Want to see AU:TNC full AI Analyst Report?
Top Page
True North Copper
(Sydney:TNC)
Select Model
Select Model
Rating:46Neutral
Price Target:
AU$0.30
â–¼(-17.84% Downside)
Action:Reiterated
Date:09/15/26
The score is weighed down primarily by weak operating fundamentals (zero revenue in 2026, ongoing losses, and persistently negative free cash flow), partially offset by a de-risked balance sheet with zero reported debt and higher equity. Technically, the stock remains in a downtrend (price below key moving averages with negative MACD), and valuation metrics are constrained by negative earnings and no dividend yield data.
Positive Factors
Debt-Free Balance Sheet
Zero reported debt in 2025–2026 removes a major fixed financing burden and lowers interest and refinancing exposure. This gives TNC more flexibility to preserve capital and fund a return to copper operations without servicing a large debt load.
Negative Factors
Revenue Collapse
The sharp revenue decline followed by zero revenue in 2026 signals that the operating model is currently paused, impaired, or in an early-stage development phase. Without restored sales volumes, the company cannot generate operating leverage or reliably fund its copper strategy.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-Free Balance Sheet
Zero reported debt in 2025–2026 removes a major fixed financing burden and lowers interest and refinancing exposure. This gives TNC more flexibility to preserve capital and fund a return to copper operations without servicing a large debt load.
Read all positive factors
True North Copper (TNC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$59.06M
Dividend YieldN/A
Average Volume (3M)466.39K
Price to Earnings (P/E)―
Beta (1Y)1.66
Revenue Growth-100.00%
EPS Growth99.56%
CountryAU
Employees10
SectorBasic Materials
Sector Strength58
IndustryCopper
Share Statistics
EPS (TTM)-0.01
Shares Outstanding190,500,060
10 Day Avg. Volume358,414
30 Day Avg. Volume466,387
Financial Highlights & Ratios
PEG Ratio0.58
Price to Book (P/B)0.61
Price to Sales (P/S)0.00
P/FCF Ratio-18.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.31Price Target Upside254.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.03
Revenue Forecast (FY)AU$63.98M
True North Copper Business Overview & Revenue Model
Company Description
True North Copper Limited engages in mineral exploration and development activities in Australia. The company primarily explores for copper, cobalt, gold, and silver deposits. It holds 100% interests in the Cloncurry project located near Cloncurry...
How the Company Makes Money
TNC’s primary revenue model (during periods when it was producing) was the sale of copper-bearing concentrate produced from its mining and processing operations, with revenues driven mainly by (i) payable copper content in concentrate shipments, (...
True North Copper Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
63
Positive
Cash Flow
24
Negative
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 665.00K | 2.39M | 1.50M | 0.00 |
| Gross Profit | -3.72M | -14.11M | 497.59K | 1.18M | 0.00 |
| EBITDA | -6.50M | -17.85M | -21.53M | -33.80M | -350.43K |
| Net Income | -957.00K | -28.42M | -25.06M | -34.05M | -1.71M |
Balance Sheet | |||||
| Total Assets | 113.98M | 98.69M | 111.69M | 75.30M | 18.85M |
| Cash, Cash Equivalents and Short-Term Investments | 7.11M | 12.81M | 15.48M | 3.49M | 5.79M |
| Total Debt | 0.00 | 0.00 | 25.79M | 406.21K | 0.00 |
| Total Liabilities | 25.85M | 24.61M | 66.24M | 45.74M | 798.16K |
| Stockholders Equity | 88.13M | 74.08M | 45.45M | 29.56M | 18.05M |
Cash Flow | |||||
| Free Cash Flow | -2.92M | -19.55M | -34.82M | -5.87M | -4.43M |
| Operating Cash Flow | -2.85M | -19.43M | -23.90M | -5.30M | -4.23M |
| Investing Cash Flow | -14.75M | -5.35M | -28.37M | -38.16M | -1.00M |
| Financing Cash Flow | 11.89M | 22.11M | 64.22M | 46.90M | 5.29M |
True North Copper Technical Analysis
Negative
0.37
Price Trends
0.37
Negative
0.39
Negative
0.44
Negative
Market Momentum
-0.01
Positive
36.24
Neutral
12.30
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TNC, the sentiment is Negative. The current price of 0.37 is above the 20-day moving average (MA) of 0.35, above the 50-day MA of 0.37, and below the 200-day MA of 0.44, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 36.24 is Neutral, neither overbought nor oversold. The STOCH value of 12.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:TNC.
