Overview
True North Copper (ASX:TNC) is getting into a transformative and thrilling section as we turn into Australia’s subsequent copper producer. It’s 2024 and we’re able to mine our Cloncurry copper challenge – low-cost, low-risk, absolutely funded and permitted.
Our subsequent mine is the Vero useful resource at our Mt Oxide challenge. We’re dedicated to creating and understanding this phenomenally mineralised challenge. Exploration and mining research are underway.
Copper demand is rising, in a market of diminishing provide. The worldwide surge in synthetic intelligence, electrical autos, decarbonisation initiatives, and broader macro developments is intensifying the demand for copper.
True North Copper is prepared.
Firm Highlights
True North Copper is making ready to turn into Australia’s subsequent copper producer.
True North Copper’s two principal belongings are positioned in northwest Queensland, Australia – a Tier 1 Jurisdiction:
- Cloncurry Copper Mission (CCP) – IOCG and ISCG copper-gold deposits proposed for open pit mining operations, with in depth surrounding exploration tenure.
- Mt Oxide Mission (Mt Oxide) – IOCG high-grade, globally vital, copper-cobalt-silver deposit topic to re- optimisation research, and exploration in surrounding tenure.
Cloncurry Copper Mission (CCP)
- Mining restart examine confirms constructive CCP challenge economics – AU$367 million with free money circulate of AU$111 million, and a pre-tax NPV10 of AU$88 million over a 4.6 12 months mine life, at US$8,500 per ton copper value and US$1,850 per ounce gold value (0.7 AU$:USD alternate charge).
- Wallace North Mine preparation and mobilisation. Wallace North is scheduled as the primary open pit (certainly one of 4 – Wallace North, Nice Australia Mine [GAM], Taipan and Orphan Shear) to be mined as a part of the mining restart on the CCP.
- Mining ramp-up will initially construct ore stockpiles, with mining anticipated to start out This fall FY24(AUS). Oxide copper-gold ore will probably be transported by street prepare to the Cloncurry Operations heap leach. Sulphide ore will probably be transported to a close-by concentrator for toll remedy below TNC’s toll-milling settlement with Glencore.
- CCP’s whole reserves elevated. TNC’s Cloncurry Copper Mission (CCP) whole reserves at present embody 4.7Mt possible ore reserves grading 0.80 % copper and 0.13g/t gold, containing 37.5 kiloton of copper and 20.0koz of gold.
Determine: Cloncurry copper challenge and Cloncurry operations hub
Mt Oxide Mission
- Extremely potential and underexplored. Phenomenally mineralised system.
- Exploration outcomes from True North Copper’s maiden diamond drill program throughout MT Oxide’s Vero Useful resource not solely returned excellent and globally vital grades but additionally showcase the increasing nature of the Vero high-grade ore physique together with:
- 66.50 metres @ 4.95 % copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
234.60 metres and - [inc.] 8.55 metres @ 6.03 % copper, 51.6 g/t silver and 98 ppm cobalt from
290.15 metres
- [inc.] 20.60 metres @ 10.51percent copper, 63. g/t silver and 1,149 ppm cobalt from
- 66.50 metres @ 4.95 % copper, 32.7g/t silver and 685 ppm cobalt from 234.00 metres
- Vero Useful resource re-estimation and mining research 2024.
- Vero Useful resource below examined to depth and alongside strike.
- A number of thrilling future exploration packages and high-priority potential targets alongside the ten kilometres lengthy mineralised development that hosts Vero.
Determine: Cross-section of MOXD217 (10 metres clipping window) displaying the placement of geological and grade composites in addition to the up to date interpretation of copper grade domains based mostly on the outcomes from MOXD217
Funding and Strategic Partnerships
- AU$42 million (US$28 million) USD-denominated senior secured mortgage facility (mortgage facility) with Nebari Pure Assets Credit score Fund II LP (Nebari)1. The Mortgage Facility is offered in two tranches. Drawdown of Tranche 1 – US$18M (roughly AU$25.5 million) on 9 February 2024.
- Binding offtake and toll-milling agreements with Glencore Worldwide AG(Glencore) for one hundred pc of copper focus from TNC’s Cloncurry copper challenge (CCP) and toll-milling providers of as much as 1Mt of ore per 12 months for the CCP’s Lifetime of Mine (LoM).
Determine: Visible illustration of Vero Useful resource inside surrounding Mt Isa Inlier.
