Gunnison Copper Announces Completion of Nebari Credit Agreement Amendment
NEWS RELEASE
Gunnison Copper Announces Completion of Nebari Credit Agreement Amendment
April 24, 2025
Gunnison Copper Corp. (TSX: GCU) (OTCQB: GCUMF) (FSE: 3XS0) ("Gunnison") is pleased to
announce that Gunnison, Gunnison's wholly-owned subsidiary Excelsior Mining Arizona, Inc. dba
Gunnison Copper ("Gunnison Arizona") and Nebari Natural Resources Credit Fund I LP ("Nebari") have
entered into to a Second Amended and Restated Credit Agreement (the "Second ARCA"). The Second
ARCA encompasses certain amendments to the First Amended and Restated Credit Agreement dated
December 22, 2021 (the “ First ARCA ”) that were announced on March 3, 2025 . 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 of up to US$6.25 million of the principal
amount at a price equal to US$0.2097 (converted from Cdn$0.30), and provide for a mechanism to repay
a portion of the principal amount of the Second 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.
The Amendments were subject to certain conditions including conditional 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. All of these conditions have now been satisfied.
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.
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.
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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
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
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; and (vii) the satisfaction of final conditions and receipt of 48C tax
credits.
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,
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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.