True North Copper (TNC) Investor presentation summary

Investment highlights and asset overview

• Holds a highly prospective copper portfolio in the Cloncurry/Mt Isa region, with over 321kt Cu resources and significant infrastructure in place, including mining leases and processing plants valued at over A$45m.

• Mt Oxide project features the Vero deposit with 220kt Cu at 1.46% Cu, open at depth and along strike, and multiple high-grade drill intersections from recent campaigns.

• Cloncurry Copper Project is underexplored, with numerous drill-ready targets and a focus on expanding mine life and optimising the mine plan.

• Recapitalisation will deliver a strong balance sheet, new board leadership, and a refocused growth strategy, with cornerstone support from Tembo Capital and Glencore.

Recapitalisation and equity raising

• A$50.3m fully underwritten conditional placement at A$0.005/share, with an additional SPP to raise up to A$5m at the same price.

• Proceeds will extinguish all debt, settle creditors, and fund an 18-month exploration and resource development program.

• Key stakeholders Tembo Capital, Glencore, Nebari, and Regal Partners have committed to participate, with Tembo and Glencore taking significant equity positions.

• Post-recapitalisation, the company will be debt-free, with a pro forma enterprise value of ~A$40m and over A$20m cash for drilling and working capital.

Exploration and growth strategy

• Aggressive exploration planned at both Mt Oxide and Cloncurry, targeting rapid resource growth and new discoveries along underexplored trends.

• Mt Oxide's Vero deposit is analogous to Capricorn Copper, with multiple untested targets along a +10km trend and new geophysical anomalies identified.

• Cloncurry Copper Project will focus on Wallace North and Great Australia Mine, with new IP and EM targets and opportunities to expand resources and mine life.

• Corporate strategy includes evaluating processing options, consolidation, and growth opportunities.