Kincora Copper Limited announced it has completed the acquisition of RareX's minority and carried interest in various projects to now have a 100% ownership in the entire NSW project portfolio and this follows an associated AUD 2 million raising completed last quarter. Acquisition: Further to the July 31st, 2023, press release announcing the conditional agreement with RareX to acquire its minority and carried interest in various NSW projects, the Company announced all conditions precedent have been met and the Acquisition has completed with the 40,000,000 shares being issued to RareX, which was approved by shareholders on September 27th, 2023. With this transaction now complete, Kincora's 100% interest in all NSW projects yields certain benefits: Increase the strategic value of the NSW project portfolio: Consolidating the project ownership and removing the existing carried interests increases the strategic value and attractiveness of the projects and NSW project portfolio; Partner discussions at the project level: The NSW project portfolio had already attracted interest from mid-tier and an industry majors1.

The 100% ownership structure now in place provides optionality for project level funding and other corporate transactions. Coupled with a successful strategic review process for the Mongolian porphyry portfolio, resulting in a confidential and incomplete offer that includes the receipt of a non-refundable deposit to enable final due diligence and definitive legal agreements 2, the Acquisition is expected to be a catalyst to ongoing asset level partner discussions and negotiations at a time of increasing and very significant corporate activities in the district from the exploration stages (eg AngloGold Ashanti's up to AUD 145 million earn-in with Inflection Resources adjacent to Kincora's Northern Junee-Narromine Belt project) to producing mines (eg Evolution Mining's acquisition of 80% of Northparkes for up to AUD 720 million, AUD 1.3 billion sale of the CSA mine, and, Newmont's acquisition of Newcrest and earn-in agreement with Legacy Minerals); Funding position strengthened: Following the recently completed AUD 2 million raising completed last quarter, the Company is in a strong financial position, with large scale targets and designed drill programs for the Condobolin, Trundle, Fairholme, Jemalong and Northern Junee-Narromine Belt ("NJNB") projects. Artificial Intelligence ("AI") exploration alliance partner, Earth AI, is in the advanced stages for shortly commencing its maiden drilling program at the Cundumbul project.

This program (at Earth AI's cost, Kincora retaining a 100% project interest) will test anomalous copper geochemistry and porphyry targets associated with outcropping hydrothermal breccias and skarns.