True North Copper Hits 11m at 4.23% CuEq as PFS Nears Completion

High-grade copper-gold results keep building at Wallace North

True North Copper (ASX: TNC) has reported further high-grade copper-gold results from drilling at Wallace North, part of the Cloncurry Copper Project (CCP) in Northwest Queensland, dated 30 September 2026. The headline intercept from hole WND26_001 is 11m at 4.23% CuEq from 161m, sitting within a broader 32m at 1.69% CuEq from 140m.

These results build directly on the high-grade drilling reported in July 2026 and the expanded CCP Mineral Resource Estimate announced in September 2026, which stands at approximately 152 kt of contained copper and 171 koz of gold. The CCP Pre-Feasibility Study (PFS) remains on track for completion in late 2026.

Key headline intercepts from the latest program include:

• 32m @ 1.69% CuEq from 140m (inc. 11m @ 4.23% CuEq from 161m) — WND26_001
• 3.97m @ 6.9% CuEq from 88.03m — WND26_007
• WND26D_015 utilised for PFS metallurgical test work; results expected for release in October 2026

What copper equivalent grade means and why it matters here

Copper Equivalent (CuEq) is a single metric that combines copper and gold grades into one comparable figure, allowing investors to assess the combined value of both metals within a single intercept. TNC calculates it using the following formula: %CuEq = Cu% + Au(g/t) x 1.013, based on a copper price of US$10,000/tonne and a gold price of US$3,500/oz, both at 90% metallurgical recovery.

Why does a high CuEq grade matter? Higher grades generally mean a lower cost per unit of metal recovered, which directly supports the economics underpinning the PFS and any future Ore Reserve work. When you see intercepts above 4% or 6% CuEq, that is the kind of grade that moves a project’s financial profile in a meaningful direction.

Wallace North results reinforce a high-grade system with room to grow

The latest drilling confirms mineralisation within and adjacent to the existing Wallace North Resource of 2.0 Mt @ 1.28% Cu and 0.77 g/t Au (combined indicated and inferred). Importantly, the updated geological interpretation has identified potential hanging-wall and footwall extensions, along with additional parallel mineralised structures that represent new targets for resource growth.

Mineralisation at Wallace North remains open along strike and at depth. That is a genuine growth opportunity, not a gap in knowledge. The geological characteristics at Wallace North are considered comparable to the Eloise and Jericho mineral systems, which provide a framework for targeting extensions and additional mineralisation. However, there is no certainty that further work at Wallace North will lead to achieving the same size, shape, grade, or form of the Eloise or Jericho deposits. Wallace North is a development and exploration stage project, whereas Eloise and Jericho are active mines.

Managing Director Andrew Mooney provided the following commentary on the results:

Andrew Mooney, Managing Director

“These latest results continue to demonstrate the high-grade nature and value potential of Wallace North, building on the strong July drilling results that identified new high-grade hanging-wall structures for follow-up. Together with the expanded Cloncurry Copper Project Mineral Resource announced in September, the results further reinforce Wallace North as an important high-grade component of the broader CCP, while highlighting opportunities to extend mineralisation beyond the existing Resource. With the PFS and potential Ore Reserve targeted for late 2026, further drilling from late 2026 into 2027 will focus on near-mine exploration and resource extension opportunities, with the potential to grow the resource and further enhance the scale, mine life and value of the Cloncurry Copper Project.”

What’s next for TNC and the Cloncurry Copper Project

The near-term pipeline for TNC centres on four key workstreams:

1. Metallurgical and geotechnical results from WND26D_015 are expected for staged release in October 2026.
2. The PFS and initial Ore Reserve are targeted for completion in late Q4 CY2026.
3. Follow-up drilling is planned from late 2026 into 2027, targeting hanging-wall and footwall lenses and parallel structures at Wallace North, with mineralisation remaining open to the north and along strike.
4. Additional CCP drilling at Mongoose-Taipan, Wynberg, and the wider CCP is planned from late November 2026 into 2027.

Zooming out, TNC operates a three-platform growth strategy: Grow (the Mt Oxide Resource, which stands at 220 kt Cu, 5 Moz Ag, and 21 kt Co), Develop (the CCP, targeting near-term cash flow), and Discover (regional exploration targeting a Tier-1 IOCG system). Wallace North sits at the heart of the Develop platform, and these results reinforce its role as a high-grade anchor for the broader CCP.

The Aquila discovery at Mt Oxide, the centrepiece of TNC’s Grow platform, has expanded into a multi-kilometre system, providing the resource scale that underpins the 220 kt Cu and 5 Moz Ag figures cited in TNC’s portfolio summary.

The CCP Mineral Resource snapshot, as reported in Table A3 of the announcement, is summarised below:

Wallace North’s grade profile stands well above the CCP average, underlining why it is considered a high-grade component of the broader project. With the PFS targeted for late 2026 and a systematic extension drilling programme to follow, the next several months are expected to bring a series of material updates for investors tracking TNC’s progress.

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