Is Idaho Emerging as the Next Big Copper District?

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Scout Discoveries Corp. announced it has made substantial progress in exploring its project portfolio during the 2025 season, including geological mapping at Cuddy Mountain in Idaho's emerging copper district and a large-scale joint Magnetotelluric–Natural Source Induced Polarization (MT–NSIP) survey with Hercules Metals.

Cuddy Mountain Property is situated next to Hercules' Leviathan Porphyry Copper Discovery.

In a release, Scout noted it is "finalizing permits for 18 drill sites at Cuddy Mountain and anticipates drilling to commence at the Climax target in September or October, utilizing its internal drilling division."

Idaho is rich in a variety of mineral resources, including gold, silver, phosphate rock, and molybdenum. While copper mining began in the West in the late 1870s, there are currently no dedicated copper producers operating in Idaho. Most of the current activity revolves around exploration and development, suggesting that the next copper mine in the U.S. might emerge in Idaho, Investing News Network reported. Known copper-rich areas in the Gem State include Lemhi, Washington, Shoshone, and Custer counties.

Idaho generally supports mining, ranking 25th out of 86 for policy perception and 20th out of 86 for investment attractiveness in the Fraser Institute's Annual Survey of Mining Companies in 2023, the latest year for which these data are publicly available.

The state has laws and regulations that promote responsible mineral development and supportive government policies. For instance, at the beginning of this year, Gov. Brad Little signed the Strategic Permitting, Efficiency and Economic Development (SPEED) Act, aimed at expediting permit reviews and enhancing collaboration with project proponents, as reported by the Canadian Mining Journal.

"Idaho leads the nation in streamlining regulations and promoting good government, but there is always more we can do to improve," Little stated during the announcement of the Executive Order. "With President Trump's return to the White House, there is a renewed focus on efficiency in government at the federal level. In that same spirit, here in Idaho, we are going to take even more steps to make sure state government does not get in the way of projects that support our economy."

Robert Sinn of Goldfinger Capital, writing on his premium Substack on August 22, noted that "after two years of steady progress," the "Idaho Copper Belt (ICB) is entering a phase of accelerating growth."

"Since May, Hercules has been aggressively drilling (including expanding from two rigs to five rigs) utilizing its new 3D geological model based on 2023/24 drilling," Sinn wrote. "In July, neighbor IDEX commenced drilling at its nearby Kismet Target, targeting a deeper porphyry source beneath a tourmaline breccia pipe."

He continued, "In the last couple of weeks, IDEX shares have jumped from CA$.42 to a high of CA$.79 in anticipation of the first drill results of the 2025 drill program."

A Disrupted Copper Inventory

In the first half of 2025, there has been a significant surge in U.S. copper imports, driven by the anticipation of potential tariffs, according to a research article by J.P. Morgan on July 24. By May, U.S. refined copper imports had increased by 129% compared to the previous year, leading to an unprecedented inventory build-up. Concurrently, Chinese demand was stronger than expected.

After a full-year growth of about 4.4% in 2024, China's apparent copper demand grew by approximately 10% year-over-year through May. Although the pace of Chinese demand growth has slowed since April, it remains stronger than anticipated.

"Copper supply remains constrained overall. But rather than being exceptionally tight globally, visible copper inventory is significantly dislocated and imbalanced," noted Gregory Shearer, head of Base and Precious Metals Strategy at J.P. Morgan. "Fundamentals have been tightened by U.S. imports and front-loaded Chinese demand."

As the U.S. reduces its copper imports, there will be a sudden shift in trade flows. "Copper will be diverted away from the U.S. and back to the rest of the world, helping to replenish LME inventories, loosening LME spreads and bringing about a stiffer headwind for LME copper prices over the balance of the year," Shearer added.

The firm maintained a cautious outlook for copper prices in the coming months. The combination of tariff-induced market adjustments and the unwinding of inventory build-up is anticipated to exert downward pressure on prices.

"We expect the hangover following the combined front-loading of U.S. imports and Chinese demand will weigh modestly on copper prices over the second half of the year. Nonetheless, absent a significant downturn in the macroeconomy, we still see prices being largely supported at or just above US$9,000/mt (metric tonne)," Shearer added.

One of Our Most Crucial Metals

Copper is a highly adaptable and recyclable material, often considered one of humanity's most crucial metals, according to a report by Minerals Make Life.

