INVESTOR

PRESENTATION

January 2025

1

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

Pure Copper Play in Tier 1 Jurisdiction (SE Arizona)

Johnson Camp Copper Mine in Construction

  • Option Agreement with Nuton LLC (Rio Tinto Venture)
  • First Copper Expected H1 2025
  • Selected to receive US$13.9 M in 48C tax credit*

Gunnison Project Open Pit Preliminary Economic

Assessment (PEA): very positive results!

  • High-Value-Addstudies on Opportunities in 2025

Undervalued vs Peers

Major Catalysts in 2025 & 2026

*Realization of the full amount of this tax credit is subject to satisfaction of the requirements set forth in Section 48C of the US Internal Revenue Code including certification of the operational and employment plans set out in the application. Any eventual allocation of the 48C tax credits between Gunnison and Nuton will be determined in a tax partnership agreement that will be entered into between the parties.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

3

Market Valuation - Peer Comparison

1

2

1 Peer average excludes Gunnison (as at Jan 14, 2025); 2Hudbay market capitalization attributable to Copper World estimated at $420M based on equity analyst reports of NAV by asset and trading multiple. Peer group projects provided for information only based on publicly available information disclosed by the applicable company. The peer group projects are not necessarily indicative of the mineral potential at the Gunnison Project.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS All currency amounts in US dollars, unless stated otherwise 4

Our Assets - Resources

Gunnison Copper Portfolio: Three Major Deposits within 8km

Gunnison Open Pit

Resource Development

M&I Resources: 832 Mtons @ 0.31%

(M: 191.3 Mt @ 0.37%; I: 640.2 Mt @0.29%)

Open Pit + Heap Leach + SX/EW

PEA NPV8 after tax $1,260M 21% IRR Initial

Payback 4 years

Value-Add leading to Pre-Feasibility Studies

Johnson Camp Mine (Stage 2)

Under Construction

First Production in H1 2025

Open Pit + Heap Leach + SX/EW

25MLbs (10kt) per Year Made in America Copper for Domestic Supply Chains

Fully funded by Nuton LLC (Rio Tinto Venture)

Strong & Harris

Satellite Deposits

Inferred Resources: 76 Mtons @ 0.52%

Open Pit + Heap Leach + SX/EW

PEA NPV8 after tax $260M 23% IRR Initial

Payback 3.1 years

Exploration Partnership Process

All Deposits within 8km economic radius

The PEAs are preliminary in nature, they include 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 PEAs will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

5

Our Assets - Location & Permitting

Gunnison

Project

Johnson

Strong & Harris

Camp Mine

NO FEDERAL PERMITING

  • Remote Location; rural with low population density
  • No cultural sites, tribal land or nearby tribes; No threatened/endangered species or habitat
  • Predominantly ranching/mining, no National/State Forest land
  • No Federal Permitting & 100% permitting success to date

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

6

Gunnison Open Pit

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

Gunnison Open Pit: Key Metrics

KPIs

Gunnison

Financial KPIs

@ $4.10/lb Cu

NPV @ 8% (after-tax)

$M

1,260

Internal Rate of Return

%

20.9

Payback Period

#years

4.05

Cash Cost (C1 LOM Avg)

$/lb

1.42

Sustaining Cash Cost (LOM Avg)

$/lb

1.94

Initial Project Capex

$M

1,343

LOM Sustaining Capex

$M

876

EBITDA (Annual Avg)1

$M

419

Free Cash Flow (Annual Avg)1

$M

309

Mining KPIs

Mineralized Material mined LOM

Mtons

551

Mineralized Material mined per day

Stpd

84,000

Strip ratio (LOM)

w:o

2.06

Copper Grade (Total Copper)

%

0.35

Mining Unit Cost - Hard Rock

$/ton

1.95

Mining Unit Cost - Alluvium

$/ton

1.26

Processing KPIs

Copper Cathode (Annual Avg)1

Ktons

84

Nameplate Capacity (Annual Cu Eq)

Ktons

90

Global Copper Recovery

%

69.5

Processing Unit Cost

$/ton

2.43

G&A Unit Cost

$/ton

0.27

1Average annual of Y1 to Y16; Y17 and Y18 are stockpile drawdowns and trailing heap recoveries

Gunnison

PitWaste

Rock

Waste

Rock

Leach Pad

Processing

Facilities &

Rail Spur

The PEA is preliminary in nature and 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.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

All currency amounts in US dollars, unless stated otherwise

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Gunnison Open Pit: 2024 PEA Mine Plan

  • $1.61 / ton of material moved (incl. def stripping) . ~70% alluvium waste (gravel) is 35% cheaper to mine vs hard rock
  • Strip ratio of 2.06:1, effectively 1.57:1 with reduced alluvium costs, compares favorably to peers
  • 320-tonhaul trucks, with an LOM average haulage distance of 4.7 miles (round trip)

Two-Year

Construction

Mtons

The PEA is preliminary in nature and 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.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

All currency amounts in US dollars, unless stated otherwise

9

Gunnison Open Pit: Production Profile (Mlbs)

  • Million pounds of copper cathode production annually
  • Sustaining cash cost includes C1 cash cost + sustaining capex (including deferred stripping) + royalties
  • The PEA is preliminary in nature and 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.

TSX: GCU / OTCQB: GCUMF / Frankfurt: 3XS

All currency amounts in US dollars, unless stated otherwise

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Gunnison Copper Corp. published this content on January 17, 2025, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on January 17, 2025 at 18:35:05.482.