Exploration Success Raises Questions on Production Restart Timing and Resource Scale

Exploration Breakthroughs at Cloncurry and Mt Oxide

True North Copper Limited has delivered a robust quarterly update for the period ending September 2025, showcasing significant exploration success across its flagship projects in Queensland’s Mt Isa region. The company’s Cloncurry Copper Project and Mt Oxide Project emerged as focal points, with new high-grade mineralised zones discovered that promise to materially expand resource bases.

At Wallace North within the Cloncurry Copper Project, drilling revealed a new high-grade copper-gold shoot just 60 metres from the existing resource boundary. Intercepts such as 19 metres at 2.18% copper and 1.76 grams per tonne gold highlight the potential for a substantially larger mineralised system. Extensions to both hanging-wall and footwall zones further confirm continuity, aligning with True North’s strategy to extend and optimise this project for a near-term production restart.

Aquila Discovery Elevates Mt Oxide’s Profile

Meanwhile, the Mt Oxide Project’s Aquila Prospect has delivered a major copper-cobalt-silver discovery, with standout drill intersections including 145 metres at 0.75% copper and 0.12% cobalt from near surface, featuring high-grade sub-zones exceeding 5% copper. Follow-up geophysical surveys have expanded the mineralised trend from 250 metres to over 1.3 kilometres, identifying three new trends named Aquila, Apollo, and Acanthis. These findings underscore the regional significance of the system and its open-ended potential along strike and at depth.

Strategic Growth and Financial Health

True North’s exploration expenditure for the quarter was A$3.2 million, reflecting a disciplined investment in advancing its multi-stage growth strategy. The company ended the quarter with a strong cash balance of A$8.2 million, providing a solid foundation to continue resource expansion, project development, and regional exploration. Leadership continuity was reinforced with Andrew Mooney’s appointment as Managing Director in October, succeeding Bevan Jones and signalling a renewed focus on execution.

Looking ahead, True North plans to progress its Cloncurry Copper Project restart study, aiming to leverage existing infrastructure and optimise mine plans for a potential production resumption. Drilling and resource updates are expected to build on the recent positive results. At Mt Oxide, follow-up drilling and geophysical programs will continue to delineate the Aquila system and other high-priority targets, setting the stage for further resource definition in 2026.

Regional Exploration and Future Prospects

Beyond its core projects, True North is systematically exploring regional Tier 1 targets such as the Salebury IOCG system, where recent drilling has confirmed promising mineralised zones. The company’s comprehensive approach combines geological, geophysical, and drilling techniques to unlock new discoveries and enhance the value of its portfolio.

True North’s Managing Director Andrew Mooney expressed confidence in the company’s trajectory, highlighting the team’s achievements and the untapped potential within this world-class mining jurisdiction. As the company advances its growth strategy, investors and stakeholders will be watching closely for upcoming assay results and the outcomes of the Cloncurry restart study.