True North Copper (ASX:TNC)

True North Copper March 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 Q3 FY24.


HIGHLIGHTS

Funding and Strategic Partnerships

  • A$42M (USD28M) USD-denominated senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – USD$18M (approximately A$27M) occurred 9 February 20242.
  • Binding offtake and toll-milling agreements with Glencore International AG(Glencore) for 100% of copper concentrate from TNC’s Cloncurry Copper Project (CCP) and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM)5.

Cloncurry Copper Project Mining Preparedness

  • Mining restart study confirms positive CCP project economics. Study reported anticipated mine revenue of A$367M with free cash flow of A$111M, and a pre-tax NPV10 of A$88M over a 4.6 year mine life, at USD$8,500/t Cu price and USD$1,850/oz Au price (0.7 A$:USD exchange rate)6.
  • Wallace North Mine preparation and mobilisation progressed. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP6. Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24. Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore7.

Resources and Reserves

  • Maiden Wallace North Ore Reserve. Mine designs produced a maiden Wallace North Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au8.
  • CCP’s total Ore Reserves increased. Addition of the Wallace North Ore Reserve raises TNC’s Cloncurry Copper Project (CCP) total Reserves to 4.7Mt Probable Ore Reserves grading 0.80% Cu and 0.13g/t Au, containing 37.5kt of copper and 20.0koz of gold8, with MEC advancing a further GAM upgrade in Q4 FY24.
  • Mt Oxide Project Resources: Vero Resource metallurgical studies completed on schedule allowing revised Vero Mineral Resource Estimate (MRE) incorporating 2023 confirmation drilling to be reported in Q4 FY24.

Copper Sulphate Production

  • Copper Sulphate Crystal sales totalled 164.9t (45.6t contained Cu) Q3 FY24. Operational costs were substantially reduced in line with depleting production from existing stockpiled ore. Operations were disrupted with frequent high intensity weather events.

Exploration

  • 2024 Exploration Program announced. Aggressive exploration strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier10.
  • TNC awarded Queensland Government $300,000 Collaborative Exploration Initiative (CEI) Grant. The CEI grant will be used towards delivery of leading edge MIMDAS Induced Polarisation, Resistivity and Magnetotelluric geophysical surveysat the Mt Oxide. The exploration aims to identify massive and disseminated sulphide mineralisation at Mt Oxide11.
  • Cloncurry Projects - prioritised targeting for geophysics on mining and exploration tenure completed. TNC will schedule geophysical contractors for commencement during Q4 FY24.
  • Camp Gossans prospect (Mt Oxide) - strongly anomalous copper-cobalt zones. Anomalous Cu, Co & As zones identified from multiple gossanous breccia structures that are up to 16m wide with a combined strike length of over 500m12.
  • Cloncurry and Flamingo Projects – surface exploration – confirms prospectivity of multiple underexplored Cu-Au mineral systems. Highly encouraging copper and gold assays returned from rock chip sampling confirms prospectivity of multiple underexplored Cu-Au mineral systems.

Corporate

  • TNC’s cash balance and receivables totalled A$3.1M as at 31 March 2024. Trade Receivables - $A0.1M. ▪ Environmental Bonds required under the Company’s tenements secured by A$13.47m in restricted cash.
  • Final tranche of share placement announcement 17 November 2023 was settled on 16 January 2024. Settlement occurred following the Company’s major shareholder Tembo Capital Holdings receiving FIRB approval for the transaction. The Company subsequently issued 54,166,667 fully paid ordinary shares at 12 cents per share of which 36,286,100 shares were issued to settle the short-term loan provided by Tembo Capital Holdings UK and the remaining 17,880,567 shares were issued for cash totalling $A2.15M.
  • A$5M placement by Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund - comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement)3. Settlement of $1 million of this placement occurred on 26 April 2024 with the remainder to be settled no later than 31 May 20244.

COMMENT

True North Copper’s Managing Director, Marty Costello said:

The global demand for copper continues to rise against a backdrop of diminishing supply, creating exceptionally favourable market conditions as True North Copper prepares to become Australia’s next copper producer.

This quarter has marked a significant and rapid transformation. We have entered into strategic partnerships and created critical pathways for our future mining operations, including an off-take and toll-milling agreement with Glencore. In terms of financing, we secured a US$28M (~A$42M) of debt funding from Nebari and separately Millinium Capital Partners has agreed to make a substantial investment by subscribing for A$5M at $0.12 per share.

