TNC.AX True North Copper (ASX) down 17% pre-market Jan 2026: near A$0.57
The TNC.AX stock is trading down 17.39% in pre-market action on 23 Jan 2026 after an intraday range that opened at A$0.65 and hit A$0.57. We see heavier-than-average volume at 1,046,779 shares versus a 50-day average of 514,306, signalling active selling. True North Copper Limited (TNC.AX) on the ASX is being priced against exploration metrics, recent peer comparisons, and stretched technicals. This pre-market drop follows a rapid run earlier in the month, and today’s move tests near-term support that could determine the next directional leg for investors and traders.
TNC.AX stock: pre-market top loser snapshot
TNC.AX stock opened at A$0.65 and is trading at A$0.57, down A$0.12 or 17.39% from the previous close of A$0.69. Volume of 1,046,779 shares is roughly double the typical session rate, showing conviction in the sell-off.
The intraday low matches the day’s low A$0.57 and sits above the 52-week low of A$0.15, so the move is significant for short-term support levels.
Price drivers and recent news affecting TNC.AX stock
The drop follows sector-level rotation and comparative volatility in copper explorers, with peers showing rapid swings in recent market screens. Market commentary and peer comparison data highlighted on investor platforms show heavy divergence across small-cap copper names source.
True North Copper’s share performance this year includes a one-month gain of 28.00% but a sharp daily fall today. Traders cite stretched technicals and profit-taking after the recent run-up as likely triggers.
Financials and valuation overview for TNC.AX stock
True North Copper reports EPS of -0.41 and a trailing PE of -1.56, reflecting losses common in exploration-stage miners. Market capitalisation is A$92.66M with 144,782,788 shares outstanding.
Key balance metrics: price-to-book is 1.10, cash per share A$0.10, and current ratio 8.76, indicating liquidity but limited earnings visibility. Price-to-sales and EV multiples are elevated, consistent with low revenue and project-stage valuation.
Technicals and trading signals for TNC.AX stock
Short-term indicators show an overbought unwind: RSI is 83.76 and ADX is 88.89, signalling a strong, high-momentum trend that has reversed today. The 50-day average is A$0.53 and the 200-day average is A$0.37, which places the current price above both but vulnerable to a pullback to the 50-day.
Support sits near A$0.57 and next meaningful support is the 200-day average A$0.37. Watch volume and whether the stock can reclaim A$0.65 to stabilise.
Meyka AI grade and forecast for TNC.AX stock
Meyka AI rates TNC.AX with a score out of 100: 58.96 / C+ (HOLD). This grade factors in S&P 500 benchmark comparison, sector performance, financial growth, key metrics, and analyst consensus.
Meyka AI’s forecast model projects a monthly price of A$1.18, versus the current A$0.57, implying an upside of 107.02%. Forecasts are model-based projections and not guarantees. For full trading data see our stock page: Meyka TNC.AX stock page.
Risks, opportunities and sector context for TNC.AX stock
Opportunity: copper sector momentum this year (Basic Materials YTD 11.88%) supports higher prices for explorers if commodity demand holds. TNC.AX controls several Queensland copper projects that could re-rate on positive drill results.
Risk: negative operating margins, EPS of -0.41, and limited earnings raise dilution and funding risk. Peer volatility and commodity cycles can amplify share moves, and elevated valuation ratios reflect small revenue bases.
Final Thoughts
TNC.AX stock is a top pre-market loser on 23 Jan 2026 after a 17.39% drop to A$0.57, driven by volume-backed selling and a reversal from overbought technicals. True North Copper (TNC.AX) shows strong liquidity ratios but negative earnings (EPS -0.41) and stretched valuation multiples that fit a high-risk, exploration-stage profile. Meyka AI’s proprietary grade of 58.96 (C+, HOLD) balances sector upside against company-specific execution risk. Our model projects A$1.18 as a monthly projection, implying a 107.02% upside from today’s price; this is a model-based projection and not a guarantee. Short-term traders should watch A$0.57 support and the 50-day average A$0.53. Longer-term investors must weigh capital needs, drill results, and copper price trends before increasing exposure. For peer context and recent screens, review the market comparison data source. Meyka AI provides this AI-powered market analysis to help frame risk and opportunity, not investment advice.
FAQs
Why did TNC.AX stock fall pre-market today?
TNC.AX stock fell pre-market on heavier volume after a short-term reversal from overbought technicals. Profit-taking, sector rotation among copper explorers, and rapid prior gains likely accelerated the sell-off.
What is Meyka AI’s price forecast for TNC.AX stock?
Meyka AI’s forecast model projects a monthly price of A$1.18 versus the current A$0.57, implying a model-based upside of about 107.02%. Forecasts are projections and not guarantees.
What key support levels should traders watch for TNC.AX stock?
Traders should watch near-term support at A$0.57 and the 50-day average at A$0.53. A deeper test would target the 200-day average near A$0.37 if selling persists.
How does TNC.AX stock stack up on fundamentals?
Fundamentals show EPS of -0.41, a negative PE, price-to-book around 1.10, cash per share A$0.10 and a current ratio of 8.76. These indicate liquidity but limited earnings and exploration-stage risk.
Disclaimer:
Stock markets involve risks. This content is for informational purposes only. Past performance does not guarantee future results. Meyka AI PTY LTD provides market analysis and data insights, not financial advice. Always conduct your own research and consider consulting a licensed financial advisor.