Its use dates back thousands of years, and its unique properties have made it indispensable for modern society. Notably, copper is one of the few metals with antibacterial qualities, making it ideal for medical applications. Its recyclability also makes it an environmentally friendly option, as it can be reused multiple times. Copper's malleability allows it to be shaped into thin wires without breaking, and its excellent electrical and thermal conductivity makes it vital for electrical components across various industries worldwide.

Applications such as smart devices (including the one you're using now), building wiring, telecommunications, and electronics account for about three-quarters of global copper consumption.

What has recently captured attention — and what experts predict could lead to a supply shortage — is copper's critical role in our energy future. The United States, European Union, and many other governments have set net-zero emissions targets, aiming to achieve them by 2050 with technologies that rely heavily on copper. Electric vehicles and their batteries, along with solar and wind power, depend on this basic metal of electrification. While internal combustion engines use about 23 kilograms of copper, hybrid vehicles require double that amount, and all-electric vehicles nearly quadruple it. According to S&P Global's "The Future of Copper" report, copper demand is projected to double by 2035 and continue to rise thereafter.

Between this year and 2030, the U.S. copper market is forecasted to expand at a 6% compound annual growth rate, according to Grand View Research. Specifically, revenue is projected to reach US$19.7 billion (US$19.7B) by 2030, up from US$14.4B in 2024.

In addition to Scout and Hercules, another company, IDEX, offers a copper play in Idaho for the savvy investor.

Scout Discoveries Corp.

In its news update, Scout Discoveries recently announced notable progress in exploring its portfolio, including at the Cuddy Mountain project in Idaho. The company is in the final stages of securing permits for 18 drill sites at the project and expects drilling to commence at the Climax target as early as September or October, leveraging its own in-house drilling team.

The company also reported it has increased its drilling operations, expanding from two to five surface core drills.

Scout also shared updates on its Phase II core drilling program at the Speed Goat Project, located in northern Nevada’s renowned Battle Mountain mining district. Speed Goat represents a notable porphyry Au-Cu-Ag discovery identified by the Scout team, following only limited shallow historic drilling at the site.

Privately held and headquartered in Idaho, Scout remains wholly focused on the exploration stage, aiming to uncover the next major discovery in precious and/or base metals, according to the company's website. The junior explorer has five 100%-owned flagship projects, with Cuddy Mountain as their most notable asset.

The company said it is actively advancing its early-stage exploration portfolio while simultaneously generating cash-flow throughout 2025 by providing contract drilling and exploration using its internal drill rigs.

Thibaut Lepouttre of Caesars Report pointed out that Scout attracted Canadian mining giant Teck Resources Ltd. (TECK:TSX; TECK:NYSE) as a shareholder, and was selected to participate in BHP Billiton Ltd.'s (BHP:NYSE; BHPLF:OTCPK) Xplor program, a global minerals exploration accelerator designed to support early-stage companies with big ideas and geologic concepts.

IDEX Metals Corp.

IDEX Metals Corp. (IDEX:TSX; IDXMF:OTCQB), a mineral exploration company based in British Columbia, is advancing the company's three main projects — Freeze in Washington and Adams counties, Amie in Owyhee County, and Mineral Mountain in Lemhi County, Idaho, as described by Thibaut Lepouttre in Caesars Report on June 12.

This year, IDEX is concentrating on Freeze, a copper-gold porphyry system located "in the emerging Idaho Copper Belt." IDEX Metals holds the second-largest land position in the belt, surpassed only by Hercules, the company said.

This week, IDEX announced that the U.S. Forest Service approved its Plan of Operations under a Categorical Exclusion (CE) for expanded exploration at Freeze. Planned work includes diamond drilling, ground-based geophysics, and expanded mapping and sampling programs, all aimed at furthering the company’s magmatic-hydrothermal copper-gold model. This approval also paves the way for future drilling at the CM prospect, a large, previously untested target that will complement ongoing drilling at the Kismet area.

"We're really pleased to have the green light to drill CM," Chief Executive Officer Clayton Fisher said. "It’s a big target we’ve been eager to test and adding it to the program makes this project even more exciting. With current drilling at Kismet, and the CM prospect now ready to go, we have a real opportunity to show the scale of what is emerging at the Freeze Project.”

"Having three companies, including a senior mining company, going on record and discussing the porphyry potential in the area strengthens IDEX's exploration thesis and 'raison d'être,'" Lepouttre wrote, referring to Barrick Mining Corp. (ABX:TSX; B:NYSE), Hercules Metals, and Scout Discoveries Corp.

According to the company, management and insiders own 15% of IDEX, institutions hold 25%, and high-net-worth investors hold the largest share at 40%. The remaining shares are held by retail investors.

