OTC: COPR

Ore
Sorting and Updated Preliminary Economic Assessment

Idaho
Copper presently is investigating the potential to utilize additional ore sorting technologies to optimize the separation of waste and
low grade ore from higher grade mill feed post-mining and increase the head grade of ore being fed to a concentrator. The thin-veined,
stockwork nature of the CuMo deposit lends itself well to ore sorting, since mineralized veins at CuMo largely carry the metals of interest
and are much different from waste in appearance. A visual scanning exercise of all of the core recovered from previous drilling activities
described herein revealed that up to 84% of the waste and lower grade ore mined can be theoretically separated from higher grade material
through application of ore sorting, versus the 28% separation factor that SRK Consulting (Canada) Inc. (“SRK”) conservatively
used in its 2020 Preliminary Economic Assessment (“PEA”). There are over 90 active mines in the world today which utilize
some form of ore sorting.

Competitive
Position in the Industry

The
mineral exploration, development, and production industry are largely un-integrated. The Company competes with other exploration companies
looking to acquire and obtain financing for the exploration and development of mineral resource properties. While the Company competes
with other exploration companies to locate and acquire mineral resource properties, it may also compete with them for the removal or
sales of mineral products from its properties if it should eventually discover their presence in quantities sufficient to make production
economically feasible. Readily available markets for the sale of mineral products only sometimes exist for all mineral commodities; however,
the principal CuMo Project commodities of copper, silver and molybdenum are traded on international exchanges and therefore, at a minimum
a terminal market exists for which these commodities can be delivered and sold.

Company
History (2020 – 2022)

Idaho
Copper Corporation (formerly known as Joway Health Industries Group Inc.), incorporated in Nevada, was initially engaged in the manufacture,
distribution, and sales of tourmaline-related healthcare products through operating entities in China. As a result of the consummation
of the transactions contemplated by the Merger Agreement dated as of December 31, 2020, with Dynamic Elite International Limited, a British
Virgin Islands company, Crystal Globe Limited, a British Virgin Islands company, and Joway Merger Subsidiary Limited, a British Virgin
Islands company, the Company no longer had any assets or business operations. Accordingly, the Company became a shell company, as that
term is defined in Rule 12b-2 of the Exchange Act.

On
February 3, 2022, the Company consummated the transactions contemplated by the Purchase Agreement dated as of January 31, 2022 by and
among the Company, Crystal Globe Limited and JHP Holdings, Inc., a Nevada corporation, pursuant to which JHJP purchased 16,644,820 shares
of Common Stock of the Company from Crystal Globe. The shares represented 83% of the issued and outstanding shares of the Company on
a fully diluted basis. The purchase price for the shares paid by JHP was $100,000. Pursuant to the Purchase Agreement, each of Crystal
Globe, JHP and the Company made customary representations and warranties to each other. In connection with the acquisition of the 83%
by JHP, Jinghe Zhang, the sole officer and director of the Company, resigned and Ramon Lata was appointed as the sole officer and director
of the Company.

Company
History (2023 – Present)

On
January 23, 2023, the Company entered into and consummated the transactions contemplated by a Share Exchange by and among the Company,
International CuMo Mining Corporation, an Idaho corporation, and the shareholders of ICUMO Shareholders. Pursuant to the terms of the
Share Exchange Agreement, the ICUMO Shareholders transferred all the issued and outstanding shares of Common Stock of ICUMO to the Company
in exchange for newly issued shares of the Company’s Common Stock As a result of this Share Exchange, ICUMO became a wholly owned
subsidiary of the Company.

5

ICUMO
owns and controls the mining claims and rights to the CuMo Project, a large primary molybdenum deposit with silver and copper co-products
and also byproducts tungsten and rhenium. Located in Boise County, Idaho, ICUMO was formed to determine the geologic and environmental
factors that will determine the future development plan of the CuMo Project.

Pursuant
to the terms of the Share Exchange Agreement, each share of ICUMO’s Common Stock held by the ICUMO Shareholders was converted into
the right to receive the number of shares of Common Stock equal to an exchange ratio of 1.34.

As
a result of the Exchange, a change in control of the Company occurred with the ICUMO Shareholders owning 90.1% of the issued and outstanding
shares of Common Stock. Immediately after giving effect to the Exchange, there were 202,294,000 issued and outstanding shares of Common
Stock, held as follows:

●
The
stockholders of the Company prior to the Exchange held 20,054,000 shares of issued and outstanding Common Stock; and

●
The
ICUMO Shareholders held 182,240,000 shares of issued and outstanding Common Stock.

Pursuant
to the terms of the Share Exchange Agreement, on January 23, 2023 at the Closing of the exchange the Company assumed: (i) all ICUMO’s
obligations for the options, whether or not vested, granted to key management personnel pursuant to certain Incentive Stock Option agreements,
and any vested options are now exercisable to purchase shares of Common Stock at an exercise price of $0.125 until December 31, 2027;
and (ii) all ICUMO’s obligations pursuant to certain warrants to purchase shares of ICUMO Common Stock, which warrants are now
exercisable to purchase shares of Common Stock, at an exercise price of $0.15, until May 11, 2027. The Incentive Stock Options and 2021
Warrants are (i) exercisable for that number of shares of Common Stock equal to the number of shares of ICUMO’s Common Stock subject
to such options and warrants, immediately prior to the Closing and as adjusted by the Exchange Ratio, and (ii) have an initial exercise
price per share equal to the initial exercise price per share in effect for that option or warrant immediately prior to the Closing.
With respect to these Incentive Stock Options and 2021 Warrants, the Company assumed at Closing, after applying the Exchange Ratio, vested
and unvested options to purchase an aggregate of 56,615,000 shares of Common Stock and warrants exercisable for up to 41,540,000 shares
of Common Stock.