TNC 2024 Exploration Program
- Aggressive discovery technique focusing on transformative discoveries throughout TNC’s greater than 850 sq km of tenure package deal throughout the Mt Isa Inlier.
- Important potential for transformative discoveries of
copper-gold cobalt-silver) in three districts. - Quite a few high-quality copper-gold-cobalt-silver targets positioned with mineralised structural corridors throughout the japanese & western fold belts reminiscent of:
- Cloncurry Fault Hall 🡪 Host to the GAM and Mt Norma Assets
- Ernest Henry Hall 🡪 Ernest Henry, E1 Camp and Monakoff
- Mt Gordon Hall 🡪 Capricorn Copper and Vero
- Mt Roseby Hall 🡪 Little Eva and Blackard.
- 12.55 Mt @ 0.82 % copper (indicated and inferred sources).) and a number of prospects positioned inside a 30-kilometre radius of the corporate’s Cloncurry copper challenge signify near-term manufacturing benefit. Latest JV over extremely potential tenements with CMG deal improve TNC’s land place on the core of its Cloncurry copper challenge.
- TNC awarded the Queensland Authorities Collaborative Exploration Initiative (CEI) Grant. The CEI grant will probably be used in the direction of supply of vanguard MIMDAS induced polarisation, resistivity and magnetotellurics geophysical surveys on the Mt Oxide. The exploration goals to determine large and disseminated sulphide mineralisation and ship an improved understanding of the large-scale structural structure that controls mineralisation all through the Mt Oxide exploration leases.
Determine: Abstract of exploration and growth pipeline throughout all TNC initiatives.
Initiatives
Cloncurry Copper Mission
Our Cloncurry copper challenge (CCP) hosts iron oxide copper-gold (IOCG) and iron-sulphide-copper-gold (ISCG) deposits with in depth surrounding exploration tenure. It’s constructed on a powerful financial foundation and low-risk price construction.
The CCP at present incorporates two reserves the place mining will begin together with – the Wallace North maiden useful resource and the Nice Australia mine reserve (GAM):
- GAM contains GAM, Orphan Shear and Taipan deposits) totalling 4.7Mt grading 0.80 % copper and 0.13g/t gold containing 37.5kt of copper and 20 koz of gold – improve to be introduced mid-2024.
- Wallace North ore reserve totals 0.7Mt (possible) grading 1.01 % copper and 0.46g/t gold for six.8kt copper and 10 koz gold.
TNC’s CCP growth is ongoing with exploration progressing and superior initiatives in strategic places surrounding the prevailing CCP operation, promising long-term development prospects.
Our strategic partnerships, together with a binding offtake and toll-milling agreements with Glencore Worldwide AG, supported by debt funding secured with Nebari, underscore our operational readiness and place TNC to capitalise on an especially beneficial copper market.
Mining operations will kick-off on the Wallace North open reduce pit, focusing on higher-grade ores (~1 % copper) from floor mining. Ore will bear main crushing on the Cloncurry operations hub and the toll remedy facility, positioned inside a 40km radius, with a predominant give attention to sulphide ores.
All vital permits for mining are secured throughout the CCP, bolstered by a longtime environmental monitoring community with a sturdy historic database.
TNC’s operational technique includes a phased strategy to mine growth, with plans to begin mining operations in 2024 and handle capability ramp-up all through 2025.
Cloncurry Operations Hub
The Cloncurry operations hub is strategically positioned to the CCP’s 4 open pit deposits together with: Nice Australia, Orphan Shear, Taipan and Wallace North.
The COH is positioned 2 kilometres from the township of Cloncurry and offers important infrastructure, technical programs and assist to all of TNC’s challenge operations. An energetic oxide heap leach and solvent extraction (SX) processing plant, mine buildings, web site administration services, workshops, open pit mine services, onsite explosive magazines, web site storage, water administration programs and present web site energy provide are positioned on the COH.
Cloncurry Copper Mission – Mission Economics
- Mining 4.8Mt of ore over an preliminary 4.6 12 months mine life, at a low strip ratio of 4.2, delivering 35kt copper and 29 koz gold contained steel (based mostly on present JORC reserves)
- Anticipated mine income of AU$367 million with free money circulate of AU$111 million, and a pre-tax NPV10 of AU$88 million, demonstrating robust working economics at US$8,500/t copper value and US$1,850/oz gold value (0.7 AU$:USD alternate charge).
- Payback anticipated inside six months submit mining restart, pushed by beneficial commodity costs and low all-in sustaining price (AISC) of US$2.65/lb copper.
