True North Copper Limited (AU:TNC)
ASX:TNC
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True North Copper
(Sydney:TNC)
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Rating:48Neutral
Price Target:
AU$0.39
▼(-11.14% Downside)
Action:Reiterated
Date:04/16/26
The score is primarily constrained by weak financial performance—large losses, negative margins, and ongoing cash burn—despite improved balance-sheet leverage (zero debt). Technicals are mixed and provide only moderate support, while valuation is pressured by loss-making results and no dividend yield data.
Positive Factors
Zero net debt (improved leverage)
Reducing debt to zero materially lowers recurring interest costs and refinancing risk, improving financial flexibility over months. This durable capital-structure change extends runway and preserves cash for operations or growth, making the firm less vulnerable to credit market stress.
Negative Factors
Deep, persistent net losses and negative margins
Sustained negative gross profit and large operating losses erode shareholder equity and undermine reinvestment capacity. Over 2-6 months this structural profitability shortfall threatens viability, limits strategic options, and makes achieving scale or margin recovery more difficult without business model changes.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero net debt (improved leverage)
Reducing debt to zero materially lowers recurring interest costs and refinancing risk, improving financial flexibility over months. This durable capital-structure change extends runway and preserves cash for operations or growth, making the firm less vulnerable to credit market stress.
Read all positive factors
True North Copper (TNC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$63.24M
Dividend YieldN/A
Average Volume (3M)215.56K
Price to Earnings (P/E)―
Beta (1Y)1.55
Revenue Growth-100.00%
EPS Growth98.64%
CountryAU
Employees13
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)-2.43
Shares Outstanding152,382,780
10 Day Avg. Volume295,740
30 Day Avg. Volume215,555
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.39
Price to Sales (P/S)43.24
P/FCF Ratio-1.47
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.30Price Target Upside195.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.05
Revenue Forecast (FY)N/A
True North Copper Business Overview & Revenue Model
Company Description
True North Copper Limited engages in mineral exploration and development activities in Australia. The company primarily explores for copper, cobalt, gold, and silver deposits. It holds 100% interests in the Cloncurry project located near Cloncurry...
How the Company Makes Money
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True North Copper Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 665.00K | 665.00K | 2.39M | 1.50M |
| Gross Profit | -12.49M | -14.11M | 497.59K | 1.18M |
| EBITDA | -13.17M | -17.85M | -21.53M | -33.80M |
| Net Income | -25.06M | -28.42M | -25.06M | -34.05M |
Balance Sheet | ||||
| Total Assets | 101.09M | 98.69M | 111.69M | 75.30M |
| Cash, Cash Equivalents and Short-Term Investments | 19.12M | 12.81M | 15.48M | 3.49M |
| Total Debt | 0.00 | 0.00 | 25.79M | 406.21K |
| Total Liabilities | 24.41M | 24.61M | 66.24M | 45.74M |
| Stockholders Equity | 76.68M | 74.08M | 45.45M | 29.56M |
Cash Flow | ||||
| Free Cash Flow | -15.61M | -19.55M | -34.82M | -45.14M |
| Operating Cash Flow | -15.50M | -19.43M | 0.00 | 0.00 |
| Investing Cash Flow | -2.97M | -5.35M | -28.37M | -38.16M |
| Financing Cash Flow | 22.11M | 22.11M | 64.22M | 46.90M |
True North Copper Peers Comparison
UnderperformOutperform
Sector (61)
AU:TNC
True North Copper
0.46
0.14
42.19%
GB:NFM
Castillo Copper Ltd.
0.35
-0.33
-48.15%
AU:JLL
Jindalee Resources Limited
0.37
-0.09
-20.09%
AU:WTM
Battery Minerals Ltd.
0.67
0.33
97.06%
AU:G11
Odin Metals Ltd
0.29
0.16
123.08%
True North Copper Corporate Events
True North Copper Completes Cloncurry Drilling Ahead of 2026 PFS
May 11, 2026
True North Copper has completed its 2025 drilling campaign at the Cloncurry Copper Project in northwest Queensland, comprising 3,500 metres of reverse circulation drilling and 2,300 metres of diamond drilling across targets including Great Austral...
