Gunnison Copper Corp. · TSX:GCU
Gunnison Copper — Investor Presentation (September 2026)
25 slides from Gunnison Copper's investor presentation, September 2026
Slide 1: Advancing Gunnison for America's Future
ADVANCING GUNNISON FOR AMERICA’S FUTURE SEPTEMBER 2026 | TSX: GCU | OTCQB: GCUMF GUNNISONCOPPER.COM
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: Our Mission
OUR MISSION To produce and reliably supply pure American copper from Southern Arizona to strengthen America's industrial base and secure the critical supply chains that power our nation's energy, defense, technology, and manufacturing sectors. We achieve this through safe, responsible operations, lo
Slide 4: Gunnison Copper Company Overview
GUNNISON COPPER Company Overview Pure Play Copper Company with Leverage to Copper Price Producing Mine and Major Growth Project Pure Copper Cathode Open-Pit, Heap Leach, SX/EW. Will Produce Copper Cathode Tier 1 Location – Arizona USA State-Led Permitting Process Proven Track Record Permitted and Bu
Slide 5: Johnson Camp Mine
JOHNSON CAMP MINE Producing Mine Supplying U.S. Defense and Energy Sectors RAPID EXECUTION Final Investment Decision to first production in under 18 months. Permitted in under 12 months. Commercial production expected Q3 2026. Full production capacity at 25 Mlbs per year SAFETY PERFORMANCE No lost-t
Slide 6: Johnson Camp Mine Q2 2026 YTD Results
JOHNSON CAMP MINE Q2 2026 YTD Results - Ramp up at Johnson Camp The following table summarizes selected financial and operational information for the Company for the second quarter ended June 30, 2026: Q2 Highlights: Selected Quarterly Metrics Units Q1 2026 Q2 2026 YTD Material mined Short Tons 655,
Slide 7: Gunnison Project
GUNNISON PROJECT Overview Production Metrics Annual Copper Cathode¹ ~174 million lbs Life of Mine 21 years Financial Metrics First Copper Production² 2030 / 2032 541 Mton @ Leached Material NPV @ 8% (After-Tax) $4.60/Cu $1,959M 0.43% Total Cu Internal Rate of Return (IRR) 22.5% Global Copper Recover
Slide 8: Gunnison Project All-In Sustaining Cost
GUNNISON PROJECT All-In Sustaining Cost (AISC) $2.05/lb Cu Operating Expenditures – Copper Inputs $/lb Cu Produced Global Cost Curve Mining - Before Deferred Stripping 1.32 Gunnison Positioned in Lower Quartile at $2.05 AISC Mining - Limestone Credits (0.07) Mining - Deferred Stripping (0.06) Driven
Slide 9: Peer Ranking
PEER RANKING Gunnison’s CAPEX includes NPV and Initial CAPEX Ratio $300M Acid Plant 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 $709 NPV In
Slide 10: Significant Upside to Copper Prices
SIGNIFICANT UPSIDE TO COPPER PRICES Base Case PEA vs Today’s Comex Prices Base Case COMEX Copper Price $4.25/lb $4.60/lb $5.00/lb $5.50/lb $6.00/lb $6.50/lb $7.00/lb Sensitivities NPV8 (after tax) $1.6B $2.0B $2.4B $3.0B $3.5B $4.0B $4.6B IRR 19.55% 22.51% 25.81% 29.84% 33.73% 37.47% 41.12% Project
Slide 11: Key Project Derisks and Value Creation Work Program
ADVANCING GUNNISON KEY PROJECT DERISKS AND VALUE CREATION WORK PROGRAM TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS0 11
Slide 12: Key Project Derisk: Permit Amendments
KEY PROJECT DERISK | Permit Amendments Successful Permitting Track Record All major Gunnison Project permits Lower permitting risk and shorter Permitted Johnson Camp Mine in under already in place (require amendments) timeline vs peers twelve months Required Permits and Approvals Office Status Aquif
Slide 13: Key Project Derisk: Permitting Timeline
KEY PROJECT DERISK | Permitting Timeline Arizona Mined Land Reclamation Plan (MLRP) Arizona State Mine Inspector Aquifer Protection Permit (APP) Existing ISR permit, amendments required Arizona Department of Environmental Quality (ADEQ) Existing ISR permit, amendments required Q4 2027 H2 2028 Decemb
