True North Copper (TNC) Status update summary

Strategic focus and project overview

• Emphasis on growth at Mount Oxide and development of the Cloncurry Copper Project, leveraging experienced leadership and a strong project pipeline in a highly active copper region.

• Mount Oxide is positioned as the flagship asset, with significant exploration upside and analogies to major neighboring copper operations.

• Cloncurry Copper Project is being advanced methodically, with a robust pre-feasibility study (PFS) targeted for late 2026 and development options into 2027.

Operational progress and milestones

• Recent capital raise and SPP provide funding runway, with a key AUD 7.5 million debt payment clearing the path for project advancement.

• Over the past year, strong delivery on project milestones has built credibility, with systematic drilling and resource growth at Mount Oxide and PFS progress at Cloncurry.

• Key upcoming milestones include further drilling and assays at Aquila, infill drilling at Vero, and completion of the Cloncurry PFS and reserve by year-end.

Exploration and resource development

• Mount Oxide exploration has extended the Aquila discovery to 1.8 km along strike, with broad mineralized zones and high-grade shoots, and assays pending.

• Vero resource (15 Mt at 1.5% Cu) provides a solid development base, with potential for open pit and underground mining.

• Cloncurry portfolio includes upside from Wallace North, Mongoose-Taipan, and Wynberg, with integrated resource modeling and new gold-copper opportunities.