southern gobi copper-gold belt, mongolia · 3q’12 4q’15 1q’18 4q’16 1 see slide 25 for...

Team, Location, Targets

SOUTHERN GOBI COPPER-GOLD BELT,

MONGOLIA

October 2018

KCC.TSXV

KINCORA COPPER

KCC.TSXV

Cautionary Statement on Forward-Looking Information and Statements

The views expressed in this presentation are based on information derived from Kincora Copper Limited’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 September 24st, 2018 and is in C$, unless otherwise stated.

2

Kincora Copper Ltd (KCC- TSXV) Southern Gobi copper-gold belt, Mongolia

Team

Exceptional Tier 1 porphyry track record with deep in-country and international experience Implementing proven exploration strategy Low overheads with “skin in the game” alignment with shareholders

Location

Dominant and district scale position in world-class underexplored belt New Silk Road within trucking distance to worlds largest commodity consumer Foremost group pursuing further countercyclical expansion

Targets

Disciplined & systematic exploration adding value to pipeline:

i. Advanced target: Bronze Fox

ii. Brownfield target: East Tsagaan Suvarga

iii. Strategic district holding

iv. Advanced project generation

Strong backing from leading institutions Strong backing from leading institutions

KCC.TSXV 3

Creating value through Exploration and Expansion

4

Hole F62 at Bronze Fox project: ~800m @ 0.4% CuEq, incl 37m >1% CuEq1 ü 14 NDAs, 1 offer & period of exclusivity with copper major

Resolution of Bronze Fox dispute, again consolidates project

IBEX merger consolidates district. New industry leading technical team

C$5.92m raised supporting 12-mth budget ü Cornerstone investments post extensive due diligence (2 groups)

Large-scale exploration target for West Kasulu (Bronze Fox) ü X416-428Mt for 1.3-1.5Mt CuEq contained metal1

Quantity & grade ranges are conceptual in nature & based on nearest neighbour/ ordinary krige estimates. There has been insufficient exploration to define a mineral resource & it is uncertain if further exploration will result in the target being delineated as a mineral resource1

Successful Phase1results (E TS and Bronze Fox advanced)

Board changes/new chair. Shareholder overhang crossed, new cornerstone investor

2018 field work ongoing: 2 targets proposed for drilling, advancing pipeline

Further corporate/expansion activities and discussions with industry groups

3Q’12

4Q’15

1Q’18

4Q’16

1 See slide 25 for further details and disclaimers

4

2Q /3Q’18

24,000 metres of core from West Kasulu relogged in 2018

West Kasulu prospect, Bronze Fox

4Q’17

KCC.TSXV

Typical Southern Gobi terrane; One of a series of trenches across the

oxide zone at West Kasulu West Kasulu prospect, Bronze Fox

KCC.TSXV 5

Exploration Portfolio approach: Advancing pipeline up value curve

3 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.

TourmalineHill

EastTSEast TS “brownfield” Devonian porphyry

Red Well

Argalant, Ulgii Khud Massive

Mine Feasibility Pre-Feasibility

Advanced Drilling

Target Testing

Reconnaissance Title Concept Resource Delineation

1 Mining Associates – 2018 416-428Mt @ 0.26-0.30% Cu 3

2 Micromine – 2012 0.4-23.8Mt @ 0.27-0.40% Cu 3

Bayan Tal

Bronze Fox: Western trend

TourmalineHillProject Generation: ground truthing prospective districts/targets Block models

Bronze Fox: West West Kasulu – infill/on strike from Exploration Target 1, 2, 3

Max uplift in shareholder

value

Tourmaline Hills

KCC.TSXV

Mongolia: One of the last under explored frontiers

6

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

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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

Southern Gobi region Source: Company & Industry Data

KCC.TSXV

KCC.TSXV

Southern Gobi An important new source for global copper discoveries: Illustrates belts prospectivity

7

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

Average LM

E Copper Price (U

S$/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)

OT

– S

th O

yu

Kha

rmag

tai

OT

– H

ugo

Dum

met

t

OT

– S

hive

e

OT

– H

erug

a

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”.

