True North Copper has raised $12.5 million through a heavily oversubscribed placement to fast-track drilling and exploration at its flagship Mt Oxide Project and the promising Aquila discovery.
- Placement raised $12.5 million at $0.50 per share
- Major shareholders Tembo Capital and Chairman Paul Cronin lead the raise
- Funds to accelerate drilling at Mt Oxide and Aquila discovery in 2026
- Near-term catalysts include assay results by end-2025 and geophysics in early 2026
- Drilling to recommence at Mt Oxide and Cloncurry projects in late Q1 2026
Strong Capital Backing for Growth
True North Copper Limited (ASX, TNC) has successfully secured $12.5 million through a heavily oversubscribed placement priced at 50 cents per share. The capital raise is anchored by cornerstone investors Tembo Capital Holdings UK Ltd and Chairman Paul Cronin, alongside new institutional participants. This injection of funds is set to underpin an ambitious expansion of drilling and exploration activities at the company’s core assets in Queensland’s Mt Isa region.
Focus on Mt Oxide and Aquila Discovery
The proceeds will primarily accelerate growth at the Mt Oxide Project, True North’s flagship copper asset. The recent Aquila discovery has opened a promising new chapter, prompting the company to intensify drilling efforts to delineate the scale and continuity of this emerging system. Alongside Aquila, systematic testing of additional targets along the 10-kilometre Mt Gordon structural corridor will be a key focus, aiming to rapidly build out the resource base.
Balanced Growth Strategy Across Portfolio
True North’s strategy extends beyond Mt Oxide. The capital will also support targeted drilling at the Cloncurry Copper Project, particularly at Wallace North, to grow and upgrade its high-grade resource. Metallurgical testwork and mining studies are planned to assess underground potential, reinforcing the company’s near-term development ambitions. Additionally, regional exploration efforts will continue across the Mt Isa district, targeting Tier-1 discovery opportunities such as Chumvale, Marimo, and the Salebury IOCG system.
Upcoming Catalysts and Execution Risks
Investors can anticipate several near-term catalysts, including final assay results from recent Mt Oxide drilling expected before the end of 2025, and geophysical survey outcomes in early 2026 that may extend the Aquila discovery. Drilling activities are scheduled to recommence post-wet season in late Q1 2026 at both Mt Oxide and Cloncurry. However, some placement shares are conditional on shareholder approval and Foreign Investment Review Board (FIRB) clearance, introducing execution risk that market participants should monitor closely.
Strategic Implications
True North Copper’s successful capital raise and clear allocation of funds across development, growth, and discovery pillars underscore its commitment to building a substantial copper portfolio in a globally significant mining district. The company’s approach balances near-term resource development with longer-term exploration upside, positioning it well amid rising global copper demand.
Bottom Line?
True North’s $12.5 million raise sets the stage for a pivotal year of drilling and discovery that could redefine its copper footprint.
Questions in the middle?
- How will shareholder and FIRB approvals impact the timing of tranche two share issuance?
- What do the upcoming assay and geophysics results reveal about the scale of the Aquila discovery?
- Can True North maintain momentum across its diverse project portfolio to deliver on its multi-stage growth strategy?