New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 72% over the past year. Revenue is less than US$1m (AU$665k revenue, or US$477k). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$68.6m market cap, or US$49.2m). New Risk • Mar 16
New major risk - Revenue and earnings growth Revenue has declined by 72% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 72% over the past year. Revenue is less than US$1m (AU$665k revenue, or US$469k). Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$60.2m market cap, or US$42.4m). New Risk • Feb 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (AU$665k revenue, or US$467k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Market cap is less than US$100m (AU$76.2m market cap, or US$53.5m). Announcement • Feb 05
True North Copper Limited has completed a Follow-on Equity Offering in the amount of AUD 12.5 million. True North Copper Limited has completed a Follow-on Equity Offering in the amount of AUD 12.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,400,000
Price\Range: AUD 0.5
Discount Per Security: AUD 0.03
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,600,000
Price\Range: AUD 0.5
Discount Per Security: AUD 0.03
Transaction Features: Subsequent Direct Listing Announcement • Dec 09
True North Copper Limited has filed a Follow-on Equity Offering in the amount of AUD 12.5 million. True North Copper Limited has filed a Follow-on Equity Offering in the amount of AUD 12.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 17,400,000
Price\Range: AUD 0.5
Discount Per Security: AUD 0.01
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,600,000
Price\Range: AUD 0.5
Discount Per Security: AUD 0.01
Transaction Features: Subsequent Direct Listing New Risk • Nov 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$23m free cash flow). Revenue has declined by 72% over the past year. Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m (AU$665k revenue, or US$435k). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$36.3m market cap, or US$23.8m). Announcement • Oct 28
True North Copper Limited, Annual General Meeting, Nov 27, 2025 True North Copper Limited, Annual General Meeting, Nov 27, 2025. New Risk • Oct 01
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: AU$665k (US$439k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$23m free cash flow). Revenue has declined by 72% over the past year. Shareholders have been substantially diluted in the past year (over 11x increase in shares outstanding). Revenue is less than US$1m (AU$665k revenue, or US$439k). Minor Risk Market cap is less than US$100m (AU$44.6m market cap, or US$29.4m). Reported Earnings • Sep 30
Full year 2025 earnings released Full year 2025 results: Net loss: AU$28.4m (loss widened 13% from FY 2024). Recent Insider Transactions • Jul 15
Non-Executive Chairman recently bought AU$198k worth of stock On the 9th of July, Paul Cronin bought around 500k shares on-market at roughly AU$0.40 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Paul has been a buyer over the last 12 months, purchasing a net total of AU$694k worth in shares. Recent Insider Transactions • May 20
Non-Executive Chairman recently bought AU$60k worth of stock On the 16th of May, Paul Cronin bought around 300k shares on-market at roughly AU$0.20 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$100k. Paul has been a buyer over the last 12 months, purchasing a net total of AU$496k worth in shares. Recent Insider Transactions • Apr 29
Non-Executive Chairman recently bought AU$100k worth of stock On the 24th of April, Paul Cronin bought around 426k shares on-market at roughly AU$0.23 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth AU$319k. Paul has been a buyer over the last 12 months, purchasing a net total of AU$436k worth in shares. Announcement • Apr 01
True North Copper Limited Announces Commencement of the RC Drilling Program at Great Australia Mine, Cloncurry, Qld True North Copper Limited announced the commencement of the RC drilling program at Great Australia Mine (GAM), part of its Cloncurry Copper Project in Queensland. This milestone marks a significant advancement in the Company's extensive exploration program, which is anticipated to yield nearly 15,000m of drilling across TNC's highly prospective, 100% owned Cloncurry and Mt Oxide projects. TNC has commenced drilling at Great Australia Mine, with the first of the drillholes at the newly defined Red Belly Prospect, located west of the Great Australia Pit. The initial 11,000m of drilling was awarded to Bullion Drilling Co for the current RC drill program at GAM and Mt Oxide. GAM's drill-ready targets (on existing mining leases) include highly prospective geophysical targets that are near pit discovery opportunities to expand the current mine life and optimise the mine plan. On-site preparations and environmental and cultural heritage clearances were completed in March on schedule. Drilling at GAM is expected to be completed in April and total ~3,000m before moving to the Mt Oxide program. Assay results from drilling and interpretations will be released over the coming months once results are received. It is anticipated that lead times for assay results will be around 6-8 weeks. Electromagnetic geophysics is also underway at the Company's Wallace North Copper Gold Resource that aims to identify targets along strike from the resource and confirm and extend anomalies in historic geophysics to define new targets for drill testing.COMMENT. The targets are highly prospective and underexplored, with compelling geophysical attributes indicating the potential for large-scale company transformative discoveries. The results from this drilling program will be key to unlocking True North's potential and strengthening its position as a leading player in