Mongolia transitioned to democracy in the early 1990s after a peaceful revolution. It now has a multi-party parliamentary democracy with freedoms of religion, expression, and private property rights guaranteed in its constitution. Mongolia's economy depends heavily on its mineral and agricultural sectors as it continues developing a market economy after transitioning from Soviet control.

1. Welcome to Mongolia
An introduction from a longstanding exploration junior.
TSXV listed, Mongolian copper-gold exploration and development company (KCC.CN)
March 2019
The Tier 1 Oyu Tolgoi project across typical Southern Gobi terrain.

2. 2
Disclaimer
The data, analysis and views expressed in this presentation are based on information derived from Kincora Copper Ltd’s (“Kincora”) own internal and publicly available sources
that have not be independently verified. The document has been generated to assist present a more informed view of the environment Kincora and other juniors experience
operating in Mongolia, both risks and opportunities, and it is noted that previous experiences and particular groups views will differ from future experience and other groups
position, so while informative, this presentation should not be the basis or relied upon for an investment decisions.
This presentation contains certain forward-looking information and statements which may not be based on fact, including without limitation, statements regarding the Company’s
expectations in respect of its future financial position, business strategy, future exploration and production, mineral resource potential, exploration drilling, permitting, access to
capital and events or developments that the Company expects to take place in the future. All statements, other than statements of historical facts, are forward-looking
information and statements. The words “believe”, “expect”, “anticipate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will” and similar expressions
identify forward-looking information and statements.
In addition to the forward-looking information and statements noted above, this presentation includes those that relate to: the expected results of exploration activities; the
estimation of mineral resources; the ability to identify new mineral resources and convert mineral resources into mineral reserves; ability to raise additional capital and complete
future financings; capital expenditures and costs, including forecasted costs; the ability of the Company to comply with environmental, safety and other regulatory requirements;
future prices of base metals; and the ability of the Company to obtain all necessary approvals and permits in connection with the development of its projects.
Such forward-looking information and statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of
such information and statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could
cause actual results to differ materially from those projected in the forward-looking information and statements. Such factors include, but are not limited to, fluctuations in the
price of copper and other commodities, the inability of the Company to raise sufficient monies to carry out its business plan, changes in government legislation, taxation, controls,
regulations and political or economic developments in Mongolia, the accuracy of the Company’s current estimates of mineral resources and mineral grades, the accuracy of the
geology of the Company’s projects, risks associated with mining or development activities, including the ability to procure equipment and supplies, including, without limitation,
drill rigs, and the speculative nature of exploration and development, including the risk of obtaining necessary licenses and permits. Many of these uncertainties and
contingencies can affect the Company’s actual performance and could cause actual performance to differ materially from that expressed or implied in any forward-looking
information and statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking information and statements are not guarantees of future
performance. There can be no assurance that such information and statements will prove to be accurate and actual results and future events could differ materially from those
presented in such information and statements. Forward-looking information and statements are subject to a variety of risks and uncertainties which could cause actual events or
results to differ from those reflected in the forward-looking information and statements. Such risks include, but are not limited to, the volatility of the price of copper, uncertainty
of mineral resources, exploration potential, mineral grades and mineral recovery estimates, delays in exploration and development plans, insufficient capital to complete
development and exploration plans, risks inherent with mineral acquisitions, delays in obtaining government approvals or permits, financing of additional capital requirements,
commercial viability of mineral deposits, cost of exploration and development programs, risks associated with competition in the mining industry, risks associated with the ability
to retain key executives and personnel, title disputes and other claims, changes in governmental and environmental regulation that results in increased costs, cost of
environmental expenditures and potential environmental liabilities, accidents or labour disputes.
Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in
forward-looking information and statements. The Company disclaims any intention or obligation to update or revise any forward-looking information and statements whether as
a result of new information, future events or otherwise, except to the extent required by applicable laws.
Exploration target at West Kasulu, Bronze Fox: The potential quantity and grade ranges are conceptual in nature. There has been insufficient exploration to define a mineral
resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. For full disclaimers please refer to slide 29 of Kincora’s corporate
presentation – link: https://www.kincoracopper.com/media/downloads/presentations/corporate-presentation-1-10-2019.pdf
All information in this presentation is at close of business February 24th, 2019 and is in US$, unless otherwise stated.

