True North Copper Confirms Aquila Discovery and Advances Cloncurry JV Deal

Aquila Discovery Validated and Drilling Momentum at Mt Oxide

True North Copper has cemented the Aquila discovery at its flagship Mt Oxide Project as a high-grade copper-cobalt-silver system with impressive scale and continuity. The final assays from the 2025 drilling campaign revealed a 40–60m wide mineralised zone extending over at least 1km and remaining open along strike and at depth. Notably, hole MOX255 intersected 59m at 1.77% Cu, 0.04% Co, and 5.2 g/t Ag from 134m, including a high-grade 7m interval at 7.9% copper.

This drilling success underpins True North’s confidence in the deposit’s geometry and resource potential, supporting a near-surface, steeply dipping system with significant lateral and vertical extent. The company has re-established site access post-wet season and commenced its 2026 drilling program prioritising extensions to Aquila and the Vero resource, alongside exploration of parallel trends such as Acanthis and Apollo.

The momentum is further boosted by $750,000 in non-dilutive Queensland Government grants, including $500k for assessing legacy mine waste and $250k for UAV-based geophysical surveys to expand discovery targets. The legacy waste sonic drilling program, executed in partnership with Regeneration Enterprises, aims to evaluate potential re-commercialisation opportunities while enhancing environmental outcomes.

These developments build on the company’s recent launch of a 6,000m drilling campaign to expand Aquila and regional prospects, underscoring a strategic push to grow the Mt Oxide resource into a standalone polymetallic asset with copper, cobalt, and silver exposure 6,000m drilling program.

Cloncurry Copper Project Advances with Resource Upgrade and JV Acquisition

At the Cloncurry Copper Project, True North Copper reported a 7% increase in contained copper to approximately 109,000 tonnes following an updated Mineral Resource Estimate. This upgrade, driven by 2023 grade control and 2025 exploration drilling campaigns, enhances the project’s development prospects and supports a Pre-Feasibility Study (PFS) on track for completion in late 2026.

The company completed 2,900m of diamond and reverse circulation drilling at key deposits including Great Australia Mine, Taipan, and Orphan Shear, with ongoing drilling at Wallace North to follow up high-grade intercepts such as 9m at 4.33% Cu and 3.64 g/t Au. Metallurgical and geotechnical test work is underway, critical to finalising the PFS.

Strategically, True North entered a Purchase Agreement to acquire Renegade Exploration’s stake in the Carpentaria Joint Venture, which hosts the 3.1Mt @ 0.55% Cu Mongoose Inferred Resource adjacent to Taipan. This consolidation enhances resource scale and offers an optimised pit design with improved production profiles. The deal is subject to a 40-day right of first refusal by Glencore’s Mount Isa Mines subsidiary but signals True North’s intent to lead regional development and unlock synergies across its portfolio JV acquisition with Glencore.

Regional Exploration Identifies New Copper-Gold Targets Near Wynberg

True North’s exploration efforts continue beyond its core projects, with new high-priority copper-gold targets identified near the existing 56,000-ounce Wynberg Gold Resource. Recent drilling intersected significant mineralisation outside the current resource model, including 10m at 6.7 g/t Au and 0.36% Cu, suggesting upside potential.

Fixed Loop Electromagnetic (FLEM) surveys at the 1.7km-long Burnt Ute Prospect revealed multiple deep conductive trends exceeding 600m depth, supporting the interpretation of a district-scale mineralised system comparable to major Cloncurry deposits. The company plans targeted drilling and geophysical surveys to test these prospective corridors Wynberg copper-gold targets.

Corporate Strengthening and Financial Position

True North Copper ended the quarter with $12.3 million in cash, following a $3.7 million tranche from a December 2025 share placement. The company reported $3.8 million in quarterly expenditure, primarily on exploration and corporate overheads, with a planned increase in drilling activity for Q4 FY2026.

Leadership was bolstered with the appointments of Matt Varvari as General Manager Operations, bringing experience in project development and operational readiness, and Mark Longbottom as Head of ESG and Innovation, enhancing environmental and stakeholder engagement capabilities.

Additionally, True North implemented an Employee Performance and Equity Incentive Policy designed to align staff interests with shareholder outcomes while preserving cash flexibility during its growth phase. This policy applies across all employee levels and introduces performance-based upside payable from 2027.

Stakeholder engagement intensified with structured communication channels established with key Queensland Government agencies and ongoing collaboration with Indigenous groups and landholders to support cultural heritage and environmental management.