Lack of copper development pipeline well document, but even larger lack of new discoveries Codelco: spending US$39b just to keep production flat (US$1b extraordinary capitalisation from Government Jun’18)

Rio Tinto: “8 new mines the size of Oyu Tolgoi will be needed within a decade to fill an anticipated 5Mt pa copper supply gap”

BHP: “Copper exploration remains a strategic priority” (only exploring for copper & petroleum)

Exploration is difficult & getting harder

ü Prices have not resulted in more discoveries ü “Low hanging” fruit picked; focus on new

jurisdictions &/or concealed discoveries ü Despite limited relative exploration

expenditure & level of activities, the Southern Gobi has still made a significant contribution to new global discoveries

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

*

5 discoveries in the Southern Gobi represented 9% of contained metal discovered globally over the decade *

KCC.TSXV

Location Dominant position a proven belt: Already hosts one of the few new large scale copper mines

8

⌃

30km Entrée 2018 targets / Rio Tinto drilling 1 >US$1b construction project (>US$370m spent)

2 $5.3b expansion to 3rd largest copper mine (>US$9b spent)

West Kasulu

/ Oxides

Legend

Oyu Tolgoi (“OT”)2

Rio Tinto/ TRQ/

Entrée

Kharmagtai Xanadu Mines

Ikh Shankh private

Tsagaan Suvarga (“TS”) 1

MAK/EBRD

Red Well Bayan Tal

XV-19315 TRQ / Rio Tinto drilling

Bronze Fox

Tourmaline Hills

Argalant, Ulgii Khud

Massive

2017/18 drilling activities

Kincora Licenses (100%)

Incumbent new licenses

Other license holders

Interpreted Devonian belt

Resource / Cu-Au occurance

Proven Jurisdiction Oyu Tolgoi: ü  One of a few new large scale

copper mines built in recent decades

ü  Largest expansion project currently in the mining industry

(any commodity, any location)

Globally Attractive Rio Tinto: ü  Resumed regional drilling &

pursuing expansion (1H’17) ü  New Office (1Q’18)

Codelco: ü  Preparing to invest in Mongolia - CEO Pizarro (Aug’17)

Source: Company & Industry Data

TRQ Aug’18 drilling/targets Rio Tinto operated

Kincora priority drill targets

Bronze Fox

East TS

KCC.TSXV

Location Highly mineralized but vastly underexplored: World-class porphyry belt

9

OyuTolgoi

TsagaanSuvarga

Kharmagtai

BayanTal

BronzeFox

EastTS

XV19315

UlgiiKhud

Analogous to Chile Mongolia Chile

5 years since first production 1% of global supply (>4% 2025) 1 producing mine (@ least 2 2025)

>100 years since first production >10% of global supply (decreasing) >15 producing mines

“We see that Mongolia has the opportunity to do things better than Chile 40 years ago” – Codelco, Nov’17

Notable arc transverse structures

Porphyries occur in clusters on structures within established belts – they do not occur in isolation

Some belts are more prospective than others – Chile & Peru account for 46% of global Cu metal discovered since 1990 – Canada & Russia: “Lagging behind... reasonable numbers of new discoveries... they tend to be smaller & develop into smaller producing assets” - S&P Global

Analogous to Chile

Comparison of the same size landmasses in key copper belts in Southern Gobi & Northern Chile Source: Company & Industry Data

KCC.TSXV

Location One of the world’s fastest developing mining/infrastructure regions: Lower barriers to entry

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

rates, skilled labor force, sparsely populated, generally flat open desert, not at altitude

Between >US$14b OT & >US$1b TS copper projects, plus largest global coal export basin

10

“White Pearl” Camp

Bayan Tal

Oyu Tolgoi

Bronze Fox

Tsagaan Suvarga

32km

27km

52km

129km

Km’s from White Pearl Camp

80km

Km’s to China from OT

Manlay

Mandakh

Khanbogd

Gashuun sukhait

ü  Kincora’s year round “White Pearl” camp

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

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

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

China’s doorstep

Source: Company & Industry Data

11

Team Experienced board: Complementary track record

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.

Cameron McRae

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

Independent Non-Executive Director, Technical Committee Chair

Independent Chairman

Exceptional Tier 1porphyry track record

Full development cycle:

>150 years specific sector experience

Track record operating in Mongolia:

>40 years experience

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

Kincora’s White Pearl camp Southern Gobi

Technical Committee

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, with extensive experience across the natural resource sector. UB based.

Independent Non-Executive Director

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

KCC.TSXV

Team Leading exploration team

Molor Erdenebat

>10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Resource Development and Solomon Resources, in Mongolia and Africa. Molor has extensive experience in all different stages of exploration and 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. Working knowledge of the Mongolian copper belts and interpretation of their geological controls and models.

Henry Tebar

Senior Technical/Project Generation Team

Plus Minerals LLC Technical Advisors

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).

