Kincora Copper : First Quarter 2024 Financial Statements and Management Discussion & Analysis

First Quarter 2024

Financial Statements

and Management's

Discussion & Analysis

Kincora Copper Limited

ARBN: 645 457 763

Please find attached for release to the market, Kincora Copper Limited's First Quarter 2024 Financial Statements and Management's Discussion & Analysis, prepared in accordance with National Instrument 51-102 Continuous Disclosure Obligations and NI 51-102F1 Management's Discussion and Analysis, issued by the Canadian Securities Administrators, for lodgement on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR).

May 14, 2024

This announcement has been authorized for release by the Board of Kincora Copper Limited (ARBN 645 457 763)

Website:www.kincoracopper.com

Email: [e-mail]

Kincora Copper Limited

(An Exploration Stage Company)

MANAGEMENT'S DISCUSSION AND

ANALYSIS

Expressed in Canadian Dollars

FOR THE THREE-MONTH PERIOD ENDED

MARCH 31, 2024

As at May 14, 2024

Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

Introduction

The following Management's Discussion and Analysis ("MD&A") of the Company has been prepared as of May 14, 2024, and reported in Canadian dollars. This MD&A should be read in conjunction with the interim condensed consolidated financial statements of Kincora Copper Limited and the notes thereto for the three-month period ended March 31, 2024, which have been prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS"). In addition, the consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

Management is responsible for the preparation and integrity of the consolidated financial statements, including the maintenance of appropriate information systems, procedures and internal controls. Management is also responsible for ensuring that information disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable.

Additional information relating to the Company, including most recent financial reports, are available on the Canadian System for Electronic Document Analysis and Retrieval ("SEDAR") at www.sedar.com, on the Australian Securities Exchange ("ASX") announcements platform under the Company's code 'KCC' and on the Company's website at www.kincoracopper.com.

Business Overview

Kincora Copper Limited (the "Company" or "Kincora") is an active explorer and project generator focused on world-classcopper-gold discoveries. Kincora's portfolio includes district scale landholdings and scale-able drill ready targets in both Australia and Mongolia's leading porphyry belts, the Macquarie Arc and Southern Gobi, respectively.

The Company is a leading listed pure play explorer in one of the most significant gold rich porphyry regions in the world, the Macquarie Arc within the Lachlan Fold Belt ("LFB"), located in the Central West of New South Wales ("NSW") in Australia. This region has multiple world-class mining operations, an established exploration and mining culture, excellent existing infrastructure, a supportive government environment and multiple recent private sector exploration, development and mining successes.

Kincora has assembled an industry leading technical team who have made multiple world-class copper and gold discoveries, who have "skin in the game" equity ownership, and, backed by a consolidated and sophisticated shareholder register (insiders owning over 45% of the Company, with the top 10 shareholders approximately 60%).

During 2023, Kincora made three major shifts in corporate strategy to lay the foundations to create and realize value from its two district-scale porphyry project portfolios.

The first step taken was the strategic review process for the wholly owned Mongolian portfolio, following the Company's focus having pivoted to NSW in 2019/2020 and with recent activities having capital efficiently advanced the Mongolian portfolio (including securing a mining license, announcing a maiden JORC resource and updated exploration target, and, making a new (third) intrusive complex discovery). This divestment process is ongoing and further announcements will be made as and when material developments are made. Field season activities, completed in 4Q'2023, met expenditure and community requirements, and have advanced four porphyry copper deposit targets and one epithermal gold target, including at a newly identified and regionally significant intrusive complex (Shuteen North).

The second major shift in strategy was Kincora securing 100% ownership across all of the Australian projects (announced 3Q'2023, closed December 2023), concurrent with a strongly supported A$2 million capital raising. Consolidating the project ownership and removing the prior carried interests increases the strategic value and

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

attractiveness of the projects and Australian project portfolio. This portfolio already attracted interest from mid- tier and industry majors.

Importantly this development enables a third leg to Kincora's action plan, providing for a potential pivot in funding strategy and investors at the asset level, not solely at the listed company level. It is also a catalyst for ongoing discussions and negotiations. The fundamental motivator is unlocking and providing a path for realising value for shareholders (with different potential structures for each project).

