Overview
True North Copper (ASX:TNC) is getting into a transformative and thrilling part as we change into Australia’s subsequent copper producer. It’s 2024 and we’re able to mine our Cloncurry copper undertaking – low-cost, low-risk, absolutely funded and permitted.
The corporate’s subsequent mine is the Vero useful resource on the Mt Oxide undertaking. True North Copper is dedicated to growing and understanding this phenomenally mineralised undertaking which boasts an up to date copper-silver mineral useful resource estimate of 15.03 Mt at 1.46 p.c copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver.
Copper demand is rising, in a market of diminishing provide. The worldwide surge in synthetic intelligence, electrical autos, decarbonisation initiatives, and broader macro developments is intensifying the demand for copper.
True North Copper is prepared.
Firm Highlights
True North Copper is getting ready to change into Australia’s subsequent copper producer.
True North Copper’s two principal belongings are situated in northwest Queensland, Australia – a Tier 1 Jurisdiction:
- Cloncurry Copper Challenge (CCP) – IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with intensive surrounding exploration tenure.
- Mt Oxide Challenge (Mt Oxide) – IOCG high-grade, globally vital, copper-cobalt-silver deposit topic to re- optimisation research, and exploration in surrounding tenure.
Cloncurry Copper Challenge (CCP)
- Mining restart research confirms constructive CCP undertaking economics – AU$367 million with free money circulate of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 12 months mine life, at US$8,500 per ton copper value and US$1,850 per ounce gold value (0.7 AU$:USD trade price).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the primary open pit (one in every of 4 – Wallace North, Nice Australia Mine [GAM], Taipan and Orphan Shear) to be mined as a part of the mining restart on the CCP.
- Mining ramp-up will initially construct ore stockpiles, with mining anticipated to start out This fall FY24(AUS). Oxide copper-gold ore can be transported by street prepare to the Cloncurry Operations heap leach. Sulphide ore can be transported to a close-by concentrator for toll remedy below TNC’s toll-milling settlement with Glencore.
- CCP’s whole reserves elevated. TNC’s Cloncurry Copper Challenge (CCP) whole reserves at present embrace 4.7Mt possible ore reserves grading 0.80 p.c copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Determine: Cloncurry copper undertaking and Cloncurry operations hub
Mt Oxide Challenge
- Extremely potential and underexplored. Phenomenally mineralised system.
- Exploration outcomes from True North Copper’s maiden diamond drill program throughout MT Oxide’s Vero Useful resource not solely returned excellent and globally vital grades but in addition showcase the increasing nature of the Vero high-grade ore physique together with:
- 66.50 metres @ 4.95 p.c copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
234.60 metres and - [inc.] 8.55 metres @ 6.03 p.c copper, 51.6 g/t silver and 98 ppm cobalt from
290.15 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
- 66.50 metres @ 4.95 p.c copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- Up to date Copper-Silver Mineral Useful resource Estimate. The up to date MRE for the Vero deposit comprises 15.03 Mt at 1.46 p.c copper and 10.59 g/t silver for a contained 220 kt copper and 5.13 Moz silver. Vero’s up to date useful resource delivers a 20 p.c enhance in silver ounces, demonstrating the potential for Vero to ship a big silver co-product along with copper.
- A number of thrilling future exploration applications and high-priority potential targets alongside the ten kilometres lengthy mineralised development that hosts Vero.
Determine: Cross-section of MOXD217 (10 metres clipping window) exhibiting the placement of geological and grade composites in addition to the up to date interpretation of copper grade domains based mostly on the outcomes from MOXD217
Funding and Strategic Partnerships
- AU$42 million (US$28 million) USD-denominated senior secured mortgage facility (mortgage facility) with Nebari Pure Sources Credit score Fund II LP (Nebari)1. The Mortgage Facility is offered in two tranches. Drawdown of Tranche 1 – US$18 million (roughly AU$25.5 million) on 9 February 2024.
- Binding offtake and toll-milling agreements with Glencore Worldwide AG(Glencore) for 100% of copper focus from TNC’s Cloncurry copper undertaking (CCP) and toll-milling companies of as much as 1Mt of ore per 12 months for the CCP’s Lifetime of Mine (LoM).
