Categories: Mining Stocks
Topics: Copper Stocks

Gunnison Copper (TSX: GCU)(OTC: GCUMF) SVP Craig Hallworth on the Surprise Billion-Dollar Limestone Opportunity Hiding Inside the Gunnison Copper Project, AZ

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the very busy SVP & CFO of Gunnison Copper Corp. (TSX: GCU)(OTC: GCUMF) — Mr. Craig Hallworth. Craig, how are you today?

Craig Hallworth: Good morning, Gerardo, and hello to everyone at Resource Stock Digest. Great to see you.

Gerardo Del Real: Great to have you on. Listen, the last time we spoke, we talked about the catalysts heading into 2026 — how much of the year was left and how much you still had to do. Clearly, you’ve been busy.

You just put out some news that honestly threw me for a loop at first. I looked at it and saw ‘positive results from limestone,’ and I thought, wait — limestone? Then as I read the release and dug in, it became clear that you’re laser-focused on extracting maximum value from everything you have.

With copper futures above US$5 and spot around US$4.92, your flagship project looks great — and so does your other one. But tell me about the limestone because I wasn’t expecting that.

Craig Hallworth: Yeah, Gerardo, we’re here today to talk about limestone. Everyone knows we’re Gunnison Copper — a pure-play copper story here in Arizona. People buy our stock because they want leverage to the copper price.

We’ve got an operating mine — the Johnson Camp Mine (JCM) — and the Gunnison Project, which is our large-scale development asset advancing at the PEA level. So yes, we’re all about copper.

But there are two things about this limestone that stand out. First, we’ve identified more than 200 million tons of limestone sitting right on top of the copper deposit at the Gunnison Project. So we’ll be mining that limestone regardless.

If you look at our PEA from December 2024 — which outlined a US$1.3 billion NPV — all the costs of mining that limestone were already baked into the numbers. That material was simply treated as waste. We always suspected it could have value, and over the past few months, as part of our high-value-add work program, we put it through comprehensive testing.

Representative samples went to the lab, and the results were excellent: 96% of it grades over 97% pure calcite. That means it’s high-purity limestone — the kind used to produce several important products, including cement, agricultural lime, and construction aggregate.

Essentially, we’re taking what was once a waste product and turning it into something valuable. It speaks to our focus on sustainability — just like at JCM where our Nuton® technology uses less water, eliminates dry-stack or wet tailings, and consumes less energy than conventional concentrator processing.

Sustainability is central to what we do, and investors appreciate that we’re maximizing value. Yes, they’re buying us for copper exposure — but we’re now looking at an additional billion dollars in potential revenue from this limestone.

Even if we only sold 2 to 3 million tons annually at a conservative US$20 per ton — and the market could be as high as US$60 — that’s US$1 billion in additional revenue over an 18-year mine life. That’s a big number, and we’re very committed to realizing that value for our shareholders.

We’ve got consultants working on the market analysis now — everything from freight and shipping costs to end-use demand. A rail line will connect directly to our plant, which is a major advantage in reducing transport costs.

We’re also beginning discussions with potential partners who may want to co-invest in developing the limestone resource. We’ll have the economics and full analysis included in our upcoming updated Gunnison Project PEA, which I expect to release by January 2026.

Gerardo Del Real: You answered all my questions. I was going to ask about the market, potential partners, and the timeline — but you covered all of it. What comes next outside of the updated PEA and the ongoing limestone discussions?

Craig Hallworth: We’re already getting inbound interest from potential partners. I think the likely path forward is that we’ll handle the mining — as that’s already part of our plan — and we’ll look for a partner that specializes in the limestone industry.

We’re copper people — that’s our core expertise — so it makes sense to bring in a partner experienced with limestone products who can take it from the mine gate and handle processing or distribution. That could mean a royalty, an upfront payment, or a joint venture: there are a lot of potential structures we’re evaluating.

My next step is to advance those partnership discussions and solidify the economics. Remember, we’ll be publishing a new NI 43-101 report — an updated PEA for Gunnison — in January. 

That’s a rigorous report with extensive data requirements, and investors will be able to rely on the level of detail we’re providing, including the limestone market assessment and its projected economic contribution to the project.

Gerardo Del Real: A lot to like. And the timing couldn’t be better. Anything to add to that, Craig?

Craig Hallworth: I’d just encourage people to keep following Gunnison Copper. Visit our corporate website. We have so many catalysts coming. Our mission as a management team is simple: keep punching and keep delivering results.

There’s a lot more news on the horizon, and I think the next few months are going to be incredible, Gerardo.

Gerardo Del Real: Craig, thanks for your time. Looking forward to having you back on. I appreciate it.

Craig Hallworth: Have a great day.

Gerardo Del Real:
 Alright, chat soon.

Craig Hallworth: Bye.

Click here to see more from Gunnison Copper
 

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. 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 report.

Certain statements contained in this release constitute forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking statements relate the completion of the Offering or any tranche thereof; the number of securities to be issued under the Offering and the gross proceeds received; the timing of the closing of the Offering; the payment of any finders fees and the form thereof; the use of net proceeds from the Offering; the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; the continued funding of the stage 2 work program by Nuton; the details and expected results of the stage two work program; future production and production capacity from the Company's mineral projects; the results of the preliminary economic assessment on the Gunnison Project; and 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 report is based on certain factors and assumptions regarding, among other things, the TSX approves the Offering, the timing of closing the Offering, 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 report. 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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