VANCOUVER, CANADA (October 30, 2025) – Aldebaran Resources Inc. (“Aldebaran” or the “Company”) (TSX-V: ALDE, OTCQX: ADBRF) is pleased to announce the results of a Preliminary Economic Assessment (“PEA”), prepared in accordance with National Instrument 43-101 standards, for the Altar copper-gold project located in San Juan, Argentina. The base case scenario utilizes a 60,000 tonnes per day (“tpd”) concentrator, processing mineralized material from both open pit and underground sources. The results of the PEA are reported on a 100% basis, while Aldebaran owns an 80% interest in the project, with the remaining 20% held by Sibanye-Stillwater Ltd.

All dollar amounts referenced herein are in US dollars unless otherwise noted.

HIGHLIGHTS

Long life operation with significant production:

• 48-year mine life, including 3 years of construction
• First 20 years¹: Average annual production of 121,445 tonnes copper equivalent² (“CuEq”)
  • 108,579 tonnes copper (“Cu”), 43,199 ounces of gold (“Au”), and 570,217 ounces of silver (“Ag”)
• First 30 years¹: Average annual production of 116,294 tonnes CuEq
  • 105,897 tonnes Cu, 33,866 ounces of Au, and 557,239 ounces of Ag
• LOM: Average annual production of 101,413 tonnes CuEq
  • 92,891 tonnes Cu, 27,020 ounces of Au, and 525,192 ounces of Ag

Robust economics with leverage to commodity prices:

• Using base-case metal prices of $4.35/lb Cu, $2,500/oz Au, and $27/oz Ag, the project has an after-tax NPV (8%) of $2.0 billion, an IRR of 20.5% and a payback period of 4 years
• Total LOM gross revenue of $44.7 billion (before TC/RCs, payabilities and transport) and total LOM free cash flow of $10.7 billion
• Using spot prices of $5.00/lb Cu, $3,963/oz Au, and $47/oz Ag, the project has an after-tax NPV (8%) of $3.34 billion and an IRR of 28.0%⁴

Attractive capital intensity:

• Initial capex for the project is $1.59 billion
  • Upfront capital is minimized by taking a staged approach to the tailings storage facility and underground construction
• Capital intensity of $15,713/t of average annual CuEq metal produced³
• NPV @ 8% / Initial Capex ratio of 1.27x

Competitive cost profile:

• Cash Costs (C1) of $1.71/lb payable Cu for the first 20 years¹, $1.87/lb payable Cu for the first 30 years¹, and $2.02/lb payable Cu for the LOM
• All in Sustaining Costs (“AISC”) of $2.25/lb payable Cu for the first 20 years¹, $2.42/lb payable Cu for the first 30 years¹, and $2.59/lb payable Cu for the LOM

Combined Open Pit and Underground Operation:

• Production from the open pit pays back the initial capital, while development of the underground is ongoing
• Underground mining pulls forward better grade mineralization earlier in the mine life, to increase production and generate cash flow
• ~80% of the resources (by tonnage) in the mine plan are categorized as Measured and Indicated, with the remaining ~20% categorized as Inferred

John Black, Chief Executive Officer of Aldebaran, commented: “This PEA confirms that the Altar project has the potential to become a long-life, high-quality copper operation capable of generating substantial production and cash flow. Our objective was to define a mine plan that delivers a minimum of 100,000 tonnes of CuEq per year, while maintaining a compact operational footprint and a disciplined approach to capital. The results of this study clearly achieve those objectives and demonstrate that Altar is a technically and economically robust project. This PEA represents a major milestone for the Company and provides the foundation for our upcoming application for inclusion under Argentina’s RIGI investment framework. With the political environment in Argentina shifting toward pro-business and pro-development policies—as underscored by the recent mid-term election results—the timing for advancing a project of Altar’s scale could not be better. The country is positioning itself to emerge as a significant copper producer at a time when global demand for the metal continues to rise. In addition to the base case concentrator scenario, our collaboration with Nuton, a Rio Tinto venture, demonstrates Nuton^® Technology as a potentially viable processing alternative at Altar. Utilizing Nuton^® Technology, life-of-mine capital expenditure and operating costs were reduced, leading to higher life-of-mine free cash flow. When you combine the economic results with the ESG benefits of Nuton’s sulphide leaching technology, the Nuton case is quite compelling and warrants further evaluation. The next 12 to 18 months will be transformative for the Company, with multiple key catalysts—including a resource update, completion of the PFS, and the proposed Centauri Minerals spin-out—positioning us to unlock significant value for our shareholders.”

Kevin B. Heather, Chief Geological Officer of Aldebaran, commented: “The PEA represents a significant milestone for the Altar project. In addition to achieving the goals John stated above, we were also focused on maximizing NPV and IRR, hence we elected to move forward with a mine plan that included a combination of open-pit and underground block caving. The block cave, commencing production after the open pit pays back the initial capital, allows us to pull forward higher-grade material in the mine plan and to maintain constant CuEq production numbers, while keeping throughput at 60,000 tpd. Moreover, it keeps the overall footprint of the operation smaller, which is a key consideration for development projects. Our approach to capital expenditures was to stage capital outlays where possible, to ensure initial capital expenditures were kept manageable. Where possible, capital was paid out of cash flow to present a more prudent and attractive development opportunity. We will now begin to shift our focus to the PFS, which will be the next step in de-risking the Altar project. To that end, our 2025/2026 field program is now underway, with most of the work focused on collecting the additional data necessary for the upcoming PFS. This includes additional infill drilling, geotechnical drilling, lab-based geotechnical stress and strain test work, Acid Based Accounting (ABA) test work, environmental monitoring, water wells, water balance studies, community engagement, and more. While this work is ongoing, we will also be exploring several opportunities that we have identified that could potentially unlock additional value from the Altar Project.”

PEA Overview

When available, readers are encouraged to read the PEA in the Company’s technical report (“Technical Report”) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“43-101”) in its entirety, including all qualifications, assumptions and exclusions that relate to the PEA and mineral resource model. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The PEA envisions a combination of open-pit and underground mining, followed by processing via a conventional copper flotation circuit having a nameplate processing capacity of 60,000 tonnes per day. This results in a mine life of 48 years with an average annual production of 102,742 CuEq tonnes for LOM, 116,539 tonnes CuEq for the first 30 years, and 121,748 CuEq tonnes for the first 20 years. Table 1 presents key operating and financial highlights from the PEA, using base study case assumptions of $4.35/lb Cu, $2,500/oz Au and $27/oz Ag. Figure 1 displays annual CuEq production for the LOM, while Figure 2 displays projected cash flows.

Figure 1 – LOM CuEq Production and C1 Cash Costs

Figure 2 – Project Cash Flows

Mineral Resource Estimate

On November 25, 2024, the Company announced an updated mineral resource estimate (“MRE”) for the Altar project (see Table 2). The PEA is based on the MRE; however, the PEA production profile is based on a subset of the MRE, utilizing different metal prices, operating costs, and mining methods.

Mining

The proposed mining method is divided into open-pit mining for the near-surface part of the deposit and underground caving for the deeper parts. The open pit will use well-known truck and shovel operations with 12.5-m bench intervals. Haul trucks will be used for hauling mineralized material to the crushing plant and long-term stockpile facilities. Waste rock will be hauled to the closest waste rock storage facility. Underground operations will handle material in bulk using well established block caving methods. Open-pit mining will occur during the first 9 years of operation (in the Altar Central area), while underground development is underway. The mining profile for the project can be seen in Figure 3.