True North Copper Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$10.30B | 20.24 | 17.19% | 1.59% | 31.56% | 256.29% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | AU$248.57M | -14.68 | -9.20% | ― | ― | 81.09% | |
46 Neutral | AU$59.06M | -28.18 | -1.15% | ― | -100.00% | 99.56% | |
45 Neutral | AU$8.69M | -3.13 | -14.04% | ― | ― | 37.50% | |
44 Neutral | AU$308.41M | -26.86 | -4.15% | ― | ― | 22.68% | |
40 Underperform | AU$148.07M | -7.30 | 634.53% | ― | ― | -163.77% |
* Basic Materials Sector Average
AU:TNC
True North Copper
0.31
0.01
3.33%
AU:HCH
Hot Chili Limited
1.52
0.57
60.00%
AU:SFR
Sandfire Resources Limited
22.01
6.59
42.73%
AU:NFM
Castillo Copper Ltd.
0.01
>-0.01
-33.33%
AU:CYM
Cyprium Metals Limited
0.43
<0.01
0.23%
AU:CVV
Caravel Minerals Limited
0.27
0.09
47.22%
True North Copper Corporate Events
True North Copper Flags Escrow Release of Shares from Carpentaria JV Deal
Oct 7, 2026
True North Copper has disclosed that 1,500,000 fully paid ordinary shares, issued to Renegade Exploration as part of the acquisition of Renegade’s interest in the Carpentaria Joint Venture, will be released from voluntary escrow on 18 Octobe...
True North Copper boosts Cloncurry project with fresh high-grade drill results
Sep 29, 2026
True North Copper has reported further high-grade copper-gold drill results at the Wallace North prospect within its Cloncurry Copper Project in Queensland, including intervals such as 32 metres at 1.69% copper equivalent and 4 metres at 6.9% copp...
True North Copper Sets Date for Virtual 2026 AGM
Sep 17, 2026
True North Copper has called its 2026 Annual General Meeting for 21 October, to be held as a fully virtual event accessible via an online investor platform. The notice emphasizes that the meeting’s business will affect shareholders’ in...
True North Copper Seeks ASX Quotation for Additional Shares
Sep 16, 2026
True North Copper Limited has applied to the ASX for quotation of 2,021,583 new ordinary fully paid shares, with an issue date of 17 September 2026. The securities form part of transactions previously announced and their quotation will modestly ex...
True North Copper Completes Share Purchase Plan Within $18m Equity Raising
Sep 16, 2026
True North Copper has raised A$0.75 million through a Share Purchase Plan (SPP), issuing new shares at A$0.37 each, matching the price of its recent institutional placement. The SPP, which was not underwritten, allowed eligible shareholders to sub...
True North Copper boosts Cloncurry resource with 49% jump in contained copper
Sep 15, 2026
True North Copper has reported a consolidated Mineral Resource Estimate of 11.2 million tonnes at 0.76% copper equivalent for the Mongoose–Taipan deposit within its Cloncurry Copper Project. The integration of previously separate deposits in...
True North Copper Updates ASX Corporate Governance Disclosures
Sep 14, 2026
True North Copper Limited has lodged its updated corporate governance statement for the financial year ended 30 June 2026, confirming it is available on the company’s website and has been approved by the board as of 14 September 2026. The fi...
True North Copper Releases 2026 Annual Report Detailing Operations and Governance
Sep 14, 2026
True North Copper’s 2026 annual report details its operational performance, governance structure and environmental and social initiatives over the year. The report highlights key sections such as the chair’s letter, CEO review, ESG fra...
True North Copper Cancels 250,000 Performance Rights in Capital Update
Sep 10, 2026
True North Copper Limited has announced the cessation of 250,000 performance rights, recorded under the ASX code TNCAP, following a cancellation agreed between the company and the holder. The move slightly reduces the company’s issued capita...