At
the Closing, Ramon Lata, the sole officer, and director of the Company, resigned from all his offices and from the board of directors
of the Company. In his place, the Board appointed four new directors, Robert Scannell, John Moeller, Shaun Dykes, and Andrew Brodkey,
and the following four executive officers, Steven Rudofsky as Chief Executive Officer and President, Robert Scannell as Chief Financial
Officer, Andrew Brodkey as Chief Operating Officer, and Shaun Dykes as Vice President, Exploration.

Private
Placement by ICUMO

Prior
to entering into the Share Exchange Agreement, from December 2022 to January 9, 2023, ICUMO conducted a private placement offering whereby
it issued and sold Notes in the total amount of $898,000 with a conversion price of $0.10 and 8,980,000 warrants to purchase ICUMO Common
Stock, with an exercise price of $0.15. As a condition to entering into the Share Exchange Agreement, ICUMO and the Company agreed that
the Company would exchange the Notes and 2023 Warrants for notes and warrants issued by the Company. Such replacement notes and warrants
were issued by the Company to the holders of the Notes and 2023 Warrants on January 23, 2023. After applying the Exchange Ratio to the
conversion rate, the Company had outstanding convertible secured promissory notes in the principal amount of $898,000 which will convert
into shares of Common Stock at an adjusted conversion price of $0.075 per share of Common Stock and 11,973,333 warrants to purchase shares
of Common Stock at an adjusted exercise price of $0.15 per share. Principal on the Notes is due and payable on July 23, 2025. The warrants
expire on January 9, 2028.

The
Replacement Notes and Warrants are secured by a first priority lien on all of the assets and mining claims of the Company, other than
certain patented lode mining claims that represent approximately 7.3% of the CuMo Project.

The
Company continues to be a “smaller reporting company,” as defined under the Exchange Act, however, as a result of the Exchange,
the Company has ceased to be a “shell company.”

In
connection with the Exchange, the Company entered into lock-up and leak-out agreements (“Lock-Up Agreements”) with (i) certain
majority shareholders of ICUMO, (ii) the holders of the Incentive Stock Options, (iii) the majority stockholder of the Company prior
to the Exchange; and (iv) certain service providers who will receive shares of Common Stock as payment for services rendered in connection
with the Share Exchange Agreement. These Lock-Up Agreements cover the Exchange Shares, any Common Stock issued pursuant to the exercise
of any Incentive Stock Options or 2021 Warrants, and all shares of Common Stock issued to such service providers (the “Covered
Securities”). The Lock-Up Agreements did not require any additional restrictions to be added to the Covered Securities at issuance
but rather were applicable to the holders of the Covered Securities. The Lock-up Agreements provide that the Covered Securities are subject
to an 18-month lock-up from January 23, 2023, subject to (i) early release upon the Company up-listing to a national securities exchange,
and (ii) termination upon certain corporate events and transactions, and also provide for certain limited permitted transfers where the
recipient takes the shares subject to the restrictions in the Lock-Up Agreement. At the end of the lock-up period, the Covered Securities
are subject to a one-year leak-out restriction for public resales of five percent of the trailing ten (10) day average trading volume
of the Common Stock. The Company may waive these restrictions.

In
connection with the transactions contemplated by the Share Exchange Agreement, prior to the Closing, the Company assigned all the amounts
owed to a third-party service provider to JHP, the former controlling stockholder of the Company. Pursuant to the terms of this Debt
Assignment and Release Agreement, JHP Holdings, Inc. assumed all the outstanding debts of the Company as of January 23, 2023.

6

The
CuMo Project, Geology and Mineralization

The
CuMo Project currently consists of one hundred and twenty-six (126) federal unpatented lode mining claims, and six (6) patented mining
claims. In total, the project comprises approximately 2,640 acres. The unpatented lode mining claims and patented claims are situated
in an unorganized mining district, in Boise County, Idaho, spanning Sections in Township 7N and 8N, Range 5E and 6E, Boise Meridian,
and are within the Boise National Forest.

The
CuMo deposit is situated within the geological occurrence called the Idaho batholith and is part of a regional scale belt of porphyry
and related deposits identified as the Idaho-Montana Porphyry Belt. Igneous complexes in this belt are interpreted to be related to an
Eocene, intra-arc rift, and are characterized by alkalic rocks in the northeast, mixed alkalic and calc-alkalic rocks in the middle,
and calc-alkaline rocks in the southwest. The CuMo deposit is located at the southwestern end of this belt and is associated with a calc-alkalic
monzogranite, reported as 45-52Ma age that intrudes Cretaceous equigranular intrusive rocks of the Atlanta Lobe of the Idaho Batholith.
The CuMo area is underlain by biotite granodiorite, the most common rock type of the Atlanta lobe of the Idaho batholith. All of the
felsic intrusive phases contain molybdenite (MoS2) mineralization.

