Kincora Copper : First Quarter 2023 Financial Statements and Management Discussion & Analysis

First Quarter 2023

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 2023 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 12, 2023

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

Kincora Copper Limited

(An Exploration Stage Company)

MANAGEMENT'S DISCUSSION AND

ANALYSIS

Expressed in Canadian Dollars

FOR THE THREE-MONTH PERIOD ENDED

MARCH 31, 2023

As at May 12, 2023

Introduction

The following Management's Discussion and Analysis ("MD&A") of the Company has been prepared as of May 12, 2023, 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, 2023, 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. The Company is the 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 infratructure, a supportive government environment and multiple recent private sector exploration, development and mining successes.

The Company 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, who are backed by a strong institutional shareholder base and dual listed on the Australian Securities Exchange ("ASX") in March 2021.

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 currently seeking third party investors to advance the Mongolian portfolio of assets to assist streamline our core focus of advancing a highly prospective pipeline of 13 drill targets across 5 projects in Australia. In addition, the Company has a success based exploration alliance with an artificial intelligence explorer who is responsible for generating, funding and drill testing targets at a further NSW based project of Kincora's (the Cundumbul project).

Our exploration model applies a robust systematic approach utilizing modern exploration techniques supporting high-impact, value add programs underpinned by targets with strong indications for world-class scale potential.

Over 30,000 metres have been drilled since Kincora's entry into NSW and initial on the ground activities commencing in 2Q'20. Two corporate transactions and a total of four direct applications for new licenses have been successful.

Drilling is ongoing at the Condobolin project, having completed 5 diamond drill holes at the Trundle project in 2023. All holes of the current Trundle program have confirmed an extensive multiple system gold-copper complex across a 3.2km strike, up to 900m wide and a verticial depth of greater than 800m (all open). Assay results have been received for four of the five holes with a technical workshop planned at the end of May to review final results and plan follow up activities.

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• New largest shareholder and board changes: Following shareholder approvals for tranche two of the
  December 2022 capital raising, The Bloomfield Group resulted as Kincora's largest shareholder. Luke Murray, Chief Operating Officer of The Bloomfield Group, joins the Company's board as a non-executive director and brings senior executive experience in open cut mining, processing, logistics and permitting in New South Wales to the Kincora team. Concurrently, Lewis Marks has stepped down as a non-executive director, but remains as an advisor to the Company.
• Appeal to the Mongolian Supreme Court: Following an adverse Appeal Court ruling, outside of the litigants' appeal and counter-arguments, which overturned a prior First Instance Administrative Court and preceded in a timeframe far too short to consider the merits of the case, Kincora has appealed to the Supreme Court in is ongoing defence of a 2016 tax ruling. This appeal was accepted.

Subsequent Events:

• Field Work at Cundumbul Project: The Company's exploration alliance partner Earth AI Pty. Ltd. has commenced reconnaissance fieldwork at the Cundumbul project. The reconnaissance work program will assist, confirm and refine target assessment ahead of a planned drilling program utilizing Earth AI's in- house diamond drill rig that is based in Young, NSW.
• Extensive multiple system porphyry complex confirmed at Trundle Project: All five diamond holes of the current Trundle project program have confirmed an extensive multiple system gold-coppercomplex. Four adjacent mineralised system targets have been drilled with shallow higher grade and board gold- copper mineralised zones returned. A technical workshop is planned for the end of May to review final results and plan follow-upactivities.
  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.
  A maiden Kincora drilling program has commenced at the Condobolin project while Trundle results are finalised and workshop completed. Drilling at the Condobolin project tests new geological concepts at existing high grade and shallow gold-base metal targets at the Meritilga, Phoenix and Tilga prospects

President & CEO, Sam Spring said: "Kincora has made a strong start to the ongoing drilling program that will drill test a total of 13 gold copper discovery opportunities across 5 projects, and, in addition to this, it is pleasing to see our artificial intelligence exploration alliance partner, Earth AI, commence field work at the Cundumbul project.

Initial drilling results further illustrate the very extensive scale of the mineralised system (3.2km and open) at the brownfield Trundle project with demonstrated higher grade potential, including most recent assay results of up to 2.24% copper and 1.75g/t gold.

Initial visuals are encouraging from our maiden drilling program at the Condobolin, where high-gradegold-base metal results are expected at 3 targets.

There is a strong pipeline of news flow and value catalysts in the upcoming quarter, which we expect to be a very exciting period for the Company.

We continue to see many significant positive developments in our district, including new mine permits, exploration successes and increasingly corporate transactions from earn-in exploration agreements to billion dollar plus M&A."

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