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Gunnison Copper Corp (GCUMF) has secured a $3 million non-dilutive funding agreement with Nuton, a Rio Tinto Venture, for testing at the Gunnison Project. The collaboration includes exclusive rights for Nuton's heap leach processing technologies for sulfide mineralization and potential Stage 2 extension at Johnson Camp Mine.
The agreement encompasses the allocation of 48C tax credits worth $13.9 million, with Gunnison potentially receiving up to $8 million after Nuton's allocation. Additionally, Gunnison has revised terms with Nebari, including deferral of principal payments for 2025 (saving $2.8M), conversion rights of up to $6.25M of principal into equity, and potential refinancing options extending to December 2029.
Gunnison Copper and Nuton , a Rio Tinto venture, have been awarded US$13.9 million in tax credits under the 48C program to expand copper production at the Johnson Camp Mine in Southern Arizona. The project, fully funded by Nuton, aims to produce up to 25 million pounds of finished copper cathode annually, with first production expected in mid-2025.
The tax credit is part of the US$10 billion funding under the Inflation Reduction Act of 2022, supporting clean energy manufacturing and critical materials projects. The credit can be monetized through sale or used to offset income tax liability. The allocation between Gunnison and Nuton will be determined in a future tax partnership agreement, with a two-year period to satisfy certification requirements.
Gunnison Copper Corp (GCUMF) has filed a technical report for its Preliminary Economic Assessment (PEA) of open pit mining at the Gunnison Project in Arizona. The project shows an after-tax net present value of $1.3 billion and an IRR of 20.9% at a copper price of $4.10/lb.
Key highlights include: Total Measured and Indicated Mineral Resources of 551 million tons at 0.35% copper grade; average annual copper cathode production of 83,700 tons over first 16 years; total initial capital cost of $1.3 billion with 4.1-year payback period; and average Cash Cost of $1.42/lb.
The project will create over 650 local jobs and generate $840 million in U.S. federal, state, and local taxes. Environmental advantages include lower water usage and zero tailings dam risk.
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