True North cashes in on non-core project to fuel Qld copper growth

Brought to you by BULLS N’ BEARSMurray WardJuly 20, 2026 — 12:36pmTrue North Copper has executed a savvy piece of business, divesting its non-core Bundarra copper project in a deal that brings in cash while retaining exposure to future success, allowing the company to pour resources into its two flagship copper projects in Northwest Queensland.The company has entered a conditional agreement to sell Bundarra to private explorer Tec Minerals for $1.5 million, comprising $500,000 in cash and $1M equity in Tec post-listing. The deal also includes a one per cent net smelter royalty.The Wallace North prospect, pictured, within True North Copper’s broader Cloncurry copper project.The cash consideration is split between a $50,000 non-refundable deposit, already received and $450,000 payable on completion. Tec also retains the right to repurchase the royalty from True North for $3 million.Completing the deal is conditional on Tec successfully undertaking an IPO or being acquired through a reverse takeover and on all regulatory approvals being received. The deal is slated to be finalised by late 2026 or early 2027.‘The transaction generates immediate value while retaining long-term upside through the royalty.’True North Copper managing director Andrew MooneyThe sale allows True North to recycle capital and sharpen focus on its core growth assets at the Mt Oxide and Cloncurry copper projects, where the drill rods are already turning.By retaining an equity stake and a royalty, management says it aims to keep a foot on the Bundarra accelerator without having to fund the exploration drive itself.True North Copper managing director Andrew Mooney said: “The sale of Bundarra is consistent with our strategy of simplifying the portfolio and focusing capital and management on our core copper assets in Northwest Queensland. The transaction generates immediate value while retaining long-term upside through the royalty.”True North’s priority at Mt Oxide lies at the company’s recently discovered Aquila deposit, which sits 10 kilometres along strike from its impressive 15.03 million tonne Vero resource grading 1.46 per cent copper and 10.59 grams per tonne (g/t) silver.A new round of drilling has kicked off at Aquila, following recent geophysical work that almost doubled the target’s interpreted strike from 1km to 1.8km.The drill program is designed to confirm the geophysical extensions and get a better handle on the geometry and controls of the mineralisation, with assays expected in late July.True North says the geophysical markers have lined up neatly with last year’s high-grade drill results, adding a layer of confidence to the emerging system.Previous drilling at Aquila certainly gave the company something to write home about, with broad, shallow hits including a 145-metre intercept grading 0.75 per cent copper, 0.12 per cent cobalt and 2.9g/t silver.That hit also contained a richer 53-metre zone going 1.18 per cent copper. Another hole returned a hefty 7m running at 7.9 per cent copper within a broader 59-metre section at 1.77 per cent copper.The latest exploration push comes hot on the heels of a busy period for the company. Two weeks ago, True North tabled a new high-grade copper-gold structure at Wallace North, which forms part of its Cloncurry copper project.Diamond drilling there returned a 24.5-metre intercept at 2.17 per cent copper and 2.01g/t gold for a copper equivalent grade of 4.21 per cent. The interval also included a stunning 3.3-metre section grading a bonanza 10.11 per cent copper and 7.93g/t gold.The company says when the results come to hand, they will be fed into the ongoing prefeasibility study and ore reserve for the Cloncurry project, which is due for delivery in the December quarter of this year.That study is also assessing the integration of the recently acquired Mongoose deposit with the company’s existing and adjoining Taipan open pit. The study will also investigate growth options for Wallace North and the gold-copper potential of its 56,000-ounce Wynberg gold deposit.By selling off a non-core asset to funnel funds into its two key projects at Cloncurry and Mt Oxide, both of which are delivering significant exploration news, True North appears to be tidying up its portfolio at precisely the right time.Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.auFrom our partners