Gunnison Copper swings to profit on Johnson Camp production ramp

Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) swung to profitability and posted a crisp leap successful gross successful the 2nd quarter, arsenic its Johnson Camp cognition moved from ramp-up into progressive production.

The mining institution reported nett income of US$13.1 million, oregon US$0.03 per share, for the 2nd 4th of 2026, arsenic gross climbed to US$23.6 cardinal connected the ramp-up of its Johnson Camp operation.

The Toronto-listed inferior miner's gross was driven chiefly by US$13.7 cardinal successful copper cathode sales, with the remainder coming from deferred mining and processing objection work revenue. That compares with conscionable US$0.1 cardinal successful gross and a nett nonaccomplishment of US$2.9 cardinal successful the aforesaid play past year.

For the six months ended June 30, 2026, Gunnison generated US$43.7 cardinal successful gross and nett income of US$14.8 million, oregon US$0.03 per share, compared with gross of US$0.7 cardinal and a nett nonaccomplishment of US$25.4 cardinal successful the archetypal fractional of 2025.

The institution closed an oversubscribed C$34.5 cardinal bought woody nationalist offering during the period, issuing 82.1 cardinal communal shares astatine C$0.42 per share, including the afloat workout of the underwriters' over-allotment option. Proceeds are being utilized to beforehand the Gunnison Copper Project and for moving superior and wide firm purposes.

Gunnison besides launched a large district-wide drilling programme astatine the Gunnison Copper Project and Strong & Harris outer deposit, comprising up to 120 drill holes totaling astir 138,000 feet. The astir US$15 cardinal programme is designed to enactment the ongoing prefeasibility survey done assets expansion, metallurgical optimization and assets conversion. The last PFS is targeted for the archetypal fractional of 2028.

The institution strengthened its enactment squad during the quarter, with Craig Hallworth appointed CEO successful May, followed by the assignment of Bjorn Meyer arsenic Chief Operating Officer successful June.

Subsequent to 4th end, Gunnison completed the currency colony of its outstanding Greenstone convertible debentures, eliminating astir US$5.3 cardinal of convertible indebtedness and accrued involvement and preventing the imaginable issuance of astir 28.9 cardinal communal shares.

The institution besides submitted certification documentation to the US Department of Energy for the Section 48C Advanced Energy Project Tax Credit awarded to Johnson Camp. Gunnison presently expects to person up to astir US$8 cardinal successful cash, taxable to support of the certification documents by the Department of Energy, Nuton's allocation nether a taxation concern agreement, reimbursement of costs and the magnitude yet realized from the merchantability of the credits.

As of June 30, 2026, Gunnison had US$33.2 cardinal successful currency and currency equivalents, including US$25.1 cardinal of non-Nuton currency and US$8.2 cardinal of Nuton-related cash.