Gunnison Copper Reports Positive Results from Limestone Evaluation to Add New By-Product Revenue at the Gunnison Project in Southeast Arizona

On October 23, 2025, Gunnison Copper announced positive results from its limestone evaluation program at the Gunnison Copper Project in Arizona. This program is part of the company's "High-Value-Add" (HVA) work aimed at enhancing project economics. The evaluation of 883 feet of limestone core, previously categorized as waste in the mine plan, indicated that a substantial portion is suitable for sale into industrial markets. Specifically, 96% of the tested material is suitable for cement or agricultural lime, and 21% meets the quality for premium applications like paper filler and coatings. The company intends to integrate these findings into an updated Preliminary Economic Assessment (PEA) expected in Q1 2026.

The news is Routine - Positive. It represents successful execution on a previously disclosed strategy to enhance the value of the flagship Gunnison Project. By demonstrating that a significant portion of the 224 million tons of limestone waste can be converted into a saleable byproduct, the company adds a potential new revenue stream that could materially improve the project's economics. This follows similar positive news from September 15 regarding mineral sorting tests.

However, the impact is routine rather than material at this stage for several reasons: - The economic benefit has not yet been quantified in a technical study. The actual revenue will depend on market demand, pricing, and logistics, which are still being evaluated. - This is an incremental improvement to a very large, long-term project (Gunnison) with a massive initial capital cost ($1.3 billion) that is currently unfunded. - The market's immediate focus is likely on the company's near-term financing needs, the successful closing of the recently announced C$15 million placement, and the ramp-up of the Johnson Camp Mine (JCM).

This news builds confidence in management's ability to execute its plans and unlock value, but it does not fundamentally change the company's risk profile or immediate financial position. It is a solid, incremental step forward that aligns with expectations set in previous releases.

Gunnison Copper is an Arizona-based copper developer and new producer. The company has two primary assets: 1. Johnson Camp Mine (JCM): A past-producing heap leach and SX-EW facility that was recently refurbished and brought back into production in Q3 2025, ahead of schedule. The restart was fully financed by Nuton LLC, a Rio Tinto venture. It is designed to produce up to 25 million pounds of copper cathode annually and serves as the company's near-term production asset. 2. Gunnison Copper Project: The company's flagship asset, this is a large, long-life development project. A November 2024 PEA outlined a conventional open-pit mine with a heap leach facility. The study demonstrated robust economics with an after-tax NPV(8%) of $1.3 billion and an IRR of 20.9%, based on a $4.10/lb copper price. The initial capital cost is a significant hurdle at $1.3 billion. The company is currently working on HVA programs to de-risk and enhance these economics ahead of a PFS.