Open pit mining operations will use a smaller-scale equipment fleet that includes 8 m³ hydraulic excavators and 100t capacity SANY haul trucks to allow for narrower bench phases and haul roads, steeper pit slopes, which will facilitate getting into the better-grade, highest-margin mineralization sooner. Underground block cave mining will occur in three areas: Altar East, Altar United, and Altar Central (beneath the open pit). Each underground cave is divided into two lifts, an upper and lower, which will be sequenced as follows: Altar East Upper, Altar United Upper, Altar Central Upper, Altar East Lower, Altar United Lower and Altar Central Lower. Underground access to the block caving mining areas will be through a portal and conveyor drift from the south of the proposed pit (twin declines). To develop the first block cave lift at Altar East, two 3000 m declines are required plus associated development beneath the cave lift.

Figure 3. Mining profile for the LOM

Processing

Extensive metallurgical test work has demonstrated that the contained copper and gold can be effectively recovered in a traditional flotation concentrator that would produce a single gold-bearing copper concentrate using industry-accepted technologies. The flowsheet includes primary crushing followed by grinding in a SAG (semi-autogenous grinding) mill/ball mill grinding circuit, rougher flotation, regrinding of the rougher concentrate and three stages of cleaner flotation. The concentrator would be constructed with a capacity to process 60,000 tpd and operated on a 365 day/year, 24 hour/day schedule. A simplified process flowsheet can be seen in Figure 4. LOM average recoveries for Cu, Au and Ag are 87.76%, 57% and 50% respectively. The grade of the concentrate produced is 26% for the LOM. Arsenic in the concentrate is expected to range from 0.5% to 2.2%. Aldebaran hired the CRU Group, a global leader in commodity research and market analysis, to complete a study analyzing the placement of arsenic-bearing concentrates into the marketplace, which showed that blending capacity for arsenic-bearing copper concentrates worldwide has increased materially in recent years, and penalties paid for arsenic-bearing concentrates have decreased substantially. The PEA utilizes CRU’s view on arsenic penalties.

Figure 4. Processing Circuit

Capital and Operating Costs

The capital cost estimate prepared for the PEA includes an installation cost associated with the site infrastructure, open pit mine and concentrator plant, a growth capital associated with the installation of the block caving underground mining operation, and the sustaining capital associated with the production plan. The LOM summary of capital is presented in Table 3, while the capital profile for the LOM is presented in Figure 5.

Figure 5. Capital Profile for the LOM

Operating costs were estimated for the open pit mining operation, block caving mining operation, the concentrator processing operation, and G&A. A summary of the estimated operating costs is presented in Table 4. The buildup of LOM C1 cash costs and AISC can be found in Tables 5 and 6, while operating costs by year can be found in Figure 6.

Figure 6. Operating Cost by Year

Infrastructure

The Altar project includes on-site infrastructure such as earthworks development, crushing and process plant facilities as well as ancillary buildings such as camp, warehouses and workshops, on-site roads, water management systems, and site electrical power facilities.

Off-site infrastructure includes a site access road, plant roads, water supply, power supply (power transmission line), two waste rock storage areas, the tailings storage facility, and surface water management structures. 

Water use for the project assumes use of surface runoff water, pit dewatering wells, water supply wells within 25 km from the concentrator, with additional water supplied from surface sources.

Nuton, a Rio Tinto venture, Scenario

On November 7, 2024, Aldebaran announced that it had entered an agreement with Nuton Holdings ltd. (“Nuton”), whereby Aldebaran would grant Nuton the option to acquire a 20% stake in the Altar project (see Company press release dated November 7, 2024). As part of that agreement, Aldebaran agreed to include a case in the PEA (“Nuton Case”) utilizing the Nuton^® Technology, a suite of proprietary sulphide leaching technologies, as a potential alternative to the base case concentrator scenario reported above (“Base Case”). Nuton^® Technology provides the potential to leach both primary and secondary sulphides, providing an alternative processing option for the Altar project. In addition, the Nuton Case provides significant other benefits, such as eliminating the need for a tailings dam, providing a smaller environmental footprint, lower overall energy consumption and lower water consumption than conventional sulphide mineralization treatment processes. Moreover, producing copper cathode on site would eliminate downstream treatment and refining costs, deleterious elements’ penalties, simplify logistics and would provide a finished product at site saleable to the market.

As a result of the work completed in the Phase 1 Nuton^® Technology test work program (see Company press release dated November 7, 2024, for details), Nuton has estimated ultimate copper extraction and copper recovery after a 450-day leach cycle for each material type at Altar. The results of this analysis estimate copper extraction from hypogene, mixed and supergene material at 86%, 88% and 91%, respectively. Nuton applies a discount factor of 92% to allow for inherent inefficiencies in the scale up to a commercial heap leach and has, therefore, estimated copper recoveries from hypogene, mixed and supergene material at 79%, 81% and 84%, respectively.

The Nuton Case in the PEA utilizes the same mine plan as the Base Case, due to the use of an overall elevated cutoff grade for both cases; however, it utilizes Nuton^® Technology, a bio-leach heap leaching process targeting the leaching of primary and secondary copper sulfide minerals and has been designed to process 60,000 tpd, matching the Base Case throughput. Material will be crushed and processed using a conventional lined heap leach pad and combined with a standard SX/EW facility will produce saleable copper cathode onsite. Aldebaran currently does not have a commercial agreement with Nuton to deploy Nuton^® Technology at Altar and there is no guarantee an agreement will come to fruition. For comparative purposes, the Nuton Case does not include project costs associated with licensing and Nuton^® Technology services at the Altar Project.

To demonstrate the Nuton Case, the variance percentage relative to the Base Case is included here for selected key production and financial metrics. The results of the Nuton Case can be found in Table 7. Measurable contributors to capital spend include a Tailings Storage Facility (TSF) for the Base Case and a Heap Leach Pad (HLP) for the Nuton Case. The Nuton case shows higher initial capital requirements due to the need for more infrastructure from the start-up (e.g. full-sized ponds) compared to a TSF. However, LOM capex in the Nuton Case is lower, as TSF requires higher sustaining capex to reach final capacity. Additionally, at this time, precious metals such as gold and silver cannot be recovered with Nuton^® Technology, whereas they are recovered in the Base Case. Timing of capital and revenue from copper equivalent reduces the NPV for the Nuton Case, but lower total capital and lower operating C1 and AISC costs allow for a higher Free Cash Flow in the Nuton Case.

Green represents metrics where the Nuton case improved over the base case whereas red represents metrics where the base case was more attractive than the Nuton case

Opportunities

Several opportunities to potentially unlock additional value remain to be evaluated, including:

• Installation of a molybdenum circuit in the later years of the mine when higher-grade molybdenum is encountered in the lower block caves
• Additional metallurgy to potentially improve copper recoveries
• Combined concentrator and Nuton^® Technology scenario
• Processing of concentrate on-site rather than shipping to a smelter
• Filtered tailings storage
• Producing a pyrite concentrate from the pyrite-rich waste rock, that could be used in the Nuton Case
• Upsizing the daily production rate and copper output with better metal prices

Next Steps

• The 2025/2026 field season is underway, with four drill rigs currently being mobilized to site
• Additional infill drilling to convert inferred resources to the measured and indicated categories
• Preparation to apply for inclusion under Argentina’s RIGI benefits
• Produce an updated mineral resource estimate based on the infill drilling completed in 2024-2025 and the to-be-completed 2025-2026 infill drilling (resource conversion)
• Geotechnical drilling within the PEA open pit and underground block caves
• Geotechnical drilling within the PEA tailings storage facility
• Lab-based geotechnical stress and strain test work
• Acid Based Accounting (ABA) test work
• Drilling additional water wells and conducting additional pump tests for water balance studies
• Continue environmental monitoring studies

Study Notes

Aldebaran retained SRK Consulting Inc. as lead consultants, with Knight Piesold as a subcontractor.

