True North Copper Limited · ASX:TNC
True North Copper — Investor Presentation (July 2026)
29 slides from True North Copper's investor presentation, Jul 22, 2026
Slide 1: Australia's next copper growth opportunity
ASX: TNC For personal use only Australia’s next copper growth opportunity July 2026 Investor Presentation | July 2026 1
Slide 2: Important Notices And Disclaimer
Important Notices And Disclaimer ASX: TNC This presentation (Presentation), together with any information communicated by True North Copper Limited ABN 28 119 421 868 (the JORC Company or True North), in any presentation or discussion relating to this Presentation (collectively, Information) is conf
Slide 3: Two complementary copper projects in north-west QLD
True North Copper ASX: TNC Two complementary copper projects in north-west QLD For personal use only Developing today's resource while systematically discovering tomorrow's. • Mt Oxide Project – Emerging 10km district scale sulphide system; new Aquila discovery made in 2025, now defined over ~1.8km
Slide 4: Corporate Overview
Corporate Overview ASX: TNC Strong register & institutional support For personal use only Share Price $0.40* Tembo Capital 24.5% Shares on Issue 155.4M Regal Funds Management 6.5% Market Capitalisation $62.2M* Glencore Australia 6.3% Cash $12.3M^ Nebari Natural Resources 5.3% Interest-bearing Debt N
Slide 5: Experienced Leadership
Experienced Leadership ASX: TNC Strong track record of successful project delivery Senior Management Board of Directors For personal use only Andrew Mooney Paul Cronin Managing Director and CEO Non-Executive Chairman Experienced in driving complex copper projects from development into Deep capital m
Slide 6: True North Copper: Discovery to Development
True North Copper: Discovery to Development ASX: TNC Developing today's resources while systematically discovering tomorrow's For personal use only Multiple pathways to value in one of Australia’s most active copper districts. Experienced team with a track record of identifying and unlocking value o
Slide 7: We have a growth strategy for value creation
We have a growth strategy for value creation ASX: TNC TNC Based on 3 strategic platforms For personal use only FLAGSHIP PROJECT ROBUST OPPORTUNITY CONTINUOUS EXPLORATION TM GROW DEVELOP DISCOVER Our Mt Oxide Resource Cloncurry Copper Project Our Regional Targets Emerging district-scale copper system
Slide 8: Our Vision: Grow Mt Oxide toward a 50-60 Mt copper resource
ASX: TNC For personal use only OUR VISION Grow Mt Oxide toward a 50-60 Mt copper resource Just like Capricorn Copper next door. We know where we’re headed. Investor Presentation | July 2026 8
Slide 9: GROW: Mount Oxide Project
GROW: Mount Oxide Project ASX: TNC Growing Australia's Next New Copper District An emerging district-scale copper system with increasing confidence in size and scale For personal use only • A potential standalone sulphide development asset. • Two deposits 5km apart, including the JORC Resource at Ve
Slide 10: A district-scale sulphide development opportunity
GROW: Mt Oxide Project ASX: TNC A district-scale sulphide development opportunity Aquila For personal use only 1. A growing mineral system • Growing to ~1.8 km interpreted mineralised trend • Broad structurally controlled copper system with internal higher-grade shoots • Open north, south and at dep
Slide 11: Mt Oxide - Aquila 2026 IP geophysics extensions & planned drill holes
GROW: Mt Oxide - Aquila ASX: TNC 2026 IP geophyiscs extensions & planned drill holes For personal use only • Trend now extends to ~1.8 km and remains open to north, south and at depth • Ground based IP geophysics successfully predicts extensions • Strong correlation between IP and 2025 Discovery and
Slide 12: Mt Oxide - A Proven Analogue to Capricorn Copper
GROW: Mt Oxide - A Proven Analogue to Capricorn Copper ASX: TNC Systematic exploration expanded a single discovery into a 64 Mt copper district. For personal use only Capricorn Copper Aquila Aquila Aquila North Interpreted limit of IP reliability ~2 km mineralised trend ~1.8 km mineralised trend • 6
Slide 13: Mt Oxide: Vero - A Proven Resource
GROW: Mt Oxide: Vero - A Proven Resource ASX: TNC Our high-grade cornerstone resource, with a clear development pathway For personal use only A high-grade copper resource Strong technical foundation 220 kt Cu 5.13Moz Ag 21 kt Co • Perilya completed extensive drilling, resource 15.0 Mt @ 1.46% Cu, 10
Slide 14: Mt Oxide: Vero - Development Pathway
GROW: Mt Oxide: Vero - Development Pathway ASX: TNC Multiple mining options support staged development of the Vero Resource Open Pit Mining Concept Underground Mining Concept For personal use only • Open pit (~700 m × 500 m × 200 m) provides a potential • Accesses higher-grade mineralisation beyond
Slide 15: Mt Oxide: Growth Strategy and Next Steps
