$20 Million Boost for True North Copper as it Eyes Queensland Copper Assets
True North Copper has secured $20 million in funding through an $18 million placement and a $2 million share purchase plan. This influx of capital will enable the company to progress its Queensland copper assets, particularly the Mt Oxide project.
The placement was oversubscribed, with 48.6 million new shares issued at 37 cents each, representing an 8.7% discount to the company's volume-weighted average price. This funding represents a crucial step for True North Copper, providing it with the necessary resources to finalize its acquisition of Mt Oxide and advance its exploration activities.
Drilling will continue at the Aquila discovery, which has been extended over 1.8 kilometers since its initial identification in mid-2025. Previous drilling returned high-grade copper hits, including a 59-meter intersection at 1.77% copper and a 7-meter section going 7.9% copper.
The company's strengthened balance sheet will also support the next phase of growth across its copper portfolio, with a focus on expanding the mineralized system and defining higher-grade zones at Mt Oxide. Additionally, True North Copper is progressing a prefeasibility study (PFS) at its Cloncurry project, which is expected to outline a pathway to near-term production.