True North Copper Ltd (ASX:TNC) has secured firm commitments to raise $12.5 million through a placement of 25,000,000 shares at $0.50 each to accelerate drilling and growth programs at its Mt Oxide Project and broader Queensland portfolio.
The placement was heavily oversubscribed and supported by major shareholders Tembo Capital Holdings UK Ltd and Chairman Paul Cronin, alongside new institutional investors. Tembo will subscribe for 5,000,000 shares ($2.5 million), subject to Foreign Investment Review Board approval, while Cronin has committed $1 million for 2,000,000 shares pending shareholder approval.
A total of 17,400,000 shares will be issued under Tranche 1 using the company’s existing placement capacity to raise $8.7 million. The remaining 7,600,000 shares in Tranche 2 will be issued following a shareholder meeting expected in January 2026. Morgans Corporate acted as lead manager, with Canaccord Genuity (Australia) as co-manager.
Managing director Andrew Mooney said the additional funding allows True North to “step up drilling” following the recent Aquila discovery at Mt Oxide, while progressing work across its wider copper portfolio.
“We’re extremely encouraged by the strong backing from new and existing shareholders, which enables us to accelerate growth across all three pillars of our strategy.
"Our GROW pillar remains centred on our flagship Mt Oxide Project, where the Aquila discovery has opened up a new chapter in the district and where we are now stepping up drilling to understand the true scale of this emerging system. At the same we continue to DEVELOP the Cloncurry Copper Project through targeted drilling at Wallace North and advance DISCOVER- stage opportunities across our broader tenement package.
"Together, these programs position TNC to build a larger, high-quality copper portfolio and create meaningful long-term value for shareholders.”
Allocation of funds
Proceeds will support the company’s 2026 work program across its DEVELOP, GROW and DISCOVER strategy pillars, including:
- Cloncurry Copper Project: Drilling at Wallace North, metallurgical work and mining studies to expand and upgrade the high-grade resource base.
- Mount Oxide Project: Follow-up drilling at Aquila to define scale and continuity, and systematic testing of high-priority targets along the 10 km Mt Gordon structural corridor.
- Regional exploration: Geophysics, mapping and drill follow-up to assess new targets across the Mt Isa district, including areas considered to have Tier-1 potential.
Upcoming catalysts
Key near-term milestones include final assays from Mt Oxide drilling due before year-end, geophysical survey results in early 2026, and recommencement of drilling at both Mt Oxide and Cloncurry in late Q1 2026 following the wet season.
True North Copper continues to advance its three-stage strategy to develop Cloncurry for near-term cash flow, grow the Mt Oxide resource, and expand its discovery pipeline across regional targets including Chumvale, Marimo and the Salebury IOCG system.