- Low up entrance capex of AU$1.5 million leverages present infrastructure, whereas peak working expenditure is estimated at AU$2.2 million.
- Sulphide and oxide ore manufacturing – two copper merchandise. copper sulphide (LoM approx. 90 %) + copper sulphate (LoM approx. 10 %).
- Mineral focus grade 22-26 % copper (with gold/silver credit).
- Sulphide Ores extra than88 % anticipated restoration.
- Transitional Ores greater than 77 % anticipated restoration.
- Very low deleterious components in mineral focus.
Cloncurry Copper Mission – Exploration 2024
- CCP growth and exploration centered on speedy copper-gold-ore supply development.
- With greater than 80 prospects positioned inside a 30-kilometre radius of the CCP, TNC is concentrated on vital growth and the exploration potential for added copper-gold-cobalt-silver mineralisation to be introduced into the manufacturing fold together with large-scale firm transformative main discoveries.
- Due to our profitable 2023 Exploration Program we’ve got recognized by means of a scientific strategy, and evaluation at a mineral system scale, the next new targets:
- Cloncurry Copper Mission – eight new drill targets at Larger Australian and Copperhead in new Induced Polarisation.
- Salebury and Rocklands South – Compelling untested geophysical anomalies in historic information.
- Mt Norma- untested floor anomalies and down plunge useful resource extension targets on mining lease inside 30 kilometres of the Cloncurry operations hub.
- Wynberg, Notlor, Marimo Development and Tanbah restricted historic exploration vital copper-gold in floor sampling and drilling, restricted testing.
Determine: Excessive precedence exploration targets on the CCP
Mt Oxide Mission
The Mt Oxide challenge hosts the Vero useful resource of 15.98 Mt @ 1.43 % copper(measured, indicated and inferred) a Mt Isa model sediment-hosted copper-silver-cobalt system. Analogues embody Capricorn copper and Mt Isa copper.
The Vero useful resource at our Mt Oxide challenge is our subsequent mine. We’re centered on understanding this phenomenally mineralised system.
Mt Oxide’s Vero Useful resource 2023 exploration program returned excellent and globally vital grades. This system included our 2023 maiden drilling program throughout the Vero useful resource and outcomes showcased the increasing nature of the Vero high-grade ore physique.
Throughout 2024, TNC will probably be exploring a number of, thrilling high-priority exploration targets alongside a ten kilometres mineralised development that hosts Vero.
We will even be delivering throughout 2024 the Vero Useful resource re-estimation and mining optimisation and feasibility research.
Vero Useful resource maiden drilling program
In 2023, TNC accomplished an preliminary 12-hole diamond drilling program at Mt Oxide designed to verify historic high-grade intersections and check the depth and strike extensions to the prevailing Vero Useful resource.
2023 Vero useful resource drilling highlights included (* = Estimated True Width):
MOXD217 returned phenomenal outcomes that positioned the drill gap within the prime globally ranked copper drill holes of 2023 together with :
- 66.50 metres (48.00 metres*) @ 4.95 % copper, 32.7 g/t silver and 685 ppm cobaltfrom 234 metres.
- 11 metres (8.19 metres*) @ 3.06 % copper, 34.2 g/t silver and 682 ppm cobalt from 357.50 metres.
- 8.55 metres (8.55 metres*) @ 6.16 % copper, 45.9 g/t silver and 140 ppm cobalt from 172.50 metres.
MOXD221 intercepted a large interval of high-grade shallow dipping mineralisation in addition to a second deeper intercept, offering indications of quickly growing grade and widths of mineralisation to the south together with:
- 42.10 metres (41 metres*) @ 1.66 % copper, 13.5 g/t silver and 1,083 ppm cobalt from 154.90 metres.
- [including] 4 metres (2.24 metres*) @ 7.65 % copper, 57.3 g/t silver and 1,164 ppm cobalt from 191.20 metres.
MOXD226A returned three key zones of robust mineralisation together with a broad interval of 69.95 metres and additional intervals of as much as 11.19 % copper.
