Casa Grande, AZ and Toronto, ON, February 17, 2026 – Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”) today announces that ASCU and Nuton LLC (“Nuton”), a Rio Tinto Venture, have mutually agreed to the early termination of the Option to Joint Venture (“OTJV”) on the Cactus Project, as well as the termination of Nuton’s investor rights agreement with the Company, effective immediately.
George Ogilvie, President and CEO of Arizona Sonoran Copper Company commented, “We appreciate Rio Tinto’s endorsement of the Cactus Project through Nuton’s initial investment and shareholding, together with the constructive joint work under the OTJV to study the potential of deploying Nuton technology at the Cactus Project. It has been a productive relationship, and we look forward to continuing engagement and dialogue with a valued shareholder in Nuton-Rio Tinto.
We look forward to continuing the successful advancement of our standalone Cactus Project. We anticipate the Feasibility Study and final permit amendments later this year, and a final investment decision is contemplated as early as 4Q 2026. Over and above the pending Feasibility Study mine plan which will outline the extraction of oxides and enriched materials, there remains significant upside at the Cactus Project with opportunities to potentially develop the significant primary sulphide Mineral Resource at depth, as disclosed in the Pre-Feasibility Study Technical Report, and in planned further exploration of the ‘Gap Zone’ and the ‘NE Extension’.”
The parties have agreed that the termination of the OTJV and Nuton investor rights agreement with the Company is effective immediately and was completed largely in line with the applicable terms of the OTJV, resulting in payments from the Company to Nuton of:
- US$15,000,000 immediately;
- a deferred payment of US$5,000,000 payable on the earlier of the 1-year anniversary of signing of the termination agreement or consummation of a change of control transaction; and
- a contingent, deferred cash payment of US$14,957,816 payable only on consummation of a change of control transaction that is publicly announced or subject to a definitive agreement within 24 months of signing of the termination agreement.
In connection with the termination, Nuton agreed to provide the Company with all non-interpretative results of (i) completed analyses of Cactus Project ore samples and (ii) any completed ‘Phase 2’ metallurgical testing performed by or on behalf of Nuton under the OTJV prior to its termination.
Neither the Toronto Stock Exchange nor the regulating authority has approved or disproved the information contained in this press release.
Links from the PR:
Pre-Feasibility Study Technical Report: https://arizonasonoran.com/projects/technical-reports/
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 Cactus Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2025 PFS 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’s 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, Vice President, 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
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”, “anticipate”, “as early as”, “become”, “believes”, “contemplated”, “contingent”, “continuing”, “decision”, “deferred”, “development”, “eventual”, “exploration”, “feasibility”, “forward”, “generational”, “intended”, “later”, “long-term”, “look”, “objectives”, “opportunities”, “outcomes”, “outline”, “pending”, “plan”, “potentially”, “project”, “proposes”, “provide”, “risk”, “study”, “subject to”, “to be”, “upside”, and “will”, 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 those relating to the implications of, and future obligations of the parties (including deferred payments and any change of control as contingency trigger therefor or otherwise) under, the termination of the OTJV and Rio Tinto’s investor rights agreement; advancement or development of the Cactus Project; Mineral Resources and Mineral Reserves generally (which are estimates only) and any development or realization thereof (including primary sulphides at depth); future opportunities or upside including any development of primary sulphide or other Mineral Resourcess, and exploration of the ‘Gap Zone’ or ‘NE Extension’, and and outcomes thereof; the Feasibility Study (including resulting mine plan), final permit amendments and any final investment decision for the Cactus Project (including the results or other outcomes or implications, and timing thereof); any continuing dialogue with Nuton-Rio Tinto or the outcome or implications thereof; the risk of the Cactus Project; proposal of a generational open pit copper mine; the Company’s strategic and other objectives (including developing the Cactus Project and becoming 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). 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 Company’s prior press releases referenced herein (collectively, the “Referenced PRs”), the technical report titled “NI 43-101 Technical Report Pre-Feasibility Study of the Cactus Mine Project, Pinal County, Casa Grande Arizona” with an effective date of October 20, 2025 and an issue date of November 17, 2025 (the “PFS Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) for the year ended December 31, 2024 and the quarter(s) already ended and reported in 2025 (collectively, the “2024-25 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, that the early termination of the OTJV and the Rio Tinto investor rights agreement are not executed consistent as contemplated by the agreement and/or consistent with the Company’s expectations and the potential negative implications and associated costs thereof (including any dispute and/or litigation relating thereto, and resulting negative impacts on the Company’s share price and/or successful advancement of the Cactus Project on the currently anticipated timeline through to Feasibility Study, project financing (on amenable terms or at all) and any eventual final investment decision, and the failure to realize any such objectives, on a basis consistent with the Company’s expectations