# TNC: 89% Copper Recovery & Resource Growth Advance Cloncurry PFS Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154529 Publisher: asx Original announcement: 2026-10-19T23:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T00:12:30.332Z Atlas analysis updated: 2026-10-20T00:12:30.332Z - Company: True North Copper Limited - Ticker: TNC - Exchange: ASX - Region: Queensland - Primary commodity: Copper - Secondary commodities: Gold, Cobalt, Silver - Document categories: Metallurgy, Resource update - Extracted: 2026-10-20 00:12:31 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary True North Copper has reported strong metallurgical performance for its Cloncurry Copper Project, achieving an average of 89% copper recovery from Wallace North flotation tests. Concurrently, the project's contained copper-equivalent Mineral Resources have increased by 62% to 204kt CuEq, providing greater scale and flexibility for mine planning. These positive results are advancing the Pre-Feasibility Study, which remains on track for completion in late 2026. Reasoning: True North Copper announced strong metallurgical results with 89% copper recovery and a substantial 62% increase in contained copper-equivalent resources, significantly advancing the Cloncurry Copper Project's Pre-Feasibility Study. - Positive factor: High copper recovery of 89% from Wallace North flotation tests - Positive factor: Significant 62% increase in contained copper-equivalent Mineral Resources - Positive factor: Pre-Feasibility Study \(PFS\) remains on schedule for late 2026 completion - Positive factor: Metallurgical test work covers varying grades and mineralogy - Positive factor: Resource estimates are JORC 2012 compliant with QP sign-off - Negative factor: Gold recovery results for flotation tests are not yet reported - Negative factor: Metallurgical test work is primarily bench-scale, with variability testing planned for later stages Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 50 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Wallace North flotation tests averaged ~89% copper recovery, which is strong for a sulphide flotation route. Evidence · text > Wallace North flotation tests averaged ~89% copper recovery at a concentrate grade of ~20% Cu **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Metallurgical test work is signed off by Luke Stannard \(FAusIMM\) and Adam Moroney \(FAusIMM\), and Mineral Resources by Christopher Speedy \(MAIG RPGeo\). Evidence · text > Mr Luke Stannard ... FAusIMM no. 3002730 ... Competent Person as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves \(JORC Code\). **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: Flotation tests used 1 kg charges, which is standard practice for rougher flotation test work at the pre-feasibility \(PFS\) study stage, indicating bench-scale. Evidence · text > Bench-scale tests used 1 kg charges, which is standard practice for rougher flotation test work at the pre-feasibility \(PFS\) study stage. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The metallurgical test work focuses on sulphide flotation, which is a mill processing route. Evidence · text > Wallace North flotation tests averaged ~89% copper recovery **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: CCP contained copper-equivalent Mineral Resources increased 62% during 2026, growing from 126kt to 204kt CuEq. Evidence · text > CCP contained copper-equivalent Mineral Resources increased 62% during 2026, ... with contained copper equivalent growing from 126kt to 204kt CuEq **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Mineral Resource Estimates are based on information compiled and reviewed by Christopher Speedy, a Competent Person as defined in the 2012 Edition of the JORC Code. Evidence · text > Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.’ \(the JORC Code 2012\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for various deposits and categories are clearly stated in Table A1, such as 0.3% Cu for Wallace North Indicated and 0.4% CuEq for Mongoose-Taipan. Evidence · table > 0.3 Context: Wallace North **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an update on the Cloncurry Copper Project's Mineral Resource, detailing changes from December 2025 to October 2026. Evidence · text > Cloncurry Copper Project Mineral Resource Updates from Dec 2025 to Oct 2026 **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 50. Some facts used in scoring do not have a stored record. ## Resource Estimates (49) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-1) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:0e0a854285d1f75c260d - Deposit or zone: Wallace North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1550000 - Grade: 1.25 - Grade Unit: % - Contained Metal: 19 - Contained Unit: kt - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.97 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Wallace North shows a good copper grade, adding confidence and scale to the project's overall resource base. - Positive factor: Good grade for an Indicated resource - Positive factor: Contributes to overall resource growth Evidence · table > 1.25 Context: 1.55 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-2) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:0e0a854285d1f75c260d - Deposit or zone: Wallace North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1550000 - Grade: 0.71 - Grade Unit: g/t - Contained Metal: 36 - Contained Unit: koz - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.97 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Wallace North includes a good gold grade, enhancing the project's overall economic potential through byproduct credits. - Positive factor: Good gold grade for an Indicated resource - Positive factor: Adds gold credits to the copper project Evidence · table > 0.71 Context: 1.55 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-3) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2f80f6dd0d045f0b1ed9 - Deposit or zone: Wallace North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 450000 - Grade: 1.37 - Grade Unit: % - Contained Metal: 6 - Contained Unit: kt - Cutoff Grade: 0.45 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 2.33 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Wallace North shows a good copper grade, indicating potential for future resource growth and conversion to higher confidence categories. - Positive factor: Good copper grade for an Inferred resource - Positive factor: Provides upside potential for resource conversion Evidence · table > 1.37 Context: 0.