Gunnison Copper Announces Q2 2026 Financial and Operational Update

08/13/2026 – 06:00 AM

Gunnison Copper Corp. Reports Strong Second Quarter 2026 Financial and Operational Results, Driven by Johnson Camp Ramp-Up and Strategic Financing

Phoenix, Arizona – August 13, 2026 – Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) (“Gunnison” or the “Company”) today announced its financial and operational results for the three and six months ended June 30, 2026. The Company reported a significant improvement in its financial performance, reflecting the ongoing ramp-up of its Johnson Camp operation and strategic corporate initiatives.

Highlights Year to Date (YTD) 2026

• Generated US$23.6 million in revenue during the second quarter, a substantial increase driven by the operational progress at Johnson Camp. The Company reported a net income of US$13.1 million, or US$0.03 per share, for the quarter, a marked turnaround from the prior year.
• Successfully closed an oversubscribed C$34.5 million bought deal public offering. The offering issued 82.1 million common shares at C$0.42 per share, including the full exercise of the underwriters’ over-allotment option. Proceeds are designated to advance the Gunnison Copper Project, bolster working capital, and support general corporate purposes.
• Launched a major district-wide drilling program at the Gunnison Copper Project and the Strong & Harris satellite deposit. This program comprises up to 120 drill holes, totaling approximately 138,000 feet (42,000 meters). The approximately US$15 million initiative is designed to enhance the ongoing Pre-Feasibility Study (PFS) through resource expansion, metallurgical optimization, and resource conversion.
• Continued progress on the Gunnison Copper Project PFS and permit amendment program, encompassing metallurgical testing, resource expansion and conversion, engineering, hydrology, geotechnical work, and permitting activities. The final PFS is anticipated for release in the first half of 2028.
• Strengthened the Company’s leadership with the appointment of Craig Hallworth as President and Chief Executive Officer effective May 15, 2026, followed by Bjorn Meyer’s appointment as Chief Operating Officer in June.
• Joined the U.S. Defense Industrial Base Consortium (DIBC), granting Gunnison access to potential non-dilutive funding, strategic partnerships, and programs supporting domestic project development.
• 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.
• Entered into a buyback option agreement with Altius Royalty Corporation and Triple Flag entities. This agreement provides Gunnison 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.
• Continued the ramp-up of Johnson Camp. Finished copper cathode production commenced from the ROM circuit in August 2025 and from the Nuton circuit in December 2025. The SX/EW plant possesses installed production capacity of up to 25 million pounds of finished copper cathode annually.

Subsequent to Quarter End

• Completed the cash settlement of outstanding Greenstone convertible debentures, eliminating approximately US$5.3 million of convertible debt and accrued interest. This action also prevented the potential issuance of approximately 28.9 million common shares.
• Submitted certification documentation to the U.S. Department of Energy for the Section 48C Advanced Energy Project Tax Credit awarded to Johnson Camp. This represents a significant step towards monetizing the Company’s previously awarded tax credits. Gunnison currently anticipates receiving up to approximately US$8 million in cash, subject to the Department of Energy’s approval of the certification documents, Nuton’s allocation under a tax partnership agreement, reimbursement of costs, and the ultimate sale proceeds of the credits.

Upcoming Milestones

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

Financial and Operational Results

The following table summarizes selected financial and operational information for the Company for the second quarter ended June 30, 2026:

For the three months ended June 30, 2026, Gunnison generated US$23.6 million in revenue, a substantial increase from US$0.1 million in the corresponding period of 2025, driven by the Company’s transition into active operations at Johnson Camp. Revenue comprised US$13.7 million from copper cathode sales and US$9.8 million from deferred mining and processing demonstration service revenue. The Company reported net income of US$13.1 million, or US$0.03 per share, for the quarter, a significant improvement over the net loss of US$2.9 million, or US$0.01 per share, recorded in the second quarter of 2025.

For the six months ended June 30, 2026, the Company generated US$43.7 million in revenue and a net income of US$14.8 million, or US$0.03 per share. This contrasts with revenue of US$0.7 million and a net loss of US$25.4 million, or US$0.08 per share, in the comparable period of 2025.

As of June 30, 2026, Gunnison possessed US$33.2 million in cash and cash equivalents, comprising US$25.1 million in non-Nuton cash and US$8.2 million in Nuton-related cash, providing a solid financial foundation for ongoing project development and operational activities.

