True North Copper Limited · ASX:TNC
True North Copper — Investor Presentation (November 2026)
29 slides from True North Copper's investor presentation, Nov 4, 2026
Slide 1: Australia's next copper growth opportunity
rsonal use only ASX: ASX:TNC TNC Australia’s next copper growth opportunity ~420kt contained copper equivalent November 2026 Investor Presentation | November 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: True North Copper: Two complementary copper projects
True North Copper ASX: TNC Two complementary copper projects | ~420kt contained copper equivalent rsonal use only Developing today's resource while systematically discovering tomorrow's. • Mt Oxide Project Emerging 10km district scale sulphide system; new Aquila- Chidna discovery made in 2025, now d
Slide 4: Corporate Overview
Corporate Overview ASX: TNC Strong register & institutional support rsonal use only Share Price $0.26* Tembo Capital 21.1% Shares on Issue 206.1M Glencore Australia 4.8% Market Capitalisation $53.6M* Nebari Natural Resources 4.0% Cash $12.8M^ Konwave 4.0% Interest-bearing Debt Nil TNC Board & Execut
Slide 5: Experienced Leadership
Experienced Leadership ASX: TNC Strong track record of successful project delivery Senior Management Board of Directors rsonal use only Andrew Mooney Paul Cronin Managing Director and CEO Non-Executive Chairman Experienced in driving complex copper projects from development into Deep capital markets
Slide 6: We have a growth strategy for value creation
We have a growth strategy for value creation ASX: TNC TNC Growth at Mt Oxide. Development at Cloncurry rsonal use only FLAGSHIP PROJECT ROBUST OPPORTUNITY GROW DEVELOP Our Mt Oxide Resource Cloncurry Copper Project District-scale copper system with increasing confidence in size and continuity Existi
Slide 7: Consolidation across Mt Isa-Cloncurry
Consolidation across Mt Isa-Cloncurry ASX: TNC Mt Oxide brings scale, Cloncurry brings feed: what acquirers are paying for Recent transactions Value Paying for rsonal use only AIC Mines acquires Mt Cuthbert 1 A$120M Scale Sep 2026 · 246kt Cu; a second hub beside Eloise Austral Resources acquires Ham
Slide 8: Mt Isa-Cloncurry Regional Overview
Mt Isa-Cloncurry Regional Overview ASX: TNC Processing capacity needs additional copper ore feed COMPANY rsonal use only Market Cap. ~$54m ~$146m ~$446m ~$24bn ~547m ~US$10bn ~$133bn Cloncurry Copper Project Rocklands Mount Isa Mines Project Capricorn Copper Ernest Henry Eloise Eva Copper + Mt Oxide
Slide 9: Forward work plan to 2028
Forward work plan to 2028 ASX: TNC Building on 2026 delivery: value drivers across both projects 2026 2027 2028 Q4 Q1 Q2 Q3 Q4 Q1 Q2 rsonal use only Delivered Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun GROW | Mt Oxide Phase 1 drilling and assays: Aquila exten
Slide 10: Grow Mt Oxide Project toward a 50-60 Mt copper resource
rsonal use only ASX: TNC OUR VISION Grow Mt Oxide Project toward a 50-60 Mt copper resource Drilling towards a Capricorn-scale district across a 10 km prospective trend. We know where we’re headed. Investor Presentation | November 2026 10
Slide 11: Mt Oxide Project
GROW ASX: TNC Mt Oxide Project A 10km+ district-scale sulphide copper system, rsonal use only drilling towards a maiden Aquila resource 220kt Cu 2.3km strike 10 km+ Vero cornerstone Aquila–Chidna structure Prospective trend, resource, 15.0 Mt @ highlighting further largely untested 1.46% Cu discover
Slide 12: Confidence in a cornerstone resource. Scale across a 10 km+ trend.
GROW: Mt Oxide Project ASX: TNC Confidence in a cornerstone resource. Scale across a 10 km+ trend. Aquila - Chidna rsonal use only 1. A broad copper system • Aquilla-Chidna is ~2.3km open along strike and depth • Structurally controlled, 300m wide and ~4 km+ interpreted mineralised trend • Aquilla m
Slide 13: Capricorn Copper: A Proven Analogue
GROW: Capricorn Copper: A Proven Analogue ASX: TNC Capricorn built 64 Mt from ~2 km. Aquila-Chidna already spans ~2.3 km. rsonal use only Capricorn Copper Aquila-Chidna OPEN ~2 km mineralised trend 2.3 km mineralised trend, still open • 64 Mt district grown from a single discovery • Mineralisation c
Slide 14: Vero: Proven Resource with Growth Potential
GROW: Vero: Proven Resource with Growth Potential ASX: TNC High-grade cornerstone resource, open at depth and along strike Established resource rsonal use only A high-grade copper resource • 15.0Mt @ 1.46% Cu, 10.6 g/t Ag, 0.23% Co, open along strike and at depth. 220 kt Cu 5.1 Moz Ag 21 kt Co 15.0
Slide 15: Vero: Development Pathways
GROW: Vero: Development Pathways ASX: TNC Multiple mining options support staged development of the Mt Oxide Project Open Pit Mining Concept Underground Mining Concept rsonal use only • Open pit (~700 m × 500 m × 200 m) provides a potential • Accesses higher-grade mineralisation beyond the open pit.
