True North Copper’s Cloncurry study gains momentum with 89% recovery

Wallace North Tests Support Cloncurry Processing Case

True North Copper Limited (ASX:TNC) has given its Cloncurry development story a useful technical lift, reporting average copper recovery of 88.9% from Wallace North flotation tests at a 19.9% copper concentrate grade. The three composites produced recoveries ranging from 83.4% to 95.8%, covering head grades from 0.46% to 3.82% copper.

The results are based on bench-scale testing rather than an operating plant, and the company says the composites characterise key metallurgical domains but may not capture the full variability of each deposit. Even so, the results are being used to support recovery assumptions, concentrate specifications and processing inputs for the Cloncurry Copper Project pre-feasibility study. Gold recoveries have not yet been reported and remain subject to fire-assay results.

Resource Expansion Broadens the Mine Plan

The project’s contained copper-equivalent Mineral Resource has increased from 126kt in December 2025 to 204kt in October 2026, a 62% rise. The latest inventory comprises 20.6 million tonnes at 0.99% CuEq, with Mongoose-Taipan contributing 84.7kt CuEq, Great Australia and Orphan Shear 55.2kt, Wallace North 41.0kt and Wynberg 21.6kt.

The larger base builds on the September Mongoose-Taipan resource update, which had already expanded the project’s technical foundation for the late-2026 study. True North says the expanded inventory is being incorporated into pit designs, scheduling and optimisation, while additional drilling at Wallace North, Mongoose-Taipan and Wynberg is planned from late 2026 into 2027.

PFS Moves From Drilling Into Economics

Mine planning is now described as nearing completion. Pit optimisation and designs have been completed for Wallace North, Great Australia Mine and Orphan Shear, while Mongoose-Taipan designs are being updated to reflect its expanded Resource. Contractor and supplier pricing has been received for key work packages, and the financial model is being refined around the final mine plan and cost inputs.

The study is built around regional toll processing rather than a large new processing build, with True North evaluating options across Mt Isa, Rocklands, Ernest Henry and Eloise. That approach could limit upfront infrastructure requirements, but it leaves commercial terms and available capacity as important variables. Discussions with regional providers are continuing, including options beyond the existing tolling agreement’s expiry at the end of 2027.

Oxide Leaching Adds a Secondary Pathway

Testing also produced a more mixed picture for oxide material. Mongoose-Taipan returned 99.2% acid-extractable copper in the tested composite, while Orphan Shear results ranged from 43.9% to 98.0%. True North says the variability may be managed through selective stockpiling, blending and campaign-based leaching, with oxide material expected to represent 10% to 15% of PFS feed.

The company is targeting completion of the PFS in late 2026, alongside environmental studies, approvals planning and stakeholder engagement. A potential maiden Ore Reserve is also targeted, but neither the study nor a reserve has yet been delivered. The next meaningful test will be whether the enlarged Resource and encouraging metallurgy survive the more demanding stages of mine scheduling, cost estimation, permitting and processing negotiations.