3. 3
Mongolia
Underpinned by its rich mineral and agricultural endowments, and proximity to
Asia’s vast markets, Mongolia has a robust outlook for continued double digit
economic growth. This is subject to the continuation of a pro-investment
legislative environment, which will attract the multi-billion dollar foreign direct
investment required to realize this potential.
Mongolia is the world's most sparsely populated country, with just over 3 million people spread across an
area larger than Western Europe. In the 20th century, as a satellite state of the former Soviet Union,
Mongolia had a primarily agrarian and centrally planned economy. Following structural reforms and
privatization since the 1990s, it has emerged as a developing and peaceful democracy. Mongolia has
pursued a "third neighbor" policy which seeks to engage countries with similar views on human rights,
democracy and free markets, and seeks to expand trade, investment, development cooperation and foreign
policy contacts beyond its immediate neighbors, China and Russia.
The emergence of delivering its previously untapped natural resources to the international markets,
predominately China, has supported Mongolia becoming one of the fastest growing economies in the world,
with a relatively small absolute base (US$13 billion GDP 2018 or US$4029/capita v only US$450 in 2000).
Despite an estimated in-situ mineral endowment of >US$1trillion, Mongolia’s favorable geological potential
remains still largely unknown with limited modern exploration.
It is believed that there is significant potential for further Tier 1 copper and coal discoveries and operations
in the Southern Gobi region. This is illustrated by the Oyu Tolgoi and Erdenes Tavan Tolgoi projects, both of
which are within trucking distance of China.

4. 4
Freedom in the world—2019
Source: Freedom House
Mongolia

5. 5
Contents
6 Politics and democracy
9 Demographics
11 Economic snapshot
14 Mining sector
16 Oyu Tolgoi’s story
18 Exploration sector
19 Foreign listed players
20 Investment environment
21 Role of third neighbours/IFIs
Appendix
22 Raising FDI
24 Kincora’s story
25 Foreign listed players map
26 References and sources

6. 6
Politics and democracy
In 1206, Genghis Khan founded the Mongol
Empire, which became the largest contiguous
land empire in history. His grandson Kublai
Khan conquered China to establish the Yuan
dynasty.
In the 16th century, Tibetan Buddhism began
to spread in Mongolia, being further led by the
Manchu-founded Qing dynasty, which
absorbed the country in the 17th century.
After the collapse of the Qing dynasty in
1911, Mongolia declared independence, and
achieved independence from the Republic of
China in 1921. Shortly thereafter, the country
came under the control of the Soviet Union,
which had aided its independence from
China.
After the anti-Communist revolutions of 1989,
Mongolia conducted its own peaceful
democratic revolution in early 1990. This led
to a multi-party system and transition to a
market economy.
Edited - sourced from Wikipedia.
Country snapshot
1992 1996 2000 2004 2008 2012 2016 Current
Population (m) 2.2 2.3 2.4 2.5 2.7 2.9 3.1 3.2
GDP/capita (US$) 648 601 476 724 2,143 4,377 3,688 3,779
US$/MNT 40 543 1,076 1,185 1,166 1,359 2,145 2,631

7. 7
Politics and democracy
With democracy and free markets chosen Mongolia adopted its constitution in 1992, established a parliamentary democracy,
guaranteeing freedom of religion, rights, expression, unalienable rights and this has underpinned Mongolia becoming the
leading democracy in the region with significant improvement in key economic criteria (eg GDP/capita).
The economic transition was not easy and with significant dependence on mineral and agricultural sectors seeing inherent
cyclicality, with 6 IMF lead external financing packages since.
Parliament has 76 members elected by one-seat electoral districts to serve 4-year terms and the President is elected by
absolute majority vote through system to serve a 4-year term.
All transitions of government (ex-2008) and president have been orderly and peacefully.
Notable democratic milestones—Presidents
1990 1997 2005 2009 2017
Ochirbat P. (2 terms) Elbegdori Ts. (2 terms) Battulga Kh.
Bagabandi N. (2 terms) Enkhbayar N.
DP/Coalition. MPP

8. 8
Politics and democracy
Notable democratic milestones—State Great Hural (Parliament) elections
0
10
20
30
40
50
60
70
1992 1996 2000 2004 2008 2012 2016
MPP
DP/Coalition
Other
Prime Ministers
1992
Gungaadorj Sh.
1996 2000 2004 2008 2012 2016
Byambasuren D.
Jasrai P.
Enkhsaikhan M
Elbegdorj Ts.
Narantsatsralt J.
Tuya N.
Amarjargal R.
Enkhbayar N.
Elbegdorj Ts.
Enkhbold M.
Bayar S.
Batbold S.
Altankhukag N.
Terbishdagva D
Saikhanbileg Ch.
Erdenebat J.
Khürelsükh U.