or at all); advancement or development of the Cactus Project not being consistent with the Company’s expectations, being successful or completed or occurring at all; necessary financing (including project financing) not being advanced or available or secured on time and/or terms amenable to the Company or at all; the Feasibility Study, required permit amendments and/or any final investment decision (including the results or other outcomes or implications, and timing thereof) not being completed consistent with the Company’s expectations or being completed at all, and the potential negative implications thereof; and opportunities and upside at the Cactus Project (including development of primary sulphide or other Mineral Resources outside the pending Feasibility Study mine plan, and exploration of the ‘Gap Zone’ or ‘NE Extension’ and any results thereof) not being pursued or realized on a basis consistent with the Company’s plans ; the accuracy of the Mineral Resource and Mineral Reserve estimates for the Cactus Project (including related modelling) and the Company’s analysis thereof, and such estimates, modelling and analysis, not being consistent with actual results or otherwise not meeting expectations (including ore and contained copper tonnages, grade, recoveries and applicable royalties), and future Mineral Resource and Mineral Reserve estimates for the Cactus Project not being consistent with the mineral resource and mineral reserve estimates (or MRE) reported in and relied upon in the PFS, and any development or realization of such Mineral Resource or Mineral Reserve estimates not being consistent with the Company’s expectations or occurring at all (see also further cautionary statements below under the heading “Mineral Resource Estimates”), and/or expectations or at all, as well as the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the Referenced PRs, the PFS Technical Report and the 2024-25 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 2024-25 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 Referenced PRs, the PFS Technical Report and the 2024-25 Financial Disclosure.
Mineral Resource Estimates
Until mineral deposits are actually mined and processed, copper and other Mineral Resources (which include Mineral Reserves) 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 (including Mineral Reserves) 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 (including Mineral Reserves) 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 (including Mineral Reserves) 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 Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “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 (including Mineral Reserves) 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 (including Mineral Reserves) 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 Estimate 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.
Vancouver, British Columbia – January 22, 2026 — Lion Copper and Gold Corp. (“Lion CG” or the “Company”) is pleased to announce that it has received US$30.5 million from Nuton LLC (“Nuton”), a wholly-owned subsidiary of Rio Tinto, further to the Company’s press release dated November 24, 2025, pursuant to the parties’ previously announced earn-in agreement relating to the advancement of the Yerington Copper Project in Nevada, USA.
The funding represents Nuton’s investment under Stage 3 of the earn-in framework and will be used to advance the Definitive Feasibility Study (DFS) and associated permitting activities, including technical optimization, engineering, environmental studies, and regulatory engagement.
“This investment represents a major execution milestone for Lion CG and further validates the scale, quality and strategic importance of the Yerington Copper Project,” said John Banning, Chief Executive Officer of Lion CG. “This substantial partner funding enables the Company to advance the DFS and permitting work without significant dilution and execution risk for Lion CG shareholders.”
The Yerington Copper Project is located in a Tier-1 U.S. jurisdiction and has the potential, subject to the outcomes of ongoing studies and permitting, to contribute to the domestic production of copper cathode. Establishing additional U.S.-based copper cathode supply is increasingly viewed as strategically important given rising demand from electrification, grid modernization, electric vehicles, and data center infrastructure, and ongoing efforts to strengthen domestic critical mineral supply chains.
Lion CG intends to progress the Yerington Copper Project toward qualification under the U.S. federal FAST-41 permitting framework, which is designed to enhance transparency, coordination, and predictability in the federal permitting process for major infrastructure and critical mineral projects.
As part of the DFS work program, the Nuton® Technology is expected to be further refined, with the objective of improving copper recoveries and potentially reducing capital intensity and environmental footprint relative to conventional processing routes.
Lion CG remains focused on disciplined project advancement, capital stewardship, and long-term value creation as it advances Yerington toward potential development in support of secure, domestic copper supply.
About Lion CG
Lion CG is a junior mining company advancing its Yerington, MacArthur and Bear projects in Lyon County, Nevada through an earn-in agreement with Nuton. The Project focuses on accelerating production from its long-life, low-strip-ratio, brownfield-advantaged Yerington Copper Project utilizing modern processing technologies.
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 related technologies and capability that offers the potential to economically unlock copper from primary sulfide resources through leaching, achieving market-leading recovery rates and contributing to an increase in copper production at new and ongoing operations.
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 deployment site across five pillars: water, energy, land, materials and society.
