Kincora Copper The leading expansion strategy along an emerging world class belt TSXV listed, Mongolian copper-gold exploration and development company (KCC.CN)

November 2016 Detailed Presentation

2

Disclaimer

Information not recommendation The views expressed in this presentation are based on information derived from Kincora Copper Limited’s (“Kincora”) own internal and publicly available sources that have not be independently verified.

No representation, warranty or undertaking, expressed or implied, is made or given by Kincora, or any of their officers or employees as to the fairness, accuracy, completeness or reliability of that information.

This presentation should not be relied upon as a recommendation or forecast.

Any recipient of this presentation is responsible for conducting their own due diligence and other enquires as to the information provided to them.

Recipients of this presentation should seek and rely upon their own legal, tax, geological, geophysical, financial and accounting advice.

Any decision to rely on the information contained in this presentation is the sole responsibility of the recipient of this document and Kincora will be responsible for any loss incurred by the recipient as a result of any actions taken by them relying on the information presented in this report.

The scientific and technical information in this presentation was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman, Senior Vice-President of Exploration of Kincora Copper, who is the Qualified Person for the purpose of NI 43-101.

All pricing and information in this presentation is at November 9th, 2016 and is in C$, unless otherwise stated.

3

Investment highlights: Location, Team, Targets

§  Dominant position in the fast growing Southern Gobi mine and infrastructure region�(Landholding secured via the acquisition of Golden Grouse, IBEX merger and the successful application of new licenses)

§  Majority of available interpreted Devonian copper belt: highest potential for further Tier 1 discoveries�(Only two mines in the belt are billion $+ Devonian deposits, incl. Oyu Tolgoi, one of the world's largest & highest grade)

§  Team with an exceptional track record with Tier 1 porphyries

§  Team aligned with shareholder value�(Board/Mgmt 70:30 share/cash remuneration – min overheads & max value add; mgmt with skin in the game)

§  Historic porphyry mineralization with recent confirmation of large scale Devonian “Oyu Tolgoi style” target at Bayan Tal supports one of the best candidates for a new Tier 1 porphyry discovery in the belt

§  Exploration ongoing advancing multi-target, multi-stage pipeline up the value curve: unique portfolio of targets between and on strike from the two mines in the belt

§  “Brownfield” exploration on strike to Tsagaan Suvarga (“TS”) open pit development project at East TS. §  Regional ground magnetics, age dating, fertility analysis and surface geology advancing regional targets. §  Previous extensive broad mineralization at Bronze Fox, including >800m @ >0.4% CuEq, incl. 37m @ >1%CuEq.

§  Conditional access to High Power Exploration Inc (HPX) suite of geophysical technologies

§  Large incumbents actively expanding portfolio and/or ramping up exploration in the Devonian belt

§  Mongolia’s resource potential again becoming recognized post largest project financing of its kind for Oyu Tolgoi Stage 2 development and other listed juniors exploration activities post discoveries

Leading regional exploration play in an emerging world class, gold rich copper belt

Focus of exploration in the belt is additional Tier 1 (Devonian) copper-gold porphyries

4

Top down: Position in the cycle/sector Return of competitive tension for potential Tier 1 projects illustrated in recent SolGold private placement (AIM code: SOLG, YTD performance >12x )

§  End of previous commodity cycle�(YTD resource sector % performance with increasing liquidity and deal flow/financings)

§  Exploration sector provides highest beta to new cycle�(Historically more leverage, coupled with >5 years declining $, declining discovery rates, record production/reserve depletion)

§  Copper price has underperformed most industrial metals�(Supply side surplus driven by a handful of new projects - near peak- but facing declining grades/increasing capital intensity)

§  Favorable structural outlook for copper: “we anticipate it will be the first mineral commodity in our portfolio to return to fundamental market balance” - BHPB, Oct’16�(M&A through the cycle and overweight exploration budgets reflect the industries view of incentive/future pricing)

§  Industry focus continues to be porphyry deposits�(long life, low opex, lower risk) )

§  Gold systems preferred to moly�(Copper-gold porphyries benefit to copper-moly systems from higher by-product credits)

§  Limited under-explored copper frontiers�(DRC, Philippines, PNG, Indonesia, Myanmar v Mongolia)

§  Lack of industry players and exploration teams/portfolios�(historically >10 NDAs with industry players when owning only one license, only Rio Tinto and TRQ left in Mongolia)

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Recent milestones: Foundations now set for success Kincora Mongolian sector §  Return of previous licenses with new 12 year terms�

(Kincora and IBEX) §  Resolution of 106-license dispute

§  New ‘Red Well’ license�(Kincora, 15km from the OT trend)

§  Incumbents increase portfolio in belt�(towards Kincora/IBEX)

§  Resolution for Oyu Tolgoi (to be in top three copper mines

globally) and total project finance facility of US$6 billion

§  Share consolidation (10:1)

§  Private placement (C$1 million)

§  Debt conversion/debt free (C$2.7 million)

§  IBEX transaction closed� (3x portfolio and dominant position in belt)

§  Re-rating Mongolian listed exploration peers (>2x YTD)

§  A Relationship Agreement provides for conditional access to HPX’s suite of geophysical technologies

§  Rio Tinto/Turquoise Hill Resources and MAK at TS resume exploration in belt (near Kincora/IBEX)

§  IBEX Shavagtai license application �(adjacent to an existing flagship IBEX exploration prospect)

§  Technical Committee formed (multiple T1 discovery of gold rich copper porphyries)

§  Xanadu Mines and Erdene Resource’s currently drilling post discoveries

§  Multiple exploration activities ongoing post workshop (technical sound, systematic and leading technology)

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Corporate Summary: Restructured and Recapitalized Capital structure�(post convertible note and IBEX transaction)

Share price1 31 cents

Issued shares1 48.6 million

Market capitalisation C$15.07 million

Cash2 C$ 0.78 million

Enterprise Value C$14.29 million

52-week range 15–55 cents

Recent C$1.05m non-brokered raising @ 30c/sh Conversion of net C$2m convertible note plus accruals (@ 30c/sh) US$0.9m scrip (share) consideration for IBEX transaction3 (discount to historic >US$25m of cash investment into IBEX)

High insider ownership/limited free float (46% represented by Board, >85% in top 20 shareholders)

Consolidated corporate structure (post Jul�16 roll back, debt convert and IBEX transaction)

Only warrants 2.9m (to HPV3 for IBEX transaction) (at 54c/sh, 1.8x recent PP)

Kincora share price (C$/sh) HPV3—High Power Ventures Inc. (�HPV�), is a private company controlled by High Power Exploration Inc (�HPX�), with shares and warrants secured as part of IBEX transaction. HPX is a privately owned metals-focused exploration company deploying proprietary geophysical technologies to rapidly evaluate buried targets. HPX has a highly experienced board and management team and is indirectly controlled by international financier and mining entrepreneur Robert Friedland.

1 COB 9th Nov�16 ; 2 Estimate as at the end of Sep’16 Quarter ; 3 Refer 24th May�16 and 7th Nov’16announcements of IBEX transaction

Management estimates

7

Team: Exceptional track record with Tier 1 porphyries

Name (Positions) Board New Background/Bio

Tech

nica

l Com

mitt

ee

Peter Leaman Senior Vice-President of Exploration

n §  >40 yrs exploration with BHPB, incl. country manager Mongolia, 2006-09 responsible for the Ivanhoe JV, and PanAust Ltd, Regional Exploration Manager SE Asia/remains an Exploration Advisor

§  Hands on and target orientated responsible for project generation & exploration programs resulting in multiple discoveries incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold porphyries

John Holliday Chair of Technical Committee

n §  >30 yrs exploration with BHP Minerals and Newcrest Mining, including Chief Geoscientist, General Manager, Property Generation and more recently in the junior sector

§  Principal discoverer/site manager of the undercover Cadia/Marsden Tier 1 gold-copper porphyry in NSW, with worldwide experience in gold-copper deposit exploration, discovery and evaluation

Sam Spring President/CEO

n §  Assisted form and capitalize Kincora in 2011, joining in executive capacity in 2012. Since, Kincora has been one of the most active exploration groups in Mongolia, oxide development studies commenced, lead resolution of the 106-exploration license dispute , together with an active M&A strategy

§  Former mining analyst, >10 yrs within Goldman Sachs & Ocean Equities, CA & CFA Charterholder

Adv

isor

Plus Minerals LLC, Incl. Khashgerel Bat-Erdene & Imants Kavalieris

n

§  Extensive experience in Mongolia, with both the Kincora and IBEX licenses and have worked on some of the largest porphyry Cu-Au deposits in SE Asia

§  Imants was one of the 6 executive exploration team during the exploration and delineation of the Oyu Tolgoi copper-gold porphyry deposits