9. 9
Demographics
 World’s 18th largest sovereign State, 1,564,116 km2
 Educated, young population with favorable demographics
 Relatively homogenous in terms of ethnicity, language, religion
and low crime rate
 Largest landlocked country that does not border a closed sea
 Ulaanbaatar (“UB”) is the world's coldest capital city (with Moscow,
Ottawa and Astana) and home to ~45% of Mongolia’s ~3.2 million
population
 ~30% of the population still nomadic or semi-nomadic
 ~4.5% living aboard; 144,566 Mongolians in 67 countries
 Poverty rate 29.6% in 2017 (from 38.8% in 2010)
 Average interest rate (2018) on personal loans at 18% pa and
15.5% pa for business loans
 Rapid and unsustainable growth in livestock head
 Significant mining culture, and being large employer with highest
median pay
Mining Professional
Services
National Average Agriculture,
Forestry and
Fishing
Average salary/wage

10. 10
Demographics
0
10
20
30
40
50
60
70
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
1990 1995 2000 2005 2010 2015 2017
ReportedLivestock(million)
Mongolia'spopulation(million)
Rural Urban non-UB Ulaanbaatar Livestock (RHS)
Significant shift to urbanisation and growth in livestock Mongolia enjoys a very young population
0%
20%
40%
60%
80%
100%
2000 2005 2010 2015 2017
Agedemographics
<20 20-30 30-40 40-50 50-60 60+
Improving trend for life expectancy
Mining and exploration sector:
significant employer and highest median pay
0
10
20
30
40
50
60
70
80
1990 1995 2000 2005 2010 2015 2017
LifeexpectancyandInfant
mortality
Male Female Infant mortality rate
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
2000 2004 2008 2012 2016
MiningshareofLabourForce
Labour Force Indirect Mining Direct Mining
Indirect Mining estimated with 4x multiplier

11. 11
Economic snapshot—key sectors
Mongolia was hit hard by the sharp
decline of commodity prices and
the slowdown in key export
markets. Efforts to mitigate these
shocks through expansionary
policies were unsuccessful and
resulted in unsustainable public
debt, falling international reserves,
and lower growth.”
IMG Executive Board Approves Financial Arrangement
for Mongolia (May 2017)
“ $1.2 Agricul, Forestry and Fishing
$2.5 Mining
$1.9 Industry, construction
$5.6 Services
GDP, Industrial Comp (US$bn) 2017
29% Coal
51% Copper
4% Goal
15% Other
State Budget Contribution 2011–2018
Mining
Non-mining
(77%)
$2.8 Coal (one basin/one market)
$2.0 Copper (two projects)
$0.7 Other mining
$1.5 Non-mining
Exports (US$bn) 2018
$1.5 billion Non-Mining, incl:
 $0.57 Tourism
 $0.39 Crude oil
 $0.25 Raw cashmere
 $0.16 Meat, meat products
$0.7 billion Other mining, incl:
 $0.34 Iron ore
 $0.20 Zinc/Lead
 $0.15 Gold
Source:
National Statistics Office, iKon.mn Ministry of Mining and Heavy Industry
1 Compound annual growth rate from 2007 – 2017, based on the World Bank
GDP data (current US$)
GDP growth >10% pa for the last decade
while foreign direct investment grew at
almost 15% pa1

12. 12
Economic snapshot—recent history
IMF – International Monetary Fund *OT – Oyu Tolgoi LLC
SEFIL – Strategic Entities Foreign Investment WFPT - Windfall Profits Tax
Sources: Mongolian Statistical Information Service; Mongol Bank; Industry data (including:
https://www.imf.org/external/np/fin/tad/extarr2.aspx?memberKey1=675&date1key=2017-08-31)
-5%
0%
5%
10%
15%
20%
25%
(500)
500
1,500
2,500
3,500
4,500
FDI GDP Growth
Asia Financial Crisis
SEFIL
Global Financial Crisis
WFPT Enacted
Exploration licenses moratorium
Ivanhoe Mines
Discovery of OT
FDI
US$m
OT Phase
2 resumes
OT Phase 2
halted
Minerals Law
Milestone
OT Investment
Agreement
IMF Facility
#
III
#
IV
#
V
#
VI
Four IMF facilities have been recently implemented covering ~1/2 of recent economic period; impacted by commodity/agri. cyclicality and
government influence on the private sector
% GDP
GrowthConstruction
OT Phase 1
& 2
Over reliance on handful of projects exposes commodity cycle, legislative and external shock risk