The company has 47.68 million outstanding shares and 45.33 million shares available for trading. Its market capitalization is CA$43.01 million, with a 52-week trading range of CA$0.36–0.95 per share.

Hercules Metals Corp.

Hercules Metals Corp. (BADEF:OTCMKTS; BIG:TSXV) is advancing its flagship Hercules Copper Project in the promising copper belt in western Idaho. The project spans approximately 4,246 hectares and includes the historical Hercules Adit, part of a larger trend that was mined for high-grade silver in the early 1900s. The company is now utilizing modern exploration techniques to define large-scale porphyry copper and skarn-style systems across multiple mineralized zones.

Hercules announced August 27 that its inaugural ground-based magnetotelluric (MT) survey successfully identified a significant conductive anomaly at the Leviathan porphyry system, located on its Hercules Property in western Idaho.

Conducted by Moombarriga USA Ltd., the expansive +100 km² MT survey extended well beyond the previous 12 km² 3D induced polarization (IP) survey, increasing the depth of geophysical investigation from 800 meters to over 6 kilometers.

The MT survey results align exceptionally well with the southeast-dipping copper mineralization at Leviathan and, importantly, indicate the potential for a substantial expansion to the south, the company noted. Here, the anomaly intensifies and forms a high conductivity ring (to <70 ohm-m), spanning over 3 kilometers in width beneath the Southern Flats Zone (Figures 1-4). This anomaly is stronger, broader, and significantly more vertically extensive than Leviathan, suggesting the possibility of an additional large porphyry center.

Writing on August 27, Sinn called the anomaly "exceptionally strong, (with) large conductivity."

"Known copper mineralization at Leviathan (drilled in 2023/24) correlates well with the MT survey anomalies," Sinn wrote. "The shape of the ore body matches with the shapes seen in the MT conductivity survey. In addition, the ground based MT survey provides absolute values of resistivity/conductivity, allowing anomalies to be evaluated based on actual strength."

A recent MT survey has unveiled that the mineralization identified so far is characterized by values of approximately 100 ohm-m, which is regarded as a moderately strong response in porphyry copper systems. This provides Hercules with scientific evidence confirming that the copper sulfide minerals in Triassic-era rocks at Leviathan manifest as a moderate-strength conductivity anomaly. This anomaly extends further north to Grade Creek and beyond. However, the major revelation from the MT survey is the activity occurring in the south, beneath Camp Creek, and extending over an expansive area of more than 4,000 meters, which Hercules has designated as Southern Flats.

"Considering that the new Southern Flats anomaly is stronger, broader, and more vertically extensive than the MT signature at Leviathan, there is the potential that Southern Flats represents a completely separate, large porphyry center," he said.

Writing for The Gold Advisor, Peter Krauth noted that an earlier announcement by Hercules announced that the company had entered into a strategic option agreement with Barrick Gold Exploration Inc., a subsidiary of Barrick, "marking a significant step toward consolidating control over the emerging Olympus porphyry copper belt in western Idaho."

"This agreement positions Hercules as the primary claim holder in what could become America’s most significant new porphyry copper district," Krauth wrote. "With expanded land access, strong institutional backing, and favorable macroeconomic trends, the Company is poised to create substantial long-term value for shareholders."

The company's 2025 exploration plan includes over 12,000 meters of diamond drilling, aimed at further delineating the copper-silver system and potentially supporting a maiden resource estimate.

Hercules Metals has also gained from increased interest in U.S. domestic copper supply amid global electrification and critical mineral security concerns. The company emphasizes its alignment with U.S. strategic priorities, including the development of infrastructure-grade copper in a low-risk jurisdiction.

Hercules believes its project could meet both the scale and grade necessary to supply clean energy and grid infrastructure demands.

The project's robust infrastructure, located near roads, power, and a skilled workforce, enhances its development appeal. Additionally, Hercules holds 100% ownership of the project, providing operational flexibility and strategic options. The company is also seeking partnerships and evaluating financing opportunities to accelerate exploration and resource development.

According to Refinitiv, about 9% of Hercules Metals is owned by institutions, including Jupiter Asset Management Ltd, which holds the largest share with 8.82%. Strategic investor Barrick Gold Corp. owns 12.81%. Management and insiders hold about 5%, with CEO Chris Paul owning the most at 3.51% and Director Peter Simeon holding 1.04%. Hercules Metals has a market cap of US$196.94 million and a 52-week range of US$0.46 - US$0.96.