True North Copper Extends Aquila Discovery and Advances Cloncurry Pre-Feasibility Study

Aquila Discovery Grows at Mt Oxide

True North Copper (ASX:TNC) has significantly expanded the footprint of its Aquila copper-cobalt-silver discovery at the Mt Oxide Project, extending the strike length from 1.2km to approximately 1.8km. Diamond drilling confirmed broad mineralisation with standout intercepts such as 35m at 0.82% copper including higher-grade intervals up to 4.08% copper. These results reinforce the potential scale of the system and underpin plans for a maiden Mineral Resource estimate. Over 4,000 metres of drilling across Aquila and adjacent targets Apollo and Acanthis was completed during the quarter, with further assay results pending in the coming months.

Guided by an induced polarisation geophysics program, the drilling campaign is targeting extensions along strike and at depth, aiming to build a district-scale copper system. The Company’s Concept Study is progressing to evaluate a standalone copper development incorporating the existing Vero resource and the Aquila discovery, considering staged mining options and potential toll treatment partnerships to optimise capital deployment.

This strategic expansion at Mt Oxide positions True North to emulate the scale of regional peers, with the Aquila discovery adding materially to the 220kt copper and 5.1Moz silver already defined at Vero. The Company is also investigating legacy mine materials for resource recovery and environmental rehabilitation opportunities.

Cloncurry Copper Project Advances Toward Pre-Feasibility

At the Cloncurry Copper Project, True North completed its 2026 drilling program and technical studies, setting the stage for a Pre-Feasibility Study (PFS) targeted for completion in Q4 2026. A highlight was the confirmation of a new high-grade copper-gold shoot at Wallace North, with drill intercepts including 25m at 2.2% copper and 2.0 g/t gold (4.2% CuEq), which remains open for expansion.

The Company also consolidated its tenure by acquiring Renegade Exploration’s interest in the Carpentaria Joint Venture, securing the 3.1Mt Mongoose resource adjacent to the Taipan deposit. This consolidation removes previous lease boundary constraints and allows integration of Mongoose and Taipan in the PFS, enhancing development flexibility and scale. Recent drilling at Mongoose supports resource growth beyond the current estimate.

Technical workstreams including metallurgical, geotechnical, and mine engineering studies are underway to optimise pit designs and production schedules, leveraging existing regional processing infrastructure. The PFS aims to confirm a robust, right-sized development opportunity that balances scale with capital efficiency.

Portfolio Optimisation and Corporate Developments

True North has continued to streamline its portfolio by divesting non-core assets. The Prairie Creek Gold Project was sold during the quarter, and the Bundarra Copper Project is under conditional sale to Tec Minerals, with True North retaining a 1% net smelter royalty and equity upside. This capital recycling allows the Company to focus resources on its flagship Mt Oxide and Cloncurry projects.

On the corporate front, the appointment of Matt Porter as Exploration Manager strengthens the Company’s leadership with his extensive Mt Isa region experience. True North also reported a cash balance of $7.1 million at quarter-end, following $5.2 million in expenditure primarily on exploration and tenement acquisition. The Company maintains a disciplined approach to cash management while advancing multiple growth initiatives.

Community and stakeholder engagement intensified during the quarter, with outreach activities in Mt Isa and Cloncurry regions, including meetings with Traditional Owner representatives and local government, underscoring True North’s commitment to responsible development.