Gunnison Copper swings to profit on Johnson Camp production ramp

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 ...