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TRUE NORTH COPPER LIMITED — Capital/Financing Update 2021
Jun 17, 2021
65934_rns_2021-06-17_10fea2e2-6487-4870-ae05-73ea2ec5ad82.pdf
Capital/Financing Update
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ASX Announcement Media Release
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ADDENDUM TO DEC 2020 AND MARCH 2021 QUARTERLY ACTIVITIES REPORT
18 JUNE, 2021
Listing Rule 5.4.4 requires the Company to set out a comparison of funds allocated in the use of funds schedule in the Company’s September 2020 prospectus compared to what has actually been spent and an explanation of any material variance. The Company provides the following table in satisfaction of this listing rule requirement:
| Prospectus Year 1 | 3 month Actuals to | 6 months Actuals to | |
|---|---|---|---|
| budget | 31 Dec 2020 | 31 Mar 2021 | |
| Bundarra | |||
| Mapping and Targeting | $96,350 | $16,825 | $28,146 |
| Drilling | $3,094,311 | $747,037 | $2,222,533 |
| Geophysics | $766,040 | $0 | $106,050 |
| Resource Estimation | $107,000 | $23,875 | $23,875 |
| Access/other | $84,800 | $46,310 | $195,966 |
| Total | $4,148,501 | $834,047 | $2,576,570 |
| Prairie Creek | |||
| Mapping and Targeting | $5,000 | $352 | |
| Geochemical Sampling | |||
| Drilling | $252,105 | ||
| Geophysics | $66,250 | ||
| Resource Estimation | |||
| Equipment/Other | $50,500 | ||
| Total | $373,855 | $0 | $352 |
Duke Exploration Limited ABN 28 119 421 868 PO Box 765 Kenmore Q 4069 AUSTRALIA www.duke-exploration.com.au
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| Red Hill | |||
|---|---|---|---|
| Mapping and Targeting | $7,000 | ||
| Geochemical Sampling | |||
| Drilling | $295,560 | ||
| Equipment/Other | $35,000 | ||
| Total | $337,560 | $0 | $0 |
| Exploration & Corporate Management |
$705,681 | $322,354 | $808,756 |
| Grand Total | $5,565,596 | $1,156,401 | $3,385,678 |
The Company advises the only material variances to the budget is increased exploration management. This is due to the better than expected results at Mt Flora which has resulted in the Company expanding the exploration team to allow regional exploration and resource drilling to be done concurrently. The Company also advises that the work programme for Prairie Creek and Red Hill is scheduled for later in the year.
This announcement has been authorised for release by the Board.
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Philip Condon Managing Director [email protected] Ph +61 417 574 730
Toko Kapea Chairman [email protected] Ph+64 27 534 2886
Duke Exploration Limited www.duke-exploration.com.au