The
CuMo deposit is located adjacent to a historic gold mining camp. Gold was discovered in the Boise Basin in 1862 and lode mining began
within a year. As of 1940, total gold production amounted to 2.8 million ounces of which 74% was from placer operations. More gold has
been produced from the Boise Basin than any other mining locality in Idaho. Although they are primarily gold deposits, considerable silver
and minor copper, lead and zinc were produced as byproducts from the lodes.

The
area features two separate mineralizing events that are referred to as early Tertiary and early Miocene. The first event consists of
gold-quartz veins containing minor sulfide minerals that occur within the Idaho batholith and are associated with weak wall rock alteration.
Associated sulfide minerals include pyrite, arsenopyrite, sphalerite, tetrahedrite, chalcopyrite, galena, and stibnite. The second mineralizing
event occurs within porphyry dikes and stocks as well as in the batholith, and is characterized by relatively abundant sulfide mineralization,
subordinate quartz, and widespread wall rock alteration. Base metal mineralization consists of pyrite, sphalerite, galena, tetrahedrite,
chalcopyrite, minor quartz, and siderite with local occurrences of pyrrhotite and enargite.

Molybdenum
mineralization was discovered at CuMo in 1963. Mineralization on the property occurs in veins and veinlets developed within various intrusive
bodies. Molybdenite (MoS2) occurs within quartz veins, veinlets, and vein stockworks. Whereas a typical porphyry deposit features disseminated
mineralized areas throughout the orebody. CuMo is a stockwork-type deposit, Individual veinlets vary in size from tiny fractures to veinlets
five centimeters in width, with an overall thickness averaging 0.3- 0.4 cm. Pyrite and/or chalcopyrite are commonly associated with molybdenite
although molybdenite can occur alone without other metallic mineralization.

Due
to their large size, the total contained economic molybdenum in this type of lower grade copper-molybdenum deposit can be equivalent
to or exceed that of high-grade molybdenum deposits.

History
of CuMo Project Exploration

The
Boise Basin was first explored following the discovery of placer gold deposits in 1862. Several lode gold deposits were discovered and
developed immediately following the initial alluvial gold rush, with significant production occurring in the late 1800’s and early
1900’s. No production has occurred on the CuMo Project claim footprint itself.

The
first interest in the CuMo property was shown during aerial reconnaissance by Amax Exploration (“Amax”) in 1963. Follow-up
geochemical rock and soil sampling indicated anomalous molybdenum and copper values. Forty claims were then staked, and three previously
existing claims were optioned. A 2.5 mile (4 km) rough access road was constructed in 1964 to facilitate collection of rock samples and
geological mapping. Amax completed detailed bedrock mapping on the CuMo property between 1964 and 1981.

In
1968, Curwood Mining Company staked 12 claims and undertook detailed mapping and geochemical rock sampling. Several trenches were excavated,
and one line of dipole-dipole array induced polarization (“IP”) geophysical survey was conducted.

In
1969, Midwest Oil Corp. optioned the property and conducted exploration drilling through 1972 (four short rotary holes (less than 100
ft) initially, which were later deepened using diamond drilling, followed by six cored holes). Midwest also performed an IP survey in
1971 and an airborne magnetic survey in 1973.

In
1973, Midwest formed a joint venture with Amax and then subsequently Midwest was merged with Amoco Minerals Company (“AMOCO”)
resulting in an Amax-AMOCO joint venture with AMOCO as operator. During the period 1973 to 1981, the Amax-AMOCO joint venture completed
30,822 ft of drilling, surface geological mapping, re-logging of the core, road construction, an aerial topographic survey, and age dating.
In 1980, Amax Exploration Inc. transferred its interest to Climax Molybdenum Company (“Climax”), also a subsidiary of Amax
Inc. In 1982, Climax collected more than 300 soil geochemical samples from three different grids.

A
total of twenty-three (23) diamond holes and three RC holes were drilled on the property during this timeframe. Most RC holes were pre-collars
to diamond drill holes with only the diamond drill component of the holes being used for resource modelling and sampling. The historic
holes were sampled mostly at a 20ft sample interval. All the sample rejects were delivered directly from Climax’s secure facility
in Colorado and are stored in the project secure warehouse facility for use by the project.

7

The
drilling efforts from 1969 to 1982 were the only actual drilling done on the property until ICUMO in 2006, who under option from American
CuMo completed one diamond drillhole and partially completed another before relinquishing the project back to American CuMo in late 2006.
Thereafter, American CuMo between 2006 and 2012 drilled a total of 25,486.82m in forty-two (42) holes. Drilling consisted of both HQ
and NQ diameter core with holes being started with HQ diameter and then reducing at a major fault intersection or at 1000ft which ever
was less. Core recoveries were monitored and were excellent (90%+). All holes were surveyed down-the-hole at regular intervals (100 feet)
using a Reflex survey instrument. All core was collected at the drill site by the diamond drillers under supervision of onsite geology
staff and delivered to a secure warehouse facility in Garden Valley where they were logged, analyzed and samples collected. All drill
sites were surveyed using a total field station in order to accurately locate the holes.

The
2006 through 2012 results confirmed the extent and grade of mineralization on the property as indicated by previous drilling and demonstrated
continuity of mineralization between the original wide-spaced holes.

