Idaho Copper Corp

Previous wording

The Company is in the process of exploring its mineral right interests in the United States and at the date of these condensed consolidated financial statements, has not yet determined whether any of its mineral properties contain economically recoverable mineral reserves. Accordingly, the carrying amount of mineral right interests represents cumulative expenditures incurred to date and does not necessarily reflect present or future values. The recovery of these costs is dependent upon the discovery of economically recoverable mineral reserves and the ability of the Company to obtain the necessary financing to complete their exploration and development and to resolve any environmental, regulatory, or other constraints. Uncertainty also exists with respect to the recoverability of the carrying value of certain mineral right interests. The ability of the Company to realize its investment in resource properties is contingent upon the maintenance and integrity of the Company’s title to such properties.

Current wording

The Company is in the process of exploring its mineral right interests in the United States and at the date of these consolidated financial statements, has not yet determined whether any of its mineral properties contain economically recoverable mineral reserves. Accordingly, the carrying amount of mineral right interests represents cumulative expenditures incurred to date and does not necessarily reflect present or future values. The recovery of these costs is dependent upon the discovery of economically recoverable mineral reserves and the ability of the Company to obtain the necessary financing to complete their exploration and development and to resolve any environmental, regulatory, or other constraints. Uncertainty also exists with respect to the recoverability of the carrying value of certain mineral right interests. The ability of the Company to realize its investment in resource properties is contingent upon the maintenance and integrity of the Company’s title to such properties.

Previous wording

Pursuant to Item 1302(b)(5) of Regulation S-K (17 C.F.R. §229.1302(b)(5)), the Company states that the TRS was prepared by Shaun M. Dykes, M. Sc. (Eng), P.Geo of Geologic Systems, Ltd. Mr. Dykes is also serving as a technical advisor to the registrant. Mr. Dykes meets the qualifications specified under the definition of “qualified person” under Item 1300 of Regulation S-K.

Current wording

Pursuant to Item 1302(b)(5) of Regulation S-K (17 C.F.R. §229.1302(b)(5)), the Company states that the TRS was prepared by Shaun M. Dykes (our former Vice President and former Director), M. Sc. (Eng), P. Geo of Geologic Systems, Ltd. Mr. Dykes is currently serving as a technical advisor to the registrant. Mr. Dykes meets the qualifications specified under the definition of “Qualified Person” under Item 1300 of Regulation S-K.

Previous wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes thereto for the nine months ended October 31, 2024, and 2023, and related management discussion herein.

Current wording

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and notes thereto for the three months ended April 30, 2025, and 2024, and related management discussion herein.

Previous wording

Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $36,438,438 from its inception to October 31, 2024, and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through debt or future issuances of capital stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial doubt about the Company’s ability to continue as a going concern.

Current wording

Several conditions and events cast substantial doubt about the Company’s ability to continue as a going concern. The Company has incurred cumulative net losses of $37,825,830 from its inception to April 30, 2025, and requires capital for its contemplated operational and marketing activities to take place. The Company’s ability to raise additional capital through debt or future issuances of capital stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raises substantial doubt about the Company’s ability to continue as a going concern.

Previous wording

The Company had operating expenses of $2,204,968 for the three months ended October 31, 2024, compared to $436,726 for the three months ended October 31, 2023. The increase was primarily due to the increase in stock-based compensation ($1,704,024 for the three months ended October 31, 2024 compared to $0 for the same period in 2023), professional fees ($285,336 for the three months ended October 31, 2024 compared to $100,821 for the same period in 2023), rent expense ($28,800 for the three months ended October 31, 2024 compared to $10,500 for the same period in 2023), and other general and administrative expenses ($126,808 for the three months ended October 31, 2024 compared to $42,905 for the same period in 2023), offset by the decrease in payroll and related expenses ($60,000 for the three months ended October 31, 2024 compared to $282,500 for the same period in 2023. The increase in stock-based compensation was primarily due to the conversion of officers’ accrued compensation into common stock. The increase in rent expense was due to larger facility needs. The increase in other general and administrative costs was primarily due to scanning services for the quarter. The decrease in payroll and related expenses was primarily due to officers converting accrued compensation into common stock.

Current wording

The Company had operating expenses of $563,138 for the three months ended April 30, 2025, compared to $974,962 for the three months ended April 30, 2024. The decrease was primarily due to the decrease in professional fees ($170,324 for the three months ended April 30, 2025 compared to $258,915 for the same period in 2024), decrease in payroll and related expenses ($65,000 for the three months ended April 30, 2025 compared to $257,500 for the same period in 2024), rent expense ($9,930 for the three months ended April 30, 2025 compared to $113,700 for the same period in 2024), and a decrease in other general and administrative expenses ($40,384 for the three months ended April 30, 2025 compared to $155,599 for the same period in 2024), offset by an increase in stock-based compensation ($277,500 for the three months ended April 30, 2025 compared to $189,248 for the same period in 2024).

Previous wording

The Company had other expenses, net, of $147,613 for the three months ended October 31, 2024, compared to $143,732 of expense for the three months ended October 31. 2023.

Current wording

The Company had other expenses, net, of $119,750 for the three months ended April 30, 2025, compared to $69,304 of expense for the three months ended April 30. 2024.

Previous wording

The Company had a net loss of $2,352,581 for the three months ended October 31, 2024, compared to $580,459 for the three months ended October 31, 2023.

Current wording

The Company had a net loss of $682,888 for the three months ended April 30, 2025, compared to $1,044,266 for the three months ended April 30, 2024.

Previous wording

As of October 31, 2024, the Company had cash of $18,731. We do not have sufficient resources to effectuate our business. We expect to incur expenses offset by revenues during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, legal and accounting fees. The Company does not project revenue for the next few years, as is typical in mining companies. The Company has and will continue to raise capital to fund the expenses. To maintain our plan of growth, we need to raise a minimum of an additional $750,000. These factors raise substantial doubts about the Company’s ability to continue as a going concern.

Current wording

As of April 30, 2025, the Company had cash of $7,711. We do not have sufficient resources to effectuate our business. We expect to incur expenses offset by revenues during the next twelve months of operations. We estimate that these expenses will be comprised primarily of general expenses including overhead, legal and accounting fees. The Company does not project revenue for the next few years, as is typical in mining companies. The Company has and will continue to raise capital to fund the expenses. To maintain our plan of growth, we need to raise a minimum of an additional $750,000. These factors raise substantial doubts about the Company’s ability to continue as a going concern.

Previous wording

Operations used cash of $2,071,799 for the nine months ended October 31, 2024, compared to cash used of $614,860 for the same period in 2023.

Current wording

Operations used cash of $225,967 for the three months ended April 30, 2025, compared to cash used of $778,436 for the same period in 2024.

Previous wording

We used cash in financing activities of $0 for the nine months ended October 31, 2024, compared to $0 for the same period in 2023.

Current wording

We used cash in financing activities of $0 for the three months ended April 30, 2025, compared to $0 for the same period in 2024.

Previous wording

We had cash provided by financing activities for the nine months ended October 31, 2024, of $2,060,384 compared to $201,200 for the same period in 2023.

Current wording

We had cash provided by financing activities for the three months ended April 30, 2025, of $133,000 compared to $1,753,300 for the same period in 2024.