True North recaps and resets QLD copper play after Administration saga

There’s something to be said for a company that cops a hiding, resets, and then points the new money at the rocks. True North Copper went into voluntary administration late last year, effected its deed in early January and was back on the boards mid‑month with cash in the bank, a new capital structure and a different plan at its Cloncurry and Mt Oxide copper project’s in Queensland near Mt Isa.

The company’s unfortunate dalliance with the torture chamber of Administration was largely around the issue of timing and a lack of working capital runway. It had a two tranche funding package lined up from a large global funder and after a slow start at its Cloncurry copper-gold heap leaching project, the second tranche was pulled – some might say prematurely – by the funder. Almost everyone was s