Gunnison Copper and Nuton Optimize Stage 2 Mine Plan with Approximately 3 Million Additional Tons of Mineralized Material
Gunnison received $8m for Nuton, offset by a $3m drop in 48c credits.
Gunnison Copper Corp. (GCU) and Nuton LLC, a Rio Tinto venture, have agreed to revise and optimize the Stage 2 mine plan at the Johnson Camp Mine. The adjustment adds approximately 3 million tons of mineralized material to be mined between 2027 and 2029. Gunnison states that the existing Stage 2 schedule is maintained and that the addition preserves operational capabilities and workforce.
As part of the agreement, Nuton has agreed to make a US$8 million payment to Gunnison, expected in Q4 2026, reflecting value created by the optimized mine plan.
Separately, Gunnison elected not to proceed with claiming the DOE 48C Tax Credits conditionally awarded on January 10, 2025. The company says it will evaluate other federal tax incentive opportunities.
The release provides no grade, contained copper, recovery, or updated NPV for the additional 3 million tons of mineralized material. It also restates background resource data for the flagship Gunnison Project and Johnson Camp context, but those are not new figures.
Gunnison Copper Corp. (GCU) received a US$8 million payment from Nuton, providing one-time liquidity that is roughly offset by the company’s decision not to pursue previously expected 48C tax credit cash of up to US$8 million. The company also identified an additional 3 million tons of mineralized material; however, because this material is not quantified in grade, contained copper, or net present value (NPV) terms, it cannot be treated as a resource or valuation upgrade.
Johnson Camp remains a relatively small producing asset compared with the flagship Gunnison Project Preliminary Economic Assessment (PEA), which reports an NPV8 of US$2 billion and production of 174 million lbs of copper per year. With a market capitalization of approximately C$212 million, the US$8 million payment represents roughly 5% of the company's market cap. However, the offsetting tax-credit loss and lack of economics render this a non-rating-changing event, resulting in a net effect that is approximately neutral.
Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer controlling the Cochise Mining District in southern Arizona. The district contains 12 known deposits within an 8 km economic radius.
The company’s flagship Gunnison Copper Project is a conventional open-pit, heap leach, SX/EW operation. A March 2026 Preliminary Economic Assessment (PEA) shows an after-tax NPV8 of approximately US$2 billion, an internal rate of return (IRR) of 23%, and a 3.9-year payback period. Planned average annual copper cathode production is approximately 174 million lbs per year for the first 15 years.
The Johnson Camp Mine is currently in production, fully funded by Nuton LLC, with capacity up to 25 million lbs of copper cathode per year. Other assets include the Strong & Harris satellite deposit, South Star, and other district deposits.