True North Copper: Successful recapitalisation and sale within three months
True North Copper Limited (TNC), an ASX-listed mining company operating in far north Queensland, faced serious financial and operational challenges that threatened the future of its flagship project, the Cloncurry Copper Project (CCP).
Related Industries
Energy & Natural ResourcesTrue North Copper Limited (TNC), an ASX-listed mining company operating in far north Queensland, faced serious financial and operational challenges that threatened the future of its flagship project, the Cloncurry Copper Project (CCP).
Prior to our appointment as Voluntary Administrators, TNC was dealing with leadership changes, material funding shortfalls, and operational delays.
These issues created a forecast negative cash flow and urgent need for a strategic reset to secure the company’s future.
How we helped
Our role
KordaMentha worked closely with the secured creditor and TNC board to quickly stabilise the business and position it for sale and recapitalisation.
Key steps included:
- Securing funding to support operations and the Administration process.
- Conducting a rapid assessment of operations and ceasing activities to preserve value.
- Running a dual-track process to explore sale and recapitalisation options, engaging over 40 potential buyers.
- Managing the due diligence process with over 80GB of operational and financial data.
Outcomes acheived
Within three months, we successfully:
- Completed a $53.5 million capital raise, enabling TNC to re-list on the ASX.
- Repaid the secured creditor at near par.
- Paid out all employee entitlements in full.
- Delivered a dividend to unsecured creditors within five months.
This decisive process gave TNC a new platform for growth and stability in a competitive sector.
