True North Copper (TNC) Investor presentation summary

Strategic vision and operational focus

• Aims to become a significant copper producer and critical minerals supplier in North-West Queensland, leveraging existing assets and infrastructure.

• Mining restart at Cloncurry Copper Project (CCP) is central to establishing a profitable platform and funding further exploration.

• Focus on consolidating operations, expanding resource base, and evaluating regional growth opportunities.

• Seeks to be a preferred employer and build a strong community reputation.

Project portfolio and operations

• CCP features existing infrastructure, including heap leach and solvent extraction plants, with mining restarted in July 2024 at Wallace Complex.

• CCP mine plan targets 4.8Mt mined over 4.6 years, producing 28.7kt Cu and 20.9koz Au, with 90% of copper sales as concentrate and 10% as copper sulphate.

• Sulphide ore processed via tolling at Ernest Henry, oxides processed at GAM site; expected copper recoveries: 88% (sulphide), 77% (transitional), 65% (oxide).

• Wallace North, Wallace South, Great Australia, Taipan, and Orphan Shear reserves support ongoing and future mining phases.

Partnerships, offtake, and financials

• $28M USD finance facility secured with Nebari; Tembo Capital is the largest shareholder.

• Glencore provides toll-milling and offtake for 100% of CCP copper concentrate, processed at Mt Isa Smelter, with favorable payment terms and royalty discounts.

• Kanins International holds copper sulphate offtake agreement.