To learn more about Nuton, visit https://nuton.tech/
John Banning
Chief Executive Officer
Lion Copper and Gold Corp.
For more information, please contact:
Email: info@lioncg.com
Forward-Looking Statements
Neither Canadian Stock Exchange (CSE) nor its Regulation Services Provider (as that term is defined in the policies of the CSE Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements relate to future events or performance and reflect the Company’s current expectations or beliefs regarding future events. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements in this release include, but are not limited to, completion of a Definitive Feasibility Study, permitting, engineering and technical work programs; the potential timing and pathway to commercial copper cathode production; the potential deployment of Nuton® Technology at the Yerington Copper Project; the possible creation of an investment vehicle and the respective ownership interests upon completion of Stage 3; the Company’s expectations regarding project derisking, strategic milestones, and ongoing collaboration with Nuton; and the Yerington Project’s ability to contribute to domestic copper supply and respond to increasing market demand. Forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company at the date of this news release, are inherently subject to significant operational, technical, economic, and competitive uncertainties and contingencies. These assumptions include, but are not limited to: that the Feasibility Study and permitting process will be completed on the anticipated schedule; that Nuton™ Technology will operate as intended at scale; that required regulatory approvals will be obtained; that financing will be available on reasonable terms; and that market conditions for copper will remain favourable. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements. These risks include, but are not limited to: risks related to mineral exploration and development, permitting delays, changes in regulatory frameworks, cost escalation, inability to secure financing, technical challenges associated with deployment of new extraction technologies, commodity price fluctuations, community relations, supply chain constraints, and other customary risks in the mining and technology sectors. There can be no assurance that Stage 3 will be completed as contemplated, or at all, that the Parties will proceed to establish an investment Vehicle upon completion of Stage 3, that the Yerington Project will reach commercial production, or that Nuton® Technology will provide intended benefits at scale. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update or revise any forward-looking statements except as required by applicable securities laws. Forward-looking statements speak only as of the date of this news release
Rio Tinto today announces a strategic collaboration with Amazon Web Services (AWS) that will see AWS become Nuton® Technology’s first customer following the breakthrough industrial-scale deployment of the innovative bioleaching technology at the Johnson Camp copper mine in the U.S. last month.
Under the two-year agreement, AWS will use the first Nuton copper ever produced in components of its U.S. data centres, while also providing cloud-based data and analytics support to accelerate the optimisation of Nuton’s proprietary bioleaching technology at Gunnison Copper’s Johnson Camp mine. Data centres use copper in a wide variety of applications, including electrical cables and busbars, windings in transformers and motors, printed circuit boards, and heat sinks on processors.
Nuton is also utilising AWS platforms to simulate heap-leach performance and feed advanced analytics into Nuton’s decision systems, allowing for optimised acid and water use while improving predictions for copper recovery. It’s modular bioleaching system works by extracting copper from primary sulphide ores using naturally occurring microorganisms. This approach, combined with digital tools, enables rapid scaling and tailoring of the technology to different ore bodies, reducing the pathway from concept to production.
The process produces 99.99% pure copper cathode at the mine gate and removes the need for traditional concentrators, smelters and refineries, significantly shortening the mine-to-market supply chain. Nuton is projected to use substantially less water and have lower carbon emissions compared with conventional concentrator processing routes, while also recovering value from ore previously classified as waste.
Rio Tinto Copper Chief Executive Katie Jackson said:“This collaboration is a powerful example of how industrial innovation and cloud technology can combine to deliver cleaner, lower-carbon materials at scale. Nuton has already proven its ability to rapidly move from idea to industrial production, and AWS’s data and analytics expertise will help us to accelerate optimisation and verification across operations.
“Importantly, by bringing Nuton copper into AWS’s U.S. data-centre supply chain, we’re helping to strengthen domestic resilience and secure the critical materials those facilities need, closer to where they’re used. Together we can supply the copper critical to modern data infrastructure while demonstrating how mining can contribute to more sustainable supply chains.”
Amazon’s Chief Sustainability Officer Kara Hurst said: “Amazon’s Climate Pledge goal to reach net zero carbon by 2040 requires us to innovate across every part of our operations, including how we source the materials that power our infrastructure.
“This collaboration with Nuton Technology represents exactly the kind of breakthrough we need—a fundamentally different approach to copper production that helps reduce carbon emissions and water use. As we continue to invest in next-generation carbon-free energy technology and expand our data centre operations, securing access to lower-carbon materials produced close to home strengthens both our supply chain resilience and our ability to decarbonize at scale.”
