Idaho Copper Announces Results of Updated Preliminary Economic Assessment for the CuMo Project: After-Tax NPV of US$1.88 billion, 18.5% IRR and a 46-Year Mine Life

The updated mine plan lowers upfront capital needs, while pilot-scale testing remains necessary to validate ore-sorting assumptions.

Rhea-AI Summary

Idaho Copper (COPR) announced an updated preliminary economic assessment for its CuMo project, estimating an after-tax value of US$1,878 million. This estimated net present value discounts future cash flows at 8%; the after-tax internal rate of return is 18.5%. The study models a 46-year mine life and 5.9-year payback from production start.

Initial capital is estimated at US$1,169 million, plus US$658 million for expansion in Year 5. Average annual production over the first 21 years is 41.6 million pounds of copper, 30.5 million pounds of molybdenum and 1.36 million ounces of silver. Base-case prices are US$5.00/lb. copper, US$25/lb. molybdenum and US$50/oz. silver. The plan uses a smaller initial plant and sensor-based ore sorting. Idaho Copper targets prefeasibility study completion in 2028; pilot-scale testing remains necessary to validate ore-sorting assumptions at commercial scale.

16 points · 1 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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2 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Base-case estimated after-tax value is US$1,878 million at an 8% discount rate, with 18.5% IRR.
• Minor point. Forward-looking: it has not happened yet and may not happen.Base-case estimated pre-tax value is US$2,308 million at an 8% discount rate, with 19.8% IRR.
• Minor point. Forward-looking: it has not happened yet and may not happen.Smaller initial plant and ore sorting lower starting capital needs and expedite payback.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled payback is 5.9 years from the start of production.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled mine life is 46 years.

11 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Estimated annual copper production averages 41.6 million pounds over the first 21 years.
• Minor point. Forward-looking: it has not happened yet and may not happen.Estimated annual molybdenum production averages 30.5 million pounds over the first 21 years.
• Minor point. Forward-looking: it has not happened yet and may not happen.Estimated annual silver production averages 1.36 million ounces over the first 21 years.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled life-of-mine payable copper is 1.748 billion pounds.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled life-of-mine payable molybdenum is 906 million pounds.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled copper cash costs are negative US$4.30/lb. after other-metal revenue credits.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled molybdenum cash costs are US$7.06/lb. after other-metal revenue credits.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled copper all-in sustaining costs are negative US$3.91/lb. on a by-product basis.
• Minor point. Forward-looking: it has not happened yet and may not happen.Modeled molybdenum all-in sustaining costs are US$7.82/lb. on a by-product basis.
• Minor point. Forward-looking: it has not happened yet and may not happen.October 12, 2026 spot-price scenario estimates US$6.24 billion after-tax value, 38.4% IRR and 3.4-year payback.
• Minor point. Forward-looking: it has not happened yet and may not happen.Idaho Copper plans most prefeasibility work in 2027, targeting completion in 2028.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Estimated initial construction capital is US$1,169 million. 20× market cap
• Major point. Forward-looking: it has not happened yet and may not happen.Modeled expansion requires US$658 million in Year 5. 11× market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Ore-sorting assumptions require pilot-scale testing to validate them at commercial scale.
• Minor pointUpdated assessment remains preliminary and is being finalized.

News Explained

The updated PEA reports negative copper cash costs and AISC, but these are modeled by-product measures: revenues from other metals are deducted, while initial and expansion capital are excluded. The study is still being finalized, so these are modeled cost figures, not operating results.

