The Conversation (0)
February 06, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has now met all Tranche 1 conditions precedent of the senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1.
Key details of the Tranche 1 funding include1:
- Drawdown of Tranche 1 of the Loan Facility, which is USD18 million, is scheduled for this Friday, 9 February 2024.
- As a part of the Tranche 1 facility the following will be replaced and repaid, with settlement agreed between all relevant parties for Friday, 9 February 2024:
- Cloncurry Rehabilitation Bond: approximately A$13.47 million to be held on term deposit paying approximately 5% per annum interest, with bank guarantees to be issued to satisfy the Company’s obligations with respect to rehabilitation bonding requirements; and
- Dyda Property Management short term working capital loan: approximately A$5.32 million repaid in full.
- Settlement is managed by TNC’s legal representation across this matter, which includes law firms Holding Redlich & Steinepreis Paganin.
Please refer to TNC ASX Announcement, 31 January 2024 TNC secures A$42million funding for full details of the Loan Facility and its terms.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
We have now met all conditions precedent associated with Tranche 1 of our loan facility with Nebari. This achievement clears the way for the first drawdown of USD18 million, which is scheduled for this Friday, 9 February 2024.
We are looking forward to partnering with Nebari as we bring our Cloncurry Copper Project into production.
We are incredibly proud to be working alongside international top-tier funding partners like Nebari and Tembo Capital and our toll processing and offtake partner Glencore International AG, who are all global leaders in their field. Their expertise and support have been crucial in our development and demonstrate what I believe is a strong vote of confidence in our Cloncurry Copper Project and its potential.
We’re excited about restarting mining at the Cloncurry Copper Project, at a juncture when the global market is facing a looming copper supply gap.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TNC:AU
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
11 October 2024
True North Copper
On the path to becoming Australia’s next responsible copper producer
On the path to becoming Australia’s next responsible copper producer Keep Reading...
24 June
Anglo American, Codelco Finalize Deal to Merge Adjacent Copper Mines
Anglo American (LSE:AAL,OTCQX:NGLOY) and Codelco have finalized an agreement to merge the mine plans for their adjacent Los Bronces and Andina copper operations in Chile.The transaction follows a preliminary agreement signed in September 2025; the firms have now cleared all remaining antitrust... Keep Reading...
24 June
Nine Mile Metals Announces Completion of DDH WD-26-01, Intersecting 129.72 Meters of Visual Mineralization and Identifies Two Massive Sulphide Zones
Nine Mile Metals LTD. (CSE: NINE,OTC:VMSXF) (OTCID: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile"), is pleased to announce that DDH WD-26-01 has been completed, logged, measured and 2 massive sulphide zones have been identified, including the new zone at depth, as in DDH WD-26-02.DDH WD-26-01... Keep Reading...
22 June
5 Best-performing Copper Stocks on the TSX in 2026
Copper stocks are being supported by an increasingly constrained supply environment in 2026 that has led to record-high copper prices.Copper prices began rising last year due to supply-and-demand dynamics, as disruptions at major mines pushed the market out of balance.While those mine... Keep Reading...
18 June
Infographic: By-Product Credits Mask True Costs of Copper Mining
A widening two-dollar spread between the world’s cheapest and most expensive copper producers is exposing a growing vulnerability in the global supply chain. According to data by Mining Visuals, mining companies are failing to contain their core operational expenses, relying instead on high... Keep Reading...
18 June
Former DHS Secretary Kristi Noem Joins NovaRed Mining
Vancouver-based junior explorer NovaRed Mining (CSE:NRED,OTCQB:NREDF) has appointed former US Homeland Security Secretary Kristi Noem as a strategic advisor, the company announced Tuesday (June 16).The company stated that Noem has joined the firm in a “strategic advisory role to support... Keep Reading...
17 June
Top 5 Junior Copper Stocks on the TSXV in 2026
Junior copper stocks are seeing significant support from the copper supply and demand story in 2026 as companies look to make the next big discovery of the red metal.Copper prices have been elevated throughout the first half of 2026 as supply constraints continue to evolve. Although disruptions... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00