Gunnison Copper Corp. · TSX:GCU
Gunnison Copper — Investor Presentation (May 2026)
28 slides from Gunnison Copper's investor presentation, May 2026
Slide 1: Advancing Gunnison, for America's Future
Advancing Gunnison, for America’s Future Invest in America | May 2026 TSX:GCU / OTCQB: GCUMF GunnisonCopper.com 1
Slide 2: Disclaimers
Disclaimers Special Note Regarding Forward-Looking Information: This presentation contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this presentation includes, but is not limited to, statements
Slide 3: Gunnison Copper Project Highlights
Gunnison Copper Project Highlights Clear Path to Development PEA with 21-Year Project Mine Life in Arizona, USA (Scarcity of Projects) Pure Copper Cathode Conventional Open-Pit, Heap Leach, SX/EW. Will Produce Copper Cathode Tier 1 Location - Arizona Private and State Land. State-Led Permitting Proc
Slide 4: U.S. Government Funding Opportunities
U.S. Government Funding Opportunities DOE DOW DOE Tax Credits Johnson Camp Mine EDFP (Energy Dominance Financing Program) Low-cost, Accepted into the Defense Industrial Base Consortium received long-term capital through direct loans and loan guarantees, (DIBC), positioning Gunnison to access potenti
Slide 5: Permitting Process and Track Record
Permitting Process and Track Record • State-led permitting framework (no federal nexus) Gunnison Copper has successfully • All major permits already issued under prior ISR plan permitted and brought two mines into • Primary path forward = amendments, not new permits • Lower permitting risk and short
Slide 6: Gunnison Project Preliminary Economic Assessment
Gunnison Project Preliminary Economic Assessment Financial Metrics Johnson Camp Mine • NPV @ 8% (after-tax) $1,959M Gunnison Pit • Internal Rate of Return 22.5% Waste Rock • AISC (LOM Avg) $2.05/lb I-10 • Payback Period 3.9 years Gunnison Waste Rock WRF • Initial Capex w/ Acid Plant $1,556 Pit • Cop
Slide 7: Gunnison Project - Total Copper Produced
Gunnison Project - Total Copper Produced Total copper produced: 3.2 billion lbs Annual Production (M lbs) over a 21 year mine life 250 3,200 212 3,187 200 3,000 263 150 2,800 2,712 100 2,600 2,400 50 2,200 0 Cactus Gunnison Safford Bagdad Florence Johnson Camp 2,000 (Arizona Project (Freeport) (Free
Slide 8: Lower Second Quartile of the Cost Curve for Copper Mines Globally
Lower Second Quartile of the Cost Curve for Copper Mines Globally $/lb Cu Operating Expenditures – Copper Inputs Produced Mining - Before Deferred Stripping 1.32 Mining - Limestone Credits (0.07) Mining - Deferred Stripping (0.06) Gunnison Project | Global Cost Curve Positioning Mining - Subtotal 1.
Slide 9: Peer Ranking: NPV and Initial CAPEX Ratio
Peer Ranking: NPV and Initial CAPEX Ratio After-Tax NPV (US$M) and NPV: Initial CAPEX Ratio 4.0x 2.4x 1.1x 1.3x 1.3x 1.1x 0.9x 1.2x 1.0x 0.6x 0.8x 0.9x $2,770 $2,301 $2,009 $1,959 Gunnison $1,952 $1,867 Recently Acquired Project $1,376 Arizona Developer $1,108 $1,100 $930 Americas Developer $713 $70
Slide 10: Significant Upside to Copper Prices
Significant Upside to Copper Prices Base Case COMEX Price Copper Price I-10 $6.00/lb Units $4.25/lb $4.60/lb $5.00/lb $5.50/lb $6.50/lb $7.00/lb Sensitivities Gunnison WRF NPV8 B$ 1.6 2.0 2.4 3.0 3.5 Pit 4.0 4.6 WRF IRR % 19.55% 22.51% 25.81% 29.84% 33.73% 37.47% 41.12% Crusher Project Payback years
Slide 11: Gunnison Project Benchmarking
Gunnison Project Benchmarking Relative Positioning vs. Project Peers (Mine Life, Cash Cost, Production) Bubble Size represents Avg. $2.40 LOM Cu Production in Mlbs 300 $2.20 100 $2.00 50 Marimaca $1.80 Upside Potential with Exploration Co-Product Cash Cost Gunnison Copper $1.60 at Strong & Harris Sa
Slide 12: Strong & Harris Satellite Deposit High-Grade Cu Upside
Strong & Harris Satellite Deposit High-Grade Cu Upside .30 %Cu .30-.50 %Cu .50-.85 %Cu .85 > %Cu Several High-grade zones throughout the deposit TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 12
Slide 13: Strong & Harris Mineralization – Significant Value to Unlock
Strong & Harris Mineralization – Significant Value to Unlock Drilled and known inferred resource of the mineralization PEA Pit Design Open Mineralization Open Possible Extension Mineralization Under Known Mineralization TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 13
Slide 14: Strong & Harris Geophysical and Magnetic Data
Strong & Harris Geophysical and Magnetic Data Magnetic Anomalies Associated with Known Mineralization PEA Pit Design Magnetic Anomalies Known Mineralization TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 14
