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, Jan. 12, 2022 /CNW/ - LIM Advisors Limited, along with LIM Asia Special Situations Master Fund Limited which it manages, as joint actor, (together, "LIM") announces that 5,574,000 share purchase warrants (the "Warrants") of Kincora Copper Limited ("Kincora") held by LIM Asia Special Situations Master Fund Limited have expired unexercised.

Prior to the expiry of the warrants, LIM exercised control over 19,209,940 Chess Depository Interests ("CDIs") over Shares of Kincora and 5,574,000 additional Shares issuable upon exercise of the Warrants. Based on those numbers LIM was deemed to have control over a total of 24,783,940 Shares, on a partially diluted basis, representing 19.62% of the issued and outstanding Shares on that basis. After expiry of the warrants, LIM has control over 19,209,940 Shares of Kincora representing approximately 15.91% of the issued and outstanding Shares.

LIM Asia Special Situations Master Fund Limited holds the CDIs and their 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 is the manager of the LIM Asia Special Situations Master Fund and therefore is deemed to have control over but not ownership of the CDIs, and their 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.

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

please contact Lawrence Brader, Director of Investor Relations and Marketing, of LIM Advisors Limited at [phone]