Kincora Consolidates, Commences Geophysics and Forms Partnership at Cowal East

Expansion of tenure, commencement of sole-funded exploration and next-generation “quantum” gravity partnership at wholly owned Cowal East project within the highly prospective Cowal Igneous Complex of the Macquarie Arc

Highlights

• 40% expansion of tenure through consolidation of the southern extension of the Jemalong licence with the enlarged landholding now referred to as the Cowal East project
• Consolidated licence portfolio was last held by Gold Fields with no fieldwork undertaken for over a decade
• Commencement of a “traditional” ground gravity survey
• New partnership with Atomionics Pte Ltd (Atomionics) for follow up deployment of next generation “quantum“ ground gravity technology and AI interpretation

Gold-copper explorer and hybrid project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) (Kincora or the Company) is pleased to announce a series of initiatives advancing its 100%-owned Cowal East project, located within the highly endowed and tightly held Cowal Igneous Complex (CIC) of the Macquarie Arc in Central West NSW.

The CIC is a world-class geological terrane hosting an estimated endowment of more than 20Moz gold and 5Mt copper ¹, including Evolution Mining’s flagship Cowal gold mine, which generated approximately A$3 million a day in cash flow during the December 2025 quarter ².

The expanded Cowal East project now covers approximately 100km², following the strategic pegging of a southern extension directly from the NSW Government. A comprehensive ground gravity survey has commenced to provide more consistent coverage across the project, including the full Jemalong license, with infill coverage over the main existing known prospect areas.

President & CEO Sam Spring, commented:
“The Cowal Igneous Complex hosts Evolution Mining’s flagship Cowal mine and the large Marsden porphyry system. It is tightly owned and has historically attracted significant exploration investment from major mining companies.

“Despite its highly prospective setting and presence of a confirmed intrusive-related gold system, Cowal East has seen relatively limited drilling.

“Consistent with our focused strategy for sole funded exploration projects, we are pleased to have expanded our land position by 40%, commenced the first on-ground exploration activities at Cowal East in over a decade and formed an innovative partnership with Atomionics to deploy next-generation gravity technology.

“Ground gravity surveys are a proven exploration tool in the Macquarie Arc, extensively used by Kincora and our earn-in partner AngloGold Ashanti, as well as other explorers in the district.

“We are excited to gain access to Atomionics’ proprietary quantum gravity technology and AI-powered modelling platform, initially at Cowal East but with a pathway for other projects. This technology has the potential to significantly enhance subsurface imaging — faster, more cost effectively, and potentially with materially improved resolution — providing the scope for meaningful advantages in undercover exploration.”

Mikhail Zeldovich, Chief Commercial Officer of Atomionics, stated:
“Kincora’s large and prospective Cowal East project, with limited drilling confirming an already known Macquarie Arc intrusive system under shallow to moderate post mineral cover, provides an ideal testbed for comparative deployment of our proprietary quantum-based Gravio system survey and a high-quality traditional gravimetry.

“We look forward working with the highly experienced Kincora technical team and systematically advancing the Cowal East project.

“Our ambition is to partner with Kincora, and other explorers, to save time and drilling budgets in accelerating the targeting, discovery and drill out phases.

“In addition to partnering with Kincora, our 2026 roadmap is scheduling several other deployments of our system with several of the world’s largest metal miners, as well as explorers in multiple fields, including metals, hydrocarbons, geothermal and geologic hydrogens. Gravio, combined with our proprietary geologic AI system, ORE-O, is on its way to develop the world’s first Large Planet Model to enable mapping of critical resources of the Earth’s crust for the benefit of humanity’s future.”

COWAL IGNEOUS COMPLEX
The Cowal Igneous Complex (CIC) is a world-class geological terrain hosting an estimated greater than 20Moz gold and 5Mt copper metal endowment ¹ within a 40 by 15km fault bounded block of the Junee-Narromine Belt of the Macquarie Arc.

The CIC is prospective for both low sulfidation epithermal mineralisation, such as the various deposits within the Gold Corridor that make up the Cowal mine, and, calc-alkalic copper gold porphyry systems such as the Marsden deposit.

The Cowal mine was acquired by Evolution Mining (Evolution, (ASX: EVN) and A$30 billion market capitalization ³) in 2015 from Barrick hosting a 3.4Moz gold resource with a current endowment of 14Moz. Cowal is Evolution’s flagship mine which in the December 2025 quarter generated $3 million a day of cashflow at an average gold price of A$6206/oz (spot A$7285/oz) ².