The PEA is preliminary in nature, as it 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves and do not have demonstrated economic viability.

Webinar

For more context, please join the Company in a live event on Friday, October 31 at 11:00 am EST / 8:00 am PDT.

Click here to register: https://6ix.com/event/aldebaran-resources-presents-pea-results.

Qualified Person

The scientific and technical data contained in this news release has been reviewed and approved by Dr. Kevin B. Heather, B.Sc. (Hons), M.Sc, Ph.D, FAusIMM, FGS, Chief Geological Officer and director of Aldebaran, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.

Notes

1. Assumes commercial production begins in year 1 after 3 years of construction. 20- and 30-year averages calculated starting in year 1.
2. CuEq calculated in the PEA study using $4.35/lb Cu, $2,500/oz Au and $27/oz Ag and is reported utilizing recoveries of 87.76% for Cu, 57% for Au, and 50% for Ag.
3. Capital intensity calculated as initial capex divided by LOM average annual CuEq production.
4. LME copper price, gold and silver price as of market close on October 27, 2025. The NPV calculation using spot prices was not part of the PEA report and was calculated by Aldebaran using the financial model provided by SRK.
5. Before TC/RCs, payabilities and transport.

ON BEHALF OF THE ALDEBARAN BOARD

(signed) “John Black”
John Black
Chief Executive Officer and Director
Tel: +1 (604) 685-6800
Email: info@aldebaranresources.com

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For further information, please consult our website at www.aldebaranresources.com or contact:

Ben Cherrington
Manager, Investor Relations
Phone: +1 347 394-2728 or +44 7538 244 208
Email: ben.cherrington@aldebaranresources.com

About Aldebaran Resources Inc. 

Aldebaran is a mineral exploration company that was spun out of Regulus Resources Inc. in 2018 and has the same core management team. Aldebaran holds an 80% interest in the Altar copper-gold project in San Juan Province, Argentina. The Altar project hosts multiple porphyry copper-gold deposits with potential for additional discoveries. Altar forms part of a cluster of world-class porphyry copper deposits which includes Los Pelambres (Antofagasta Minerals), El Pachón (Glencore), and Los Azules (McEwen Copper). In November 2024 the Company announced an updated mineral resource estimate for Altar, prepared by Independent Mining Consultants Inc. and based on the drilling completed up to and including the 2023-24 field season (independent technical report prepared by Independent Mining Consultants Inc., Tucson, Arizona, titled “Technical Report, Estimated Mineral Resources, Altar Project, San Juan Province, Argentina”, dated December 31, 2024 – see news release dated November 25, 2024).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” or forward-looking statements” within the meaning of Canadian and United States securities legislation. All statements included herein, other than statements of historical fact, including, without limitation, statements relating to the Altar project as a profitable project for the Company, the scale, throughput, resources, projected production and projected profitability of the Altar project, timeline for the completion of a mineral resource update, a pre-feasibility study, and the proposed spin-out of Centauri Minerals, projected gold prices and other assumptions, projected economics, including NPV, IRR, cash costs, AISC and payback period, are forward-looking. Generally, the forward-looking information and forward looking statements can be identified by the use of forward looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “will continue” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The material factors or assumptions used to develop forward looking information or statements are disclosed throughout this news release.

Forward looking information and forward looking statements, while based on management’s best estimates and assumptions, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Aldebaran to be materially different from those expressed or implied by such forward-looking information or forward looking statements. Although Aldebaran has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information and forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information or statements. The Company has and continues to disclose in its Management’s Discussion and Analysis and other publicly filed documents, changes to material factors or assumptions underlying the forward-looking information and forward-looking statements and to the validity of the information, in the period the changes occur. The forward-looking statements and forward-looking information are made as of the date hereof and Aldebaran disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Phoenix, Arizona–(Newsfile Corp. – July 22, 2025) – Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) (“Gunnison” or the “Company”) is pleased to announce that mineral processing has started with first copper sales expected in September at the fully-permitted Johnson Camp Mine (“JCM”), in southeast Arizona.

“A major milestone for Gunnison Copper has been achieved, as we started leaching copper on July 18, about one year after starting to construct the leach pad,” states Robert Winton, SVP Operations of Gunnison Copper. He continues, “Working with our partners, Nuton, M3, Rango, and Schmueser has been a pleasure and the results speak to the incredible dedication and perseverance of the entire team. We have managed to grow our 11 year no lost time accident record at JCM with over 100+ employees and contractors at site. We are just months away from producing finished copper in Arizona, when copper is trading at an all-time high price and when there is an increased need for Made in America solutions to our energy and national security.”

Progress as of the Company’s last update (see Gunnison news release dated June 9th) includes:

• Stacking and acid curing of mineralized material has commenced (Figure 1).
• Material continues to be stockpiled in advance of the completion of the leach pads (Figure 2).
• Leach pad Phase-2 is complete.
• Phase-3 leach pad is complete and conveyors constructed.

Since the Company’s last update, the Company is pleased to report that JCM construction activities continue to progress as planned. The overflow pond construction has been completed ahead of first acid irrigation. The pipelines from the leach pads to the SX/EW plant are complete, and Phase-1 pad leaching has started, with first copper cathode from Run-of-mine (ROM) oxide production using conventional leach technology scheduled for September. First copper using Nuton technology is expected before the end of the year.

Figure 1 – Stacking mineralized material from the JCM pit in panels for leaching on the ROM pad.

Figure 2 – Leach Pad Overhead View, 8 million square feet with dimensions of approximately 1220m by 640m. Phase-1 shows 4 panels of material that have started leaching and Phase 2 shows the crusher pad and Nuton process equipment area. Phase 3 in the upper right corner is the Nuton heap location with overliner being installed above the liner.

Figure 3 – Drip line delivering acidified solution to copper rich material on the ROM pad.

Figure 4 – Drip lines feeding acidified solution to leach copper from mineralized material on the ROM pad.

ABOUT GUNNISON COPPER

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

Its flagship asset, the Gunnison Copper Project, has a Measured and Indicated Mineral Resource containing over 831,6 million tons with a total copper grade of 0.31% (Measured Mineral Resource of 191.3 million tons at 0.37% and Indicated Mineral Resource of 640.2 million tons at 0.29%), and a preliminary economic assessment (“PEA“) yielding robust economics including an NPV8% of $1.3 Billion, IRR of 20.9%, and payback period of 4.1 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link.

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. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

In addition, Gunnison’s Johnson Camp Asset, which is under construction with first copper production expected in Q3 2025, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually.

Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include Strong and Harris, South Star, and eight other deposits.

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 and available 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 news release.

For more information on Gunnison, please visit our website at www.GunnisonCopper.com.