Slide 15: Additional Future Satellite Pit Potential
Gunnison Project Exploration Upside Potential Additional Future Cu-Zn-Ag Strong and Harris Satellite Pit Potential Zone Peabody Sill Peabody Mine Moore North Pb-Zn-Ag • Potential for additional satellites to be added Copper Chief Zone ~5 miles into PFS mine plan Johnson Camp Texas Arizona • Most adv
Slide 16: Valuation Comparison vs Peers
Valuation Comparison vs Peers Gunnison P/NAV Ranking vs Select Peers Transaction 1.15x 1.21x Average 1.18x 496% Higher 0.80x 0.87x 0.84x Peer Group Average 0.84x 322% Higher Gunnison P / NAV 0.20x Gunnison Faraday Ivanhoe Electric Hudbay & Arizona Sonoran Eldorado & Foran Transaction Transaction Com
Slide 17: Key Insights: Gunnison vs Arizona Sonoran
Key Insights: Gunnison vs Arizona Sonoran Arizona’s Copper Future | Gunnison & Arizona Sonoran Implied Gunnison Value +481% P / NAV 0.20x P / NAV 1.15x P / NAV Equity Value (1) / Transaction Value US$M $123 $1,480 Primary Asset Gunnison Cactus Study 2026 PEA 2025 PFS Copper Price $/lb $4.60 $4.25 LO
Slide 18: Capital Structure and Strong Institutional Shareholder Base
Capital Structure and Strong Institutional Shareholder Base Capital Structure Ownership3 Market Capitalization C$169.2M US$120.9M 3% Cash1 December 31, 2025 C$28.7M US$20.6M 13% Convertible Debt1, 2 C$7.5M US$5.4M 34% Shares Outstanding 423.0M Options 31.6M Warrants 54.6M Convertibles 36.8M Fully Di
Slide 19: Appendix
Appendix TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 19
Slide 20: Johnson Camp Mine – One of America's Newest Copper Producers
Johnson Camp Mine – One of America’s Newest Copper Producers Producing in Arizona - from Material to Grade A Copper Cathode Health & Safety • Over 12 years LTI-free, demonstrating a strong safety culture Construction Key Figures • $143M construction capex • Created 250+ jobs • 25 MPPA SX/EW Plant Ca
Slide 21: Proven Permitting & Operating Team
Key Team Members Management Board of Directors Stephen Twyerould, Ph.D – CEO, President and Director Over 35 years’ experience in the mining industry across numerous early-to-late Fred DuVal – Chairman of the Board stage companies worldwide, with extensive track record performing in both Mr. DuVal w
Slide 22: Catalyst-Driven Strategy with a Proven Ability to Deliver
Catalyst-Driven Strategy with a Proven Ability to Deliver Next 6 7-24 Months Months • Commence work on Gunnison PFS and Permit • JCM to full nameplate production capacity Amendments • Gunnison metallurgical test work results • Monetize 48C tax credits $13.9M • Gunnison in-fill drill program results
Slide 23: Mineralized Material Sorting Limestone / Cement
Mineralized Material Sorting Limestone / Cement Optical sorting removes non-mineralized High-purity limestone overburden supports optional material before leaching cement & limestone sales into regional markets • Optical sensors reject non-mineralized rock after crushing / before • Drilling and lab
Slide 24: Profitability Metrics – Free Cash Flow Profile
Profitability Metrics – Free Cash Flow Profile (USD) $14.5B $13.8B $6.96B LoM Gross Revenue LoM Net Revenue LoM Free Cash Flow This chart contains Non-IFRS financial measures; see “Non-IFRS Financial Measures”. Years 4 and 5 free cash flows include the impact of $326M in expansion capital for the ce
Slide 25: Gunnison Mine Plan and Production Profile (Mtons)
Gunnison Mine Plan and Production Profile (Mtons) I-10 Gunnison WRF Pit WRF Crusher Leach Pad Note: Leach numbers correspond to the tons stacking in the leach pads per year, and do not necessarily indicate copper recovery in those periods. TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 All currency amoun
Slide 26: Gunnison Copper Cathode Produced (Mlbs)
Gunnison Copper Cathode Produced (Mlbs) I-10 Gunnison WRF Pit WRF Crusher Leach Pad TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 All currency amounts in US dollars, unless stated otherwise 26
Slide 27: Gunnison Deposit Mineral Resource Estimate
Gunnison Deposit Mineral Resource Estimate Mineral Resource Estimate The Gunnison Deposit Mineral Resources are classified in order of increasing geological and quantitative confidence into Inferred, Indicated, and Measured categories in accordance with the “CIM Definition Standards – For Mineral Re
Slide 28: Value Proposition
Value Proposition: • One of America’s newest copper producers • Significant catalysts over next 6-24 months • Undervalued relative to peer valuation and M&A transaction info@GunnisonCopper.com TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 www.GunnisonCopper.com