Diamond Equity Research Releases Update Note on Idaho Copper Corporation (NYSE American: COPR)

New York, Oct. 22, 2026 (GLOBE NEWSWIRE) -- Diamond Equity Research LLC, an equity research firm with a focus on small capitalization public companies has released an update note on Idaho Copper Corporation (NYSE American: COPR). The research summary below is from a report commissioned by Idaho Copper Corporation and produced by Diamond Equity Research.The update report includes detailed information on Idaho Copper Corporation’s business model, industry overview, financials, and risks.

The full research report is available below.

Idaho Copper Update Note October 2026

Highlights from the report include:

Updated PEA Reflects Lower Upfront Capital and Higher Targeted Project Returns: On October 14, 2026, Idaho Copper released an updated PEA for CuMo, incorporating 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. At $5.00/lb copper, $25/lb molybdenum and $50/oz silver, the study outlines an after-tax NPV8 of $1.88 billion and IRR of 18.5% (2020 PEA: $356 million and 9%), on first-phase pre-production capital of $1.17 billion plus $658 million of Year 5 expansion capital (2020 PEA: approximately $3.1 billion), with a 5.9-year payback and a 46-year mine life.

USFS Approval Clears the Way for Drilling at CuMo: On September 22, 2026, Idaho Copper announced U.S. Forest Service approval of its Exploration Plan of Operations (PoO) and 2026 annual operating plan, along with acceptance of its reclamation surety bond. The approved PoO is effective for six years from the first day of operations, and the company is targeting up to 15,000 feet of infill diamond core drilling this season, ahead of a substantially larger 2027 campaign aimed at completing the drilling needed for the Prefeasibility Study.

Valuation: Our valuation of Idaho Copper is based primarily on a risk-adjusted NPV framework, reflecting CuMo’s life-of-mine cash flow potential, discounted at 10.0% with no terminal value. While the 2020 PEA estimated LOM revenue of $29.1 billion, after-tax NPV8 of $356 million, and IRR of 9% (updated PEA: $1.88 billion and 18.5%), our bottom-up model yields higher LOM revenue of $47.39 billion, primarily driven by a more constructive long-term price deck for copper, molybdenum, and silver.  We also assume a materially lower initial capex of $1.2 billion, while maintaining LOM sustaining capex of $972 million and closure cost of $150 million. Given CuMo remains at a PEA stage with limited technical and economic certainty, we apply a very conservative 15% probability of success, resulting in a risk-adjusted equity value of $428.98 million under our NPV approach. We complement this with a GPCM-based price-to-mine plan tonnage methodology, applying peer-derived multiples to CuMo’s LOM mill feed and similarly risk-adjusting the output. Due to an increase in GPCM valuation and the discount rate rolled forward, our valuation has slightly increased. With a 75% weighting to NPV and 25% weighting to GPCM, our blended valuation framework derives an illustrative valuation of $23.32 per share, contingent on continued project de-risking, financing access, and successful execution. Our model is yet to reflect the full impact of the new PEA, as the supporting technical report is pending.

About Idaho Copper Corporation

Idaho Copper Corporation is a U.S.-based mineral development company advancing the CuMo Project, a large-scale copper–molybdenum–silver deposit located in Boise County, Idaho. The company is focused on developing a long-life multi-metal resource positioned to benefit from electrification-driven commodity demand and evolving U.S. critical mineral supply chain priorities.

About Diamond Equity Research

Diamond Equity Research is an equity research and corporate access firm focused on small capitalization companies. Diamond Equity Research is an approved sell-side provider on major institutional investor platforms.

For more information, visit https://www.diamondequityresearch.com.

Disclosures:

Diamond Equity Research LLC (“DER”) is being compensated by Idaho Copper Corporation (the “Company”) for producing research materials regarding the Company and its securities, which is intended to subsidize the costs associated with the preparation of the report and the ongoing monitoring of the security; however, the views expressed in the report reflect those of Diamond Equity Research. As of 10/22/26 the issuer had paid us $50,000 for our company sponsored research services, which commenced 04/16/26 and is billed annually upfront, which could present a conflict of interest. Additional compensation may be received in future years if the engagement is renewed. Diamond Equity Research LLC may be compensated for non-research related services, including presenting at Diamond Equity Research investment conferences, press releases and other additional services. The non-research related service cost is dependent on the company, but usually do not exceed $5,000. The issuer has not paid us for non-research related services as of 10/22/2026. Issuers are not required to engage us for these additional services. Additional fees may have accrued since then. Although Diamond Equity Research company sponsored reports are based on publicly available information and although no investment recommendations are made within our company sponsored research reports, given the small capitalization nature of the companies we cover we have adopted an internal trading procedure around the public companies by whom we are engaged, with investors able to find such policy on our website public disclosures page. This report and press release do not consider individual circumstances and does not take into consideration individual investor preferences.This report is based on information we consider reliable, including the subject of the report.This report does not explicitly or implicitly affirm that the information contained in this document is accurate and/or comprehensive, and as such should not be relied on in such capacity. All information contained within this report is subject to change without any formal or other notice provided. Statements within this report may constitute forward-looking statements, these statements involve many risk factors and general uncertainties around the business, industry, and macroeconomic environment. Artificial intelligence-assisted tools were used to support certain research, information synthesis, and editorial processes. Investors need to be aware of the high degree of risk in small capitalization equities including the complete potential loss of their investment. Investors can find various risk factors in the update report and in the respective financial filings for Idaho Copper Corporation, which may not be comprehensive.  Please review update report attached for full disclosures.

Attachment

• Idaho Copper Update Note October 2026

Diamond Equity Research
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