Slide 1: Cloncurry Copper Project Presentation
Cloncurry Copper Project Presentation ASX: TNC 15 FEBRUARY 2024 1
Slide 2: Australia's Newest Copper & Critical Minerals Producer
TRUE NORTH COPPER AUSTRALIA’S NEWEST COPPER & CRITICAL MINERALS PRODUCER TIER 1 JURISDICTION Global Measured, Indicated and Inferred Resources containing 330.7 kt copper, 23.06 kt cobalt, 148.62 koz gold and 4.31 Moz silver1. Partnership signed with Glencore – Tolling and Offtake2. USD 28 mill
Slide 3: Corporate Snapshot - Update
ASX: TNC CORPORATE SNAPSHOT - UPDATE Board of Directors Corporate Structure Ian McAleese Non-Executive Chairman Shares on issue 588M Marty Costello Managing Director Options on issue (average exercise price $0.334) 21.6M Tim Dudley Non-Executive Director Warrants on issue (exercise price $0.1177) 46
Slide 4: Partnerships for Success
CLONCURRY COPPER PROJECT PARTNERSHIPS FOR SUCCESS Copper Ore Tolling & Copper Concentrates Offtake $28M USD Finance Facility Copper Sulphate Offtake TNC’s Largest Shareholder CLONCURRY COPPER PROJECT PRESENTATION | FEBRUARY 2024 4
Slide 5: Mining Restart Key Mine Metrics
CLONCURRY COPPER PROJECT MINING RESTART KEY MINE METRICS 6 • Current Reserve Life of Mine 4.6 years* • Open Cut Mining method • Mining Restart Plan – Ore Milled 4.8MT • Mining Restart Plan – Sulphide Ore Milled 4.0MT • Payable Copper metal tonnes produced 28.6kt • Payable Gold ounces produced 20.8ko
Slide 6: Mine Plan & Design
CLONCURRY COPPER PROJECT - MINE PLAN & DESIGN • Mining to commence at Wallace North • Low LoM strip ratio 4.2 • 100% based on Probable Reserves Great Australia Wallace North CLONCURRY COPPER PROJECT PRESENTATION | FEBRUARY 2024 6
Slide 7: Two Copper Products
CLONCURRY COPPER PROJECT TWO COPPER PRODUCTS 4MT sulphide ores toll processed through Operating Copper Sulphate Crystal Plant & nearby concentrator under Glencore Heap Leach at Cloncurry Operating Hub Agreement Operational issues overcome- plant fully Mineral concentrate grade 22-26% Cu (wit
Slide 8: Mining Restart Key Finance Metrics
CLONCURRY COPPER PROJECT MINING RESTART KEY FINANCE METRICS 6 140 120 Free Cash Flow $111M AUD first 4.6 of years 100 80 First 4.6 years of operations NPV (10) $88M#, IRR 240% 60 Payback period 6 months 40 Pre-production & working capital $2.2M 20 - AISC $3.79 AUD per pound (20) ($2.46 USD at todays
Slide 9: Mining Restart Key Mine Metrics
CLONCURRY COPPER PROJECT MINING RESTART KEY MINE METRICS6 Item Total LOM Unit Cost Unit Cost Unit Cost A$ Million (A$/t Ore Processed) (A$/lb Cu Payable) (US$/lb Cu Payable) Mining 98.8 20.5 0.32 0.23 Processing (including Surface Haulage) 131.0 27.1 0.43 0.30 General & Administration 7.0 1.4 0.02 0
Slide 10: Mt Oxide - Our next mine
TRUE NORTH COPPER Mt Oxide Our next mine COPPER SILVER COBALT CLONCURRY COPPER PROJECT PRESENTATION | FEBRUARY 2024 10
Slide 11: Mt Oxide - Vero Resource
MT OXIDE - VERO RESOURCE First drillhole (MOXD217) of an initial Inset diamond drilling program returns A A’ phenomenal results including4: 66.50m @ 4.95% Cu, 32.7g/t Ag and 685ppm Co from 234.00m inc. 20.60m @ 10.51% Cu, 63. g/t Ag and OPEN 66.50 m (48.00 m) at 4.95 % Cu, 1,149 ppm Co from 32.7
Slide 12: Mt Oxide - Vero Resource
MT OXIDE - VERO RESOURCE MOXD225 confirms outstanding mineralisation continues 5 MOXD225 assay results provide insight into Vero Resource zonation and principal feeder system. MOXD225 hits two intersects of 26.20m @ 4.45% Cu and 46.60m @ 2.18% Cu. Highlights include: 26.20m (16.48m*) @ 4.45% C
Slide 13: TNC: What's Next
TNC: What’s Next ASX:TNC – mining and producing copper in 2024 Derisking Cloncurry Copper Project, LOM based on probable Reserves Low Capex and AISC underpin strong forecast cashflows Significant potential for mine-life expansion beyond current reserves Mt Oxide Vero Resource – early 2024 CLONCURRY
Slide 14: High-Grade Copper, Growing Resources & Production
High-Grade Copper ASX:TNC Growing Resources & Production New Australian Copper Company CLONCURRY COPPER PROJECT PRESENTATION | FEBUARY 2024 14
Slide 15: Thank you
Thank you MARTY COSTELLO +61 429 741 120 marty.costello@truenorthcopper.com.au 15
Slide 16: References
REFERENCES 1. The information in this Presentation that relates to Mineral Resource and Ore Reserve Estimates for Great Australia, Orphan Shear and Taipan is based on information previously disclosed in the following Company ASX Announcements available from the ASX website www.asx.com.au: 28 Februar
Slide 17: Appendix 1: Cloncurry Copper Project - JORC Resources and Reserves
APPENDIX 1: Cloncurry Copper Project- JORC Resources and Reserves Table 1. TNC Cloncurry Copper Project Mineral Resource Estimates Summary1 Table 2. TNC Cloncurry Copper Project Ore Reserves1 Resource Cut-off Tonnes Cu Au Co Ag Cu Au Co Ag Resource Category Tonnes (Mt) Cu (%) Au (g/t) Cu (kt) Au (ko
Slide 18: Appendix 2: Mining Restart Key Mine Metrics
Appendix 2: CLONCURRY COPPER PROJECT MINING RESTART KEY MINE METRICS6 Assumption Unit Assumption Value Copper Price1 US$/t 8,500 Gold Price2 US$/oz 1,850 AUD:USD3 A$1:US$ 0.70 Inflation4 % 0% Discount Rate % 10% Model Start Date Date 01-Jan-24 Corporate Tax Rate % 30% Accumulated Tax Losses A$M 110
Slide 19: Important Notices and Disclaimer
IMPORTANT NOTICES AND DISCLAIMER This presentation (Presentation) has been prepared by True North Copper Limited ABN 28 119 421 FORWARD LOOKING STATEMENTS 868 (the Company) and relates to information The Presentation has been prepared as at 16 The Presentation includes “forward looking statements” w
Slide 20: Important Notices and Disclaimer (continued)
IMPORTANT NOTICES AND DISCLAIMER (continued) JORC The information in this Presentation that relates to a production target for the Cloncurry Copper The information in this Presentation that relates to Mineral Resource and Ore Reserve Estimates Project and forecast financial information derived from