True North Copper Limited (ASX:TNC) Resumes Trading After Successful Recapitalisation
Recapitalisation and Trading Resumption
True North Copper Limited (ASX:TNC) has resumed trading on the Australian Securities Exchange on 13 January 2025 following a successful recapitalisation. The company secured A$50.9 million through a Conditional Placement and A$2.54 million via a Share Purchase Plan, resulting in a debt-free balance sheet.
Exploration Strategy and Project Developments
With a robust balance sheet, True North has approved a significant exploration budget for 2025 aimed at extending the mineral inventory at both the Mt Oxide Project and the Cloncurry Copper Project. The company has placed the Cloncurry Project on care and maintenance and will focus on extensive exploration and resource definition drilling at both sites.
Strategic Agreements and Future Plans
True North has established binding offtake and toll milling agreements with Glencore International AG for 100% of copper concentrate from the Cloncurry Copper Project and up to 1Mt of ore per year, set to commence in Q3 FY25. Additionally, a Reverse Circulation drilling program and a targeted Geophysics IP Survey are scheduled to enhance exploration efforts.
Corporate Updates
The company’s board has been refreshed with the appointment of Paul Cronin as Non-Executive Chairman, replacing Ian McAleese and Jane Seawright who resigned in November. Managing Director Bevan Jones continues in his role. As of 31 December 2024, TNC reported a cash balance of A$19.1 million, following the settlement of its debt facility and successful recapitalisation efforts.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Electro Optic Systems. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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