Australian copper company True North has successfully raised A$50.3-million as part of a broader recapitalisation to extinguish debt and fund a revised exploration strategy.

The capital raise, at A$0.005 a share, was supported by key stakeholders, including A$15-million from main shareholder Tembo Capital and A$6-million from its second-largest shareholder Regal Partners.

Glencore Australia also participated and is set to become a 9.9% shareholder.

True North also announced a refreshed board, with Paul Cronin, cofounder and previous MD of Adriatic Metals proposed as nonexecutive chairperson following the completion of the recapitalisation. He has committed to participate for A$500 000 in the placement.

Bevan Jones will remain MD and has committed to participate for A$100 000.

“The successful completion of the fully underwritten A$50.3-million Conditional Placement to recapitalise True North is a great outcome and a testament to the strength of the company’s outlook and highly prospective portfolio of copper assets. With a strong cash position, zero debt and a new experienced board and leadership team, we now have the opportunity to refocus our strategy and explore growth opportunities,” said Jones.

He said the True North strategy was to “pause, drill and optimise our existing highly prospective lease package”.

“The recapitalisation process has given us the opportunity to revise the company’s direction and set it on a revitalised path.”

True North recently completed extensive surface mapping at Mt Oxide including rock chip sampling and a successful GIS IP survey. “We have found that there are previously unknown, multiple mineralised zones that point to a district-size mineral system much bigger than just the Vero deposit,” reported Jones.

At Cloncurry, True North has paused mining and has moved into a low-cost base while it rethinks the original, small-scale starter pit strategy. Surface exploration has identified multiple new targets at our Cloncurry copper project. Geophysical surveys have produced potential mine-scale-changing targets within the current mining leases. Exploration around our Wallace North lease package has also led to potential underground extensions to the orebody.

The company is planning extensive drilling programme at Cloncurry and Mt Oxide, starting in the first quarter of 2025.

“True North is entering into an exciting exploration phase focused on the growth of our two most prospective regions,” said Jones.