Kincora Copper Chess Depositary Interests 1:1 Shift in June 2026

Kincora Copper's June 2026 CDI Statement: What the Securities Movements Tell Investors

Kincora Copper Limited (ASX: KCC, TSX-V: KCC) has released its Appendix 4A – Statement of CDIs on issue for June 2026, confirming movements between its Australian CHESS Depositary Interests and Canadian common shares, and restating the volume of unquoted options and warrants on issue.

For investors, the update provides a clear view of how Kincora Copper Chess Depositary Interests 1:1 relate to the underlying capital structure across both exchanges. According to the filing dated 6 July 2026, the month saw a net transfer of 286,890 units from ASX-quoted CDIs into TSX-V listed common shares, with no indication of any new share issuance or change to the aggregate number of underlying securities.

What Is an Appendix 4A and Why It Matters for Dual-Listed Investors

The Appendix 4A is a monthly ASX compliance document for issuers that have CHESS Depositary Interests (CDIs) on issue. It sets out:

• How many CDIs exist at month-end
• How that number has changed compared with the previous month
• How many underlying securities exist that are not represented by CDIs, such as common shares, options and warrants

For Kincora Copper, which is incorporated in Canada and listed on both the ASX and the TSX Venture Exchange (TSX-V), the Appendix 4A is particularly relevant.

Kincora Copper Chess Depositary Interests 1:1 Structure

The filing confirms the key ratio:

• Security: KCC CHESS Depositary Interests
• CDI ratio: Kincora Copper Chess Depositary Interests 1:1 over common shares

This means each CDI traded on the ASX represents a one-for-one interest in a common share listed on the TSX-V. There is no embedded leverage or complex ratio.

For investors:

• Holding 1 KCC CDI on the ASX is economically equivalent to holding 1 KCC common share on the TSX-V.
• The Kincora Copper Chess Depositary Interests 1:1 arrangement simplifies valuation and supports direct comparison of prices between the two exchanges, subject to currency and liquidity differences.

Furthermore, understanding the Appendix 4A allows investors to see whether securities are shifting between CDIs and common shares and to monitor the volume of potential future dilution through options and warrants.

June 2026 Securities Snapshot: Key Movements Across ASX and TSX-V

The Appendix 4A reports the following headline figures for June 2026:

The filing attributes the net CDI reduction to:

Reason for change: Net transfers of securities between CDIs and common share as quoted / held on TSX-V exchange

In practice, this means 286,890 CDIs were converted into 286,890 TSX-V common shares. No new securities were created. The Kincora Copper Chess Depositary Interests 1:1 structure simply allowed holders to change the form in which they hold exposure to Kincora Copper.

Investor Implications of the June Transfer

From an investor perspective, several points are clear:

1. No new capital raised — The Appendix 4A does not record any increase in total underlying shares due to issuance. The net changes arise only from transfers between CDI form and directly held common shares.

2. ASX pool remains material — Even after the transfer, 21,276,427 CDIs remain quoted on ASX, indicating continued participation by Australian-based or ASX-focused investors.

3. TSX-V exposure slightly increased — The shift of approximately 287,000 units may reflect investors preferring to hold directly on the TSX-V, brokers or custodians rebalancing accounts, or liquidity, currency and settlement considerations.

4. Dual-listed mechanism operating as designed — The observed transfer is consistent with how a Kincora Copper Chess Depositary Interests 1:1 framework is expected to behave when holders move between markets.

Options and Warrants: Full Inventory of Potential Future Dilution

Alongside CDI and common share balances, the Appendix 4A lists all securities on issue over which CDIs have not been issued, namely warrants and options. These are unquoted on ASX but can be exercised into common shares.

The filing sets out the following instruments on issue at 30 June 2026:

All these figures are unchanged over the month, indicating no new options or warrants were issued and none were exercised or cancelled during June 2026.

Key Features of the Options and Warrants Profile

Several aspects are particularly relevant when assessing Kincora Copper's capital structure:

• Warrants (KCCAR) — Quantity: 13,176,333. These represent the largest single pool of potential future shares. The Appendix 4A does not specify the warrant exercise price or expiry in the body text, but their presence signals a sizeable contingent claim on future equity.

• Nearest-term options (KCCAQ) — Quantity: 1,549,439, expiry 19 December 2026, exercise price $0.75. With expiry in late 2026, their exercise likelihood will depend on the prevailing share price closer to that date.

• Largest option tranche (KCCAT) — Quantity: 2,771,903, expiry 7 July 2028, exercise price C$0.50. The long-dated nature of this series indicates a medium-term incentive or compensation structure, typical in junior resource companies.

• Long-dated options (KCCAW) — Quantity: 230,000, expiry 15 May 2031, exercise price C$0.95. These extend the potential dilution horizon out to 2031.

From a dilution perspective, investors often focus on the aggregate potential new shares if all instruments were exercised, the relation between exercise prices and the current or expected share price, and the timing of expiry and clustering of key dates. The Appendix 4A provides the factual basis for that analysis but does not comment on likely exercise outcomes.