13. 13
Economic snapshot—recent history
Quantitative easing and maiden bond issuances, coupled with rapid
private sector debt, has resulted in unprecedented debt, and fueled
“one time” economic growth.
FDI lead investment now needed for return to sustainable growth, ensure debt profile management,
noting government policy issue of private sector v SoE FDI/investment.
0
2
4
6
8
10
12
14
0
20
40
60
80
100
120
140
10 11 12 13 14 15 16 17
GDPandFDI(US$billion)
ExternalDebt(US$billion)
Govt External Debt Private Sector Debt GDP FDI

14. 14
Mining sector— Driven by Erdenet,
then coal and Oyu Tolgoi
Heavily dependent on (existing)
large/long life projects
First production
Erdenet Mining Corp
(51% GoM/49% Private)
Copper-Molybdenum
Metallurgical/Thermal Coal
Copper-Gold-Silver-Molybdenum
1978
Erdene Tavan Tolgoi
(100% GoM/ proposed part IPO)
2011
Oyu Tolgoi LLC
(34% GoM/ 66% TRQ – controlled
by Rio Tinto)
2013
The Mongolian economy is heavily reliant on FDI, which is heavily
dependent on the mining sector; globally competitive legislation is
needed to win back FDI and build out development pipeline.
-1
0
1
2
3
4
5
6
7
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
US$(billion)
Mining FDI Non-Mining FDI
OT
OT
OT
OT
OT contribution to FDI
Source for Oyu Tolgoi
contribution to FDI disclosed
below, not available for all years
(at least, that we are aware of)
Oyu Tolgoi FDI sourced from - Mining Industry Discussion Feb’13
2018 FDI and Oyu Tolgoi $ from Subeedei Strategic Forecasts – 23rd Feb’19
OT

15. 15
Mining sector— Driven by Erdenet,
then coal and Oyu Tolgoi
The impact of OT Stage 1 and marginal coal
production is significant for the Mongolian economy
Coal prices back at/near previous highs (for how long) and risk of Chinese caps
to export volumes (per Dec’18?)?
0
1
2
3
4
5
6
7
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
MongolianExports(US$billion)
Non-mining Other Mining Erdenet OT Coal
Erdenet Copper has been a key contributor
the Mongolian economy since the 1980s.
Step change in export volumes from
Oyu Tolgoi open pit production
(stage 2 exports from the
underground to be >2.5x in volume).
Marginal nature of coal sector
evident by volatility of export
volumes and price.

16. 16
Oyu Tolgoi story
Discover/studies
Initial steps/recon
 Erdenet-Magma
 BHP acquired Magma
 BHP secures OT from State
 23 holes (3,789m) drilled
 After US$2m offers up OT
 Ivanhoe strikes deal in 2000
1980s 1990s 2001/02 2006 2009
Regional anomaly
‘Discovery’ hole
OTD150 SW Oyu
‘Discovery’ Hugo
OTD270
Investment
Agreement
Rio Tinto strategic
partnership
590m @ 1.1g/t Au and 0.8% Cu 638m @ 1.6% Cu
100x valuation uplift since Ivanhoe Mines
secured Oyu Tolgoi from BHP to Rio
Tinto’s initial investment 6 years later
 Commitment to drilling and technology driven by R Friedland
 Backing a world-class team
 2 phases of exploration success:
– Lower grade open pit: Oyu
– High grade underground: Hugo (Hugo and Hugo, then
Heruga)
 Estimated investment of up to US$900m

17. 17
Oyu Tolgoi story
Construction/production
One of a few new large scale copper mines
built in recent decades
Largest expansion project currently in the
mining industry (any commodity, any location)
Kincora keynote:
 R Friedland indirect shareholder via HPX
 P Leaman VP of Exploration (previously lead BHP Falcon JV)
 Key members of the ex-Ivanhoe team now KCC advisors
 C McRae chairman (previously President of OT)
Now
 Largest private sector employer
 17,000 at site (94% local)
 55,000 est. total direct/indirect
(>200,000 family members)
 Industry-leading safety track record
(best record Rio Tinto group 2017)
2013 2015 2019 2021
Commence open pit
production/exports
First underground
draw bell blasted
Project financing/restart
underground development
3rd largest
copper mine +
100-year mine
life potential

