True North Copper Limited (ASX: $TNC) has announced a fully underwritten $24.3 million equity raising to fund the company through to steady state production at the Cloncurry Copper Project, strengthen its financial position, and fund exploration to grow resources and reserves at Cloncurry and target new discoveries at its Mt Oxide Project in 2024.
It is our goal to restart operations at Cloncurry to become Australia's next copper producer and this Equity Raising will strengthen our balance sheet through to steady state production at the CCP. Backed by our binding offtake and toll milling agreements with Glencore, we are ready to transform our Cloncurry Project into a profitable mining operation. First copper concentrate sales from commercial mining at CPP is expected in 2H 2024 at a time when copper prices are at 10 year highs. Cash flow from mining will fund extensive exploration at both Mt Oxide and the Cloncurry district. We are grateful for the support from our new and existing Shareholders in this - in particular Tembo Capital and Nebari who have committed to sub-underwrite our Retail Entitlement Offer. In addition to restarting Cloncurry, we have vast potential to grow resources and reserves for this project as well as further build our inventory at the Mt Oxide Project, with a +10km prospective trend we are keen to explore in addition to our Vero Resource which hosts a resource of nearly 16 million tonnes at 1.43% copper and 6.91 g/t silver total combined Measured, Indicated and Inferred resource.
True North Copper Limited (ASX: $TNC) has launched a fully underwritten $24.3 million equity raising to fund the company through to steady state production at the Cloncurry Copper Project, strengthen its financial position, and fund exploration to grow resources and reserves at Cloncurry and target new discoveries at its Mt Oxide Project in 2024. The company aims to restart operations at Cloncurry to become Australia's next copper producer and transform the Cloncurry Project into a profitable mining operation. With the support of its shareholders, including Tembo Capital and Nebari, True North Copper looks forward to first copper concentrate sales from commercial mining at CPP in 2H 2024. The company also sees vast potential to grow resources and reserves for the Cloncurry project and further build inventory at the Mt Oxide Project, with a +10km prospective trend to explore. The Equity Raising is expected to strengthen the company's balance sheet and provide the necessary funds for extensive exploration and steady state production, positioning True North Copper for future growth and success.