TNC

4.35%

4.4¢ true north copper limited

Mentalist123, page-2

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benwex2

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11/08/23

21:03

Post #: 69298796
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Originally posted by Mentalist123: ↑

Aceminer, I think your assessment of the next Cap raise is spot on. No way cash flow will cover exploration expenses. As I read it, 50,000 tonnes from Mt Norma @ 2%Cu will take minimum. 18 months to leach 75% of the Cu. Copper sulphate powder is traditionally contains 25% Cu. 50,000tonnes @ 2% Cu is only 1,000tonnes Cu, so expect, 75% of 1,000 tonnes copper over 18 months. So 750 tonnes copper @ $A11,000 tonne is $A8.25m. Transport from Mt Norma looking at map looks 50 klms away and processing using sulphuric acid around $US80 tonne ex europe and needs, I assume to come from Townsville port.Because TNC never mention numbers, so we have to guess. All costs im told will be no change left out of 60% cost to produce final product. Leaves 40% of $A8.25m or $3.3m. Anyone want to argue on this assessment, happy to. Cashflow Rate will be at around $A3.3m over 18 months or average $183,0000 per month. However, 30% of copper will come out in first 3 months I’m told. So will the cash flow cover total Exploration? Only if they don’t explore much. Last quarterly report says: Exploration for the quarter was $2m. Remember TNC need to find another $4m for balance of payment for Mt Oxide. Cash at end quarter 30th June was only $3.49m. Ok. Current rate of exploration based on quarterly report: $2.5m Admin/corporate: $2.9m.Will TNC have to complete a new cash raise in current quarter. Yes, in my view. ACEMINER, you are on the money. As long as drill hitting targets and no misses, should not be a great problem, but agree with BENWEX 2, the MD has made a huge rod for his back making the statement “. Copper sulphate production willpay for all exploration expenses” , 100% he will eat humble pie. Stupid comment to make when he didn’t have to.

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I agree the lack of clarity to date around the revenue from sulfate sales (and will it be enough to offset costs) could be an issue in the short term but there is a $2m lending facility from Tempo Capital (the largest holders of TNC) I believe as they are keen like us all to see as many successful holes done at Mt Oxide before any effort to raise cash would be considered...

TNC Price at posting: 26.0¢ Sentiment: Buy Disclosure: Held
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Mentalist123, page-2

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