American
CuMo’s work resulted in the interpretation and modelling of three distinct mineralized zones within the deposit. These zones were
previously interpreted by Amax as distinct shells that were produced by separate intrusions. Re-interpretation of down-hole histograms
for copper (Cu), silver (Ag) and molybdenite (MoS2) suggests the mineralized zones are part of a single, large, concentrically zoned
system with an upper copper-silver zone, underlain by a transitional copper-molybdenum zone, in turn underlain by a lower molybdenum-rich
zone. Three-dimensional modeling of the above zonation indicates the current area being drilled is located on the north side of a large
system extending 4.5km (15,000ft) in diameter, of which 1.5 km (3,000 ft.) has been drilled.

Resource
Reports and Preliminary Economic Assessments

In
2008, an initial Resource Estimate compliant with Canadian National Instrument 43-101 was commissioned by American CuMo under its former
name, Mosquito Consolidated Gold Mines Ltd. This estimate was based on information from 31 diamond drillholes completed through 2007.
The deposit was subdivided into three mineral domains based on the drill hole data: a Cu-Ag zone, a Cu-Mo zone, and a Mo zone. Within
each mineral domain 20 ft. composites were formed. Blocks 50 x 50 x 50 ft. were estimated for MoS2, Cu, Ag and W by ordinary kriging.

In
May 2009, the authors of the 2008 report provided an updated Resource Estimate based on a total of 42 diamond drill holes totaling 76,436
ft, including 11 completed during 2008. Using a Recoverable Metal Value (the “RCV”) cutoff at various US dollar values per
ton, and at certain assumed metal recoveries and metal prices, the authors presented tonnages, metal grades, and contained metal for
indicated and inferred resource calculations in all 3 mineralized zones.

In
November 2009, Ausenco Canada Inc. (“Ausenco”), an independent, third-party engineering firm employed by American CuMo, published
a NI 43-101 compliant Preliminary Economic Assessment, throughput Scoping Study Report based on the same 42 diamond drillholes. In a
manner similar to the May 2009 report, Ausenco reported tonnages, metal grades and contained metal for indicated and inferred resource
calculations in all 3 mineralized zones. Ausenco went further and proposed a mining and processing operational design at various mining
rates, from 50,000 to 200,000 tons per day of ore to mill throughput. This firm also included provisions and estimated capital and operating
costs for a conceptual open pit mine, waste dumps, tailings storage facility, plant/concentrator, molybdenum roaster, and ancillary facilities.
Based on this data, Ausenco was able to perform a Preliminary Economic Analysis (PEA) of the CuMo project, at various throughput rates,
which yielded numeric results for Net Present Value, Internal Rate of Return, Payback, and cash operating costs per pound of molybdenum
equivalent.

In
2011, a new technical study for a NI 43-101 compliant Resource update was commissioned with Snowden Mining Consultants. The resource
estimate update was based on a total of 54 diamond drillholes totaling 99,404 ft. Of these, 12 diamond drillholes were completed in 2009
and 2010. Again, using assumed metal recoveries and selected RCV cut-off grades, Snowden reported updated global Indicated Resources
and global Inferred Resources Snowden adopted most of the other design parameters and assumptions offered by Ausenco.

In
August 2015, Gary Giroux of Giroux Consultants Ltd. (one of the authors of the 2008 and 2009 Reports) was employed by American CuMo to
publish a NI 43-101 compliant, updated resource estimate. This update was based on a total of 65 diamond drill holes totaling 120,685
feet (36,784.9 meters). Nine (9) of the sixty-five (65) diamond drill holes were completed in 2012 since the previous resource calculation.
Using low, medium, and high metal price assumptions, and different cutoff grades for RCV, Giroux calculated Measured, Indicated, and
Inferred mineral resource numbers for ore contained within a conceptual pit shell.

Finally,
in 2020 SRK authored a Canadian NI 43-101 compliant Preliminary Economic Assessment and Technical Report (PEA) for the CuMo project.
This document, relying on the previously published 2015 resource estimate, proposed an open pit mine and concentrator combination at
a milling rate of 150,000 tons per day, and an initial mine life of 30 years. It also incorporated particle-based ore sorting technology
to remove 28% of the mining waste from the ore stream, prior to entering the concentrator.

The
mineral resource estimates contained in the TRS are based on drilling completed through 2012 on a total of 65 diamond drill holes totaling
36,166 m (118,654 ft). As no additional drilling has been completed since the 2015 resource was estimated, the mineral resource estimates
are considered current and have not been updated since that time.

The
mineral resource estimates contained in the TRS were estimated in conformity with Committee for Mineral Reserves International Reporting
Standards (CRIRSCO) “International Reporting Template for the public reporting of Exploration Targets, Exploration Results, Mineral
Resources and Mineral Reserves” as adopted by the International Council on Mining & Metals November 2019. The mineral resources
are reported in in accordance with §§229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K).

8

The
resource estimate was based on a total of 65 diamond drill holes totaling 36,166 m (118,654 ft). Nine of the 65 diamond drill holes were
completed in 2012. As no additional drilling has been completed since the 2015 resource was estimated, it is considered current. The
resource is considered an Insitu resource as it is based on the drilling and overall geological modeling.

