Newly identified outcropping quartz monazite at the East Tsagaan Suvarga target

Kincora Copper Ltd Expanding along an emerging world class copper belt

TSXV listed, Mongolian copper-gold exploration and development company (KCC.CN)

February 2017

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.

When Ivanhoe’s geologists looked north over the Oyu Tolgoi prospect over 15 years ago, this is all they could see (sourced and text adapted from “Zeus - The future of Oyu Tolgoi exploration”)

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 February 10st, 2017 and is in C$, unless otherwise stated.

3

Investment highlights: Location, Team, Targets

� Recent Transformational Transaction with IBEX

Expands portfolio creating the dominant position in one of the worlds fastest growing mine and infrastructure regions

� Strategic landholding, majority of prospective copper belt: highest potential for further Tier 1 discoveries in a proven under explored copper belt which includes Rio Tinto’s largest global expansion project

� Industry leading Technical Team: exceptional discovery track record with Tier 1 porphyries

� Two drill ready targets analogies to the existing two large scale mines in belt: proof of geological interpretation for a discovery to support significant value add

1. “Brownfield” open pit target 13km on strike from Tsagaan Suvarga (“TS”) development project (307Mt @ 0.54% Cu) at East TS

2. Devonian (“Oyu Tolgoi style”) stratigraphy at Bayan Tal, including adjacent 18m @ 0.66% CuEq (hole 6) & 0.75% CuEq

(trench)

� Advancing district scale multi-target, multi-stage pipeline up the value curve: systematically advancing regional portfolio

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

� The largest project financing of its kind for Oyu Tolgoi Stage 2 development demonstrates the attractiveness of Mongolia as a place to do business and invest

� Exploration success and re-rating of other active exploration juniors highlights Mongolia’s resource potential

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

4

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

East TS

30 km

Tsagaan Suvarga (“TS”) MAK/EBRD

NE OT trend

Shuteen

Kincora licenses (IBEX transaction)

Interpreted key structures

Mines/development projects

World-class under explored copper-gold belt which includes Rio Tinto’s largest global expansion project (valued @ >US$10 billion3) Porphyries occur in clusters focused on key geological structures within established belts — they do not occur in isolation

Ulaanbaatar

Erdenet Copper Mine Erdenet Copper Mine

Ulaanbaatar

CHINA

RUSSIA

OT

TS

1.  OT is forecast to be in the top 3 largest copper mines, and one of largest gold deposits, with multi-generational reserves/resources, post ongoing underground development, which follows the largest project financing of its kind. YE 2016 open pit production was 201,300t Cu and 300,000oz Au

2.  TS is owned by a private Mongolian conglomerate with construction started in 2012, expected to produce 316,000t Cu and 4,400t Mo pa 3.  TRQ has a US$7.1b mkt cap with 66% interest in OT (“GoM” Government of Mongolia 34%). RIO owns 50.8% of TRQ. Ex Entrée interest in OT.

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

Other notable licenses

5

Oyu Tolgoi (OT)

Tsagaan Suvarga

(TS)

East Tsagaan Suvarga (East TS)

Bayan Tal

Heruga

OT Open Pit

Hugo

Ulaan Khud

Javkhlant

Serven Sukhait

East TS

GMAG feature

Bayan Tal Intrusive Complex

Kincora licenses

Interpreted key structures

Interpreted Devonian Belt

Devonian Stratigraphy:

Mineral Resource and Ore Reserves

Mineralised Cu-Au occurrence

Confirmed Devonian - insert1

1.  All inserts like-for-like scale (20km reference provided in OT insert) 2.  TS mineralized occurrences and ore reserves adapted from JICA

1992 and satellite imagines

- Bayan Tal and East TS (100% Kincora) - only two new, known Devonian targets since the discovery of OT

Oyu Tolgoi

Bayan Tal

Tsagaan Suvarga

East Tsagaan Suvarga

- Bayan Tal is an “Oyu Tolgoi” style target and East TS a ‘brownfield’ “Tsagaan Suvarga” style target