ABOUT NUTON

Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leaching technologies and capability. Nuton has the potential to economically unlock copper from hard-to-leach ores, including primary sulfides and, in doing so, increase domestic production of critical minerals to support the energy transition. Nuton technologies can achieve market-leading recovery rates and boost copper production in new, ongoing and historical operations, increasing resource utilization and maximizing value.

With significantly lower energy and water needs than conventional concentrating and smelting, and the ability to produce copper cathode at the mine site, Nuton offers a reliable source of domestically produced copper, with a short mine-to-metal supply chain and the ambition to set industry-leading ESG credentials.

One of the key differentiators of Nuton is the ambition to produce the world’s lightest environmental footprint copper while having at least one Positive Impact at each of its deployment sites, across its five pillars: water, energy, land, materials and society.

For more information, please visit https://nuton.tech.

For further information regarding this press release, please contact:

Gunnison Copper Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018

Melissa Mackie
T: 647.533.4563
E: info@GunnisonCopper.com
www.GunnisonCopper.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) timelines for future production and production capacity from the Company’s mineral projects; (v) timelines for continued construction at JCM; (vi) the results of the preliminary economic assessment on the Gunnison Project; and (vii) 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 news release 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 news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/259568

Phoenix, Arizona–(Newsfile Corp. – June 9, 2025) – Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) (“Gunnison” or the “Company”) is pleased to announce that mineral processing will commence by July with first copper sales in September at the fully-permitted Johnson Camp Mine (“JCM”), in southeast Arizona.

Progress as of the Company’s last update (see Gunnison news release dated March 21^st) included:

• Mining of mineralized material had commenced (Figure 1).
• Material was being stockpiled in advance of the completion of the leach pads (Figure 2).
• Leach pad Phase-1 was complete.
• Phase-2 leach pad was expected in the near term.

Since the Company’s last update, the Company is pleased to report that JCM construction activities are progressing as planned. The haul road to the run of mine oxide Phase-1 pad, PLS sump, culverts and overflow pond construction have started ahead of first acid irrigation. The pipelines from the leach pads to the SX/EW plant are nearing completion, and Phase-1 pad irrigation is anticipated by July, with first copper cathode from Run-of-mine (ROM) production using conventional leach technology scheduled for September. First copper using Nuton technology is expected before the end of the year.

Figure 1 – Mining mineralized material from the JCM pit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2744/254883_ad99f12ba4c1198e_002full.jpg

Figure 2 – Leach Pad Overhead View, 8 million square feet with dimensions of approximately 1220m by 640m. Phase 1 shows the protective, crushed rock, over-liner material on bottom half of the image and Phase 2 shows the crusher pad and Nuton process equipment area. Phase 3 in the upper right corner is the Nuton heap location with liner and overliner being installed.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2744/254883_ad99f12ba4c1198e_003full.jpg

“Construction activity continues its fast pace and we are getting ever closer to first irrigation of oxide mine production at JCM SX/EW restart,” states Robert Winton, SVP Operations of Gunnison Copper. He continues, “There is no better time than now to bring a new copper mine online in America, with this critical mineral playing a vital role in our energy and defense security. The efforts of our team and contractors have been second to none during the entire project.”

Figure 3 – New LNG infrastructure storage tank and vaporizers to ensure grade 1 copper production at JCM.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2744/254883_ad99f12ba4c1198e_004full.jpg

ABOUT GUNNISON COPPER

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

Its flagship asset, the Gunnison Copper Project, has a measured and indicated mineral resource containing over 831 million tons with a total copper grade of 0.31% (measured mineral resource of 191.3 million tons at 0.37% and indicated mineral resource of 640.2 million tons at 0.29%), and a preliminary economic assessment (“PEA“) yielding robust economics including an NPV8% of $1.3Billion, IRR of 20.9%, and payback period of 4.1 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link.

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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

In addition, Gunnison’s Johnson Camp Asset, which is under construction with first copper production expected in Q3 2025, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually.

Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include Strong and Harris, South Star, and eight other deposits.

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 and available 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 news release.

For more information on Gunnison, please visit our website at www.GunnisonCopper.com.

ABOUT NUTON

Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leaching technologies and capability. Nuton has the potential to economically unlock copper from hard-to-leach ores, including primary sulfides and, in doing so, increase domestic production of critical minerals to support the energy transition. Nuton technologies can achieve market-leading recovery rates and boost copper production in new, ongoing and historical operations, increasing resource utilization and maximizing their value.

With significantly lower energy and water needs than conventional concentrating and smelting, and the ability to produce copper cathode at the mine site, Nuton offers a reliable source of domestically produced copper, with a short mine-to-metal supply chain and the ambition to set industry-leading ESG credentials.

One of the key differentiators of Nuton is the ambition to produce the world’s lightest environmental footprint copper while having at least one Positive Impact at each of its deployment sites, across its five pillars: water, energy, land, materials and society.

For more information, please visit https://nuton.tech.

For further information regarding this press release, please contact:

Gunnison Copper Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018

Shawn Westcott
T: 604.365.6681
E: info@GunnisonCopper.com
www.GunnisonCopper.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) timelines for future production and production capacity from the Company’s mineral projects; (v) timelines for continued construction at JCM; (vI) the results of the preliminary economic assessment on the Gunnison Project; and (vIi) 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 news release 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 news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254883

Regulus Resources Inc. (“Regulus” or the “Company”, TSX-V: REG, OTCQX: RGLSF) is pleased to provide an update on the Phase Two metallurgical test program with Nuton LLC (“Nuton”), a Rio Tinto venture. As well, the Company is pleased to provide an update on the integrated resource estimate currently being completed with Compañía Minera Coimolache S.A. (“Coimolache”, collectively with Regulus, the “Parties”), to evaluate the integrated Coimolache Sulphide/AntaKori copper-gold project (“Integrated Sulphide Project”).

Nuton Phase Two Program

The Company continues to work with Nuton to evaluate Nuton’s proprietary sulphide bio-leaching technologies at the AntaKori project. The Phase One program identified that material from AntaKori was amenable to Nuton’s proprietary sulphide bio-leaching technology (see July 6, 2023 press release). In the Phase Two program, a variety of conditions are being evaluated, with each test column using different sets of conditions to evaluate the optimal setup for leaching AntaKori mineralization (particularly enargite-rich high-sulphidation mineralization which makes up the bulk of mineralization at the AntaKori project).

The Company is reporting on the progress of four columns today. Three of the four columns were focused on testing different conditions for enargite-rich high-sulphidation mineralization, while the other column was utilized to test chalcopyrite-dominant porphyry mineralization. The results thus far from the Phase Two program are very encouraging, as Nuton was able to achieve attractive copper extractions utilizing its Nuton bio-leaching technology on both styles of mineralization. As well, this test work has refined the understanding of which set of conditions produces attractive copper extractions for enargite-rich high-sulphidation mineralization. To date, the highest copper extraction for enargite-rich high-sulphidation mineralization is 88.3% (see Figures 1 and 2). To date, the highest copper extraction for porphyry-hosted chalcopyrite mineralization is 87.9% (see Figures 1 and 2). As mentioned previously, this phase of test work is designed to evaluate various conditions to establish the optimum additives for bio-leaching enargite-rich high-sulphidation mineralization. As such, two of the columns identified conditions that produced slower extraction rates and hence less favourable conditions than the column conditions that produced the 88.3% extraction. However, copper extractions in both of these columns continue to trend upwards. Four additional columns have since been started to further refine the optimal conditions achieved and reported here for leaching AntaKori’s enargite-rich high-sulphidation mineralization with Nuton’s bio-leaching technology. The Company will report on these additional columns when they are at or nearing completion.

