Mr. Craig Hallworth reports

GUNNISON COPPER SUBMITS MINED LAND RECLAMATION PLAN PERMIT AMENDMENT AND OUTLINES PATH TO FULLY PERMITTED GUNNISON PROJECT BY MID-2028

Gunnison Copper Corp. has submitted an application to amend the mined land reclamation plan (MLRP) for its flagship open-pit Gunnison project in Cochise county, Arizona. The company expects the MLRP permit amendment to be approved before the end of 2026, following the applicable review process.

The MLRP amendment represents one of three principal state permit amendments required to advance the Gunnison project under its planned open-pit development configuration. The other two are amendments to the company's existing aquifer protection permit (APP) and air quality permit (AQP).

"Submission of the amended MLRP application is another important step toward fully permitting the Gunnison project and positioning it for a potential final investment decision by mid-2028, subject to completion of a feasibility study on an accelerated timeline," said Craig Hallworth, president and chief executive officer of Gunnison Copper. "Permitting remains one of the most significant hurdles to bringing new mines into production in the United States, and we believe our proven permitting ability, as demonstrated by permitting the restart of the Johnson Camp mine in under 12 months, is a key differentiator for Gunnison. With substantial work already completed and a clear permitting path, we expect Gunnison to be fully permitted within two years."

Update on additional permitting activities

The Gunnison project is subject to a state-led permitting process. The MLRP is administered by the Arizona State Mine Inspector, while the APP and AQP are administered by the Arizona Department of Environmental Quality (ADEQ).

Aquifer protection permit

The company is advancing the engineering and technical work required to support an amendment to its existing APP. Gunnison is targeting submission of the APP amendment in the first quarter of 2027, with opportunities being evaluated to accelerate that timeline.

Following submission, the company currently anticipates an approximately 12-month review and approval process by ADEQ, with the final permit approval expected by Q1 2028.

Air quality permit

The company currently expects to submit its AQP amendment in mid-2027 and is targeting receipt of the amended permit in mid-2028.

Interstate 10 relocation

In parallel with the state permitting process, Gunnison continues to advance planning related to the proposed relocation of a portion of Interstate 10 (I-10) that crosses the Gunnison project area.

The company currently plans to submit a letter of intent to the Arizona Department of Transportation (ADOT) in this quarter to formally commence the relocation process. Gunnison is targeting approval of the associated design concept report (DCR) by the end of 2027.

The I-10 relocation process is separate from the three principal state permit amendments described above and will progress in parallel with the company's broader engineering, permitting and technical study activities.

The company will continue to provide updates as it achieves key milestones across the permitting and project development process.

About Gunnison Copper Corp.

Gunnison Copper is a multiasset pure play copper developer and producer that controls the Cochise mining district, containing 12 known deposits within an eight-kilometre economic radius in the southern Arizona copper belt.

Its flagship asset, the Gunnison copper project, has a main-pit measured and indicated mineral resource containing over 846 million tons with a total copper grade of 0.33 per cent containing 5.19 billion pounds of copper (measured mineral resource of 192 million tons at 0.37 per cent containing 1.42 billion pounds of copper and indicated mineral resource of 655 million tons at 0.31 per cent containing 3.77 billion pounds of copper).

The Strong & Harris satellite deposit, located approximately 1.9 miles from the Gunnison processing facilities, is also included in the mine plan and hosts an inferred mineral resource of 76 million tons grading 0.49 per cent total copper (0.32 per cent CuOx (oxide copper)) at a 0.07-per-cent cut-off, 0.56 per cent zinc and 0.12 ounce per ton silver, containing approximately 740 million pounds of copper, including 483 million pounds of oxide copper, as well as zinc (856 million pounds) and silver (nine million ounces).

A preliminary economic assessment (PEA) was completed in March, 2026, for the Gunnison project yielding robust economics including a net present value (discounted at 8 per cent) of $2-billion, an internal rate of return of 23 per cent and a payback period of 3.9 years. It is being developed as a conventional operation with open-pit mining, heap-leach and solvent extraction/electrowinning 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 now in production, is fully financed by Nuton LLC, a Rio Tinto venture, with a production capacity of up to 25 million pounds 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 South Star and eight other deposits.

Dr. Roland Goodgame, senior vice-president of project development of the company, is a qualified person as defined by NI 43-101. Dr. Goodgame has reviewed and approved the technical information contained in this news release.

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