TRUE NORTH COPPER LIMITED (TNC)

The suspension of trading in the securities of True North Copper Limited will be lifted immediately following the release by TNC of an announcement regarding the re-issue of TNC's half year financial statements for the period ended 31 December 2024 and the receipt of a response to an ASX query letter.

The company releases a response to ASX query letter.

The company releases its reissued half year financial statements.

The company's securities will be suspended from quotation due to breach of Listing Rule 12.2, as determined by ASX. The suspension will continue until ASX determines compliance with the Listing Rules and if reinstatement is appropriate for TNC's securities.

The suspension of trading in the securities of True North Copper Limited will be lifted immediately following the release by TNC of an announcement regarding the appointment of voluntary administrators of TNC and its subsidiaries, and its compliance with the Listing Rules, including Listing Rule 12.2.

The company releases its statement of confirmations, top 20 shareholders, and shareholder distribution schedule.

The company releases its application for quotation of securities.

The company successfully completed a conditional placement to raise $50.9 million, partly underwritten by Canaccord Genuity Limited and Morgans Financial Limited. The placement raised approximately $53.44 million, including a $300,000 drill-for-equity arrangement with Mitchell Services Limited.

The company releases its notice regarding unquoted securities.

The company corrected its announcement on 20 December 2024 regarding SPP and upsize of conditional placement, stating the upsize should be $50.9m, not 51.05m.

The company lodges its application for quotation of securities.

The company releases its results for its annual general meeting.

The Share Purchase Plan closed at 5:00pm (AEDT) on 17 December 2024, with total subscriptions of A$2,538,988. Upsized A$51.05m Conditional Placement "“ Following additional demand for the Conditional Placement, the Company has decided to increase the size of the Conditional Placement from A$50.3 million to A$51.05 million (the additional A$0.75 million is not underwritten).

The Share Purchase Plan Prospectus outlines an offer to eligible shareholders of up to 1,000,000,000 shares at a $0.005 per share price to raise up to $5,000,000. The prospectus also includes secondary offers of up to 10,000 shares to raise $50 and 500,000,000 options exercisable at $0.006 per option to Mr. Paul Cronin or his nominee. The SPP Offer closes on 17 December 2024, and applications must be received by then.

The company lodges its notice of cessation of securities.

The company releases its Recapitalisation and Equity Raising Presentation.

The company has completed a $50.3 million equity recapitalisation, including a $0.3m drill-forequity for diamond drilling services at the Mt Oxide project. Key stakeholders, including Tembo Capital, Regal Partners, and Glencore Australia Holdings, have supported the move. The funds will be used to retire secured debt owed to Nebari Natural Resources Credit Fund II LP. The company plans to offer a share purchase plan to raise up to $5 million.

The company lodges an update on its notice of security consolidation or split.

The company lodges its notice of security consolidation or split.

The company is scheduled for an annual general meeting on December 23, 2024, which will be a virtual meeting accessible only online.

The Administrators are undergoing a dual-track recapitalisation and sales process, relying on ASIC's Financial Reporting Relief to defer financial reporting obligations. They have entered into a deed of company arrangement for a $50 million recapitalisation. However, the company cannot use the 'lo doc' regime or cleansing notices to raise capital. ASIC has granted relief, allowing the company to use a transaction-specific prospectus.

The company appointed Richard Tucker and Tony Miskiewicz of KordaMentha as voluntary administrators on 21 October 2024. The operations were transitioned to care and maintenance, and on 18 November 2024, creditors of the Group resolved to execute a DOCA by Canaccord Genuity Limited and Morgans Corporate Limited. The Recap DOCA involves the recapitalisation of the Group, with details outlined in the Administrators' Report. The Recap DOCA will involve an Equity Raising to raise at least $50 million and up to $60 million.

The company has reported that 6,290,000 TNC options with an exercise price of $0.30 have lapsed in accordance with their terms.

The company has identified new geophysical targets with similar signatures to the Vero Deposit in the final five MIMDAS Induced Polarisation lines at the Rhea, Camp Gossans, and Black Marlin prospects. The new targets include a 140m long chargeability anomaly in Rhea, an open +200m long chargeability target in Black Marlin, and a 110m wide high order chargeability/conductivity anomaly in Camp Gossans. The exploration team has initiated a rock chip sampling program to identify anomalous copper and pathfinder element trends and refine drill targeting.

The company lodges its Quarterly Activities Report.

The company lodges its Appendix 5B Quarterly Cash Flow Report.