Integrated Sulphide Project

Regulus and Coimolache, owner of the Tantahuatay oxide gold mine adjacent to the AntaKori project, continue to advance the Integrated Sulphide Project resource estimate. The Parties have worked collaboratively over the past several months to develop an integrated geological model effectively blending views on geology, structure and mineralization styles, which was a critical step before moving towards an integrated resource estimate. The Parties have hired SRK Peru to develop the resource estimate on the Integrated Sulphide Project and it is anticipated that the study will be completed mid-year. As per the agreement between the Parties, the results of this study can only be publicly reported or shared with third parties upon mutual agreement of the Parties.

John Black, Chief Executive Officer of Regulus, commented: “We are very encouraged by the results of the Phase Two program with Nuton. Conditions have been established under which attractive copper extraction is achieved from both high-sulphidation and porphyry mineralization utilizing Nuton’s bio-leaching technology. With several other columns underway, we continue to view Nuton’s bio-leaching technology as one of several potential processing options for mineralization at AntaKori. As well, we have made considerable progress on the integrated resource estimate with Coimolache, with the creation of an integrated geological model. SRK Peru now has all the information they need to complete the resource estimate on the Integrated Sulphide Project and we look forward to receiving the final results soon.”

Qualified Person

The scientific and technical data contained in this news release pertaining to the AntaKori project has been reviewed and approved by Dr. Kevin B. Heather, Chief Geological Officer, FAusIMM, who serves as the qualified person (QP) under the definition of National Instrument 43-101.

ON BEHALF OF THE REGULUS BOARD
(signed) “John Black”
John Black
CEO and Director
Tel: +1 (604) 685-6800
Email: info@regulusresources.com

For further information, please contact:

Regulus Resources Inc.
Ben Cherrington
Tel: +1 347 394 2728
Email: ben.cherrington@regulusresources.com

About Regulus Resources Inc. and the AntaKori Project

Regulus is an international mineral exploration company run by an experienced technical and management team. The principal project held by Regulus is the AntaKori copper-gold-silver project in northern Peru. The AntaKori project currently hosts a resource with indicated mineral resources of 250 million tonnes with a grade of 0.48 % Cu, 0.29 g/t Au and 7.5 g/t Ag and inferred mineral resources of 267 million tonnes with a grade of 0.41 % Cu, 0.26 g/t Au, and 7.8 g/t Ag (independent technical report prepared by AMEC Foster Wheeler (Peru) S.A., a Wood company, titled AntaKori Project, Cajamarca Province, Peru, NI 43-101 Technical Report, dated February 22, 2019 – see news release dated March 1, 2019). Mineralization remains open in most directions.

For further information on Regulus Resources Inc., please consult our website at www.regulusresources.com.

About Nuton

Nuton is an innovative venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leaching technologies and capability. Nuton has the potential to economically unlock copper from hard-to-leach ores, including primary sulfides and, in doing so, increase domestic production of critical minerals to support the energy transition. Nuton technologies can achieve market-leading recovery rates and boost copper production in new, ongoing and historical operations, increasing resource utilization and maximizing their value. With significantly lower energy and water needs than conventional concentrating and smelting, and the ability to produce copper cathode at the mine site, Nuton offers a reliable source of domestically produced copper, with a short mine-to-metal supply chain and the ambition to set industry-leading ESG credentials. One of the key differentiators of Nuton is the ambition to produce the world’s lowest footprint copper while having at least one Positive Impact at each of its deployment sites, across its five pillars: water, energy, land, materials and society.

For more information please visit https://nuton.tech. 

Forward Looking Information

Certain statements regarding Regulus, including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control. Often, but not always, forward-looking statements or information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.

Specifically, and without limitation, all statements included in this press release that address activities, events or developments that Regulus expects or anticipates will or may occur in the future, including the development of the AntaKori project described herein, and management’s assessment of future plans and operations and statements with respect to the completion of the anticipated exploration and development programs, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties, most of which are beyond Regulus’ control. These risks may cause actual financial and operating results, performance, levels of activity and achievements to differ materially from those expressed in, or implied by, such forward-looking statements. Although Regulus believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The forward-looking statements contained in this press release are made as of the date hereof and Aldebaran does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Figure 1 – Copper deportment by mineral

Figure 2 – Copper extractions (VO stands for volcanic-hosted, high-sulphidation, enargite-rich mineralization, PO stands for porphyry-hosted, chalcopyrite-rich mineralization).

Phoenix, Arizona–(Newsfile Corp. – March 3, 2025) – Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) (“Gunnison”) is pleased to announce it has agreed to a non-dilutive funding transaction (the “Nuton Transaction“) with Nuton, LLC (“Nuton“), a Rio Tinto Venture, for $3 million in proceeds to Gunnison to be used toward its costs related to a Nuton testing program at the Gunnison Project, as well as the execution of the Tax Partnership Agreement with an agreed-upon allocation of the potential future proceeds from Gunnison and Nuton’s award of 48C tax credits from the U.S. government. All amounts in this news release are in United States dollars unless otherwise noted.

“The agreement announced today with Nuton provides Gunnison $3 million in non-dilutive financing and the possibility of additional funds during 2025 as result of monetizing the tax credits awarded to Gunnison and Nuton that Gunnison estimates could be up to $8 million,” states Stephen Twyerould, President & CEO of Gunnison. “Nuton’s interest in the Gunnison Copper Project’s sulfide potential and a potential extension to Stage 2 at Johnson Camp are very positive outcomes for the Company.”

Highlights

• Gunnison and Nuton have entered into a Collaboration Agreement that will provide for, among other things:
  • Nuton’s exclusivity over novel heap leach processing technologies for sulfide mineralization at the Gunnison Open Pit, and
  • Agreed milestones to examine the potential for an extension to the Stage 2 Work Program at the Johnson Camp Mine.
• In exchange for the above:
  • Nuton will provide $3M to Gunnison to be used toward its expenses for the Nuton Stage 1 Viability study on the Gunnison Open Pit (expected in early March) and other agreed purposes; and
  • The parties will work within the parameters of the Tax Partnership Agreement to allow for a portion of the realized cash proceeds from the potential sale of 48C tax credits to be distributed to Gunnison to benefit the Stage 2 project, including paying down a significant portion, or all of, the Nebari debt. Gunnison estimates that its share of the potential proceeds could be up to $8M after Nuton’s allocation and reimbursement of costs, with the actual amount depending on the 48C tax credit certification process and how much can be realized from the sale of the certified credits.
• In addition to this, Gunnison and Nebari have entered a binding term sheet (details below) that provides for the following:
  • Deferral of all principal payments for the remainder of 2025, reducing carrying costs by $2.8M.
  • The right to convert up to $6.25M of the principal into equity at a set conversion price based on a premium to market price or financing price.
  • A trigger to initiate a process by Nebari to refinance the remaining principal maturity, if any, to December 31, 2029. The trigger occurs when the principal, currently $13.75M (including the Repayment Bonus) is reduced to $7.5M or less (the “Refinance Trigger”).
• The above provides two pathways to trigger the refinancing process, either through Nebari’s conversion of principal to equity, or through funds received under the distribution of money from the potential sale of the 48C tax credits. Should both events occur, or other funds become available, then it is possible that the entire Nebari debt could be extinguished in 2025, which is the objective of Management.

