Idaho Copper Corp
For the period ended Jul 31, 2025. Filed Sep 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 31, 2025 · Filed Sep 9, 2025
COPR-WT$0.73+21.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-04-30; filed 2025-06-13.
0001641172-25-015106
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-07-31; filed 2025-09-09.
0001641172-25-026897
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 37 previous paragraphs and 49 current paragraphs.
27 unchanged; 10 reworded; 10 added; 0 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Recent Developments
Current report
On August 19, 2025, the Company and Multi-Metal Development Company (together with the Company, the “Buyer”) entered into a First Amendment (the “Amendment”) to the Mining Claims Agreement (“MCA”) with CuMo Molybdenum Mining Inc., Western Geoscience Inc., and Thomas Evans (collectively, the “Seller”). Pursuant to the Amendment, the Seller agreed to transfer to the Buyer the residual net smelter return (“NSR”) and the claims subject to the option agreement dated October 13, 2004 (the “Option Agreement”), specifically CuMo #1 through CuMo #8. The Buyer has the right, but not the obligation, to purchase the Property by delivering $500,000 in cash and $1,500,000 in shares of the Company’s common stock, calculated based on the market closing price on the date of purchase. Upon such purchase, the Seller will renounce all remaining claims and the Option Agreement will terminate.
Current report
In connection with the Amendment, Multi-Metal Development Company assigned all of its rights and obligations under the MCA to the Company. All other terms of the MCA remain in effect. The MCA continues to be subject to a force majeure clause that has suspended performance since inception, and the conditions necessary to lift this suspension have not yet been satisfied.
Current report
For the six months ended July 31, 2025, compared to the six months ended July 31, 2024
Current report
Revenue
Current report
Operating Expenses
Current report
Other Income / Expenses
Current report
The Company had other expenses, net, of $196,245 for the six months ended July 31, 2025, compared to $161,825 of expense for the six months ended July 31. 2024.
Current report
Net Loss
Current report
The Company had a net loss of $1,460,852 for the six months ended July 31, 2025, compared to $2,080,247 for the six months ended July 31, 2024.
Reworded paragraphs (10)
Previous wording
On March 3, 2023, an independent valuation firm issued a valuation of the assets, specifically the CuMo project in Boise County, Idaho, acquired by the Company in the ICUMO transaction. The CuMo project is a molybdenum-copper deposit that will be developed as an open pit mining operation. The fair market value of the assets were $23,919,754.
Current wording
On March 3, 2023, an independent valuation firm issued a valuation of the assets, specifically the CuMo project in Boise County, Idaho, acquired by the Company in the ICUMO transaction. The CuMo project is a molybdenum-copper deposit that will be developed as an open pit mining operation. The fair market value of the assets were $23,919,754, as of the date of the appraisal.
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 three months ended April 30, 2025, and 2024, 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 and six months ended July 31, 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 $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.
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 $38,603,794 from its inception to July 31, 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 $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).
Current wording
The Company had operating expenses of $701,469 for the three months ended July 31, 2025, compared to $943,460 for the three months ended July 31, 2024. The decrease was primarily due to the decrease in professional fees ($28,311 for the three months ended July 31, 2025 compared to $81,694 for the same period in 2024), decrease in payroll and related expenses ($60,000 for the three months ended July 31, 2025 compared to $195,150 for the same period in 2024), rent expense ($349 for the three months ended July 31, 2025 compared to $29,385 for the same period in 2024), and a decrease in other general and administrative expenses ($15,309 for the three months ended July 31, 2025 compared to $272,423 for the same period in 2024), offset by an increase in stock-based compensation ($597,500 for the three months ended July 31, 2025 compared to $364,808 for the same period in 2024).
Previous 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.
Current wording
The Company had other expenses, net, of $76,495 for the three months ended July 31, 2025, compared to $92,521 of expense for the three months ended July 31. 2024.
Previous 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.
Current wording
The Company had a net loss of $777,964 for the three months ended July 31, 2025, compared to $1,035,981 for the three months ended July 31, 2024.
Previous 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.
Current wording
As of July 31, 2025, the Company had cash of $155. 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 $225,967 for the three months ended April 30, 2025, compared to cash used of $778,436 for the same period in 2024.
Current wording
Operations used cash of $326,123 for the six months ended July 31, 2025, compared to cash used of $1,599,274 for the same period in 2024.
Previous 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.
Current wording
We used cash in financing activities of $0 for the six months ended July 31, 2025, compared to $0 for the same period in 2024.
Previous 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.
Current wording
We had cash provided by financing activities for the six months ended July 31, 2025, of $227,000 compared to $2,023,384 for the same period in 2024.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The Company has had no revenue historically to date.
Current report — wording carried from elsewhere
The Company had operating expenses of $1,264,607 for the six months ended July 31, 2025, compared to $1,918,422 for the six months ended July 31, 2024. The decrease was primarily due to the decrease in professional fees ($198,635 for the six months ended July 31, 2025 compared to $340,609 for the same period in 2024), decrease in payroll and related expenses ($125,000 for the six months ended July 31, 2025 compared to $452,650 for the same period in 2024), rent expense ($10,279 for the six months ended July 31, 2025 compared to $143,085 for the same period in 2024), and a decrease in other general and administrative expenses ($55,693 for the six months ended July 31, 2025 compared to $428,022 for the same period in 2024), offset by an increase in stock-based compensation ($875,000 for the six months ended July 31, 2025 compared to $554,056 for the same period in 2024).