Gunnison Copper revenue reaches $36.1 million in third quarter as production rises 71%
Key Facts
Gunnison Copper reported on November 13 results for the three and nine months ended September 30, 2026, recording revenue of $36.1 million and net income of $12.7 million, or $0.03 per share, in the third quarter. The company said its figures are in U.S. dollars and were prepared in accordance with IFRS accounting standards. Revenue increased 53% from the second quarter, reflecting an expansion in activity after operations resumed and production increased at the Johnson Camp mine. The company said revenue growth came alongside higher copper production and sales. This marks a clear shift in annual results compared with the third quarter of 2025, when it posted a net loss.
Revenue from copper cathode sales was $21.3 million, while deferred mining and processing services generated $14.7 million in revenue. The company said this revenue came alongside higher production at Johnson Camp, where copper cathode output was about 3.42 million pounds in the third quarter. Production rose 71% from the previous quarter, while sales were about 3.31 million pounds. Cathode sales also increased 46% compared with the second quarter, according to the company’s statement. The comparison between the two quarters shows an increase in volumes sold alongside higher production during the period.
The average realized price for copper sales was $6.41 per pound in the third quarter, compared with $6.07 per pound in the second quarter, when the company sold 2.26 million pounds. Alongside higher volumes and the realized price, Gunnison said the SX/EW unit cost fell to $0.56 per pound produced. The cost was $0.76 per pound in the second quarter. The company linked the lower unit cost to improved fixed-cost absorption as production increased. This places production and costs at the center of the company’s explanation for quarterly revenue growth.
Year over year, third-quarter revenue rose from $2.9 million in the comparable period of 2025 to $36.1 million in 2026. The result shifted from a net loss of $22.9 million, or $0.06 per share, to net income of $12.7 million, or $0.03 per share. In the second quarter of 2026, the company had reported revenue of $23.6 million, net income of $13.1 million and earnings per share of $0.03. Third-quarter revenue therefore increased from the second quarter, while net income declined from its level in the previous period. Second-quarter results had also compared with revenue of $0.1 million and a net loss of $2.9 million, or a loss of $0.01 per share, in the second quarter of 2025.
The project’s background includes a preliminary economic assessment completed in March 2026 for the Gunnison project, which estimated a net present value at an 8% discount rate of about $2 billion, an internal rate of return of 23%, and a payback period of 3.9 years. The company presented these figures as results of a preliminary study that includes inferred resources. In pre-announcement trading, GCUMF shares closed at $0.255 on November 12, according to EL7 data. This places the share price movement on the previous day in a separate time context from the quarterly results the company announced the following day. EL7 data in the available facts did not provide a closing share price after the announcement.
Gunnison is targeting a nominal annual production rate of 25 million pounds of copper cathode by the end of 2026. It also said it aims to obtain approval of an amendment to its mine reclamation plan before year-end. The company intends to make progress on the remaining state permit amendments required for open-pit development, targeting completion in the second half of 2028. The final technical report is also among the targets set for the second half of 2028. These timelines place production, permits and the technical report among the next milestones the company announced in its results statement.