Gunnison completes first Cu cathode sales from Johnson

Executive Summary

• Gunnison Copper Corp. completed its inaugural sale of 225,371 lb of copper cathode from the Johnson Camp Mine, generating approximately $1.05 M in gross proceeds at an average price of $4.64/lb.
• The sale marks the start of revenue generation following the mine’s commissioning and demonstrates rapid progress toward full‑scale production (up to 25 M lb/yr).
• Revenue is currently accruing to Nuton LLC (a Rio Tinto venture) until it recoups its financing of the Johnson Camp project.

Key Details

• Sale Date: September 15, 2025.
• Quantity Sold: 225,371 lb of finished copper cathode.
• Average Realized Price: $4.64 per pound (U.S.).
• Gross Proceeds: Approximately $1,046,194 (U.S.).
• Production Capacity: Johnson Camp Mine is capable of producing up to 25 M lb of copper cathode annually.
• Financing Arrangement: All copper revenues from Johnson Camp accrue to Nuton LLC until Nuton has been repaid for its financing of the project.
• Technology Highlight: First copper production using Nuton’s bio‑leaching technology is expected later in 2025; this will be the first scale deployment of the technology at Johnson Camp.
• Operational Milestones: Mine commenced production in the last week of August 2025, ahead of schedule, with an excellent health and safety record.

Notable Quotes

“This milestone represents the first revenue from Johnson Camp and demonstrates the rapid progress Gunnison has made in delivering value to shareholders since achieving first copper production just weeks ago,” – Craig Hallworth, Senior Vice‑President & CFO.

“Strong copper prices and increasing production levels position us well as we move towards a potential equity valuation rerating as a copper producer.” – Craig Hallworth, SVP & CFO.