Can you introduce Idaho Copper and discuss Idaho’s benefits?

We are a US company based in Boise, Idaho, traded on the OTC Stock Exchange. Previously a subsidiary of Canadian MultiMetals Development Corp. We became an independent company in January 2023. Our flagship project, CuMo is in the Boise National Forest. This project is one of the largest undeveloped copper and molybdenum deposits in the Americas. The project has excellent road access, nearby water and power, and a skilled workforce available. 

Idaho, like the other western states, has a strong mining tradition and a pro-mining environment. The Fraser Institute rated Idaho with a 75.38, and S&P's World Risk Report also gave it high marks. 

How has the firm optimized CuMo’s 2020 PEA?

In 2020, SRK Canada published a PEA for our project. This assessment revealed a vast resource of 2.3 billion mineable tons containing 3.8 billion lb of copper, 1.6 billion lb of molybdenum and hundreds of millions of oz of silver, all in the Measured and Indicated category. Using US$3/lb copper, US$ 12.50 silver, and US$ 15/ lb molybdenum, they valued the project at US$ 356 million using an 8% discount rate and US$1.7 billion at a 5% discount rate. Metal prices have risen significantly, so we anticipate improved economics in the updated PEA. CapEx was an estimated US$3.1 billion. Reducing CapEx has been the priority.

How will ore sorting reduce project CapEx?

The nature of our orebody provides significant opportunities to lower CapEx. CuMo is a hard rock copper porphyry deposit, typical of the Western US, but with a unique twist: it is a stockwork system. Unlike typical porphyrys where mineralization is evenly distributed throughout the ore body, our deposit has thin, finger-width veins containing the bulk of the copper, molybdenum, rhenium, and tungsten minerals. This lends itself perfectly to ore sorting, a technology that separates high-grade ore from waste and lower-grade materials. This allows us to design a smaller concentrator than the 150,000-t/d mill designed by SRK in 2020, which cost US$1.3 billion out of the total US$3.1 billion initial CapEx. By applying ore sorting, we can build a smaller mill to process only the high-grade fraction, maintaining the production rates SRK predicted but at a reduced cost. This approach supports a minimum 30-year mine life for CuMo. The stockpiled material can be leached or run through the mill later.

What steps has Idaho Copper taken in 2024 towards validating the ore sorting technology?

We hired Veracio, who are currently using mobile X-ray fluorescence (XRF) scanning equipment to scan up to 60,000 feet of core, at 1.5 cm intervals, which provides detailed metal grade data. Unlike homogenous copper porphyry deposits where ore sorting is not as effective, our deposit is variable and has metals concentrated in dark-colored veins, easily distinguishable from the gangue  material. Results through June 2024 demonstrate variability of CuMo ore and amenability to ore sorting.  

The next stage is evaluating MineSense’s ShovelSense ore sorting technology, where broken, blasted material falls by XRF sensors installed in the shovel bucket to measure metal  grades. We are sending samples to MineSense for testing. 

We are also sending representative post-sorting ore samples to SGS's lab in Lakefield, Ontario, for further metallurgical confirmation. This information, along with the data from Veracio and MineSense, will feed into an updated PEA and Technical Report expected to be published in 2024, with SGS as the lead author. By reducing the mill size from 150,000 t/d to around 25,000 t/d, we expect substantial cost savings and substantially improved economics versus the 2020 PEA. 

What catalysts does Idaho Copper have in the pipeline?

We are an undiscovered gem in Idaho, the Gem state. By late this year or early next, we aim to uplist to a major US exchange, likely the NYSE Amex or NASDAQ, which will help secure capital for a US$25-30 million PFS.

We are also preparing a white paper for the Department of Defense (DOD) to seek governmental funding, potentially covering half our PFS costs. The DOD is particularly interested in our rhenium, critical for F-35 fighter jets, along with our copper.

The Forest Service, our lead agency in the Boise National Forest, published our Environmental Assessment for the final drilling campaign last month. This, along with our new PEA and drilling plans, will drive our PFS.