Gunnison Stage 1 Viability Testing

The parties have agreed to conduct a Stage 1 viability testing program of Nuton Technologies on sulfide mineralization at the Gunnison Open Pit (the “Stage 1 Gunnison Program“). The Stage 1 Gunnison Program will involve the collection and testing of samples from drill core from the Gunnison Project. The samples will be analyzed by Nuton for the purposes of determining the suitability of the Gunnison Project with Nuton Technologies.

Stage 2 Extension

Gunnison and Nuton have agreed to work together to evaluate the possible extension of the Stage 2 Work Program at Johnson Camp. This evaluation is guided by a set of milestones and is expected to take place over the next 4 to 6 weeks. Nuton shall also receive a right of first offer over the use of any excess capacity from the SX/EW plant and related infrastructure and mining assets located at the Johnson Camp Mine.

“This initial funding allows us to start evaluating by-product commercialization, increase sulfide production potential through drilling and testing, as well as our mineral optimization program, that are all expected to generate significant value creation. This value creation, in parallel with our Nuton partnered JCM operational ramp up and Q3 scheduled cathode production, are continuing to build Made in America copper,” commented Robert Winton SVP Operations and GM.

Intent to Negotiate Exclusive Exploration Agreement

Gunnison and Nuton (or its affiliates) have also agreed to negotiate in good faith an exclusive exploration agreement over all of Gunnison’s property for a 3-to-5-year term (or such term as agreed between the parties), on commercial terms that includes a specified work program, costs and timelines.

Sale of 48C Tax Credits

As announced on January 16, 2025, Gunnison Copper Corp and Nuton LLC have been selected to receive US$13.9 million in tax credits (the “48C tax credit“) under the Qualifying Advanced Energy Project Credit Program. Nuton and Gunnison will work within the parameters of the Tax Partnership Agreement to potentially allow for a portion of realized cash proceeds from the sale of 48C tax credits to be distributed to Gunnison to retire a significant portion, or all of, the Nebari debt, which will benefit the Stage 2 Work Program by reducing Gunnison’s debt service obligations.

The receipt of the 48C tax credit is subject to Certification as outlined in IRS Notice 2023-44. There is no certainty that the conditions to the completion of the Nuton Transaction or receipt of the 48C tax credit will be satisfied.

Amended and Restated Credit Agreement

Gunnison’s wholly-owned subsidiary Excelsior Mining Arizona, Inc. dba Gunnison Copper (“Gunnison Arizona“) have agreed with Nebari Natural Resources Credit Fund I LP (“Nebari“) to amend certain terms of the Amended and Restated Credit Agreement (the “ARCA“). The amendments provide for, amongst other matters, a suspension of principal amortization from February 1, 2025 until January 1, 2026, provide for potential partial conversion to equity, and provide for a mechanism to repay a portion of the principal amount of the ARCA with proceeds to be received from sale of the previously announced 48C tax credits and through a potential refinancing process provide for an extension of the maturity date.

ARCA Amendments

The Company, Gunnison Arizona and Nebari have signed a binding term sheet (the “Nebari Term Sheet“) setting out the terms for the following amendments to the ARCA (collectively, the “Amendments“):

1. Deferral of Principal Amortization: The requirement to begin repaying the principal balance of the ARCA in monthly installments shall be suspended from February 1, 2025 until January 1, 2026. As of January 1, 2026, the remaining principal shall be amortized on a straight-line basis in equal monthly amounts or a monthly amount of $300,000, whichever is smaller.
2. Equity Conversion: To provide for a potential alternative repayment mechanism, up to $6.25 million of the principal amount of the ARCA will be convertible, at Nebari’s option, into common shares of Gunnison, at a price (the “Conversion Price“) equal to the lower of (i) a 30% premium to the lowest issuance price of the common shares or units issued in any equity financing prior to March 31, 2025 (subject to minimum pricing rules of the Toronto Stock Exchange); and (ii) the lowest exercise price of any warrants issued as part of any such equity financing, provided that if no equity financing is completed prior to March 31, 2025 the Conversion Price shall be US$0.1622 (Cdn$0.2339), which is a 30% premium to the volume weighted average trading price (“VWAP“) of the common shares of Parent on the Toronto Stock Exchange for the five trading days prior to the execution of the Nebari Term Sheet.
3. Principal Reduction through 48C Tax Credit: If Gunnison receives a portion of the cash received from the sale of Johnson Camp 48C tax credit it shall use the lower of $6.25 million or the full amount of the proceeds so received to pay down the non-convertible principal amount of the ARCA.
4. Maturity Date Extension: In the event that the principal amount of the ARCA is reduced to $7.5 million or less (whether through conversion or repayment in cash (including cash from the 48C tax credit)), Nebari agrees to seek sale and assignment of the ARCA to another party (the “Loan Buyer“). The assigned ARCA shall have its maturity date amended to 31 December 2029, or such earlier date as agreed between the Loan Buyer and Gunnison, and no amortization shall be due on the convertible portion of the ARCA until the amended maturity date.
5. Minimum Cash Balance: The existing financial covenants related to a minimum cash balance and accounts payable aging shall be adjusted so that they only apply to cash and accounts payable that are not related to the Stage 2 Work Program with Nuton, LLC. Furthermore, the required minimum cash balance shall be $1 million.
6. Security: Gunnison’s subsidiary Excelsior Mining Holdings, Inc. shall become part of Nebari’s collateral package.

The Amendments are subject to certain conditions including approval of the Toronto Stock Exchange, approval from Greenstone Resources L.P. (“Greenstone“) and Triple Flag, deferral of interest payments due under convertible debentures due to Greenstone and Triple Flag, certain agreements between Nebari and Triple Flag agreement and commencement of a work program by Gunnison to optimize certain opportunities identified in the preliminary economic assessment for the Gunnison Project.

Nebari is at arm’s length to the Company. There are no commissions or finders’ fees payable in connection with the transactions discussed in this news release. While the Nebari Term Sheet is binding, the parties intend to conclude a second amended and restated credit agreement reflecting the terms in the Nebari Term Sheet. There is no assurance that the conditions to the Amendments will be satisfied.

ABOUT GUNNISON COPPER

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

Its flagship asset, the Gunnison Copper Project, has a measured and indicated mineral resource containing over 831 million tons with a total copper grade of 0.31% (measured mineral resource of 191.3 million tons at 0.37% and indicated mineral resource of 640.2 million tons at 0.29%), and a preliminary economic assessment (“PEA“) yielding robust economics including an NPV8% of $1.3Billion, IRR of 20.9%, and payback period of 4.1 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link.

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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

In addition, Gunnison’s Johnson Camp Asset, which is under construction with first copper production expected in mid 2025, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually.

Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include Strong and Harris, South Star, and eight other deposits.

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 and available 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. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release.

For more information on Gunnison, please visit our website at www.GunnisonCopper.com.