Drilling during 2023 at the Trundle project, and our maiden program at the Condobolin project, provided significant encouragement, strongly supporting follow up activities. All Australian projects have designed high impact drill programs.

Our exploration alliance partner, Earth AI, is anticipated to shortly commence a maiden drilling program at the Cundumbul project (at its cost), and follows recent encouragement for Earth AI at two other NSW projects it has drilled at in the last 12 months. This program at Cundumbul will test the porphyry potential associated with anomalous copper geochemistry from outcropping hydrothermal breccias and skarns. The success-based exploration alliance seeks to leverage Earth AI's proprietary artificial intelligence and machine learning technology for generating, funding and drill testing targets, with Kincora retaining 100% ownership of the project.

The Company remains extremely bullish on the medium to longer-term fundamental outlook for copper. The industry has seen multiple billion dollar M&A in NSW during 2023, from the exploration stages (eg AngloGold Ashanti's earn-in with Inflection Resources adjacent to Kincora's Northern Junee-Narromine Belt project, S2 Resources earn-in with Legacy Minerals for the Glenlogan porphyry project, Waratah acquisition of the Cargo porphyry project, DevEx's A$7.5 million sale plus royalty for its NSW porphyry projects, AGC's A$10m strategic investment from Delin etc) to producing mines (eg Evolution Mining's acquisition of 80% of Northparkes for up to A$720m, A$1.3b sale of the CSA mine (supporting Metals Acquisition's recent dual listing and A$325m raising on the ASX), and, Newmont's acquisition of Newcrest and earn-in agreement with Legacy Minerals).

The Kincora corporate office is in Vancouver, and operating offices in Ulaanbaatar (Mongolia) and field camps in Trundle (NSW) and the Southern Gobi (Mongolia).

The Company is a reporting issuer in Ontario, British Columbia and Alberta, Canada, with its common shares trading on the TSX Venture Exchange and Chess Depositary Interests ("CDIs"), trading on the ASX under the symbol KCC. As at April 5th, 2024, the Company has 42.2 million shares listed on the TSX Venture Exchange and 204.97 million CDIs on the ASX.

For further information please refer to our website:www.kincoracopper.com, with detailed project level summaries and presentations available under the "Projects" tab.

In all aspects of our business, the Company retains our focus on the safety and wellbeing of our staff, engaging with stakeholders and creating shareholder value.

Operational and Corporate Highlights

Highlights for the three-month period ended March 31, 2024 include:

• New project, Wongarbon: In February 2024, Kincora pegged the Wongarbon project (ELA6708) as open ground. The new project is considered a compelling untested Macquarie Arc porphyry target with immediate high priority targets for drilling.

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

Highlights for the year ended December 31, 2023 include:

• Extensive multiple system porphyry complex expanded at the Trundle Project: All five diamond holes of the 2023 Trundle project program have confirmed an extensive multiple system gold-coppercomplex. Four adjacent mineralised system targets were tested with shallow higher grade and broad gold- copper mineralised zones returned.
  A 3.2km gold-copper mineralised strike remains open to the north and south, confirmed up to 900m wide (open) and a vertical depth of greater than 800m, from the Botfield-TrundlePark-Dunn's target areas. Neighboring explorers drilling during 2023 included: (1) immediate northwest (Rimfire), testing the potential extension of the Mordialloc prospect and mineralised system;(2) south (FMG), testing the potential extension of the Dunn's-TrundlePark-Botfield mineralised systems: and, (3) at the E44 satellite deposit at Northparkes (a skarn system anomalous to the Trundle Park prospect).
  Kincora has refined high priority porphyry targets for drilling in the northern and southern sections of the Trundle project and, following consolidating 100% interest in the project in December 2023, is in discussions with potential asset level funding partners.
• Maiden Kincora drilling programs completed at the Condobolin and Nevertire Projects: Drilling at the Condobolin project tested new geological concepts at existing high grade and shallow gold-basemetal targets at the Meritilga, Phoenix and Tilga prospects. Results at the Meritilga prospect were particularly encouraging including:
• • 110m @ 0.28 g/t gold and 8.73 g/t silver from 10m, including:

