TRUE NORTH COPPER LIMITED

ASX:TNCMaterials

188.5M shares on issueASX (delayed) · snapshot 11 Sept 2026193.6M fully diluted+2.7% if every option and right converts$0.37price · delayed$69.7Mmarket cap · indicative

Today’s holders own 97.3% of what they think they own, once every option and right converts.

High

Dilution risk

Share count grew 1730% in 24 months; runway 2–4 quarters; 3 cash raises in 24 months

Absolute levels — not a ranking against other companies.

Cash runway2.9 quarters of funding

Share-count growth (24m)1730.1%

Raise cadence (24m)3 cash raises

Options & rights overhang2.7% of shares

In-the-money supplyno data — no exercise price on record

Pending proposed issuesopen proposed issue (Appendix 3B)

TRUE NORTH COPPER LIMITED underwent an approximately 1-for-100 share consolidation in December 2024. Following this, its ordinary share count grew 2052.8% between June 2024 and August 2026, reaching 188M shares, with this growth figure adjusted for the consolidation. The company raised capital three times in the past 24 months for total disclosed proceeds of A$85.9M, most recently a A$20.0M placement in August 2026. Options and rights on issue could convert into 5M new shares, representing 2.7% of the current share count, with none currently in the money; an expiry date for these securities is not on record. At the June 2026 quarter, the company reported A$16.7M in available cash, sufficient for approximately 2.9 quarters of operations. Two proposed securities issues (Appendix 3B) are pending, with the nearest proposed date in September 2026.

AI-generated summary of this page's cited filings · updated 11 Sept 2026

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2.7%

Options & rights overhang

—

In-the-money supply · no stated strikes

Raises · last 12 months

2.9 qtrs

Cash cover · 2–4 quarters

Shares on issue — last 2 years

Ordinary shares on issue

Weekly counts from ASX records. Dots mark cash capital raises. Adjusted for the 1-for-100 consolidation (24 Dec 2024). Latest count 188.5M per ASX (delayed) (snapshot 11 Sept 2026).

Cash runway

2.9 qtrs

Two to four quarters of funding at the recent spend rate.

Funds operations to about Mar 2027 at the reported spend rate.

$16.6M cash after burn from the quarter ended 30 June 2026 · Runway is computed from Appendix 4C/5B filings and announced raise proceeds. Filed with the quarterly report: $7.1M cash at quarter end (item 4.6), 1.5 qtrs of funding on the company’s own estimate. Our figure above carries the filed quarter-end balance forward at the reported spend rate and adds announced raise proceeds.

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11 quarters on record — Cash runway history

Quarterly cash, net spend and cover trend from every Appendix 4C/5B on record up to 30 June 2026.

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Issuance timeline

Latest 5 filings (Appendix 2A quoted issues, 3G unquoted, 3H cancellations)

Date	Form	Security	On issue, per this filing	Source
10 Sept 2026	3H · cancellation	TNC : ORDINARY FULLY PAID	188.5M	Appendix 3H
10 Sept 2026	3G · unquoted	ORDINARY FULLY PAID	188.5M	Appendix 3G
23 Aug 2026	2A · quoted issue	TNC : ORDINARY FULLY PAID	188.5M	Appendix 2A
18 June 2026	2A · quoted issue	TNC : ORDINARY FULLY PAID	155.4M	Appendix 2A
18 June 2026	3G · unquoted	TNC : ORDINARY FULLY PAID	152.4M	Appendix 3G

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38 filings on record — Full issuance history

Every quoted and unquoted issue and cancellation on record, plus unquoted securities (Appendix 4.2).

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Capital raises

3 cash raises in the last 24 months · 2 in the last 12 months

every 9.9 monthsaverage gap between raises

1 monthssince the most recent

19 Dec 2024 – 12 Aug 2026first to most recent in this window

$20.0M

Placement

12 Aug 2026 ACTIVE

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5 raises on record — Full raise history

Issue price, shares issued, brokers and stated purpose for every raise on record.