this historic copper region. Company team has worked hard over the past months finalising site preparations and clearances in readiness for drilling to commence. Despite challenging weather conditions in the northwest region, the company have remained ready and on schedule. Shareholders can expect regular updates on the progress and the release of assay results as they become available. Cloncurry Copper Project - Drilling Program. The Cloncurry Copper Project (CCP) drilling program will aggressively explore within 30km of the Cloncurry Operations Hub (COH) with the aim to grow the resource base, test new opportunities of scale and tenor with the potential to significantly impact on the existing mine life. The planned 15 hole, 3,000m RC drill program at GAM mining leases will test highly prospective geophysical targets that TNC identified in its Induced Polarisation (IP) programs from 2023 and 20251. These targets include: Orphan Shear Deposit - down plunge extensions of the Orphan Shear deposit. Whip, Coppermine Creek, Red Belly and Python - a series of large-scale geophysical targets located in permissive structural settings with chargeability signatures that are highly analogous to known mineralisation. Environmental and cultural heritage approvals have been completed for all drillholes in the GAM program. Drilling has been initiated at targets underneath the Orphan Shear deposits. The drill program at GAM is anticipated to be completed in April. Next Steps. Assays results for the initial GAM program are expected to take around 6-8 weeks to receive and will be submitted in, and received in, batches that will be reported as received. The electromagnetic geophysics at Cloncurry will restart after the ground dries from the recent rain event in northwest Queensland. This program is anticipated to lead to a series of near mine drill targets at the Wallace North deposit and new greenfield targets at the historical shallow mining areas of Salebury and Marimo. On completion of the GAM program, the drill rig will mobilise to Mt Oxide to undertake the proposed 8,000m program for 30 drillholes, testing highly prospective geophysical targets coincident with compelling surface expressions of mineralisation within the Mt Oxide district. A further 4,000m is budgeted to test regional targets around Cloncurry, pending the results of the GAM and Mt Oxide programs. Reported Earnings • Mar 18
First half 2025 earnings released: AU$2.43 loss per share (vs AU$2.88 loss in 1H 2024) First half 2025 results: AU$2.43 loss per share. Net loss: AU$25.1m (loss widened 83% from 1H 2024). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$37m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Shareholders have been substantially diluted in the past year (over 18x increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$2.2m revenue, or US$1.4m). Market cap is less than US$100m (AU$43.4m market cap, or US$27.4m). Recent Insider Transactions • Feb 12
Non-Executive Chairman recently bought AU$319k worth of stock On the 10th of February, Paul Cronin bought around 928k shares on-market at roughly AU$0.34 per share. This transaction amounted to 93% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$4.63m (US$2.85m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (93% increase in shares outstanding). Market cap is less than US$10m (AU$4.63m market cap, or US$2.85m). Minor Risk Revenue is less than US$5m (AU$2.4m revenue, or US$1.5m). Board Change • Jan 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Company Secretary & Independent Director Paul Frederiks was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 03
True North Copper Limited Appoints Paul Cronin as Non-Executive Chairman True North Copper Limited appointed Mr. Paul Cronin as Non-Executive Chairman of the Company. Mr. Cronin's commencement date will be from the date of the Company's readmission of its shares to trading on ASX, and he will receive the remuneration and interests set out in Section 9.5 of the Company's prospectus dated 4 December 2024. Announcement • Nov 25
True North Copper Limited has completed a Follow-on Equity Offering in the amount of AUD 50.3 million. True North Copper Limited has completed a Follow-on Equity Offering in the amount of AUD 50.3 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 9,940,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 120,000,000
Price\Range: AUD 0.005
Discount Per Security: AUD 0.0003
Transaction Features: Subsequent Direct Listing Announcement • Nov 15
True North Copper Limited Announces Resignation of Directors True North Copper Limited announced that Ian McAleese and Jane Seawright have resigned from the True North Copper Board as of 15 November 2024. The Board thanks Ian for his service as Non-Executive Chairman since his appointment to that role in May 2023 and Jane for her service as Non-Executive Director since July 2023. Announcement • Sep 30
True North Copper Limited, Annual General Meeting, Oct 31, 2024 True North Copper Limited, Annual General Meeting, Oct 31, 2024. Location: level 9, citi central tower, 46-48 sheridan street, cairns qld 4870, Australia New Risk • Sep 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$37m free cash flow). Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Minor Risks Revenue is less than US$5m (AU$2.7m revenue, or US$1.9m). Market cap is less than US$100m (AU$34.0m market cap, or US$23.3m). New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (AU$1.8m revenue, or US$1.2m). Market cap is less than US$100m (AU$38.1m market cap, or US$25.1m). Announcement • May 24
True North Copper Limited has filed a Follow-on Equity Offering in the amount of AUD 24.273064 million. True North Copper Limited has filed a Follow-on Equity Offering in the amount of AUD 24.273064 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 135,237,504
