True North Copper (TNC) Investor presentation summary

Strategic objectives and growth plans

• Aims to become a significant copper producer and critical metals supplier in North-West Queensland, focusing on restarting mining at the Cloncurry Copper Project and funding exploration at Cloncurry and Mt Oxide tenements.

• Seeks further regional growth opportunities and to establish a strong reputation as a preferred employer.

• Next steps include consolidating mining operations, increasing the resource base, and evaluating regional opportunities to build scale and improve margins.

Corporate and financial overview

• 1,029.8M shares on issue, market cap of $55.6M, and $15.48M cash as of 30 June 2024.

• $27.2M debt drawn from a $28M Nebari Facility, with $10M undrawn subject to production milestones.

• Major shareholders include Tembo Capital (29%), Regal Funds Management (14%), and APAC Resources Ltd (6%).

Project operations and production

• Mining at Cloncurry Copper Project commenced July 2024, leveraging existing infrastructure at the Great Australia Mine.

• Plan to mine 4.8Mt over 4.6 years, producing 28.7kt copper and 20.9koz gold.

• 90% of copper concentrate sales over life of mine, with sulphide ore processed at Ernest Henry and 10% as copper sulphate via SX plant.

• Open pit mining with toll milling, initial mining at Wallace North, then expanding to GAM and Taipan pits.