Click here to read important disclaimer & disclosures Click here to see more about Gunnison Copper
America’s Newest Copper Producer
TSX: GCU | OTCQB: GCUMF
Made-in-America Copper From the
Great State of Arizona
Johnson Camp Mine Now Producing & Fueling US Supply Chain
with 100% Domestic Copper
Disseminated on behalf of Gunnison Copper Corp.
NEWEST USA COPPER PRODUCER WITH TRUE DISTRICT-SCALE POTENTIAL
Now Producing with Control of Large Portion of Cochise Mining District, AZ
— Current Market Price ~ US$0.30 Per Share —
Click Here to Read Sponsor Disclosure
Gunnison Copper: Flagship Johnson Camp Mine, AZ
First Revenues Flow as Johnson Camp Delivers 100% USA Copper
Gunnison Copper Corp. (“GCU”) has achieved what few juniors ever do: first copper production and first sales.
With its Johnson Camp Mine now online in Arizona, GCU is delivering 100% Made-in-America copper straight into the US supply chain.
It’s a milestone worth celebrating and just the opening chapter of what could become one of the significant US copper growth stories in recent memory.
Why? Because Gunnison Copper controls a large portion of the Cochise Mining District — an established Tier-1 jurisdiction that has significant historical production.
With production and sales already underway — and every pound mined and processed in the United States — the scale of the opportunity is significant.
Layer in copper racing toward all-time highs above US$5/lb, supply shocks from the world’s second-largest copper mine in Indonesia, and a global commodity supercycle lifting all boats… and you’ve got the makings of an opportunity for investors to consider.
With shares still trading around US$0.30 there is potential, and the America-first angle couldn’t be more timely. Of course any mineral project is subject to risks related to permitting, financing and execution that should be considered before making an investment decision.
So let’s dive in to see how these early milestones and district control could spark a copper growth story.
Production Milestone Anchored by District-Scale Control
Johnson Camp 25M lbs/yr Production Capacity as
Gunnison Builds Out Cochise District
The significance of Gunnison Copper’s first production and sales milestone cannot be overstated.
In late August 2025, the Johnson Camp Mine (JCM) officially entered production ahead of schedule, buoyed by strong execution and an excellent health and safety record.
Within weeks, the company had delivered its inaugural 225,000 pounds of copper cathode into US markets, generating over US$1M in gross proceeds at an average realized price of US$4.64/lb. The first sale was recorded on September 15, 2025, marking the start of recurring cash flow from JCM that will be used to pay down funds advanced by Rio Tinto’s Nuton® venture.
For Gunnison Copper President & CEO Dr. Stephen Twyerould, the achievement is more than just a technical milestone — it’s proof that responsible American copper production can be delivered ahead of schedule with safety and ESG commitments firmly in place.
For Craig Hallworth, SVP & CFO of Gunnison — whom you’ll be hearing from directly in our exclusive interview just ahead — those first sales represent not only the start of production but also the beginning of a rerating opportunity as Gunnison transitions into the ranks of bona fide copper producers.
Importantly, JCM isn’t a small-scale pilot project — it’s backed by Rio Tinto’s Nuton® venture and built for scale with a nameplate capacity of 25 million pounds per year of 100% Made-in-America copper.
As noted, every pound is mined and processed within the United States, expected to directly support energy independence, advanced manufacturing, technology, and national defense supply chains.
Beyond Johnson Camp itself, Gunnison’s advantage lies in control of a large part of the surrounding Cochise Mining District — a historic copper camp with 12 known deposits spread across an 8 km corridor.
Johnson Camp is part of the larger Gunnison Project, hosting 831 million tonnes at 0.31% copper in Measured & Indicated resources and a PEA outlining robust economics: US$1.3B NPV (8%), 20.9% IRR, and a 4-year payback period.
Gunnison Copper’s flagship Gunnison Project continues to advance through its High-Value-Add Work Program, delivering strong metallurgical and ore-sorting results that improve recoveries, grades, and costs. An updated PEA is expected in Q1 2026, with plans to follow up with a Pre-Feasibility Study (PFS).
Assuming Gunnison is permitted, financed, constructed and reaches full production, the Gunnison Project has the potential to supply up to 8% of America’s total copper demand, positioning it as one of the nation’s most strategic open-pit, heap-leach copper developments.
Together, JCM and the Gunnison Project form the foundation of a true district-scale growth platform — with Rio Tinto’s Nuton® technology positioned to unlock the sulfide potential and drive the next phase of expansion.
The district also holds several satellite deposits — Strong & Harris, South Star, and more — that could ultimately feed the Gunnison Project’s future infrastructure.