True North Copper Builds Momentum With Mt Oxide Discovery and Cloncurry Resource Upgrade
Apr 29, 2026
True North Copper reported a strong March quarter marked by accelerated field activity at both its Mt Oxide and Cloncurry Copper projects, despite seasonal wet weather. The company strengthened its technical team and recommenced drilling in mid-Fe...
True North Copper launches major drilling push to grow Mt Oxide’s Aquila discovery
Apr 27, 2026
True North Copper has commenced a new drilling program at its Mt Oxide Project to expand the Aquila copper‑cobalt‑silver discovery and drive resource growth across a more than 10km mineralised corridor. The Phase 1 campaign comprises a...
True North Copper Launches 2026 Geophysics Program to Expand Mt Oxide Discovery
Apr 21, 2026
True North Copper has launched its 2026 exploration campaign at Mt Oxide, aiming to build on its 2025 Aquila copper discovery, where drilling confirmed a scalable, high-grade mineralised system. The program centres on an 11 line-kilometre Induced ...
True North Copper Plans Issue of 2 Million Performance Rights
Apr 20, 2026
True North Copper Limited has notified the ASX of a proposed issue of up to 2,000,000 performance rights under the security code TNCAP. The issue, structured as a placement or other type of issue with a proposed date of 29 May 2026, is intended to...
True North Copper Plans Placement of Up to 3 Million New Shares
Apr 20, 2026
True North Copper Limited has lodged an Appendix 3B with the ASX outlining a proposed placement of up to 3,000,000 ordinary fully paid shares. The new securities are expected to be issued on 29 May 2026, signalling the company’s intention to...
True North Copper Advances Queensland Projects in Tier 1 Mt Isa Province
Apr 8, 2026
True North Copper is an ASX-listed, growth-focused copper company that wholly owns two major copper projects in northwest Queensland’s Mt Isa region, a Tier 1 mineral province with more than 50 years of production history. Operating in a sta...
True North Copper Starts Wallace North Drilling to Advance Cloncurry Development
Apr 6, 2026
True North Copper has commenced a new drilling program at its high-grade Wallace North copper-gold deposit within the Cloncurry Copper Project, aiming to expand the near-mine resource, follow up strong 2025 drill intercepts and support future deve...
True North Copper bolsters ESG leadership to drive disciplined project development
Mar 31, 2026
True North Copper has appointed Mark Longbottom as Head of ESG and Innovation, adding a seasoned leader with more than two decades of environmental, approvals and stakeholder experience across the resources and infrastructure sectors. The move for...
True North Copper Flags District-Scale Potential at Wynberg Gold-Copper Project
Mar 16, 2026
True North Copper has outlined the growth potential of its 100%-owned Wynberg Project, which already hosts an Indicated and Inferred gold resource of 0.64Mt at 2.7g/t for 56.1koz on a granted mining lease. The company says new geological work, pro...
True North Copper releases half-year 2025 financial report
Mar 9, 2026
True North Copper has released its financial report for the half-year ended 31 December 2025, outlining its financial performance, cash flows, and changes in equity over the period. The report, which includes the directors’ report, auditor&#...
True North Copper to showcase Queensland copper growth strategy at PDAC 2026
Mar 2, 2026
True North Copper’s managing director and CEO, Andrew Mooney, has been selected by the Queensland Government to represent the state’s resources sector at the PDAC 2026 mining investment conference in Toronto. He will present at the Aus...
True North Copper wins Queensland grant to test Mt Oxide mine waste for new value
Feb 23, 2026
True North Copper has secured about A$400,000 from the Queensland Government’s Collaborative Development Program to evaluate the technical and economic potential of reprocessing legacy mine waste at its Mt Oxide Project. The work, to be carr...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.