Progress: Proving the Devonian belt and advancing our geological models

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

6

Milestones: Transformational last 6 months

Foundations set by the following milestones:

� IBEX scrip/share transaction closed (announced May, closed Nov’16): HPX becomes Kincora shareholder

� Deleveraging and recapitalization: Two private placements and two debt conversions

� Tightened corporate structure: 10:1 share consolidation

� New Technical Team: multiple discovery of Tier 1 gold rich copper porphyries

� Aligned to shareholders: New remuneration structures (70:30 share/cash)

� Strengthened board to reflect refined strategy: previous exploration and expansion success

� Exploration advanced: New priority exploration targets advanced, geological models presented

� New exploration license: issued directly from Mongolian Government application process

� Turn in the commodity cycle: copper price increase >30%, re-rating of successful exploration plays

� Changing investor sentiment towards Mongolia: parliamentary election, OT Stage 2 and exploration success of other juniors (ERD.CN & XAM.AU >$100m market caps, with C$12m bought deal and A$12.2m placement)

What drives value in 2017

for Kincora?

1. Advance existing projects along development pipeline:

• Drill testing two priority target areas (East TS and Bayan Tal) which provide analogies to the existing two large scale mines in belt

• Advancing existing earlier stage prospects

• Drop ground which does not fit our target exploration profile

2. Further corporate opportunities

to access additional ground/more advanced projects

7

4,0007,00010,000

-3.006.00

Jan.'11 Jan.'12 Jan.'13 Jan.'14 Jan.'15 Jan.'16 Jan.'17

-

0.20

0.40

0.60

-

1.50

Jan.'16 Apr.'16 Jul.'16 Oct.'16 Jan.'17

Corporate Summary Capital structure�(as at Feb 10th 2017, including Dec’16 PP and debt conversion4)

Share price 46.5 cents

Issued shares4 50.35 million

Market capitalisation C$23.41 million

Cash1,4 C$ 0.75 million

Debt nil

Enterprise Value C$22.66 million

52-week range2 15–55 cents

High insider ownership (>45% represented by Board, >85% in top 20 shareholders)

US$0.9m scrip (share) consideration for IBEX transaction3 (discount to historic >US$25m of cash investment into IBEX)

Only warrants 2.95m (to HPV3 for IBEX transaction) (at 54c/sh, 1.8x Jul’16 PP)

Kincora share price (C$/sh)

1 Estimate as at the end of Dec’16 quarter including Dec’16 private placement; 2 Adjusted for current share structure post 10:1 roll back undertaken Jul’16; 3 Refer 24th May�16 and 7th Nov’16 announcements of IBEX transaction; 4 TSXV approval for the Dec’16 non-brokered private placement (PP) granted February 10th 2017, with debt

conversion approval remaining outstanding, as such shares have yet to be issued for the debt conversion

Management estimates including Dec’16 and debt conversion 4

*HPV received Kincora shares in the IBEX transaction and is a private vehicle controlled by High Power Exploration Inc. (HPX). HPX a privately metals-focused exploration company with Robert Friedland as CEO/Co-Chair.

Volume since Jan’16 (m/mth)

Share Price since Jan’11 Copper Price

Share Price (C$/sh) since Jan’16

IBEX deal announced

IBEX deal closed

2016 capital markets — key items Jul 2016 Dec 20164

Price per share (cents) 30 34.5

Non-brokered raising ($m) 1.05 0.53

Debt conversion ($m) 2.21 0.06

Origo Partners PLC

Duchintav Khojgor

Other Board/Mgmt

High Power Vent. (HPV*)

MGL/F Fund

Quantum

Other Insto

HNW

Other retail Management estimates including Dec’16 & debt conversion 4 *HPV received Kincora shares in the IBEX transaction and is a private vehicle controlled by High Power Exploration Inc (HPX). HPX a privately metals-focused exploration company with Robert Friedland as CEO

