Sponsored – Est. Read 8 Min
America’s Newest Copper Producer Trading at 4x Discount to Its Peers
Disseminated on behalf of Gunnison Copper Corp.
Already producing at Johnson Camp and advancing its flagship Gunnison Project, Gunnison Copper (TSX: GCU); (OTCQB: GCUMF) has significant upside potential with support from the Department of Energy and Rio Tinto’s revolutionary Nuton copper technology.
The United States has declared a national emergency over copper.
Copper is essential for everything from electric vehicles and data centers to power grids and defense systems.
Yet, shockingly, the U.S. still relies heavily on foreign sources…and even ships roughly half its copper concentrate to Asia for refining before then buying it back at a markup which is a huge national security risk.
US adds copper to ‘critical minerals’ list
Washington has taken notice and responded by adding copper to its critical minerals list, invoking the Defense Production Act and handing out tax credits to companies that can bring domestic copper production and refining online.
That’s where Gunnison Copper Corp. (TSX: GCU); (OTCQB: GCUMF) enters the picture.
Within the past several months, Gunnison has become America’s newest copper producer.
Its Johnson Camp Mine in Arizona began producing pure copper cathode in August 2025, with first sales in September…and the project has a production capacity of up to 25 million pounds per year of domestic copper.
This copper in intended to be sold directly into U.S. energy, defense and manufacturing supply chains. This is critically important because it means that no overseas smelter is required.
The progress at the Johnson Camp Mine is possible because the project has been fully funded by Nuton LLC, a Rio Tinto venture, which has invested funds to prove out proprietary technology that processes sulfide copper material on U.S. soil through SXEW production. Nuton LLC will recover its investment from copper revenues at the Johnson Camp Mine.
And the upside for this proprietary technology is huge, as it eliminates the expensive, time-consuming step of shipping concentrate to Asia for refining…a true breakthrough that could revolutionize how America produces copper.
But the Johnson Camp is just the beginning of the story for Gunnison Copper Corp.
The real upside for Gunnison is with its flagship and namesake Gunnison Copper Project, a large-scale open-pit development with the potential to produce roughly 167 million pounds of copper cathode per year over the first 16-years of mine life and 2,712 million pounds of copper cathode total over the 18 year mine life..
That’s roughly 8% of America’s annual copper supply…a serious chunk for a new domestic producer.
A December 2024 Preliminary Economic Assessment (PEA) shows a $1.26 billion after-tax NPV (8%), 20.9% IRR and four-year payback…and that’s before incorporating recent optimization work that has shown the potential to improve material grades and reduce acid consumption by 75%.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized.
And this is all based on a copper price of $4.10 per pound – a conservative estimate given today’s higher prices.
Yet as of mid-November 2025 the entire company trades at a market cap of just $115 million.
And the PEA figures are before factoring in “bonus” revenue from selling limestone that’s currently classified as waste…or the potential upside from satellite deposits. The company is also in discussion with Rio Tinto for a potential exploration partnership in the under explored Cochise County, in which Gunnison controls.
6 Reasons
Why Gunnison Copper (TSX: GCU); (OTCQB: GCUMF) Should Be On Your Radar Today
1) Gunnison Copper Is America’s Newest Copper Producer…and is Already Shipping Pure Copper Cathode
The Johnson Camp Mine in Arizona began producing copper cathode in August 2025, with first sales in September 2025. The operation has a production capacity of 25 million pounds per year, with copper sold intended to be sold directly into U.S. energy, defense, and manufacturing supply chains. Unlike traditional copper mining, there’s no concentrator needed and no overseas smelting required.
2) The Company’s Flagship Gunnison Project Offers Potential Upside
At copper prices of $4.10 per pound – an estimate significantly below the current copper price of $5 to $6 per pound – the Gunnison Project’s December 2024 open-pit PEA demonstrates a US$1.26 billion after-tax NPV (8%), 20.9% IRR, and four-year payback over an 18-year mine life. This project has the potential to eventually supply up to 8% of U.S. copper production, positioning Gunnison as a meaningful domestic player. And the figures above do not yet reflect recent breakthroughs in mineralized material sorting that have shown grade improvement and -75% acid consumption, meaning the updated PEA due Q1 2026 could look even better.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. In addition, in order to complete construction of the mine and commence operations the Company needs to complete a feasibility study demonstrating the economic viability of the project and raise the necessary capital to fund the estimated $1.3 billion in capital costs.