Determine: Visible illustration of Vero Useful resource inside surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
- Aggressive discovery technique focusing on transformative discoveries throughout TNC’s greater than 850 sq km of tenure bundle throughout the Mt Isa Inlier.
- Important potential for transformative discoveries of
copper-gold cobalt-silver) in three districts. - Quite a few high-quality copper-gold-cobalt-silver targets situated with mineralised structural corridors throughout the jap & western fold belts corresponding to:
- Cloncurry Fault Hall 🡪 Host to the GAM and Mt Norma Sources
- Ernest Henry Hall 🡪 Ernest Henry, E1 Camp and Monakoff
- Mt Gordon Hall 🡪 Capricorn Copper and Vero
- Mt Roseby Hall 🡪 Little Eva and Blackard.
- 12.55 Mt @ 0.82 p.c copper (indicated and inferred sources).) and a number of prospects situated inside a 30-kilometre radius of the corporate’s Cloncurry copper undertaking signify near-term manufacturing benefit. Current JV over extremely potential tenements with CMG deal enhance TNC’s land place on the core of its Cloncurry copper undertaking.
- TNC awarded the Queensland Authorities Collaborative Exploration Initiative (CEI) Grant. The CEI grant can be used in direction of supply of forefront MIMDAS induced polarisation, resistivity and magnetotellurics geophysical surveys on the Mt Oxide. The exploration goals to determine huge and disseminated sulphide mineralisation and ship an improved understanding of the large-scale structural structure that controls mineralisation all through the Mt Oxide exploration leases.
Determine: Abstract of exploration and improvement pipeline throughout all TNC initiatives.
Tasks
Cloncurry Copper Challenge
Our Cloncurry copper undertaking (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with intensive surrounding exploration tenure. It’s constructed on a robust financial foundation and low-risk price construction.
The CCP at present incorporates two reserves the place mining will start together with – the Wallace North maiden useful resource and the Nice Australia mine reserve (GAM):
- GAM contains GAM, Orphan Shear and Taipan deposits) totalling 4.7Mt grading 0.80 p.c copper and 0.13g/t gold containing 37.5kt of copper and 20 koz of gold – improve to be introduced mid-2024.
- Wallace North ore reserve totals 0.7Mt (possible) grading 1.01 p.c copper and 0.46g/t gold for six.8kt copper and 10 koz gold.
TNC’s CCP growth is ongoing with exploration progressing and superior initiatives in strategic places surrounding the prevailing CCP operation, promising long-term progress prospects.
Our strategic partnerships, together with a binding offtake and toll-milling agreements with Glencore Worldwide AG, supported by debt funding secured with Nebari, underscore our operational readiness and place TNC to capitalise on a particularly beneficial copper market.
Mining operations will kick-off on the Wallace North open reduce pit, focusing on higher-grade ores (~1 p.c copper) from floor mining. Ore will endure major crushing on the Cloncurry operations hub and the toll remedy facility, situated inside a 40km radius, with a predominant give attention to sulphide ores.
All mandatory permits for mining are secured throughout the CCP, bolstered by a longtime environmental monitoring community with a sturdy historic database.
TNC’s operational technique includes a phased strategy to mine improvement, with plans to start mining operations in 2024 and handle capability ramp-up all through 2025.
Cloncurry Operations Hub
The Cloncurry operations hub is strategically situated to the CCP’s 4 open pit deposits together with: Nice Australia, Orphan Shear, Taipan and Wallace North.
The COH is situated 2 kilometres from the township of Cloncurry and supplies important infrastructure, technical programs and assist to all of TNC’s undertaking operations. An energetic oxide heap leach and solvent extraction (SX) processing plant, mine buildings, web site administration amenities, workshops, open pit mine amenities, onsite explosive magazines, web site storage, water administration programs and present web site energy provide are situated on the COH.
