Idaho Copper Issues Shareholder Letter and Provides Corporate Update

Boise, Idaho, May 04, 2026 (GLOBE NEWSWIRE) -- Idaho Copper Corp. (OTC: COPR), a critical minerals developer advancing a flagship mining project in Idaho, today issued a letter to shareholders from Chief Executive Officer, Andrew Brodkey.

Dear Shareholders,

As we move into 2026, I would like to thank our shareholders for their continued support. Throughout 2025 we continued our work exploring and developing a massive deposit in Boise County, Idaho – the "CuMo" project. CuMo contains extensive, drilled domestic US resources of copper, molybdenum, silver, tungsten and rhenium. We believe that CuMo is among the largest undeveloped copper projects in the United States and may be one of the largest undeveloped molybdenum projects in the world. The Company is focused on capitalizing on the looming global copper supply deficit and the rapidly expanding market demand for silver, molybdenum, tungsten and rhenium.

In 2024 the Company completed a number of important technical studies which proved, among other things, the amenability of CuMo ore to advanced separation technologies, known in the industry as ore sorting. This and other technical work results achieved are currently providing the basis for the production of an updated Preliminary Economic Assessment (“PEA”) which is targeted for release mid-2026. We anticipate that the updated PEA will yield economic, cost and other results superior to those found in the last PEA published in 2020.

During 2025 we received approval for our Plan of Operations ("PoO") to conduct exploration drilling and related activities from the U.S. Forest Service, Boise National Forest ("USFS") and were issued a Decision Notice and Finding of No Significant Impact under an Environmental Assessment. This agency authorization sets the stage for planned drilling activities in 2026 designed to upgrade the CuMo Resources and, building on the updated PEA, lead to the compilation of a Preliminary Feasibility Study (“PFS”) which is aimed to be released sometime in late 2027 or early 2028.

As we continue to develop our key asset and look toward the upcoming PEA Update, the convergence of geopolitical necessity, metals pricing, industrial demand, and historic legislative reform has created a significant opportunity for our company. For decades, the American mining industry has been hamstrung by regulatory uncertainty. Today, that paradigm has shifted. With progress through the U.S. Congress of the SPEED Act, Mining Regulatory Clarity Act, and PRIMED Act, the U.S. has finally begun to signal that domestic mineral independence is a national security priority. Idaho Copper is uniquely positioned to be a meaningful beneficiary of this new era.

Critical Mineral Opportunities

Every metal in the suite of metals contained in the CuMo deposit is listed as a Critical Metal or Critical Material for purposes of US government funding.

Copper: The Electrification Engine

Copper remains the bedrock of the global energy transition, and a key to achieving net zero. From the massive requirements of the U.S. electrical grid to the growing AI-driven data center market, and to EV’s and the renewable energy development, copper demand is projected to outpace supply for the foreseeable future. Analysts at Goldman Sachs expect demand for copper to overtake supply from 2029 onwards, pushing prices higher, reaching $15,000 per tonne by 2035. The U.S. administration imposed a 50% Section 232 tariff on semi-finished and derivative copper products in August 2025 to boost domestic production for national security.

Molybdenum: Strengthening American Infrastructure & the Green Energy Transition

Molybdenum is a critical alloying agent in high-strength steels used in the defense and energy sectors. As the U.S. reinvests in its industrial base and advanced weaponry, the demand for molybdenum is surging. Molybdenum is also an unsung hero of the green energy transition, and named as one of the six cross cutting critical minerals that will be used in all technologies in the green energy transition. Approximately 40% of all molybdenum is consumed in the energy sector and it is seen as key in the decarbonization of our global economy. The global market is highly concentrated, leaving U.S. buyers vulnerable to supply shocks.

Silver: The Solar & Industrial Catalyst

Silver is more than a precious metal, it is an essential industrial component for solar photovoltaics and advanced electronics. The solar industry alone is consuming a record percentage of annual silver production, with research predicting that that by 2030, supply may meet only 62–70% of demand. Governments are recognizing silver's strategic importance, with the U.S. adding it to its Critical Minerals list, further highlighting its essential role in the economy, national security, and key technologies like solar panels, electronics, and EVs.

Rhenium & Tungsten: The Defense Duo

While smaller in volume, rhenium and tungsten are vital for aerospace in jet engines and defense, including armor-piercing munitions. Both are currently on the U.S. Critical Minerals List. Rhenium is one of the rarest elements on earth, and tungsten supply is dominated by China.

Historic Regulatory Tailwinds

The most significant change in 2026 is the legislative environment for our industry. Multiple bills are making their way through Congress that would benefit our strategy and timeline. The Standardizing Permitting and Expediting Economic Development Act or the SPEED Act (H.R. 4776), passed with bipartisan support in the House, modernizes the National Environmental Policy Act (NEPA) by limiting NEPA reviews to proximately caused effects, clarifies federal funding triggers, and imposes a 150-day statute of limitation. The Mining Regulatory Clarity Act (H.R.1366) restores regulatory clarity and stability for mining projects by establishing a new category of mill sites to ensure that operators can use federal lands for ancillary activities. The Permit Reform In Mining for Energy and Defense Act, or the PRIMED Act, (H.R.2623) would make certain actions taken by the Department of Defense to secure critical materials for energy infrastructure (e.g., minerals) eligible for an expedited environmental review by including those projects within the scope of covered projects under the Fixing America's Surface Transportation (FAST) Act.

Operational & Balance Sheet Improvements

Operationally, we took several steps during the year to opportunistically strengthen our balance sheet, enabling us to execute on upcoming milestones and fund growth initiatives. Most recently, in April we successfully closed a $1.4 million principal amount tranche of convertible note financing. We expect to use the proceeds to support near-term strategic priorities, including the forthcoming updated PEA Technical Report.

2026 Outlook

We believe 2026 will be a milestone year for Idaho Copper and the advancement of the CuMo project. Our medium-term goals are to (1) complete and release the PEA Update, (2) advance CuMo to pre-feasibility with drilling and additional technical work, and (3) submission of a White Paper to the Departments of War, Energy, and other federal agencies for federal development grants.

With enormous upside potential and a strategic location stateside in Idaho, we believe our project will provide a secure, tariff-insulated supply chain of critical minerals for U.S. manufacturers. Our deposit’s potential allows us to offer a reliable domestic alternative to foreign imports, ensuring that the materials in our infrastructure, electronics and clean energy technologies are sourced in America. We thank all our shareholders for your ongoing support as we diligently work to build on the short- and long-term value of our company. We look forward to providing additional updates in the months ahead.

Sincerely,

Andrew Brodkey
Chief Executive Officer of Idaho Copper

About Idaho Copper Corporation

Idaho Copper Corporation (OTC: COPR) is a critical minerals developer advancing the flagship "CuMo" copper-molybdenum project in Boise County, Idaho. Spanning 2,640 acres, a 2020 Preliminary Economic Assessment found that at the lowest cut-off grade, CuMo is one of the largest undeveloped copper deposits in the United States (~4B lb. Copper in Measured and Indicated (“M&I”) Resources), likely the largest undeveloped molybdenum deposit in the world (1.6B lb. of molybdenum in M&I Resources), with significant quantities of silver, rhenium, and tungsten as well. To learn more, please visit our website at idaho-copper.com.

Safe Harbor Statement

This press release contains forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as "may," "will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, intentions and expectations reflected in or suggested by the forward-looking statements in this report are reasonable, the Company cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond the Company's control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Except to the extent required by law, the Company has no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended January 31, 2025, as filed with the Securities and Exchange Commission (the "SEC") on April 22, 2025, and the Company's other periodic and quarterly filings with the SEC.

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

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