Gunnison Copper Corp.

Gunnison Copper Corp. is a junior copper producer headquartered in Vancouver, Canada, operating primarily in USA. The company's portfolio consists of 3 projects, comprising 2 development and 1 advanced exploration project. Key assets include Gunnison. The business model centers on the acquisition, exploration, and development of mineral properties through wholly-owned operating subsidiaries. A key operational characteristic is the strategic pivot from an in-situ recovery model, which encountered technical challenges related to fluid dynamics, to a conventional open-pit mining and heap leach processing approach. This transition is underpinned by technical studies indicating substantially improved viability for the open-pit configuration. Processing capabilities are centered on an established solvent extraction-electrowinning plant designed to produce finished cathodes. A significant competitive differentiator is a multi-stage collaboration with a technology venture of a major global mining entity to evaluate and deploy proprietary nature-based heap leaching technologies. This partnership focuses on unlocking value from sulfide mineralization, which is typically less responsive to conventional leaching methods. The operational approach involves leveraging this partner-funded program to restart and demonstrate industrial-scale production at one site, while independently advancing studies for a larger-scale development. This dual-track operational model allows for near-term production potential through partnership while systematically de-risking a separate, wholly-owned growth project.

Strategic priorities are focused on a two-pronged development path designed to de-risk assets and advance toward production. The first prong involves a fully funded partnership to demonstrate novel sulfide leaching technology at an industrial scale, with the objective of achieving commercial output and establishing a joint venture. The second prong centers on advancing a large-scale open-pit development concept through a comprehensive Pre-Feasibility Study. This study, with a planned 16-month timeline, will aim to convert resources and refine engineering details. A core part of this effort is a High Value Work Program, which includes targeted drilling and studies to assess the economic potential of selling overburden materials as by-products and implementing advanced mineralized material sorting technology to reduce reagent consumption and operating costs. The capital allocation philosophy emphasizes leveraging partner funding for major construction and demonstration activities, thereby minimizing shareholder dilution. Financial management strategy involves the active restructuring of debt obligations through maturity extensions, payment deferrals, and the pursuit of non-dilutive funding sources, including the monetization of up to $13.9 million in government-awarded advanced energy tax credits to retire a significant portion of outstanding debt.

Executive leadership includes a Chief Executive Officer with tenure in the role since 2010 and a Senior Vice President of Business Development who has held various senior positions since 2010. A new Chief Financial Officer was appointed effective September 2024, bringing extensive experience from a prior role at another mining firm. Board governance is structured around several specialized committees, including Audit, Compensation, Project Steering, and Nominating and Corporate Governance. A key feature of the governance structure is the significant influence of its largest shareholder, Greenstone Resources, which holds approximately 45.40% of the outstanding common shares. This stakeholder's influence is reflected in its representation on the board of directors and the Audit Committee. The company formally discloses and manages potential conflicts of interest arising from directors' and officers' involvement with other resource companies, with specific acknowledgment of the relationship with its principal shareholder. The Audit Committee consists of 3 directors, 2 of whom are independent, and operates under a formal charter. The company utilizes a regulatory exemption to permit the non-independent director nominated by its controlling shareholder to serve on the Audit Committee, citing his financial expertise and the best interests of the company.

The organization's approach to environmental stewardship is shaped by its adherence to extensive federal, state, and local regulations governing air and water quality, waste management, and land reclamation. A critical and recent development impacting operations is the designation of the local groundwater basin as an active management area, which introduces new restrictions on water withdrawal. The company must now navigate a formal process to secure water access by applying for grandfathered rights or new withdrawal permits. A core social policy is the commitment to workplace safety, underscored by a stated goal of zero accidents and a reported achievement of over 3,700 days without a lost-time incident as of the end of 2024. This commitment is formalized through a Code of Business Conduct and Ethics and a dedicated Safety Handbook. The company acknowledges its obligation to fund land reclamation activities to minimize the long-term effects of land disturbance, with cost estimates for these activities incorporated into its long-term project planning. The enterprise also recognizes and plans for physical and regulatory risks associated with climate change, including potential impacts from drought and the increasing stringency of emissions legislation.

The corporate structure consists of a parent entity with 2 wholly-owned operating subsidiaries. A defining structural element is the strategic partnership with Nuton, a Rio Tinto venture, formalized through a series of agreements initiated in 2023. These include an Option Agreement providing Nuton the right to form a 49% interest joint venture in one project upon successful completion of a fully funded, multi-stage technology demonstration program. This was followed by a Technology Demonstration Agreement in June 2024 to govern the work program and a Collaboration Agreement in February 2025 to evaluate the technology's use on a separate project. The company's ownership is highly concentrated, with Greenstone Resources and its affiliates holding approximately 45.40% of the outstanding common shares, granting it material influence over corporate matters. This relationship is formalized through an Investor Rights Agreement. Significant past transactions include the 2015 acquisition of assets from Nord Resources Corporation through a court-appointed receiver. The financial structure is also shaped by material contracts including a stream agreement with Triple Flag and a secured credit facility with Nebari, both of which contain specific financial covenants and were amended multiple times through 2023 and 2025 to align with the company's development timeline.