• 9m @ 1.28 g/t gold and 78.8 g/t silver from 39m, including: o 1m @ 9.1 g/t gold and 530 g/t silver from 46m, and;
• 14m @ 0.87 g/t gold and 3.3 g/t silver from 78m, including: o 1m @ 8.3 g/t gold and 9.0 g/t silver from 87m

High grade, near surface gold drill targets have been identified for follow up in addition to a district scale geophysical program across the full Condobolin Base Metal District.

The first hole ever drilled to basement at the Nevertire project was completed with co-operative funding grant support from the NSW government with post drilling analysis observing that the core of the primary large-scale magnetic target was not intersected and remains open for further testing.

• Field Work at the Cundumbul Project: The Company's artificial intelligence and machine learning exploration alliance partner Earth AI Pty. Ltd. ("Earth AI") completed multiple phases of reconnaissance fieldwork at the Cundumbul project. These programs have outlined an anomalous copper zone, and assisted, confirm and refined target assessments, with permits and land access in place for drilling.
  A three-hole drill program, funded and operated by Earth AI, to test both copper porphyry and skarn targets are anticipated to commence in the next quarter utilizing Earth AI's in-house diamond drill rig.
• New insider and board changes: Following shareholder approvals for tranche two of the December 2022 capital raising, The Bloomfield Group became an insider of the Company with a 12.9% shareholding.
  Luke Murray, Chief Operating Officer of The Bloomfield Group, joined the Company's board in March 2023 as a non-executive director and brings senior executive experience in open cut mining, processing, logistics and permitting in NSW to the Kincora team. Concurrently, Lewis Marks stepped down as a non-executive director, but remains as an advisor to the Company.

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

• Asset level restructure and capital raising: On December 15, 2023, Kincora announced that it has completed the acquisition of RareX's minority and carried interest in various projects to now have 100% ownership in the entire NSW project portfolio.
  Associated with the acquisition, the Company completed an oversubscribed private placement to raise A$2 million via the issuance of 40.6 million new CDIs at A$0.05 per share (C$0.044). This placement was closed on August 8, and includes a one (1) for two (2) free-attaching option exercisable at A$0.075 (C$0.065) and expiring 24-months from the issue, with all new shares and options issued.
  Concurrent with the RareX Transaction, Mr. Jeremy Robinson has joined the Kincora's Board as a Non- Executive Director and member of the Company's Remuneration Committee.
• Mongolian Supreme Court hearing: Following conflicting rulings in the lower levels of the Mongolian courts relating to tax dispute with the Mongolian Tax Authority ("MTA"), involving a prior tax assessment and payment in 2016 that was relied upon to close a merger transaction, Kincora's appeal to the Supreme Court was accepted and case heard in May 2023. The Supreme Court referred the dispute back to the first level of the Mongolian judicial system with a review ongoing of the reassessment by a panel of independent experts as Kincora separately pursues criminal charges against MTA officials, has drafted a proposed mutually beneficial settlement for the tax dispute and sought engagement with appropriate senior Government of Mongolia officials.
• External strategic review process and 2023 field work for Mongolian portfolio: In June 2023, Kincora advised that following the receipt of several unsolicited enquiries that the Company had commencement an externally led strategic review process for the Mongolian asset and license portfolio with the view of maximizing shareholder value and streamlining focus toward the core NSW project portfolio.
  The externally led review resulted in a confidential and incomplete offer that included the receipt of a non- refundable deposit. That proposed transaction has not proceeded, however the divestment process is ongoing and further announcements will be made as and when material developments are made.
  Field season activities, completed in 4Q'2023, included mapping, soil and rock chip sampling, meeting expenditure and community requirements, and capital efficiently advancing four porphyry copper deposit targets and one epithermal gold target, including at a newly identified and regionally significant intrusive complex (Shuteen North).

Subsequent to period end

No subsequent event.

