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True North Copper
(Sydney:TNC)
True North Copper (TNC) vs. iShares MSCI Australia ETF (EWA)
True North Copper Business Overview & Revenue Model
True North Copper Financial Statement Overview
| 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
True North Copper Corporate Events
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, prospectivity analysis and FLEM surveys point to a broader copper-gold system that could be economically attractive given Wynberg’s proximity to its Cloncurry Copper Project and other regional processing hubs.
Historic drilling at Wynberg has been shallow, but has intersected copper-gold mineralisation outside the current resource model, suggesting extensions at depth and along strike. Additional targets at nearby prospects, particularly Burnt Ute with its 1.7km copper-gold geochemical trend and multiple deep conductors, position Wynberg as a potential district-scale copper-gold corridor and a key plank in True North Copper’s strategy to expand both gold value and future copper growth.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
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’s review, and detailed financial statements, provides stakeholders with an updated view of the company’s financial position and governance oversight at the mid-point of its financial year.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
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 Australia Day Seminar, showcasing the company’s role within Queensland’s broader resource opportunity set to a global investment audience.
Mooney’s presentation will outline True North Copper’s funded three-platform growth strategy, branded DEVELOP, GROW and DISCOVER, with defined 2026 milestones across development and exploration. The strategy centres on advancing Cloncurry toward near-term production, expanding the Mt Oxide resource base through systematic drilling, and pursuing disciplined regional exploration, reinforcing TNC’s positioning as an emerging copper growth story.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
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 carried out with specialist partner Regeneration Enterprises, will involve drilling, assays and metallurgical testing to assess whether historical waste can be turned into responsible metal production while supporting rehabilitation outcomes.
The initiative provides non‑dilutive funding that advances a parallel workstream to True North’s core Mt Oxide growth plans, potentially creating incremental revenues and enhancing the site’s environmental performance. It also strengthens the company’s ESG positioning and aligns with state objectives for innovative, sustainable resource development, with results expected to guide any future commercial arrangements between True North, Regeneration and the Queensland Government.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.45 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper has reported an updated JORC 2012 mineral resource estimate for its Cloncurry Copper Project in northwest Queensland, driven by advanced grade control drilling, recent exploration and refined geological modelling. The overall project resource has increased by about 7% to roughly 109,000 tonnes of contained copper and 9% to 84,000 ounces of contained gold, with a notable 13.5% tonnage rise at the Great Australia deposit and higher confidence in the largely indicated Taipan resource.
The upgraded resource base provides a stronger technical foundation for ongoing pre-feasibility study work in 2026, including assessment of development options and underground potential. Management highlights a clear pathway for further growth, with additional drilling planned to test extensions of existing deposits, evaluate near-mine and regional targets, and gather more metallurgical and geotechnical data, which could enhance the project’s economic case and future production profile.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.52 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
Director Paul Cronin increased his holding by 2 million shares, split between his own account and Admiralty Resources Fund, via participation in a shareholder-approved placement priced at A$0.50 per share, lifting his stake to 4.19 million shares and demonstrating insider support for the company’s capital-raising strategy.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.57 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
The Australian-listed miner True North Copper operates in the copper mining sector, focusing on exploration and development assets to supply the resources market. The company has lodged an Appendix 2A application to quote 7.6 million new fully paid ordinary shares on the ASX, expanding its listed capital base and signalling continued execution of previously flagged financing initiatives that could support project funding and investor liquidity.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.57 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper Limited has notified the market that a tranche of its listed options has been cancelled by agreement with the holder, resulting in a small adjustment to its issued capital structure. The company reported that 92,000 TNCAJ options, which were due to expire in June 2028 with an exercise price of $30.00, ceased to exist effective 31 January 2026, a move that marginally simplifies its capital base and may slightly reduce potential future dilution for existing shareholders.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.59 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper Limited has reported that all resolutions put to shareholders at its 30 January 2026 Extraordinary General Meeting were passed by poll, with strong levels of support recorded across the register. The approvals cover Tembo’s participation in a share placement, director Paul Cronin’s participation in the same capital raising, and the ratification of both tranche one and tranche two placement share issues, collectively endorsing the company’s recent equity funding activities and reinforcing shareholder backing for its current capital and growth plans.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.62 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper has updated the Mineral Resource Estimate for its Wallace North copper-gold deposit within the Cloncurry Copper Project in Northwest Queensland, incorporating additional 2025 drilling and depletion from minor 2024 mining. The revised estimate shows net resource growth despite depletion, with tonnage up about 12%, contained copper up 9% and contained gold up 11%, while grades and geometry remain consistent, providing a more robust technical baseline for the ongoing Pre-Feasibility Study, future development planning and targeted drilling to test underground and resource extension potential, alongside an expected resource update for the nearby Great Australia Mine in early 2026.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.60 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper has reported Phase 2 drilling results from its Mt Oxide Project in northwest Queensland, confirming the geometry, scale and continuity of copper-silver-cobalt mineralisation at the Aquila discovery and validating Acanthis as a parallel mineralised trend. Drilling at Aquila has defined thick, near-vertical mineralisation with true widths of roughly 45–60 metres over a central 250-metre zone and more than 1,000 metres of strike, while first-pass drilling at Acanthis intersected copper mineralisation coincident with geophysical anomalies, supporting the regional geophysical model and the district’s broader potential. These results strengthen the technical foundation for True North Copper’s fully funded 2026 exploration campaign, which will include extended IP surveys, diamond and reverse circulation drilling to expand Aquila at depth and along strike, refine geological models and systematically test parallel trends such as Acanthis and Apollo, with the aim of advancing Mt Oxide into a multi-target, district-scale copper district and guiding capital allocation within the company’s staged growth strategy.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.65 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper Limited has disclosed a change in director Paul Cronin’s interests in the company’s securities. The filing with the ASX shows that 5,000,000 options previously held by Cronin, exercisable at A$0.60 and due to expire on 31 December 2025, have lapsed, leaving him with 3,194,564 fully paid ordinary shares and no remaining options. The change modestly alters the director’s exposure to future equity upside without affecting his existing shareholding, and signals the expiry of a significant block of options previously on issue to a key board member.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.52 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper Limited, an ASX-listed copper exploration and development company, has adjusted its capital structure following the expiry of a tranche of listed options. The company announced that 5 million TNCAO options, each exercisable at A$0.60 and due to expire on 31 December 2025, have lapsed unexercised, resulting in the cessation of these securities. The expiry reduces the pool of potential future share dilution tied to these instruments, modestly simplifying the company’s capital base and clarifying the current equity position for existing shareholders.
The most recent analyst rating on (AU:TNC) stock is a Hold with a A$0.52 price target. To see the full list of analyst forecasts on True North Copper stock, see the AU:TNC Stock Forecast page.
True North Copper Limited has notified the ASX of the issue of 850,000 unquoted performance rights under its employee incentive scheme, effective 19 December 2025. The new securities, which are not intended to be quoted on the ASX, form part of the company’s approach to staff and executive remuneration, aligning employee incentives with long-term shareholder value and reflecting standard capital management practices in the Australian resources sector.
True North Copper has called an extraordinary general meeting (EGM) for its shareholders to be held virtually on 30 January 2026 at 10:00am Brisbane time via the Automic online platform. The meeting notice outlines that only registered shareholders as at 7:00pm AEST on 28 January 2026 will be eligible to vote, and it sets out the procedural details for accessing the virtual platform, creating or using an Automic account, lodging proxy votes and participating in real-time voting and Q&A, underscoring the company’s push to facilitate broad shareholder participation in governance despite the fully online format.