# Gunnison Copper Corp (TSX:gcu)

> Gunnison develops and operates copper mines in Southern Arizona to produce fully Made in America finished copper cathode to directly supply American energy, defense, and manufacturing supply chains.

## About

Gunnison develops and operates copper mines in Southern Arizona to produce fully Made in America finished copper cathode to directly supply American energy, defense, and manufacturing supply chains. The company emphasizes local hiring, purchasing, and selling, while investing in employees and communities. Gunnison operates safely and responsibly, focusing on technology and positive societal impact, with a commitment to long-term value creation for stakeholders. The Johnson Camp Mine is in production, and the Gunnison Project aims to produce 99.999% pure copper cathode, significantly contributing to U.S. copper supply.

## Key facts

- **Cash position:** C$31.9M / US$22.8M
- **Shares outstanding:** 422.7M
- **Fully diluted shares:** 540.9M
- **Warrants:** 54.6M
- **Options:** 26.7M
- **Mineral resource:** The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
- **Projects:** ["### GUNNISON PROJECT\n\nThe Gunnison Project is located about 65 miles east of Tucson, Arizona on the southeastern flank of the Little Dragoon Mountains in the Cochise Mining District. The property is within the copper porphyry belt of Arizona.\n\nThe Gunnison Project hosts the Gunnison deposit and contains copper oxide and sulfide mineralization in potentially economic concentrations.\n\nThe PEA outlines an open pit heap leach and SX/EW operation extending over 21 years and producing LME Grade A copper cathodes directly onsite.\n\n### PROJECT HIGHLIGHTS\n\n- Private and State land package and 100% ownership in Tier 1 jurisdiction\n- Onsite power, rail and water in place\n- Simple open pit heap-leach and SXEW operation\n- Permitting framework is simple and streamlined with the State\n\n### NEXT STEPS\n\n- Metallurgy and infill drilling\n- Pre-Feasibility Study\n- Definitive Feasibility Study\n- Construction Decision\n\n### Highlights of the PEA (United States dollars)\n\n- **The Gunnison Project, a fully vertically integrated operation producing finished copper cathode on-site in Arizona for domestic U.S. supply chains, has an after-tax net present value (8%) of ~$2 billion and an internal rate of return (IRR) of 22.5% at a long-term copper price of $4.60/lb**\n- One of the most substantial open pit copper projects in the United States. The straightforward mine plan consists primarily of oxide copper mineralized material with a life of mine total processed of **541 million tons at 0.43% total copper grade, including 25 million tons at 0.85% total copper grade from the Strong & Harris satellite deposit**\n- Simplified and lower risk path to permitting; the Gunnison Project has current operating permits and there is a more streamlined amendment process to State and Local permits to proceed with open pit mining\n- Significant economic impact to Cochise County, State of Arizona, and the United States nationally through creation of over 112,744 job years, $558 million in state and local county taxes, $1.43 billion in federal taxes, and $21.9 billion in total economic output\n- Average annual copper cathode production of 174 million pounds (“lbs”) (87 thousand tons) for the first 15 years; enough to potentially supply over 11% of the current United States domestic refined copper metal production from mineralized material1. Total copper produced 3.2 billion lbs over a 21 year mine life\n- **Cash costs of $1.70, Sustaining Cash Costs of $2.00, and All-In Sustaining Cash Costs of $2.05** per pound of copper produced are in the lower half of the cost curve for copper mines globally\n\nEnvironmental advantages include lower water usage per pound of copper produced versus copper concentrate producers, up to 10% reduced energy consumption due to on-site clean energy production, and zero risk of environmental impacts from tailings dam failures as there are no tailings produced.\n\n### TABLE OF KEY METRICS\n\n**Key Valuation Metrics at $4.60/lb Copper Price Base Case**\n\n|     |     |     |     |\n| --- | --- | --- | --- |\n| Copper Price Assumptions |  | $4.60/lb Cu Consensus | $5.75/lb Cu SPOT |\n| Net Present Value @ 8% (after-tax) | $M | 1,959 | 3,227 |\n| Internal Rate of Return (after-tax) | % | 22.5% | 31.8% |\n| Payback Period | \\# years | 3.9 | 2.6 |\n| Av Annual Free Cash Flow (Y1-Y15) | $M | 366 | 514 |\n\n**Key Project Metrics**\n\n|     |     |     |\n| --- | --- | --- |\n| Project Metrics | Unit | 2026 PEA |\n| Construction Period | \\# months | 24 |\n| Life of Mine | \\# years | 21 |\n| Strip Ratio | Waste : Feed | 2.56 |\n| Mineralized Material Mined | millions tons | 641 |\n| Limestone Mined | millions tons | 133 |\n| Alluvium-Gravel waste | millions tons | 1,007 |\n| Hard-Rock waste | millions tons | 501 |\n| Copper Grade placed on Heap | % CuT | 0.43% |\n| Average Annual Crusher Throughput (Max) | millions tons | 40 |\n| Recoveries | % CuT | 68% |\n| Oxide / Enriched Recoveries | % CuTSol | 90.2% |\n| Primary Sulfide Recoveries (years 10 to 21) | % CuSu | 59.9% |\n| Recovered Copper Cathode | millions lbs | 3,187 |\n| Average Annual Copper Production (years 1-15) | millions lbs | 174 |\n| Initial Capital (including contingency) | $ millions | 1,556 |\n| Initial Capital Excluding Acid Plant | $ millions | 1,273 |\n| Capital Intensity1 | $/ton Cu Capacity | 17,609 |\n| Capital Intensity Excluding Acid Plant | $/ton Cu Capacity | 14,411 |\n| Profitability Ratio | $/ton Cu Capacity | 1.26 |\n| Expansion Capital (including contingency) | $ millions | 682 |\n| Sustaining Capital2 | $ millions | 587 |\n| Cash Cost (C1)3 | $/lb Cu | 1.70 |\n| Sustaining Cash Cost4 | $/lb Cu | 2.00 |\n| All-In Sustaining Cash Cost5 | $/lb Cu | 2.05 |\n\nThe Technical Report was prepared under the supervision of John Woodson, PE, SME-RM, of M3 Engineering & Technology Corporation, Tucson, Arizona, who is a Qualified Person that is independent of the Company. For additional information on the Gunnison Project please refer to the technical report titled “Gunnison Project NI 43-101 Technical Report, Preliminary Economic Assessment, Cochise County, Arizona, USA” with an effective date of March 18, 2026 filed on SEDAR+ at [www.sedarplus.ca](http://www.sedarplus.ca/).","### Johnson Camp Mine (JCM)\n\n**Gunnison, with Nuton LLC, a Rio Tinto venture** is now producing copper cathode from run-of-mine (ROM) ore, with first copper production using Nuton technologies expected later this year.\n\n**The Stage 2 work program** is anticipated to take up to five years and mining is expected to commence in year one with first copper produced from Nuton technology in 2025.\n\nThe completion of all milestones would result in full scale commercial production of Nuton copper over several years at Johnson Camp. Revenue from operations will first be used to pay back Stage 2 costs to Nuton and will then be credited to Gunnison's account after fulfillment of Gunnison's applicable royalty and stream obligations.\n\n**After the completion of Stage 2,** Nuton will have the right to form a joint venture on Johnson Camp per mutually agreeable terms whereby Nuton will hold an initial 49% and Gunnison an initial 51% interest."]
- **Leadership:** Craig Hallworth, CPA, CFA (President & Chief Executive Officer, Over 20 years’ experience in leadership roles including involvement in the financing and construction of four mines in USA, Canada, and Peru. Previously SVP & CFO of Gunnison Copper and former CFO of the Arizona Business Unit at Hudbay, leading the financial aspects of the Copper World and Mason projects.), Robert Winton, P.Eng (Chief Operating Officer, Over 25 years’ experience in the mining industry across numerous early and mid-stage companies in North America, with strong technical and operating background.), Matt Bingham (Senior VP of Permitting & External Affairs, A mining and environmental attorney with deep expertise in U.S. permitting, public lands, and government relations. Held senior roles at Hudbay, where he led legal, permitting, and public affairs efforts for the Copper World project.), Roland Goodgame, Ph.D. (Senior VP, Projects, Over 35 years’ experience in the mining industry across numerous large companies worldwide, with strong technical and operating background.), Melissa Mackie (Vice President, Investor Relations and Communications, Extensive experience in investor relations, communications, and stakeholder engagement within the mining and resource sector including the launch of Gunnison Copper’s social media channels.), Olen Aasen (General Counsel & Corporate Secretary, Mr. Aasen is a corporate and securities lawyer with over 20 years of experience advising public companies across mining and other industries. He began his career at Blake, Cassels & Graydon LLP and oversees the Company's legal, governance, and compliance functions.)