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

Macquarie Arc, Australia portfolio

Kincora holds district scale positions within highly prospective settings on the key belts of the Macquarie Arc.

The corporate appeal of the district is evident from the multiple billion dollars of M&A during 2023; from one of the world's most profitable hard rock projects (Cadia), to multiple significant exploration focused transactions.

Kincora's projects:

• Sit in highly prospective locations of the key belts of the Lachlan Fold Belt
• Are at advanced stages of exploration and/or host large scale footprints
• Demonstrate hallmarks of neighboring world-class deposits
• Benefit from existing infrastructure and favourable ESG considerations

Having successfully run a strategic review and pending divestment for Kincora's wholly owned Mongolian porphyry projects and recently buying out the original project vendor for its NSW projects, Kincora in December 2023 consolidated a 100% interest in all its NSW projects.

This strategy supports attracting potential asset partners for our Tier-1 scale copper-gold porphyry projects. These core projects include Trundle, Fairholme (+/- Jemalong), the Northern Junee-Narromine Belt portfolio (Nyngan, Nevertire and Mulla) and recent pegging of the Wongarbon project.

Exploration alliance partner, Earth AI, is scheduled to commence drilling in the next quarter (at their own cost) at the Cundumbul project, which follows recent exploration success at two other NSW projects in 2023, with Kincora's drilling at the Condobolin project in 2023 returning encouraging results.

All NSW projects have designed drilling programs offering company making upside supported by strong technical merits in highly prospective locations and within established mineral belts.

Further details on the NSW project are also available at:

https://kincoracopper.com/lachlan-fold/ including an accompanying detailed summary presentation (December 2023).

Trundle Project

The Trundle project is located in the Junee-Narromine volcanic belt of the Macquarie Arc, and between the Northparkes mine, Australia's second largest porphyry mine, and the Sunrise Energy Metals' large, low cost, long life Sunrise development stage, battery materials complex which is in immediate proximity to the Platina scandium project (latter acquired by Rio Tinto in 2023).

During 1H'2023, two neighbouring explorers also undertook drilling at the western and southern extensions of the Trundle project. Fortescue Metals Group ("FMG") completed drilling immediately adjacent to the south, testing the potential southern extension and associated magnetic anomalies of the 3.2km mineralised and magnetic corridor Kincora drilled during 2023 testing at the Dunn's-NE Gold Zone-Botfield prospects. Rimfire Pacific Mining completed a two rig program on the neighbouring western license, one drilling its Valley target adjacent to the northern section of the Trundle project, testing the western undercover extension of Kincora's Mordialloc target.

Historically small base metal and gold occurrences were mined at the Trundle project with a combination of open cut and underground workings. Numerous groups have carried out mineral exploration over the last 40 years (the last prior to Kincora being Robert Friedland's High Powered Exploration, a predecessor company to Ivanhoe Electric Inc (NYSE American: IE; TSX: IE), until the last commodity cycle downturn) focusing on

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

porphyry copper-gold mineralisation associated with shoshonitic Ordovician igneous rocks like those at Goonumbla (Northparkes) and Cadia.

A total of 61,146m for 2208 holes of prior explorer drilling, mainly air-core, has taken place with over 90% of holes within 50m from surface. Extensive near surface mineralisation has been defined along a 10km north- south strike length with coincident (and largely untested) magnetic anomalies. Prior to Kincora only 11 holes have previously been drilled to depths greater than 250m.

Kincora has recognized that despite various positive indicators supporting deeper drilling that there had been a lack of drilling to intersect porphyry systems at depths similar to those at Cadia (>90Moz AuEq, host to five main porphyry and two skarn deposits), Northparkes (>24Moz AuEq, host to 22 porphyry discoveries, 9 of which have positive economics) and/or the more recent Boda-Kaiser discoveries (14.8Moz AuEq and growing).