18. 18
Exploration sector
Released
Proposed
New Competitive
Tender ground
Exploration
Mining
Kincora
Existing Issued ground
Deposit
Valid mining and
exploration licenses
3,078
(2018.XII.31)
Valid licensed area size
8,7 mln.ha
(2018.XII.31)
Percent of total area in
Mongolia’s territory
5.5%
(2018.XII.31)
Why the focus?
 Driven by handful of emerging Tier 1 assets
 Recognition of very limited exploration but
very prospective geology
 Emerging discoveries in neighboring
jurisdictions sharing the same mineral belts
 (Previously) District scale land being
available and new land becoming available
(effective moratorium currently in place)
 On the doorstep/within trucking distance to
the largest consumer of both copper and
coal, China
 Relatively low barriers to entry from a
permitting and infrastructure perspective
– proven by the rapid and continued
emergence of OT and ETT - flat Gobi
 Sparsely populated
 Areas of advocacy focus: legislative stability;
amount of land available; age of land
available; system to issue new licenses; and
tax regime

19. 19
Noted foreign listed players
Name Ticker Exchange
Market cap
(US$m) Flagship asset(s) Mongolia since Stage
Turquoise Hill TRQ TSX/NYSE 4,282.4 Oyu Tolgoi 2000 Prod/construction
66% interest in Oyu Tolgoi, which commenced open pit operations in 2013 and post ramp up of the ongoing underground development
is forecast to be the 3rd largest copper mine in the world
Entrée ETG TSXV 73.3 Hugo North 2002 Construction
Entrée/Oyu Tolgoi JV has the characteristics of a royalty, with the benefits of a producer, with first production from the Hugo North
extension forecast from 2021
Xanadu XAM ASX/TSX 53.2 Kharmagtai 2005 PEA/Exploration
Strong exploration results continue to improve the economics of the proposed stage 1 open pit development of the Kharmagtai
copper-gold porphyry project
Kincora KCC TSXV 6.4 Bronze Fox/East TS 2011 Exploration
First modern systematic exploration across a dominant district landholding in the Southern Gobi copper belt, with "discovery" drilling
proposed this field season at two large scale projects
Steppe STOG TSX 23.7 ATO 2017 Construction
Advanced construction of the ATO gold project, with exploration upside from the Mungu discovery (adjacent to ATO) and UK project (in
South West Gobi)
Erdene ERD/ERDN TSX/MSE 27.2 Khundii 2002 Studies/Expl
Developing a new high-grade gold district underpinned by exciting regional and project specific exploration coupled with proposed
nearer-term production from a high grade open pit development of Bayan Khundii
Aspire AKM ASX 47.5 Ovoot 2010 Studies Develop
Fast tracking development scenarios of a high value washed premium “fat” coking coal from Ovoot, as its dedicated rail subsidiary,
Northern Railways, seeks larger scale and lower cost rail solutions
CopperporphyriesGoldCoal
See ‘Appendix – Noted Foreign Listed Players’ for location of respective projects
Foreign listed peer group that all have significant experience operating in Mongolia with demonstrated commitment to their
flagship projects.

20. 20
Investment Environment
Key sign posts for foreign
investors
Kincora Experience:
KCC lost 2 of its then 3 licenses as part of the 106-
license dispute, resulting in a C$7 million impairment
and sterilisation of West Kasulu target at Bronze Fox.
KCC played a leading role in the equitable resolution of
this dispute that was achieved via an amendment to the
Minerals Law as approved by Parliament.
KCC completed a transactional and tax precedent via
the 2016 merger with the IBEX entities with a pre-closing
audit and review prior to required Government approvals
and as a condition precedent for the transaction closing.
Windfall Profits Tax
Ratified and removed by Parliament
Oyu Tolgoi Investment Agreement
Ratified by Parliament, required to commence open pit construction
Other Tax Stabilization Agreements issued
Including Boroo development/production, Tsagaan Suvarga
development and others
Khan Resources International Arbitration, Award and Settlement
License revoked, international rule of law upheld via award and
Government settlement
106 exploration licenses revoked
Equitable resolution achieved, ratified by Parliament
Oyu Tolgoi Underground Development and Financing Plan
Commercial agreement between OT investors, facilitated restart of
underground development and completion of US$4.4b project financing
Erdenet 49% transaction
Mongolian courts upheld transaction in favor of private sector v
Mongolian state
IMF lead External Financing Package
Protection of Investment Agreements (removal sub-clause 11) and
structural legislative changes
Oyu Tolgoi 2018 taskforce and disputed tax bill
Unresolved – task force yet to report/tax bill discussion between OT
investors
2017 Budget Corporate Income Tax changes
Unresolved – consultation with Business Community ongoing and
changes proposed
2006–09
Various
2009–15
2013–15
2016–18
2017–20
Positive precedents since last
commodity cycle:
i. International standard
investment agreements
ii. Security of tenure and sanctity
of contract upheld