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-4) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2f80f6dd0d045f0b1ed9 - Deposit or zone: Wallace North - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 450000 - Grade: 0.95 - Grade Unit: g/t - Contained Metal: 14 - Contained Unit: koz - Cutoff Grade: 0.45 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 2.33 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Wallace North includes a good gold grade, contributing to the project's overall gold endowment and future potential. - Positive factor: Good gold grade for an Inferred resource - Positive factor: Adds to the project's gold inventory Evidence · table > 0.95 Context: 0.45 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-5) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:8de01e90002bb749a7d5 - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5900000 - Grade: 0.63 - Grade Unit: % - Contained Metal: 37 - Contained Unit: kt - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Mongoose-Taipan adds significant copper tonnage to the project, enhancing its scale and development flexibility. - Positive factor: Significant tonnage in Indicated category - Positive factor: Contributes materially to overall resource growth Evidence · table > 0.63 Context: 5.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-6) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:8de01e90002bb749a7d5 - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5900000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 24 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Mongoose-Taipan includes gold credits, contributing to the project's polymetallic nature and overall value. - Positive factor: Adds gold credits to the large copper resource - Positive factor: Enhances polymetallic potential Evidence · table > 0.13 Context: 5.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-7) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:8de01e90002bb749a7d5 - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5900000 - Grade: 0.01 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Mongoose-Taipan includes cobalt, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of cobalt as a byproduct - Positive factor: Adds to polymetallic potential Evidence · table > 0.01 Context: 5.9 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-8) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:b6b071dad44a101e7f9c - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 0.62 - Grade Unit: % - Contained Metal: 33 - Contained Unit: kt - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Mongoose-Taipan represents a large copper tonnage, offering substantial potential for future resource growth and conversion. - Positive factor: Large tonnage in Inferred category - Positive factor: Provides significant upside for resource conversion Evidence · table > 0.62 Context: 5.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-9) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:b6b071dad44a101e7f9c - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 0.13 - Grade Unit: g/t - Contained Metal: 23 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Mongoose-Taipan includes gold credits, contributing to the project's future polymetallic potential. - Positive factor: Adds gold credits to the large Inferred copper resource - Positive factor: Enhances future polymetallic potential Evidence · table > 0.13 Context: 5.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-10) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:b6b071dad44a101e7f9c - Deposit or zone: Mongoose-Taipan - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 5300000 - Grade: 0.01 - Grade Unit: % - Cutoff Grade: 0.4 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Mongoose-Taipan includes cobalt, adding to the project's future polymetallic profile. - Positive factor: Presence of cobalt as a byproduct in Inferred resource - Positive factor: Adds to future polymetallic potential Evidence · table > 0.01 Context: 5.3 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-11) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:17469fbe73dea717bfcc - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 3680000 - Grade: 0.88 - Grade Unit: % - Contained Metal: 32 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.96 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Great Australia shows a good copper grade, adding to the project's overall resource confidence. - Positive factor: Good copper grade for an Indicated resource - Positive factor: Contributes to overall resource base Evidence · table > 0.88 Context: 3.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-12) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:17469fbe73dea717bfcc - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 3680000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.96 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Great Australia includes gold credits, contributing to the project's polymetallic profile. - Positive factor: Adds gold credits to the copper resource - Positive factor: Enhances polymetallic potential Evidence · table > 0.08 Context: 3.