True North Copper Extends Mt Oxide Aquila Discovery to 1.5km Strike

True North Copper Grows Aquila to 1.5km Strike as Geophysics Unlocks Broader Mt Oxide System

True North Copper Limited (ASX: TNC) has completed its Phase 1 Induced Polarisation (IP) geophysics program at the 100%-owned Mt Oxide Project in Northwest Queensland, delivering results that materially expand the scale of the Aquila copper-cobalt-silver discovery. The True North Copper Mt Oxide Aquila discovery extends to 1.5km strike, with the IP anomaly extended a further ~500 metres to the north, and mineralisation remaining open along strike and at depth.

The Phase 1 results directly support the interpretation that the Mt Oxide system hosts multiple parallel mineralised structures with significant growth potential. TNC's geophysics-led exploration approach continues to deliver systematic expansion of the copper-cobalt-silver system, representing one of the more compelling copper stories to emerge from Northwest Queensland in recent years.

Aquila Keeps Growing — And the Drill Bit Hasn't Caught Up Yet

The Aquila discovery established itself as a high-grade, near-surface sulphide copper-cobalt-silver body across roughly 1.3 kilometres of strike before the latest geophysics program. Drilling through 2025 defined true widths estimated at up to 60 metres, with the Phase 1 IP program now adding another significant chapter to the story.

The discovery was initially established through key drilling results that demonstrated both bulk tonnage potential and high-grade zones:

Note: All widths are downhole intercepts.

The Phase 1 IP program confirms that the mineralised system extends well beyond the northern limit of current drilling. Furthermore, surface mapping in the northern extension area has identified quartz-hematite breccias with copper oxide staining and pathfinder geochemical signatures, matching the same surface indicators observed at the Aquila discovery itself.

This geological consistency supports the interpretation that the True North Copper Mt Oxide Aquila discovery extends to 1.5km strike with comparable mineralisation potential throughout the extended target area.

Understanding Induced Polarisation (IP) Geophysics — and Why It Matters Here

Induced Polarisation (IP) is a geophysical technique used to detect electrically chargeable material in the subsurface, primarily sulphide minerals that often host copper, cobalt, and silver deposits. An electrical current is transmitted into the ground, and the way the ground holds that charge (chargeability) and conducts it (conductivity) is measured.

At Aquila, TNC has demonstrated a strong, confirmed correlation between IP chargeability and conductivity anomalies and actual copper-cobalt-silver sulphide mineralisation encountered in drilling. The confirmed zones at Aquila show chargeability typically of 12 to greater than 18 mV/V, with conductivity exceeding 3 mS/m. These parameters are now being used to identify and rank new drill targets across the broader corridor.

Key Technical Parameters

• Chargeability (mV/V): A measure of how strongly the ground holds an induced electrical charge; high values often indicate sulphide minerals
• Conductivity (mS/m): A measure of how easily electrical current passes through rock; elevated values in this context support the presence of conductive mineralisation
• Strike length: The horizontal distance along which a mineralised zone has been identified or interpreted
• Pole-dipole array: The specific IP survey configuration used, designed to maximise depth penetration and lateral resolution
• 3D inversion: A computational process that models the IP data in three dimensions, allowing geologists to interpret anomaly geometry at depth

The practical significance for investors lies in the validated methodology. When a geophysical method has been field-tested by drilling and proven to correlate with actual mineralisation, anomalies of equivalent character at nearby untested targets carry meaningfully higher confidence. TNC's geophysics-led approach at Mt Oxide now has a demonstrated track record at this specific project.

Three Targets, One Corridor — Apollo and Acanthis Add to the Story

The Phase 1 program extended beyond Aquila to better define two parallel geophysical trends, Apollo and Acanthis, reinforcing the interpretation that the Mt Gordon Fault Zone hosts multiple parallel mineralised structures.

In addition, the survey identified several further prospective features worth noting:

• A new anomaly to the north-west of the current Apollo trend
• Two end-of-line anomalies to the east, both warranting surface follow-up mapping and geochemical sampling
• At Aquila South, elevated chargeability zones extending to depth, including discrete zones exceeding +14 mV/V not adequately tested by 2025 drilling

This multi-target setup positions the next drilling campaign as a corridor-wide programme rather than a single-prospect test. The combination of parallel structures alongside the True North Copper Mt Oxide Aquila discovery extends to 1.5km strike suggests a district-scale mineralised system with significant scale potential.