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 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

Proprietary experience & knowledge:

ü  Multiple Discoveries – T1 incl’s: •  Cadia Au/Cu (Newcrest, Australia) •  Reko Diq Cu/Au (for BHP, Pakistan)

ü  BHP Regional JV with Ivanhoe •  BHP Exploration Manager (Mongolia) •  Chief Geophysicist (Global)

ü  President/CEO of Oyu Tolgoi, chair of Exploration Committee ü  Teck - Country Manager, Project Generation ü  Origo-Trafigura – President/Chief Geologist ü  Trafigura – member of Project Generation ü  Head of Business Development for Oyu Tolgoi ü  Ivanhoe - one of 6 Executive exploration team at Oyu Tolgoi ü  Marc Rich & Co/Glencore International

•  Trading copper in Mongolia/Asia region

ü  Director of Steppe Gold •  Current construction project in Mongolia

KCC.TSXV

KCC.TSXV

Targets Phase 2 drilling proposed at 2 targets: Analogues for value uplift potential

13

⌃

Rio Tinto Drilling

at Bronze Fox

Alagbayan Massif

Oyu Tolgoi mineralised trend

Tsagaan Suvarga Massif

Kincora camp Kincora camp ⌃

Kincora licenses

Interpreted key structures

Interpreted Devonian Belt

Mineral Resource and Ore Reserves

Mineralised Cu-Au occurrence

Confirmed Devonian stratigraphy

Kincora licenses

Interpreted key structures


Mineral Resource and Ore Reserves

Mineralised Cu-Au occurrence

Confirmed Devonian stratigraphy

Legend

Confirmed Devonian Stratigraphy

Value catalysts include: ü  Drill testing high grade infill & strike extension targets within

western zone of exploration target block model

ü  Drill testing new targets and western extension of system ü  NI 43-101 activities (data quality) / Mining License conversion

Shivee Tolgoi mineralised trend

30km

Kharmagtai Intrusive Complex Bronze Fox

Intrusive Complex

Tourmaline Hills Intrusive

Complex

Ikh Shankh Lithocap

Shuteen Lithocap

Confirmed “Brownfield” environment (Phase 1 drilling)

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

(western zone:141Mt for 890Mlb of copper & 0.25Moz gold) 1

East Tsagaan Suvarga

Ulgii Khud massif

Value catalysts include: ü  SJ geophysical (IP) survey ü  Drilling

Red Well Bayan Tal

Tourmaline Hills

Bronze Fox

⌃

Legend

Kincora Licenses


Mineralized Cu-Au occurrence

Mineral Resource & Ore Reserve

West Kasulu

East TS at Tsagaan Suvarga

Disclosure note: West Kasulu Interpreted key structures

1 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 4/9/18 release “Kincora commences IP survey at brownfield East Tsagaan Suvarga target” for further details

*Refer 27/8/18 release “Kincora announces new high-grade targets at Bronze Fox” for further details

West Kasulu

KCC.TSXV

Northern Ecuador Kharmagtai

Intrusive Complex

(KIC)

West Kasulu

Tourmaline Hills Intrusive

Complex

Bronze Fox Mineralized system again consolidated: Drill targets advanced

14

Mining Associates (Jan’18) - Block Model 1

Green: Western (higher grade) zone target Blue: Eastern zone target (Plan view of >0.2% Cu envelope)

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

ü  Deeper/higher resolution “Search” IP survey ü  Mining Associates Block Model (improved understanding of faults/lithology & tonnage/grade) ü  Relogging of core: 8000m by major, then 24000m by Kincora

ü  Lithogeochemical/petrographic studies; ü  Further magnetics and gravity survey’s;

ü  Further mapping; ü  Geophysical review by specialist consultant Barry de Wet; ü  Drill targets refined by new Technical Team

Bronze Fox excluded Retained by Ivanhoe

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

F85

F62 F57

Tovfau

lt

Tovfau

lt

Tovfau

lt

EasternZone

WesternZone

Open

Open

Open

Limited drilling at Western license & West West Kasulu target

Wor

k P

rogr

ams

sinc

e la

st d

rilli

ng

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

3 of 4 Kincora holes returned higher grade: >1km strike untested


Bronze Fox Intrusive Complex

Eastern License Western License

KCC.TSXV

Bronze Fox Large intrusion drives bulk tonnage system: Western strike and system trend untested

15

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

#1

#2

#1

#1

#2

#2

ü On section from F62*: First time test the central coincident chargeability high and magnetic low anomalies (periphery intersected in F62)

ü Step out from Mining Associate exploration target to the west: inadequately tested ~260m strike (of >1km target)

ü Large scale targets: step out and test system to the west where the interpreted main Bronze Fox intrusion is potentially concealed, coincident with a large chargeability high and often discrete anomalous surface mineralization Specialist geophysical consultant, Barry de Wet:

A number of significant scale and very attractive coincident geophysical anomalies have been identified at Bronze Fox, particularly in the western zone of West Kasulu . . . There is an extremely large mineralized system that remains under explored at Bronze Fox.