In-c

ount

ry

Exec

utiv

es

Cameron McRae Advisory Board (Acting Managerial)*

* §  Exec. Chairman of TerrCom Ltd, coal producer/development in Australia/Mongolia/RoW, with >30 yrs mining experience leading development of various projects in emerging/frontier jurisdictions

§  Former CEO of Oyu Tolgoi (oversaw >$6b capex), advisor to Kincora since 2014 & in acting managerial role assisting with IBEX transaction transition. Founding President of INS Mongolia and Tarva Investment & Advisory

Duchintav Khojgor Director/Shareholder

n §  Exec. Business Development & Government Relations for Kincora. A proactive Mongolian partner and major shareholder since Kincora’s formation

§  Executive in various Mongolian businesses, including significant coal and other natural resource projects, with >20 yrs' experience in entrepreneurship

Capi

tal m

arke

ts Luke Leslie

Director/Shareholder n §  Lead the formation of Kincora. A mining private equity investor with >12 yrs of transaction experience, incl. UBS

Investment Bank’s Metals & Mining team, and management consultant with Accenture §  Currently a Director of Shanta Gold and Moly World

Eric Zurrin Independent Director

n §  Former CFO of Shanta Gold and previously a Director of UBS Investment Bank’s global mining team §  >13 yrs of corporate and capital markets transaction experience, having worked in Toronto, London, Hong Kong,

Dar es Salaam and Ulaanbaatar covering mining and industrial sectors

Multiple discovery of T1 Cu-Au porphyries

In-country activities and government relations

Access to capital markets

Corporate governance and strategy

SPECTROMETER ALTERATION MAPPING SERVICES

COMMENTS ON GEOLOGY OF BRONZE FOX AND

DRILLHOLES F89, 91 93, 94 and 95

F93(759.8): 2 cm chalcopyrite-pyrrhotite vein cutting siltstone with

chlorite-illite wall rock alteration Imants Kavalieris & Khashgerel Bat-Erdene

Email: imantskgeo@gmail.com, hashgerel@yahoo.com August, 2014

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Location: Dominant position between/on strike from the only 2 (Devonian) mines

Bayan Tal

Ulgii

Red Well

Bronze Fox Kharmagtai Xanadu Mines

Tourmaline Hills

Oyu Tolgoi (“OT”) 1 Rio Tinto/TRQ/Entrée Gold

East TS

Kincora licenses

Ulaanbaatar

Erdenet Copper Mine Erdenet Copper Mine

Ulaanbaatar

CHINA

RUSSIA

OT

East TS

TS

Project Owner Stage km2 Res.(Mt)

Cu�(%)

Au g/t

Est capex

“OT” Rio Tinto,

via TRQ with GoM

Stage 2 UG Develop’t 777 4,397 0.65 0.29 ~$12

Incl. Open Pit

Production (reserves)

148 951 0.45 0.28 ~$5b

“TS” MAK

(private group)

Develop’t (sulfides

only)

1.3 of 175 307 0.54 n/a ~$1.0

–1.4

1. OT is forecast to be in the top 3 largest copper mines after planned expansion, and one of largest gold deposits, with multi-generational reserves/resources supporting further expansion potential .

30 km

Interpreted key structures Tsagaan Suvarga

(“TS”) MAK/EBRD

NE OT trend

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Multi-target, Multi-stage: 10 licenses, 2 applications over >1560km2

Target Background License(s) Area (km2) Target Style Stage

Bronze Fox (BF Intrusive Complex)

KCC historic flagship 15000X 223 PCD / gold Mature exploration: Potential

tonnage/grade modelling

Tourmaline Hills (TH Intrusive Complex)

Golden Grouse acquisition 17977X 247 PCD / gold Historically drilled: Advancing

targets post return of license

Red Well (North OT trend)

New application (KCC) 20294X 40 PCD New License:

Prospecting

Bayan Tal (BT Igneous Complex) IBEX transaction 14396X 403 OT PCD

(<500m) Historically drilled with grade:

Multiple (T1 scale) drill ready targets

East TS (Tsagaan Suvarga Massif) IBEX transaction 13615X, 17650X 240 TS PCD

(<200m) Refining multiple potential drill targets

(geology/geophysics on-going)

Ulgii (Ulgii Massif) IBEX transaction 14523X, 14876X

14877X, 15167X 368 OT PCD / gold Advancing potential targets (geology/geophysics on-going)

