True North Copper (TNC) Q1 2027 TU earnings summary

Executive summary

• Aquila drilling extended high-grade copper mineralisation to ~300m depth; maiden Chidna drilling expanded the tested Aquila–Chidna trend to ~2.3km, within a ~4km interpreted structural corridor.

• Cloncurry Copper Project (CCP) resource growth, Wallace North drilling and metallurgical results advanced the pre-feasibility study (PFS), targeted for Q4 2026.

• Wynberg’s Scoping Study outlined a low-capital development concept targeting 53koz AuEq and $53–87m pre-tax cash flow.

Financial highlights

• Quarter-end cash was $12.8m; a further $5.8m from placement Tranche 2 settled after quarter-end on 28 October.

• Cash outflows included $5.512m for exploration and evaluation, $1.110m net operating cash use and $5.499m net investing cash use.

• Equity financing generated $12.994m before $0.735m in transaction costs; net financing cash inflow was $12.259m.

Outlook and guidance

• CCP PFS completion and potential Ore Reserve declaration are targeted for Q4 2026; environmental approvals, resource growth and development optimisation are continuing priorities.

• Mt Oxide Phase 2 drilling continues across Aquila, Vero–Mara and selected targets; assays are expected progressively from December 2026 to March 2027.

• An Aquila maiden Mineral Resource Estimate is targeted for mid-2027, subject to drilling results, geological modelling and estimation requirements.

• Vero development studies are planned to commence in H2 2027, subject to ongoing technical assessment and resource-extension evaluation.