True North Copper Limited (AU:TNC)
ASX:TNC
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True North Copper
(Sydney:TNC)
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Rating:42Neutral
Price Target:
AU$0.38
▼(-5.25% Downside)
Action:UpgradedDate:03/24/26
The score is driven primarily by weak financial performance—large losses, deteriorating profitability, and ongoing cash burn—despite a lower balance-sheet risk profile after debt was reduced to zero. Technicals add further pressure given the clear downtrend and negative momentum indicators. Valuation is constrained by a negative P/E and no indicated dividend support.
Positive Factors
Zero Debt
Elimination of total debt materially lowers refinancing and interest burden, reducing near-term liquidity pressure and default risk. This durable structural change improves financial flexibility and allows management to prioritize operational execution or selective capex without mandatory debt servicing obligations.
Negative Factors
Persistent Cash Burn
Consistently negative operating and free cash flows indicate the business is burning cash to sustain operations. Over months this necessitates external capital, increasing dilution or creditor reliance. Structural cash shortfalls constrain investment in growth and expose the firm to funding and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero Debt
Elimination of total debt materially lowers refinancing and interest burden, reducing near-term liquidity pressure and default risk. This durable structural change improves financial flexibility and allows management to prioritize operational execution or selective capex without mandatory debt servicing obligations.
Read all positive factors
True North Copper (TNC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$60.19M
Dividend YieldN/A
Average Volume (3M)215.56K
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees13
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)-0.03
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$1.20Price Target Upside200.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
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
0.40
0.18
79.55%
GB:NFM
Castillo Copper Ltd.
0.45
-0.20
-30.77%
AU:JLL
Jindalee Resources Limited
0.69
0.45
185.42%
AU:WTM
Battery Minerals Ltd.
0.67
0.51
318.75%
AU:G11
Odin Metals Ltd
0.30
0.17
130.77%
True North Copper Corporate Events
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...
True North Copper lifts Cloncurry resource base and advances pre-feasibility work
Feb 9, 2026
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 pro...
True North Copper Director Adds Shares in Placement
Feb 4, 2026
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 ...
True North Copper Seeks Quotation for 7.6 Million New Shares
Feb 4, 2026
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 pai...
True North Copper Cancels 92,000 High-Exercise-Price Options
Feb 4, 2026
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...
True North Copper Shareholders Back All Resolutions at Extraordinary Meeting
Jan 30, 2026
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...
True North Copper Lifts Wallace North Resource in Cloncurry Update
Jan 28, 2026
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 rev...
True North Copper Confirms Scale of Mt Oxide Aquila Discovery, Sets Up Fully Funded 2026 Drilling Push
Jan 19, 2026
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 pa...
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.