True North Copper is advancing two complementary copper projects in Queensland's Mt Isa district, headlined by the fast growing Aquila discovery at Mt Oxide and a resource base at Cloncurry moving toward development. Recent high grade drilling has extended the district scale opportunity at depth and along strike, with a resource update, a scoping study and further drilling all landing in the months ahead.
True North Copper Limited (ASX:TNC)
TNC
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.370
per share
Offer Size
A$15,000,000
Offer Details
Issue Price (Per Share)
A$0.370
Offer Size
A$15,000,000
Shares Available
40,540,540
A$15m two-tranche placement, with the ability to accept overs.
Discount
- 14% discount to last close price
- 13.1% discount to 5 day VWAP
- 10.4% discount to 10 day VWAP
Documents & Downloads
Company Overview
True North Copper Limited is advancing two complementary projects in the Mt Isa Inlier of Northwest Queensland, a tier one Australian copper province. The Mt Oxide Project is an emerging district scale copper-cobalt-silver sulphide system centred on the Vero deposit, with the Aquila discovery extending the mineralised corridor along a broader 10km+ strike and positioning it as an analogue to the nearby Capricorn Copper operation 25km along strike. The Cloncurry Copper Project is based around the historic Great Australia Mine complex near Cloncurry, where resources sit on granted mining leases close to existing processing infrastructure, with a prefeasibility study and reserve underway.
The company is backed by Tembo Capital as its largest shareholder, alongside Regal Funds Management, Glencore Australia and Nebari Natural Resources.
Investment Highlights
- Mt Oxide Project is a 10km+ district scale copper-cobalt-silver sulphide corridor, positioned as an analogue to the Capricorn Copper operation 25km along strike
- Vero deposit is a JORC resource of 15.03Mt @ 1.45% Cu, 5.13Moz Ag and 21kt Co (220kt contained copper), underpinned by historical high grade intersections:
- 66.5m @ 4.95% Cu+Ag+Co
- 69.95m @ 1.91% Cu+Ag+Co
- 26.2m @ 4.45% Cu+Ag+Co
- Aquila discovery continues to deliver strong results, including:
- 59m @ 1.77% Cu+Ag+Co
- 145m @ 0.75% Cu+Ag+Co
- 30m @ 2.45% Cu+Ag+Co
- August 2026 drilling extended high grade mineralisation at Aquila a further 100m to 300m depth and remains open, headlined by 130m @ 0.67% Cu, including 16m @ 3.67% Cu and 6m @ 5.70% Cu
- Beyond Aquila, parallel mineralised systems are emerging across the broader 10km+ strike, pointing to further district growth
- Cloncurry Copper Project resource was updated in August 2026 (including the Wynberg gold-copper deposit) to 17.8Mt @ 0.73% Cu and 152koz Au, sitting on granted mining leases close to existing processing infrastructure
- PFS and ore reserve for Cloncurry due Q4 2026, alongside multiple regional targets and potential consolidation opportunities across the district, including ground seen as analogous to the nearby Ernest Henry operation
Use of Funds
- Mt Oxide deferred acquisition consideration
- Mt Oxide exploration and resource drilling
- Cloncurry PFS & reserve
- Permitting costs, corporate and other working capital.
Disclaimer
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