Kincora Copper Ltd (TSX-V:KCC, ASX:KCC, OTC:BZDLF) advanced drilling across two New South Wales projects during the June 2026 quarter while progressing new exploration targets, partnership discussions and the divestment of its Mongolian assets, leaving the company with approximately A$12 million in cash.
The copper-gold explorer and hybrid project generator continued partner-funded drilling with AngloGold Ashanti at the Nevertire South project and completed 9 drill holes at its 100%-owned Condobolin project.
Kincora also progressed the sale of its Mongolian assets for total consideration of US$10 million, of which US$5 million has been received. A further US$5 million is expected on completion of the transaction.
President and chief executive officer Sam Spring said the quarter had advanced several parts of Kincora’s portfolio and strategy.
“We made strong progress during the quarter advancing our portfolio, with drilling across two projects, new targets generated through both traditional and AI-supported technical reviews, and a formal process now underway with potential new asset-level partners,” Spring said.
“With approximately A$12M in cash, further proceeds expected from the Mongolian divestment and multiple exploration catalysts ahead, Kincora is well positioned to systematically advance our NSW portfolio and pursue the next stage of our hybrid prospect generator strategy.”
Drilling advances across NSW portfolio
At Nevertire South, partner-funded drilling with AngloGold Ashanti (ASX:AGG) continued to test a prospective porphyry setting in the Northern Junee-Narromine Belt.
Meanwhile, Kincora completed 9 holes at the wholly owned Condobolin project, marking the first systematic drilling program at the historic mining field in more than a decade.
Results from the Condobolin program are pending.
Kincora also completed traditional geological reviews alongside AI-supported technical assessments across key NSW projects, generating and refining additional exploration targets.
Planning is underway for air-core drilling programs expected to be undertaken during the coming late spring and summer period.
New partners being sought
Kincora has started a formal process with potential new asset-level partners for its Trundle, Fairholme, Cowal East and Cundumbul projects.
The process forms part of the company’s hybrid project generator model, under which partner funding is used to advance earlier-stage or non-core projects while Kincora directs its own capital towards selected wholly owned assets.
Existing agreements have unlocked more than A$100 million in potential partner funding and supported more than 20,000 metres of drilling and more than A$10 million of partner-funded exploration since late 2024.
Further partnership discussions are continuing for Kincora’s remaining 100%-owned flagship and advanced-stage porphyry exploration projects.
Next steps
Near-term activity is expected to include receipt of assay results from Condobolin, continued exploration at Nevertire South and advancement of planned air-core drilling across the NSW portfolio.
Kincora will also continue discussions with prospective project partners and work towards completing the Mongolian asset divestment, which would trigger receipt of the remaining US$5 million consideration.
About Kincora Copper
Kincora Copper is an Australia-focused gold-copper explorer pursuing a hybrid project generator strategy.
Its portfolio includes district-scale landholdings and drill-ready targets in the Lachlan Fold Belt and the historic Condobolin mining field in the Cobar Basin of New South Wales, as well as assets in Mongolia’s Southern Gobi that are subject to the ongoing divestment transaction.
The company is currently advancing exploration at Nevertire South and Condobolin while using partnerships to fund work across other projects in its portfolio.