Board/ Mgmt

Rep

HNW/ Retail

Insto

Origo Partners PLC

Duchintav Khojgor

Other Board/Mgmt

High Power Vent. (HPV*)

MGL/F Fund

Quantum

Other Insto

HNW

Other retail Management estimates including Dec’16 & debt conversion 4 *HPV received Kincora shares in the IBEX transaction and is a private vehicle controlled by High Power Exploration Inc (HPX). HPX a privately metals-focused exploration company with Robert Friedland as CEO

Board/ Mgmt

Rep

HNW/ Retail

Insto

32%

8%

6%

13%

4%

4%

4%

15%

16%

8

Team: Track Record in Exploration and Expansion

Exceptional track record with Tier 1

porphyries: Multiple discoveries Access to the international capital markets

and active M&A strategy: >C$65m3

Name (Positions) Board New1 Background/Bio

Te

ch

nic

al C

om

mit

tee

Peter Leaman

Senior Vice-President of Exploration

� � >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 and exploration programs resulting in multiple discoveries incl. Tier 1 Reko Diq Cu/Au porphyry with focus on copper-gold porphyries

John Holliday

Independent Technical Director and Chair of Technical Committee

�

� � >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 and CEO � � 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 and IBEX transaction disputes,, together with an active M&A strategy

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

Ad

vis

er Plus Minerals LLC,

Incl. Khashagerel Bat-Erdene and Imants Kavalieris

�

� 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

Bo

ard

(E

x-T

ec

hn

ica

l

Co

mm

itte

e)

Luke Leslie

Chairman/Shareholder

�

�

� Lead the formation of Kincora. A natural resource private equity investor with extensive capital markets, transaction and advisory experience ex Trafigura-Origo JV, UBS Investment Bank’s mining team and Accenture.

� Currently a Director of Shanta Gold (including responsible for M&A strategy), Moly World and Origo Advisors Limited

Duchintav Khojgor

Director/Shareholder � � Exec. Business Development and 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 Eric Zurrin

Independent Director � � 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

1. Technical Committee formed post the IBEX transaction – refer 14/11/16 release “Copper experts credited with multiple Tier 1 discoveries join Kincora’s team” 2. Luke appointed Non-Executive Chairman and John as Independent Technical Director on 1/2/17– refer “Kincora strengthens board with new Chairman and Technical Director”. 3. Includes Kincora new equity, debt and shares issued for M&A ex IBEX historic invested equity (>US$25m)

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

9

LEFT: Outcrop at Bayan Tal during first Technical Workshop field visit: MIDDLE: New identified outcrop with confirmed Devonian and fertile quartz monzodiorite at E TS post Workshop: and RIGHT: Mike at outcrop at new Red Well license (OT in background) during prospecting

Name (Positions) Background/Bio

Cameron McRae Advisory Board/shareholder (since 2014)

§  A prominent expat in the Mongolian mining sector and Exec. Chair of Terracom 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 and was in managerial role assisting with IBEX transaction transition. Founding President of INS Mongolia and Tarva Investment and Advisory.

Molor Erdenebat Head Geologist

§  >10 years of base metal exploration and mining experience including roles with Trafigura, Erdene Resource Development and Solomon Resources, in Mongolia and Africa

§  Applied Earth Science qualification at Tokyo Institute of Technology and Master of Science degree at Mongolian University of Science and Technology

Mike Woodbury Consultant Geologist

§  Successful geoscientist with a diverse and proven track record over >25 years. Extensive experience in Mongolia, particularly for copper porphyries in the Southern Gobi since 2011 with Anglo American, Teck and Forbes and Manhattan. being very familiar with the Kincora portfolio/area of interest.

§  Strong safety and team focus, with a Bachelor of Science (Hons) from the Australian National University

Tsolmon Amgaa Consultant Geologist (up until Feb’17)

§  >20 years in mineral exploration. In the field with Pursuit, Harrods Minerals, Batu Mining, amongst other juniors, and more recently with the majors Vale and Teck as Senior Geologist; and, as a researcher and lecturer with the School of Geology and Petroleum at the Mongolian University of Science and Technology (MUST). Working knowledge of the Mongolian copper belts and interpretation of their geological controls and models.

