Mike Fagan,
Editor
May 8, 2025
Kincora Copper Ltd. (TSX-V: KCC) — currently trading under the radar at a sub-C$10 million market cap — is a junior exploration company focused on discovering and advancing globally significant copper-gold systems in tier-one belts.
With a growing portfolio of porphyry systems across Australia and Mongolia, Kincora (“KCC”) is executing a project generator model, leveraging strategic partnerships with mining majors and “cashed up” new generation Tech explorers to advance multiple exploration projects simultaneously.
KCC currently holds twelve licenses in Australia and two in Mongolia covering approximately 3,500 sq km across six major project areas.
The core focus is on the Macquarie Arc in New South Wales (NSW), Australia’s premier porphyry belt, which has recently attracted over AUS$16 billion of M&A for producing mines and over AUS$385 million of earn-in deals, where Kincora — supported by a technical team with deep regional and global exploration expertise — aims to become the leading pure-play porphyry explorer in the region.
Project Generator Model Unlocks Partner Funding
Over the last couple of years, Kincora has transitioned from listed equity-funding exploration to a partnership-asset level funding based approach. This model, widely used in North America, allows Kincora to minimize shareholder dilution while retaining huge exploration upside exposure, enabling countercyclical growth and drilling more projects and more targets.
In 2024-25, KCC executed six separate asset-level deals that collectively unlock over AUS$110 million in potential partner funding for eight projects across four major portfolios.
Also over the last year, KCC secured four new projects, three of which now have asset level partners.
Negotiations are ongoing for further partnerships for KCC’s wholly-owned, more advanced three remaining projects, which are situated within porphyry complexes that already host greater than 20 million ounce gold equivalent resource inventory.
Kincora’s current partners include:
- AngloGold Ashanti (NYSE: AU): A top-tier gold producer and strategic partner for five licenses across two joint ventures in the Northern Junee-Narromine Belt (NJNB) in NSW. Kincora is operator and is currently receiving a 10% management fee on expenditures (which is an unrestricted income stream to offset corporate costs). This portfolio covers a virgin extension of the world-class Macquarie Arc porphyry belt, twice the strike of the emerging Vicuña district extension of the Central Andean porphyry belt.
- Fleet Space Technologies: A private geophysics and space technology company that, in December 2024, raised AUS$150 million supporting maiden drilling and geophysics at the Wongarbon project in NSW.
- Earth AI: An artificial intelligence-focused exploration company that, in January 2025, raised AUS$20 million for ongoing drilling and geophysics at the Cundumbul project in NSW.
- Orbminco Ltd.: A Mongolian-focused explorer and operator for the Bronze Fox project in Mongolia’s Southern Gobi copper-gold belt.
These partnerships have enabled Kincora to conduct partner-funded drilling, geophysical programs, and fieldwork across multiple projects with an income stream for being operator of the earn-in agreement and ongoing drilling with AngloGold Ashanti.
After a 12-month period of no drilling as KCC pivoted its funding model, partner funded exploration kicked off in late 2024 with over 7,000 meters of drilling and AUS$3.5 million of expenditures with four rigs at three projects.
This setting provides KCC a stronger position in new partner negotiations for its remaining flagship projects.
Northern Junee-Narromine Belt: New District-Scale Potential
The NJNB is a key focus for Kincora with significant exploration activity occurring through two joint ventures with AngloGold Ashanti. Drilling at three projects, each hosting multiple separate targets, is expected in 2025.
In April 2025, Kincora and AngloGold amended their agreement to support up to AUS$100 million in cumulative exploration spending. Under this two-stage earn-in structure, AngloGold may earn up to 80% of several early-stage projects — Nyngan, Nyngan South, Nevertire, Nevertire South, and Mulla — by funding up to AUS$50 million and completing two Pre-Feasibility Studies.
Drilling programs began in late 2024 at the Nyngan project with encouraging results. A further exploration update is expected soon following recent ground gravity surveys and drilling being ongoing (on hole sixteen).
AngloGold Ashanti is also exploring in this immediate region, including on adjacent licenses to ongoing Kincora drilling at the Nyngan project in partnership with CSE-listed Inflection Resources (CSE: AUCU). The comparable project portfolio’s earn-in deals, management fee models, targets, and results to-date support an extremely attractive direct peer group valuation with Inflection’s market capitalization of C$30 million, which is more than 3X Kincora’s.
