Gunnison Copper Corp. has reached an agreement with Nuton LLC, a Rio Tinto venture, to revise and optimize the Stage 2 mine plan at the Johnson Camp Mine in southeast Arizona. Under the revised plan, the project will add approximately 3 million tons of mineralized material to be mined during the demonstration period between 2027 and 2029, while maintaining the existing Stage 2 schedule.

The updated agreement follows previous Stage 2 arrangements under the option agreement between the companies, where Nuton funds all costs associated with the multi-stage work program evaluating and deploying copper heap leaching technologies at Johnson Camp, with the operations fully funded by the Rio Tinto venture. The optimization agreement includes an US$8 million payment scheduled to be received by Gunnison in the fourth quarter of 2026.

In a separate shift from its previously disclosed position, Gunnison announced it has elected not to proceed with claiming the Department of Energy 48C Tax Credits conditionally awarded to the company on January 10, 2025. Gunnison will continue to evaluate U.S. Federal tax incentive opportunities to maximize value and support the long-term interests of the company.

The revised mine schedule is designed to preserve Gunnison's operational capabilities and experienced workforce throughout the demonstration period.

“The optimized mine plan adds approximately 3 million tons of mineralized material and further enhances the value of Johnson Camp,” said Craig Hallworth, President and CEO of Gunnison Copper. “The additional material supports continued operations, preserves critical workforce and technical capabilities, strengthens the long-term outlook for the project, and advances our mission to reliably supply pure American copper from Southern Arizona.”

Read the full announcement: Gunnison Copper and Nuton Optimize Stage 2 Mine Plan with Approximately 3 Million Additional Tons of Mineralized Material