Kincora Copper executes agreements for Mongolian divestment

• Kincora has finalised share purchase agreements with Tumen Ail Coal to divest its entire Mongolian subsidiary portfolio.
• The agreement secures US$3.5 million due within five business days.
• The transaction is designed to improve the company's financial balance sheet while sharpening corporate focus on Australian exploration.

Kincora Copper (ASX:KCC) has executed definitive share purchase agreements to divest its wholly owned Mongolian subsidiaries for a total staged consideration of US$10 million.

The execution follows a previous transaction framework, building directly on the US$1.5 million option payment received by the explorer on May 19.

"The transaction materially strengthens Kincora's balance sheet, sharpens our focus on our Australian portfolio and unlocks the inherent value of one of our portfolio of projects," said Kincora President & CEO Sam Spring.

Kincora will receive a stage payment of US$5 million into an escrow account.

Following the announcement, the Kincora Copper share price was unchanged at $0.74.

The mining company originally established these Mongolian holdings to target large-scale copper-gold discoveries across the Southern Gobi porphyry belt.

The company will now direct its resources towards its multi-target drilling campaigns within the Macquarie Arc region of New South Wales.