Slide 16: Aquila-Chidna: From Discovery to ~2.3 km
GROW: Aquila-Chidna: From Discovery to ~2.3 km ASX: TNC IP geophysics successfully predicting extensions and guiding drilling rsonal use only • Geophysics and drilling now extends to ~2.3 km within the broader 4km+ Aquila-Chidna structure. • Aquilla remains open to north, south and at depth • IP geo
Slide 17: Aquila-Chidna: Significant Scale Emerging
GROW: Aquila-Chidna: Significant Scale Emerging ASX: TNC 300m wide mineralised zone within a potential 4km+ structure Geological Model rsonal use only Interpreted Interpreted Sheeted Mineralised Veins Corridor 1km Geological Model MGAz54 GDA2020 * Target zones shown are conceptual geological targets
Slide 18: The Regional Pipeline Beyond Vero and Aquila
GROW: The Regional Pipeline Beyond Vero and Aquila ASX: TNC Four targets along a 10 km+ prospective trend, all lightly drilled or untested 3 4 rsonal use only 1 2 1 Camp Gossan 2 Ivena North 3 Rhea (off section) 4 Apollo 5 Myally District Limited drilling Not drill-tested Limited drilling Early dril
Slide 19: 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. rsonal use only Success to-date (Prev 6-months) Progress toward an Aquila maiden Develop Vero ✓ Aquila-Chidna strike extended to Mineral Resource • Resource growth extensions
Slide 20: Cloncurry Copper Project
DEVELOP ASX: TNC Cloncurry Copper Project Development-ready copper on granted mining rsonal use only leases, with a pathway to monetisation 204kt CuEq 4 deposits ~89% Resource, up 62% in the Granted mining leases, copper recovery in October 2026 update with brownfield flotation test work infrastruct
Slide 21: Cloncurry Copper Project: Four deposits on granted mining leases
DEVELOP: Cloncurry Copper Project ASX: TNC Four deposits on granted mining leases with existing brownfield infrastructure rsonal use only 1. Potential to commence mining from late 2027 • Positive metallurgy and drilling results • 85-90% sulphides / 10-15% oxides • Robust and right sized project • Po
Slide 22: New High-Grade Copper Gold Structures Confirmed at Wallace North
DEVELOP: Cloncurry Copper Project Upside ASX: TNC New High-Grade Copper Gold Structures Confirmed at Wallace North rsonal 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 23: Multiple Pathways to Enhance Development Value
DEVELOP: Cloncurry Copper Project Upside ASX: TNC Multiple Pathways to Enhance Development Value rsonal use only Mongoose Integration - Larger, more flexible resource inventory • Acquisition of Mongoose in CJV with Glencore. • Mongoose is adjacent to the Taipan deposit • Right size CCP PFS developme
Slide 24: Value creation at Cloncurry with the stronger resources
DEVELOP: Cloncurry Copper Project ASX: TNC Value creation at Cloncurry with the stronger resources, including gold. rsonal use only Success to-date (Prev 6-months) PFS and Ore Reserve: Q4 2026 Develop Copper-Gold Deposits ✓ Wallace North high-grade growth • Metallurgical and geotechnical • Wallace N
Slide 25: Forward work plan to 2028
Forward work plan to 2028 ASX: TNC Building on 2026 delivery: value drivers across both projects 2026 2027 2028 Q4 Q1 Q2 Q3 Q4 Q1 Q2 rsonal use only Delivered Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun GROW | Mt Oxide Phase 1 drilling and assays: Aquila exten
Slide 26: We have a growth strategy for value creation
We have a growth strategy for value creation ASX: TNC TNC Growth at Mt Oxide. Development at Cloncurry rsonal use only FLAGSHIP PROJECT ROBUST OPPORTUNITY GROW DEVELOP Our Mt Oxide Resource Cloncurry Copper Project District-scale copper system with increasing confidence in size and continuity. Exist
Slide 27: We know where we're headed
rsonal use only ASX: TNC TNC 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 | Novembe
Slide 28: Appendix 1: TNC Mineral Resources
Appendix 1: TNC Mineral Resources ASX: TNC True North Copper Limited Cloncurry Copper Project Mineral Resource Inventory Vero Cobalt Resource rsonal use only TNC Gold resource # Calculations are presented in the Tombola Gold announcement to the ASX on 16 September 2022 - Tombola increases the resour
Slide 29: Appendix – References
Appendix 2 – References ASX: TNC Transaction References AIC Mines (ASX:A1M) ASX Announcement, 23 September 2026, Transformational Copper Project Acquisition, p. 1. Evolution (ASX:EVN) ASX Announcement, 27 July 2026, Evolution agrees to acquire Carnaby Resources, p. 1. rsonal use only Austral (ASX:AR
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