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Kincora Copper, AngloGold sign expanded exploration deal

Kincora Copper and AngloGold Ashanti have signed a significant amendment to their Earn-in and Joint Venture Agreement. This is the second joint venture in the Northern Junee-Narromine Belt of the Macquarie Arc, with total expenditures of up to $100 million.

The agreement broadens their existing partnership to now include five contiguous projects in the Northern Junee-Narromine Belt (NJNB) of the Macquarie Arc in Central West New South Wales (NSW), Australia—one of the world’s premier porphyry copper-gold belts.

Under the revised terms, AngloGold Ashanti can earn a 70% interest by spending $25 million on exploration over seven years, with an option to increase its stake to 80% by completing a pre-feasibility study or investing an additional $25 million. Kincora will remain the operator of the projects and earn a 10% management fee on all exploration expenditures that support the company’s ambition to become self-funded through third-party financing.

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The updated agreement covers Nyngan South, Nevertire South, and Mulla projects, supplementing the existing Nyngan and Nevertire licences. Combined, these projects span a continuous 100km strike zone, offering vast potential in a largely unexplored section of the Macquarie Arc. The region has long been recognised for hosting world-class deposits such as Cadia, Cowal, and Northparkes.

Drilling activity at the Nyngan project is already underway, with twelve scout holes completed and results from the first phase encouraging further exploration. Preparations are in progress for drilling at Nevertire and Nevertire South, where geological indicators—such as alteration patterns and mineralisation—suggest strong potential for large-scale copper-gold porphyry systems.

Kincora’s technical director, John Holliday, a key figure in the discovery of the Cadia and Marsden deposits, has backed the area’s geological promise, noting its similarities to other Tier 1 assets.

In total, Kincora has unlocked over $110 million in potential asset-level funding across its project portfolio, including partnerships with innovative exploration companies like Fleet Space Technologies and Earth AI. This project generator model aligns with Kincora’s strategy to build a diversified pipeline of high-value exploration opportunities while managing financial risk.

John Holliday, Technical Committee chair, and Peter Leaman, VP of Exploration, said they are very pleased to broaden their partnership with AngloGold Ashanti. “This agreement allows us to ramp up exploration across what we view as one of the most prospective and underexplored porphyry regions in Australia. Our ambition is to establish a self-sustaining business model based on management fees and third-party funding, and this deal brings us another step closer to that goal,” they said.

With an expanded footprint and a world-class partner in AngloGold Ashanti, Kincora is now positioned to advance a district-scale portfolio across the NJNB. The upcoming exploration campaigns are expected to deliver a steady stream of news flow through 2025 and potentially unlock new copper-gold discoveries in a globally significant mineral province.