2 successful dispute resolutions and 3 M&A transactions in 4 years

Strong on-the-ground team and presence with mix of locals versus expats

Team: Track Record In-Country

10

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) Devonian

Historically drilled with grade: Multiple (T1 scale) drill ready targets

East TS (Tsagaan Suvarga Massif)

IBEX transaction 13615X, 17650X 240 TS PCD (<200m) Devonian

Refining multiple potential drill targets Analysis of geology/geophysics

Ulgii (Ulgii Massif)

IBEX transaction 14523X, 14876X 14877X, 15167X

368 OT PCD / gold Advancing potential targets Analysis of geology/geophysics

Subtotal 10 1,521

NE OT trend New application (IBEX) NE-026428 28 License application pending

Bayan Tal New application (IBEX) NE-027080 16 License application “approved” by “DP MRAM” with fee paid: Issuance of new license pending

Total 12 1,565

- Looking to drill test “Oyu Tolgoi” and “Tsagaan Suvarga” style Porphyry Copper Deposits (“PCD”) targets in 2017

- Systematically advancing a regional multi-target, multi-stage pipeline up the value curve

11

Targets: Large and high quality dataset

Background is historic State airborne magnetic data

Bayan Tal

Intrusive Complex

Tourmaline

Hills

Intrusive

Complex

Bronze

Fox

Intrusive

Complex

East

TS

Ulgii

Proposed Drilling

LEGEND

Proposed Drilling

12

Progress: Why does Age matter? - Age dating is common in mature districts as certain age systems are proven to be more prospective - The two development projects in the Southern Gobi are both Devonian, others are Carboniferous

Source: (LHS) Kincora Copper Ltd; (RHS) SolGold Plc (www.solgold.com.au)

- Both drill targets for Kincora in 2017* are Devonian age and analogous to the two development projects in the belt

70 Age of Deposit (M yr)

10

100

Mill

ion

Tonn

es

1000

10000

100000

60 50 40 30 20 10 0

Notes: * 2017 Kincora drill targets are subject to board approvals 1 Oyu Tolgoi and Kharmagtai included per orebody plus consolidated total resource; the later comparable to the South American porphyry deposit illustration. 2 Bronze Fox & Alpala are included for illustrative purposes only and are not JORC or NI 43-101 compliant resources. Bayan Tal & East TS are Devonian age targets yet to be drilled.

Age of Deposit (M yr) 400 380 360 340 320 300 280 260 240 220

10

100

1000

10000

100000

Mill

ion

Tonn

es

Oyu Tolgoi

Erdenet

Kharmagtai

Bronze Fox ‘Target’ 2

Tsagaan Suvarga

Bayan Tal target 2

East TS target .

Oyu Tolgoi 1

Kharmagtai 1

T 2

13

Progress: Right Rock Composition (and Age) - New analysis of age dating, whole rock geochemistry and magma fertility highlights a common suite between the open pit at TS, the high-grade underground deposits at OT and our East TS target - Our East TS target is fertile with comparable rocks to the two development projects in the belt

Oyu Tolgoi Kincora - 2016 Fertile Suite

Un-Fertile Suite

Kincora

Oyu Tolgoi Tsagaan Suvarga

Tsagaan Suvarga

156 Southern Gobi filtered samples incorporated into fertility discrimination diagrams (modified after Loucks 2014, includes Crane, D. and Kavalieris, I., Ms Tunalag, Blight et al, & Kincora)

14

“TS style” target: Tsagaan Suvarga Massif at East TS

365-370Ma

367Ma

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

–  TS SS open pit Sulphide 307Mt @ 0.54% Cu resource Oxide 21Mt @ 0.40% Cu

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

§  Interpreted setting: Carboniferous overlying fertile Late Devonian arc volcanics and pluton at shallow depth under cover with some outcrop newly identified in 2016