Subtotal 10 1,521

Bayan Tal New transaction (IBEX) NE-026428 28 License pending

NE OT trend New transaction (IBEX) NE-027080 16 License pending

Total 12 1,565

Focus on Oyu Tolgoi (“OT”) & Tsagaan Suvarga (“TS”) style Porphyry Copper Deposits (“PCD”)

10

Strategic appeal: Dominant position

Bayan Tal

1 BD Sec JSC June 9th, 2016 research report �The South Gobi Land Grab�

Many leading geologists view the South Gobi Desert as the most prospective ground for copper mining in the world today��1

“ Blue square: same landmass size of Southern Gobi to Northern Chile (p slide 11)

Same size landmass in Northern Chile there are:

i. >15 current large mines

ii. Producing ~2Mtpa Cu (~11% of global production)

Oyu Tolgoi, the world�s most significant copper discovery/project of the past 25 years��1

“

11

Exploration potential: Analogous to Chile from >1970s

Blue square—same landmass size of Southern Gobi to Northern Chile

Porphyries (like OT & TS) occur in clusters focused on key geological structures within established belts — they do not occur in isolation

>US$75m of recent in-the-ground commitments for a comparable geological exploration portfolio (similar land mass to Kincora) in Northern Chile

KINCORA PROVIDES FISCAL YEAR RESULTS AND CORPORATE UPDATE – APRIL 2015 10

COPPER KINCORA

A unique under explored proven copper belt Increasing recognition of the South Gobi’s copper potential despite its legislative history

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

§  South Gobi is underexplored relative to other copper belts

<5 years of limited foreign reconnaissance exploration

§  Geology and tectonic setting supporting other large size discoveries

§  Unique ability to build a large land position following recent legislative change increasing tenure from 8% to 35% of Mongolia

Analogous to the development of Chile’s copper industry in the early 1970’s

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

Andes 150,000Mt resources from 91 deposits

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

NA Cordillera 84,000Mt resources from 143 deposits

Chile Peru Mongolia

Mongolia 6,000Mt resources from only 4 deposits

Southwest Pacific 30,000Mt resources from 59 deposits

Porphyry deposits seldom occur in isolation, rather in significant clusters

Mongolia is “virgin” territory relative to other established copper belts

Mongolia 6,000Mt from only

4 deposits

KINCORA PROVIDES FISCAL YEAR RESULTS AND CORPORATE UPDATE – APRIL 2015 10

COPPER KINCORA

A unique under explored proven copper belt Increasing recognition of the South Gobi’s copper potential despite its legislative history

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

§  South Gobi is underexplored relative to other copper belts

<5 years of limited foreign reconnaissance exploration

§  Geology and tectonic setting supporting other large size discoveries

§  Unique ability to build a large land position following recent legislative change increasing tenure from 8% to 35% of Mongolia

Analogous to the development of Chile’s copper industry in the early 1970’s

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

Base Metals (154) Bulk Commodities (18) Precious Metals (269) Specialty Commodities (6) All Claims

Projects & Claims MapPeru

Source: SNL Financial | Page 1 of 1

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

Andes 150,000Mt resources from 91 deposits

60°N

0°

60°S

120°W 60°W 0° 60°E 120°E

0 5,000 MILES

0 5,000 KILOMETERS

ButteBingham

Morenci

La Escondida

El Teniente

Alumbrera

Oyu Tolgoi

Batu HijauGrasberg

Cadia

Far South East

El Salvador

Mt. PolleyValley Copper

Resolution

Cananea

Llallagua

Toquepala

Yerington/Ann-MasonHenderson

Gaspe Mt. Pleasant

Chuquicamata

Refugio

Sar Cheshmeh

AlmalykBor

Qonyrat

AqtoghaiDexing

Dizon

Panguna

Peschanka

North American Cordillera

Appalachian

Caribbean

Ande

s

Alpin e -Tethyan

Ural

s

Altaid

East Asia

n

Sou thwest Pacific

Tasman

Phanerozoic igneous provincesPorphyry deposit

Figure A1. Phanerozoic porphyry belts, porphyry deposits, and representative porphyry copper deposits summarized in Appendix 2 (red labels). Modified from Seedorff and others (2005, their Fig. 1).