The Marsden deposit is located ~16km to the southeast of the Endeavour 42 (E42) open pit on the eastern margin the CIC, ~50km southwest of the Northparkes group of porphyry deposits and ~20km northeast of the northern end of the Temora porphyry cluster held by LinQ Minerals. Kincora’s technical director, John Holliday, was involved in the discovery of

Marsden, with Evolution estimating its potential endowment pre being dismembered as 5Mt copper and 8-10Moz gold.

Tenure of the CIC is highly consolidated, primarily by Evolution with Kincora owning 100% of the Cowal East and Fairholme projects, and noting Newmont is earning into Koonenberry Gold’s Fairholme project (immediately adjacent and north to Kincora’s Fairholme project) – see Figure 1.

COWAL EAST PROJECT
The ground included in the current Cowal East project has been the focus of many major explorers, including Geopeko, CRA Exploration, BHP, Newcrest, most recently Gold Fields (until 2015) and FMG (until 2025). Despite being widely recognized as a very prospective setting for porphyry copper-gold mineralisation and intrusion-associated gold mineralisation, and hosting a known intrusion related gold system, the Cowal East project has had relatively limited prior drilling.

The project is located as close as 9km east of the Cowal mine, immediately the other side of Lake Cowal, and as close as 4km north of the Marsden deposit. The terrain is very flat to undulating in isolated parts and is used for extensive cropping and some grazing. The Newell Highway passes through the southern section of the project and access is readily available via numerous unsealed farm roads and tracks.

GROUND GRAVITY SURVEY
Kincora has contracted Daishsat Geodetic Surveyors (Daishsat) to undertake a ground gravity survey to provide more consistent spaced coverage across the Cowal East project, including the full Jemalong license, with infill coverage over the main existing prospect areas, including Jemalong Channel which is host to a confirmed intrusive gold system under shallow to moderate post mineral cover – see Figure 2.

This approach follows Kincora’s ongoing exploration template in the northern undercover section of the Junee-Narromine Belt, being advanced in partnership with AngloGold Ashanti, where “traditional” ground gravity surveys have been conducted across three licenses in the last 18 months.

The survey is anticipated to support improved structural interpretation of the wider project, including definition of basement architecture, intrusive geometries, major structural corridors and potentially the refinement of subtle intrusive system targets for drill testing. Ground gravity is being used by multiple other porphyry explorers in the district.

PARNTERSHIP WITH ATOMIONICS
The Company has entered a binding Memorandum Of Understanding (MOU) with Atomionics initially focused on the Cowal East project but with scope to be expanded to other Kincora projects.

For the Cowal East project, Atomionics will analyze the results of the “traditional” Daishsat ground gravity survey. A second phase will see Atomionics, at largely its own cost, complete a subsequent survey utilising its proprietary new generation “quantum” sensors with results of the two surveys’, coupled with the existing other geological and geophysical data for the project, integrated within its ORE-O AI-powered modeling platform.

Kincora and Atomionic will then look to advance discussions for commercial testing of anticipated high priority drill targets.

ABOUT ATOMIONICS PTE LTD
Atomionics Pte Ltd (Atomionics) is a Singapore-based startup building quantum sensors for subsurface exploration and universal navigation.

Atomionics sensors generate 3D models of the Earth’s subsurface to pinpoint critical underground resources or infrastructure and enable GPS-free positioning. Atomionics does this by using cold atom interferometry — cooling atoms to near absolute zero with lasers to measure tiny gravitational changes.

It is a hands-on, high-energy team operate at the intersection of quantum physics, electronic and mechanical hardware, and AI. Engineers work across mechanical, electronic, and software systems, with an ultimate goal to create the world’s first Large Planet Model, mapping the world’s critical buried resources.

Atomionics’ proprietary Gravio quantum gravity sensors are the world’s most advanced portable gravimeter built on cold atom interferometry. Gravio currently acquires high-resolution data from ground-based platforms and is developing its airborne solutions. This seeks to enable faster (potentially 10x) and much higher resolution than traditional surveys of the Earth’s subsurface.

ORE-O is Atomionics’ AI-powered modeling platform. ORE-O seeks to transform data gathered by gravity and other geophysics methods into 3D geological maps with deterministic results — refining not just where deposits might be but also how much resource is likely to be there with greater confidence. Atomionics estimates being able to potentially save up to 80% of exploration drilling costs for the metals exploration industry.

Atomionics has undertaken a survey with Rio Tinto and is scheduling one with BHP within Tier-1 copper belts, while in 3Q’2025 Atomionics completed a Pre-Series A round financing to accelerate deployment in Australia and North America. The round was led by Paspalis VC (NT) and included BHP Ventures, IQT, Wavemaker, and Singapore’s CapVista among others.

To learn more, please visit: www.atomionics.com