Cloncurry Copper Challenge – Challenge Economics
- Mining 4.8Mt of ore over an preliminary 4.6 12 months mine life, at a low strip ratio of 4.2, delivering 35kt copper and 29 koz gold contained steel (based mostly on present JORC reserves)
- Anticipated mine income of AU$367 million with free money circulate of AU$111 million, and a pre-tax NPV10 of AU$88 million, demonstrating robust working economics at US$8,500/t copper value and US$1,850/oz gold value (0.7 AU$:USD trade price).
- Payback anticipated inside six months submit mining restart, pushed by beneficial commodity costs and low all-in sustaining price (AISC) of US$2.65/lb copper.
- Low up entrance capex of AU$1.5 million leverages present infrastructure, whereas peak working expenditure is estimated at AU$2.2 million.
- Sulphide and oxide ore manufacturing – two copper merchandise. copper sulphide (LoM approx. 90 p.c) + copper sulphate (LoM approx. 10 p.c).
- Mineral focus grade 22-26 p.c copper (with gold/silver credit).
- Sulphide Ores extra than88 p.c anticipated restoration.
- Transitional Ores greater than 77 p.c anticipated restoration.
- Very low deleterious parts in mineral focus.
Cloncurry Copper Challenge – Exploration 2024
- CCP growth and exploration centered on speedy copper-gold-ore supply progress.
- With greater than 80 prospects situated inside a 30-kilometre radius of the CCP, TNC is targeted on vital growth and the exploration potential for added copper-gold-cobalt-silver mineralisation to be introduced into the manufacturing fold together with large-scale firm transformative main discoveries.
- Due to our profitable 2023 Exploration Program we’ve got recognized by a scientific strategy, and evaluation at a mineral system scale, the next new targets:
- Cloncurry Copper Challenge – eight new drill targets at Better Australian and Copperhead in new Induced Polarisation.
- Salebury and Rocklands South – Compelling untested geophysical anomalies in historic information.
- Mt Norma- untested floor anomalies and down plunge useful resource extension targets on mining lease inside 30 kilometres of the Cloncurry operations hub.
- Wynberg, Notlor, Marimo Development and Tanbah restricted historic exploration vital copper-gold in floor sampling and drilling, restricted testing.
Determine: Excessive precedence exploration targets on the CCP
Mt Oxide Challenge
The Mt Oxide undertaking hosts the Vero useful resource of 15.98 Mt @ 1.43 p.c copper(measured, indicated and inferred) a Mt Isa type sediment-hosted copper-silver-cobalt system. Analogues embrace Capricorn copper and Mt Isa copper.
The Vero useful resource at our Mt Oxide undertaking is our subsequent mine. We’re centered on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Useful resource 2023 exploration program returned excellent and globally vital grades. This system included our 2023 maiden drilling program throughout the Vero useful resource and outcomes showcased the increasing nature of the Vero high-grade ore physique.
Throughout 2024, TNC can be exploring a number of, thrilling high-priority exploration targets alongside a ten kilometres mineralised development that hosts Vero.
We may even be delivering throughout 2024 the Vero Useful resource re-estimation and mining optimisation and feasibility research.
Vero Useful resource maiden drilling program
In 2023, TNC accomplished an preliminary 12-hole diamond drilling program at Mt Oxide designed to substantiate historic high-grade intersections and take a look at the depth and strike extensions to the prevailing Vero Useful resource.
2023 Vero useful resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal outcomes that positioned the drill gap within the high globally ranked copper drill holes of 2023 together with :
- 66.50 metres (48.00 metres*) @ 4.95 p.c copper, 32.7 g/t silver and 685 ppm cobaltfrom 234 metres.
- 11 metres (8.19 metres*) @ 3.06 p.c copper, 34.2 g/t silver and 682 ppm cobalt from 357.50 metres.
- 8.55 metres (8.55 metres*) @ 6.16 p.c copper, 45.9 g/t silver and 140 ppm cobalt from 172.50 metres.
MOXD221 intercepted a large interval of high-grade shallow dipping mineralisation in addition to a second deeper intercept, offering indications of quickly growing grade and widths of mineralisation to the south together with:
- 42.10 metres (41 metres*) @ 1.66 p.c copper, 13.5 g/t silver and 1,083 ppm cobalt from 154.90 metres.
