Kincora Copper (TSXV:KCC) - $100M Partner Funding Drives Multi-Target Porphyry Exploration in NSW

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Company Interviews

Crux Investor

2000 episodes

1 day ago

An insight into junior mining and opportunities to invest. Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster. Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.

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Kincora Copper (TSXV:KCC) - $100M Partner Funding Drives Multi-Target Porphyry Exploration in NSW

Company Interviews

36 minutes

2 weeks ago

Kincora Copper (TSXV:KCC) - $100M Partner Funding Drives Multi-Target Porphyry Exploration in NSW

Interview with Sam Spring, President and CEO, Kincora Copper

Our previous interview: https://www.cruxinvestor.com/posts/kincora-copper-tsxvkcc-project-generator-strategy-transforms-growth-path-6975

Recording date: 20th September 2025

Kincora Copper has successfully transformed from a traditional single-project explorer into a diversified project generator, backed by prominent resource investors Rick Rule and Jeff Phillips through a C$4 million financing with a 12-month hold period. Following a 10-for-1 share consolidation, the company now operates with only 43 million shares outstanding and less than 40% free float, creating one of the tighter capital structures in the junior mining space.

The strategic pivot emerged after the company invested over A$11 million and drilled 24,000 meters at its flagship Trundle project without achieving the share price movement or technical breakthrough needed to justify continued sole-funded exploration. President and CEO Sam Spring recognized that the traditional exploration approach risked exhausting capital before reaching discovery scale. The solution: partner projects while retaining meaningful equity stakes of 20-30%.

Since adopting the project generator model, Kincora has completed five deals unlocking approximately $100 million in partner funding commitments. The company has already deployed $6.5 million across 13,500 meters of drilling from Q4 2024 through Q2 2025, with seven different licenses scheduled for drilling over the coming year. Critically, Kincora operates two earning joint ventures and receives management fees, creating an income stream that approaches covering all corporate costs.

AngloGold Ashanti has emerged as the most active partner, planning approximately 11,000 meters of drilling across three projects in the Macquarie Arc, home to Australia's second-largest porphyry mine at Northparkes and Evolution Mining's flagship Cowal operation. The company has retained its two most advanced projects—Trundle and Fairholme—seeking optimal partnerships that preserve long-term value rather than simply accessing near-term drilling capital.

Additional opportunities include the Bronze Fox project in Mongolia, which offers near-term SX-EW copper production potential at current prices, and the Condobolin project in the consolidating Cobar Basin. Spring emphasizes the portfolio approach: "Any one disappointment isn't going to be a disaster to the share price, but any one big success will give you that multiple re-rating."

Learn more: https://www.cruxinvestor.com/companies/kincora-copper-limited