ABOUT NUTON

Nuton, a subsidiary of Rio Tinto, is an innovative venture focused on finding better ways to produce the copper the world needs with the smallest possible environmental footprint. At the core of Nuton is a portfolio of proprietary nature-based leaching technologies and capabilities that offer the potential to economically unlock copper through bio-heap leaching, including from primary sulfide resources, achieving market-leading recovery rates and increasing copper production at new and ongoing operations. One of the key differentiators of Nuton is our ambition to produce the world’s lowest carbon footprint copper while having at least one Positive Impact at each deployment site across five pillars: water, energy, land, materials and society.

To learn more about Nuton, visit https://nuton.tech/

For further information regarding this press release, please contact:

Gunnison Copper Corp.
Concord Place, Suite 300, 2999 North 44^th Street, Phoenix, AZ, 85018

Shawn Westcott
T: 604.365.6681
E: info@GunnisonCopper.com
www.GunnisonCopper.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) future production and production capacity from the Company’s mineral projects; (v) the results of the preliminary economic assessment on the Gunnison Project; (vi) the exploration and development of the Company’s mineral projects; (vii) the satisfaction of final conditions and receipt of 48C tax credits; (viii) the terms of the Nuton Transaction; (ix) the terms of the Amendments; and (xi) the satisfaction of the conditions to the Nuton Transaction and the Amendments.

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 news release is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, Nuton and Gunnison will execute definitive agreements for the Nuton Transaction, Gunnison and Nebari will execute definitive agreements for the Amendments, the availability of financing to continue as a going concern and implement the Company’s operational plans, the allocation of the 48C tax credits between the Company and Nuton, the satisfaction of the requirements set forth in Section 48C of the Internal Revenue Code, 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 and Gunnison failing to conclude definitive agreements for the Nuton Transaction, Nebari and Gunnison failing to conclude definitive agreements for the Amendments, Nuton failing to continue to fund the stage 2 work program, the failure to satisfy the requirements set forth in Section 48C of the Internal Revenue Code, 100% of the 48C tax credits may be allocated to repay capital expenditures for the Johnson Camp mine, 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 news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243016

Casa Grande, AZ and Toronto, ON, January 31, 2025 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US copper developer, is pleased to announce that further to its press release dated January 9, 2025 (the “January 9 PR”), it has closed its private placement with Hudbay Minerals Inc. (“Hudbay”) of 11,955,270 common shares at a price of C$1.68 for gross proceeds to the Company of C$20,084,853 million (the “Hudbay Placement”). Additionally, Nuton LLC (“Nuton”), a Rio Tinto Venture, exercised its pre-emptive rights in respect of the Hudbay Placement, pursuant to the terms of its investor rights agreement, to maintain its 7.2% equity interest in the Company for gross proceeds of C$1,562,210 (the “Nuton Placement”). Pursuant to the Hudbay Placement and the Nuton Placement, the Company issued a total of 12,885,157 common shares at a price of C$1.68 per share for aggregate gross proceeds of C$21,647,064 to the Company (the “Private Placement”). The subscription by Hudbay reflects the base offering of 11,852,064 common shares as well as top-up shares of 103,206 common shares to achieve its 9.99% ownership of the Company after giving effect to the Private Placement. 

ASCU President and CEO, George Ogilvie commented, “With the completion of this financing, our company is fully funded with additional runway to complete our 2025 work programs. Our main deliverable in 2025 is the preparation of updated technical data on the entire Parks/Salyer deposit and producing a Pre-Feasibility Study in the second half of the year. We are excited to welcome Hudbay as a strategic investor of the Company; an endorsement by a well-known and sophisticated entity. Hudbay has significant experience in mine development and construction, and we look forward to tapping into that wealth of knowledge as we continue to de-risk the Cactus Project through the remaining study phases to an eventual final investment decision, followed by construction and development. We also value the ongoing support of and partnership with Nuton.”

Concurrent with the closing of the Hudbay Placement, ASCU and Hudbay executed an investor rights agreement substantially on the terms disclosed in the January 9 PR. A copy of the investor rights agreement will be available in due course on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile. 

Proceeds of the Private Placement are to be allocated for drilling, exploration, technical studies advancement of the Company’s Cactus Project, and for general corporate purposes. 
The common shares issued under the Private Placement are subject to a statutory hold period under applicable Canadian securities laws, expiring four months after closing the transaction. The Private Placement is subject to the final approval of the Toronto Stock Exchange.

Scotiabank acted as financial advisor, and Bennett Jones LLP as legal advisor, to the Company, in connection with the Private Placement.

Neither the Toronto Stock Exchange nor the regulating authority has approved or disproved the information contained in this press release. 

About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a state-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. 

For more information
Alison Dwoskin, Director, Investor Relations 
647-233-4348
adwoskin@arizonasonoran.com

George Ogilvie, President, CEO and Director 
416-723-0458
gogilvie@arizonasonoran.com
    
Cautionary Statements regarding Forward-Looking Statements and Other Matters
Forward-Looking Statements
All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “advancement”, “assumptions”, “become”, “continue”, “could”, “deliverable”, “delivery”, “develop”, “development”, “emerging”, “estimates”, “expected”, “exploration”, “eventual”, “feasibility”, “followed”, “forward”, “future”, “generational”, “going”, “long-term”, “looking”, “near-term”, “objective”, “phases”, “plan”, “proposes”, “risk”, “runway”, “study”, “subject to”, “to be”, and “upgrading”, or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.  Forward-looking statements include the use of proceeds of the Private Placement; the timing and ability of the Company to receive final approval of the Toronto Stock Exchange in respect of the Private Placement; the advancement and future of the Cactus Project (including the 2025 work programs and other operations, copper production, returns (economic or otherwise)); the PEA and results thereof; the preparation of an updated technical data on Parks/Salyer (including the timing thereof); the amount of funding required to complete the 2025 work program; the completion and delivery of a Pre-Feasibility Study and other studies on the Cactus Project (including the timing thereof); any eventual investment decision on, or development or construction of the Cactus Project; copper resource at the Cactus Project; permitting; operating costs; any upside in value and/or delivered back to shareholders, sustainability and risk; the Company’s objectives (including the Cactus Project becoming a significant producer of copper cathodes in Arizona and the U.S.); the future plans or prospects of the Company (including sustainability of the Cactus Project and becoming a mid-tier copper producer); and the impact of Hudbay’s and Nuton’s investment and support in respect of the Company and its projects. Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements.  The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated April 1, 2024 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2023 and the quarters already ended in 2024 (collectively, the “2023-24 Financial Disclosure”) and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2023-24 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2023-24 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report, the 2023-24 Financial Disclosure and other Company Disclosure.