12

Porphyry Copper Deposit Model

NA Cordillera 84,000Mt resources from 143 deposits

Chile Peru Mongolia

Mongolia 6,000Mt resources from only 4 deposits

Southwest Pacific 30,000Mt resources from 59 deposits

Porphyry deposits seldom occur in isolation, rather in significant clusters

Mongolia is “virgin” territory relative to other established copper belts

Mongolia 6,000Mt from only

4 deposits

12

Infrastructure: One of the world’s fastest developing regions

§  China�s doorstep; world�s largest consumer of copper & coal §  Between >$12b (OT) & >$1b (TS) copper projects, and major coal basin

(incl. the major Erdenes Tavan Tolgoi (ETT) project) §  Winterized IBEX White Pearl camp §  Power lines currently being installed within license area & camp §  Southern IBEX licenses are located within the OT aquifer §  Annual average temperature is 2ºC. Can work all year around

§  Oyu Tolgoi <4 years post Investment Agreement to first exports

§  Globally leading exploration & mine development environment Sparsely populated, generally flat open desert, not at altitude and trucking distance to China

13

Competing expansion strategies in the belt: Not alone in an increasingly active region

Exploration activities

Today Few Incumbents (but expanding portfolio and exploration) §  Belt is significantly less crowded and new licenses

are being issued again (after 5 year moratorium)

§  Advances in exploration techniques, technology and understanding of the belt

§  Rio Tinto related entities expanding land position surrounding Oyu Tolgoi; MAK with new drill targets at Tsagaan Suvarga

§  Commodity cycle has given Kincora the opportunity to consolidate its position; Post IBEX merger a 100% interest in the dominant land position in the belt

1 BD Sec JSC June 9th, 2016 research report �The South Gobi Land Grab�

Blue square—same landmass size of Southern Gobi to Northern Chile

2012 Trading licenses/new entrants (e.g. KCC >10 CA�s Bronze Fox only, & 1 period of exclusivity)

It seems obvious to us that RIO/TRQ will aggressively pursue exploration licenses ahead of what may prove to be an epic land grab, which would mitigate future competition in the region�1 “

14

Focusing on first quartile exploration: Devonian targets under shallow cover

Kincora Today: Team with exceptional Tier 1 porphyry record, input from industry leading specialists/technology and extensive experience in the belt

Majors 2005:

§ BHP re-entered Mongolian Cu exploration for 2nd time § Rio Tinto�s initial investment in Ivanhoe/IMMI (OT) § Uplift in cycle will see re-entry to the belt, initial signs of new

entrants

2005 Ivanhoe & JV with BHP (OT discovery 2001; recon 2002–09)

Blue square—same landmass size of Southern Gobi to Northern Chile

Bronze Fox one of four retained by Ivanhoe, excluded from the Falcon Gobi project Joint Venture with BHP (formed in 2005)

Today Few Incumbents (but expanding portfolio and exploration)

•  Multi-phase, multi-target programs •  Regional portfolio of a scale last seen under the BHP JV •  Implementing significant advances in exploration techniques

since that period

15

Changes in industry: Supports appreciation in landholding value Last wave(s) of exploration in the belt Now §  Peak of commodities and Mongolian FDI cycles §  Turn of commodities and Mongolian FDI cycles

§  Limited regional datasets or historic exploration §  Improved region datasets, interpretation and additional recon exploration

§  Too much focus on deep drilling to test Induced Polarization (“IP”) anomalies under cover (often with hard rock or conductive cover, incorrect orientation, no geological interpretation &/or impacted by pyritic ignimbritic unit)

§  Refined approach of well applied geophysics (magnetics, possibly IP), followed by more advanced geology/geochron and drilling (advanced in exploration technology and techniques, eg fertility analysis, age dating, improved geophysics etc)

§  Access to land and legislative environment (dominant holding by Ivanhoe/BHP JV, trading and warehousing of licenses, coupled with moratorium for new licenses)

•  Improved access to new land and tenure (12 v 9 year total exploration period, moratorium for new licenses recently lifted, exit of “flippers” and number of exploration groups)

§  Limited regional infrastructure •  Use of Chinggis Bonds and development of OT, ETT and TS have advanced key infrastructure (reduced barriers to entry/cut off grade)

§  Copper and gold prices (OT discovery – Cu: <US$0.80/lb, and Au: <US$400/oz )

§  Favourable price & relative outlook for copper & gold prices (Cu >US$2/lb + medium term deficit forecast, & Au >US$1250/oz )

•  Cost inflation & limited access/high cost of supply chain (Headline CPI >10%, up to 30%, MNT/USD <1200 to now >2200)

•  Low cost & high availability of supply chain/skilled labor (eg drilling costs less than 75% from peak)

§  Oyu Tolgoi infancy (previously in dispute and a construction stage only project)

