True North Copper Launches $18M Placement to Complete Mt Oxide Acquisition
True North Copper launches $18m placement to complete Mt Oxide acquisition and fund copper growth
True North Copper has received firm commitments for an $18 million placement, upsized from $15 million on strong investor demand. The company will issue 48,648,649 new shares at $0.37 per share, alongside a $2 million Share Purchase Plan (SPP) at the same price. Proceeds will complete the final $7.5 million deferred payment to Perilya for the flagship Mt Oxide Project and fund drilling, resource extension work, and the Cloncurry Copper Project Pre-Feasibility Study (PFS) through 2026 and into 2027.
When big ASX news breaks, our subscribers know first
Inside the raise — placement structure, cornerstone support and pricing
The placement was upsized from A$15 million to A$18 million following strong demand from institutional, professional, and sophisticated investors. Major shareholder Tembo Capital cornerstoned the raise, with several new institutional investors joining the register. The $0.37 issue price represents a 14.0% discount to the last closing price and an 8.7% discount to the 15-day volume weighted average trading price (VWAP) to 12 August 2026. Morgans Corporate Limited and Petra Capital acted as Joint Lead Managers and Joint Bookrunners to the placement.
A two-tranche placement
Tranche 1 will issue 33,095,696 shares to raise $12.2 million under the company’s existing placement capacity. This comprises 17,857,418 shares under Listing Rule 7.1 and 15,238,278 shares under Listing Rule 7.1A. Settlement is expected 21 August 2026, with shares to be issued on or around 24 August 2026.
Tranche 2 will issue 15,552,953 shares to raise $5.8 million, subject to shareholder approval at a General Meeting anticipated for October 2026. This tranche will be conducted under Listing Rule 7.1 and, in respect of the participation of Non-Executive Chairman Paul Cronin, Listing Rule 10.11. Tranche 2 includes a commitment of $2,000,000 from Tembo Capital Holdings UK Ltd and $500,000 from Non-Executive Chairman Paul Cronin. Settlement is expected shortly following shareholder approval.
| Tranche | Shares | Amount | Listing Rule | Expected Timing |
|---|---|---|---|---|
| Tranche 1 | 33,095,696 | $12.2M | LR 7.1 & 7.1A | Settlement: 21 Aug 2026 Issue: ~24 Aug 2026 |
| Tranche 2 | 15,552,953 | $5.8M | LR 7.1 & 10.11 | Subject to shareholder approval (Oct 2026) |
Share Purchase Plan gives existing holders a chance to join
The $2.0 million Share Purchase Plan, capped at that amount, offers eligible shareholders the opportunity to acquire new shares at the same $0.37 issue price as the placement. Eligible shareholders in Australia and New Zealand on the record date of 7:00pm Sydney time, 14 August 2026 may apply for up to $30,000 in new shares with no brokerage or transaction costs. The company reserves the right to scale back applications at its absolute discretion or accept oversubscriptions. SPP proceeds are earmarked for working capital. The SPP is not underwritten.
Key SPP dates:
- Offer booklet despatch: 24 August 2026
- SPP opens: 25 August 2026
- SPP closes: 5:00pm AEST, 10 September 2026
- Results announced: Prior to 17 September 2026
Where the money goes — completing Mt Oxide and funding the growth pillars
Placement proceeds will be directed toward True North Copper’s priority growth programmes across its GROW, DEVELOP, DISCOVER strategic pillars. The primary balance sheet allocation is the final $7.5 million deferred consideration payment to Perilya, completing the deferred cash consideration associated with the Mt Oxide acquisition.
Use of funds breakdown
- Balance Sheet: Complete the $7.5 million final deferred payment to Perilya for the Mt Oxide Project acquisition.
- GROW – Mt Oxide: Continue drilling at Aquila to expand mineralisation along strike and at depth, further define higher-grade zone geometry and continuity, and advance geological modelling and technical studies. Funding will support resource extension drilling and exploration across priority areas within the broader Mt Oxide Project into 2027.
- DEVELOP – Cloncurry Copper Project: Complete the Cloncurry Copper Project PFS and associated work toward a potential Ore Reserve, targeted for late Q4 2026, alongside targeted technical studies and evaluation of opportunities to optimise and grow the project.
- DISCOVER – Regional Exploration: Targeted exploration to progress selected regional opportunities and maintain the company’s longer-term discovery pipeline.
What copper explorers mean by a placement, SPP and deferred consideration
A placement is an institutional capital raise where a company issues new shares to professional and sophisticated investors, typically at a discount to the prevailing share price. A Share Purchase Plan (SPP) allows existing retail shareholders to participate on equal terms, acquiring new shares at the same price as institutional investors without incurring brokerage costs.
Deferred consideration is a staged payment structure used when acquiring an asset. Instead of paying the full purchase price upfront, the buyer makes payments over time according to an agreed schedule. For True North Copper investors, completing the final deferred payment to Perilya completes the deferred cash consideration associated with TNC’s acquisition of its flagship Mt Oxide Project.
The next major ASX story will hit our subscribers first
The investment case and near-term catalysts
True North Copper is an Australian copper company advancing a portfolio of 100%-owned assets in the world-class Mt Isa region of Northwest Queensland. The company is executing a three-platform growth strategy across Mt Oxide, Cloncurry, and regional exploration targets. The Mt Oxide Project hosts a 220kt Cu + 5Moz Ag + 21kt Co Mineral Resource, whilst the Cloncurry Copper Project contains a 129kt Cu + 152koz Au Mineral Resource. Drilling at Mt Oxide’s Aquila discovery has delivered standout intercepts including 59m @ 1.77% Cu and 7m @ 7.9% Cu.
Managing Director Andrew Mooney
“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. This funding represents an important next step for TNC, providing for the final deferred payment associated with our acquisition of Mt Oxide whilst funding the next phase of growth across our copper portfolio.
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. With drilling continuing, we are focused on extending Aquila along strike and at depth, while progressing resource extension and exploration opportunities across the broader Mt Oxide Project into 2027.
At the Cloncurry Copper Project, we continue to advance the PFS and broader development opportunities across the Project, providing a clear pathway to assess the next stage of development.
With a clear programme of work ahead, this funding positions TNC to maintain momentum across our priority projects, continue building the scale and quality of our copper portfolio and create meaningful long-term value for shareholders.”
Catalysts to watch
- Further Mt Oxide Aquila assay results over the coming months.
- Cloncurry Copper Project PFS targeted for late Q4 2026.
- Continued Aquila drilling through Q4 2026, targeting extensions along strike and at depth and further defining higher-grade zones, with further drilling planned in 2027 post wet season.
- General Meeting for Tranche 2 approval anticipated October 2026.
Get ASX Copper News in Your Inbox Within Minutes
Join 30,000+ investors receiving FREE real-time alerts on ASX copper discoveries and capital raises, delivered with expert analysis the moment news breaks. Click the “Free Alerts” button at Discovery Alert to stay ahead on market-moving copper announcements.