Simply put, the Johnson Camp Mine is a growth platform very few juniors ever achieve: production today, fully financed production supported by a global major, and total district-scale control in one of the safest mining jurisdictions on the planet.
Yet this story doesn’t stop with first production and district control. The next chapter could redefine copper recovery itself — courtesy of Rio Tinto’s Nuton® technology.
Innovation Beyond Nuton®:
Lunasonde Partnership in the Works
Next-Gen Subsurface Imaging Aims to Unlock New Discoveries
While Nuton® is set to transform copper recovery, Gunnison is also looking ahead to the next frontier of exploration.
The company has signed a Letter of Intent with Tucson-based defense-tech start-up Lunasonde Inc. to deploy its airborne georadiotomography (aGRT) platform across the Cochise Mining District.
Adapted from space exploration technology used to scan beneath the surface of planets and asteroids, Lunasonde’s system is being applied for the first time at scale on Earth.
The goal: to accelerate the identification of copper, rare earths, and other critical minerals hidden beneath Arizona’s extensive alluvial cover. The LOI also outlines an intention to apply jointly under the US Department of Energy’s ROCKS program — a potential source of non-dilutive funding to advance this cutting-edge platform.
If successful, the collaboration could add another layer of blue-sky upside to Gunnison’s already district-scale platform — positioning the company not just as America’s newest copper producer but as a pioneer in deploying cutting-edge exploration tools to unlock the next generation of domestic discoveries.
The Red Metal in a Global Squeeze
Soaring Prices, Fragile Supply Chains, and Historic Demand
Copper — known as the red metal — sits at the heart of the global economy.
From EVs and AI data centers to energy grids and national defense, there is no path to growth or security without it. That’s why the price has surged above US$5/lb with analysts pointing to further upside as supply shocks ripple through the market.
The most dramatic reminder of that fragility came just a few weeks ago when a catastrophic mud rush struck Freeport-McMoRan’s Grasberg Mine in Indonesia — the world’s second-largest copper operation.
With output now expected to remain 35% lower through at least 2026, the disruption has tightened an already strained market and pushed copper to multi-month highs.
Layer on demand from electrification, reindustrialization, and a broader commodity supercycle lifting gold, silver, and copper together — and it’s clear why copper is drawing comparisons to oil in terms of strategic importance.
The US government itself is leaning hard into reshoring supply with billions in tax credits and funding programs designed to incentivize domestic production.
Against this backdrop, Gunnison Copper’s milestone of becoming America’s newest copper producer couldn’t be better timed.
As Craig Hallworth recently noted,
“A single big data center could use one or two million pounds of copper… and we’re going to need a lot of copper to make sure the United States stays number one in artificial intelligence.”
The company is already well on its way to meeting that demand — producing today, ramping production at JCM, and preparing for a potential step-change with Rio Tinto’s Nuton® technology.
For speculators, that means exposure to one of the purest Made-in-America copper stories just as the red metal enters what could be its most important cycle in history.
Peer Comparisons Highlight the Valuation Gap
Arizona Copper Producers Command $Billions
— Gunnison Still Under US$125M
When it comes to copper in Arizona, the market has already assigned premium valuations to established players.
Gunnison Copper is already producing and selling copper from its Johnson Camp Mine — yet the company’s market cap remains under US$125M.
Craig Hallworth underscores the point:
“Right now, our price-to-NAV is about 0.15. Our peers in Southern Arizona are trading around 0.45 — which implies a triple in our market cap just to catch up.”
Exclusive Interview with Gunnison Copper
SVP & CFO Mr. Craig Hallworth
We already introduced you briefly to the leadership team behind Gunnison Copper — but it’s worth underscoring the caliber of professionals driving this story forward.
At the helm is Dr. Stephen Twyerould, President & CEO, a seasoned mine builder with more than three decades of experience in advancing copper, gold, and uranium projects around the globe. His vision for Gunnison is rooted in responsible growth, safety, and delivering long-term shareholder value.
Supporting him in the field is COO Robert Winton, P.Eng. Winton brings deep technical expertise and a strong operational background, and his focus on efficiency, ESG practices, and innovative technologies like Nuton® ensures Gunnison is building production the right way.
And of course, there’s Craig Hallworth, Senior Vice President and Chief Financial Officer — the voice you’ll hear from next in our exclusive interview.
Beyond overseeing the balance sheet, Hallworth is actively shaping Gunnison’s financial strategy to ensure that milestones like first production, first sales, and the Nuton® partnership deliver maximum shareholder benefit without undue dilution.
What sets Gunnison apart is a leadership team defined by discipline, credibility, and an uncommon alignment with shareholders.