ABOUT GUNNISON COPPER

Gunnison Copper Corp. is a pure-play copper developer and producer with a strategic portfolio of assets located within the Cochise Mining District in Southern Arizona. The district is notable for its 12 known deposits situated within an 8 km economic radius.

The Company’s flagship asset, the Gunnison Copper Project, hosts a Measured and Indicated Mineral Resource of over 846 million tons with an average copper grade of 0.33%, translating to approximately 5.19 billion pounds of copper. This resource includes a Measured Mineral Resource of 192 million tons at 0.37% copper (1.42 billion pounds) and an Indicated Mineral Resource of 655 million tons at 0.31% copper (3.77 billion pounds).

The Strong & Harris satellite deposit, located approximately 1.9 miles from Gunnison’s processing facilities, is integrated into the mine plan and contains an Inferred Mineral Resource of 76 million tons grading 0.49% total copper (0.32% CuOx) at a 0.07% cutoff. This deposit also contains significant zinc and silver mineralization, holding approximately 740 million pounds of copper, 856 million pounds of zinc, and 9.0 million ounces of silver.

A Preliminary Economic Assessment (PEA) for the Gunnison Project, released in March 2026, demonstrated robust economics, including a Net Present Value (NPV) of US$2 billion at an 8% discount rate, an Internal Rate of Return (IRR) of 23%, and a payback period of 3.9 years. The project is designed as a conventional open-pit mining operation utilizing heap leaching and SX/EW refining to produce finished copper cathode on-site, with direct rail access. It is important to note that the PEA is preliminary in nature and includes Inferred Mineral Resources, which are considered geologically speculative and do not yet have demonstrated economic viability. There is no certainty that the conclusions from the PEA will be realized.

Additionally, Gunnison’s Johnson Camp Asset is currently in production and is fully funded by Nuton LLC, a Rio Tinto venture. The operation has a production capacity of up to 25 million pounds of finished copper cathode annually.

Other significant deposits controlled by Gunnison within the district, which hold potential as economic satellite feeder deposits for the Gunnison Project infrastructure, include South Star and eight additional deposits.

For more information on the Company, please visit our website at www.GunnisonCopper.com.

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.

For additional information on the Johnson Camp Mine, please refer to the technical report titled “Johnson Camp Mine NI 43-101 Technical Report, Cochise County, Arizona, USA” with an effective date of March 18, 2026, filed on SEDAR+ at www.sedarplus.ca.

Dr. Roland Goodgame, Senior VP of Project Development for the Company, is a Qualified Person as defined by NI 43-101 and has reviewed and is responsible for the technical information presented in this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward-looking information includes statements regarding: (i) the intention to deploy Nuton® technology at Johnson Camp and future production; (ii) continued funding of the stage 2 work program by Nuton; (iii) details and expected results of the stage two work program; (iv) future production and capacity from the Company’s mineral projects; (v) results of the Gunnison Project PEA; (vi) exploration and development of the Company’s mineral projects; (vii) timelines for the Company’s PFS work program; (viii) expected results of the PFS work program; and (ix) the approval of certification documents for the 48C tax credits. Forward-looking statements are often identified by words such as “plans,” “expects,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “anticipates,” or “believes,” and include statements about future events or performance.

Forward-looking information is based on assumptions including: Nuton’s continued funding, availability of financing, allocation of 48C tax credits, satisfaction of Section 48C requirements, estimation of mineral resources, copper and metal prices, timing of expenditures, capital and operating cost estimates, labor and supply availability, regulatory approvals, and currency fluctuations. While these assumptions are considered reasonable, they may prove to be incorrect.

Forward-looking information involves risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to: failure to obtain adequate financing; Nuton failing to fund the stage 2 work program; failure to satisfy Section 48C requirements; breach of debt covenants; operational risks in mineral deposit construction and operation; delays in work plan approvals; variations in mineral resources and reserves; access and supply risks (including acid supply); reliance on key personnel; accidents; labor disputes; increases in capital and operating costs; regulatory risks, including permit delays or denials; financing, capitalization, and liquidity risks; property title disputes; and environmental risks. Additional risks are detailed in the Company’s filings with Canadian securities regulators.