§  Proof of concept: mapping, age dating/ stratigraphy, petrology and fertility in 2016 support geological model

East TS a ‘brownfield’ “Tsagaan Suvarga” style open pit target

Cenozic cover Cretaceous cover Carboniferous volcanics Triassic volcanics Devonian pluton Quartz monzonite

Simplified Geology Age Dating Rock chip samples

TS SS Open Pit Mineralized occurrences

Age Dating

Potential outcrops

2016 Geologic Mapping

2016 Ground Magnetics

LEGEND

15

“TS style” target: Field work advancing geology before drilling

•  Favorable structural setting: Magnetics supports geology that East TS sits on the western margin of the TS Intrusive Complex

(TS SS open pit sitting on the eastern margin)

•  Open pit target: Mapping in 2016 identified

outcrop for the first time. Mapping, magnetics and remote sensing suggests proximity of bedrock under shallow cover

•  Scale: Geological mapping currently being extended to the south post positive magnetic results, better understanding existing weak

copper anomalies and areas of potential outcrop

•  Drilling: 2017 field season likely to see shallow drilling undercover to bedrock similar to Xanadu’s recent activities at Kharmagtai

Weak Cu anomaly - Leakage

from mineralized basement?

Newly identified Devonian

intrusion outcrops

Subcrop under shallow cover?

Objective of 2017 is to confirm TS open pit analogue with copper mineralization at East TS

Potential outcrops 2016 Geologic Mapping Quartz monzonite

Background 2016 Ground Magnetics LEGEND

16

“OT style” target: 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

17

� 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

(background interpreted ground magnetics)

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

Conglomerate Outcrop and downhole

LEGEND

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

IBEX trench

IBEX drilling

Advanced and complementary geology and geophysics

“OT style” target: Drill ready, historic grade

� Illustration of a drilling target subject to final review and number of holes dependent on board approval � The conglomerate is a key marker at OT, stratigraphically located above the mineralised quartz monzodiorite orebodies � The Devonian age conglomerate at BTIC is the only other confirmed similar stratigraphy to OT (publically known to date)

18

Pipeline: Advancing a portfolio of targets along the value curve

•  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, and/or traditional gold rich finger type porphyries

•  Shallow-moderate depth: Focus leading edge of half grabens and/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

•  Active exploration: Drop ground which doesn’t fit our target exploration profile

Geochron: incl. age dating/fertility/spectrometer/green rock studies; GMAG: ground magnetic surveys; IP: Induced Polarization surveys; Interp: interpretation

‘On the ground’ exploration across the dominant portfolio in a belt hosting world class deposits

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 GENERATION OF CORPORATE OPPORTUNITIES

?

IP Drop

?

?

?

?

2016 2017

?

?

?

19

Kincora proposition: Multiple value drivers

• Exploration and expansion strategy

• Team with a track record of success, skin the in the game and remuneration aligned with shareholders

• Exploration advancing multi-target, multi-stage pipeline up value curve

• Two drill ready targets analogies to the existing two large scale mines in belt to be tested in 2017

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

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

20

Appendix — Infrastructure: one of the world’s fastest developing regions

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

coal basin (incl. the major Erdenes Tavan Tolgoi (ETT) project) � Winterized “White Pearl” camp � Power lines recently installed within license area and 300

metres from camp � Southern IBEX licenses are located within the OT aquifer � Annual average temperature is 2ºC. Can work all year around

Sparsely populated, generally flat open desert, not at altitude and trucking distance to China