21. 21
Role of third neighbours, IFIs and
business counsels
 Support to broaden and expand a high quality natural resource sector,
encouraging the platform to diversify and grow the economy, and
realize a sustained improved standards of living
 Strong representation from “Third Neighbor” free market
ambassadors, trade offices and investment from associated
agencies
 Significant invested capital and support from International Financing
Institutions (IFIs)
 Multiple Business Associations and NGOs
 Increasing recognition of aligned public and private sector advocacy
for improved legislation and global completeness
 Trade dependence with landlocked “super power” neighbors
 New Silk Road and strategic position to Asia’s vast markets
 Well positioned for changing economic and demographic balance

22. 22
Appendix—Raising FDI
Oyu Tolgoi Stage 2 restart - Catalyst for subsequent public/private sector capital
Oct’17 – 7x oversubscribed international Government of Mongolia bond
US$800m @ 5.6% for 5.5 years
1/3/17, 5(31 pmIMF Reaches Staff- Level Agreement with Mongolia on Three-Year Extended Fund Facility
INTERNATIONAL MONETARY FUND
SHARE:
IMF Reaches Staff-Level Agreement with
Mongolia on Three-Year Extended Fund
Facility
Mongolian
(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf)
February 19, 2017
End- of- Mission press releases include statements of IMF staff teams that convey preliminary
findings after a visit to a country. The views expressed in this statement are those of the IMF
staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the
preliminary findings of this mission, staff will prepare a report that, subject to management
approval, will be presented to the IMF's Executive Board for discussion and decision.
The Mongolian government and the IMF team reached staff- level agreement on an economic and
financial program to be supported by a three- year EFF for about $440 million.
The IMF financial assistance will help catalize up to $3 billion in budget and project support, and
China is expected to extend RMB 15 billion swap line.
The government’s economic program intends to restore economic stability and debt sustainability,
and will facilitate strong, sustainable and inclusive growth, while protecting the most vulnerable.
A staff team of the International Monetary Fund (IMF) led by Koshy Mathai visited Ulaanbaatar during
February 1- 19 to continue discussions with the Mongolian authorities on a set of economic policies
that could be supported by IMF financial assistance. At the end of the visit, Mr. Mathai made the
following statement:
PRESSRELEASENO.PR17/54
Feb’17 – “Total External Financing Package (EFP) will be around US$5.5 billion”
IMF lead with Mongolian Government
May’16 – “Approval of a US$5.3 billion investment” for underground development of
Oyu Tolgoi - Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC
Draw down of US$4.4 billion project financing facility
1/3/17, 5(31 pmIMF Reaches Staff- Level Agreement with Mongolia on Three-Year Extended Fund Facility
INTERNATIONAL MONETARY FUND
SHARE:
IMF Reaches Staff-Level Agreement with
Mongolia on Three-Year Extended Fund
Facility
Mongolian
(http://www.imf.org/external/lang/mongolian/np/sec/pr/2017/pr1754m.pdf)
February 19, 2017
End- of- Mission press releases include statements of IMF staff teams that convey preliminary
findings after a visit to a country. The views expressed in this statement are those of the IMF
staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the
preliminary findings of this mission, staff will prepare a report that, subject to management
approval, will be presented to the IMF's Executive Board for discussion and decision.
The Mongolian government and the IMF team reached staff- level agreement on an economic and
financial program to be supported by a three- year EFF for about $440 million.
The IMF financial assistance will help catalize up to $3 billion in budget and project support, and
China is expected to extend RMB 15 billion swap line.
The government’s economic program intends to restore economic stability and debt sustainability,
and will facilitate strong, sustainable and inclusive growth, while protecting the most vulnerable.
A staff team of the International Monetary Fund (IMF) led by Koshy Mathai visited Ulaanbaatar during
February 1- 19 to continue discussions with the Mongolian authorities on a set of economic policies
that could be supported by IMF financial assistance. At the end of the visit, Mr. Mathai made the
following statement:
“The Mongolian government and the IMF team have reached staff- level agreement on an economic
and financial program to be supported by a three- year Extended Fund Facility (EFF) for SDR 314.505
million (435 percent of quota), or about $440 million. Other international partners also plan to support
the government’s program: the Asian Development Bank (ADB), World Bank, and bilateral partners
including Japan and Korea are together expected to provide up to $3 billion in budget and project
support; and the People’s Bank of China is expected to extend its RMB 15 billion swap line with the
Bank of Mongolia for at least another three years.
“The total external financing package will thus be around $5.5 billion and will support the authorities’
“Economic Stabilization Program,” which intends to restore economic stability and debt sustainability
as well as to create the conditions for strong, sustainable, and inclusive growth, while protecting the
most vulnerable citizens.
“This agreement is subject to the confirmation of financing assurances, the completion of prior
actions by the authorities, and the approval of the IMF Executive Board. The Board is expected to
PRESSRELEASENO.PR17/54
May’17 – Protection of existing Investment Agreements (removal of sub-clause 11)
Delay in IMF approval of EFP until Parliament legislation confirms investor agreements
Oyu Tolgoi Stage 2 - largest
expansion project globally and
largest project finance in industry
history
 IMF lead US$5.5 billion financing
package (till 2020) and protection
of investment agreements
 Listed juniors illustrating
geological potential: >$165m
raised since OT Stage 2
recommenced