"Extending the Aquila IP anomaly a further ~500 metres north has now grown the target to more than ~1.5 kilometre in strike extent, with mineralisation and geophysical anomalies remaining open along strike and at depth beyond current drilling. This is a highly encouraging result and further reinforces the significance of the new high-grade Aquila copper-cobalt-silver discovery. Encouraging results emerging from Apollo and Acanthis also support our view that Mt Oxide hosts multiple parallel mineralised structures with the potential to support a much larger standalone copper development opportunity over time."

— Andrew Mooney, Managing Director

Next Steps — An Active Programme Ahead

The Phase 1 results feed directly into an active and expanding work programme at Mt Oxide. The announcement outlines the following near-term activities:

1. Extension drilling at Aquila — targeting the ~500m northern extension and deeper portions of the system beyond current drill coverage
2. Testing Apollo and Acanthis — advancing drill targeting of newly defined and extended parallel structures
3. Surface mapping and sampling — across all newly defined IP anomalies from Phase 1 and the planned Phase 2 programme
4. Downhole electromagnetic (EM) surveys — on deeper drill holes to extend target definition to depth and refine drill planning
5. Phase 2 IP geophysics — expanding survey coverage along the broader Mt Gordon corridor beyond Phase 1 lines
6. UAV-SAM geophysical survey — a high-resolution drone magnetic survey planned across the broader Mt Gordon Fault Zone corridor

The expanded drill programme is currently in progress, with new anomalies to be tested as part of the 2026 campaign. The systematic approach of validating geophysics with drilling before expanding to new targets demonstrates a disciplined exploration methodology designed to maximise discovery potential whilst managing costs.

The Three-Platform Strategy: Mt Oxide Within a Larger Picture

Mt Oxide represents one of three growth platforms in TNC's broader portfolio, all located within the world-class Mt Isa region of Northwest Queensland. However, it is important to understand how Aquila sits within this wider strategic framework.

The Vero deposit at Mt Oxide carries an established JORC resource of 15.03 Mt at 1.46% Cu and 10.59 g/t Ag (Indicated and Inferred, 0.5% Cu cut-off), providing a foundation for the broader project's scale potential. Aquila represents a new discovery sitting alongside Vero within the same project boundary, now with geophysical and geological continuity extending well beyond current drilling.

The Cloncurry Copper Project advances toward a Pre-Feasibility Study with a defined resource of ~109kt Cu across multiple deposits including Great Australia, Taipan, Wallace North and Orphan Shear. The regional IOCG exploration programme targets systems analogous to major Mt Isa corridor deposits, representing longer-duration discovery upside across TNC's expanded tenement position.

Investment Thesis: Why Mt Oxide Warrants Attention

The Aquila discovery has followed a logical and disciplined exploration sequence: geophysics identified anomalies, drilling confirmed sulphide mineralisation with high-grade intercepts, and further geophysics has now extended the anomaly well beyond current drilling with comparable strength. This progression from geophysical concept to confirmed high-grade discovery to systematic expansion represents the development trajectory investors seek in early-stage copper exploration.

Key Supporting Factors

Scale Trajectory: The Aquila target has grown from initial discovery to a >1.5km strike system in less than 12 months of systematic exploration, remaining open in multiple directions.

Grade Quality: Intercepts including 145m @ 0.75% Cu (with a 53m sub-interval at 1.18% Cu) and 10m @ 5.31% Cu confirm both bulk tonnage potential and high-grade zones within the system.

Polymetallic Character: Cobalt and silver credits alongside copper add economic optionality to any future development scenarios, broadening the project's appeal.

Geological Setting: The Mt Gordon Fault Zone's analogy to the Mammoth deposit within the ~29 million tonne Capricorn Copper district located approximately ~20km to the south provides a meaningful scale reference for corridor potential.

Multiple Targets: Apollo and Acanthis alongside Aquila suggest a district-scale system rather than an isolated deposit.

Validated Methodology: The IP-to-drill correlation at Aquila gives geophysical anomalies elsewhere along the corridor higher interpretive confidence than would otherwise be the case.

The next wave of drill results, testing both the northern extension and the Apollo and Acanthis structures, represents a series of material near-term catalysts. The systematic approach of validating geophysics through drilling before expanding to new targets demonstrates a disciplined methodology designed to maximise discovery potential whilst managing exploration risk across the broader Mt Gordon Fault Zone corridor.

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