3) A Clear Path to Production Growth
The simple math for Gunnison Copper is impressive: The company’s Johnson Camp mine, at full capacity, can produce 25 million pounds per year. The Gunnison Project is designed for roughly 167 million pounds per year. Put them together and you’re looking at 195 million lbs./year in combined production capacity…and that’s before counting any contribution from satellite deposits like Strong & Harris, which holds 76 million tonnes of inferred resources at 0.52% copper. The company’s current market cap sits at just CAD $128 million, a small fraction of what mid-tier copper producers with similar profiles typically command.
4) Significant Valuation Gap vs. Peers – And Multiple Catalysts to Close It
Despite having a producing mine and a billion-dollar-NPV flagship project in development, Gunnison trades at roughly 0.14x price-to-net-asset-value (P/NAV). Compare that to the company’s peer group (including companies like Arizona Sonoran, Faraday, and Ivanhoe Electric), who average about 0.64x P/NAV. That’s a gap of more than 4.5 times. To simply reach the peer group average would mean potential significant upside from current levels. As upcoming catalysts demonstrate the company’s progress, that valuation gap could begin to close.
5) Gunnison Could Have “Found Money” from Its Limestone Byproduct
The Gunnison open-pit mine plan calls for moving roughly 224 million tonnes of limestone, currently classified as waste. Recent independent testing shows over 96% of sampled material meets industrial specifications for cement, agricultural lime, and premium filler products. Limestone is currently selling for $20–$60/ton None of this is included in the current PEA. It will be added to the Company’s updated PEA, planned for Q1 of 2026.
6) Strong U.S. Government Tailwinds and a Catalyst-Heavy Roadmap
This is an “American Copper” story that is rapidly developing at exactly the right moment. The U.S. government has declared a national emergency on critical minerals, added copper to the critical minerals list, and invoked the Defense Production Act to support domestic supply, all while awarding Gunnison $13.9 million in 48C tax credits (with the final amount subject to certification and the requirements of the program). Looking ahead, the near-term catalyst calendar is a busy one with tax credit monetization and partial debt paydown before year-end, and — most importantly — an updated Gunnison PEA that same quarter. By mid-2026, the company is targeting the onboarding of a strategic investor and the launch of a Pre-Feasibility Study, advancing the project toward construction readiness and a potential strategic transaction.
The U.S. Government Just Made Copper a National Priority…and Gunnison Copper Corp. (TSX: GCU); (OTCQB: GCUMF) Is Already Producing It
At a time when the U.S. government has declared copper a critical mineral and invoked emergency powers to secure domestic supply, Gunnison Copper Corp. (TSX: GCU); (OTCQB: GCUMF) stands uniquely positioned to deliver what America needs: homegrown copper production.
“The United States faces significant vulnerabilities in the copper supply chain, with increasing reliance on foreign sources for mined, smelted, and refined copper…A single foreign producer dominates global copper smelting and refining, controlling over 50 percent of global smelting capacity and holding four of the top five largest refining facilities. This dominance, coupled with global overcapacity and a single producer’s control of world supply chains, poses a direct threat to United States national security and economic stability.”
In November 2025, the USGS added copper to the critical minerals list, recognizing its essential role in everything from electric vehicles to military systems.
And the 48C Advanced Manufacturing Tax Credit program now offers substantial incentives for domestic mineral production. These aren’t symbolic programs…they send actual dollars to U.S. copper producers.
Why does this matter for Gunnison Copper Corp.?
Because while Washington is writing checks to secure domestic supply, Gunnison Copper is already producing copper at its Johnson Camp operation and developing a property that could ultimately be responsible for 8% of total U.S. copper production at Gunnison.
Gunnison Copper isn’t waiting around for additional political momentum…they’re already producing, already funded and already aligned with federal priorities.
The Johnson Camp Mine: America’s Newest Copper Producer
Gunnison’s Johnson Camp Mine in Arizona is already producing 100% Made-in-America copper cathode from run-of-mine (ROM) material and has a capacity of 25 million pounds of production per year.
Gunnison Copper is producing pure copper cathode from its Johnson Camp Mine in Arizona’s Cochise Mining District. This is the moment Gunnison became a real producer, not just another name in the exploration crowd.
In addition to making Gunnison Copper America’s newest copper producer, what makes this significant is how it’s funded:
The company is working with Nuton LLC, a Rio Tinto Venture, to advance the next phase of development, which will deploy Nuton™ technologies to expand production and unlock the district’s sulfide potential. This means no dilution to Gunnison Copper shareholders as Nuton is receiving its payback from copper revenues.
