Gunnison Copper Corp

Gunnison Copper Reports Second Quarter 2026 Financial and Operational Results

TSX: GCU | OTCQB: GCUMF | FSE: 3XS0

Overview

Gunnison Copper Corp. announced its financial and operational results for the three and six months ended June 30, 2026, according to the company. All dollar amounts are in U.S. dollars and prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, the company stated.

The company reported US$23.6 million in revenue for the second quarter, as Johnson Camp continued its transition into active operations, according to the company. Gunnison reported net income of US$13.1 million, or US$0.03 per share, for the quarter, the company said.

Key Highlights

Generated US$23.6 million in revenue during the second quarter as Johnson Camp continued its transition into active operations, with net income of US$13.1 million, or US$0.03 per share, for the quarter, according to the company.
Closed an oversubscribed C$34.5 million bought deal public offering, issuing 82.1 million common shares at C$0.42 per share, including the full exercise of the underwriters' over-allotment option, with proceeds being used to advance the Gunnison Copper Project and for working capital and general corporate purposes, the company said.
Launched a district-wide drilling program at the Gunnison Copper Project and Strong & Harris satellite deposit, comprising up to 120 drill holes totaling approximately 138,000 feet (42,000 meters), at an approximately US$15 million program cost, designed to support the ongoing Pre-Feasibility Study through resource expansion, metallurgical optimization and resource conversion, according to the company.
Continued advancement of the Gunnison Copper Project PFS and permit amendment program, including metallurgical testing, resource expansion and conversion, engineering, hydrology, geotechnical work and permitting activities, with the final PFS targeted for the first half of 2028, the company stated.
Appointed Craig Hallworth as President and Chief Executive Officer effective May 15, 2026, followed by the appointment of Bjorn Meyer as Chief Operating Officer in June, according to the company.
Joined the U.S. Defense Industrial Base Consortium, providing Gunnison access to potential non-dilutive funding, strategic partnerships and programs supporting domestic project development, the company said.
Received approval to participate in the Arizona Commerce Authority's Qualified Facility Tax Credit Program, establishing a strategic partnership with the State of Arizona to support the development and expansion of the company's operations in Cochise County, according to the company.
Entered into a buyback option agreement with Altius Royalty Corporation and Triple Flag entities, providing Gunnison with the right, in connection with a qualifying change of control transaction, to reduce certain existing royalties and terminate Triple Flag's expansion-related stream option, the company stated.
Continued the ramp-up of Johnson Camp, where finished copper cathode production commenced from the ROM circuit in August 2025 and from the Nuton circuit in December 2025, with the SX/EW plant having installed production capacity of up to 25 million pounds of finished copper cathode annually, according to the company.

Subsequent to Quarter End

Completed the cash settlement of the outstanding Greenstone convertible debentures, eliminating approximately US$5.3 million of convertible debt and accrued interest and preventing the potential issuance of approximately 28.9 million common shares, according to the company.
Submitted certification documentation to the U.S. Department of Energy for the Section 48C Advanced Energy Project Tax Credit awarded to Johnson Camp, representing a step toward monetization of the company's previously awarded tax credits, the company said. Gunnison currently expects to receive up to approximately US$8 million in cash, subject to approval of the certification documents by the Department of Energy, Nuton's allocation under a tax partnership agreement, reimbursement of costs and the amount ultimately realized from the sale of the credits, according to the company.

Financial and Operational Results

For the three months ended June 30, 2026, Gunnison generated US$23.6 million in revenue, compared with US$0.1 million in the corresponding period of 2025, reflecting the company's transition into active operations at Johnson Camp, according to the company. Revenue consisted primarily of US$13.7 million from copper cathode sales and US$9.8 million of deferred mining and processing demonstration service revenue, the company said. The company reported net income of US$13.1 million, or US$0.03 per share, compared with a net loss of US$2.9 million, or US$0.01 per share, in the second quarter of 2025.

For the six months ended June 30, 2026, the company generated US$43.7 million in revenue and net income of US$14.8 million, or US$0.03 per share, compared with revenue of US$0.7 million and a net loss of US$25.4 million, or US$0.08 per share, in the corresponding period of 2025, according to the company.

At June 30, 2026, Gunnison had US$33.2 million in cash and cash equivalents, including US$25.1 million of non-Nuton cash and US$8.2 million of Nuton-related cash, the company stated.

Material mined: 655,510 short tons in Q1 2026, 1,392,559 short tons in Q2 2026, 2,048,069 short tons year to date
Copper grade processed: 0.36% in Q1 2026, 0.54% in Q2 2026, 0.45% year to date
Copper cathode produced: 2,106,583 lbs. in Q1 2026, 2,006,315 lbs. in Q2 2026, 4,112,898 lbs. year to date
Revenue: US$20,104,000 in Q1 2026, US$23,612,000 in Q2 2026, US$43,716,000 year to date
Copper cathode sales revenue: US$10,796,000 in Q1 2026, US$13,733,000 in Q2 2026, US$24,529,000 year to date
Costs of production: US$(8,717,000) in Q1 2026, US$(7,380,000) in Q2 2026, US$(16,097,000) year to date
Gross profit: US$11,387,000 in Q1 2026, US$16,232,000 in Q2 2026, US$27,619,000 year to date
Net income: US$1,666,000 in Q1 2026, US$13,101,000 in Q2 2026, US$14,767,000 year to date
EPS: US$0.004 in Q1 2026, US$0.03 in Q2 2026, US$0.03 year to date

The company noted that the financial information in the release was selected from its condensed consolidated interim financial statements and MD&A for the three and six months ended June 30, 2026, which will be available on SEDAR+ and the company's website.

What to Watch Next

Johnson Camp: continued ramp-up toward commercial production, with commercial production expected in Q3 2026 and the operation targeting nameplate production rates by year-end, according to the company.
Gunnison Project Drilling: advancement of the district-wide drill and metallurgical program supporting resource expansion, mineral resource conversion and metallurgical optimization, the company said.
PFS: continuation of the Gunnison Project PFS work program, with results expected to be released throughout the process and final PFS targeted for H1 2028, according to the company.
Permitting: continued preparation and advancement of state permit amendments required for the open-pit development approach, with all key permit amendments targeted by H1 2028, the company stated.
48C Tax Credit: conclusion of approval of certification by the Department of Energy and monetization of the US$13.9 million Section 48C tax credit allocation, according to the company.

About Gunnison Copper

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

Its flagship asset, the Gunnison Copper Project, has a main pit Measured and Indicated Mineral Resource containing over 846 million tons with a total copper grade of 0.33% containing 5.19 billion pounds of copper (Measured Mineral Resource of 192 million tons at 0.37% containing 1.42 billion pounds of copper and Indicated Mineral Resource of 655 million tons at 0.31% containing 3.77 billion pounds of copper).

The Strong & Harris satellite deposit, located approximately 1.9 miles from the Gunnison processing facilities, is also included in the mine plan and hosts an Inferred Mineral Resource of 76 million tons grading 0.49% total copper (0.32% CuOx) at a 0.07% cutoff, 0.56% zinc and 0.12% silver, containing approximately 740 million pounds of copper, including 483 million pounds of oxide copper, as well as zinc (856 million pounds) and silver (9.0 million ounces).

A preliminary economic assessment ("PEA") was completed in March 2026 for the Gunnison Project yielding robust economics including an NPV8% of $2 billion, IRR of 23%, and payback period of 3.9 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link. 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.

In addition, Gunnison's Johnson Camp Asset, which is now in production, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually.

Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include South Star, and eight other deposits.

Read full press release here.

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