Preliminary Economic Assessments
The Preliminary Economic Assessment (or PEA) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the PEA will be realized. For further detail on the Cactus Project and the PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

Mineral Resource Estimates
Until mineral deposits are actually mined and processed, copper and other mineral resources must be considered as estimates only. Mineral resource estimates that are not classified as mineral reserves do not have demonstrated economic viability. The estimation of mineral resources is inherently uncertain, involves subjective judgement about many relevant factors and may be materially affected by, among other things, environmental, permitting, legal, title, taxation, socio-political, marketing, or other known and unknown risks, uncertainties, contingencies and other factors described in the foregoing Cautionary Statements on Forward-Looking Statements. The quantity and grade of reported “inferred” mineral resource estimates are uncertain in nature and there has been insufficient exploration to define “inferred” mineral resource estimates as an “indicated” or “measured” mineral resource and it is uncertain if further exploration will result in upgrading “inferred” mineral resource estimates to an “indicated” or “measured” mineral resource category. Inferred mineral resource estimates may not form the basis of feasibility or pre-feasibility studies or economic studies except for preliminary economic assessments. The accuracy of any mineral resource estimate is a function of the quantity and quality of available data, and of the assumptions made and judgments used in engineering and geological interpretation, which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that may ultimately prove to be inaccurate. It cannot be assumed that all or any part of a “inferred”, “indicated” or “measured” mineral resource estimate will ever be upgraded to a higher category including a mineral reserve. The mineral resource estimates declared by the Company were estimated, categorized and reported using standards and definitions in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (the “CIM Standards”) in accordance with National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”), which governs the public disclosure of scientific and technical information concerning mineral projects.
U.S. Readers
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” as disclosed by the Company are Canadian mining terms defined in the CIM Standards (collectively, the “CIM Definitions”) in accordance with NI 43-101. NI 43-101 establishes standards for all public disclosure that a Canadian issuer makes of scientific and technical information concerning mineral projects. These Canadian standards differ from the requirements of the United States Securities and Exchange Commission (the “SEC”) applicable to United States domestic and certain foreign reporting companies under Subpart 1300 of Regulation S-K (“S-K 1300”). Accordingly, information describing mineral resource estimates for the Cactus Project may not be comparable to similar information publicly reported in accordance with the applicable requirements of the SEC, and so there can be no assurance that any mineral resource estimate for the Cactus Project would be the same had the estimates been prepared per the SEC’s reporting and disclosure requirements under applicable United States federal securities laws, and the rules and regulations thereunder, including but not limited to S-K 1300. Further, there is no assurance that any mineral resource or mineral reserve estimate that the Company may report under NI 43-101 would be the same had the Company prepared such estimates under S-K 1300.

Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS) (“Gunnison”) and Rio Tinto venture Nuton LLC have been selected to receive US$13.9 million in tax credits (the “48C tax credit”) under the Qualifying Advanced Energy Project Credit Program (the “48C program”) to expand production of Made in America copper, which is designated a Critical Material for Energy, from its Johnson Camp Mine in Southern Arizona.

The competitive process for funding was managed by the U.S. Department of Energy as advisor to the Internal Revenue Service (“IRS”), which selected recipients based on an extensive review of each project. “We are honored to receive this significant support from the Department of Energy and the IRS,” said Stephen Twyerould, CEO of Gunnison Copper. “This tax credit will allow us to produce significant quantities of copper metal domestically in the United States to directly supply American production in a variety of critical industries such as energy and defense.”

Gunnison is expanding the Johnson Camp Mine, which is under construction, with first copper production expected in mid-2025. The asset is fully funded by Nuton LLC, a Rio Tinto venture, with a production capacity of up to 25 million pounds of finished copper cathode annually.

“The goal of 48C is to support projects that achieve a cleaner and more sustainable energy future. At Nuton, our ambition is to redefine how copper is produced by applying nature-based technologies that achieve more positive social, economic and environmental outcomes,” said Adam Burley, CEO of Nuton. “Our first industrial-scale deployment of the Nuton technology at Johnson Camp is a major step on the journey to achieving that ambition.”

“I am very pleased with the government support for this project.” Said Fred DuVal, Chairman of Gunnison Copper. “We remain committed to providing good jobs, paying prevailing wages, for Cochise County residents and to developing our partnership with Cochise College to implement an apprenticeship program for labor on behalf of Gunnison.”

The 48C tax credit is part of the US$10 billion in funding under the Inflation Reduction Act of 2022 (“IRA”) to intensify clean energy manufacturing and recycling, industrial decarbonization, and critical materials projects in the US. In March 2024, the IRS allocated $4 billion in 48C credits. In April 2024, the Department of the Treasury and the Internal Revenue Service, in partnership with DOE, announced up to $6 billion in a second round of tax credit allocations and Gunnison and Nuton applied for these credits for the Johnson Camp project. Under the IRA, a qualifying advanced energy project credit can either be monetized through its sale for cash or by using it to offset income tax liability. Realization of the full amount of this tax credit is subject to satisfaction of the requirements set forth in Section 48C of the Internal Revenue Code including certification of the operational and employment plans set out in the application.

The tax partnership has a period of two years within which to satisfy the certification requirements and claim the tax credits.

The actual allocation of the 48C tax credits as between Gunnison and Nuton will be determined in a tax partnership agreement that will be entered into between the parties. Final details will be confirmed in a subsequent press release.

ABOUT GUNNISON COPPER

Gunnison Copper Corp. is a multi-asset pure-play copper developer and producer that controls the Cochise Mining District (the district), containing 12 known deposits within an 8 km economic radius, in the Southern Arizona Copper Belt.

Its flagship asset, the Gunnison Copper Project, has a measured and indicated mineral resource containing over 831 million tons with a total copper grade of 0.31% (measured mineral resource of 191.3 million tons at 0.37% and indicated mineral resource of 640.2 million tons at 0.29%), and yielding robust economics including an NPV8% of $1.3Billion, IRR of 20.9%, and payback period of 4.1 years. It is being developed as a conventional operation with open pit mining, heap leach, and SX/EW refinery to produce finished copper cathode on-site with direct rail link.

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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

In addition, Gunnison’s Johnson Camp Asset, which is under construction with first copper production expected in mid 2025, is fully funded by Nuton LLC, a Rio Tinto Venture, with a production capacity of up to 25 million lbs of finished copper cathode annually.

Other significant deposits controlled by Gunnison in the district, with potential to be economic satellite feeder deposits for Gunnison Project infrastructure, include Strong and Harris, South Star, and eight other deposits.

For additional information on the Gunnison Project please refer to the Company’s technical report entitled “Gunnison Project NI 43-101 Technical Report Preliminary Economic Assessment” dated effective November 1, 2024 and available 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. Mr. Twyerould has reviewed and is responsible for the technical information contained in this news release.

For more information on Gunnison, please visit our website at www.GunnisonCopper.com

ABOUT NUTON

Nuton, a subsidiary of Rio Tinto, is an innovative venture focused on finding better ways to produce the copper the world needs with the smallest possible environmental footprint. At the core of Nuton is a portfolio of proprietary nature-based leaching technologies and capabilities that offer the potential to economically unlock copper through bio-heap leaching, including from primary sulfide resources, achieving market-leading recovery rates and increasing copper production at new and ongoing operations. One of the key differentiators of Nuton is our ambition to produce the world’s lowest carbon footprint copper while having at least one Positive Impact at each deployment site across five pillars: water, energy, land, materials and society.

To learn more about Nuton, visit https://nuton.tech/

For further information regarding this press release, please contact:

Gunnison Copper Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018
Shawn Westcott
T: 604.365.6681
E: info@GunnisonCopper.com
www.GunnisonCopper.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) future production and production capacity from the Company’s mineral projects; (v) the results of the preliminary economic assessment on the Gunnison Project; (vi) the exploration and development of the Company’s mineral projects; (vii) the satisfaction of final conditions and receipt of 48C tax credits; (viii) the direct supply of American production in a variety of critical industries such as energy and defense.

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 news release 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 allocation of the 48C tax credits between the Company and Nuton, the satisfaction of the requirements set forth in Section 48C of the Internal Revenue Code, 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 failure to satisfy the requirements set forth in Section 48C of the Internal Revenue Code, 100% of the 48C tax credits may be allocated to repay capital expenditures for the Johnson Camp mine, 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 news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.