_Verified data last updated: 2026-06-12_

## Recent filings

- 2026-06-04 — material_change — [GCU_2026-06-04_18-29-41.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/54172?documentId=54172)
- 2026-06-04 — press_release — [GCU_2026-06-04_10-09-03.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53990?documentId=53990)
- 2026-06-03 — press_release — [GCU_2026-06-03_12-30-58.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53973?documentId=53973)
- 2026-05-29 — other — [GCU_2026-05-29_19-12-39.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53334?documentId=53334)
- 2026-05-29 — other — [GCU_2026-05-29_19-12-08.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53335?documentId=53335)
- 2026-05-29 — other — [GCU_2026-05-29_19-11-37.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53336?documentId=53336)
- 2026-05-29 — Other — [GCU_2026-05-29_19-11-07.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53337?documentId=53337)
- 2026-05-27 — press_release — [GCU_2026-05-27_18-51-12.pdf](https://ai-chat-dev-red.vercel.app/gcu/preview/53002?documentId=53002)

## Investor FAQ

### [Latest News](https://ai-chat-dev-red.vercel.app/gcu/faq/latest-news)

The latest news from Gunnison Copper Corp includes the announcement of their ongoing production of copper cathode from the Johnson Camp Mine, utilizing Nuton technologies, with first copper production expected in 2025. Additionally, the company is advancing its Gunnison Project, which aims to produce high-purity copper cathode for U.S. supply chains.

### [Projects Overview](https://ai-chat-dev-red.vercel.app/gcu/faq/projects-overview)

Gunnison Copper Corp is focused on two main projects: the Gunnison Project and the Johnson Camp Mine. The Gunnison Project, located in Arizona, aims to produce 99.999% pure copper cathode through an open pit heap leach operation, while the Johnson Camp Mine is currently producing copper cathode using Nuton technologies, with plans for full-scale commercial production over several years.

## Live AI chat

- https://ai-chat-dev-red.vercel.app/gcu/chat
- Investor website: https://www.gunnisoncopper.com/