Oyu�Tolgoi�(copper�

gold)�Power�line�Proposed�rail�

220�km�90�km� 30�km�

Tsagaan�Suvarga�(copper�moly)�

“White�Pearl”�Camp�

�Bronze�Fox�

30/ 09/ 2014 2:39 pm558552.jpg 160× 160 pix els

Page 1 of 1http:/ / www.totaltravel.com/ images/ photos/ 187128/ 558552.jpg

Erdenes���������Tavan�Tolgoi�

(coal)�

Ukhaa�Khudag�(coal)�

30/ 09/ 2014 2:39 pm558552.jpg 160× 160 pix els

Page 1 of 1http:/ / www.totaltravel.com/ images/ photos/ 187128/ 558552.jpg

Metals deposits & mines Coal deposits & mines

30/ 09/ 2014 2:39 pm558552.jpg 160× 160 pixels

Page 1 of 1http:/ / www. totaltravel.com/ images/ photos/ 187128/ 558552.jpg

Proposed MAK airport loca on OT airport is opera onal

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

� Attractive exploration and mine development environment

21

§  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 All pricing and information as at Jan 31st, 2017

Discoveries result in multiples of return (through the cycle) Increasing signs of improving investor sentiment towards exploration and a new 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(4x,XanaduMines,Cu/Au,Mongolia);ERD (6x,ErdeneRes.,Au,Mongolia);CDB(14x,CordobaMin.,Cu/Au,Colombia);PNA(35x,PanAust,Cu/Au,Lao);MOD (8x,MODRes.,Cu/Ag,Botswana);GOR(13x,GoldRoad,Au,WA);SIR(69x,SiriusRes.,Ni,WA);SOLG(10x,SolGold,Cu/Au,Ecuador);IVN(7x,IvanhoeMines,Cu,DRC-multiassetcoybutre-ratinginpartreflectingnewdiscoveryatKamoa)

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 CDBPNA SIR MOD GOR SOLG IVN

-

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)

Appendix — Exploration: Greatest valuation creation stage in mining

22

Appendix — Top down: Position in the cycle/sector Lack of “new” copper opportunities in the sector – 2 excellent examples of new advanced exploration plays:

i. Return of competitive tension for potential Tier 1 projects illustrated in recent SolGold private placement & on-market

acquisition of shares

(AIM code: SOLG; >20x in 12mths; £600m market cap; US$33m raised Sep’16)

ii. HPX strategic investment in “post discovery” San Matias project with in Cordoba Minerals

(TSXV code: CDB; >14x post HPX investment; C$130m market cap)

� End of previous commodity cycle (12 mth resource sector % performance and outperformance with increasing liquidity and deal flow/financings)

� Exploration sector provides highest beta to new cycle (Coupled with >5 years declining exploration expenditure, declining discovery rates, record production/reserve depletion)

� Copper price has underperformed most industrial metals (Supply side surplus since 2011 driven by a handful of new projects - at peak- but facing declining grades/increasing capital intensity & production “shock” risk – eg Chile, Indonesia, DRC, Philippians etc)

� 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 technical risk) )

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

� Limited under-explored copper frontiers (relatively favorable jurisdiction risk - DRC, Philippines, PNG, Indonesia, Myanmar v Mongolia)

� Lack of industry players and exploration teams/portfolios (historically Kincora had >10 NDAs with industry players when owning only one license, now only Rio Tinto and TRQ left in Mongolia, but new entrants doing DD)

All pricing and information as at Feb 10th, 2017

23

Appendix — Strategic appeal: Dominant position

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

“

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 “

Bayan Tal

Blue square: same landmass size of Southern Gobi to Northern Chile (slide 24)

East TS

24

Appendix — Exploration potential: Analogous to Chile from >1970s

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

“With continued exploration there is excellent potential to discover new porphyry deposits … associated with the world-class OT mineralized trend”

Robert Friedland (Mar’11)

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

25

Appendix — Competing expansion strategies: Not alone in an increasingly active region

� 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

� New entrants again doing DD

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

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 “

Exploration activities

Today

Few Incumbents (but expanding portfolio and exploration)

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

Canadian Office

800 - 1199 West Hasting St Vancouver, BC V6E 3T5 Canada

+1 604 283 1722

www.kincoracopper.com

Sam Spring — President and 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