TRUE NORTH COPPER LIMITED (TNC)

The suspension of trading in the securities of True North Copper Limited will be lifted immediately following the release by TNC of an announcement regarding TNC's maiden ore reserve statement for the Great Australia Mine.

MEC Mining prepared an Initial JORC 2012 Reserve Statement for the Great Australia Mine that estimates a reserve of 4.0 million tonnes of ore at 0.74% copper and 0.08g/t gold. This reserve is based on the previously announced mineral resource estimates disclosed in the Company's ASX release dated 28 February 2023 and its Prospectus, dated 3 May 2023. The ore reserve has been compiled based on this drill hole data, with no change or addition to this data. Initial Reserve Statement applies to the Great Australia Mine reserve located on existing mining leases, with environmental approvals in place. The Great Australia Mine is one of a number of TNC owned tenements that form part of TNC's Cloncurry Project. Mining restart studies at the Great Australia Mine are advanced, with completion expected in Q3 CY23. The forward looking financial information relating to the project set out in this announcement (which underlies the initial Reserve estimation for Great Australia, Taipan and Orphan Shear) will be refined through those mining restart studies. Decision on full recommencement of full-scale mining operations expected in Q3 CY23. TNC will soon start another resource definition and expansion drilling program across the Cloncurry Project, with the goal of identifying further resource and reserve tonnes for its mineral inventory.

The company requests a further voluntary suspension of its securities from the commencement of trading on 4 July 2023 pending the release of an announcement to ASX regarding the commpany's maiden ore reserve statement for the Great Australia Mine, part of the company's 100% owned Cloncurry Project in Queensland. The suspension is requested until the company makes an announcement to the market which it expects to make on or before 5 July 2023.

The securities of True North Copper Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of TNC, pending the release of an announcement regarding TNC's maiden ore reserve statement for the Great Australia Mine.

The suspension of trading in the securities of True North Copper Limited will be lifted from the commencement of trading on Monday, 19 June 2023 following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules.

The company releases the following: Appendix 1A, Information Form and Checklist and Annexure 1, Prospectus, Constitution, 30 June 2022 Accounts, 31 December 2022 HY Accounts, CopperCorp Pty Ltd - 30 June 2022 Accounts, CopperCorp Pty Ltd - 31 December 2022 HY Accounts, Employee Incentive Securities Plan, Securities Dealing Policy, Distribution Schedule, Top 20 Holders, Pre-reinstatement Disclosures.

It is anticipated that the securities of True North Copper Limited will be reinstated to quotation at 10:09:00AM (+/- 15 seconds) AEST on Monday, 19 June 2023, following its re-compliance with Chapters 1 and 2 of the ASX Listing Rules. TNC raised $37,347,100 pursuant to the offer under its prospectus dated 3 May 2023 by the issue of 149,388,400 shares at an issue price of $0.25 per share.

TNC Mining has completed the Mt Oxide Acquisition. The Mt Oxide Project complements the existing Cloncurry Project and comprises three exploration permits located approximately 140km North of Mt Isa in Queensland. TNC Mining has paid $30,000,000 in cash from funds raised under the Offers as consideration for the Mt Oxide Acquisition. As outlined in the Prospectus, a deferred payment of $15,000,000 is payable within 2 years after completion of the Mt Oxide Acquisition, which the Company expects to fund through a combination of debt and equity to be raised at a later date, during the second year after completion. The Company remains on track to satisfy the requirements in the Conditional Approval letter to achieve a requotation date of 19 June 2023.

Completion of the TNC Acquisition and the CopperCorp Acquistion. Duke Exploration Limited renamed to True North Copper Limited. Successfull completion of Offers, raising a total of $37,347,100 at $0.25 per Share (before costs).

name changed from Duke Exploration Limited