Interview with Craig Hallworth, President & CEO of Gunnison Copper
Our previous interview: https://www.cruxinvestor.com/posts/gunnison-copper-tsxgcu-commercial-production-hit-5-partner-stake-targeted-12092
Recording date: 28th October 2026
Gunnison Copper Corp. (TSX:GCU, NYSE American:GUNN) is a pure-play copper company with a producing mine in Arizona and a large development project next door. On 26 October 2026 it began trading on NYSE American under the ticker GUNN. CEO Craig Hallworth said the move followed a review of companies whose trading volume and market value generally rose after similar listings. He reported that more than 27 million shares traded on the first day, over 10 times the 30-day average, and that the shares traded more than 25% above the opening price. The company also plans to award restricted share units to 115 employees to mark the listing.
Johnson Camp, the producing asset, declared commercial production in Q3 2026. Hallworth expects full production of more than 2 million lbs of cathode a month by the end of Q4 2026, up from about 1.3 million lbs a month in September. He declined to give recovery numbers before the Q3 financial statements, but said recovery curves are running faster than expected in some cases. The Nuton sulfide leach circuit, developed by Rio Tinto's Nuton venture, now supplies at least 60% of output.
That share reflects a mine plan built to demonstrate Nuton's technology during Stage 2, which runs to mid-2030. Hallworth acknowledged this raises mining costs because the plan prioritises sulfide ore production ahead of profit. Rio Tinto funded construction and ramp-up in full, and Johnson Camp's profits repay that funding until mid-2030, when any remaining balance falls away. Nuton then holds a one-time right to become a 49% joint venture partner. After Stage 2, Hallworth expects the sulfide share of production to fall to around 17%.
Acid is the biggest operating cost pressure. Hallworth said Arizona spot prices are around $400 a ton or more, against $150 to $160 assumed in many studies. The Gunnison Project PEA includes a $300 million acid plant that would use domestic molten sulfur, with one ton producing three tons of acid. Once built, it should also supply Johnson Camp.
The Gunnison Project PEA outlines about 174 million lbs of cathode a year over 21 years, with an after-tax NPV8% of $1.96 billion and IRR of 22.5% at $4.60/lb copper. Initial capital is estimated at $1.56 billion. The study is preliminary and includes Inferred resources.
Hallworth estimates around $20 million is available for the project, enough to fund six rigs drilling for metallurgy, expansion and infill. He has turned away investors offering $25-50 million, saying he will not raise at the current valuation. The company's presentation puts its P/NAV at 0.22x.
Gunnison will need a partner to build the project. Hallworth sees a mid-tier producer as most likely, and named metallurgical results and permit amendments as the two catalysts. The company targets approval of its amended reclamation plan in December 2026, with remaining major permits through 2028. A relocation of part of Interstate 10, run by ADOT, and a $1 million geophysics programme targeting a possible porphyry add further milestones. Investors should watch the Q3 and Q4 financial statements, the reclamation plan decision and metallurgical results through mid-2027.
View Gunnison Copper's company profile: https://www.cruxinvestor.com/companies/gunnison-copper
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What is Company Interviews?
An insight into junior mining and opportunities to invest.
Company Interviews, a Crux Investor show, exists to cut through the jargon, bias and bluster.
Matthew Gordon, and guest host Merlin Marr-Johnson hone in on the important factors that indicate a company's strong footing for growth and success.