True North Copper operational update on Cloncurry Copper Project's mining restart

True North Copper Limited (ASX: $TNC) has provided an operational update on the mining restart at its 100% owned Cloncurry Copper Project (CCP). The company will commence mining ore at Wallace North in early Q4 FY24. The mining preparation at Wallace North progressed in March 2024, including the mobilisation of mining equipment, preparation of access and haulage roads, completion of short-term mine scheduling, and onboarding of skilled mining fleet operators. The mining ramp-up will initially build ore stockpiles, with haulage expected to start in mid-May 2024.

True North Copper's Managing Director, Marty Costello, on the mining restart

This is an exciting and transformative phase for TNC. Thanks to the hard work of our Mining Operations Team we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining commencing at Wallace North in early Q4 FY24. CCP project economics confirm a robust mining operation that is low risk and low-cost. Projected mine revenue is A$367M with a free cash flow of A$111M. Our plans to develop Mt Oxide into our next mine continue as we finalise the Vero mineral resource re-estimation and optimisation study.

Summary of True North Copper's Cloncurry Copper Project mining restart

True North Copper (ASX: $TNC) has announced the commencement of mining ore at Wallace North as part of the Cloncurry Copper Project's mining restart plan. The company's positive project economics include a projected mine revenue of A$367M with a free cash flow of A$111M. The CCP restart plan confirms positive project economics, including mine revenue of A$367M with free cash flow of A$111M, and a pre-tax NPV10 of A$88M over a 4.6 year mine life, at USD$8,500/t Cu price and USD$1,850/oz Au price. True North Copper's Managing Director, Marty Costello, expressed excitement about the transformative phase for TNC and the robust mining operation. The company's plans to develop Mt Oxide into the next mine continue as they finalize the Vero mineral resource re-estimation and optimisation study.