Idaho Copper Corp Reports Net Loss of $575,001 for Q1 2023

Idaho Copper Corp, a mineral exploration company, recently released its quarterly report for the first quarter of 2023. The report provides insights into the company’s financial performance and operations. Despite not generating any revenue historically, the company experienced a net loss of $575,001 for the three-month period ending on April 30, 2023. This represents an increase from the net loss of $223,602 reported for the same period in 2022.

Operating Expenses

Operating expenses for the first quarter of 2023 amounted to $401,155, compared to $121,191 for the first quarter of 2022. The increase in operating expenses was primarily due to stock-based compensation expenses of $140,741 and payroll and related items totaling $107,000. These figures indicate the company’s commitment to attracting and retaining talent in its pursuit of exploring mineral rights interests in the United States.

Other Expenses

Furthermore, the company reported other expenses of $173,845 for the first quarter of 2023, compared to $102,411 for the same period in 2022. These expenses were incurred as a result of various factors not specified in the report.

Liquidity and Capital Resources

In terms of liquidity and capital resources, Idaho Copper Corp had cash reserves of $116,721 as of April 30, 2023. However, the company acknowledged that it does not have sufficient resources to sustain its operations. It expects to incur expenses in the next twelve months, primarily consisting of general expenses such as overhead, legal fees, and accounting fees. In order to continue its growth plans, the company estimates that it needs to raise a minimum of an additional $750,000. Failure to secure additional capital could have a severe negative impact on the company’s ability to continue operating.

Mining Operations

In terms of its mining operations, the company identified the CuMo Project as its sole material mining operation. The CuMo Project consists of 126 federal unpatented lode mining claims and six patented mining claims, totaling approximately 2,640 acres. It is a molybdenum-copper deposit that will be developed as an open pit mining operation. An independent valuation firm recently issued a valuation of the CuMo Project, estimating its fair market value at $23,919,754.

Financial Statements and Disclosure Controls

Idaho Copper Corp’s financial statements were prepared in accordance with generally accepted accounting principles (GAAP), and the company has acknowledged that its disclosure controls and procedures were not effective as of the end of the reporting period. The company identified several deficiencies, including the lack of a majority of independent directors, insufficient personnel resources within the accounting function, and insufficient written policies and procedures over accounting transaction processing.

Measures to Address Deficiencies

To address these weaknesses, management plans to implement measures such as hiring additional accounting personnel, seeking guidance from third-party experts, and developing and maintaining adequate written accounting policies and procedures. However, the successful implementation of these measures is contingent upon the company’s ability to obtain additional funding through equity, debt, or strategic arrangements with third parties.


In conclusion, Idaho Copper Corp’s quarterly report for Q1 2023 highlights its financial challenges, including its net loss and the need for additional capital to sustain its operations. The company’s sole material mining operation, the CuMo Project, holds significant value but is dependent on the successful resolution of uncertainties and the confirmation of the company’s title to the mineral properties.

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