What are the plans for starting copper cathode production at the Johnson Camp Mine in 2025?

Johnson Camp Mine (JCM) began producing from run-of-mine mineralized material in August 2025, ahead of schedule, supplying 100% Made-in-America Copper that could be used in the US energy, manufacturing and defense sectors. We are moving forward with this project in partnership with Rio Tinto’s Nuton LLC, which is funding the work, while we remain the operator. We are very proud to have managed the entire build and operation with an excellent safety record of no lost time incidents. 

In the fourth quarter of 2025, we plan to start leaching sulfides using Nuton’s technology and, if all goes as expected, we should see copper coming off the sulfide leach pad in December or January 2026, proving that the technology works at scale. JCM’s plant has a nameplate capacity of 25 million lb/y, and our goal is to achieve this capacity by mid-2026.

Can you explain the opportunities from byproducts at the flagship Gunnison Project?

We have initiated our High-Value-Add (HVA) program, which aims to create value from the byproducts of the Gunnison open pit. The pit is expected to move around 760 million t of gravel and waste and 85 million t of limestone that come out as part of the mining process. In the PEA we published in December 2024, the material was simply treated as costs. However, we believe we can sell it to generate revenue, so we have been working with aggregate operators and consultants to put real numbers around that potential. One of the big advantages is that the Gunnison design already includes a rail spur tied directly into the Union Pacific trunk line, lowering freight costs for bulk products like gravel and limestone. We expect to have results from these studies by November 2025 and publish an updated PEA by late 2025 or early 2026.

In addition, we are exploring ways to reduce acid consumption. One option we are assessing is mineralized material sorting technology. Our copper mineralization is mostly oxide, which is easily visible – the green material is mineralized material, and the rest is waste. An optical sorter can detect that difference and separate it at scale, so we believe this could reject up to 50% of the material before it even goes to the leach pad. We reported initial positive results in September, with sorting tests reducing acid consumption on the highest acid consuming material by ~75% while maintaining copper recovery. These results can materially improve the project’s already robust economics and feed into our upcoming PEA update.

How are US trade policies and federal incentives shaping your outlook as a domestic copper producer?

Being a US producer brings a lot of advantages, as there is support from the administration, the state and federal government, and the local community. We were awarded the “48C tax credit program” to receive up to US$13.9 million in tax credits as part of a federal program supporting US critical mineral production. It is a fully transferable credit that we expect to monetize in 2025. 

Additionally, copper was added to the US Critical Minerals list. The addition can make projects eligible for federal funding, subject to a streamlined permitting process, or more competitive due to fees placed on imports.

Can you share how Gunnison Copper is investing in workforce development and supporting local communities?

We are setting up the first-ever mining apprentice program with Cochise Community College. It is going through Department of Labor approval now, and we expect to bring on our first apprentices in late 2025. This will be important, as it will create good-paying opportunities for young people to stay in their communities. Furthermore, we are in discussions with the Arizona Commerce Authority, which is considering additional support in the form of a US$1.5 to US$2 million grant.

Additionally, the University of Arizona has completed an independent economic impact study for the Gunnison project, highlighting expected job creation and its significant positive contributions to both the local community and the broader Arizona state economy.