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-13) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:17469fbe73dea717bfcc - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 3680000 - Grade: 0.03 - Grade Unit: % - Contained Metal: 1 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.96 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Great Australia includes cobalt, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of cobalt as a byproduct - Positive factor: Adds to polymetallic potential Evidence · table > 0.03 Context: 3.68 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-14) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:39a2cec4598101d040d1 - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1610000 - Grade: 0.83 - Grade Unit: % - Contained Metal: 13 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.88 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Great Australia shows a good copper grade, indicating potential for future resource growth and conversion. - Positive factor: Good copper grade for an Inferred resource - Positive factor: Provides upside potential for resource conversion Evidence · table > 0.83 Context: 1.61 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-15) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:39a2cec4598101d040d1 - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1610000 - Grade: 0.05 - Grade Unit: g/t - Contained Metal: 3 - Contained Unit: koz - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.88 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Great Australia includes gold credits, contributing to the project's future polymetallic potential. - Positive factor: Adds gold credits to the Inferred copper resource - Positive factor: Enhances future polymetallic potential Evidence · table > 0.05 Context: 1.61 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-16) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:39a2cec4598101d040d1 - Deposit or zone: Great Australia - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 1610000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 0.5 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.88 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Great Australia includes cobalt, adding to the project's future polymetallic profile. - Positive factor: Presence of cobalt as a byproduct in Inferred resource - Positive factor: Adds to future polymetallic potential Evidence · table > 0.02 Context: 1.61 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-17) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:c23832bbfd2f788e68d8 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1010000 - Grade: 0.57 - Grade Unit: % - Contained Metal: 6 - Contained Unit: kt - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Orphan Shear adds to the project's overall copper inventory with a good grade at a reasonable cut-off. - Positive factor: Contributes to overall Indicated resource base - Positive factor: Good copper grade at a lower cut-off Evidence · table > 0.57 Context: 1.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-18) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:c23832bbfd2f788e68d8 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1010000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 1 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Orphan Shear includes gold credits, contributing to the project's polymetallic profile. - Positive factor: Adds gold credits to the copper resource - Positive factor: Enhances polymetallic potential Evidence · table > 0.04 Context: 1.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-19) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:c23832bbfd2f788e68d8 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1010000 - Grade: 0.04 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Orphan Shear includes cobalt, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of cobalt as a byproduct - Positive factor: Adds to polymetallic potential Evidence · table > 0.04 Context: 1.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-20) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e8636f4c77c00e0c4898 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.53 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Orphan Shear contributes to the project's overall copper inventory, offering future potential. - Positive factor: Adds to overall Inferred resource base Evidence · table > 0.09 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-21) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e8636f4c77c00e0c4898 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 1.42 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.53 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Orphan Shear includes minor gold credits, contributing to the project's future polymetallic potential. - Positive factor: Adds gold credits to the Inferred resource Evidence · table > 1.42 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-22) Cloncurry · cobalt #### Identity - Project: Cloncurry - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e8636f4c77c00e0c4898 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 0.02 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 0.28 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Orphan Shear includes cobalt, adding to the project's future polymetallic profile. - Positive factor: Presence of cobalt as a byproduct in Inferred resource Evidence · table > 0.02 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-23) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e3cab2d6fc64440dbb6d - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 420000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 2 - Contained Unit: kt - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 2.56 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource at Wynberg includes copper, adding to the confidence and scale of this gold-copper opportunity. - Positive factor: High confidence Measured resource - Positive factor: Adds copper to the gold-copper opportunity Evidence · table > 0.41 Context: 0.42 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-24) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e3cab2d6fc64440dbb6d - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 420000 - Grade: 2.12 - Grade Unit: g/t - Contained Metal: 28 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 2.56 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource at Wynberg boasts a strong gold grade, providing high confidence and a significant contribution to the project's gold inventory. - Positive factor: High confidence Measured resource with strong gold grade - Positive factor: Significant contribution to gold inventory Evidence · table > 2.12 Context: 0.42 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-25) Cloncurry · silver #### Identity - Project: Cloncurry - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e3cab2d6fc64440dbb6d - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 420000 - Grade: 0.71 - Grade Unit: g/t - Contained Metal: 9 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 2.56 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Measured resource at Wynberg includes silver, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of silver as a byproduct in Measured resource - Positive factor: Adds to polymetallic potential Evidence · table > 0.71 Context: 0.42 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-26) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:5ffc8f2f4f4161c5d36c - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 570000 - Grade: 0.14 - Grade Unit: % - Contained Metal: 1 - Contained Unit: kt - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.85 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Wynberg includes copper, contributing to the overall gold-copper potential of the project. - Positive factor: Adds copper to the gold-copper opportunity in Indicated category Evidence · table > 0.14 Context: 0.57 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-27) Cloncurry · gold #### Identity - Project: Cloncurry - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:5ffc8f2f4f4161c5d36c - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 570000 - Grade: 1.69 - Grade Unit: g/t - Contained Metal: 31 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.85 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Wynberg shows a strong gold grade, providing a significant contribution to the project's gold inventory. - Positive factor: Strong gold grade for an Indicated resource - Positive factor: Significant contribution to gold inventory Evidence · table > 1.69 Context: 0.57 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-28) Cloncurry · silver #### Identity - Project: Cloncurry - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:5ffc8f2f4f4161c5d36c - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 570000 - Grade: 0.38 - Grade Unit: g/t - Contained Metal: 7 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.85 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource at Wynberg includes silver, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of silver as a byproduct in Indicated resource - Positive factor: Adds to polymetallic potential Evidence · table > 0.38 Context: 0.57 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-29) Cloncurry Copper Project · copper #### Identity - Project: Cloncurry Copper Project - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:3f5058c0de62bbb1f215 - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 0.09 - Grade Unit: % - Contained Metal: 0 - Contained Unit: kt - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Wynberg includes copper, contributing to the overall gold-copper potential of the project. - Positive factor: Adds copper to the gold-copper opportunity in Inferred category Evidence · table > 0.09 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-30) Cloncurry Copper Project · gold #### Identity - Project: Cloncurry Copper Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:3f5058c0de62bbb1f215 - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 1.42 - Grade Unit: g/t - Contained Metal: 2 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Wynberg shows a good gold grade, contributing to the project's future gold inventory. - Positive factor: Good gold grade for an Inferred resource - Positive factor: Adds to future gold inventory Evidence · table > 1.42 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-31) Cloncurry Copper Project · silver #### Identity - Project: Cloncurry Copper Project - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:3f5058c0de62bbb1f215 - Deposit or zone: Wynberg - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 0.27 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.4 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Wynberg includes silver, adding to the project's future polymetallic profile. - Positive factor: Presence of silver as a byproduct in Inferred resource - Positive factor: Adds to future polymetallic potential Evidence · table > 0.27 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-32) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:6ff0564fe8cacf96cd38 - Deposit or zone: Mt Norma, In-situ - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 90000 - Grade: 1.76 - Grade Unit: % - Contained Metal: 1.6 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Mt Norma shows a high copper grade, contributing to the project's overall resource potential. - Positive factor: High copper grade for an Inferred resource - Positive factor: Contributes to overall resource base Evidence · table > 1.76 Context: 0.09 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-33) Cloncurry · silver #### Identity - Project: Cloncurry - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:6ff0564fe8cacf96cd38 - Deposit or zone: Mt Norma, In-situ - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 90000 - Grade: 15.46 - Grade Unit: g/t - Contained Metal: 50 - Contained Unit: koz - Cutoff Grade: 0.6 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.76 