For a closer look at what’s next — and how management sees the road ahead — our own Gerardo Del Real of Resource Stock Digest and Junior Resource Monthly sat down with Craig to discuss first copper sales, the Nuton® catalyst, and why 2026 could be a breakout year for GCU.
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the SVP and CFO of Gunnison Copper — Mr. Craig Hallworth. Craig, it’s great to have you on.
Craig Hallworth: Good morning, Gerardo, and to all your listeners. I'm doing wonderful. We've got wind in our sails as a company. We've produced our first copper, we’re the newest copper producer in the country, and we've now sold that first production. We have revenue on the top line, and cash flow coming in… so it's a great day, Gerardo.
Gerardo Del Real: Well, listen, take a victory lap. I know there's a lot yet to do — and we'll get to that in a bit. But it’s not every day that my conversations are about the first sale of copper, especially at a time when the United States and countries around the world are recognizing copper for what it is: the most important metal for the global economy. So kudos and congratulations on the brilliant execution, sir.
Craig Hallworth: Thank you again, Gerardo. It’s clear — take a look at the markets, the copper price, the copper stocks — the whole sector is on fire. Everyone wants to get into copper. The government is stimulating it, the Department of Energy is stimulating it, and for us to bring this mine into production now, the timing couldn’t be better.
And I just want to emphasize: the copper we’re producing is completely made in this country. From ore all the way to finished product, it’s made in the United States and sold in the United States. We’re proud to be doing our part in this grand effort to boost the national supply chain. Very proud and very happy to be selling that first copper.
Gerardo Del Real: That’s the perfect segue into my next question. The other bit of news was a pretty important LOI with a defense and mineral exploration tech start-up.
Obviously, very strategic in nature but also a clear path to future collaboration. Can you give me the details on that? I thought it was one of the more interesting news releases I saw all week — and this was a week full of news because a bull market tends to bring out the press releases from CFOs and CEOs of the world, right?
Craig Hallworth: Yes, and we’ve spent a lot of time at Gunnison Copper speaking with companies in the US defense sector. This is an incredibly important sector for the country, and these are the companies looking to source critical minerals made here. They need secure supply chains for defense manufacturing — and that’s how we came across Lunasonde.
It’s a defense tech start-up out of Tucson. Their founder, Jeremiah Pate, was a Forbes “Top 30 Under 30.” I’ve met him — he’s a really smart guy.
The technology is being used in space exploration for when we go to Mars, the moon, even asteroids. Similar technology is used to look beneath the surface for critical minerals. Nobody’s really using it on Earth, and that’s where this company comes in. They’ve taken that space technology, improved it, and adapted it for use here on Earth.
We’re excited to be the first critical minerals company to deploy it on a large, prospective property. We know there’s copper, and we think there could be other critical minerals like gallium and possibly rare earths.
This will be the first time Lunasonde’s tech is used on a property like ours, and we’re scanning it with the hope of finding a whole bunch of new materials to advance.
Gerardo Del Real: Exciting times, obviously. Let’s go over how you plan to close the year. We’ve got a short path to 2026 but still a lot of potential catalysts. Can you walk me through what the rest of the year looks like?
Craig Hallworth: Absolutely. I think anyone following us sees how committed this management team is to staying busy with a lot of catalysts, news, and advancements. It’s no different for the rest of this year.
At the Johnson Camp Mine, we’ll continue ramping up. We’re starting up the Nuton Circuit in Q4 — that new technology that could revolutionize sulfide leaching. We expect our first Nuton copper production soon after, which is extremely exciting.
For the Gunnison project — that’s the flagship. Investors are buying us because they want to see that project and see us re-rate to the peer group. Right now, our price-to-NAV is about 0.15. Our peers in Southern Arizona are trading around 0.45, which implies a triple in our market cap just to catch up.
We’re at a similar stage: we have a PEA, they have a PEA. They’re not permitted but we are — under in-situ — and only need permit amendments. That’s a clear differentiator.
To help the re-rating along, we’ve been working on special studies to cut CapEx and OpEx at Gunnison. We’re planning to issue a new NI 43-101 technical report in late December or early January incorporating these results.
I expect a materially improved product, which I think will excite the market and help us move toward that 0.45 price-to-NAV target — a triple from today’s valuation.
Gerardo Del Real: A lot to like and a lot to be excited about. I’m looking forward to the rest of the year and really looking forward to 2026. It should be an absolute blast. Craig, thank you so much for your time. Looking forward to having you back on.
Craig Hallworth: Thank you so much, Gerardo. Have a great day.
The Gunnison Copper Opportunity
Gunnison Copper Corp. (TSX: GCU)(OTCQB: GCUMF) has emerged as America’s newest copper producer — delivering first production from the fully operational Johnson Camp Mine in southeastern Arizona.