The deals in place with KCC and AUCU provide their respective shareholders very significant and attractive carried asset level exposure. For example, should either group make one or more discoveries, the deal structures in place support a carried position to the equivalent stages of the four pre-development porphyry discoveries in the Vicuña district in the Central Andes, which are currently valued at over C$10 billion.
Non-Management Fee Deals: “Cashed up” new generation Tech explorers and Mongolia
Kincora has undertaken innovative partnerships with private new technology mineral explorers Fleet Space and Earth AI.
These private groups have recently undertaken very significant capital raisings, in total over AUS$170 million, and are employing their proprietary exploration methodologies to advance two early-stage porphyry projects of Kincora’s in NSW.
Earth AI (an Australian peer to KoBold Metals) recently completed five diamond holes at the Cundumbul project and an airborne geophysical survey. Kincora retains a 100% ownership in the project. Earth AI is the operator and funder and only earns a royalty upon making a new discovery. Results and further drilling are pending.
Fleet Space has the right to earn a minority position in the Wongrabon project, which Kincora and Fleet Space believe is situated along a transverse structure associated with the 15 million ounce gold equivalent deposits at Alkane Resource’s Boda and Kaiser porphyry discoveries. Wongarbon was previously a priority target of Newcrest Mining before the Cadia-Ridgeway and East discoveries, which have never been drilled; geophysics and drilling are expected this year.
Kincora’s Mongolian projects were its historic flagship before the pivot to NSW and are situated in the rapidly emerging Southern Gobi porphyry belt. This district includes the giant Oyu Tolgoi Mine, which is on-track to be the world’s fourth largest copper mine, and the billion-dollar development project Tsagaan Suvarga currently in construction.
Last year, Orbminco Ltd., a Mongolia focused explorer, completed an earn-in and joint venture agreement with KCC for its assets. These include the very large Bronze Fox porphyry project, which hosts an existing JORC resource, mining license, and three under-explored near surface intrusive complexes. Kincora is Orbminco’s largest shareholder and retains a carried interest ownership in Bronze Fox. Field work, funded by Orbminco, is ongoing ahead of a high-impact drilling program.
Looking Ahead: More Deals, Drilling, and Management Fees
Kincora has outlined a clear strategic path for the remainder of 2025; ramping up drilling, ramping up management fees, and further deals.
Ongoing discussions and negotiations are underway for additional partnerships on the more advanced Trundle, Fairholme, and Jemalong projects. These three projects all host existing large-scale porphyry systems and are situated in established world-class geological settings proximal to tier-one mines (Trundle to Northparkes and Fairholme and Jemalong to Cowal).
Asset-level funded exploration is targeted to exceed AUS$10 million per annum, supporting a self-funding status through management fees and multiple major mining and “new Tech” partners.
What could Kincora be valued at upon partnerships for these remaining projects and achieving its targeted self-funding model? We believe AMARC Resources is an excellent peer with a C$140 million market capitalization (TSX-V: AHR). Yes, that would support a greater than 10X from current share price levels.
AMARC is a project generator with up to C$200 million in earn-ins from two major mining partners drilling for copper-gold porphyry projects in the Golden Triangle. The Golden Triangle is Canada's equivalent porphyry belt to the Macquarie Arc in Australia and geologically very similar.
Upon KCC finding partners for Trundle, Fairholme, and Jemalong, we see scope for them to exceed the cumulative earn-in deals and partnerships that AMARC currently has. In the meantime, Inflection Resources’ and Kincora’s deals with AngloGold Ashanti support a 3X from current share price levels.
For a deeper dive, our own Gerardo Del Real of Junior Resource Monthly caught up with Kincora Copper CEO Sam Spring to discuss the portfolio and the exploration approach being deployed to the benefit of shareholders. Please enjoy!
For additional information on Vancouver-based Kincora Copper Limited, please contact the company’s president & CEO via email form or at +61-431-329-345.
Visit the Kincora Copper corporate website and SUBSCRIBE to receive updates from the company here. View the most recent Investor Presentation here.
Yours in profits,
Mike Fagan
Editor, Resource Stock Digest
Click here to see more from Kincora Copper
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