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Sam Spring, CEO and President of Kincora Copper | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 19, 2026

Summary

Guest CEO Sam Spring explains the prospect generator model — partners fund exploration drilling — which he argues cuts shareholder dilution while advancing projects.

Kincora is divesting its Mongolian assets to recycle capital into New South Wales, with Spring flagging transaction news ahead of the July symposium.

Spring credits geologists John Holliday and Peter Lehman, who have found tier-one copper-gold systems, with driving targeting and major-partner interest.

Two drill programs are underway — one partnered with Anglogold Ashanti, one at Condobolin — which Spring says will supply news flow through 2026.

A $7 million treasury and 25% insider ownership, with partners funding most drilling, underpin a roughly 45% free float.

Key points on Anglogold Ashanti

  • Kincora is currently drilling one of its New South Wales projects in partnership with AngloGold Ashanti, with Kincora operating and receiving a management fee — a source of continuing news flow through 2026.
  • Spring notes AngloGold, either itself previously or with current juniors, has spent over $20 million in that part of the belt, where Kincora sees hallmarks supporting new province and multiple-discovery potential.

Key points on Newmont

  • Spring cites Cadia — flagship asset of Newcrest before the company was acquired by Newmont — as evidence these belts host company-making mines, saying it was until recently Australia's largest gold mine with negative operating costs because of copper byproduct credits.

Rick Rule's takeaways

  • Top takeaway Rule uses the interview to promote the 2026 Natural Resources Investment Symposium (July 6-10, Boca Raton, Florida, or via livestream), arguing that sponsors own every exhibitor — which he presents as vetting — and that in 30 years of a money-back guarantee only about one-tenth of 1% of tuition has been refunded.
  • He discloses that he and Jeff Phillips requested a 12-month lockup on about 25% of Kincora's stock in the last North American financing, and presses Spring on insider ownership and the pending Mongolia transaction.

Sam Spring's takeaways

  • Top takeaway Spring's core argument is that the prospect generator model fixes the junior dilution problem: since the pivot in late 2014, partners have funded over 20,000 meters and $10 million-plus of drilling while Kincora collects management fees, and he aims to make it Australia's leading copper-gold prospect generator in New South Wales.
  • He expects news before the July 2026 conference on divesting the Mongolian assets — originally framed as a six-month exit strategy around the Bronze Fox project that has run since Kincora's formation — to recycle capital into New South Wales.
  • He argues majors are returning to growth and doing predominantly earning deals with juniors holding the right terrain, the setup Kincora targets in the Macquarie Arc as it looks for a globally significant copper-gold system rather than a marginal asset.
  • He points to drilling news flow through 2026 from two active programs (the AngloGold Ashanti partnership and the newly started Condobolin drill campaign) and says flagships Trundle and Fairhome are in advanced conversations to add further partners.
  • He stresses alignment: reporting insiders hold about 25% of the register, a family office with two New South Wales mining operations sits on the board, and roughly 25% of the stock is in a 12-month lockup from the last North American financing.

Jeff Phillips's takeaways

  • Top takeaway Spring credits Jeff Phillips, alongside Rick Rule, with requesting that about 25% of Kincora's shares be held in a 12-month lockup in the company's last North American financing — the video's only reference to Phillips.