GROW: Mt Oxide: Growth Strategy and Next Steps ASX: TNC Develop today's resource while systematically discovering tomorrows. For personal use only Success to-date (Prev 6-months) Progress toward an Aquila maiden Develop Vero ✓ Aquila trend extended to ~1.8 km Mineral Resource • Progress permitting a
Slide 16: DEVELOP: Cloncurry Copper Project
DEVELOP: Cloncurry Copper Project ASX: TNC Building a larger, stronger development project For personal use only The most advanced copper development project in the Cloncurry region. • A robust copper-gold development project built on stronger technical foundations. • Positioned to leverage existing
Slide 17: Four deposits on granted mining leases with existing infrastructure
DEVELOP: Cloncurry Copper Project ASX: TNC Four deposits on granted mining leases with existing brownfield infrastructure 1. Potential to commence For personal use only mining in 2027 • Potential to commence mining in 2027 post Q4 2026 PFS • Existing Mining Leases • Hub & Spoke strategy • Positive d
Slide 18: Multiple Pathways to Enhance Development Value
DEVELOP: Cloncurry Copper Project ASX: TNC Multiple Pathways to Enhance Development Value For personal use only Mongoose Integration - Larger, more flexible resource inventory • Acquisition of Mongoose in CJV with Glencore. • Includes Inferred Resource of 3.1Mt @0.55% Cu and 0.07g/t Au. • Mongoose i
Slide 19: New High-Grade Copper Gold Structures Confirmed at Wallace North
DEVELOP: Cloncurry Copper Project ASX: TNC New High-Grade Copper Gold Structures Confirmed at Wallace North For personal use only Wallace North Long Section CuEq% x ETW(m) WND26_016 24.5 m (19 m ETW) @ 2.17% Cu, 2.01 g/t Au, (4.21% CuEq) from 117 m Inc. 7 m (5.4 m ETW) @ 5.89% Cu, 4.15 g/t Au (10.1%
Slide 20: Value creation at Cloncurry with stronger resources, including gold
DEVELOP: Cloncurry Copper Project ASX: TNC Value creation at Cloncurry with the stronger resources, including gold. For personal use only Success to-date (Prev 6-months) PFS and potential Ore Reserve: Q4 2026 Develop Copper-Gold Deposits ✓ Wallace North high-grade growth • Metallurgical and geotechn
Slide 21: Regional Targets and Consolidation
DISCOVER ASX: TNC Regional Targets and Consolidation 1. Unlocking Queensland’s next For personal use only tier-1 copper discovery • District-scale greenfields targets. • Potential Tier-1 stand-alone discoveries or long-life feed for the Cloncurry Copper Project. 2. Salebury • Large Scale IOCG system
Slide 22: Copper Exposure. Relative Value. Upside Positioning.
Copper Exposure. Relative Value. Upside Positioning. ASX: TNC Peer Comparison $700 Grade For personal use only High grade copper mineralisation within a proven mining region $600 Discovery Enterprise Value / CuEq Tonnes $500 Aquila mineralisation identified outside current Resource $400 Extensions A
Slide 23: Value Pathway - Grow, Develop, Discover
Value Pathway - Grow, Develop, Discover ASX: TNC A staged pipeline driving production and province scale growth Exploration Prospect Defined Resource Active Drilling H2 2026 Drilling Priority For personal use only Early Exploration Advanced Exploration Development Value 1 GROW: Mount Oxide Vero Reso
Slide 24: Recent Milestones and Upcoming Catalysts
Recent Milestones and Upcoming Catalysts ASX: TNC For personal use only 2025 2026 1 GROW: Mount Oxide Exploration AQUILA DISCOVERY & RESULTS IP SURVEY IP NEW TARGETS Aquila Extensions DRILLING PHASE 2 Results Updates ASSAYS 2 DEVELOP: Cloncurry Copper Project Study Updates SCOPING STUDY UPDATE PRE-F
Slide 25: We know where we're headed
ASX: TNC TNC For personal use only We know where we’re headed. TM WWW.TRUENORTHCOPPER.COM.AU Proven team Strong backing Clear vision With experience across Supported by leading Building a Staged Copper the mining industry institutional investors Growth Platform in Australia Investor Presentation | J
Slide 26: Appendix – TNC Mineral Resources
Appendix 1 – TNC Mineral Resources ASX: TNC Cut-off Tonnes Cu Au Co Ag Cu Au Co Ag Cut- Resource Category Tonnes Cu Au Co Ag Cu Au Co Ag (% Cu) (Mt) (%) (g/t) (%) (g/t) (kt) (koz) (kt) (Moz) Resource Category off (Mt) (%) (g/t) (%) (g/t) (kt) (koz) (kt) (Moz) (% Cu) Great Australia Mt Oxide – Vero C
Slide 27: Appendix – References
Appendix 2 – References ASX: TNC Company Hammer Metals True North Copper Breakthrough Minerals Cannindah Resources Austral Resources Carnaby Resources KGL Resources Solstice Minerals AIC Mines Australia Development Explorer Explorer/Developer Explorer Explorer Explorer/Producer Explorer/Developer Ex
Slide 28: Appendix – Peer Group Resource Compilation
Appendix 3 – Peer Group Resource Compilation ASX: TNC Meas. Ind. Inf. Total Company Project Resources Name References %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz
Slide 29: Appendix – Peer Group Resource Compilation (cont'd)
Appendix 3 – Peer Group Resource Compilation (cont’d) ASX: TNC Meas. Ind. Inf. Total Company Project Resources Name References %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/t Ag Moz %Co Co kt %Cu Cu kt Au g/t Au koz Ag g/
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