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Forward supply

Every dated event on record that could add securities to the register — option expiries to their stated dates and proposed issues over the next 18 months, on one timeline.

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2 dated events on record — Forward supply calendar

Option expiries and proposed issues on one forward timeline, with the securities each could add.

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Placement capacity

How much stock a company can place without asking holders. Listing Rule 7.1 allows 15% of ordinary securities in any 12 months, and every Appendix 3B states how much of it an issue uses.

No estimate — the filings already exceed 15% of the share count we can measure, which means securities were added to the base during the year that we cannot see. The company has also placed under the additional 10% (Listing Rule 7.1A), which is not counted in this figure.

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Placement capacity — LR 7.1 / 7.1A

The filings behind the figure: every Appendix 3B in the window with what it says was issued under 7.1 and 7.1A, each row linked to its filing, and how many shares are left.

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Pending proposed issues

2 proposed issues pending — Appendix 3B lodged, securities not yet issued. New shares from these issues are not in the counts above until quoted.

Paid plan

2 pending issues on record — Pending issue detail

Size, price, fees, broker and placement-capacity usage for each pending issue.

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Options & convertible securities

2.7%

Options & rights overhang · of current shares

—

In-the-money supply · no stated strikes

5.2M

Potential new shares

—

Nearest expiry

What this supply is, and what converts it

Price-triggered464k · 0.2% of shares
Options and warrants — they convert when the share price clears their exercise price.
No exercise price is on record for any of it, so none of it can be called in or out of the money.
Condition-triggered4.7M · 2.5% of shares
Performance and incentive rights — they convert when a hurdle is met, not at a price, and can lapse to nothing.

Exercise price on record: 0 priced, 5.2M where the filing never states one. A security with no exercise price is never counted in the money — nothing is paid to convert it, so there is no price for it to be above.

Each figure is the filing’s own count of securities, not a share count — a 2A never states what one security converts into.

What a price move would switch on

No option supply on record carries an exercise price to pay, so no share price switches any of it on. All 5.2M of it converts on something else — a hurdle that may never be met, or terms the filing does not price.

Code	Security	Type	Exercise price	Expiry	On issue	Source
TNCAL	Warrants	Price-triggered	—	—	464k	Filing
TNCAP	Performance rights	Condition-triggered	—	—	4.7M	Filing Meeting

“Nil” is a stated nil exercise price: nothing is paid to convert. An em dash means the filing names no exercise price at all. Security is read from the filing’s own class description; an em dash there means the description is not one this table labels. One row is one security class, at the number stated in the most recent quotation application that restated it — linked, and dated, in the last column.

A condition-triggered class has no exercise price and usually no expiry: what it vests on is set by a shareholder resolution, not by the register. Where the company lodged a notice of meeting before the class first appears here, it is linked as “Meeting” — that is where terms of this kind are put to shareholders. It is not confirmation that the document sets this class’s conditions, and no link appears where there is no such filing.

1 class ceased in the last 12 months and is not counted above

The company’s own Appendix 2A restates each of these at zero. They are excluded from the overhang, the in-the-money supply and every figure on this page. Each count is the filing’s own count of securities in the class, not a share count — a 2A never states what one security converts into.

TNCADPrice-triggered12k securities → 028 Nov 2025 Appendix 2A

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2 option lines on record — In-the-money value & price ladder

What each line is worth in the money today, the price ladder to the next tranche that converts, and the filing description behind every code.

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Director dealings

Date	Director	Type	Shares	Options	Other	Value	Source
5 Feb 2026	Paul Cronin	Buy placement	2.0M	—	—	—	3Y notice
31 Dec 2025	Paul Cronin	Sell	—	5.0M	—	—	3Y notice
27 Nov 2025	Andrew Mooney	Other	—	—	1.0M	—	3Y notice
27 Nov 2025	Paul Frederiks	Other	500k	—	—	—	3Y notice