Highlights embody:
- 69.95 metres (42.85 metres*) @ 1.91percent copper, 17.7g/t silver and 675 ppm cobalt from 224.55 metres
- [including] 9.65 metres (5.89 metres*) @ 2.74 % copper, 24.1g/t silver and 993 ppm cobalt from 239.50 metres
- [including] 18.15 metres (11.07 metres*) @ 3.23 % copper, 26.8g/t silver and 585 ppm cobalt from 276.35 metres
- 16.75 metres (16.75 metres*) @ 5.30 % copper, 44- g/t silver and 120 ppm cobalt from 165.25 metres
- [including] 4.65 metres (4.65 metres*) @ 11.19 % copper, 93.9g/t silver and 136 ppm cobalt from 172.55 metres
Determine: Location of geological and grade composites in addition to the up to date interpretation of copper grade domains based mostly on the outcomes from MOXD226A
Mt Oxide Discovery Technique
TNC is dedicated to unlocking Mt Oxide’s underexplored high-quality targets.
- Mt Oxide lies adjoining to a big crustal scale construction – the Mt Gordon Fault Zone. Splays off this construction (Dorman Fault) host Vero.
- Mt Oxide has proof of large-scale fluid circulate, huge mineral system potential.
- Copper-silver-cobalt mineralisation interpreted to have been shaped close to floor and higher elements are preserved.
- Wonderful depth potential of mineralisation within the Mt Oxide challenge.
- Restricted systematic fashionable exploration exterior of the Vero useful resource.
- Important alternative to use modern mineral exploration to construct a bigger copper stock in a well-endowed mineral system.
- Greater than 10 kilometres development alongside Dorman fault zone of intermittently outcropping gossanous / silica breccias, nearly no drilling, floor sampling or efficient geophysics.
- A number of untested targets with vital alteration-mineralisation footprints.
- No utility of tried and examined geophysics or systematic floor rock chip geochemistry and mapping.
- Low price extremely efficient exploration strategies to filter and prioritise drill targets.
A number of thrilling future exploration packages and high-priority potential targets alongside 10km lengthy mineralised development that hosts Vero together with:
- Aquila & Mt Gordon
- Ivena North
- Camp Gossans
- Cave Creek
- Huge Oxide
Determine: A number of thrilling future exploration packages and high-priority potential targets alongside the 10-kilometre lengthy mineralised development that hosts Vero useful resource’s Mt Oxide challenge.
Administration Group
Ian McAleese – Government Chairman
Ian McAleese labored as a mine geologist at Mt Isa, Jabiluka and Bougainville for 15 years earlier than shifting into copper focus advertising on Bougainville. On returning to Australia in 1987, he labored initially as a mining analyst and subsequently as a portfolio supervisor specialising on funding in mining corporations for a variety of massive funding establishments. McAleese then returned to the mining trade in enterprise growth and investor relations roles for a variety of coal mining corporations, together with Macarthur Coal and Whitehaven Coal. After retiring from Whitehaven Coal in late 2020, he joined Duke Exploration as a non-executive director simply previous to the Duke Exploration IPO. In December 2022 he grew to become the non-executive chair of True North Copper.
Bevan Jones – Managing Director
Bevan Jones is a seasoned operations officer providing practically 30 years of expertise in mine administration throughout a various vary of commodities and has a confirmed monitor document in directing enterprise enchancment initiatives and operational transformation. Jones’ earlier roles embody chief working officer at Karora Assets (TSX:KRR), in addition to normal supervisor of Gold Fields Restricted’s (JSE:GFI) St Ives Gold Mine in WA, the place he executed transformative development methods and delivered distinctive operational outcomes. Most just lately, Jones was the managing director at Brisbane-based Additional Mining Options, the place he performed a number one position in establishing the corporate specializing in enterprise transformation and operational excellence. Jones gained worldwide operational expertise as chief working officer of BCM Group Worldwide in West Africa, normal supervisor of the Wetar Copper Mine in Indonesia and normal supervisor of the Hidden Valley Mine in Papua New Guinea, in addition to mining supervisor of Barrick Gold’s Lumwana Copper Mine in Zambia.
Craig Gouws – Chief Monetary Officer
Craig Gouws, a chartered accountant, has in depth Australian and worldwide expertise as a CFO and board of director with a demonstrated historical past of efficiently main monetary operations throughout numerous industries and worldwide markets. Gouws holds a Bachelor of Commerce and a Submit Graduate Diploma in Accounting from the College of Cape City and is a fellow of the Institute of Chartered Accountants in England and Wales and a member in South Africa.
Marty Costello – Government Director, Enterprise Growth
Marty Costello is recognised as certainly one of Australia’s main challenge growth and sustainability strategists throughout the useful resource sector, with greater than 20 years {of professional} expertise.
After working for a number of corporations and authorities departments (home and worldwide) managing, creating and implementing setting, sustainability and danger (ESR) packages and insurance policies he established his personal environmental consultancy – Northern Useful resource Consultants (NRC).