Figure 1: The Trundle project is centered between potentially two long life mining projects, including Australia's second largest porphyry mine (+ Rio Tinto's recent acquisition of Platina's scandium project)

The central west of NSW is an agricultural, mining, infrastructure and rail hub

Subsequently, Kincora's approach has been to develop a detailed 3D model to advance and refine geological interpretations, to identify mineralised trends, then rank and test targets. A key advancement has been the development of this 3D working model, based upon the observed and updated geological logging, and also incorporating the structural, alteration, geochemical and mineralogical results, coupled with geophysical inversions. This significantly improved geological understanding and has both guided and justified deeper drilling.

Before the 2023 phase of drilling, Kincora had completed 34 diamond holes for 23,513m with a focus in the southern portion of the license at the Trundle Park prospect with 25 holes and 16,224m (up to 1,032m depth). To date, Kincora has discovered two new porphyry intrusion areas (the Eastern and Central Zones) with associated skarn horizons, and more recently a down faulted extension to the wider system to the south - the "Southern Extension Zone" ("SEZ").

The skarn system at the Trundle Park prospect is currently believed to be one of the largest mineralised skarn systems in NSW, with the size of the skarn system providing significant encouragement for the size and metal tenor of the causative porphyry sources.

In late 2022, Kincora announced the highest primary mineralisation to date at the Trundle project in hole TRDD032 which returned: 34m @ 1.45 g/t Au, 0.25% Cu in skarn, including an interpreted porphyry vein that

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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

drove 2m at 19.9 g/t Au, 2.43% Cu, within a broad interval of 104m @ 0.59g/t Au and 0.11% Cu. While the interpreted porphyry vein in hole TRDD032 was less than 5 milometers width, it was very high grade, within a 40cm semi-massive interval that drove the 19.9g/t Au and 2.43% Cu over a 2 metre sample. The newly identified and interpreted first direct porphyry vein in the SEZ provides strong evidence for potential ore grade porphyry vein mineralisation.

Prograde and retrograde skarn alteration and mineralisation have been returned in all four holes to date within the SEZ (holes TRDD029-32), with no causative porphyry intrusive source yet confirmed. Ore grade gold-copper in skarn has been intersected within the SEZ over a 330m SSE strike and 225m W-E wide system, which is open, with drilling in 2023 extending this system across a major regional fault into the Botfield prospect. The intersected tabular, bedded, mineralised skarn system across multiple horizons (with greater than 120m cumulative skarn widths in three of the four holes in the SEZ) has assisted to provide various geological vectors for follow up drilling.

TRUNDLE'S EXTENSIVE GEOCHEM FOOTPRINT + MULTIPLE PORPHYRY COMPLEXES IN PERSPECTIVE

N

GEOCHEMICAL FOOTPRINTS WITH DEPOSIT STRIKE AND

•	Significant Coincident Mineral Footprints And Magnetic Complexes In Both The North And
	South Of License
•	Kincora's Drilling Has Confirmed A Multiple System Complex Across A ~ 3.2km Mineralised

Big

Cad ia

SYSTEM ENDOWMENT

	Strike (Open), From Shallow Depths, Up To 900m Wide (Open) And Vertical Depth Of Greater
	Than 800m
•	Neighboring Explorer Drilling Testing Extensions of Mineral Systems From The Trundle Project

	Cad ia
CADIA	Qua rry
Cad ia H
5.	ill
7km	Litt eCl
	adai

>90Moz AuEq

NORTHPARKES	E26E48
4.5km	E22
	E27
>24Moz
AuEq

BODA-				Open
Duk e
KAISER	Kais er Kor rid or		DUNN'S
	NORTH
	DUNN'S
	SOUTH	3.2km
3.5km
Bod a		NE GOLD
	ZONE
	Bo	CENTRAL	EASTERN
	da	ZONE	ZONE
	2
	Bod a3	SOUTHERN
		EXTENSION
		ZONE	BOTFIELD
~15Moz
AuEq		Open

2023 Completed Holes @ Trundle - KINCORA DRILLING

GEOCHEMISTRY FOOTPRINT OF TRUNDLE PROSPECTS (PROJECTED TO SURFACE)

