Kincora Copper has revised its earn-in and joint venture agreement with AngloGold Ashanti Australia, a subsidiary of AngloGold Ashanti, to expand exploration in the Northern Junee-Narromine Belt (NJNB) of the Macquarie Arc in central-west New South Wales, Australia. The amendment supports up to A$100 million in funding for a second joint venture targeting the Nyngan South, Nevertire South, and Mulla projects.

The agreement will cover the Nyngan South, Nevertire South and Mulla projects.

The NJNB is noted for its potential to host large-scale porphyry deposits, comparable to the prominent Cadia-Ridgeway deposit. The updated agreement, originally signed in May 2024, covers over 2,350 km² across five projects, spanning more than 100 km of continuous strike.

Under the revised terms, AngloGold Ashanti can earn a 70% interest in the new tenements by investing A$25 million over seven years in the first stage. It may increase its stake to 80% by completing a pre-feasibility study or contributing an additional A$25 million over three years in the second stage. Kincora will manage initial exploration, with both parties participating in an exploration management committee. Kincora also earns a 10% management fee on expenditures.

Exploration activities are progressing, with drilling underway at the Nyngan project, where a ground gravity survey and the 12th scout drilling hole were recently completed. Drilling at Nevertire and Nevertire South is set to begin soon and will continue into the third quarter of 2025.

“We are very pleased to broaden our partnership with AngloGold Ashanti. It comes as we continue to progress our ongoing exploration programme at the Nyngan project, with a ground gravity survey and hole 12 of the scout drilling programme recently completed,” said Peter Leaman, Kincora Copper’s VP of exploration, and John Holliday, technical committee chair.

AngloGold Ashanti has invested over A$14 million in the NJNB, reinforcing its commitment to early-stage exploration. Kincora’s project generator model has secured over A$110 million in potential partner funding for eight porphyry projects, involving partners like AngloGold Ashanti, Fleet Space Technologies, Earth AI, and Orbminco. This approach supports annual exploration budgets exceeding A$10 million, funded through management fees and partnerships.

The amended agreement, pending ministerial approval within six months, aligns with Kincora’s strategy to advance exploration while retaining shareholder value, potentially reaching milestones comparable to significant discoveries in other mining districts.