- [including] 4 metres (2.24 metres*) @ 7.65 p.c copper, 57.3 g/t silver and 1,164 ppm cobalt from 191.20 metres.
MOXD226A returned three key zones of robust mineralisation together with a broad interval of 69.95 metres and additional intervals of as much as 11.19 p.c copper.
Highlights embrace:
- 69.95 metres (42.85 metres*) @ 1.91percent copper, 17.7g/t silver and 675 ppm cobalt from 224.55 metres
- [including] 9.65 metres (5.89 metres*) @ 2.74 p.c copper, 24.1g/t silver and 993 ppm cobalt from 239.50 metres
- [including] 18.15 metres (11.07 metres*) @ 3.23 p.c copper, 26.8g/t silver and 585 ppm cobalt from 276.35 metres
- 16.75 metres (16.75 metres*) @ 5.30 p.c copper, 44- g/t silver and 120 ppm cobalt from 165.25 metres
- [including] 4.65 metres (4.65 metres*) @ 11.19 p.c copper, 93.9g/t silver and 136 ppm cobalt from 172.55 metres
Determine: Location of geological and grade composites in addition to the up to date interpretation of copper grade domains based mostly on the outcomes from MOXD226A
Mt Oxide Discovery Technique
TNC is dedicated to unlocking Mt Oxide’s underexplored high-quality targets.
- Mt Oxide lies adjoining to a big crustal scale construction – the Mt Gordon Fault Zone. Splays off this construction (Dorman Fault) host Vero.
- Mt Oxide has proof of large-scale fluid circulate, huge mineral system potential.
- Copper-silver-cobalt mineralisation interpreted to have been fashioned close to floor and higher components are preserved.
- Wonderful depth potential of mineralisation within the Mt Oxide undertaking.
- Restricted systematic trendy exploration exterior of the Vero useful resource.
- Important alternative to use modern mineral exploration to construct a bigger copper stock in a well-endowed mineral system.
- Greater than 10 kilometres development alongside Dorman fault zone of intermittently outcropping gossanous / silica breccias, just about no drilling, floor sampling or efficient geophysics.
- A number of untested targets with vital alteration-mineralisation footprints.
- No software of tried and examined geophysics or systematic floor rock chip geochemistry and mapping.
- Low price extremely efficient exploration methods to filter and prioritise drill targets.
A number of thrilling future exploration applications and high-priority potential targets alongside 10km lengthy mineralised development that hosts Vero together with:
- Aquila & Mt Gordon
- Ivena North
- Camp Gossans
- Cave Creek
- Large Oxide
Determine: A number of thrilling future exploration applications and high-priority potential targets alongside the 10-kilometre lengthy mineralised development that hosts Vero useful resource’s Mt Oxide undertaking.
Administration Crew
Ian McAleese – Government Chairman
Ian McAleese labored as a mine geologist at Mt Isa, Jabiluka and Bougainville for 15 years earlier than transferring into copper focus advertising on Bougainville. On returning to Australia in 1987, he labored initially as a mining analyst and subsequently as a portfolio supervisor specialising on funding in mining corporations for quite a few massive funding establishments. McAleese then returned to the mining business in enterprise improvement and investor relations roles for quite a few coal mining corporations, together with Macarthur Coal and Whitehaven Coal. After retiring from Whitehaven Coal in late 2020, he joined Duke Exploration as a non-executive director simply previous to the Duke Exploration IPO. In December 2022 he turned the non-executive chair of True North Copper.