“

”

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

KCC.TSXV

Bronze Fox West West Kasulu conceptual section

16

Northern Ecuador

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 15 for coincident magnetic low & wider IP profile)

KCC.TSXV

West West Kasulu Grade on margin: Significant untested strike


17

Blockmodel

Blockmodel

BlockmodelGeophy-sicalextensions

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)

4 holes drilled in western zone, 3 with high-grade mineralization

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

ü 4 holes drilled in western zone, 3 with high-grade mineralization

ü Previous drilling inadequately tested ~260m of a >1km strike

ü 2018: For the first time test the strongest & core chargeability high zone (20mV/V) coincident with the magnetic low (F62 intersected small zone of moderate 15mV/V chargeability high coincident with mag low which corresponded with highest copper grades) within potassic altered monzodiorite across the Tov fault

#1 West West Kasulu

KCC.TSXV

2017 maiden drilling & geophysics:

ü  14 holes for 3452m ü  Subsequent infill ground magnetics

& maiden gravity surveys

ü  Multiple targets at explorable depths (>200m depth)

ü  Concept is a high grade potassic zone core of a preserved porphyry copper deposit(s)/structural trend

ü  Induced Polarization (IP) survey commenced to refine targets

ü  Phase 2 target testing drilling program scheduled for winter

East TS Phase 1 in 2017 was successful: Refines Phase 2 in 2018

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

18

East Tsagaan Suvarga is a brownfield Devonian target beneath explorable cover

Specialist geophysical consultant Barry de Wet: Exploration activities have clearly defined four interpreted intrusive bodies. These support Tier 1 scale targets . . . The series of targets at East TS are the first brownfield Devonian targets since the OT mineralized trend, where a similar limited outcrop and systematic approach resulted in significant exploration success. .

“

”Target for East TS is hosting an equivalent

preserved high grade Hugo or Heruga orebody (or series of orebodies) as at Oyu Tolgoi within the Tsagaan Suvarga intrusion

KCC.TSXV

East TS Large scale conceptual targets: “Brownfield” Devonian environment

19

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

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

ETS011 ETS002 ETS003

Demagnetised Intrusion?

Section

Interpreted altered intrusive body (magnetite

depletion)

Interpreted intrusive bodies

(magnetite depletion)

Interpreted altered intrusive body (magnetite

depletion)

Interpreted intrusive bodies

(magnetite depletion)

2km

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

Section: Susceptibility logs in holes ETS11 ,3 & 2 Magnetisation Amplitude shows mineralisation in alteration halo ü  ETS011 – highest Cu/Mo grades just above magnetic body ü  ETS003 - anomalous Cu/Mo into the top of an extensive concealed magnetisation body

Four large-scale conceptual intrusive bodies

KCC.TSXV

Bronze Fox & East TS Not dissimilar story to OT: New geophysical targets supported by geology?

20

Source: Kincora Copper, company data (including Ivanhoe and Zeus presentations)

Previous shallow drilling at NW monzonite zone failed to reach subsequent IP, and coincident magnetic, anomalies with 4 holes drilled only on margin of targets

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

“OT Discovery Hole”

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

West Kasulu

East TS

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

KCC.TSXV

Share price overhangs removed New cornerstone investor and new strong independent board

Capital structure (KCC : TSXV)

Share price (28/9/18) 15.5 cents

Issued shares 70 million

Market Capitalization C$10.9 million

Cash (Jun’18 accounts) C$2.1 million

Enterprise Value C$8.8 million

52-week range 12–40 cents

(Management Est. – Aug 31st 2018)

29% of register overhang removed June 22nd by new cornerstone investor

3Q’17 raisings (C$5.92m @ 33c/sh) lead by two new & large institutions post extensive due diligence

LIM (Jun’18) 29%

Board/Management 7%

EBRD (Oct’17) 6%

Instos / Family office (Aug’17) 14%

Other Instos 16%

HNW 14%

Other retail 13%

https://www.kincoracopper.com/investors/stock-information

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

21

HNW/FamilyOffice

Board/TechnicalTeam

Retail

Insitutional

Jan’17 Jan’16

KCC.TSXV

Kincora Tier 1 drilling and district scale exploration

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 Near term activities:

•  “Advanced” high grade drilling 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 (per S&P: refer slide 6)

•  Drilling confirmed “brownfield” East Tsagaan Suvarga target •  Success: support concept for series of preserved high grade orebody(s) within Tsagaan

Suvarga mineralized system (per Hugo/Heruga orebodies within OT mineralized system)

•  Active regional program, currently advancing previously drilled Tourmaline Hills target following high grade gold samples and mapping Red Well

ü Foremost group pursuing further countercyclical expansion opportunities in Mongolia

MVA HP-5PV-6

Proposed infill hole for the first time test the central portion (not previous periphery) of the highest resolution coincident chargeability high and magnetic low anomalies within monzodiorite below the Tov fault at F62

