True North cashes in on non-core project to fuel Qld copper growth

True North Copper has completed the sale of its non-core Bundarra copper project to private explorer Tec Minerals in a deal valued at $1.5 million, according to reports published on July 20, 2026. The transaction involves $500,000 in cash and $1 million in equity in Tec Minerals once it goes public, alongside a one percent net smelter royalty. The deal is conditional upon Tec Minerals securing an initial public offering or being acquired via a reverse takeover and obtaining all necessary regulatory approvals. It is expected to close by late 2026 or early 2027. The sale enables True North to generate immediate financial returns while maintaining potential future gains through the royalty arrangement. This strategic move allows the company to redirect capital toward its two primary copper projects in northwest Queensland, Mt Oxide and Cloncurry. By retaining a small equity stake and the royalty, True North aims to maintain some involvement in the Bundarra project without bearing the costs of further exploration. Managing Director Andrew Mooney stated that the sale aligns with the company's strategy of streamlining its asset base and concentrating efforts on its core operations. He emphasized that the transaction provides both current value and long-term benefits through the royalty. The decision reflects a broader shift towards prioritizing high-potential areas within the company's portfolio. At Mt Oxide, attention is focused on the newly discovered Aquila deposit, located approximately 10 kilometers from the Vero resource. The Vero resource measures 15.03 million tonnes and contains 1.46% copper and 10.59 grams per tonne of silver. Recent geophysical surveys have extended the interpreted strike length of the Aquila target from 1 kilometer to 1.8 kilometers. A new drilling campaign is underway to validate these findings and refine the understanding of the deposit's geological structure. Assays from the upcoming drilling are anticipated by late July. Preliminary results from previous drilling at Aquila were promising, yielding a 145-meter intercept grading 0.75% copper, 0.12% cobalt, and 2.9 grams per tonne of silver. Within this intercept, a richer 53-meter segment graded 1.18% copper. Another drill hole recorded a 7-meter run of 7.9% copper within a broader 59-meter section averaging 1.77% copper. This latest exploration effort follows a successful phase at Wallace North, part of the Cloncurry copper project. Diamond drilling there uncovered a 24.5-meter intercept containing 2.17% copper and 2.01 grams per tonne of gold, translating to a copper equivalent grade of 4.21%. Notably, a 3.3-meter section within this interval exhibited exceptional grades of 10.11% copper and 7.93 grams per tonne of gold. These results will contribute to the ongoing prefeasibility study and ore reserve assessment for the Cloncurry project, scheduled for completion in the December quarter of 2026. The study will also evaluate the integration of the recently acquired Mongoose deposit with the existing Taipan open pit. Additionally, it will explore expansion opportunities for the Wallace North area. As True North continues to advance its key projects, the company remains committed to leveraging its expertise and resources to unlock substantial value from its core assets in northwest Queensland. The sale of Bundarra marks another step in this strategic realignment, positioning the company for continued growth in the region's burgeoning copper sector.