A collective of old copper assets to fund new exploration

True North Copper is looking to be cashflow positive around the end of the 2025 financial year. The company has consolidated distressed assets around Cloncurry and found economies of scale from mothballed processing facilities, including a copper concentrator, SX plant and copper sulphate crystallisation plant. The company last year picked up the Mount Oxide lease package from 29Metals close to the Capricorn Copper project. Main image: Wallace North drill chips Managing director Bevan Jones said it was the future for the company. True North Copper managing director Bevan Jones. “We’re working towards generating cashflow from the Cloncurry operations and will continue the exploration around Mount Oxide as we progress into operations at our Vero deposit,” he said. “We have 10km along strike at Mount Oxide that remains very underexplored, and our intention in the near term is to complete a program of wide area exploration . “We have an IP program underway that extends along strike at the Vero resource area and we intend to commence a drill program later this year. “TNC is emerging into a very positive story. We have a solid four-and-a-half years’ worth of cashflow ahead at our Cloncurry operations, allowing us to further explore Mount Oxide which will lead into the underground mine we are planning at Vero.” Related: True North Copper boosts Wallace North resource Nebari Natural Resources Credit Fund committed to sub-underwrite a recent retail entitlement offer for up to $0.5 million. The company was looking to repay the confidence shown by investors after kicking off mining at its Wallace North copper mine near Cloncurry, Mr Jones said. “We raised $24 million on (the) equity market and prior to that we secured finance with Nebari to meet our cashflow requirements to start the operation,” he said. Activity at Wallace North. “We are aiming to be cashflow positive within the first 12 months. The team is working very hard to execute that plan on time and I think we will prove our worth to the market.” The added benefit as the company executed its plan was rehabilitating old mine sites, Mr Jones said. “It's fair to say the government has been supportive,” he said. “We've had to navigate our way through the approvals process, but I look at the work that we're doing there and think this is something … that people can be proud of. “To renew the existing disturbed land and be able to have a positive effect on the community and the environment is a really exciting prospect for TNC. “We're an emerging organisation and we're aiming to be cashflow positive. We want to spend the money we have effectively to get a really good result for handing that land back to the community in the end.” Mr Jones and his partner live in Brisbane. They have four adult children.

A collective of old copper assets to fund new exploration

Industry Queensland

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