MVA (ground magnetics) backgroundWest West Kasulu Bronze Fox

23

KCC.TSXV

Jun’18 – $4.1m placement & dual listing raising $1.4m on Mongolian Stock Market Erdene Resource Development Corp

May’18 – C$25m TSX IPO, having raised US$34.8m privately Steppe Gold

Nov’17 – Underwritten A$16.5m rights issue Aspire Mining

Sep’17 – Oversubscribed A$15.4m placement Xanadu Mines

Mar’17 – Teck Resources $0.5m non-brokered placement Erdene Resource Development Corp

Feb’17 – Oversubscribed $13.8m bought deal financing Erdene Resource Development Corp

Jan’17 – Oversubscribed C$7.6m equity offering Entrée Gold

Jun’16 – Successful A$12.2m placement Xanadu Mines

Apr/Jun’16 – Sandstorm $2.5m royalty linked placement & $0.5m Teck placement Erdene Resource Development Corp

Mongolia Oyu Tolgoi and IMF/IFIs: Investor confidence

Oct’17 – 7x oversubscribed international Government of Mongolia bond US$800m @ 5.6% for 5.5 years

May’17 – Protection of existing Investment Agreements Delay in IMF approval of EFP until Parliament legislation confirms investor agreements (removal of sub-clause 11)

Feb’17 – “Total External Financing Package (EFP) will be around US$5.5 billion”

IMF lead with Mongolian Government - underpinned by mining sector

May’16 – “Approval of a US$5.3 billion investment” for underground development of Oyu Tolgoi

Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC •  Draw down of US$4.4 billion project financing facility - syndicate incl Canada, USA

& Australia Govts, along with 15 commercial banks (incl IFC)

1/3/17, 5(31 pmIMF Reaches Staff-Level Agreement with Mongolia on Three-Year Extended Fund Facility

Page 1 of 2http://www.imf.org/en/news/articles/2017/02/19/pr1754-mongolia-imf-reaches-staff-level-agreement-on-3yr-eff

INTERNATIONAL MONETARY FUND

SHARE:

IMF Reaches Staff-Level Agreement withMongolia on Three-Year Extended FundFacilityMongolian(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf)

February 19, 2017

End-of-Mission press releases include statements of IMF staff teams that convey preliminaryfindings after a visit to a country. The views expressed in this statement are those of the IMFstaff and do not necessarily represent the views of the IMF’s Executive Board. Based on thepreliminary findings of this mission, staff will prepare a report that, subject to managementapproval, will be presented to the IMF's Executive Board for discussion and decision.

The Mongolian government and the IMF team reached staff-level agreement on an economic andfinancial program to be supported by a three-year EFF for about $440 million.

The IMF financial assistance will help catalize up to $3 billion in budget and project support, andChina is expected to extend RMB 15 billion swap line.

The government’s economic program intends to restore economic stability and debt sustainability,and will facilitate strong, sustainable and inclusive growth, while protecting the most vulnerable.

A staff team of the International Monetary Fund (IMF) led by Koshy Mathai visited Ulaanbaatar duringFebruary 1-19 to continue discussions with the Mongolian authorities on a set of economic policiesthat could be supported by IMF financial assistance. At the end of the visit, Mr. Mathai made thefollowing statement:

“The Mongolian government and the IMF team have reached staff-level agreement on an economicand financial program to be supported by a three-year Extended Fund Facility (EFF) for SDR 314.505million (435 percent of quota), or about $440 million. Other international partners also plan to supportthe government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partnersincluding Japan and Korea are together expected to provide up to $3 billion in budget and projectsupport; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with theBank of Mongolia for at least another three years.

“The total external financing package will thus be around $5.5 billion and will support the authorities’“Economic Stabilization Program,” which intends to restore economic stability and debt sustainabilityas well as to create the conditions for strong, sustainable, and inclusive growth, while protecting themost vulnerable citizens.

“This agreement is subject to the confirmation of financing assurances, the completion of prioractions by the authorities, and the approval of the IMF Executive Board. The Board is expected toconsider Mongolia’s request in March.

“Mongolia is well endowed with mineral resources, strong potential in agriculture and tourism, and ayoung and dynamic population. Its long-run future is promising, but in recent years it has been hithard by the sharp decline of commodity prices and a collapse in foreign direct investment (FDI).Attempts to stem the decline through expansionary policies proved ineffective after a few years, andthe economy is now stagnating, weighed down by high debt and low foreign-exchange reserves.

“Fiscal consolidation is a key priority, as loose fiscal policy in the past was a major driver of Mongolia’scurrent economic difficulties and high debt. Budget deficits will be reduced steadily, while prioritysocial spending will be maintained: for instance, the savings from better targeting the Child MoneyProgram will be used entirely to increase spending on the food stamp program for the mostvulnerable. Also, to boost revenue, the personal income tax will be made more progressive, with rateson only higher-income households increased.

