TRUE NORTH COPPER LIMITED — Capital/Financing Update 2024

Jan 14, 2024

15 January 2024

==> picture [595 x 164] intentionally omitted <==

----- Start of picture text -----

ASX Announcement | ASX: TNC
----- End of picture text -----

Q4 2023 - SX Operations Update, Cloncurry

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) achieved copper metal production for Q4 2023 of 70.38t (288.612t of copper sulphate @ 24.39% Cu). This is less than operationally expected.

SX operations during Q4 2023

Q4 2023 production was less than operationally expected due to several events during late November 2023 and throughout December 2023. These included:

• § A change in TNC’s operational power supply source (Total Generators to Aggreko) resulting in unforeseen harmonics issues.

• § Failure of the tank agitator in TK5.

• § Reduction of crystal formation due to severe heat conditions including more than 23 days >40 degrees Celsius in December 2023 (see http://www.bom.gov.au/places/qld/cloncurry/), and a plant heat exchange failure.

Current soluble copper levels – January 2024

• § TNC’s SX production update in its Q3 2023 quarterly report was based on independent metallurgical advice (third-party consultancy). This consultancy was engaged across SX Plant commissioning and continues to advise across operations.

• § The consultants conducted a site visit last week to evaluate the heap and plant’s current performance.

• § The consultants confirmed, significant amounts of copper are still leaching from the heap, and the crystal product is of a very high quality.

• § Current soluble copper levels from the heaps are Heap 6 - 0.66g/L (sample results taken 13-01-2024) and Heap 5- 1.21g/L (sample results taken 10-01-2024).

Change to SX Plant management

• § On-going maintenance issues have inhibited the process plant’s performance.

• § TNC replaced and strengthened key process plant management personnel during Q3 2023.

Q1 2024 key ASX Announcements include:

• § Toll Milling and Concentrate Offtake Agreement Execution

• § Wallace North Reserve Statement

• § Cloncurry Copper Project Recommencement of Mining - Production Forecast and Price Guidance

• § Finalisation and 1st drawdown of $28M USD finance facility

• § Exploration results across Mt Oxide and Cloncurry

• § Mt Oxide - Vero Resource Update

• § Cloncurry Copper Project Reserve update

COMMENT

True North Copper’s Managing Director, Marty Costello said:

The performance and availability of the SX Plant over the back-end of this past quarter has been frustrating. TNC demands better performance of its SX Plant. We have made significant changes to the SX Plant’s management team. Our management team is also working collaboratively with specialist industry consultants, and we are confident in our revised strategy and capacity. Copper sulphate production through the SX Plant represents about 10% of our proposed Cloncurry Copper Project Life of Mine (90% is sulphide concentrate production).

Over the last quarter we have made great progress finalising our restart plans and our tolling and offtake agreements. We are excited to soon announce these developments.

==> picture [595 x 48] intentionally omitted <==

----- Start of picture text -----

True North Copper Limited
Level 9, Citi Central Tower, 46-48 Sheridan Street, Cairns truenorthcopper.com.au
PO Box 3006, Cairns, QLD 4870 ABN 28 119 421 868
----- End of picture text -----

ASX: TNC

==> picture [154 x 33] intentionally omitted <==

AUTHORISATION

This announcement has been approved for issue by Marty Costello, Managing Director and the True North Copper Limited Board.

DISCLAIMER

This release has been prepared by True North Copper Limited ABN 28 119 421 868 (“TNC” “True North” or the “Company”). The information contained in this release is for information purposes only. This release may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of TNC.

The information contained in this release is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this release, TNC has not considered the objectives, financial position or needs of any particular recipient. The information contained in this release is not a substitute for detailed investigation or analysis of any particular issue and does not purport to be all of the information that a person would need to make an assessment of the Company or its assets. Current and potential investors should seek independent advice before making any investment decisions in regard to the Company or its activities.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this news release. To the maximum extent permitted by law, none of TNC, its related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this release.

This release includes “forward looking statements” within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of the words “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “target”, “plan” “guidance” and other similar expressions. Indications of, and guidance on, future earning or dividends and financial position and performance are also forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of TNC and its officers, employees, agents or associates, that may cause actual results to differ materially from those expressed or implied in such statement. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward looking statements and TNC assumes no obligation to update such information. Specific regard (amongst other things) should be given to the risk factors outlined in this release.

This release is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this release nor anything contained in it forms the basis of any contract or commitment.

CONTACT DETAILS

For further information please contact:

True North Copper |Marty Costello, Managing Director |07 4031 0644

Media Queries |Ben Creagh | NWR Communications |0417 464 233 benc@nwrcommunications.com.au

==> picture [595 x 151] intentionally omitted <==

----- Start of picture text -----

15 JANUARY 2024 PAGE 2
----- End of picture text -----