True North Copper (TNC) H2 2026 earnings summary

Executive summary

• Advanced exploration and development at Mt Oxide and Cloncurry, with significant new copper-cobalt-silver discoveries at Aquila and resource growth at Cloncurry.

• Leadership transition with new Managing Director and sharpened strategic focus on three-platform growth: Grow (Mt Oxide), Develop (Cloncurry), Discover (regional targets).

• Strengthened ESG practices, stakeholder engagement, and Indigenous community relationships, with notable environmental initiatives and legacy material re-commercialisation studies.

• Portfolio optimisation through divestment of non-core assets and successful capital raising post-year-end to fund ongoing drilling and studies.

Financial highlights

• Net loss for the year was $957k, a significant improvement from $28.4m loss in the prior year, reflecting lower expenses and a $4.4m impairment reversal.

• Revenue and other income totaled $1.54m, mainly from interest and government grants; copper sulphate sales ceased in late 2024.

• Cash reserves at year-end were $7.1m, down from $12.8m, with further capital raised post-year-end.

• Share capital increased to $174.9m following new placements and share issues.

Outlook and guidance

• Focus for FY27 is on further exploration and evaluation at Mt Oxide and Cloncurry, advancing technical studies, and opportunistically assessing new project opportunities.

• Pre-Feasibility Study for Cloncurry targeted for late 2026; continued drilling and resource definition at Mt Oxide.

• Recent capital raising and asset sales to support ongoing project development and balance sheet strength.