“The Development Bank of Mongolia (DBM) will henceforth operate in an independent, purelycommercial manner, as laid out in the recently passed DBM law, and the Bank of Mongolia (BOM) willnot engage in additional quasifiscal activity, with the mortgage program now operating essentially as arevolving fund. In addition, the law on concession projects will be reformed, and the public investmentprogram (PIP) will be rationalized and better aligned with national development priorities.

“The authorities will adopt a set of important fiscal reforms to ensure that budget discipline is

PRESS RELEASE NO. PR17/541/3/17, 5(31 pmIMF Reaches Staff-Level Agreement with Mongolia on Three-Year Extended Fund Facility

Page 1 of 2http://www.imf.org/en/news/articles/2017/02/19/pr1754-mongolia-imf-reaches-staff-level-agreement-on-3yr-eff

INTERNATIONAL MONETARY FUND

SHARE:

IMF Reaches Staff-Level Agreement withMongolia on Three-Year Extended FundFacilityMongolian(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf)

February 19, 2017

End-of-Mission press releases include statements of IMF staff teams that convey preliminaryfindings after a visit to a country. The views expressed in this statement are those of the IMFstaff and do not necessarily represent the views of the IMF’s Executive Board. Based on thepreliminary findings of this mission, staff will prepare a report that, subject to managementapproval, will be presented to the IMF's Executive Board for discussion and decision.

The Mongolian government and the IMF team reached staff-level agreement on an economic andfinancial program to be supported by a three-year EFF for about $440 million.

The IMF financial assistance will help catalize up to $3 billion in budget and project support, andChina is expected to extend RMB 15 billion swap line.

The government’s economic program intends to restore economic stability and debt sustainability,and will facilitate strong, sustainable and inclusive growth, while protecting the most vulnerable.

A staff team of the International Monetary Fund (IMF) led by Koshy Mathai visited Ulaanbaatar duringFebruary 1-19 to continue discussions with the Mongolian authorities on a set of economic policiesthat could be supported by IMF financial assistance. At the end of the visit, Mr. Mathai made thefollowing statement:

“The Mongolian government and the IMF team have reached staff-level agreement on an economicand financial program to be supported by a three-year Extended Fund Facility (EFF) for SDR 314.505million (435 percent of quota), or about $440 million. Other international partners also plan to supportthe government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partnersincluding Japan and Korea are together expected to provide up to $3 billion in budget and projectsupport; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with theBank of Mongolia for at least another three years.

“The total external financing package will thus be around $5.5 billion and will support the authorities’“Economic Stabilization Program,” which intends to restore economic stability and debt sustainabilityas well as to create the conditions for strong, sustainable, and inclusive growth, while protecting themost vulnerable citizens.

“This agreement is subject to the confirmation of financing assurances, the completion of prioractions by the authorities, and the approval of the IMF Executive Board. The Board is expected toconsider Mongolia’s request in March.

“Mongolia is well endowed with mineral resources, strong potential in agriculture and tourism, and ayoung and dynamic population. Its long-run future is promising, but in recent years it has been hithard by the sharp decline of commodity prices and a collapse in foreign direct investment (FDI).Attempts to stem the decline through expansionary policies proved ineffective after a few years, andthe economy is now stagnating, weighed down by high debt and low foreign-exchange reserves.

“Fiscal consolidation is a key priority, as loose fiscal policy in the past was a major driver of Mongolia’scurrent economic difficulties and high debt. Budget deficits will be reduced steadily, while prioritysocial spending will be maintained: for instance, the savings from better targeting the Child MoneyProgram will be used entirely to increase spending on the food stamp program for the mostvulnerable. Also, to boost revenue, the personal income tax will be made more progressive, with rateson only higher-income households increased.

“The Development Bank of Mongolia (DBM) will henceforth operate in an independent, purelycommercial manner, as laid out in the recently passed DBM law, and the Bank of Mongolia (BOM) willnot engage in additional quasifiscal activity, with the mortgage program now operating essentially as arevolving fund. In addition, the law on concession projects will be reformed, and the public investmentprogram (PIP) will be rationalized and better aligned with national development priorities.

“The authorities will adopt a set of important fiscal reforms to ensure that budget discipline is

PRESS RELEASE NO. PR17/54

ASX/MEDIA RELEASE By electronic lodgement | Page 1 of 28

22 December 2016

THREE NEW MINERALISED PORPHYRY CENTRES IDENTIFIED AT KHARMAGTAI

HIGHLIGHTS

x Bedrock drilling delivers immediate success at Kharmagtai;

x New drilling identifies copper and gold mineralisation under shallow (20 to 50m) cover in at least seven new targets;

x High-density stockwork mineralisation intersected in three targets, including grades greater than 0.3% Cu and 3g/t Au over two metre intervals;

x New gravity data enhance the prospectivity of the Kharmagtai copper-gold district;

x A priority follow-up drill program to commence immediately; and

x Drilling activities are fully funded from existing cash reserves of $9.8 million.