Educational Section: Understanding CDIs, Dual Listings and Dilution

For newer investors or those less familiar with cross-border listings, several terms in the Appendix 4A benefit from clear explanation.

What Are CHESS Depositary Interests (CDIs)?

A CHESS Depositary Interest (CDI) is a form of security used on the ASX to allow trading in companies that are primarily listed or incorporated overseas. In this case, Kincora Copper is registered with an ARBN 645 457 763 and has its primary share register in Canada.

To facilitate trading in Australia, the ASX uses CDIs to represent beneficial ownership in the underlying Canadian common shares. The Kincora Copper Chess Depositary Interests 1:1 model means that for every 1 common share held in a depositary structure, 1 CDI is issued and quoted on the ASX under code KCC.

Holders of CDIs have economic rights similar to direct shareholders, including entitlement to dividends if declared, participation in corporate actions subject to CDI procedures, and exposure to share price movements. However, the legal holding structure differs, with a depositary nominee typically holding the underlying shares on trust.

How Does a CDI-to-Common Share Transfer Work?

The Appendix 4A records net transfers of securities between CDIs and common shares as quoted / held on TSX-V exchange. In practical terms:

1. A holder instructs their broker to convert their interests into TSX-V common shares.
2. The corresponding number of CDIs is cancelled on the ASX register.
3. An equal number of common shares is made available to the holder or their nominee on the Canadian register.

No extra shares are issued to the market. Consequently, the underlying pool of equity remains constant; only the location and form of holding changes.

What Are Options, Warrants and Dilution?

Option — A security that gives the holder the right, but not the obligation, to buy shares at a fixed exercise price before a set expiry date.

Warrant — Functionally similar to an option but usually issued by the company itself, often as part of a financing package.

Exercise price — The fixed price at which an option or warrant holder can buy a share. If the market price is above the exercise price, the instrument is said to be in the money and is more likely to be exercised.

Dilution — If options or warrants are exercised, new shares are created and issued, the total number of shares on issue increases, and each existing share then represents a smaller percentage of the company. Tracking the schedule of options and warrants, as disclosed in the Appendix 4A, helps investors estimate potential future increases in share count, possible inflows of cash, and the timing of events that might change the capital structure.

What the June 2026 Filing Suggests About Kincora Copper's Capital Structure

According to the June 2026 Appendix 4A, several structural observations can be made:

1. Stable total equity, shifting holding patterns — The only recorded movement is the net transfer of 286,890 units from CDIs to TSX-V common shares. No options or warrants changed in number, and no new CDIs were created beyond the prior pool.

2. ASX participation remains meaningful — With 21,276,427 CDIs on issue at month end, the ASX continues to host a sizeable portion of the register, and the Kincora Copper Chess Depositary Interests 1:1 structure continues to provide straightforward access for Australian-based investors.

3. Clear disclosure of potential dilution — The detailed breakdown of KCCAR warrants and each option series gives investors visibility of possible future share creation. As the nearest expiry is 19 December 2026 (KCCAQ), attention over the coming period may focus on how the share price compares with the $0.75 exercise price.

4. No additional listing application triggered — The form notes that if the number of CDIs exceeded prior listing fee coverage, the entity would be deemed to apply for quotation of the additional securities. With a net decrease in CDIs during June, that scenario does not arise in this period.

Key capital structure observation
"The June 2026 Appendix 4A confirms a modest shift of 286,890 units from ASX CDIs to TSX-V common shares against a stable base of options and warrants. The Kincora Copper Chess Depositary Interests 1:1 framework continues to function as intended, with no indication of new share issuance or incremental dilution in the month."

Why Investors May Keep Monitoring Kincora Copper's Filings

Although the June 2026 Appendix 4A is primarily administrative, it contributes to the broader information set that investors use to assess Kincora Copper:

• Dual-market access — The combination of TSX-V common shares and ASX CDIs allows different investor bases to gain exposure depending on geography, currency and preferred trading venue.

• Transparency of potential dilution — Regular disclosure of options and warrants helps equity holders factor potential future share count changes into valuation and position sizing.

• Context for future price and volume movements — Awareness of transfers between CDIs and common shares can provide context for changes in trading liquidity or shifts in where volumes are concentrated.

• Alignment with copper sector themes — Kincora Copper operates in the copper exploration space, a segment that remains closely watched due to copper's role in electrification and infrastructure investment. While the Appendix 4A does not address operations, it provides clarity on the equity base underpinning any future project or exploration updates.

For ongoing assessment, investors commonly review Appendix 4A statements alongside quarterly reports, drilling results and project updates to form a combined view of both operational progress and capital structure quality.

Glossary of Terms

Ready to Learn More About Kincora Copper's Dual-Listed Structure and Projects?

Investors looking to dig deeper into Kincora Copper's capital structure, dual-listed framework, and exploration projects can access the latest company updates, investor materials, and project information directly from the source. Whether you're assessing the Kincora Copper Chess Depositary Interests 1:1 arrangement, monitoring options and warrants schedules, or evaluating the company's broader copper exploration strategy, the full picture is available at the official Kincora Copper investor hub. Visit kincoracopper.com to stay informed on KCC's latest developments across both the ASX and TSX-V.