True North Copper Ltd. has agreed to acquire Renegade Exploration Ltd.’s 22 per cent interest in the Carpentaria joint venture, consolidating its hold over the Cloncurry copper project in Queensland.
The company will acquire Renegade’s stake in the JV alongside a 35 per cent stake in the EPM 8588 tenement. The deal is valued at approximately AU$2.88 million and will unlock scale and economic benefits at the Cloncurry project.
The Carpentaria JV includes Mongoose Inferred Resource, which boasts 3.1 million tonnes at 0.55 per cent copper and 0.07 g/t gold. More importantly, Mongoose sits immediately adjacent to True North’s existing Taipan deposit.
By removing the boundary line, True North can now integrate these two deposits into a single, optimised open pit.
Bringing the two deposits together also supports increased scale, extended mine life and improved capital efficiency, with potential for consistently higher production rates and stronger overall project economics
The consolidation also strengthens True North’s relationship with mining giant Glencore, through its subsidiary Mount Isa Mines.
The partnership provides a streamlined route for ore to be processed at the nearby Mt Isa smelter, bolstering near-term production prospects.
True North’s CE Andrew Mooney said: “By bringing Mongoose and Taipan together, we are improving scale, grade and overall project optionality.
“This allows us to take a more integrated approach to development as we move through PFS, optimising mine planning and defining the most efficient pathway to production.”
Under the terms of the agreement, True North will provide a mix of cash, AU$300,000, three million shares at 50 cents per share, and performance rights to Renegade. The deal is currently subject to a 40-day right of first refusal by Glencore.
Looking ahead, True North plans to re-estimate its combined resources and incorporate the new data into a Pre-Feasibility Study (PFS) and a Reserve update slated for late 2026.
The company will focus on completing the transaction and advancing integration of the Mongoose deposit into the Cloncurry copper project, while progressing development and exploration activities across the broader JV tenure.
