True North Copper (ASX:TNC)

True North Copper June 2024 Quarterly Report

True North Copper Limited (ASX:TNC) (True North Copper, TNC or the Company) is pleased to provide the following quarterly update and Appendix 5B for Q4 FY24.


HIGHLIGHTS

Cloncurry Copper Project (CCP)

  • TNC is on track to become Australia’s next copper producer and critical metals supplier via its restart of CCP.
  • Mining activities commenced at Wallace North deposit, part of TNC’s Cloncurry Copper Project in Queensland, with clearing and blast hole drilling underway.
  • CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life1.
  • TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)2 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year.

Funding

  • Fully underwritten $24.3 million capital raising completed.
  • Capital raising strengthens TNC’s financial position and will fund exploration to grow resources and reserves at Cloncurry and target new discoveries at Mt Oxide in 2024.

Corporate

     
  • Bevan Jones appointed as Managing Director, bringing almost 30 years of experience in mine management, with previous senior leadership roles at global mining company Gold Fields (JSE: GRI) and Karora Resources (TSX: KRR).
  • Chartered Accountant Craig Gouws joins TNC as Chief Financial Officer, with extensive Australian and international experience in CFO and company secretary roles.


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.

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