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

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

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