Idaho/IDEX/Hercules/Scout

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 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 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.

IDEX Metals Corp.

IDEX Metals Corp. (IDEX:TSX), a mineral exploration company based in British Columbia, is advancing a diverse portfolio of 15 base and precious metals assets covering 46,000 acres in Idaho, as described by Thibaut Lepouttre in Caesars Report on June 12.

The company's three main projects are Freeze in Washington and Adams counties, Amie in Owyhee County, and Mineral Mountain in Lemhi County.

This year, IDEX is concentrating on Freeze, a copper-gold porphyry system located "in the emerging Idaho Copper Belt," directly adjacent to land held by Hercules Metals and Barrick. IDEX Metals claims to hold the second-largest land position in the Idaho Copper Belt, surpassed only by Barrick.

Recently, IDEX launched its fully funded 2025 field exploration program at Freeze, which includes soil and rock sampling, property-wide mapping, geophysics, and diamond drilling, as noted in a news release. The goals are to verify known mineralization areas at the Kismet Tourmaline breccia pipe and identify new zones of mineralization on the 31,645-acre property.

"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, 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.

The Hercules Copper Project is accessible by road and is located within an emerging copper-silver corridor. Hercules Metals has identified over 10 kilometers of prospective strike length through mapping, rock sampling, and geophysical surveys.

Historical work highlighted high-grade zones, including 5.5% copper and 1.4 g/t gold, with modern channel sampling and drilling confirming continuity and scale. These findings, along with multi-kilometer magnetic and IP anomalies, indicate the presence of a significant mineralized system at depth, the company said.

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.

On June 25, Peter Krauth of Silver Stock Investor described early 2025 drill results from Hercules Metals as "strong and encouraging," noting they validate the company's 3D geological model unveiled in April. "That's given them the confidence to boost the number of drill rigs from three to five," Krauth said, highlighting the company's aggressive efforts to define mineralization at its Leviathan porphyry copper target in Idaho.

Sinn expressed optimism about Hercules Metals Corp. on July 14, highlighting its technical setup and recent exploration progress. "Hercules continues to fluctuate within what I have dubbed ‘The Big Beautiful Base,'" Sinn wrote, following the company's announcement of a large-scale geophysical survey over its Hercules Property in western Idaho. Investors are now closely monitoring initial drill results from the 2025 program.

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.

Scout Discoveries Corp.

In its news update, Scout Discoveries said it has made significant strides exploring its portfolio, including at Cuddy Mountain in Idaho. It said it is finalizing permits for 18 drill sites at the project and anticipates drilling to commence at the Climax target in September or October, utilizing its internal drilling division.

The company said it had also expanded its drilling operations from two to four surface core drills.

Also in the same release, Scout announced the results from its Phase II core drilling program at the Speed Goat Project, located in northern Nevada’s Battle Mountain mining region. Speed Goat is a significant porphyry Au-Cu-Ag discovery made by the Scout team following only minor shallow historic drilling.

Wholly focused on the exploration stage, the privately held Idaho-headquartered Scout is looking for the next major precious and/or base metals discovery, according to the company's website. The junior explorer has five 100%-owned flagship projects, most notably Cuddy Mountain.

The company said it is actively advancing its early-stage exploration portfolio and generating cash flow from contract drilling and exploration using its internal drill rigs through much of 2025.

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 chosen to participate in BHP Billiton Ltd.'s (BHP:NYSE; BHPLF:OTCPK) Xplor, a global minerals exploration accelerator program targeting early-stage companies with big ideas and geologic concepts.