Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) submitted certification to the DOE confirming its Arizona mine met the requirements for a $13.9 million Section 48C tax credit, a federal program supporting domestic critical minerals production, marking a step toward monetizing the non-dilutive funding.
The submission confirms the project has met requirements under the company's 48C application, including placing eligible assets into service and commencing production at its Johnson Camp Mine in Arizona in 2025.
The Section 48C program supports investments in domestic manufacturing, critical minerals production, and advanced energy projects that strengthen US supply chains and enhance energy security. Gunnison and Nuton were selected to receive US$13.9 million in tax credits under the program, with the certification submission marking a step toward the sale and monetization of the certified credits.
Johnson Camp Mine achieved first production in 2025 and is currently producing copper cathode from run-of-mine oxide material and Nuton bioleaching technology of sulfide material.
"We are deeply grateful to the Department of Energy for supporting our project and believe certification proves our ability to successfully deliver on our commitments to the US Government," said Craig Hallworth, CEO of Gunnison Copper.
"The Johnson Camp Mine is now producing and selling copper in Arizona consistent with our vision to fuel America's security and prosperity through a resilient domestic copper supply that powers innovation, industry, and future generations."
The final step in the 48C process is approval of the certification documents by the Department of Energy, after which tax credits will be distributed to Gunnison. The actual amount of tax credits received will be determined at the conclusion of the process and is subject to an allocation agreed with Nuton LLC under a tax partnership agreement.
Gunnison is also accelerating development of its larger flagship Gunnison Copper Project, which the company said has the potential to become a significant source of domestic copper production in the US.