True North Copper SPP Nears Close as Growth Strategy Advances
Sep 8, 2026
True North Copper has reminded eligible shareholders that its Share Purchase Plan, launched in mid-August, will close at 5:00pm AEST on 10 September 2026, with shares offered at $0.37 and applications capped at $30,000 per investor. The company ha...
True North Copper Sets Out Mt Oxide District Vision as Cloncurry Reserves Retracted
Sep 3, 2026
True North Copper has outlined its Mt Oxide growth strategy, highlighting the Aquila–Chidna discoveries and a broader regional pipeline as it seeks to establish a new copper district supported by multiple JORC-compliant mineral resource esti...
True North Copper Extends Mt Oxide Strike as Chidna Widens Discovery
Sep 1, 2026
True North Copper has reported new drilling results from its 100%-owned Mt Oxide Project in Queensland, extending the known mineralised trend from about 1.8km to roughly 2.3km of strike. The work focuses on the Aquila and Chidna prospects, which h...
Regal Partners Exits as Substantial Holder in True North Copper
Aug 25, 2026
True North Copper has disclosed that Regal Partners Funds Management and its related entities have ceased to be a substantial holder in the company. The change follows a series of share sales between 18 and 21 August 2026, in which Regal offloaded...
True North Copper to brief investors on growth strategy after $18m raising
Aug 24, 2026
True North Copper has scheduled an investor webinar on 27 August 2026, where CEO Andrew Mooney and CFO Paul Frederiks will brief shareholders and investors on operational progress and its three-pronged growth strategy across Mt Oxide, the Cloncurr...
True North Copper Launches Share Purchase Plan for Eligible Investors
Aug 23, 2026
True North Copper Limited has launched a Share Purchase Plan giving eligible shareholders the opportunity to apply for up to $30,000 of new fully paid ordinary shares without incurring brokerage. The offer is available only to qualifying investors...
True North Copper Secures $12.2m in Tranche 1 Share Placement
Aug 23, 2026
True North Copper Limited has completed the first tranche of a placement, issuing 33,095,696 fully paid ordinary shares at $0.37 per share to raise gross proceeds of $12.2 million before costs. The shares were issued under ASX Listing Rules 7.1 an...
True North Copper Seeks ASX Quotation for 33 Million New Shares
Aug 23, 2026
True North Copper Limited has applied for quotation on the ASX of 33,095,696 new ordinary fully paid shares, with an issue date of August 24, 2026. The securities form part of previously announced transactions and will be traded under the existing...
True North Copper Launches Securities Purchase Plan for New Share Issue
Aug 17, 2026
True North Copper Limited has announced a proposed issue of up to 5,405,405 ordinary fully paid shares under a securities purchase plan for existing shareholders. The offer, recorded on 14 August 2026, is scheduled to close on 10 September 2026, w...
True North Copper Seeks Trading Halt Ahead of Capital Raising Update
Aug 13, 2026
True North Copper Limited has requested and been granted a trading halt on its securities by the ASX, effective from the start of trading on 13 August 2026. The halt is expected to remain in place until either a new company announcement is release...
True North Copper Scoping Study Boosts Cloncurry Gold-Copper Potential
Aug 4, 2026
True North Copper has released a scoping study for its Wynberg gold-copper deposit near Cloncurry, outlining a shallow, high-value resource within an existing mining lease and established infrastructure. The study is based on an updated mineral re...
True North Copper boosts Cloncurry resource with Wynberg gold-copper upgrade
Aug 4, 2026
True North Copper has updated the mineral resource estimate for its Wynberg gold-copper deposit, about 25 km east of Cloncurry, confirming a shallow, high-value orebody with existing mining approvals and access to regional processing infrastructur...
True North Copper Drilling Confirms Broad High-Grade System at Mt Oxide
Jul 27, 2026
True North Copper has reported assay results from the first three diamond drill holes of its 2026 program at the Aquila copper-cobalt-silver discovery within the Mt Oxide Project, confirming a broad mineralised system with continuous higher-grade ...
True North Copper Retracts Cloncurry Reserves While Reaffirming JORC Resources
Jul 22, 2026
True North Copper has issued a July 2026 investor presentation outlining updated mineral resource information across its Australian copper and precious metals projects, reaffirming that previously disclosed resource estimates remain supported by c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.