Idaho Copper Corporation Reports No Revenue and Increased Losses for Fiscal Year Ending January 31, 2025

Idaho Copper Corporation, a mineral exploration and development company, reported no revenue for the fiscal year ending January 31, 2025, maintaining the same status as the previous year. The company incurred operating expenses of $4.72 million, a 57% increase from $3.00 million in the prior year. This rise in expenses was attributed to higher professional fees related to compliance with public company regulations, increased stock-based compensation, and general administrative costs as the company advanced its operational activities. The net loss for the year was $5.14 million, compared to a loss of $3.71 million in the previous fiscal year.

The company underwent significant organizational changes during the reporting period, including a Share Exchange Agreement completed on January 23, 2023, which resulted in Idaho Copper acquiring International CuMo Mining Corporation (ICUMO) and its associated CuMo Project. This acquisition transformed Idaho Copper from a shell company into a fully operational entity, with ICUMO becoming a wholly owned subsidiary. The transaction resulted in a change of control, with ICUMO shareholders owning 90.1% of the issued and outstanding shares of Idaho Copper.

Operationally, the CuMo Project, located in Boise County, Idaho, encompasses 126 federal unpatented lode mining claims and six patented mining claims, covering approximately 2,640 acres. The project is positioned to capitalize on the anticipated copper supply deficit, with significant co-products including molybdenum and silver. The company has invested approximately $28 million into the project to date. As of January 31, 2025, Idaho Copper reported a working capital deficit of $1.88 million, raising concerns about its ability to continue as a going concern without additional financing.

Looking ahead, Idaho Copper plans to conduct further exploration and metallurgical studies, with an estimated budget of $12 million for drilling and exploration activities. The company is also exploring the potential for ore sorting technologies to optimize the separation of waste from higher-grade ore, which could enhance the economic viability of the CuMo Project. However, the company acknowledges that it will need to secure additional funding to support its operational and development plans, with estimates indicating a need for at least $10 million in the upcoming fiscal year.

In summary, Idaho Copper Corporation is navigating a challenging financial landscape while pursuing strategic developments in its CuMo Project. The company’s future performance will depend on its ability to secure necessary financing and successfully advance its exploration and development initiatives.