Resource Update Validates Cloncurry Project but Leaves Questions on Future Growth

Resource Update Highlights Growth and Confidence

True North Copper Limited (ASX, TNC) has announced an updated Mineral Resource Estimate (MRE) for its Wallace North copper-gold deposit, part of the broader Cloncurry Copper Project (CCP) in Northwest Queensland. Incorporating two reverse circulation drillholes completed in 2025 and accounting for minor mining depletion in 2024, the update reveals a modest but meaningful growth in the resource base. Specifically, the resource tonnes have increased by approximately 12%, with contained copper up by 9% and contained gold by 11%, while maintaining consistent grades and geological continuity.

Technical Robustness Underpins Development Plans

The Wallace North deposit update provides a solid technical foundation for True North Copper’s ongoing pre-feasibility studies. Managing Director Andrew Mooney emphasised that the resource growth, achieved with minimal new drilling and after accounting for mining depletion, validates the geological model and historic drilling quality. This confidence is crucial as the company evaluates development options, including potential underground mining, and plans targeted resource extension drilling in 2026.

Broader Cloncurry Project Resource Inventory Strengthened

Wallace North forms a key subset of the CCP, which also includes the Great Australia Mine, Taipan, Orphan Shear, and Mt Norma deposits. The combined resource inventory for the project now stands at 12.90 million tonnes grading 0.80% copper and 0.20 grams per tonne gold, equating to over 102,000 tonnes of contained copper and nearly 82,000 ounces of gold. This consolidated resource base enhances the project’s attractiveness and underpins True North Copper’s three-stage growth strategy focused on near-term cash flow from Cloncurry, resource growth at Mt Oxide, and exploration of regional Tier 1 targets.

Rigorous Methodology and Independent Review

The updated resource estimate was prepared by Encompass Mining Pty Ltd using industry-standard sampling, assaying, and geostatistical techniques compliant with the JORC Code 2012. It incorporates detailed geological modelling, including structural interpretations of the shear-hosted mineralisation, and accounts for mining depletion from 2024 open pit activities. An independent review by MEC Mining confirmed the robustness of the estimate with no material issues identified. Metallurgical testwork indicates favourable copper recoveries, supporting the economic potential of the deposit.

Next Steps Focus on Resource Growth and Technical Refinement

Looking ahead, True North Copper plans to update the Great Australia Mine resource in the first quarter of 2026, further strengthening the CCP’s development framework. Targeted infill and extension drilling at Wallace North will test high-grade mineralisation at depth and along strike, while metallurgical and geotechnical studies aim to refine recovery assumptions and mine planning inputs. These activities are designed to enhance resource confidence and support the company’s pathway toward project development.