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3.45%

2.8¢ true north copper limited

Ann: Copper Sulphate Production Update - August 2023, page-7

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tablelander001

66 Posts.

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04/09/23

17:23

Post #: 69725440
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Originally posted by user17: ↑

just started looking at this company.

Am I right that they have 70 plus employees in this business?

They also appear to have not raised enough equity on re listing so look on a debt facility in late July for $4M. buried in the quarterly btw. I would have thoughts it's material. funding is from the 30% shareholder.

I am assuming they are burning $1-1.5M a month in salaries and costs so they better start selling lots of copper soon! this doesn't include consultants and drilling costs.

re the copper sulphate, the webinar said they were shipping wet con. therefore a 900kg-1.2t may be 30% water. so at 24-26-% copper content the bags may only contain 15-16-% copper. multiply the USD copper price by this it's maybe US$1,000 per bag.

at 1,000 bags a month, this thing doesn't make money I don't think. please check my maths! if I am right, they will need to raise money again very soon!!!

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user17 copper content in bags unlikely to be below 22%. Plant if run properly should produce 20 bags per day easily if leachable copper in ore available, acid addition and heap leaching build rate is sufficient.

TNC Price at posting: 19.0¢ Sentiment: None Disclosure: Not Held
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