Gunnison Copper Enters into Collaboration Framework Agreement with Lunasonde to Perform Initial Survey for Critical Minerals in Arizona's Cochise Mining District

On December 19, 2025, Gunnison Copper Corp. (GCU) announced two distinct developments: - Exploration Collaboration: The company entered into a Collaboration Framework Agreement with Lunasonde Inc. to use Airborne Georadiotomography (aGRT). This technology aims to provide 3D subsurface imaging up to 2 kilometers deep to identify mineral targets under alluvial cover in the Cochise Mining District. - Debt Conversion: Nebari Natural Resources Credit Fund I LP converted US$500,000 of debt into 2,384,358 common shares at a price of US$0.2097 per share. This is the third such conversion, aimed at reducing the remaining US$5.25 million convertible principal balance.

• Operational Impact (Neutral/Long-term): The Lunasonde agreement is a preliminary exploration initiative. While aGRT technology is innovative, it does not change the current production profile or the immediate economic outlook of the flagship Gunnison Project. It is a "nice-to-have" for long-term district-scale potential.
• Financial Impact (Positive but Dilutive): The debt conversion reduces the company's interest-bearing liabilities, which is a key management objective. However, the conversion price (US$0.2097, approx. C$0.29) is significantly lower than the C$0.45 price of the private placement closed in October 2025. This indicates that while debt is disappearing, it is being replaced by equity at a steep discount to recent market valuations.
• Contextual Strength: This news follows the December 4 announcement of first copper production using Rio Tinto's Nuton technology, which is a much more significant fundamental catalyst. The Dec 19 news acts as "housekeeping" to maintain momentum and clean up the balance sheet.

Gunnison Copper Corp. (formerly Excelsior Mining) owns the Gunnison Copper Project and the Johnson Camp Mine in Arizona. The company recently pivoted from an In-Situ Recovery (ISR) model (which failed to meet flow expectations) to a Conventional Open Pit and Heap Leach model. - Flagship: Gunnison Copper Project. PEA (Nov 2024) shows an after-tax NPV8% of $1.3B and an IRR of 20.9% at $4.10/lb copper. - Current Production: Johnson Camp Mine (JCM) is currently producing copper cathode using a combination of ROM leaching and Rio Tinto’s Nuton bioleaching technology.