True North Copper (ASX: TNC) Reports 89% Recovery as Cloncurry PFS Advances

True North Copper has reported average copper recovery of 88.9% from Wallace North flotation tests, providing a key processing input for the Cloncurry Copper Project pre-feasibility study due in late 2026.

The metallurgical result accompanies a 62% increase in the project’s contained copper-equivalent Mineral Resource during 2026. The inventory has risen from 126,000 tonnes to 204,000 tonnes of contained copper equivalent, giving the company a larger base for mine design and scheduling.

The pre-feasibility study is evaluating a capital-light development model based on using regional processing infrastructure under toll-treatment arrangements. Pit optimisation, mine design, contractor pricing and financial modelling are well advanced, although the study’s economics and any maiden Ore Reserve remain outstanding.

Metallurgy supports processing assumptions

Three Wallace North composites, covering head grades from 0.46% to 3.82% copper, returned recoveries ranging from 83.4% to 95.8%. The average concentrate grade was 19.9% copper.

True North said sulphide flotation is expected to represent 85% to 90% of feed in the pre-feasibility study. Copper losses during the cleaning stage were below 1% across the three composites, while earlier rougher tests produced higher recoveries over longer flotation times.

Testing is continuing for Mongoose-Taipan and Great Australia samples. Gold recoveries have also not yet been finalised and will be determined through fire assays. The company plans further variability and locked-cycle testing in later study phases.

Separate pulp-leach tests returned 99.2% acid-leachable copper from a Mongoose-Taipan oxide sample. Three Orphan Shear samples produced a wider recovery range of 43.9% to 98%, reflecting differences in mineralogy.

Larger resource reshapes the mine plan

The Cloncurry project now contains 20.6 million tonnes grading 0.74% copper and 0.26 grams per tonne gold, for 0.99% copper equivalent. That compares with 12.8 million tonnes and 126,000 tonnes of contained copper equivalent in December 2025.

Most of the increase came from Mongoose-Taipan, while the addition of Wynberg contributed 21,600 tonnes of contained copper equivalent. The reported Mongoose-Taipan inventory includes the Mongoose Resource within a joint-venture tenement in which True North controls about 35%; Taipan is wholly owned.

Mine designs have been completed for Wallace North, Great Australia and Orphan Shear. Mongoose-Taipan designs are being updated for the expanded resource.

The development case assumes regional toll processing to reduce upfront infrastructure requirements. True North is assessing options across Mount Isa, Rocklands, Ernest Henry and Eloise, and is holding discussions for arrangements beyond the expiry of its existing tolling agreement at the end of 2027.

Environmental studies and approvals work are continuing, including the Mongoose Mining Lease application. The company has identified potential production from late 2027 to early 2028, contingent on the study, approvals, development decisions and suitable processing arrangements.