23. 23
Appendix—Raising FDI
August 2018 Aspire Mining $15m financing package
June 2018 Kincora Copper $2.6m secondary overhangs crossed
June 2018 Xanadu Mines $10m placemen
June 2018 Erdene Res $4.1m placement and dual list $1.4m on Mongolian Stock Market
May 2018 Steppe Gold $25m TSX IPO, having raised US$34.8m privately
November 2017 Aspire Mining $16.5m rights issue
September 2017 Xanadu Mines $15.4m placement
August/September 2017 Kincora Copper $5.9m two tranche placement ($1.4m with EBRD)
March 2017 Erdene Res $0.5m non-brokered placement (Teck Resources)
February 2017 Erdene Res $13.8m bought deal financing
January 2017 Entrée Gold $7.6m equity offering
December 2016 Kincora Copper $0.5m placement
June 2016 Xanadu Mines $12.2m placement
April/June 2016 Erdene Res $2.5m royalty placement (Sandstorm)/ $0.5m Teck placement
Oyu Tolgoi Stage 2 restart - Catalyst for subsequent public/private sector capital

24. 24
Appendix—Kincora’s story
Industry leading team undertaking the first modern systematic district scale exploration
Valuation
parameters
Keymilestones
Kincora
formed
Bronze Fox
Consolidated
106
Dispute
IBEX merger
closes
Funding for new
Technical Team
Governance issues/
Overhand resolved
Unimpeded
exploration
2011 2012 2013–16 2016 2017 2018 2019
 Hole F62: > 37m @ >1%
CuEq within 800m @ 0.4%
CuEq
 Offer for KCC, period of
exclusivity, 14 NDAs
 Bottom of cycle (AA and
Teck exit Mongolia/
copper <$2/lb)
 KCC consolidated belt
via IBEX merger
 New Technical
Team/Targets
 C$5.9m raising
(2 new instos)
 Phase 1
exploration
 3 of 5 board turned over
 2 overhangs crossed:
new 28% shareholder
 Large exploration target
for Bronze Fox
Tier 1 ‘discover’ drilling
Bronze Fox
i. West West Kasulu includes:
– 37m 1% CuEq within 800m
@ 0.4% CuEq*
– Exploration target: 1.3–
1.5Mt CuEq metal*
ii. West Extension (Southern)
East Tsagaan Suvarga
(East TS)
iii. Multiple Tier 1 scale (‘Hugo’
type) brownfield targets
Marketcap(C$m)
Explorationsuccess
$20m
$40m
2012 2013–16 2016 2017 2018 2019
Further information on Kincora
Corporate presentation:
www.kincoracopper.com/investors/presentations
Corporate strategy overview:
www.kincoracopper.com/about-us/corporate-
strategy
Exploration strategy 2019:
www.kincoracopper.com/about-us/exploration-
strategy-2019
* Refer to notes Disclaimer slide 2