•  Positive Oyu Tolgoi effect (illustration of FDI impact to Mongolian economy, >3 years of production, excellent safety record, Stage 2 development ongoing, education of labor force and proof of concept to global market)

16

Maximum leverage to regional and multiple target exploration Only junior pursing similar strategy to large incumbents Profile of select Mongolian copper and/or gold exploration plays

1 Return – increase in share price over development phase of respective projects 2  Rio Tinto – TRQ/RT service agreement new exploration licenses 3  MAK – Drill ready targets adjacent to open pit mining license 4  Xanadu – see slide 23 for further details 5  Erdene – see slide 24 for further details

Profile of target Company Location Stage Return1 Market cap

“Tier1” Oyu Tolgoi type discoveries

Rio Tinto2 N and NE of Oyu Tolgoi

Greenfield n/a n/a—Public portfolio of assets

OT Brownfield n/a TRQ C$9.3b & Entrée Gold C$65m

MAK3 Tsagaan Suvarga

Brownfield n/a N/A—Private conglomerate

Kincora Focus on regional pipeline of “Oyu Tolgoi” or “Tsagaan Suvarga” style (Devonian) targets - ambition is to create value for shareholders through the advancement and discovery of porphyry Cu/Au/Mo and epithermal precious metal deposits via technically sound, systematic exploration utilizing modern exploration methods.

“Traditional” gold rich copper porphyries

Xanadu4 Kharmagtai Brownfield 5x4 A$100m (XAM.ASX)

Epithermal gold deposits

Erdene5 Bayan Khundii Altan Nar

Greenfield 5x5 C$50m (ERD.TSXV)

Xanadu4 Oyut Ulaan Brownfield 2x4

Xanadu Mines Limited (ASX:XAM) 7

What provides for exploration success

Xanadu has the critical factors for exploration success

People

• Experienced technical & corporate management team with deep regional knowledge;

• Proven in Mongolia & global resources;

• Established exploration culture;• High calibre explorationists;• Excellent local partner (Mongol

Metals);• Good reputation in Mongolia;• Motivated and invested

management.

• Well-funded and in discovery phase;

• Continuous, structured communication & marketing;

• Well capitalised relative to most other junior exploration companies;

• Strong support from existing shareholders.

• Strategic position in a world-class Cu-Au province;

• One the best Cu-Au projects in Asia;

• Growing gold-rich copper JORC resource base;

• Some the highest grade porphyry copper intercepts globally;

• Rare combination of large scale and high-grade potential;

• Portfolio of high value projects.

Quality Projects Investor Appeal

DISCOVERING A NEW GOLD DISTRICT IN SOUTHWEST MONGOLIA

Erdene Resource Development Corp.

ASX/MEDIA RELEASEBy electronic lodgement | Page 8 of 22

�

FIGURE 10: High-grade quartz sulphide vein (in the vicinity of the geologic hammer) that failed to reach surface.

Stockwork I Zone

High-grade vein mineralisation within the Stockwork I zone is identical to the style of other two zones. The core of mineralisation and highest grades are the quartz gossan veins which range in size from very small to over 60cm wide. The veins are surrounded by intense chlorite alteration of the host volcanic rocks. This is mostly stained red by hematite from weathering of sulphide in the rock. The exposure at the Stockwork I Zone is approximately 17.5m long. Mineralisation was terminated on the southern and northern end by a near vertical fault infilled with variable thicknesses of poorly cemented fault gouge. From the 35 channel samples collected along the entire length the average gold grade is 35.47g/t Au and the highest grade sample is 128.4g/t Au. The mineralisation is characterised by moderate silver grades (averaging 11.33g/t Ag) and low base metal and arsenic contents (Tables 1 to 3; Figure 11).

For p

erso

nal u

se o

nly

Oyu Tolgoi – a world-class copper and gold mine

Analyst and Investor Mine Visit

AUGUST 25-27, 2015

17

Pipeline: Advancing a portfolio of targets along the value curve Proven approach targeting Oyu Tolgoi (“OT”) & Tsagaan Suvarga (“TS”) style Porphyry Copper Deposits (PCD)

•  Technically solid, proven exploration: replicate the systematic approach successfully applied in discovering similar profile Tier 1 gold rich copper porphyry discoveries in Mongolia and elsewhere

•  Scale potential: Portfolio supports advancement of Oyu Tolgoi and Tsagaan Suvarga analogues, &/or traditional gold rich finger type porphyries

