Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF) told investors it has secured $3 million in non-dilutive funding from Nuton LLC, a Rio Tinto venture, with the injection earmarked for Stage 1 Viability testing at the Gunnison Open Pit.
Nuton will have exclusive rights to deploy its heap leach processing technologies on sulfide mineralization at the site.
The agreement also includes a framework to explore an extension of Stage 2 at Johnson Camp.
“The agreement announced today with Nuton provides Gunnison $3 million in non-dilutive financing and the possibility of additional funds during 2025 as a result of monetizing the tax credits awarded to Gunnison and Nuton that Gunnison estimates could be up to $8 million,” said Stephen Twyerould, President & CEO of Gunnison Copper.
Gunnison noted also that it had entered a binding term sheet with Nebari Natural Resources Credit Fund I LP.
The agreement allows deferred principal payments for 2025, reducing costs by $2.8 million, and provides an option to convert up to $6.25 million of principal into equity.
Gunnison also aims to refinance or extinguish $13.75 million of outstanding debt through potential funds received from 48C tax credit sales.
And, together, Gunnison and Nuton will work within the Tax Partnership Agreement to monetize the $13.9 million in 48C tax credits.
Gunnison estimates its share of potential proceeds could reach $8 million, with proceeds directed towards debt reduction and Stage 2 expansion.