Cloncurry Copper Project PFS Underway with 101,000 Tonnes Copper Resource

Robust Drilling Results Set Stage for Development

True North Copper Limited (ASX – TNC) has taken a significant step forward in advancing its Cloncurry Copper Project (CCP) in Queensland by commencing a right-sized Pre-Feasibility Study (PFS). This follows a successful 2025 drilling campaign that delivered the strongest copper-gold intersections recorded to date at the Wallace North and Great Australia Mine (GAM) deposits. These results have reinforced the technical foundation of the project and paved the way for a more detailed evaluation of its development potential.

The 2025 drilling confirmed high-grade extensions both along strike and at depth, particularly at Wallace North, where underground mining potential is now being explored. At GAM, further high-grade zones were identified beyond existing pit limits, suggesting opportunities to expand the resource base. These findings underpin planned Mineral Resource updates targeted for 2026, which will be critical inputs for the PFS.

A Low-Capital, Scalable Development Approach

True North’s strategy for CCP is anchored in leveraging existing brownfield infrastructure, including a refurbished solvent extraction (SX) plant, crushing facilities, heap-leach pads, and tailings storage. This infrastructure, combined with established haul roads and access to a skilled local workforce, supports a low-capital, staged development pathway that mitigates upfront investment risks.

Moreover, the project benefits from toll-treatment agreements with Glencore, enabling processing of sulphide ores at nearby concentrators in Mount Isa, Ernest Henry, and Rocklands. This hub-and-spoke model offers processing flexibility and scalability, allowing True North to align throughput with regional facility capacities and optimise capital efficiency.

2026 Work Program and Forward Outlook

The upcoming 2026 drilling program is designed to deliver approximately 3,000 metres of infill, extension, and exploration drilling. This will enhance geological confidence, support updated resource models, and provide critical metallurgical and geotechnical data to inform mine planning and processing design. Concurrently, regulatory approvals and stakeholder engagement efforts will continue to ensure compliance and foster community and Traditional Owner partnerships.

True North aims to complete the PFS by late 2026, which will integrate updated mine designs, economic modelling, and processing scenarios. The study will explore higher throughput options to better match toll-treatment capacities and maximise project value. A key milestone will be the reinstatement of Ore Reserves under JORC 2012 standards, positioning the company for a potential Final Investment Decision (FID) between late 2026 and 2027.

Strategic Significance and Market Positioning

With a Mineral Resource base of approximately 12.7 million tonnes at 0.8% copper and 0.19 grams per tonne gold, containing around 101,000 tonnes of copper and 76,600 ounces of gold, CCP forms the cornerstone of True North’s near-term growth strategy. The project’s proximity to established infrastructure and processing hubs in the Cloncurry district offers a competitive advantage in terms of capital discipline and operational readiness.

Managing Director Andrew Mooney emphasised the disciplined technical approach, stating that the PFS work is essential to establishing a robust development case and reinstating Ore Reserves. The company’s broader portfolio, including the Mount Oxide project, complements CCP by providing medium-term resource growth opportunities.