Gunnison Copper’s Johnson Camp mine in Arizona is now the lowest-carbon primary copper producer in the U.S. on the mine to refined metal basis widely used by industry. Recent third-party life cycle assessment (LCA) has confirmed Johnson Camp’s Nuton copper is expected to have a full scope carbon footprint (Scope 1+2+3) of just 2.82 kgCO₂e/kg Cu. The full-scope carbon footprint of primary copper varies by production method and technology but ranges from approximately 1.5 to 8.0 kgCO₂e/kg Cu globally.
Through the purchase of 134,000 Green-e Energy certified renewable energy certificates, Nuton ensures 100% of the site’s electricity is matched by on-site electricity consumption. Additionally, water intensity is anticipated to be 71 litres per kilogram copper, compared to the global average industry estimate of ~130 litres per kilogram of copper production[1].
The project is targeting production of approximately 30,000[2] tonnes of refined copper across a four-year deployment period.
Contacts
Please direct all enquiries to media.enquiries@riotinto.com
| Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 | Media Relations, Australia Matt Chambers M +61 433 525 739 Alyesha Anderson M +61 434 868 118 Rachel Pupazzoni M +61 438 875 469 Bruce Tobin M +61 419 103 454 | Media Relations, Canada Simon Letendre M +1 514 796 4973 Malika Cherry M +1 418 592 7293 Vanessa Damha M +1 514 715 2152 |
| Investor Relations, United Kingdom Rachel Arellano M: +44 7584 609 644 David Ovington M +44 7920 010 978 Laura Brooks M +44 7826 942 797 Weiwei Hu M +44 7825 907 230 | Investor Relations, Australia Tom Gallop M +61 439 353 948 Eddie Gan-Och M +976 95 091 237 | Media Relations, US & Latin America Jesse Riseborough M +1 202 394 9480 |
| Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 | Rio Tinto Limited Level 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 |
[1] Water and carbon emissions intensities for Johnson Camp and global averages have been validated by Skarn Associates, a leading provider of carbon and water intensity curves for the industry.
[2] Includes ~16kt from run of mine leaching pad and ~14kt from Nuton technology.
VANCOUVER, CANADA (November 24, 2025) – Aldebaran Resources Inc. (“Aldebaran” or the “Company”) (TSX-V: ALDE, OTCQX: ADBRF) is pleased to announce the filing on SEDAR+ of an updated Technical Report and Preliminary Economic Assessment (the “Altar PEA”) on the Altar copper-gold project located in San Juan Province, Argentina, prepared in accordance with National Instrument 43-101 – Standards of Disclosure in Mineral Projects. The Altar PEA has an effective date of September 1, 2025, and was created by SRK Consulting Inc. as lead consultants with Knight Piesold as a subcontractor. The report titled “Preliminary Economic Assessment, Altar Project, San Juan, Argentina” has been filed on the SEDAR+ website at www.sedarplus.ca and will be posted on the Company’s website at www.aldebaranresources.com.
Additionally, the Company announces that Nuton Holdings Ltd., a Rio Tinto venture (“Nuton”), has provided notice of termination of the option to joint venture agreement announced on November 7, 2024, under which Nuton had the right to acquire a 20% interest in the Altar project. Nuton’s decision comes as they are shifting priorities to focus on later-stage projects that could potentially deliver nearer-term production. Despite the termination, Nuton and Aldebaran could still enter a licensing agreement to deploy the Nuton® Technology, proprietary bio-leaching technology, at Altar.
John Black, Chief Executive Officer and Director of Aldebaran, commented: “The PEA demonstrated that the base case concentrator scenario for Altar is a long-life project delivering significant copper, gold, and silver production at attractive cash costs while minimizing upfront capital. With an NPV (8%) of US$2 billion and an IRR of 20.5%, we believe that Altar is an attractive large-scale copper gold project and a very important project for Argentina moving forward. We thank Nuton for their participation in the Altar project and understand that their shift in priorities made continuing with the Altar option agreement challenging. We retain an 80% interest in the project and look forward to advancing it towards a pre-feasibility study with our joint venture partner Sibanye-Stillwater.”
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.
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
Please click here and subscribe to receive future news releases: https://aldebaranresources.com/contact/subscribe/
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, completion of a pre-feasibility study, and projected economics, including NPV, IRR, and cash costs, 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.
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
- Assumes commercial production begins in year 1 after 3 years of construction. 20- and 30-year averages calculated starting in year 1.
- 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.
- Capital intensity calculated as initial capex divided by LOM average annual CuEq production.
- 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.
- 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 44th 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 21st) 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:
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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 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) 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.
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