Table
1 to Paragraph (D)(1)—CuMo Summary of Copper, Molybdenum, Silver, Rhenium and Sulphur Mineral Resources at the End of the Fiscal
Year 2024 Based on Metal Prices (see table 2)

Grades

Metal Recoveries (2)

Classification
short tons
Cu
MoS2
Ag
Re
S
RCV (1)
Rc v
Cu Recov
Mo Recov
Ag recov
Re Recov

(Millions)
%
%
Gms
PPM
%
$
Cutoff
%
%
%
%

Measured
297.2
0.076
0.081
2.09
0.03
0.229
17.83
$ 5.00
60 to 80
80 to 95
55 to 75
90

Indicated
1972.3
0.085
0.053
2.57
0.019
0.269
13.4
$ 5.00
60 to 80
80 to 95
55 to 75
90

Measured + Indicated
2269.6
0.084
0.057
2.5
0.021
0.264
13.98
$ 5.00
60 to 80
80 to 95
55 to 75
90

Inferred
2556.6
0.067
0.048
2.13
0.017
0.282
11.48
$ 5.00
60 to 80
80 to 95
55 to 75
90

*
The detailed results of the resource calculation can be found in Exhibit 96.1 of this filing, in particular sections 1.10.1 and Section
11. The point of reference for this mineral resource is an In-situ Resource.

RCV
calculation:

The
RCV calculations were based on the following metal prices

Table
2: Metal prices for resources and represent the longer-term predictions for future prices combined with the moving average for the past
3 years.

Metal
Price

Copper (Cu), $/lb
3.00

Molybdenum trioxide (MoO3), $/lb
10.00

Molybdenum Metal (Mo), $/lb
15.00

Silver (Ag), $/ounce
12.50

Molybdenum
is sold as molybdenum trioxide (MoO3) which has higher Mo content. The price used in this study for MoO3 is $10/lb.
MoO3 is calculated from MoS2 by the following:

●
Pounds
Mo = MoS2 * 20 / 1.6681

●
Pounds
MoO3 = Pounds Mo * 1.5

The
metal recoveries used to calculate RCV were a function of mineralized zones as follows:

Table
3: Metal recoveries sorted by mineralized zone

Metal

%Recoveries

in Oxides

%Recoveries in Cu-Ag Zone
%Recoveries in Cu-Mo Zone
%Recoveries in Mo & MSI Zones

Cu
60.0
68.0
85.0
72.0

Mo
80.0
86.0
92.0
95.0

Ag
65.0
75.0
78.0
55.0

*Note
– the recoveries for all metals in the MSI Zone were similar to the Mo Zone

Factors
to use in RCV equation were as follows:

MoS2
Factor ($/ton) =

MoS2
% * Mo Recovery % * 2000 lbs/ton * $/lb MoO3 * 1.5/1.6881

Cu
Factor ($/ton) =

Cu
% * Cu Recovery % * 2000 lbs/ton * $/lb Cu

Ag
Factor ($/ton) =

Ag
ppm * Ag Recovery % * $/oz Ag

31.1035
g/oz * 1.1023 tons/tonne

The
equations to calculated RCV for each mineralized zone were as follows:

RCV
(oxides) = (Cu% * 36.0) + (Ag(ppm) * 0.24) + (MoS2% * 143.88)

RCV
(Cu-Ag) = (Cu% * 40.8) + (Ag(ppm) * 0.27) + (MoS2% * 154.67)

9

RCV
(Cu-Mo) = (Cu% * 51.0) + (Ag(ppm) * 0.28) + (MoS2% * 165.46)

RCV
(Mo) = (Cu% * 43.2) + (Ag(ppm) * 0.20) + + (MoS2% * 170.85)

RCV
(MSI) = (Cu% * 43.2) + (Ag(ppm) * 0.20) + + (MoS2% * 170.85)

Other
assumptions:

In
2012, Snowden Mining Consultants (Snowden) used Geovia’s WhittleTM pit optimizer to determine a constraining open pit shell for
the CuMo deposit. Optimization parameters were from Thompson Creek mine (a comparable open pit molybdenum project located in Idaho).
The optimization parameters included mill feed, mining and processing costs of $9.28 per processed ton, overall pit slope angles of 45°,
metallurgical recoveries as shown above and appropriate dilution and offsite costs and royalties. The commodity prices used in 2012 by
Snowden for restraining the resource were Mo at $25/lb, Cu at $3/lb, Ag at $20/oz and W at $10/lb. This pit constraint is still valid.
Once block inside the constraining pit were identified RCV values were recalculated using the current metal prices.

In
the mineral resource estimate table above the base case of $5.00/t RCV cut-off is used and is selected based on operating costs and the
results of grade improvement using a mineral sorting process. The $5.00 cut-off is suggested to separate waste from material that is
fed into the sorters. From the sorters, only mill feed above an economic cut-off would be sent for immediate processing and is used in
the economic analysis.

An
estimate for rhenium (Re) and sulfur (S) associated with the MoS2 was completed using linear regression of MoS2
vs. Re and MoS2 vs S to show the average grades of Re and S that would be contained with MoS2 within each block.
The Re and S were not used to determine the RCV value of resources.

There
has been no changes to the disclosed mineral resource in the past 5 fiscal years.

Effect
of Material Regulations on the current operations of the Company.