Xanadu Mines Ltd (ASX: XAM – “Xanadu” or “Company”) is pleased to announce that first assays have been received from an undercover bedrock drilling program over the Kharmagtai copper-gold district, in the South Gobi region of Mongolia (Figure 1), as foreshadowed in the last Quarterly Report. The drill program consisted of 259 holes for approximately 11,140m of drilling designed to systematically test district-scale anomalies buried under shallow cover identified through 2015 and 2016, and new conceptual structural targets not previously tested by drilling.

New top of basement drilling results confirms continuity of mineralisation under shallow (20 to 50m) cover with drilling intersecting anomalous bedrock copper and gold mineralisation over a widespread area, approximately 25 square kilometres. At least seven new targets were identified, with 38 drill holes returning gold grades greater than 0.1 g/t Au and 12 holes more than 0.1% Cu over two metre intervals (Figure 2).

The drilling also provided important information on depth of cover gravels, which typically ranged from 20 to 50m. The shallow depths significantly enhance the prospectivity for further open pit resources within the Kharmagtai district.

Xanadu‟s Managing Director & Chief Executive Officer, Dr Andrew Stewart, said “The results of this targeted bedrock drilling program have proved very exciting. We set out to test several shallow (within 50m surface) high-potential copper-gold and gold targets that occur under shallow cover, looking for both high-grade gold-rich stockwork mineralisation and tourmaline breccia mineralisation. The identification of the high-density stockwork copper-gold mineralisation in at least three of the new targets associated with copper over 0.3% Cu and gold over 3g/t Au is an outstanding result, and is validation of our belief that there are undiscovered porphyry centres at Kharmagtai under only 20 to 50m of cover. Drill testing is expected to start immediately and we are looking forward to what we might learn from the next program of RC drilling.”

At Kharmagtai most previous exploration has focused on the three outcropping porphyry deposits (Altan Tolgoi, Tsagaan Sudal and Zesen Uul; Figure 2) where Xanadu has already defined over 1.5 Mlb copper and over 2 million ounces of gold resource (see Xanadu‟s ASX announcement – 19 March 2015). Away from these three deposits the prospective rocks of the Kharmagtai Igneous Complex (KIC) are covered by either younger unconsolidated gravels or are obscured by younger volcanic rocks (Figure 2).

ERDENE RESOURCE DEVELOPMENT CORP.

Erdene Closes Oversubscribed $13.8 Million Bought Deal Financing NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITES DESCRIBED HEREIN. Halifax, Nova Scotia – February 23, 2017 – Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company") is pleased to announce the closing of its previously announced bought deal financing for gross proceeds to the Company of C$13.8 million (the “Offering”). The Offering was led by Paradigm Capital Inc., with a syndicate including Canaccord Genuity Corp. (collectively, the “Underwriters”). The Company issued an aggregate of 17,922,077 common shares (“Shares”) at a price of C$0.77 per Share, including the full exercise of the Underwriters’ 15% over-allotment option. The Offering was oversubscribed with participation from multiple institutional investors from Canada and abroad. In consideration for their services, the Underwriters received a cash commission of $828,000 representing 6% of the gross proceeds of the Offering and 1,075,324 compensation warrants (the “Compensation Warrants”) representing 6% of the Shares issued pursuant to the Offering. Each Compensation Warrant is exercisable for a period of 24 months from closing and entitles the holder to purchase one Share for $1.20 per share. All Shares issued in connection with the Offering are subject to a four-month hold period expiring June 24, 2017. The Company intends to use the net proceeds of the Offering to advance its 100%-owned, high-grade Bayan Khundii and Altan Nar Gold Projects, and to further explore and develop the Company's other gold properties in southwest Mongolia, as well as for working capital and general corporate purposes. An approximate 20,000 metre drill program at Bayan Khundii is expected to commence in April 2017. “We are extremely pleased with the strong interest shown in the financing which was significantly oversubscribed. It is our pleasure to welcome these high caliber shareholders into Erdene”, said Peter Akerley, Erdene’s President and CEO. “We now have the financial capacity to significantly advance our promising gold projects in southwest Mongolia.” The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