Argus 15 min delay 19 alerts

-22.22% vs previous close $2.45 last price 6.4x rel. volume Open Argus

Details

Market move: COPR -22.22% vs previous close. updated PEA results

$2.45 – $3.38 Day Range

$46.01M Market Cap

On Oct 14, the day this news came out, the latest delayed price for COPR is 22.22% below the previous close. Our momentum scanner has recorded 19 alerts for this stock so far that day. The latest delayed price is $2.45. Relative volume is exceptionally heavy at 6.4x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

After-tax NPV: US$1.88 billion After-tax IRR: 18.5% Initial capital cost: US$1.17 billion +5 more

After-tax NPV

US$1.88 billion

Updated PEA base case at an 8% discount rate

After-tax IRR

18.5%

Updated PEA base case

Initial capital cost

US$1.17 billion

First-phase pre-production capital

Expansion capital

$658 million

Expansion capital in Year 5

Payback period

5.9 years

From the start of production; base case

Mine life

46 years

Updated PEA

Average annual production

41.6 million lbs. copper, 30.5 million lbs. molybdenum, and 1.36 million oz. silver

Per year over the first 21 years

After-tax NPV at spot metals prices

US$6.24 billion

Management scenario using spot metals prices as of October 12, 2026

Historical Context

1 past event · Latest: Sep 01

1 event

1. Sep 01

   PEA progress update

   24h Move

   -3.7%

   Company said the updated CuMo PEA was progressing on schedule and expected in the near term.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

preliminary economic assessment, npv, irr, xrf, +1 more

5 terms

preliminary economic assessment technical

"results of an updated Preliminary Economic Assessment (“PEA”)"

A preliminary economic assessment is an initial analysis that estimates the potential profitability and feasibility of a project or resource, such as a new mineral deposit or development venture. It provides a rough idea of costs, benefits, and risks, helping investors decide whether to pursue more detailed studies. This early evaluation is important because it offers a snapshot of whether the project is worth further investment and development.

npv financial

"Before-tax base case net present value (“NPV”) of US$2.31 billion"

Net Present Value (NPV) is a way to measure how much a future stream of money is worth today. It helps investors decide whether an investment is worthwhile by comparing the current value of expected earnings to its initial cost. A positive NPV suggests the investment could generate profit, making it a key tool for evaluating financial decisions.

irr financial

"a before-tax internal rate of return (“IRR”) of 19.8%"

IRR (Internal Rate of Return) is the annualized percentage return an investment is expected to produce based on its projected series of cash outflows and inflows; mathematically, it’s the rate that makes the present value of those cash flows balance to zero. Investors use IRR to compare and rank projects or investments—similar to comparing the interest rates on savings accounts—to judge which offers the best return for the time and risk involved.

View in glossary

xrf technical

"XRF sensor-based ore sorting ahead of the mill"

X-ray fluorescence (XRF) is a non-destructive lab technique that uses X-rays to identify and measure the elements in a material, like reading the elemental 'fingerprint' of a rock, metal part, or product. Investors care because XRF helps confirm the quality, composition and value of raw materials, ores or manufactured goods quickly and cheaply, which can affect mining grades, production costs, regulatory compliance and the valuation of companies tied to those materials.

aisc financial

"All-in sustaining costs (“AISC”) of negative $3.91 per lb"

All-in Sustaining Cost (AISC) is a comprehensive measure of how much it costs a mining company to produce one unit of metal when ongoing operating expenses, long-term maintenance and sustaining capital, and share of corporate overhead are included. Investors use AISC to compare profitability and cash generation across producers—think of it as the full household cost to keep a business running divided by how many items it makes, which helps assess margins and resilience to price swings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BOISE, Idaho, Oct. 14, 2026 (GLOBE NEWSWIRE) -- Idaho Copper Corp. (NYSE American: COPR) (“Idaho Copper” or the “Company”) today announced the results of an updated Preliminary Economic Assessment (“PEA”) for its 100%-owned CuMo copper-molybdenum-silver project in Boise County, Idaho. The study was prepared and is being finalized under the direction of Barr Engineering Co. and other qualified persons, and will supersede the Project’s 2020 PEA.

The updated PEA will reflect a smaller first-phase plant, XRF sensor-based ore sorting ahead of the mill, and a re-sequenced mine plan that reaches higher-grade ore sooner. These changes lower the capital needed to begin production and expedite the payback period.

