True North Copper Logs AU$16.6 Million Cash Balance in March; Shares Up 5%

MT Newswires Live

Apr 23, 2025

True North Copper (ASX:TNC) recorded a cash balance of AU$16.6 million as of March 31, according to a Wednesday filing with the Australian bourse.

The company, which concluded its voluntary administration in late 2024, also logged restricted term deposits of AU$15 million earmarked for procuring bank guarantees given to the Queensland government, the filing stated. It has zero interest-bearing debt, but has a deferred obligation of AU$7.5 million payable to Australian miner Perilya in December 2026.

Its actual use of funds as of March 31 totaled AU$53.4 million, in line with the company's projection issued in January.

True North Copper expects to complete its drilling program at the Great Australia Mine by April before moving to the Mt Oxide project, the filing stated.

The company's shares were up 5% in recent Wednesday trade.

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