open pit development project – 10-15km’s from the drill targets at Kincora’s East TS project US$377 million invested of US$1,089 million total capital, forecast to produce up to 316,000tpa Cu and 4,400tpa Mo. - Southern Gobi, about 650 km SE of Ulaanbaatar and 155km NW of Oyu Tolgoi .

Contact

www.kincoracopper.com

@KincoraCopper

Kincora Copper Limited

Documents

SOUTHERN GOBI COPPER-GOLD BELT, MONGOLIA · Zuun Mod Bronze Fox Bayan Khundii Saran Uul Boroo Gatsuurt Altan Tsagaan Ovoo Oyut OlonOvoot Ulaan Khadat Bayan Uul Mongolia One of the