Study Highlights

• Before-tax base case net present value (“NPV”) of US$2.31 billion, at an 8% discount rate, and a before-tax internal rate of return (“IRR”) of 19.8%
• After-tax net present value NPV of US$1.88 billion at an 8% discount rate, and an after-tax internal rate of return IRR of 18.5%.
• Cost to build: US$1.17 billion first phase pre-production capital, with $658 million in expansion capital completed in Year 5
• Payback: 5.9 years from the start of production.
• Mine life: 46 years.
• Average annual production: 41.6 million lbs. of copper, 30.5 million lbs. of molybdenum and 1.36 million oz of silver per year over the first 21 years.
• Operating costs: using conventional by-product credit calculations:
  • C1 cash costs per pound of copper of negative $4.30/lb., and $7.06/lb. molybdenum
  • All-in sustaining costs (“AISC”) of negative $3.91 per lb of copper, and $7.82/lb. molybdenum
• Base-case metals prices: $5.00/lb. copper, $25/lb. molybdenum and $50/oz silver.
• Capital intensity (pre-production): $17,262/tonne copper-equivalent

Management Commentary

Andrew Brodkey, Chief Executive Officer of Idaho Copper, commented: “This is a very different project from the one that was described in 2020. Starting with a smaller plant and sorting the ore before it reaches the mill means we need materially less capital up front, with a rapid payback driven by ore sorting. Very few copper projects anywhere combine returns at this level with such a strong mine life, and fewer still sit in the United States and carry molybdenum, rhenium and tungsten alongside the copper.”

“At spot metals prices (12 October 2026): with $6.76/lb. copper, $42.05/lb. molybdenum, and $60.56/oz. silver--after-tax NPV rises to US$6.24 billion, IRR to 38.4% and payback reduces to 3.4 years.”

”Molybdenum also drives our cost position – credits from molybdenum more than cover the cost of producing copper – and we believe our diversified metal production gives CuMo one of the most competitive cost positions on a by-product basis, with substantial copper and silver revenues providing a significant advantage over comparable projects. Our focus now is the Prefeasibility Study, with the bulk of that work to be conducted in 2027 and completion targeted for 2028, along with the pilot-scale test work that will validate our ore-sorting assumptions at commercial scale,” concluded Brodkey.

Full Study Details

A summary of the updated PEA and technical report, including the mineral resource estimate, the mine and processing plan, capital and operating cost detail and full sensitivity analysis, will be filed on Form 8-K with the SEC, and a corresponding NI 43-101 technical report will be filed on SEDAR+. To fully understand the summary information set out above, the technical report should be read in its entirety.

Table 1: Summary of Base Case Key Results

Metric	Unit	Updated PEA
Net present value (8%), pre-tax	US$ millions	$2,308
Internal rate of return, pre-tax	%	19.8%
Net present value (8%), after-tax	US$ millions	$1,878
Internal rate of return, after-tax	%	18.5%
Payback period	years	5.9
Mine life	years	46
Initial capital cost	US$ millions	$1,169
Expansion capital (year 5)	US$ millions	$658
Average annual production – Cu / Mo / Ag (1st 21 years)	Mlb./Mlb./Moz.	41.6/30.5/1.36
Life-of-mine payable copper	Billion lbs.	1.748
Life-of-mine payable molybdenum	Million lbs.	906
Life-of-mine payable copper-equivalent	Billion lbs.	6.869
C1 cash cost, by-product basis – Cu / Mo	US$/lb.	-$4.30/$7.06
AISC, by-product basis – Cu / Mo	US$/lb.	-$3.91/$7.82
Base-case prices – Cu / Mo / Ag	US$	$5.00/lb./$25/lb./$50/oz.

AISC, C1 cash costs and copper-equivalent figures are non-GAAP measures; see below.

About Idaho Copper Corp.