The
Company’s current activities are subject to a number of laws and regulations, in particular including those with respect to exploration
on federal lands (under the jurisdiction of the United States Forest Service (USFS)) and corresponding State of Idaho and local/Boise
County laws and regulations. These laws and regulations, and permits/approvals granted by governmental entities thereunder, govern how
the Company must conduct surveys and how it can build and maintain roads and drill pads, access the properties, conduct drilling and
related exploration, transport staff and materials, secure, use and conserve water, protect identified species of flora and fauna, limit
land disturbance, protect surface and groundwater, comply with mitigation requirements, and reclaim affected lands post-exploration.
The Company is also required to post a bond with the USFS for reclamation assurance. Material compliance with these regulations is mandatory
and is critical to the operations of the Company.

On
March 14, 2025, the Company received a Decision Notice and Finding of No Significant Impact from the USFS approving for its Exploration
Plan of Operations by the USFS (pursuant to an Environmental Assessment published by the USFS under the National Environmental Policy
Act of 1970 (NEPA)) for the commencement of drilling and exploration activities. Consequently, the Company can legally undertake exploration
on federal lands in 2025. In addition, material approvals that the Company will need for its planned 2025 exploration activities will
need to come from the Idaho Department of Water Resources, the Idaho Department of Environmental Quality, and Boise County Department
of Roads. The Plan of Operations permits the Company to conduct exploration from April 15 to December 15 each calendar year for a 4-year
period starting in 2025, and the Company believes that each of such additional material approvals will be applied for and received prior
to April 15, 2025. However, the Company notes that if a lawsuit is filed by Non-Governmental Organization (NGO’s) or others challenging
the USFS approval, it may not be able to carry out exploration under the Plan of Operations in 2025.

Significant
encumbrances to and future permitting for the property.

There
are no legal encumbrances affecting the properties except for the pledges of security under certain notes and debentures.

As
to future permits and approvals beyond exploration, needed for development, construction and operation of a mining project at CuMo, and
assuming that technical and economic evaluation of a project merits such development, the Company first will need to conduct extensive
baseline environmental studies, hydrological studies, additional plant and animal surveys, and related activities required under NEPA
to allow the USFS to publish an Environmental Impact Statement (EIS). If drilling and exploration activities are completed during 2026
(despite the current legal challenges), the Company anticipates that it will begin additional technical analysis for a Preliminary Feasibility
Study (PFS), described below, and commence environmental baseline work during 2025, leading to a PFS publication conceivably within 18
months. If the PFS results are positive, the Company would continue with additional technical work, environmental work, preliminary engineering
work, all in order to develop a Bankable Feasibility Study (BFS) and submit to the federal agency a Plan of Operations for construction,
development and operation of a mining project under an EIS. The Company estimates that with no legal challenges, an EIS could be published
by the USFS as early as 2029. The Company again notes that the current legal challenges from NGO’s could potentially prevent exploration
in 2026 and can extend these approximate timelines.

10

Internal
Controls and Data Verification

Shaun
M. Dykes, a former a director and officer of the Company, (the “Qualified Person”) reviewed the procedures used by ICUMO
and produced a description and an analysis of the results as contained in Section 8 of the TRS. These are standard data verifications
with no limitations.

All
assay results used in the verification process by the Qualified Person were obtained from fully certified analytical laboratories with
signed assay certificates.

The
Qualified Person has reviewed the data collection and verification procedures followed by ICUMO and by third parties on behalf of ICUMO,
and believes these procedures are consistent with industry best practices and acceptable for use in geological and resource modelling.

These
procedures have also been verified by several independent qualified people over the years.

For
more information about quality control/quality assurance and data verification, see Section 8 and Section 9 of the TRS.

The
mineral resources estimated may ultimately be affected by a broad range of environmental, permitting, socio-economic (as discussed in
Section 17 of the TRS), legal, title (as discussed in Section 3 of the TRS), marketing and political factors (as discussed in Section
22 of the TRS). At this time the authors are unaware of any of these factors that could materially affect the mineral resource estimate.
Of course, going forward, relevant factors that could influence the resource estimate include changes to the geological, geotechnical
or geometallurgical models, infill drilling to convert mineral resources to a higher classification, drilling to test for extensions
to known resources, collection of additional bulk density data and significant changes to commodity prices. It should be noted that all
these factors pose potential risk and opportunities to the current mineral resource.

Current
Planned Working Programs

Ore
Sorting and Updated Preliminary Economic Assessment

Idaho
Copper during 2024 investigated the potential to utilize additional ore sorting technologies to optimize the separation of waste and
low-grade ore from higher grade mill feed post-mining and increase the head grade of ore being fed to a concentrator. The thin-veined
stockwork nature of the CuMo deposit lends itself well to ore sorting, since mineralized veins at CuMo largely carry the metals of interest
and are much different from waste in appearance. A visual scanning exercise of all of the core recovered from previous drilling activities
described herein revealed that up to 84% of the waste and lower grade ore mined can be theoretically separated from higher grade material
through application of ore sorting, versus the 28% separation factor that SRK Consulting (Canada) Inc. (“SRK”) conservatively
used in its 2020 Preliminary Economic Assessment (“PEA”). There are over 90 active mines in the world today which utilize
some form of ore sorting.