Project financing – flow of funds

Today1

Receivable from Oyu Tolgoi*

Shareholder loan: $7.0 billion

Payable to Turquoise Hill*

Shareholder loan: $7.0 billion

1. In accordance with the ARSHA, Turquoise Hill funded the common share investments in Oyu Tolgoi on behalf of Erdenes Oyu Tolgoi LLC; at March 31, 2016 the balance is approximately $999.4 million* Balances as of March 31, 2016 | Interest rate LIBOR + 6.5%

At project financing drawdown

Proceeds: $4.4 billion2 $4.1 billion3,4 $4.1 billion4

Payable to Turquoise Hill*

Shareholder loan: $7.0 billionto $2.9 billion4

2. Project finance facility made directly with Oyu Tolgoi3. Amount received net of withholding tax and facility fees4. Approximate amount* Calculated on balances as of March 31, 2016 | Interest rate LIBOR + 6.5%** When guarantee fee paid, Oyu Tolgoi pays 1.9% and Turquoise Hill pays 0.6%


Shareholder loan: $7.0 billion to $2.9 billion4

Deposit from Turquoise Hill

Investment: $4.1 billion4

Waive 2.5%** guarantee fee with amount on deposit

Priority of funding used for development

! Oyu Tolgoi operating cash flow

! Project financing funds

! Turquoise Hill cash

Oyu Tolgoi cash call

Funding

Reduction in deposit from Turquoise Hill*

Deposit: ↓

* Indicative, does not show the withholding tax implications | original shareholder loan interest rate LIBOR + 6.5% | new amounts subject to interest rate no more than LIBOR + 6.5%** Guarantee fee - Oyu Tolgoi pays 1.9% and Turquoise Hill pays 0.6%

Funding


Shareholder loan: ↑Equity loan: ↑

Funding

Payable to Turquoise Hill (2.5%** guarantee fee on funds used)

Shareholder loan: ↑Equity loan: ↑

8

ü Oyu Tolgoi Stage 2 - largest expansion project globally and largest project finance in industry history ü  IMF lead US$5.5 billion financing package (till 2020) and protection of investment agreements ü Exploration juniors illustrating geological potential (>$165m raised, including Kincora $7.5m but ex $2.6m secondary)






22 December 2016


HIGHLIGHTS












1

Steppe Gold Limited - Mongolia’s Next Gold and Silver Producer

Precious Metals Company

INITIAL PUBLIC OFFERING PRESENTATION

MONGOLIA’S NEXT�GOLD AND SILVER PRODUCERMarch 16, 2018

An amended and restated preliminary prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in eachof the provinces of Canada, except for Quebec. A copy of the preliminary prospectus, and any amendment, is required to be delivered with this document. The preliminary prospectus is still subject tocompletion. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued. This document does not provide full disclosure of allmaterial facts relating to the securities offered. Investors should read the preliminary prospectus, the final prospectus and any amendment for disclosure of those facts, especially risk factors relating tothe securities offered, before making an investment decision.



24


22 December 2016


HIGHLIGHTS












Aug’18 – A$15m Financing Package Aspire Mining

Jun’18 – Oversubscribed $10m placement Xanadu Mines

KCC.TSXV

Appendix - Bronze Fox Large-scale Cu-Au target: Modest drilling to more advanced projects

25

* 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

Exploration target only Defined Resources and Reserves ü  Notable Mongolian copper porphyry systems

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 0.55 0.02Kharmagtai Exploration 46 0.42 0.51

Inferred2

OT,HugoDummet Construction 1,835 0.79 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 0.33 0.01Kharmagtai Exploration 157 0.32 0.28

Holesandmetresdrilled5

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

921

282265

54,764108,130

326,510

Holesincluded Metresincluded745136

441,456148,889

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 0.200.73 2015 0.3&0.5 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 0.200.49 2015 0.3&0.5 4

54,764108,130

326,510

Metresincluded441,456148,889

1 ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)2 ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)3 Cut-offgrade-CuEqperrespectivetechnicalreport(otherwisestatedasCu%)4 Reportedat0.3%CuEqcutoffwithinpitshells&cut-off0.5%CuEqappliedtounderground5 Reportedtotalholesandmetresdrilled

ReportedMeasured&IndicatedMineralResourcesasreporttorespectivecode(JORCorNI43-101)ReportedInferredMineralResourcesasreporttorespectivecode(JORCorNI43-101)Cut-offgrade-CuEqperrespectivetechnicalreport(otherwisestatedasCu%)Reportedat0.3%CuEqcutoffwithinpitshells&cut-off0.5%CuEqappliedtounderground

ü  Mining Associates exploration target at West Kasulu

Notes:

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

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.





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.

Contact

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

Mongolyn Alt LLC’s Serven Sukhait open pit development project – 13km’s from the East TS target 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 copper-gold belt, mongolia · 3q’12 4q’15 1q’18 4q’16 1 see slide 25 for...

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