Idaho Copper Corporation (NYSE American: COPR) is a critical minerals developer focused on exploring and developing the CuMo copper-molybdenum-silver project located in Boise County, Idaho. The CuMo project is one of the largest undeveloped copper deposits in the US, and the Company believes it is among the largest undeveloped molybdenum deposits in the world. CuMo contains significant amounts of silver, rhenium, and tungsten – all considered critical or of strategic importance. The project comprises approximately 2,640 acres and consists of 126 federal unpatented lode mining claims and 6 patented mining claims. To learn more, please visit www.idaho-copper.com.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Justin Smith, P.E., of Northern Lights Mining, LLC., a “qualified person” as defined under Regulation S-K 1300 and National Instrument 43-101, and independent of the Company.

Non-GAAP Financial Measures

All-in sustaining costs, C1 cash costs and copper-equivalent figures are non-GAAP measures. C1 costs are reported per payable pound of copper or molybdenum, after deducting net revenues from the other metals as by-product credits. C1 includes site operating and property-holding costs and the selling costs attributable to the primary metal. AISC adds sustaining capital and the royalties and corporate overhead included in the model. Costs are calculated over the life of mine and exclude initial and expansion capital. Copper-equivalent figures use the metal prices and recoveries set out in the technical report. These measures have no standardized meaning under U.S. GAAP and may not be comparable to similar measures presented by other companies.

Cautionary Statement Regarding the PEA

The PEA is preliminary in nature and includes an economic analysis based, in part, on inferred mineral resources. Inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. No mineral reserves have been estimated for the Project. The PEA is not a prefeasibility or feasibility study, and the Company has not made a decision to construct the CuMo project. The updated PEA has been prepared in accordance with both NI 43-101 and Regulation S-K 1300; the requirements of these standards are similar in many respects but are not identical, and estimates prepared under one may not be directly comparable to estimates prepared under the other.

Safe Harbor Statement

With the exception of historical information contained in this press release, content herein may contain “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as “anticipate,” “believe,” “plan,” “expect,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release include statements regarding the results, assumptions and conclusions of the updated PEA, including estimates of net present value, internal rate of return, payback period, mine life, production, operating and capital costs and cost comparisons with peer projects; ore-sorting performance and planned test work; the Company’s planned Prefeasibility Study and the anticipated timing thereof; and the timing and content of the technical report summary and NI 43-101 technical report to be filed with the SEC and on SEDAR+. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made, including risks related to metal price volatility, mining and processing performance, the performance of ore-sorting technology at commercial scale, permitting, and the availability of financing for and development of the CuMo project. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are discussed or identified in our filings with the Securities and Exchange Commission (the “SEC”), including the risk factors contained in our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and registration statements. In addition, this press release contains time-sensitive information that reflects management’s best analysis only as of the date of this press release. Idaho Copper does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Investor Relations Contact:
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(262) 357-2918
COPR@mzgroup.us
www.mzgroup.us

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are Idaho Copper's updated CuMo project base-case economics?

The updated assessment estimates US$1,878 million in after-tax net present value at an 8% discount rate and an 18.5% after-tax internal rate of return. Modeled payback is 5.9 years from production start, and mine life is 46 years.

How do spot metal prices change Idaho Copper's CuMo project estimates?

Using October 12, 2026 spot prices, the modeled after-tax net present value rises to US$6.24 billion, internal rate of return to 38.4%, and payback falls to 3.4 years. That scenario uses copper at $6.76/lb., molybdenum at $42.05/lb. and silver at $60.56/oz.

What do Idaho Copper's CuMo cash-cost and sustaining-cost estimates include?

Cash costs deduct other-metal revenues as by-product credits, while all-in sustaining costs add sustaining capital and modeled royalties and corporate overhead. Both are calculated over the mine life and exclude initial and expansion capital. These non-GAAP measures have no standardized meaning under U.S. GAAP and may not be comparable with other companies' measures.