The copper produced here is intended to go directly into U.S. supply chains, which means there is no overseas smelting required.
Importantly, the Johnson Camp Mine is not a development project or a future promise…it’s a functioning mine that is already generating revenue today.
For investors, this existing production provides proof of execution while management advances the much larger Gunnison Project.
The Gunnison Copper Project Offers a Potential $1.26 Billion in Value and Could Account For 8% of U.S. Copper Production
The Gunnison Copper Project represents the real prize for Gunnison Copper: a potential 167 million pounds of copper production annually over the first 16-years of mine lifeand 2,712 million pounds of copper cathode total over the 18 year mine life..
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized.
The project is located about 65 miles east of Tucson, Arizona on the southeastern flank of the Little Dragoon Mountains in the Cochise Mining District. The property is within the copper porphyry belt of Arizona. Gunnison controls the Cochise Mining District, and importantly, this is a remote location of private land and state permitting (no Federal nexus) with little to no opposition. There is also fantastic infrastructure, close to a major highway, and the Union Pacific trunk line.
The current Preliminary Economic Assessment shows a Net Present Value of $1.26 billion with a 21% internal rate of return…and those are economics that work even in conservative copper price scenarios.
At full production, Gunnison alone could represent approximately 8% of total U.S. copper output, making it nationally significant.
To put that in perspective, there are only a handful of operating copper mines in the United States, and most are decades old with declining reserves.
The Gunnison Copper Project would be one of the few new large-scale copper projects to come online in America in years, at a time when domestic production has become a national priority.
The company expects to release an updated PEA in Q1 2026, which should reflect a higher copper consensus price and refined project economics incorporating its mineralized material sorting and limestone by-product, and potentially satellite deposits. Beyond validating the project’s economics, this update serves as a key milestone for attracting additional strategic investment and advancing toward a Pre-Feasibility Study.
A project this size only moves forward if the team knows what they’re doing — and management already proved that by getting Johnson Camp into production. The updated PEA in Q1 2026 is the next big step for Gunnison Copper.
Additional Targets Could Bring Additional
Upside for Gunnison Copper
At the Gunnison copper project — beyond the core Gunnison deposit — the property includes multiple satellite targets that could significantly expand the project’s footprint.
These potential satellite pits represent exploration upside that hasn’t been factored into the current $1.26 billion NPV or the 167 million pounds annual production figure. Rio Tinto’s is in discussion with the company for a potential exploration agreement.
Satellite deposits are where copper districts usually get interesting…they are where small mines can potentially turn into much larger mines quickly.
Any success with satellite targets represents pure upside…additional ounces that could be produced using existing infrastructure and the same breakthrough processing technology.
Proven Leadership Team With an Impressive Track Record of Execution
Gunnison Copper’s leadership team has something investors rarely get in this space: people who have already taken a project from plans on a page to real copper production.
CEO Stephen Twyerould brings over 35 years of experience in the mining industry across numerous early-to-late stage companies worldwide. He has led the company through the heavy lift of bringing Johnson Camp into production in 2024 and under his watch, the company also landed $13.9 million in federal 48C tax credits, the only copper company to receive that award in the most recent cycle.
CFO Craig Hallworth adds over 20 years’ experience in finance leadership roles including involvement in the financing and construction of three mines. Mr. Hallworth is also the former CFO of the Arizona Business Unit at Hudbay, leading the financial aspects of the Copper World project.
COO Robert Winton brings over 25 years of experience in the mining industry across numerous early and mid-stage companies in North America, including Hudbay, with strong technical and operating background.
And Sr. VP Business Development Roland Goodgame, Ph.D. has been involved in the mining industry for over 30 years and has held senior roles in several large mining companies. He served as Senior Geologist of Anglo American PLC from March 2002 to January 2007 and was responsible for Asia/Pacific nickel and copper exploration and project evaluation/generation.
Behind them is a technical bench that includes mining engineers, geologists, metallurgists, and operators with direct experience building and running large-scale copper operations. These are people who understand what it takes to move a project through engineering, permitting, financing, construction, and ramp-up.
It’s a rare combination in the junior-mining world: operational chops, financial discipline, and a proven ability to attract blue-chip partners.
Valuation Gap: Gunnison Copper Trades
At a 4x Discount to Comparable Producers
You can really see the disconnect when you stack Gunnison Copper’s numbers against its peers: The company currently trades at just 0.14 times its Net Asset Value, while comparable copper developers average 0.64x…more than 4 times higher.
