True North Copper Limited has secured firm commitments to raise A$18 million through an upsized share placement priced at A$0.37 per share, alongside a capped A$2 million Share Purchase Plan at the same issue price.

The funding package enables True North Copper to complete the final A$7.5 million deferred consideration payment to Perilya, discharging remaining cash obligations for its flagship Mt Oxide Project. The capital injection also strengthens the balance sheet to support ongoing technical and drilling programs through 2027.

The placement is split into two tranches. Tranche 1 will raise A$12.2 million using existing capacity and is expected to settle on 21 August 2026. Tranche 2 aims to raise A$5.8 million, subject to shareholder approval at a General Meeting anticipated in October 2026. Major shareholder Tembo Capital committed A$2 million to the second tranche, while Non-Executive Chairman Paul Cronin committed A$500,000.

An accompanying Share Purchase Plan allows eligible shareholders in Australia and New Zealand on the record date of 14 August 2026 to apply for up to A$30,000 worth of new shares without brokerage costs. The plan opens on 25 August 2026 and closes on 10 September 2026, with proceeds intended for working capital. Morgans Corporate Limited and Petra Capital acted as joint lead managers and bookrunners.

“We're very pleased with the strong support for the Placement and welcome a number of new highly credentialled investors to the register. On behalf of the Board I would also like to thank our existing shareholders for their ongoing support.” — Andrew Mooney, Managing Director

Proceeds will directly back True North Copper's three-platform growth strategy covering resource expansion at Mt Oxide, development work at Cloncurry, and regional discovery efforts. At the Aquila prospect within Mt Oxide, funds will maintain active drilling through 2027 to trace the mineralised system along strike and at depth. Further assay results and project updates are scheduled for release over the coming months.

“At the Mt Oxide Project, our 2026 exploration and drilling have continued to expand Aquila and build our understanding of the scale, geometry and higher-grade zones within the mineralised system.” — Andrew Mooney, Managing Director

At the Cloncurry Copper Project, the company is advancing pre-feasibility study workstreams targeted for completion in late Q4 2026, alongside ongoing technical evaluations aimed at defining potential Ore Reserves.

Read the full announcement: $18m Placement and $2m SPP to accelerate Copper Growth