Early Warning News Release Regarding the Ownership of Securities of Kincora Copper Limited By LIM Advisors Limited and LIM Asia Special Situations Master Fund Limited

HONG KONG, March 30, 2021 /CNW/ - LIM Advisors Limited, along with LIM Asia Special Situations Master Fund Limited, as joint actor, is pleased to announce that it has acquired ownership and control of 7,000,000 CHESS Depositary Interests ("CDIs") over fully paid ordinary shares ("Shares") in the capital of Kincora Copper Limited (the "Kincora") by participating in a prospectus offering by the issue of CDIs over fully paid ordinary Shares in the capital of Kincora, the closing of which occurred on March 30, 2021 (the "Offering"). The CDIs will be issued at a ratio of 1 CDI for 1 Share.

Prior to the offering  LIM Advisors was deemed to have control over a total of 17,780,000 Shares outstanding on a partially diluted basis, which represented 25.63% of the issued and outstanding Shares on that basis. Prior to the closing of the Offering, LIM Advisors initially controlled 12,210,000 Shares of Kincora, which represented 17.26% of the issued and outstanding Shares. The acquisition of the CDIs, assuming completion of the anticipated conversion into Shares, increases LIM Advisors Limited's position in the Shares of Kincora by 7,000,000. LIM Advisors Limited now has control over approximately 19.62% of the presently issued and outstanding Shares on a partially diluted basis (after giving effect to the Offering and assuming completion of the anticipated conversion of CDIs to Shares).

The CDIs were acquired for an aggregate purchase price of A$1,400,000 being A$0.20 per CDI.

LIM Asia Special Situations Master Fund Limited has acquired the CDIs, and the underlying Shares, for investment purposes, and may acquire further securities of Kincora, or dispose of securities of Kincora, both as investment conditions warrant. LIM Advisors Limited has control over but not ownership of the CDIs, and the underlying Shares, and provides investment management services to LIM Asia Special Situations Master Fund Limited, which has ownership of the securities of Kincora.

Kincora's head office address is Suite 800, 1199 West Hastings Street, Vancouver, BC V6E 3T5 Canada. Kincora's Shares are listed on the TSX Venture Exchange.   

LIM Advisors Limited's office address is 19/F, Ruttonjee House, 11 Duddell Street, Central, Hong Kong and its principal business is investment management.

SOURCE LIM Advisors Limited

George W. Long, Chairman and Chief Investment Officer of LIM Advisors Limited, at [phone].