The Administrators intend to rely on the relief set out in ASIC Instrument 2015/251 which provides for the deferral of: financial reporting obligations under Part 2M.3 of the Corporations Act 2001 (Cth); and the requirements under section 250N of the Act to hold an Annual General Meeting.

The securities of True North Copper Limited will be suspended from quotation immediately under Listing Rule 17.3.1, following the announcement on 22 October 2024 of the appointment of voluntary administrators of TNC and its subsidiaries. ASX has determined TNC's financial condition is not adequate to warrant the continued quotation of its securities and therefore does not comply with Listing Rule 12.2. The securities will remain suspended until such time that ASX is satisfied with TNC's compliance with the Listing Rules, including Listing Rule 12.2, and that it is otherwise appropriate for TNC's securities to be reinstated to quotation.

The suspension of trading in the securities of True North Copper Limited will be lifted immediately following the release by TNC of an announcement regarding TNC's maiden ore reserve statement for the Great Australia Mine.

MEC Mining prepared an Initial JORC 2012 Reserve Statement for the Great Australia Mine that estimates a reserve of 4.0 million tonnes of ore at 0.74% copper and 0.08g/t gold. This reserve is based on the previously announced mineral resource estimates disclosed in the Company's ASX release dated 28 February 2023 and its Prospectus, dated 3 May 2023. The ore reserve has been compiled based on this drill hole data, with no change or addition to this data. Initial Reserve Statement applies to the Great Australia Mine reserve located on existing mining leases, with environmental approvals in place. The Great Australia Mine is one of a number of TNC owned tenements that form part of TNC's Cloncurry Project. Mining restart studies at the Great Australia Mine are advanced, with completion expected in Q3 CY23. The forward looking financial information relating to the project set out in this announcement (which underlies the initial Reserve estimation for Great Australia, Taipan and Orphan Shear) will be refined through those mining restart studies. Decision on full recommencement of full-scale mining operations expected in Q3 CY23. TNC will soon start another resource definition and expansion drilling program across the Cloncurry Project, with the goal of identifying further resource and reserve tonnes for its mineral inventory.

The company requests a further voluntary suspension of its securities from the commencement of trading on 4 July 2023 pending the release of an announcement to ASX regarding the commpany's maiden ore reserve statement for the Great Australia Mine, part of the company's 100% owned Cloncurry Project in Queensland. The suspension is requested until the company makes an announcement to the market which it expects to make on or before 5 July 2023.

The securities of True North Copper Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of TNC, pending the release of an announcement regarding TNC's maiden ore reserve statement for the Great Australia Mine.

The suspension of trading in the securities of True North Copper Limited will be lifted from the commencement of trading on Monday, 19 June 2023 following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules.

The company releases the following: Appendix 1A, Information Form and Checklist and Annexure 1, Prospectus, Constitution, 30 June 2022 Accounts, 31 December 2022 HY Accounts, CopperCorp Pty Ltd - 30 June 2022 Accounts, CopperCorp Pty Ltd - 31 December 2022 HY Accounts, Employee Incentive Securities Plan, Securities Dealing Policy, Distribution Schedule, Top 20 Holders, Pre-reinstatement Disclosures.

It is anticipated that the securities of True North Copper Limited will be reinstated to quotation at 10:09:00AM (+/- 15 seconds) AEST on Monday, 19 June 2023, following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules. TNC raised $37,347,100 pursuant to the offer under its prospectus dated 3 May 2023 by the issue of 149,388,400 shares at an issue price of $0.25 per share.

TNC Mining has completed the Mt Oxide Acquisition. The Mt Oxide Project complements the existing Cloncurry Project and comprises three exploration permits located approximately 140km North of Mt Isa in Queensland. TNC Mining has paid $30,000,000 in cash from funds raised under the Offers as consideration for the Mt Oxide Acquisition. As outlined in the Prospectus, a deferred payment of $15,000,000 is payable within 2 years after completion of the Mt Oxide Acquisition, which the Company expects to fund through a combination of debt and equity to be raised at a later date, during the second year after completion. The Company remains on track to satisfy the requirements in the Conditional Approval letter to achieve a requotation date of 19 June 2023.

Completion of the TNC Acquisition and the CopperCorp Acquistion. Duke Exploration Limited renamed to True North Copper Limited. Successfull completion of Offers, raising a total of $37,347,100 at $0.25 per Share (before costs).

name changed from Duke Exploration Limited