Completion of Institutional Component of Entitlement Offer and Placement

True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to provide an update in relation to its fully underwritten $24.3 million equity raising announced on 23 May 2024 (Equity Raising).

Highlights

Successful completion of the institutional component of Accelerated Non-Renounceable Entitlement Offer (Entitlement Offer) and Placement raising an aggregate of A$16.6 million.Retail component of Entitlement Offer (A$7.7 million) anticipated to open on Friday, 31 May 2024.The Equity Raising was strongly supported by key stakeholders, including Tembo Capital Management, the Company’s largest shareholder (32%) and Nebari Natural Resources, lender to the Company.The fully underwritten equity raising, together with existing cash, will fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), exploration growth strategy and strengthen the Company’s financial position.

TNC has now successfully closed:

the institutional component (Institutional Entitlement Offer) of the Entitlement Offer, raising a total of A$9.0 million (before costs) at an offer price of A$0.056 per New Share (Offer Price); andthe placement to institutional investors (Placement), raising a further A$7.6 million (before costs).

The breakdown of funds raised (subject to settlement occurring) under these components of the Equity Raising, and the number of new fully paid ordinary shares (New Shares) to be issues, is set out below:

Settlement of the New Shares under the Institutional Entitlement Offer and the Placement is expected to occur on 30 May 2024, with the New Shares expected to be issued and commence trading on 31 May 2024.

TNC’s Executive Chairman, Ian McAleese, said: “The proceeds of the Placement and Institutional Entitlement Offer provides True North Copper with strong liquidity to begin mining at the Cloncurry Copper Project (CCP), starting at the high grade Wallace North deposit. TNC’s immediate focus is to be Australia’s next copper producer and we look forward to updating shareholders over the coming weeks.”

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