We have also executed significant project milestones this quarter. The completion of our CCP Mining Restart Study confirmed the CCP is a low-risk, low-cost operation with a short payback period. Additionally, we finalised the maiden Wallace North Reserve.

Thanks to the hard work of our Mining Operations Team, and following some cost cutting and improvements to management control and reporting processes, we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining expected to commence at Wallace North in Q4 FY24.

We are also committed to developing the Vero Resource at our Mt Oxide Project into our next mine. This quarter, we progressed the re-estimation of the Vero Resource and mine optimisation studies. We look forward to announcing these Q4 2024."

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
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Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

Finlay Minerals stakes the JJB Property - within the Bear Lake Corridor of British Columbia

finlay minerals ltd. (TSXV: FYL) (OTCQB: FYMNF) ("Finlay" or the "Company") is pleased to announce the staking of 9 mineral claims covering 15,453 hectares (approximately 154 km²) in the northern Bear Lake Corridor of British Columbia . The JJB Property is named in honour of Finlay's Founder, John J. Barakso who was an early advocate for the potential of the Bear Creek Corridor.

Figure 1. New JJB Property location and expanded SAY Property boundary. (CNW Group/Finlay Minerals Ltd.)

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SAY PROPERTY:

Lying 4 km south of Finlay's new JJB Property, work continues on the SAY Property, which has recently been expanded with additional staking to the north and south. The SAY Property now totals 26,202 hectares. The SAY Property was acquired in 2024, and an inaugural field program focused on chip sampling and mapping along the 4.3-kilometer-long SPUR Trend. This led to the discovery of the AG Zone and confirmed the continuity of high-grade Cu-Ag mineralization in the East Breccia Zone.

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In 2025, exploration work at the SAY will aim to expand the mineralized footprint of the SPUR and SHEL targets through geological mapping, soil sampling, and an airborne magnetic survey.

Details on the SAY Property, can be found in the SAY Property Technical Presentation and in the Properties section of the Company website at www.finlayminerals.com .

References:

*

Refer to finlay minerals ltd. News Release # 11-24 dated October 3, 2024 entitled: " Finlay Minerals has completed its Inaugural Field Program at the High-Grade Copper-Silver SAY Property " available on SEDAR at www.sedarplus.ca.

Qualified Person:

Wade Barnes , P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.

About finlay minerals ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with five 100%-owned and operated properties in northern British Columbia . In addition to the JJB & SAY Properties, the Company holds the:

  • PIL Property , which covers 13,374 ha in the heart of the Toodoggone region, has numerous porphyry Cu-Au ± Ag targets and associated epithermal Au-Ag mineralization. Exploration on the PIL Property is fully funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan (Refer to news release FYL NR03-25 entitled: "Finlay Minerals Enters into Earn-In Agreements with Freeport for its PIL & ATTY Properties ". ) The PIL is neighboured by Amarc Resources and Freeport-McMoRan's joint venture JOY Project and TDG Gold Corporation's Shasta/Baker and Sofia Properties. The PIL Property is also 25 km northwest of Centerra Gold's past-producing Kemess South Mine and 15 km east of Thesis Gold's Lawyers Project.

  • ATTY Property covers 3,875 ha of sub-alpine terrain in the southern Toodoggone region. Exploration on the ATTY Property is also full-funded for 2025 with the signing of an Earn-In-Agreement with Freeport-McMoRan in April 2025.The Toodoggone is a northwest-trending belt of Triassic to Jurassic arc terranes that hosts numerous significant porphyry Cu-Au ± Ag and associated epithermal Au-Ag deposits. The ATTY Property is in between and contiguous to Centerra Gold's Kemess Project and the joint-venture JOY Project held by Amarc Resources and Freeport-McMoRan. The ATTY Property KEM target has similarities to the Kemess North Trend, which hosts the Kemess Underground and Kemess East deposits.

  • Silver Hope Property covers 21,322 ha and surrounds the past-producing Equity Silver Mine in the prospective Skeena Arch region of central B.C. The Silver Hope contains the Main Trend which is a >2 km Cu-Ag-Au mineralized trend with mineralization starting at surface.  West of the Main Trend is the West Cu-Mo Porphyry which is also mineralized starting from surface. The Property hosts a network of forestry roads and trails and has all-year access from Houston, BC .

Finlay trades under the symbol "FYL" on the TSXV and under the symbol "FYMNF" on the OTCQB. For further information and details, please visit the Company's website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements.  Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the JJB and SAY Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

SOURCE finlay minerals ltd.

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