•  Shallow-moderate depth: Focus leading edge of half grabens &/or uplifted fault blocks with out-subcrop providing geological window to moderate depths

•  Pipeline: high quality, ranked exploration targets between and on strike from the two mines in the belt Geochron: age dating & fertility studies / GMAG: ground magnetic surveys / Interp: integration/Interpretation of geology/geophysics

Target Lic. # Target Style

East TS 13615 TS PCD

Bayan Tal 14396 OT PCD

Ulgii

14523 PCD / Gold

14877 PCD / Gold

14876 PCD / Gold

15167 PCD / Gold

Bronze Fox 15000 PCD /

Gold

Tourmaline Hills 17977 PCD /

Gold

Red Well 20294 PCD

ILLUSTRATIVE PROGRAM TIME LINE

GMAG Map Interp Drilling Geochron

?

GMAG

?

?

?

?

?

Regional review of target generations additional corporate opportunities

?

?

18

Targets: Large and high quality dataset

Tourmaline Hills

Bronze Fox

East TS

Bayan Tal

Ulgii

Background is historic State airborne magnetic data

19

Priority #1 - “OT style”: Bayan Tal Igneous Complex (BTIC)

§  Drill ready “Oyu Tolgoi Style” Devonian target: Advanced geology and geophysics supports large scale, shallow to moderate depth copper-gold porphyry targets

§  One of the most significant untested complexes in the belt: large and deep-seated arc-parallel/transverse structures, similar to Oyu Tolgoi, Tsagaan Suvarga and many world class porphyry deposits,

§  Devonian stratigraphy: Interpreted general setting is Carboniferous overlying Late Devonian arc volcanics under conglomerate marker, only other confirmed similar stratigraphy to OT in belt to date

§  Is mineralized: Trenching and drilling on Southern margin of the intrusive complex in Carboniferous sequence intersected broad zones of distal copper-gold porphyry mineralization

- IBEX006: 18m @ 0.66% Cu Eq - Trench: 18m @ 0.75% Cu Eq

§  Large scale intrusive: Previous drilling targeted Induced Polarization anomalies without coincident magnetics on the margin of the intrusion; focus now is to test magnetic targets that indicated potential for large scale mineralized intrusions in interpreted Devonian stratigraphy

One of the best candidates for a new Tier 1 porphyry discovery in the Southern Gobi

20

§  Historic IBEX trenching/drilling -targeting geochem/IP

§  No mag anomaly Best intersections (margin of intrusive): - IBEX006: 18m @ 0.66% Cu Eq - Trench: 18m @ 0.75% Cu Eq

Large magnetic feature, suggested (Devonian?) intrusive (source needed for PCD)

Conglomerate confirmed Devonian (“OT type”) stratigraphy down-hole

Conglomerate�Outcrop and downhole

LEGEND

Illustration of target drilling (400-450m depth*)

IBEX trench

IBEX drilling

(background interpreted ground magnetics)

Regional geology and magnetic feature suggest later intrusive (not a Devonian target)

* Illustration of a drilling target subject to final review and number of holes dependent on board approval

Advanced and complementary geology and geophysics

Priority #1 - “OT style”: Drill ready targets, historic grade

21

Priority #2 - “TS style”: Tsagaan Suvarga Massif at East TS

•  “Brownfields exploration”: within TS Massif porphyry system.

MAK TS Sulphide 256Mt @ 0.55% Cu resources Oxide 27Mt @ 0.40% Cu

•  Is mineralized: Surface geology at East TS provides analogue to TS open pit with favorable geochem and broad magnetics

•  Interpreted setting: Carboniferous overlying Late Devonian arc volcanics and pluton with a favorable preservation level, structural setting and shallow depth under cover

•  Proof of concept: mapping, age dating/stratigraphy, petrology and fertility ongoing to support geological model with ground mag to define areas for target testing/drilling (complement historic IP, with targets)

Quartz-Sericite-Chlorite veins identical to TS mineralized veins

Quartz-Sericite veins in TS open pit

Large scale regional mag associated with TS pluton

East TS Target area

Mineralized RC samples

Cretaceous cover

Carboniferous volc.

