True North Copper (ASX:TNC) is raising $12.5 million to accelerate drilling and growth activities in 2026 at the Mt Oxide Project in northwest Queensland.
The company will issue 25 million shares at $0.50 per share through two tranches, raising $8.7 million in tranche one and the remaining $3.8 million in tranche two.
Tranche two shares will be allocated to Tembo Capital Holdings for a commitment of $2.5 million, in order to gain Foreign Investment Review Board approval, and True North Chairman Paul Cronin for a commitment of $1 million. Cronin’s involvement in the placement is awaiting shareholder approval at an upcoming general meeting.
Morgans Corporate is acting as the lead manager to this placement, with Canaccord Genuity as the co-manager.
CEO Andrew Mooney says the company is encouraged by a strong backing in this placement, allowing the company to “accelerate growth across all three pillars” of True North’s strategy.
“Our GROW pillar remains centred on our flagship Mt Oxide Project, where the Aquila discovery has opened up a new chapter in the district and where we are now stepping up drilling to understand the true scale of this emerging system,” Mooney says.
“At the same time, we continue to develop the Cloncurry Copper Project through targeted drilling at Wallace North and advance discover-stage opportunities across our broader tenement package.
“Together, these programs position True North Copper to build a larger, high quality copper portfolio and create meaningful long-term value for shareholders.”
True North is currently awaiting final assays from Mt Oxide, which will be returned before the end of 2025. Geophysics survey results for the Aquila discovery are expected in Q1 2026, with drilling to restart at Mt Oxide and Cloncurry projects in late Q1 2026 following the wet season.
Write to Maddison Elliott at Mining.com.au
Images: True North Copper