>500ppm Cu &/or >0.1g/t Au

Collar

GEOCHEMICAL FOOTPRINTS &

SERIES OF DEPOSITS

Deposit/target

Mineralization footprint

Background : Total Magnetics, TMI

All prior explorer drill holes

Source: MinEx Consulting for Metal

Equivalent Endowments

Mordialloc NE

Mordialloc

Ravenswood Sth

Dunn's North

Extension

Dunn's

Trundle Park

Botfield

Trundle license: EL8222
Kincora prospects	Magnetic anomalies
Kincora air-core drill hole	Rimfire prospects
>500ppm Cu &/or >0.1g/t Au	FMG prospects

Figure 2: Kincora 2023 drilling at Trundle has confirmed an extensive multiple system gold-copper complex

A 3.2km gold-copper mineralised strike remains open to the north and south, confirmed up to 900m wide (open) and a vertical depth of greater than 800m

Kincora's 2023 completed drilling program included 5 diamond holes for 1,972m testing four adjacent mineral systems (see Figure 2). All holes have intersected zones of gold-copper mineralisation at shallow depths with broader lower grade intervals and localised higher grade intervals, supporting the concept for a cluster or series of standalone porphyry deposits.

Highlights include:
• Dunn's North - hole TRDD035:	12.5m @ 2.77g/t gold from 77.5m, including 2m @ 14.2g/t gold
	o First Kincora hole at the Dunn's North prospect
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Kincora Copper Limited	Q1 - Three-month period ended March 31, 2024

1. Multiple phase mineralised complex with porphyritic quartz-sulfide veins occurring in both near surface intrusive bodies and volcanic sandstone wall-rock

1. Geophysical profile and target explained with the original geological target failed to be tested and remaining open

• Dunn's South - hole TRDD036:	44.4m @ 0.36g/t gold, 0.19% copper an 41ppm molybdenum from
	52.5m, including:
	▪ 8.6m @ 1.21g/t gold, 0.26% copper and 90ppm molybdenum
	from 65.9m
	▪ 4.5m @ 0.50g/t gold, 0.79% copper and 180ppm
	molybdenum from 92.4m
	o First Kincora hole at the Dunn's South prospect, drilled ~640m south
	of TRDD035 at Dunn's North
	o Multiple phase intrusive complex with zones of higher gold-copper
	and molybdenum grades suggesting a proximal setting
	o Geophysical profile and target explained with the original geological
	target failed to be tested and remaining open

• North-EastGold Zone - TRDD038: 135.5m @ 0.23g/t gold, 0.02%, 10ppm molybdenum from 220.5m

1. A step out hole that has returned the strongest and longest interval of potassic alteration with sulphides at the Trundle project

1. Associated with both multiple phase intrusions and adjacent volcaniclastic wall-rocks, including a molybdenum zone near end of hole

• Botfield - hole TRDD037:	First Kincora hole at the Botfield prospect and testing a regionally
	significant magnetic anomaly
	o High grade veins and mineralised skarn from 112m and 330m vertical
	respectively:
	▪ 2.9m @ 0.95% Cu, 0.62g/t Au (from 129-132m), including
	0.9m @ 2.24% Cu, 1.75g/t Au
	▪ 31m of magnetite skarn hosted anomalous gold and copper
	(from 393-424m)
	o Working interpretation is the western portion of Botfield is an uplifted
	block (~500m) in comparison to the similar and adjacent magnetite
	skarn intervals at the SEZ discovery
• Botfield - hole TRDD039:	Follow up to TRDD037 stepping out 260m to the east.
	o High grade veins and mineralised skarn from 80m and 240m vertical
	respectively:
	▪ Strong hydrothermal hematite-silica alteration overprinting
	feldspar altered volcaniclastic conglomerate and coarse
	banded chalcopyrite-pyrite vein (from 92-94m) with 4m @
	0.17 g/t Au, 0.28% Cu
	▪ ~40m of retrograde magnetite (massive) skarn with 25m @
	0.10g/t Au, 0.07% Cu (from 270m vertical depth), cut by
	carbonate-chalcopyrite veining at 288.6m downhole.
	o Working interpretation is that the skarn system at Botfield continues
	towards (and also to surface) the east and is associated with historical
	informal workings on its most eastern limit
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