True North Copper Showcases Aquila Cu-Co-Ag Discovery at Mt Oxide Project in AusIMM Technical Presentation

Overview of True North Copper’s Mt Oxide Project and Aquila Discovery

True North Copper Limited is a Queensland-focused copper exploration and development firm managing multiple mineral projects across promising geological regions in the state. The Mt Oxide Mineral Project is home to the Aquila discovery, a copper-cobalt-silver mineralized system that has become a focal point of the company’s technical and strategic efforts. The Aquila discovery was the centerpiece of the company’s presentation at the AusIMM Technical Talk on 16 July 2026, where True North Copper outlined its approach to advancing the project from discovery towards development.

The presence of cobalt and silver alongside copper at Aquila adds significant economic potential, given the polymetallic nature of the system, which depends on factors like grade, geometry, and processing characteristics. The presentation’s theme, "Discovery to Development," highlights the company’s commitment to progressing the deposit through the necessary technical and economic evaluations to assess its development viability. It is important to note that no production decision has been made, and future development remains contingent on technical, economic, and regulatory approvals. The discovery is currently at an early-to-intermediate stage, with active drilling ongoing as of the presentation date.

Significance of AusIMM Technical Talk for True North Copper

The Australasian Institute of Mining and Metallurgy (AusIMM) is the leading professional body for the resources sector in Australia and the wider Australasian region. Presenting at an AusIMM Technical Talk offers True North Copper a valuable platform to share its technical insights with an audience of geologists, engineers, and industry professionals. Such engagements help exploration-stage companies establish technical credibility and attract attention from investors and potential industry partners.

True North Copper’s choice to highlight the Mt Oxide project and the Aquila discovery at the 16 July 2026 AusIMM forum—rather than its more established Cloncurry-area deposits—underscores management’s view of Aquila as a significant addition to its portfolio. The presentation was prepared as of 16 July 2026 and contains summary information current to that date.

Drilling Campaign at Mt Oxide Initiated in April 2026 to Expand Aquila

The company disclosed that drilling to expand the Aquila discovery at Mt Oxide began on 26 April 2026. This campaign aims to better define the extent and geometry of the copper-cobalt-silver system, with the goal of potentially establishing a formal mineral resource estimate in the future. This drilling follows the initial discovery announcement and reflects True North Copper’s commitment to advancing the project on an accelerated timeline.

Results from this drilling campaign are expected to be a key catalyst for investor interest. Positive outcomes confirming or extending mineralization could lead to commissioning an independent mineral resource estimate, marking a critical milestone in the discovery-to-development pathway. Conversely, inconclusive or negative results could impact market perceptions of the project’s potential. As of the presentation date, no new assay results or drilling intercepts beyond the initial April 2026 announcement had been disclosed.

True North Copper’s Queensland Mineral Resource Portfolio

True North Copper’s mineral resource base spans multiple Queensland deposits, reflecting its strategy to build a diversified copper-focused asset portfolio. Established JORC-compliant mineral resource estimates exist for deposits including Vero, Great Australia, Orphan Shear, Taipan, Wallace North, Wallace South, and Mt Norma. These resources have been updated through company announcements since acquiring True North Copper assets in February 2023, with the latest updates covering Wallace North in January 2026 and Great Australia and Taipan in February 2026.

The portfolio also includes the Mongoose mineral resource, initially reported by Renegade Exploration Limited (ASX:RNX) in December 2023, and the Wynberg resource, originally reported by Tombola Gold (ASX:TBA) in September 2022. These inclusions reflect asset consolidation through the company’s corporate history. The diverse deposits across various geological settings and commodities—including copper, silver, gold, and cobalt—provide a broad exploration and development pipeline, with the Aquila discovery at Mt Oxide emerging as a key focus in mid-2026.

JORC Code Compliance and Mineral Resource Reporting

All mineral resource estimates disclosed by True North Copper adhere to the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code), a mandatory standard under ASX Listing Rules for Australian-listed entities. The JORC Code establishes minimum standards and guidelines for public reporting of exploration results, mineral resources, and ore reserves in Australasia, recognized as a rigorous international benchmark.

The company confirmed that no new information or data materially affects previously disclosed mineral resource estimates and that all material assumptions and technical parameters remain valid. This assurance is important for investors, confirming the ongoing validity of reported resources. The company also cautions that JORC Code-compliant resources may not align with reporting requirements in other jurisdictions, such as the US Securities and Exchange Commission’s Regulation S-K Item 1300.

Discovery-to-Development Strategy at Mt Oxide

True North Copper’s AusIMM presentation theme, "Discovery to Development," reflects a structured approach to advancing the Mt Oxide project. This progression typically involves moving from initial discovery through geological modeling, resource estimation, scoping studies, prefeasibility and feasibility studies, culminating in a development or production decision. While Aquila remains at the discovery stage with active drilling, the company is focused on building the technical and economic case over time.

The company emphasized that no production decision has been made and that any future development depends on technical, economic, and regulatory evaluations. This standard disclaimer reminds investors that the path from discovery to development is uncertain and not immediate. The next major milestone is expected to be the release of assay results from the ongoing drilling campaign started in April 2026, potentially followed by a maiden mineral resource estimate if sufficient data is obtained.

Cloncurry Copper Project Assets Supporting True North Copper’s Strategy

Alongside Mt Oxide, True North Copper’s operational base includes the Cloncurry Copper Project, which contains several established mineral resource deposits in northwest Queensland’s Cloncurry district. This region is known for copper and gold production. The company has recently updated and expanded resources at deposits such as Wallace North and Great Australia in early 2026, reflecting active exploration and resource definition efforts.

The Cloncurry assets provide geological and project diversification compared to the earlier-stage Mt Oxide project. Maintaining multiple exploration fronts—including Cloncurry deposits and the emerging Aquila discovery—enables the company to advance projects at varying maturity levels simultaneously. This strategy aims to enhance portfolio value but requires continued capital investment in drilling and technical studies. The company did not disclose specific capital expenditures or forward work program costs in the presentation.

Risks Facing True North Copper in Advancing Aquila

As with all early-stage exploration companies, True North Copper faces several risks. The Aquila Cu-Co-Ag discovery remains at an exploration phase, with no guarantee that drilling will confirm mineralization sufficient to support a resource estimate or economic development. The company’s disclosures caution that forward-looking statements are not guarantees and actual results may differ materially.

Additional risks include commodity price fluctuations for copper, cobalt, and silver, which can impact project economics. Regulatory and permitting challenges, access to capital for ongoing drilling and studies, and technical complexities in developing a polymetallic system also pose potential hurdles. The company notes that forward-looking statements involve known and unknown risks beyond its control, advising investors not to place undue reliance on such statements.

Investor Watchpoints as True North Copper Progresses Mt Oxide

Investors tracking True North Copper should focus on upcoming drilling results from the campaign initiated on 26 April 2026. These assay results will offer critical insights into whether the Aquila discovery extends laterally or at depth to support a meaningful mineral resource estimate. The timing and quality of these results will likely influence investor sentiment significantly.

Beyond drilling outcomes, investors should watch for announcements regarding an independent mineral resource estimate for Aquila, updates on Cloncurry Copper Project assets, and any corporate developments affecting the company’s financial capacity to sustain exploration. The presentation did not disclose specific financial metrics, cash position, or projected work program costs. The immediate share price reaction to the AusIMM Technical Talk was not evident from available public information.