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.

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