During
2024, the Company contracted with MineSense, Technologies Ltd., of Vancouver, BC, Canada, who, using their ShovelSense scanning systems,
which employ X-ray fluorescence (the “XRF”) surface scanning sensor technology, successfully tested ore from CuMo and determined
positively its amenability to ore sorting. These systems are installed directly on mine shovel buckets and scan the blasted material as
the shovel scoops it up, allowing the mine operator, based on cutoff grades, to differentiate ore from waste at the mining face. ShovelSense
is currently being used successfully by at least three large producing copper open pit mines (Highland Valley BC, Copper Mountain BC,
and Carmen de Andacollo Chile). The MineSense agreement is for the sum of $65,000.

Contemporaneously
with this test work, the Company executed a contract with Veracio, Inc., from Salt Lake City, Utah, to scan existing CuMo drill cores
with mobile XRF scanners, in order to confirm that the CuMo deposit is variable in nature and amenable to selective separation by ore
sorting techniques. Veracio has scanned approximately 33,000 feet of core at the Company’s leased core storage facility in Idaho,
at a footage rate of $8/foot, and with mobilization and incidentals, the Company has paid or is responsible for a cost of around $275,000.

The
final ore sorting design will likely not only rely on a single sorting pass, but may possibly integrate multiple sorting technologies,
such as combining surface XRF scanning at the mining face on blasted material with downstream penetrative prompt gamma neutron activation
analysis (PGNAA) or pulsed fast thermal neutron activation (PFTNA) scanners installed on the material conveyors, and potentially bulk
particle XRF scanners to finish. The potential combination of different ore sorting technologies and equipment could enable the Company
to optimize the separation of ore from waste, substantially increasing the head grade of mill feed, and thereby reducing the size of
the concentrator. Consequently, this will in theory allow the Company to significantly reduce capital and operating costs.

The
Company initially contracted with SGS Bateman, Inc., (“SGS”) a noted professional mining industry consulting firm, to undertake
metallurgical test work and act as lead author and Qualified Person(s) (QP), to publish an updated PEA, utilizing ore sorting results
to revise the technical and economic sections of the document. The key terms of the SGS contract are, for an estimated cost of $429,000
(and an initial deposit of $110,000), SGS, and except for ore sorting, SGS was to provide all of the technical input for a Canadian NI-43-101
equivalent Technical Report and a compliant US SK-1300 Technical Report. These reports will include all technical studies including geologic
resources, mineable resources, pit optimization, mine planning and equipment scheduling, metallurgical analysis, concentrator design,
capital and operating cost estimates, and an economic analysis. SGS is currently conducting at its Lakefield, Ontario, Canada laboratories,
metallurgical testwork on representative, post-ore sorting, higher-grade ore samples which were provided by the Company. As to ore sorting,
the Company has engaged Lycopodium, Inc, of Ontario, Canada, for a cost of roughly US$80,000, to provide a QP for expert ore sorting
analysis of the MineSense sorting results which will be incorporated into the updated PEA.

The
Company dismissed SGS Bateman in February 2025 and hired Barr Engineering Inc. (“Barr”) to act as overall author of and QP
for the updated PEA. SGS Lakefield, however, is continuing with its metallurgical evaluations. The Company is currently discussing with
SGS Bateman the outstanding invoices, paid this far and the cost of any remaining work by SGS Lakefield. The Barr contract is for $433,000.
Expected budget for all of the work identified above is roughly $1 million. The updated PEA is anticipated to be published in mid-2026.

11

Additional
Exploration and Metallurgical Studies; Pre-Feasibility Study

Following
completion of the updated PEA, and under the approval by the USFS of approval of the Company’s Exploration Plan of Operations.
The Company intends to procced with additional exploration, including infill, expansion, and geotechnical pit wall drilling. The infill
work is intended to enable the Company to reclassify resources currently labeled as Inferred, to the level of Indicated, or Measured
and Indicated. The Company has tentatively budgeted $12 million for this drilling and exploration work.

The
Company also plans to initiate additional metallurgical studies to (1) determine the optimal concentrator design for both copper-silver,
and molybdenum concentrate circuits, and (2) investigate the potential to recover copper and molybdenum via heap leaching of lower grade
ore that is stockpiled and not immediately processed at the concentrator. The Company has identified a number of outside consultants
that can be engaged for both of these studies. In total, the Company expects that these studies will cost approximately $1,000,000 and
will take on the order of four (4) months to complete.

These
undertakings, along with a number of additional studies, are part of the Company’s plan to develop an independent third-party Pre-Feasibility
Study (PFS) for the CuMo Project. In addition to the exploration and metallurgical work, explained above, the PFS will include expenditures
for infrastructure and road improvements, environmental and permitting work, preliminary engineering, community, and public/government
relations work, and potentially costs for expansion of the current land position.

Competitive
Position in the Industry

The
mineral exploration, development, and production industry are largely unintegrated. The Company competes with other exploration companies
looking to acquire and obtain financing for the exploration and development of mineral resource properties. While the Company competes
with other exploration companies to locate and acquire mineral resource properties, it may also compete with them for the removal or
sales of mineral products from its properties if it should eventually discover their presence in quantities sufficient to make production
economically feasible. Readily available markets for the sale of mineral products only sometimes exist for all mineral commodities; however,
the principal CuMo Project commodities of copper, silver and molybdenum are traded on international exchanges and therefore, at a minimum
a terminal market exists for which these commodities can be delivered and sold.

