Australian near-term copper producer True North Copper will commence trading on the Australian Securities Exchange (ASX) as of today.
Prior to its listing, TNC completed an underwritten capital raising, and a priority offer to existing Duke Exploration shareholders, raising a total of approximately $37.3 million (before costs) at $0.25 per share.
TNC is a copper, cobalt and critical minerals mining company based in Queensland, Australia. Its principal assets include the copper-gold Cloncurry project and the high-grade copper cobalt Mt Oxide project.
The company aims to be Australia’s next copper producer through its Queensland-based portfolio of copper and cobalt assets. TNC managing director Marty Costello described the ASX listing as the latest step towards reaching this goal.
“Our ASX listing is the latest milestone in our transformation into Australia’s next copper producer,” Costello said.
“With funds raised via our offer and our recently completed acquisition of the high-grade Mt Oxide copper-cobalt-silver project, we have all the assets in place to achieve this. This timing is excellent given the current price cycle for copper and expected supply deficit in the next few years.
“We have a large combined indicated, measured and inferred JORC resource base containing 326,000 tonnes of copper as well as significant cobalt, gold and silver and infrastructure including a copper concentrator, solvent extraction plant and copper sulphate crystallisation plant.
“We plan to move into production in the second half of (2023), subject to successful technical studies and further financing if required, while we will continue to explore our projects for opportunities to expand our resource base, with drilling commenced at Mt Oxide’s vero resource underway.”