Bevan Jones – Managing Director
Bevan Jones is a seasoned operations officer providing almost 30 years of expertise in mine administration throughout a various vary of commodities and has a confirmed monitor report in directing enterprise enchancment initiatives and operational transformation. Jones’ earlier roles embrace chief working officer at Karora Sources (TSX:KRR), in addition to basic supervisor of Gold Fields Restricted’s (JSE:GFI) St Ives Gold Mine in WA, the place he executed transformative progress methods and delivered distinctive operational outcomes. Most just lately, Jones was the managing director at Brisbane-based Additional Mining Options, the place he performed a number one position in establishing the corporate specializing in enterprise transformation and operational excellence. Jones gained worldwide operational expertise as chief working officer of BCM Group Worldwide in West Africa, basic supervisor of the Wetar Copper Mine in Indonesia and basic supervisor of the Hidden Valley Mine in Papua New Guinea, in addition to mining supervisor of Barrick Gold’s Lumwana Copper Mine in Zambia.
Craig Gouws – Chief Monetary Officer
Craig Gouws, a chartered accountant, has intensive Australian and worldwide expertise as a CFO and board of director with a demonstrated historical past of efficiently main monetary operations throughout various industries and worldwide markets. Gouws holds a Bachelor of Commerce and a Publish Graduate Diploma in Accounting from the College of Cape City and is a fellow of the Institute of Chartered Accountants in England and Wales and a member in South Africa.
Peter Brown – Chief Working Officer
Peter Brown has held senior administration roles within the sources sector, each domestically and internationally, together with latest positions at Spherical Oak Minerals and Diatreme Sources the place he oversaw undertaking improvement and operations. Brown has various expertise and a formidable monitor report that demonstrates his potential to efficiently ship initiatives and foster constructive relationships with all undertaking stakeholders.
He has managed discovery applications for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, together with authorities and neighborhood relations. He additionally drove enhancements and offered coaching in mine geology, useful resource analysis and mine technical companies at outstanding mines corresponding to Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Moreover, Brown performed a big position in reviving deserted satellite tv for pc initiatives at Peak Gold Mines.
Different achievements embrace efficiently re-permitting and developing the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian corporations and basic supervisor at Archipelago Sources; main the allowing, engineering redesign and development of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the profitable improvement of Mt Carlton and Pajingo initiatives, which contributed to the institution of Evolution Mining; and recommissioning and growing a number of mining initiatives within the Mount Isa and Cloncurry area.
Sven Sewell – Sustainability & Internet Zero Supervisor
Sven Sewell has over 25 years’ expertise working in a spread of environmental fields, together with environmental consulting, environmental regulation and throughout the business.
For the 15 years previous to becoming a member of TNC, Sewell held senior environmental positions at a number of working mines throughout northern Australia. At these operations, he was typically essentially the most senior atmosphere, accountable for all facets of allowing, compliance, rehabilitation and basic environmental administration. Sewell’s expertise in northern Australian mines contains a number of new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
Mark Brown – Basic Supervisor, Cloncurry Operations
With greater than 30 years of home and worldwide mining business expertise, Mark Brown affords a complete talent set grounded in sensible useful resource sector execution and invaluable management expertise. His profession journey has been marked by a dedication to security, operational excellence, and fostering constructive work cultures.
Brown has held quite a lot of senior management operational roles all through his profession, overseeing numerous facets of mining operations. He has intensive expertise throughout all mining regulatory and compliance facets and has experience in well being and security administration together with emergency response, disaster administration, contractor administration, and complete incident investigations.
Michelle Ellis – Cloncurry Tasks Exploration Supervisor
Michelle Ellis retains over 15 years’ mineral exploration, useful resource and mining expertise predominantly in iron-oxide-copper-gold deposits and terrains throughout South Australia and Northwest Queensland.
Over the previous 11 years, she has actively explored a spread of commodities and deposit kinds all through the Mount Isa Inlier.
Ellis has an MSc in financial geology, MSc in environmental administration and BSc in utilized science – geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman – Group Supervisor (Human Sources)
Rhonda Freeman has greater than 18 years’ expertise attracting high expertise, fostering worker improvement and serving to organisations develop secure and supportive work environments. She has labored extensively throughout the useful resource sector, together with for big national-wide drilling corporations.
Freeman has labored for mining corporations throughout quite a lot of geological settings together with brown coal, black coal, uranium, mineral sands and oil & gasoline. She brings a various talent set particular to the useful resource sector, having labored throughout all industrial facets of drilling operations together with as an exploration supervisor.
