True North Copper September 2024 Quarterly Report

True North Copper Limited (Administrators Appointed) (True North Copper, TNC or the Company) provides the following quarterly update and Appendix 5B for Q1 FY25.

Voluntary Administration

On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the below entities:

• True North Copper Limited (ACN 119 421 868)
• TNC Mining Pty Ltd (ACN 652 408 378)
• CopperCorp Pty Ltd (ACN 649 946 305)
• North West Copper Pty Ltd (ACN 661 786 956)
• TNC Asset Holding Pty Ltd (ACN 652 599 687) (all Administrators Appointed) (together ‘the Group’).

The decision came after a period of extensive negotiations with the Company's debt provider, largest shareholder and other potential equity providers. The decision is regrettable especially as the ramp up of mining activities at Wallace North, part of the Cloncurry Copper Project, was on schedule with the first oxide ore placed onto the heap leach pads at Cloncurry earlier this month. In addition, recent exploration at Mt Oxide partly funded by a CEI grant from the Queensland Government has identified a number of highly prospective targets for drilling with a high probability of making more discoveries like the Vero deposit.

The Directors wish to thank all of the Company's employees and consultants as they have worked tirelessly to accomplish the above. The local community is also highly supportive of the Company and its operations in the region.

With cash resources running down and no prospects of being able to draw on existing facilities or raise additional equity or debt before the scheduled AGM, the Directors appointed the Administrators. The Administrators are undertaking an urgent assessment of the Group’s operations and will shortly be commencing a dual track recapitalisation and sale process for the Group. In this regard, the Administrators are seeking urgent expressions of interest to acquire the Group as a whole or individual projects/assets.

Accordingly, the below should be read in that context and it should be noted that there may be material changes to the operations of TNC as a result of the Administrators appointment.

SEPTEMBER 2024 QUARTER HIGHLIGHTS

Cloncurry Copper Project

• During the September 2024 quarter, operations at the Cloncurry Copper Project (CCP) in Queensland continued to ramp up in line with the current mine plan.
• In July, TNC announced the commencement of mining activities at the Wallace North deposit, part of CCP.
• At the end of the September Quarter, circa 200,000 bank cubic metres (BCM) of overburden was mined at Wallace North with approximately 10,000 tonnes of oxide ore mined and placed on the ROM.
• Transportation of oxide ore to the Great Australia Mine (GAM) commenced in September with approximately 8,000 tonnes crushed by the end of the quarter. Stacking onto the leach pad and irrigation commenced in early October.
• TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)1 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year. Toll milling was expected to commence in Q3 FY25.

Mt Oxide Project

• The Copper-Silver Mineral Resource Estimate (MRE) for TNC’s Vero deposit has been updated to 15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (JORC 2012).
• Results from rockchip sampling of gossans at Aquila and Ivena North returned multiple zones of anomalous copper silver geochemistry with very strong pathfinder signatures indicative of potential Vero style Cu-Ag-Co mineralisation.
• A MIMDAS Induced Polarisation, Resistivity and Magnetotellurics survey commenced at Mt Oxide, partially funded by a $300,000 Queensland Government Collaborative Exploration Initiative (CEI) grant.
• The 15.3 line kms over 10 lines survey was focussed on several highly prospective copper bearing leached gossans mapped along strike of Vero including Camp Gossans, Ivena North, Aquila and Mt Gordon.
• MIMDAS at Camp Gossans Vero and Ivena North, Aquila and Mt Gordon prospects resulted in new geophysical anomalies with similar signature to the Vero resource being identified coincident with highly geochemically anomalous leach gossan outcrops.

Corporate

• Former Managing Director and founder of TNC, Marty Costello, departed the Company as of 1 July 2024.
• Craig Gouws, Chief Financial Officer, resigned from the Company.
• On 21 October 2024, the Directors of True North Copper Ltd appointed Richard Tucker and Tony Miskiewicz of KordaMentha as Voluntary Administrators of the Company and its subsidiaries.

Development & Operations

TNC’s two principal assets located in northwest Queensland, a Tier 1 Jurisdiction:

• Cloncurry Copper Project (CCP) - IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with extensive surrounding exploration tenure.
• Mt Oxide Project (Mt Oxide) – IOCG high-grade, globally significant, copper-cobalt-silver deposit subject to optimisation studies, and exploration in surrounding tenure.

The Cloncurry Operations Hub (COH) is strategically located to the CCP’s four open pit deposits including: Great Australia, Orphan Shear, Taipan and Wallace North. Exploration and resource definition across the surrounding CCP will also deliver growth to the CCP’s Life of Mine.

The COH is located 2km from the township of Cloncurry and provides essential infrastructure, technical systems and support to all of TNC’s project operations. An active oxide heap leach and Solvent Extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.

Mining preparations continued at Wallace North during the period after commencing during the previous quarter. Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au².

Click here for the Appendix 5B Quarterly Cash Flow Report

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