Slide 14: Key Project Derisk: Metallurgical Test Work
KEY PROJECT DERISK | Metallurgical Test Work Attract Mid-Tier Investment Up to 36 drill holes totaling Continue to build confidence in recoveries and acid approximately 33,000 feet consumption (10,000 meters) Comprehensive column leach and metallurgical testing program De-risk Samples across the Gun
Slide 15: Key Project Derisk: Conversion Drilling
KEY PROJECT DERISK | CONVERSION DRILLING Upgrade the Resource to Support a Reserve ~95% of Gunnison Mineral Resource in Mine Plan is M&I Gunnison Project High-confidence resource base substantially reduces conversion risk as Gunnison advances toward a reserve 5.2 BILLION LBS Copper contained in exis
Slide 16: Value Creation: Add More Metal and Increase Throughput
VALUE CREATION | Add More Metal and Increase Throughput Drilling of Gunnison’s Sulfide Zone & Strong & Harris Added ~500 million lbs Target additional pounds of copper between 2024 PEA and 2026 PEA Expansion drilling focused on the sulfide zone at Gunnison Main Total copper produced: 3.2 billion lbs
Slide 17: Value Creation: By-Products and Concentrator Approach
VALUE CREATION | BY-PRODUCTS Potential Concentrator Approach to Sulfide Zones Evaluating concentrator approach to Sulfide Zones Potential to recover additional value from sulfide material and by- products not included in current project economics Strategic Metals and Partnerships Advancing analysis
Slide 18: Value Creation: Exploration Upside
VALUE CREATION EXPLORATION UPSIDE A District with Scale Satellite Feed Potential – Known deposits across the district could provide additional feed to the Gunnison Project and leverage planned infrastructure. Large Porphyry Exploration Upside – District-scale geology supports the potential for a lar
Slide 19: Valuation Comparison vs Peers
VALUATION COMPARISON VS PEERS Gunnison P/NAV Ranking vs Select Peers Transaction Average 1.21x 1.18x 1.15x 429% Higher 0.91x 0.81x 0.86x Peer Group Average 0.86x 287% Higher Gunnison P / NAV 0.22x Gunnison Faraday Ivanhoe Electric Peer Average Hudbay & Arizona Eldorado & Foran Sonoran Transaction Tr
Slide 20: Capital Structure & Strong Institutional Shareholder Base
CAPITAL STRUCTURE & STRONG INSTITUTIONAL SHAREHOLDER BASE Market Capitalization C$232.5M US$166.8M ~Ownership4 Cash1 June 30, 2026 C$45.8M US$33.2M 5% Convertible Debt3 C$2.1M US$1.5M 20% 15% Shares Outstanding 505.5M Options 33.1M Warrants 54.6M Convertibles 7.9M Fully Diluted Share Capital 601.1M
Slide 21: Capital Structure
CAPITAL STRUCTURE Strong Institutional Shareholder Base 3% 15% 20% Market Capitalization C$227.5M US$162.5M Cash1 June 30, 2026 C$45.8M US$33.2M Convertible Debt3 C$2.1M US$1.5M Ownership4 Shares Outstanding 505.5M Options 33.1M Warrants 54.6M Convertibles 7.9M Fully Diluted Share Capital 601.1M 60%
Slide 22: From In-situ Leach (ISR) to Open Pit – A Strategic Pivot
GUNNISON From In-situ Leach (ISR) to Open Pit – A Strategic Pivot 2020-2022 2022-2024 November 2024 November 2024 → Today ISR Ramp-Up & Technical Re-Evaluating the The Inflection Point A New Gunnison Challenges Opportunity Predecessor Company (Excelsior The underlying copper resource The Company sec
Slide 23: Senior Management Team and Board of Directors
SENIOR MANAGEMENT TEAM BOARD OF DIRECTORS Craig Hallworth, CPA, CFA – President & Chief Executive Officer, Director Fred DuVal – Chairman Over 20 years’ experience in leadership roles including involvement in the financing and construction Mr. DuVal was the Democratic nominee for Governor of four mi
Slide 24: 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 25: Gunnison Project Mineral Resource Estimate
GUNNISON PROJECT 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 Resources and Mineral Reserv
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