Price\Range: AUD 0.056
Discount Per Security: AUD 0.00336
Security Features: Attached Options; Attached Warrants
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 125,248,232
Price\Range: AUD 0.056
Discount Per Security: AUD 0.00336
Security Features: Attached Options; Attached Warrants
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 172,961,839
Price\Range: AUD 0.056
Discount Per Security: AUD 0.00336
Security Features: Attached Options; Attached Warrants
Transaction Features: Rights Offering; Subsequent Direct Listing New Risk • May 06
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$29m free cash flow). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (16% average weekly change). Revenue is less than US$5m (AU$1.8m revenue, or US$1.2m). Market cap is less than US$100m (AU$48.3m market cap, or US$32.0m). New Risk • Mar 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$29m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$29m free cash flow). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (17% average weekly change). Revenue is less than US$5m (AU$1.8m revenue, or US$1.2m). Market cap is less than US$100m (AU$48.2m market cap, or US$31.7m). New Risk • Jan 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (AU$1.5m revenue, or US$984k). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (AU$55.7m market cap, or US$36.7m). Announcement • Oct 28
True North Copper Limited, Annual General Meeting, Nov 29, 2023 True North Copper Limited, Annual General Meeting, Nov 29, 2023, at 10:01 E. Australia Standard Time. Location: Christie Centre, 320 Adelaide Street BRISBANE Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 30 June 2023 together with the declaration of the directors, the directors' report, and the auditor's report; to Adoption of Remuneration Report; to re-election of director; to election of director; to Approval of 10% Placement Facility; to Issue of Performance Options to Director; and to consider other matter. Announcement • Jul 06
True North Copper Limited Appoints Jane Seawright as A Non-Executive Director True North Copper Limited announced and welcome the appointment of Jane Seawright as a non-executive director of the Company. Ms. Seawright holds an Honours degree in Law, an Arts degree and a Master of Business. Her career of 35 years includes private practice as a corporate and commercial lawyer as well as senior executive roles in mining research and health services. Her experience as a non-executive director in the government, not-for-profit and for-profit sectors spans infrastructure, mining and resources, technology, the arts, sport, medical research and vocational education and training. Ms. Seawright is currently Chair of TAFE Queensland, a non-industry board member of Racing Queensland and a non-executive director of Netball Australia, Queensland Capacity Network Pty Ltd. and The Australian Festival of Chamber Music. Ms. Seawright has advised listed and unlisted companies in corporate governance, capital raising, financing, commercial agreements and arrangements, intellectual property and commercialisation. Board Change • Jun 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Tim Dudley was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 08
True North Copper Pty Ltd completed the acquisition of Duke Exploration Limited (ASX:DEX) in reverse merger transaction. True North Copper Pty Ltd entered into a binding formal agreement to acquire Duke Exploration Limited (ASX:DEX) in reverse merger transaction on February 28, 2023. Under the terms of transaction, Duke Exploration will issue a total of 246,975,559 fully paid ordinary shares and the TNC Shareholders will transfer 100% of the issued share capital in TNC without encumbrance to the Company. CopperCorp will be indirectly acquired by the Company as a wholly owned subsidiary of TNC, and the Company will issue a total of 16,000,000 Shares1 to the shareholders of CopperCorp. True North has received firm commitments for an equity capital raise of AUD 10 million. Following completion of the Proposed Transaction, True North and CopperCorp shareholders will hold 85% of the issued share capital of Duke. Upon completion of the Proposed Transaction, True North will have the right to nominate two directors (the True North Nominees) to the Board of Duke and two current directors of Duke will stand down. True North will nominate Martin Costello and Tim Dudley (current directors of True North) to the Board of Duke, with Philip Condon and Toko Kapea to resign from the Board of Duke. One of the True North Nominees (Martin Costello) shall be appointed the Managing Director.As of May 9, 2023, the transaction has received all the FIRB approvals and is only pending shareholder and ASX approval. Transaction is subject to DEX receiving conditional approval from ASX, receiving all other relevant authorizations and third party approvals, Australian FIRB (Foreign Investment Review Board) approval. A meeting of Duke's shareholders will be called and is intended to be held in April 2023 (General Meeting) to consider the requisite approvals relating to the transaction, including approval for the purposes of ASX Listing Rule 11.1.2 for the change in Duke's scale and activities because of the Proposed Transaction. As of May 19, 2023, the offer has been extended till May 24, 2023. BDO Corporate Finance has been engaged to prepare an Independent Expert's Report to be included in the notice of meeting to be dispatched to shareholders in March 2023. GRT Lawyers is acting as legal adviser to the Company in relation to the acquisition of True North.True North Copper Pty Ltd completed the acquisition of Duke Exploration Limited (ASX:DEX) in reverse merger transaction on June 6, 2023. 