Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) swung to profitability and posted a sharp jump in revenue in the second quarter, as its Johnson Camp operation moved from ramp-up into active production.
The mining company reported net income of US$13.1 million, or US$0.03 per share, for the second quarter of 2026, as revenue climbed to US$23.6 million on the ramp-up of its Johnson Camp operation.
The Toronto-listed junior miner's revenue was driven primarily by US$13.7 million in copper cathode sales, with the remainder coming from deferred mining and processing demonstration service revenue. That compares with just US$0.1 million in revenue and a net loss of US$2.9 million in the same period last year.
For the six months ended June 30, 2026, Gunnison generated US$43.7 million in revenue and net income of US$14.8 million, or US$0.03 per share, compared with revenue of US$0.7 million and a net loss of US$25.4 million in the first half of 2025.
The company closed an oversubscribed C$34.5 million bought deal public offering during the period, issuing 82.1 million common shares at C$0.42 per share, including the full exercise of the underwriters' over-allotment option. Proceeds are being used to advance the Gunnison Copper Project and for working capital and general corporate purposes.
Gunnison also launched a major district-wide drilling program at the Gunnison Copper Project and Strong & Harris satellite deposit, comprising up to 120 drill holes totaling approximately 138,000 feet. The roughly US$15 million program is designed to support the ongoing prefeasibility study through resource expansion, metallurgical optimization and resource conversion. The final PFS is targeted for the first half of 2028.
The company strengthened its leadership team during the quarter, with Craig Hallworth appointed CEO in May, followed by the appointment of Bjorn Meyer as Chief Operating Officer in June.
Subsequent to quarter end, Gunnison completed the cash settlement of its outstanding Greenstone convertible debentures, eliminating approximately US$5.3 million of convertible debt and accrued interest and preventing the potential issuance of approximately 28.9 million common shares.
The company also submitted certification documentation to the US Department of Energy for the Section 48C Advanced Energy Project Tax Credit awarded to Johnson Camp. Gunnison currently expects to receive up to approximately US$8 million in cash, subject to approval of the certification documents by the Department of Energy, Nuton's allocation under a tax partnership agreement, reimbursement of costs and the amount ultimately realized from the sale of the credits.
As of June 30, 2026, Gunnison had US$33.2 million in cash and cash equivalents, including US$25.1 million of non-Nuton cash and US$8.2 million of Nuton-related cash.
Shares of Gunnison added 1.2% on Thursday morning in Toronto.