Within the house of 9 years, Costello developed NRC into an trade specialist with greater than 25 staff specializing in environmental administration and sustainability options for the useful resource sector. NRC delivered agile, finest apply ESR methods and multi-disciplinary environmental and sustainability providers for purchasers like Evolution Mining, Futura, Sojitz, Adani, Crimson River Assets, CU River Mining, and others.
In 2018, NRC was acquired by SLR, a world chief in environmental and sustainability options. The acquisition facilitated appreciable further functionality and geographic protection to SLR’s present mining and minerals in Asia Pacific enterprise. Throughout his consulting life, Costello was retained by Evolution Mining over an eight-year interval to supply strategic challenge growth, ESG recommendation to the board and government administration staff.
Costello holds a Bachelor of Utilized Science (environmental administration) and Diploma of Utilized Science.
Peter Brown – Chief Working Officer
Peter Brown has held senior administration roles within the sources sector, each domestically and internationally, together with latest positions at Spherical Oak Minerals and Diatreme Assets the place he oversaw challenge growth and operations. Brown has numerous expertise and a powerful monitor document that demonstrates his capability to efficiently ship initiatives and foster constructive relationships with all challenge stakeholders.
He has managed discovery packages for gold, copper and chromite in South America, Japan, Vietnam and Indonesia, together with authorities and group relations. He additionally drove enhancements and offered coaching in mine geology, useful resource analysis and mine technical providers at outstanding mines reminiscent of Mt Muro Gold Mine, George Fisher Mine and Peak Gold Mines. Moreover, Brown performed a big position in reviving deserted satellite tv for pc initiatives at Peak Gold Mines.
Different achievements embody efficiently re-permitting and establishing the 1-Moz Toka Tindung Gold Mine in Indonesia as director of Indonesian corporations and normal supervisor at Archipelago Assets; main the allowing, engineering redesign and building of the 0.8-Moz Mt Carlton Gold Mine in Queensland; the profitable growth of Mt Carlton and Pajingo initiatives, which contributed to the institution of Evolution Mining; and recommissioning and creating a number of mining initiatives within the Mount Isa and Cloncurry area.
Sven Sewell – Sustainability & Web Zero Supervisor
Sven Sewell has over 25 years’ expertise working in a spread of environmental fields, together with environmental consulting, environmental regulation and throughout the trade.
For the 15 years previous to becoming a member of TNC, Sewell held senior environmental positions at a number of working mines throughout northern Australia. At these operations, he was usually probably the most senior setting, accountable for all facets of allowing, compliance, rehabilitation and normal environmental administration. Sewell’s expertise in northern Australian mines contains a number of new and established gold, uranium and bauxite operations.
Sewell holds a BSc (with honours) in environmental science.
Mark Brown – Normal Supervisor, Cloncurry Operations
With greater than 30 years of home and worldwide mining trade expertise, Mark Brown provides a complete talent set grounded in sensible useful resource sector execution and invaluable management expertise. His profession journey has been marked by a dedication to security, operational excellence, and fostering constructive work cultures.
Brown has held quite a lot of senior management operational roles all through his profession, overseeing numerous facets of mining operations. He has in depth expertise throughout all mining regulatory and compliance facets and has experience in well being and security administration together with emergency response, disaster administration, contractor administration, and complete incident investigations.
Michelle Ellis – Cloncurry Initiatives Exploration Supervisor
Michelle Ellis retains over 15 years’ mineral exploration, useful resource and mining expertise predominantly in iron-oxide-copper-gold deposits and terrains throughout South Australia and Northwest Queensland.
Over the previous 11 years, she has actively explored a spread of commodities and deposit types all through the Mount Isa Inlier.
Ellis has an MSc in financial geology, MSc in environmental administration and BSc in utilized science – geoscience, and is a member of the Australasian Institute of Mining and Metallurgy.
Rhonda Freeman – Group Supervisor (Human Assets)
Rhonda Freeman has greater than 18 years’ expertise attracting prime expertise, fostering worker growth and serving to organisations develop secure and supportive work environments. She has labored extensively throughout the useful resource sector, together with for giant national-wide drilling corporations.
Freeman has labored for mining corporations throughout quite a lot of geological settings together with brown coal, black coal, uranium, mineral sands and oil & fuel. She brings a various talent set particular to the useful resource sector, having labored throughout all industrial facets of drilling operations together with as an exploration supervisor.
