True North Copper Ltd. has raised AU$20 million in capital to clear debt obligations and advance its copper assets in Queensland.
The company raised AU$18 million in a share placement of 48.6 million shares at 37 cents per share.
The capital raise is anchored by TNC’s major shareholder, Tembo Capital, which committed AU$2 million, alongside $500,000 from Non-Executive Chairman Paul Cronin.
The proceeds will fund the final AU$7.5 million deferred consideration payment to Perilya, finalising TNC’s 100 per cent acquisition of its Mt Oxide project.
The remaining funds will drive drilling and technical studies at Mt Oxide’s Aquila target into 2027, targeting extensions along strike and at depth and further defining higher-grade zones, with further drilling planned in 2027 post wet season.
In addition, the funds will finance the completion of the Cloncurry Copper Project pre-feasibility study (PFS), scheduled for the fourth quarter of 2026.
TNC Managing Director Andrew Mooney said the funding positions the company to expand its copper footprint across the Mt Isa Inlier.
“This funding represents an important next step for TNC, providing for the final deferred payment associated with our acquisition of Mt Oxide while funding the next phase of growth across our copper portfolio,” Mooney said.
“With a clear program of work ahead, this funding positions TNC to maintain momentum across our priority projects.”
The placement will roll out in two tranches. Tranche 1 will raise AU$12.2 million using existing capacity and is set to settle on August 21.
Tranche 2, seeking AU$5.8 million, remains subject to shareholder approval at a general meeting expected in October.
The uncapped AU$2 million share purchase plan offers existing eligible shareholders in Australia and New Zealand the chance to apply for up to AU$30,000 in new shares at the placement price without transaction costs.
The SPP opens on August 25 and closes on September 10.