At the core is a district-scale platform: Gunnison controls a large portion of the Cochise Mining District, encompassing 12 known deposits within an 8 km corridor.
Production from Johnson Camp is underway — with a nameplate capacity of 25 million pounds annually — with every pound mined and processed within the United States.
Gunnison currently trades at a market cap below US$125M — just a fraction of what established Arizona copper producers are worth — despite already producing and selling copper mined, processed, and delivered entirely in America.
As Gunnison’s Craig Hallworth puts it:
“Every pound of copper we’re producing is made in America. We’re proud of that — and we’re only just getting started.”
The company’s financial position underpins this growth trajectory.
With ~361.5M shares outstanding (~495.5M fully diluted) and a treasury of ~US$17M as of June 30, 2025, Gunnison is well funded to advance its growth initiatives.
Additionally, on 10 October 2025, GCU announced a non-brokered private placement for gross proceeds of up to C$15 million, consisting of up to 33.3 million units priced at C$0.45 (the "Offering").
Proceeds will be directed towards drilling, metallurgical testing and permitting activities that will be incorporated in a pre-feasibility study for the Gunnison Copper Project, funding US head office general and administrative expenses, partial repayment of outstanding debt due to Nebari, and for general working capital purposes.
Complementing the financing news, GCU also reported preliminary findings from an independent Economic Impact Study conducted by the University of Arizona’s Eller Partnerships Office on the Gunnison Copper Project.
The study projects total US economic output of ~US$14B over the life of the project, supporting more than 53,000 job-years, and generating ~US$2B in labor income.
Craig Hallworth notes:
“The University of Arizona's findings support what we have long emphasized — the Gunnison Copper Project has the potential to not only be a nationally significant source of Made-in-America copper, but also a generational economic driver for Arizona and Cochise County. The projected multi-billion-dollar impact and thousands of jobs over the life-of-mine demonstrate the scale of the opportunity, reinforcing Gunnison's importance to US energy, defense, and manufacturing supply chains.”
While not a feasibility analysis, the report highlights the project’s transformative scale and long-term importance to Arizona and US manufacturing supply chains.
With copper surging beyond US$5/lb, global supply shocks from Indonesia’s Grasberg Mine, and government-backed incentives like US$13.9M in DOE tax credits already awarded (subject to final certification) — the timing couldn’t be better.
Currently trading just below Wall Street’s radar around US$0.30 per share, the appeal is clear: early-stage entry into a company already producing, scaling up, and backed by one of the world’s biggest copper players.
For speculators, Gunnison Copper represents a chance to gain exposure to one of the purest Made-in-America copper growth stories in the small-cap space.
To continue your due diligence, please visit Gunnison Copper’s corporate website to explore the projects, meet the team, and sign up for direct updates.
View the most recent Corporate Presentation here.
Gunnison Copper Corp. trades on the TSX under the symbol GCU, on the US OTCQB under the symbol GCUMF, and in Frankfurt under the symbol 3XS0.
— Resource Stock Digest Research
Click here to see more from Gunnison CopperThe 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. For additional information on the Gunnison Project, including the PEA and mineral resource estimate, please refer to the Company's technical report entitled "Gunnison Project NI 43-101 Technical Report Preliminary Economic Assessment" dated effective November 1, 2024 and available on SEDAR+ at www.sedarplus.ca.
Dr. Stephen Twyerould, Fellow of AUSIMM, President and CEO of the Company is a Qualified Person as defined by NI 43-101. Dr. Twyerould has reviewed and is responsible for the technical information contained in this report.
Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate the completion of the Offering or any tranche thereof; the number of securities to be issued under the Offering and the gross proceeds received; the timing of the closing of the Offering; the payment of any finders fees and the form thereof; the use of net proceeds from the Offering; the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; the continued funding of the stage 2 work program by Nuton; the details and expected results of the stage two work program; future production and production capacity from the Company's mineral projects; the results of the preliminary economic assessment on the Gunnison Project; and the exploration and development of the Company's mineral projects.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain factors and assumptions regarding, among other things, the TSX approves the Offering, the timing of closing the Offering, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company's operational plans, the estimation of mineral resources, the realization of resource and reserve estimates, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this report. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
IMPORTANT DISCLAIMER & DISCLOSURES
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Gunnison Copper has sponsored this report.
The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.
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In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Resource Stock Digest has received cash compensation from Gunnison Copper and is thus extremely biased. It is crucial that you conduct your own research prior to investing. This includes reading the companies' SEDAR and SEC filings, press releases, and risk disclosures. The information contained in our profiles is based on data provided by the companies, extracted from SEDAR and SEC filings, company websites, and other publicly available sources.
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FORWARD-LOOKING STATEMENTS:
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