The market just hasn’t caught up yet. Gunnison Copper is a producer now, but it’s still priced like a pre-production explorer. This could be happening partly because the Gunnison project is still in development, and partly because investors may not yet appreciate the significance of its scale and open-pit development plans.
Recent copper M&A transactions have valued development-stage projects at substantial premiums to current valuations. As Gunnison Copper delivers milestones, including the updated PEA, announcement of a strategic investor and progression toward production…this valuation gap should narrow.
Gunnison Copper Corp. (TSX: GCU); (OTCQB: GCUMF) has a producing asset, a world-class development project with strong economics, and a major mining company as partner and investor. Yet it trades as if none of those factors materially differentiate it from early-stage explorers. That’s the opportunity.
Near-Term Catalysts Could Quickly Close
the Valuation Gap for Gunnison Copper
The next 12-18 months are packed with catalysts, and any one of them could help close that valuation gap quickly. And these all could be coming against a backdrop of unprecedented federal support for domestic copper production.
The U.S. government has invoked emergency powers through Executive Order 14241, added copper to the critical minerals list, deployed the Defense Production Act and established substantial tax incentives, creating a policy environment that directly benefits American copper producers like Gunnison Copper.
In terms of catalysts, first is the company’s effort to monetize substantial 48C Advanced Manufacturing Tax Credits, which could provide meaningful non-dilutive capital. Johnson Camp has already been awarded US$13.9 million in Section 48C credits (with the final amount subject to certification and the requirements of the program), validating the company’s eligibility for these programs.
Second, the updated Preliminary Economic Assessment for Gunnison (due Q1 2026) should show improved project economics and technology advances.
Third, management is seeking a strategic investor.
Fourth, the company will be advancing toward a Pre-Feasibility Study, the next major engineering milestone that typically drives institutional investor interest.
Put together, this has the potential to be a stretch of news for Gunnison Copper where the stock finally starts getting credit for what it is.
The Bottom Line:
Why Gunnison Copper Deserves Your Attention Now
Gunnison Copper Corp. (TSX: GCU); (OTCQB: GCUMF) offers investors a rare opportunity to invest in America’s newest copper producer at a time when domestic production has been made a critical priority.
The company offers the advantages of existing production at the Johnson Camp Mine…plus an attractive development project w at the Gunnison Copper Project…additionally, a unique partnership with Rio Tinto that brings critical validation and a game-changing technology with the potential to revolutionize copper production…all with alignment with federal critical minerals priorities…and multiple near-term catalysts.
Right now Gunnison Copper trades at 0.14x Price to Net Asset Value while peers average 0.64x. As milestones arrive over the next 18 months, including updated economics, the addition of a strategic investor, and additional tax credit monetization, this valuation gap could narrow significantly.
For additional information on the Gunnison Project, including the PEA and mineral resource estimate, please refer to the Company’s technical report entitled “Gunnison Project NI 43-101 Technical Report Preliminary Economic Assessment” dated effective November 1, 2024. Additional information on the Johnson Camp Project can be found in the technical report entitled “Johnson Camp Mine NI 43-101 Technical Report” with the effective date of March 12, 2025. Additional information on Strong & Harris can be found in the technical report entitled “Estimated Minerals Resources and Preliminary Economic Analysis, Strong and Harris Copper-Silver-Zinc Project, Cochise County, Arizona”, dated effective September 9, 2021. Each of these reports is filed on SEDAR+ at www.sedarplus.ca
Dr. Stephen Twyerould, Fellow of AUSIMM, President and CEO of the Company is a Qualified Person as defined by NI 43-101. Dr. Twyerould has reviewed and is responsible for the technical information contained in this report.
Forward-Looking Statements
Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate to expectations for the market for copper in the United States, the receipt of 48C tax credits and other government support, the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; the continued funding of the stage 2 work program by Nuton; the details and expected results of the stage two work program; future production and production capacity from the Company’s mineral projects; the results of the preliminary economic assessment on the Gunnison Project; and the exploration and development of the Company’s mineral projects.
In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company’s operational plans, the estimation of mineral resources, the realization of resource and reserve estimates, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company’s business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this report. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
[i] https://www.ft.com/content/446ebefe-1b8e-4e2d-9bff-6110fcac2dfc
[ii] https://www.whitehouse.gov/presidential-actions/2025/02/addressing-the-threat-to-nationalsecurity-from-imports-of-copper/
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