Competition

ICUMO’s
competition includes large, established mining companies with substantial capabilities and more significant financial and technical resources.
As a result of this competition, it may have to compete for financing and may need help to acquire the funding on terms it considers
acceptable. ICUMO may also have to compete with other mining companies to recruit and retain qualified managerial and technical employees.
If ICUMO cannot compete successfully for financing or qualified employees, its exploration programs may be slowed down or suspended,
which may cause it to cease operations as a company.

Employees

As
of the date of this Report, other than certain executives, ICUMO has no employees. ICUMO does not have or maintain any employee benefit
plans or similar plans under any applicable laws.

Recent
Developments

Private
Placement

From
February 28, 2024, through March 28, 2024, the Company conducted a private placement offering pursuant to which it entered into subscription
purchase agreements with accredited investors for an aggregate of 162.66 Units (the “Units”), at a purchase price of $12,000
per Unit for an aggregate purchase price of approximately $1,952,000 (the “Newbridge Private Placement Offering”). Each Unit
comprised of one (1) share of Series A Convertible Non-Voting Preferred Stock, $0.001 par value per share, and (ii) 62,500 Common Stock
purchase warrants (the “Warrants”). The Warrants entitle the holders to shares of Common Stock for three (3) years, at an
exercise price of $0.24 per share. Newbridge Securities Corporation acted as the sole placement agent (the “Placement Agent”)
on a best-efforts basis pursuant to a Placement Agency Agreement dated September 7, 2023, as amended on December 27, 2023. Pursuant to
this agreement, the Placement Agent received cash commissions of $195,200, representing 10.0% of the gross purchase price of the Units
sold. Certain members of the Placement Agent participated as investors in the Newbridge Private Placement Offering.

Pursuant
to the Subscription Agreements, the Company agreed to file a registration statement with the Securities and Exchange Commission to register
the re-sale of the shares of Common Stock issuable upon the conversion of the Preferred Stock and upon the exercise of the Warrants within
90 business days after the final Closing date. If the Company fails to file a registration statement by such date, the Company shall
pay the Subscribers 2.5% of their respective purchase price for each 30 days that the registration statement is not filed, with a maximum
of 10%.

12

Reverse
Stock Split

On
April 5, 2024, the Company’s board of directors (the “Board”) approved an amendment to the Company’s Amended
and Restated Articles of Incorporation to effect a reverse stock split of the Company’s issued and outstanding Common Stock at
a ratio of not less than 1-for-2 and not more than 1-for-30, with the exact ratio to be determined by the Board in its sole discretion.

On
September 10, 2025, the Board determined to effectuate
1-for-20 reverse stock split (the “Reverse Stock Split”) and
filed a Certificate of Change to the Company’s Amended and Restated Articles of Incorporation on October 15, 2025. The Reverse
Stock Split became effective on December 15, 2025. All shares and per share amounts in the financial statements have been retrospectively
adjusted for all periods presented to reflect the Reverse Stock Split.

International
Energy & Mineral Resources Investment Company Limited Lawsuit

On
September 12, 2025, International Energy & Mineral Resources Investment Company Limited (“IEMR”), a shareholder of the
Company, filed a lawsuit in the Fourth Judicial District of Idaho seeking a declaratory judgment that the Lock-Up Agreement dated December
21, 2022, and its First Amendment dated March 30, 2024 (collectively, the “Lock-Up Agreement”) have terminated according
to their terms and that IEMR may freely trade its shares.

The
Company maintains that IEMR remains subject to the restrictions of the Lock-Up Agreement and filed its response to the lawsuit on September
30, 2025. On November 4, 2025, IEMR filed a motion for summary judgement on its declaratory judgement claim. The Company’s response
in opposition to the motion for summary judgement is due on January 29, 2026. On that date, IEMR moved to dismiss the complaint without
prejudice, and the court issued a stipulation dismissing the case.

Available
Information

We
file annual, quarterly, and current reports and other information with the SEC. You may read and copy any reports, statement or other
information that we file with the SEC at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please
call the SEC at (202) 551-8090 for further information on the public reference room. These SEC filings are also available to the public
from commercial document retrieval services and at the Internet site maintained by the SEC at http://www.sec.gov.

The
Company’s website is www.idaho-copper.com. The Company’s website is not incorporated in this Form 10-K.

CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This
Annual Report on Form 10-K (this “Report”) for the Company, contains forward-looking statements that relate to future events
or our future financial performance. These statements involve known and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by the forward-looking statements. These risks and other factors include those listed
under “Risk Factors” and elsewhere in this Report. In some cases, you can identify forward-looking statements by terminology
such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“believes,” “estimates,” “predicts,” “potential,” “continue” or the negative
of these terms or other comparable terminology.

Forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements
to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements.
We discuss many of these risks in this Report in greater detail under the heading “Risk Factors.” Given these uncertainties,
you should not place undue reliance on these forward-looking statements. Also, forward-looking statements represent our management’s
beliefs and assumptions only as of the date hereof. You should read this Annual Report on Form 10-K and the documents that we have filed
as exhibits to this Annual Report completely and with the understanding that our actual future results may be materially different from
what we expect.

Except
as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results
could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the
future. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.