Devonian inferred

Devonian Pluton

TS Open Pit

MAK Prospects

RC Samples

Age Dates (Ma)

Inferred Structures

SIMPLIFED GEOLOGY

22

Kincora proposition: Multiple value drivers Leading regional exploration play in an emerging world class, gold rich copper belt

•  Recently completed strategic land consolidation at discount�(US$0.9m scrip (share) v historic >US$25m cash investment and 3x in portfolio)

•  Dominant position in an emerging copper and infrastructure belt

•  Technical Committee with multiple discovery of Tier 1 copper porphyries

•  Completion of workshop resulting in multi-target, multi-stage pipeline of targets with exploration ongoing

•  Further corporate opportunities and securing additional strategic land

•  Large incumbents expansion strategy(s) and/or ramping up exploration in the belt

•  Only listed independent exploration play in the belt

•  Experience and track record in-country

•  Improved investor sentiment and new entrants to Mongolia and the copper sector

•  Replication of previous/peer roadmaps for value creation

23

Appendix - Exploration: Greatest valuation creation stage in mining Discoveries result in multiples of return and are still getting rewarded

0

2

4

6

8

10

12

1/5/14 1/11/14 1/5/15 1/11/15 1/5/16Re

turnM

ul*p

le(x)

XAM ERD CDB TRL MOD GOR

C$73mA$41m

A$103m

C$57m

CurrentMarketCap(RHS)

C$491m

A$38m

1

•  Discovery of an attractive project results in multiple of return (not single digit percentages of return)

•  Multiple of rerating depends on:�i. scale of discovery (regional/Tier 1 can support >30-100x); and�ii. time in the commodity cycle

TICKER/RETURNMULTIPLE/NAME/COMMODITY/COUNTRY:TRQ(33x,TurquoiseHillRes.,Cu/Au,Mongolia);SFR(148x,SandfireRes.Cu/Au,WA);RMC(16x,ReservoirMin.,Cu/Au,Serbia);XAM(5x,XanaduMines,Cu/Au,Mongolia),ERD(3x,ErdeneRes.,Au,Mongolia),CDB(8x,CordobaMin.,Cu/Au,Colombia),TRL(8x,TangaRes,Au,Tanzania),PNA(35x,PanAust,Cu/Au,Lao),MOD (7x,MODRes.,Cu/Ag,Botswana);GOR(12x,GoldRoad,Au,WA);SIR (69x,SiriusRes.,Ni,WA)

0

10

20

30

40

50

60

70

80

90

100

31/5/00 31/5/03 31/5/06 31/5/09 31/5/12 31/5/15

ReturnM

ul?p

le(x)

TRQ SFR RMC XAM ERD CDBTRL PNA SIR MOD GOR

-

1,000

2,000

31/5/00 31/5/03 31/5/06 31/5/09 31/5/12 31/5/15-

5,000

10,000Cu($/tRHS) Au($/ozLHS)

All pricing and information in this presentation is at May 15th, 2016

24

Appendix - Roadmaps for value creation: Xanadu Mines (XAM.ASX) Case study for multiple copper-gold project acquisitions and exploration in Mongolia

Illustration of key catalysts to shareholder value Metres drilling v valuation

(half year period – not cumulative)

§  Successful value creation through exploration and drilling of multiple existing mining licenses since strategic shift into copper

§  Confirming and testing old and new targets has supported multiple capital raisings at higher share prices

§  Capital efficient trenching and shallow holes at secondary project, Oyut Ulaan ( “OU”), has been the greatest value driver to valuation (ahead of recent capital raising)

§  Drilling continues at flagship Kharmagtai project (acquired from TRQ) focused on the discovery of a fourth shallow gold porphyry centre under cover to support a targeted >5Mtpa, 10 yr mine life @ 0.6-1% CuEq

§  Recent capital raising of A$12.2m @ 20c/sh (original private placement @ 4.8c/sh post Kharmagtai acquisition) supports ongoing exploration

§  Ramping up exploration at Kharmagtai through the winter based on similar systematic approach Kincora is adopting (ground mag + geology)

Targeting value uplift through discovery 4 raisings and >4x in share price of new money since the acquisition of Kharmagtai

0

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Jan'2014 Jul'2014 Jan'2015 Jul'2015 Jan'2016

Met

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XA

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(A$m

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Khatmagtai drilling (RHS) OU drilling (RHS) Pre-Money EV

Maiden resource at Kharmagtai

Kharmagtai 2.5x to share price

OU 1.6x to share price

Head Office 800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada +1 604 283 1722

www.kincoracopper.com

Sam Spring — President & CEO +61431 329 345

sam.spring@kincoracopper.com

Mongolian Office Khasvuu Building, 3rd Floor Peace Avenue, Transporter�s St Ulaanbaatar 14210 +976 701 0095

Contact