True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it is progressing mining and processing activities on schedule with the current mine plan at its Cloncurry Copper Project (CCP) in Queensland1.
HIGHLIGHTSOperations at TNC’s Cloncurry Copper Project (CCP) in Queensland continue to ramp up in line with the current CCP mine plan. TNC is on track to become Australia’s next copper producer and critical metals supplier in Q1 2025 following the commencement of sulphide processing in the new year. Circa 223k Bank Cubic Metres (BCM) of overburden has been mined since mining activities commenced at the Wallace North deposit in July with approximately 22,000t of oxide ore mined and placed on the RoM.Oxide ore has been transported to the Great Australia Mine (GAM) since September with approximately 8,300t crushed and stacked on the leach pad to date. Irrigation of the leach pad is underway and will improve copper production from TNC’s Solvent Extraction (SX) plant. Based on the Mining Restart Study (MRS) announced in February 20246, the CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life.TNC is continuing a recruitment campaign to grow its workforce to support its objectives at CCP with the addition of another 28 people for the GAM and Wallace North operations by mid-November.
In July, TNC announced the commencement of mining activities at Wallace North, one of four open-pit deposits making up CCP. Since July, the Company has mined 223k BCM of overburden, including 22,000t of oxide ore which has been placed on the Wallace North RoM to date.
Transportation of oxide ore from the Wallace North pit to the Great Australia Mine (GAM) crushing facility commenced in September. To date, approximately 8,300t has been crushed and stacked on the leach pad and 2,400t remains available to TNC in the current crushing campaign.
Irrigation of the ore has commenced and will contribute to improved copper production from the Solvent Extraction (SX) plant. This is the first new ore mined by TNC which has been added to the heap leach since the Company commissioned the SX plant in 2023.
TNC has binding offtake and toll milling agreements with global commodity trader Glencore International AG for 100% of copper concentrate produced at CCP and toll milling of up to 1Mt of ore per year3. Under the toll milling agreement, sulphide ore will be transported to a third-party concentrator for toll treatment in Q1 2025.
The Wallace North deposit at CCP has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.
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