25. 25
Appendix—noted foreign listed players
Turquoise Hill www.turquoisehill.com
Entrée www.entreeresourcesltd.com
Xanadu www.xanadumines.com
Kincora www.kincoracopper.com
Steppe http://steppegold.com
Erdene www.erdene.com
Aspire https://aspiremininglimited.com
!!^
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1
SteppeGoldLimited- Mongolia’sNext GoldandSilver Producer
Precious Metals Company
INITIAL PUBLIC OFFERING PRESENTATION
MONGOLIA’SNEXT
March16, 2018
Anamendedandrestatedpreliminaryprospectuscontainingimportant informationrelatingtothesecuritiesdescribedinthisdocument hasbeenfile d wi th the securi ties regul at ory authoritiesineach
of theprovincesof Canada,except for Quebec.Acopyof thepreliminaryprospectus,andanyamendment,isrequiredtobedeliveredwiththisdocument.Thepreliminaryprospectusisstill subject to
completion.Therewill not beanysaleor anyacceptanceof anoffer tobuythesecuritiesuntil areceipt for thefin
a
l prosp ectushasbeenissued.Thisdocument doesnot providefull disclosureof all
material factsrelatingtothesecuritiesoffered.Investorsshouldreadthepreliminaryprospectus,thefin
a
l prospect us an danyamendment for disclosureof thosefacts,especiallyriskfactorsrelatingto
thesecuritiesoffered,beforemakinganinvestment decision.
1
SteppeGoldLimited- Mongolia’sNext GoldandSilver Producer
PreciousMetalsCompany
INITIAL PUBLIC OFFERING PRESENTATION
MONGOLIA’SNEXT
March16, 2018
Anamendedandrestatedpreliminaryprospectuscontainingimportant informationrelatingtothesecuritiesdescribedinthisdocument hasbeenfile d wi th the secur ities regul at or y authoritiesineach
of theprovincesof Canada,except for Quebec.Acopyof thepreliminaryprospectus,andanyamendment,isrequiredtobedeliveredwiththisdocument.Thepreliminaryprospectusisstill subject to
completion.Therewill not beanysaleor anyacceptanceof anoffer tobuythesecuritiesuntil areceipt for thefin
a
l prosp ectushasbeenissued.Thisdocument doesnot providefull disclosureof all
material factsrelatingtothesecuritiesoffered.Investorsshouldreadthepreliminaryprospectus,thefin
a
l prospectus an danyamendment for disclosureof thosefacts,especiallyriskfactorsrelatingto
thesecuritiesoffered,beforemakinganinvestment decision.
Private and/or SoE
Strategic Deposits
Tsagaan
Suvarga –
Private
Strategic
Deposit

26. 26
Appendix—useful references (and sources)
Wikipedia: https://en.wikipedia.org/wiki/Mongolia
National Statistics Office (NSO): http://1212.mn
- incl. “Yearbook”: http://1212.mn/BookLibrary.aspx?category=007
Business Counsel of Mongolia (BCM): http://bcmongolia.org
Government of Mongolia (GoM): http://zasag.mn/en/
Ministry of Mining & Heavy Industry (MoMHI): http://www.mmhi.gov.mn
Mineral Resource and Petroleum Authority (MRPAM): https://mrpam.gov.mn
- incl. “Statistical Information”: https://mrpam.gov.mn/article/131/
Embassy of Canada to Mongolia: https://www.canadainternational.gc.ca/mongolia-mongolie/
- incl. trade: https://www.tradecommissioner.gc.ca/mongolia-mongolie/index.aspx?lang=eng
Australian Embassy Mongolia: https://mongolia.embassy.gov.au
- incl. trade: https://dfat.gov.au/geo/mongolia/Pages/mongolia-country-brief.aspx
U.S. Embassy in Mongolia: https://mn.usembassy.gov

27. 27
Appendix—useful references (and sources)
News Services / Market Intelligence
Cover Mongolia: https://www.covermongolia.com
Jargal DeFacto: http://jargaldefacto.com
Mongolia Business Database: www.mongolianbusinessdatabase.com
Monstame: www.montsame.mn
News.Mn: https://news.mn/en/
Key Documents
Rio Tinto: Oyu Tolgoi “Past, present, and future”
www.riotinto.com/documents/RT_Oyu_Tolgoi_Past_Present_and_Future_EN.pdf
World Bank Group: Doing Business in Mongolia 2019
www.doingbusiness.org/content/dam/doingBusiness/country/m/mongolia/MNG.pdf
World Bank Group: Investment Reform Map for Mongolia (Jun’18)
https://www.ifc.org/wps/wcm/connect/f2a8f76b-16cf-4a63-a1ee-ffcd35f31d78/Mongolia+Investment+Reform+Map+2018.pdf?MOD=AJPERES
Canada-Mongolia Foreign Investment Promotion & Protection Agreement https://www.canada.ca/en/global-
affairs/news/2017/03/canada-mongolia_investmentagreemententersintoforce.html
U.S. Department of State: Investment Climate Statements for 2018
https://www.state.gov/e/eb/rls/othr/ics/investmentclimatestatements/index.htm?year=2018&dlid=281519#wrapper

28. www.kincoracopper.com
Sam Spring — President and CEO
+61431 329 345
enquiries@kincoracopper.com
Mongolian Office
Khasvuu Building, 3rd Floor Peace Avenue,
Transporter’s St, Ulaanbaatar 14210
+976 701 0095
Contact
www.kincoracopper.com
@KincoraCopper
Kincora Copper Limited
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