Want to see AU:TNC full AI Analyst Report?
Top Page
True North Copper
(Sydney:TNC)
Select Model
Select Model
Rating:48Neutral
Price Target:
AU$0.39
▼(-12.27% 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
Elimination of debt materially lowers financial risk and interest burden, giving management flexibility to fund operations or development from equity or cash resources. This stronger leverage profile supports survival through continued losses and reduces refinancing pressure over months.
Negative Factors
Deep losses
Sustained large operating losses erode capital and indicate the core mining operations currently cannot cover costs. Without a credible path to margin improvement, losses will continue to deplete equity, forcing restructuring, asset sales, or repeated external financing that dilute long-term shareholder value.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero net debt
Elimination of debt materially lowers financial risk and interest burden, giving management flexibility to fund operations or development from equity or cash resources. This stronger leverage profile supports survival through continued losses and reduces refinancing pressure over months.
Read all positive factors
True North Copper (TNC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$60.60M
Dividend YieldN/A
Average Volume (3M)215.56K
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue Growth-100.00%
EPS Growth98.64%
CountryAU
Employees13
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)-0.03
Shares Outstanding155,382,780
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)0.07
Revenue Forecast (FY)AU$90.00M
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
TNC made money primarily by producing and selling copper products generated from its mining operations. Revenue would have been driven by: (1) sales of copper output (e.g., copper concentrate and/or copper cathode, depending on the operating confi...
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 | 0.00 | 665.00K | 2.39M | 1.50M |
| Gross Profit | -2.54M | -14.11M | 497.59K | 1.18M |
| EBITDA | -3.08M | -17.85M | -21.53M | -33.80M |
| Net Income | -3.67M | -28.42M | -25.06M | -34.05M |
Balance Sheet | ||||
| Total Assets | 102.38M | 98.69M | 111.69M | 75.30M |
| Cash, Cash Equivalents and Short-Term Investments | 12.38M | 12.81M | 15.48M | 3.49M |
| Total Debt | 0.00 | 0.00 | 25.79M | 406.21K |
| Total Liabilities | 23.71M | 24.61M | 66.24M | 45.74M |
| Stockholders Equity | 78.68M | 74.08M | 45.45M | 29.56M |
Cash Flow | ||||
| Free Cash Flow | -2.66M | -19.55M | -34.82M | -45.14M |
| Operating Cash Flow | -2.63M | -19.43M | 0.00 | 0.00 |
| Investing Cash Flow | -11.98M | -5.35M | -28.37M | -38.16M |
| Financing Cash Flow | 8.18M | 22.11M | 64.22M | 46.90M |
True North Copper Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$8.54B | 43.51 | 7.70% | ― | 19.97% | 60.66% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | AU$245.68M | -12.03 | -14.19% | ― | ― | 78.60% | |
48 Neutral | AU$60.60M | -7.57 | -37.71% | ― | -100.00% | 98.64% | |
44 Neutral | AU$309.10M | -31.12 | -3.91% | ― | ― | 17.44% | |
44 Neutral | AU$128.52M | -10.00 | -242.58% | ― | ― | -79.69% |
* Basic Materials Sector Average
AU:TNC
True North Copper
0.42
0.03
9.21%
AU:HCH
Hot Chili Limited
1.60
0.97
155.18%
AU:SFR
Sandfire Resources Limited
18.15
7.15
65.00%
AU:NFM
Castillo Copper Ltd.
0.01
>-0.01
-16.67%
AU:CYM
Cyprium Metals Limited
0.41
0.07
20.54%
AU:CVV
Caravel Minerals Limited
0.23
0.07
39.39%
True North Copper Corporate Events
True North Copper strengthens exploration team as Aquila strike expands
Jul 7, 2026
True North Copper has appointed experienced geologist Matt Porter as Exploration Manager to lead the next phase of exploration at its Mt Oxide Project in North West Queensland. Porter brings more than two decades of experience in the Mt Isa Inlier...
True North Copper Confirms New High-Grade Structure at Wallace North
Jul 1, 2026
True North Copper has reported a new high-grade copper-gold structure at its Wallace North deposit within the Cloncurry Copper Project, highlighted by a 24.5-metre intercept grading 2.17% copper and 2.01 grams per tonne gold. The structure remains...
True North Copper Completes Share Placement for Carpentaria JV Acquisition
Jun 19, 2026
True North Copper has completed the share placement component associated with its previously announced acquisition of Renegade Exploration’s interest in the Carpentaria Joint Venture, issuing 3 million new shares as part of the transaction. ...
True North Copper Issues 2 Million Unquoted Performance Rights
Jun 19, 2026
True North Copper Limited has notified the market of the issue of 2,000,000 unquoted performance rights classified as “Performance Rights Third Party”. The new securities, which are not intended to be quoted on the ASX, were issued on ...
True North Copper Seeks ASX Quotation for 3 Million New Shares
Jun 19, 2026
True North Copper Limited has applied for quotation on the ASX of 3,000,000 additional ordinary fully paid shares under its existing ticker TNC. The new securities, issued on June 18, 2026, expand the company’s listed capital base, potential...
True North Copper consolidates Mongoose to boost Cloncurry project scale
Jun 17, 2026
True North Copper has completed the acquisition of Renegade Exploration’s interest in the Carpentaria Joint Venture after Glencore chose not to exercise its right of first refusal, consolidating ownership of the Mongoose resource adjacent to...
True North Copper Drilling Boosts Cloncurry Resource Growth Prospects
Jun 1, 2026
True North Copper has reported new reverse circulation drilling results from the Great Australia Mine, part of its Cloncurry Copper Project in Queensland, highlighting shallow copper-gold intersections around the existing resource. These results i...
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...
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.