Investor Stream

For True North Copper (ASX: TNC), the next chapter centres on delivery.

MST Access identifies three tests for the investment case:

○ Deliver the Cloncurry Pre-Feasibility Study.
○ Define a credible production pathway.
○ Convert Aquila’s growing footprint into a maiden Mineral Resource.

Progress across these priorities will help investors assess how the development and exploration opportunity translates into tangible project milestones.

Watch the outlook and the next steps to track:
https://youtu.be/M4c7BYWBnbE

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Existing infrastructure and unresourced mineralisation feature prominently in MST Access’s assessment of True North Copper (ASX: TNC).

At Cloncurry, Mongoose-Taipan lies around one kilometre from Great Australia Mine infrastructure, potentially providing additional feed for a capital-light hub-and-spoke development model. Historical testwork returned copper recoveries of 89–95%.

At Mt Oxide, Vero already holds 220,000 tonnes of contained copper. The Aquila-Chidna system now extends for more than 2.3 kilometres, remains open and is not yet included in a Mineral Resource.

Watch why MST highlights infrastructure proximity and Aquila’s growing footprint:
https://youtu.be/M4c7BYWBnbE

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Cloncurry’s latest resource growth goes beyond additional tonnes.

True North Copper (ASX: TNC) reported a 49% increase in contained copper at Mongoose-Taipan, with copper and gold grades also rising despite a higher reporting cut-off.

The consolidated resource now stands at 11.2Mt at 0.76% copper equivalent, containing 70,000 tonnes of copper and 47,000 ounces of gold. The upgrade lifts contained copper across Cloncurry by 18% to 152,000 tonnes.

With just over half of Mongoose-Taipan classified as Indicated, the resource could support a potential maiden Ore Reserve following the PFS, targeted for late 2026.

Watch how the upgrade strengthens the development case:
https://youtu.be/M4c7BYWBnbE

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What sits behind MST Access’s 99-cent valuation for True North Copper (ASX: TNC)?

The research points to a two-track strategy: progress Cloncurry towards production while building the scale of Mt Oxide.

At the time of the report, TNC’s share price was 35 cents. MST’s valuation remains dependent on exploration success, funding and the delivery of upcoming development studies.

Watch the investment thesis and the conditions behind it:
https://youtu.be/M4c7BYWBnbE

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