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Mt Norma includes a good silver grade, enhancing the project's polymetallic potential. - Positive factor: Good silver grade for an Inferred resource - Positive factor: Adds to polymetallic potential Evidence · table > 15.46 Context: 0.09 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-34) Cloncurry · copper #### Identity - Project: Cloncurry - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:421cce904d7d792218bd - Deposit or zone: Mt Norma, Leach & Stockpile - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10000 - Grade: 1.13 - Grade Unit: % - Contained Metal: 0.12 - Contained Unit: kt - Cutoff Grade: 0.6 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.13 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Indicated resource from Mt Norma's leach and stockpile material shows a good copper grade, offering potential for early production. - Positive factor: Good copper grade from leach and stockpile material - Positive factor: Potential for early production Evidence · table > 1.13 Context: 0.01 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-35) Cloncurry Copper Project · copper #### Identity - Project: Cloncurry Copper Project - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2537a9045bb03aef6d2d - Deposit or zone: Cloncurry Copper-Gold Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 20640000 - Grade: 0.74 - Grade Unit: % - Contained Metal: 151.7 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-10-06 - Prior Tonnes: 12800000 - Prior Grade: 0.74 - Prior Contained Metal: 126 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The total copper resource shows significant growth in tonnage while maintaining grade, leading to substantial contained metal growth and a robust base for the PFS. - Positive factor: Significant increase in total tonnage - Positive factor: Maintained grade with substantial contained metal growth - Positive factor: Strong overall resource base for PFS Evidence · table > 0.74 Context: 20.64 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 20640000 against 12800000 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 151.7 against 126 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-36) Cloncurry Copper Project · gold #### Identity - Project: Cloncurry Copper Project - Commodity: gold - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2537a9045bb03aef6d2d - Deposit or zone: Cloncurry Copper-Gold Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 20640000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 171 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-10-06 - Prior Tonnes: 12800000 - Prior Grade: 0.16 - Prior Contained Metal: 126 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The total gold resource shows an increased grade and contained metal, significantly enhancing the project's overall economic potential. - Positive factor: Increased gold grade and contained gold - Positive factor: Enhances overall project economics Evidence · table > 0.26 Context: 20.64 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 20640000 against 12800000 previously **Grade Improvement** Polarity: positive Definition: Average resource grade improved vs prior estimate — better deposit economics. Why it applies: 0.26 against 0.16 previously **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 171 against 126 previously ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-37) Cloncurry Copper Project · cobalt #### Identity - Project: Cloncurry Copper Project - Commodity: cobalt - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2537a9045bb03aef6d2d - Deposit or zone: Cloncurry Copper-Gold Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 20640000 - Grade: 0 - Grade Unit: % - Contained Metal: 1 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-10-06 - Prior Tonnes: 12800000 - Prior Grade: 0 - Prior Contained Metal: 126 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The total resource includes cobalt, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of cobalt as a byproduct - Positive factor: Adds to polymetallic potential Evidence · table > 0.00 Context: 20.64 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 20640000 against 12800000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 1 against 126 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 1 from 126 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-38) Cloncurry Copper Project · silver #### Identity - Project: Cloncurry Copper Project - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:2537a9045bb03aef6d2d - Deposit or zone: Cloncurry Copper-Gold Total - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 20640000 - Contained Metal: 67 - Contained Unit: koz #### Prior Estimate - Resource Date: 2026-10-06 - Prior Tonnes: 12800000 - Prior Contained Metal: 126 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The total resource includes silver, adding to the project's polymetallic profile and potential byproduct revenue. - Positive factor: Presence of silver as a byproduct - Positive factor: Adds to polymetallic potential Evidence · table > 67 Context: 20.64 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: 20640000 against 12800000 previously **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 67 against 126 previously **Dilutive Growth** Polarity: negative Definition: Tonnage increased but contained metal flat or down — likely from lower cut-off grade, not geological expansion. Why it applies: tonnage rose while contained metal went 67 from 126 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-39) Cloncurry · silver #### Identity - Project: Cloncurry - Commodity: silver - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Christopher Speedy - Resource group id: resource:e8636f4c77c00e0c4898 - Deposit or zone: Orphan Shear - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 30000 - Grade: 0.27 - Grade Unit: g/t - Contained Metal: 0 - Contained Unit: koz - Cutoff Grade: 0.25 - Cutoff Unit: % Cu #### Prior Estimate - Resource Date: 2026-10-06 #### Metal Equivalent - Metal Eq. Grade: 1.53 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: The Inferred resource at Orphan Shear contributes to the project's overall copper inventory, offering future potential. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to overall Inferred resource base Evidence · table > 0.27 Context: 0.03 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-40) Vero · copper #### Identity - Project: Vero - Commodity: copper - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:43f22b63e9d2983e989e - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10740000 - Grade: 1.68 - Grade Unit: % - Contained Metal: 180 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.68 Context: 10.74 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-41) Vero · silver #### Identity - Project: Vero - Commodity: silver - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:43f22b63e9d2983e989e - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 10740000 - Grade: 4.32 - Grade Unit: moz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 4.32 Context: 10.74 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-42) Vero · copper #### Identity - Project: Vero - Commodity: copper - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3e330a4ab3e8395dfdba - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 4280000 - Grade: 0.92 - Grade Unit: % - Contained Metal: 39 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.92 Context: 4.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-43) Vero · silver #### Identity - Project: Vero - Commodity: silver - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3e330a4ab3e8395dfdba - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 4280000 - Grade: 0.81 - Grade Unit: moz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.81 Context: 4.28 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-44) Vero · cobalt #### Identity - Project: Vero - Commodity: cobalt - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:92c3fdbbbd785d442e78 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 520000 - Grade: 0.25 - Grade Unit: % - Contained Metal: 1.3 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.25 Context: 0.52 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-45) Vero · cobalt #### Identity - Project: Vero - Commodity: cobalt - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9c745b8acb232a3dd281 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 5980000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 13.4 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.22 Context: 5.98 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-46) Vero · cobalt #### Identity - Project: Vero - Commodity: cobalt - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9bd3365971682004ee69 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2660000 - Grade: 0.24 - Grade Unit: % - Contained Metal: 6.5 - Contained Unit: kt #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.24 Context: 2.66 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-47) TNC · gold #### Identity - Project: TNC - Commodity: gold - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:1eea98ef871ff6f9def0 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 10000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 0.6 - Contained Unit: koz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.9 Context: 0.01 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-48) TNC · gold #### Identity - Project: TNC - Commodity: gold - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:e28e285fdc6284eb4924 - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 250000 - Grade: 1.9 - Grade Unit: g/t - Contained Metal: 14.6 - Contained Unit: koz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 1.9 Context: 0.25 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-resource-facts-49) TNC · gold #### Identity - Project: TNC - Commodity: gold - Ticker: TNC #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:3132c1f981a959082fed - Mining method: underground - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 2000 - Grade: 0.9 - Grade Unit: g/t - Contained Metal: 0.1 - Contained Unit: koz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: Expanded from multi-commodity resource table for completeness. - Negative factor: Fact expanded from resource table columns \(model omitted this commodity\). Evidence · table > 0.9 Context: 0.002 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (1) ### pulp leach [Link to this fact](https://atlas-staging.minestarters.com/news/tnc-89-copper-recovery-resource-growth-advance-cloncurry-pfs--f8606aeb-370d-4530-bf6a-dace74075ccb#fact-metallurgical-facts-0) Cloncurry Copper Project · copper #### Identity - Project: Cloncurry Copper Project - Commodity: copper - Region: australia\_qld - Reported Region: Queensland - Ticker: TNC #### Test Work - Program Status: detailed - Test Type: pulp leach - Processing Route: oxide leaching - Sample: Mongoose-Taipan Comp 4 from GAMD26\_007 \(0.0-11.0m\) #### Recovery - Recovery: 99.2 % - Recovery Basis: actual\_test - Head Grade: 0.66 - Head Grade Unit: % #### Lab - Laboratory: Brisbane Metallurgical Laboratories \(BML\) and ALS Brisbane - Consultant: Moroney Hydrometallurgy #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-19T00:00:00.000Z Reasoning: This Mongoose-Taipan composite achieved exceptional 99.2% copper recovery via pulp leach, indicating very favorable characteristics for oxide processing. - Positive factor: Exceptional acid-leachable copper recovery from oxide material - Positive factor: Strongly supports oxide processing pathway for Mongoose-Taipan - Negative factor: Pulp leach is a preliminary test type Evidence · table > 99.2% Context: 0.66% #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 99.2% is at or above the exceptional band \(92%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.