True North Copper September 2024 Quarterly Report

True North Copper Restricted (Directors Appointed) (True North Copper, TNC or the Firm) supplies the next quarterly replace and Appendix 5B for Q1 FY25.

Voluntary Administration

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

• True North Copper Restricted (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 Directors Appointed) (collectively ‘the Group’).

The choice got here after a interval of intensive negotiations with the Firm’s debt supplier, largest shareholder and different potential fairness suppliers. The choice is regrettable particularly because the ramp up of mining actions at Wallace North, a part of the Cloncurry Copper Mission, was on schedule with the primary oxide ore positioned onto the heap leach pads at Cloncurry earlier this month. As well as, latest exploration at Mt Oxide partly funded by a CEI grant from the Queensland Authorities has recognized a lot of extremely potential targets for drilling with a excessive chance of creating extra discoveries just like the Vero deposit.

The Administrators want to thank the entire Firm’s staff and consultants as they’ve labored tirelessly to perform the above. The area people can also be extremely supportive of the Firm and its operations within the area.

With money assets operating down and no prospects of having the ability to draw on present amenities or increase extra fairness or debt earlier than the scheduled AGM, the Administrators appointed the Directors. The Directors are endeavor an pressing evaluation of the Group’s operations and can shortly be commencing a twin observe recapitalisation and sale course of for the Group. On this regard, the Directors are in search of pressing expressions of curiosity to accumulate the Group as a complete or particular person initiatives/property.

Accordingly, the under must be learn in that context and it must be famous that there could also be materials adjustments to the operations of TNC because of the Directors appointment.

SEPTEMBER 2024 QUARTER HIGHLIGHTS

Cloncurry Copper Mission

• In the course of the September 2024 quarter, operations on the Cloncurry Copper Mission (CCP) in Queensland continued to ramp up according to the present mine plan.
• In July, TNC introduced the graduation of mining actions on the Wallace North deposit, a part of CCP.
• On the finish of the September Quarter, circa 200,000 financial institution cubic metres (BCM) of overburden was mined at Wallace North with roughly 10,000 tonnes of oxide ore mined and positioned on the ROM.
• Transportation of oxide ore to the Nice Australia Mine (GAM) commenced in September with roughly 8,000 tonnes crushed by the tip of the quarter. Stacking onto the leach pad and irrigation commenced in early October.
• TNC has binding offtake and toll milling agreements with Glencore Worldwide AG (Glencore)1 for 100% of copper focus from CCP and for toll milling of as much as 1Mt of ore per yr. Toll milling was anticipated to start in Q3 FY25.

Mt Oxide Mission

• The Copper-Silver Mineral Useful resource Estimate (MRE) for TNC’s Vero deposit has been up to date to fifteen.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag (JORC 2012).
• Outcomes from rockchip sampling of gossans at Aquila and Ivena North returned a number of zones of anomalous copper silver geochemistry with very sturdy pathfinder signatures indicative of potential Vero fashion Cu-Ag-Co mineralisation.
• A MIMDAS Induced Polarisation, Resistivity and Magnetotellurics survey commenced at Mt Oxide, partially funded by a $300,000 Queensland Authorities Collaborative Exploration Initiative (CEI) grant.
• The 15.3 line kms over 10 traces survey was focussed on a number of extremely potential copper bearing leached gossans mapped alongside strike of Vero together with 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 related signature to the Vero useful resource being recognized coincident with extremely geochemically anomalous leach gossan outcrops.

Company

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

Improvement & Operations

TNC’s two principal property situated in northwest Queensland, a Tier 1 Jurisdiction:

• Cloncurry Copper Mission (CCP) – IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with intensive surrounding exploration tenure.
• Mt Oxide Mission (Mt Oxide) – IOCG high-grade, globally important, copper-cobalt-silver deposit topic to optimisation research, and exploration in surrounding tenure.

The Cloncurry Operations Hub (COH) is strategically situated to the CCP’s 4 open pit deposits together with: Nice Australia, Orphan Shear, Taipan and Wallace North. Exploration and useful resource definition throughout the encircling CCP may also ship progress to the CCP’s Lifetime of Mine.

The COH is situated 2km from the township of Cloncurry and supplies important infrastructure, technical programs and help to all of TNC’s undertaking operations. An lively oxide heap leach and Solvent Extraction (SX) processing plant, mine buildings, website administration amenities, workshops, open pit mine amenities, onsite explosive magazines, website storage, water administration programs and present website energy provide are situated on the COH.

Mining preparations continued at Wallace North in the course of the interval after commencing in the course of the earlier quarter. Wallace North is a part of True North Copper’s Cloncurry Copper Mission (CCP) and considered one of 4 open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Possible) grading 1.01% Cu and 0.46g/t Au for six.8kt Cu and 10.0koz Au².

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