Idaho is New US Copper District

1. Perpetua Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000. $20,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NevGold Corp., Barrick Mining Corp., IDEX Metals Corp., and Scout Discoveries.
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Idaho is abundant in various mineral resources, from gold and silver to phosphate rock and molybdenum. As for copper, mining of the metal began in the Western states in the late 1870s, yet there are no pure-play copper producers operating there today. Most of the current mining activity is exploration and development, and as such, the next copper mine in the U.S. could be in Idaho, noted an Investing News Network article. The Gem State's areas of known copper are in Lemhi, Washington, Shoshone, and Custer counties.

"Idaho resembles Nevada 30 years ago: rich geological prospects and an underdeveloped exploration landscape," noted Scout Discoveries Corp., a copper mining junior, on its website. "Idaho is a mining-friendly jurisdiction with a rich history of production, offering unparalleled discovery opportunities due to limited exploration over the past 30 years."

Generally pro mining, the state ranked 25 out of 86 for policy perception and 20 out of 86 for investment attractiveness, on the Fraser Institute's Annual Survey of Mining Companies in 2023, the most recent year for which these data are available publicly. Idaho state has laws and regulations pertaining to responsible mineral development and has supportive government policies.

For example, at the start of this year, Governor Brad Little signed the executive order, the Strategic Permitting, Efficiency and Economic Development (SPEED) Act, to expedite the review of permits and increase collaboration with project proponents, the Canadian Mining Journal reported.

"Idaho leads the nation in streamlining regulations and promoting good government, but there is always more we can do to improve," Little said 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."

Sector Growth Projected

A vital resource for the present and future, according to the International Copper Association, copper has numerous applications. It is needed for infrastructure, for electrical grids, telecommunications, water supply, and construction, for example. Copper plays a role in the food chain, when it comes to fertilizers, clean water, refrigeration systems, energy, and more.

Copper is used in medical devices, such as diagnostic medical devices, surgical robots, and three-dimensional printers. It is also required in manufacturing, in industries like defense, aerospace, automotive, cleantech, and communication. The metal is essential for certain technologies, including artificial intelligence, renewable energy generation, electric vehicles, and advanced electronics.  

Current U.S. capacity is for about 450,000 tons per annum (450 Ktpa) of copper cathode production and 450 Ktpa of smelting and refining, noted Canaccord Genuity in July 8 flash update. With concentrate production at about 700 Ktpa, about 250 Ktpa of concentrate is exported to be smelted and refined. The country is a net importer of copper cathode but an exporter of copper concentrate.

The country consumes about 1,500,000 tons of refined copper per year, of which about 40% is imported. About 60%, or 630 Kt, of imported copper comes from Chile, 20% or 120 Kt, comes from Canada, and another 20%, from Peru, Mexico, the Democratic Republic of the Congo, and other countries.

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.

According to Trump's Feb. 25 Presidential Action, Addressing the Threat to National Security from Imports of Copper, "The United States faces significant vulnerabilities in the copper supply chain, with increasing reliance on foreign sources for mined, smelted, and refined copper."

On July 8, when Trump announced a 50% tariff on copper imports effective August 1, 2025, COMEX futures surged 13% to a record high while LME futures rose 3%, reported Justin Smirk, senior economist at Westpac, in a July 15 Commodities Update. Given there are some weeks before the tariff starts, a rush to import refined copper and copper products into the U.S. is likely, and this would drive prices even higher.

"However, once enacted, the tariff is expected to trigger a sharp drop in U.S. demand, making the near-term outlook for copper highly uncertain," wrote Smirk. "It is quite likely that prices will correct lower as we move to year-end."

To that end, Westpac forecasts US$9,670 per ton (US$9,670/ton) copper by the end of this year, dropping slightly to US$9,470/ton by year-end 2026 then reversing course and rising to US$9,910/ton by March 2027.

Ole Hansen, head of commodity strategy at Saxo Bank, wrote in a recent note that the 50% tariff would be a "massive tax on consumer of copper," and thus, likely to cause copper prices to move higher, CNN reported on July 17.

Goldman Sachs predicts the COMEX-LME spread could reach 25–35% of the LME price, or US$2,300–3,300/ton, up from an earlier forecast of 15–20%, reported XTB on July 9. At the same time, the bank's analysts expect LME prices to peak around US$10,050/ton next month. Citi's outlook, in contrast, has LME prices falling to US$8,800/ton in the same time frame. Citi attributes this to copper demand not being reported now in the U.S. because of the existing stockpiles of the metal built up in recent months.

As for how the 50% tariff will affect U.S. copper companies, it remains to be seen, noted XTB, writing it is both opportunity for and threat to them.

"The price increase on the U.S. COMEX shows how strong the long-term prospects are for the global copper market if there is no growth in supply in the near future," the global financial services firm wrote. "At the same time, the enormous uncertainty associated with tariffs will not encourage global companies to invest."

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.

Here is a look at some companies with copper exploration-development projects in Idaho:

NevGold Corp.

Based in British Columbia, NevGold Corp. (NAU:TSX.V; NAUFF:OTC; 5E50:FSE) has four assets in top tier jurisdictions in the western U.S.

In Idaho, the company has the recently staked 2,900 hectare Zeus copper project on the Hercules Copper Trend, named after the Hercules discovery that took owner Hercules Metals Corp. (BADEF:OTCMKTS; BIG:TSXV) to CA$1.50 per share from CA$0.12 and drove Barrick Mining Corp. (ABX:TSX; B:NYSE) to invest CA$30 million (CA$30M) in it for a 15% interest. Zeus is a few kilometers away from Hercules.

Already, Zeus is "flashing the telltale signs of another company maker," wrote Carlisle Kane of The Equedia Letter. "NevGold has now pushed Zeus to the front burner, and with its prime address and district-scale footprint, a second breakout discovery could land sooner than the market thinks."

Also in Idaho, NevGold owns the Nutmeg Mountain gold project, with an existing mineral resource estimate. The company's assets in Nevada are the Limousine Butte gold-antimony project and the Cedar Wash gold-silver project.

Most recently, drilling at Limousine Butte returned more high-grade, oxide gold-antimony mineralization, further defining the footprint at Resurrection Ridge, Streetwise Reports reported. One highlight, from hole LB21-004, returned 9.68 grams per ton of gold equivalent (9.68 g/t Au eq) over 11.6 meters (11.6m) within a broader interval of 2.85 g/t Au eq over 60.3m.

"If NevGold continues to deliver positive results at Limousine Butte, it has a serious shot at becoming the next gold-antimony winner," Kane wrote.

According to Refinitiv, eight strategic entities own about 31% of NevGold. The No. 1 shareholder is Goldmining Inc. with 21.51%. Insiders include Nonexecutive Chair Giulio T. Bonifacio; President, Chief Executive Officer and Director Brandon Bonifacio; Vice President of Exploration Greg French; and Independent Directors Tim Dyhr and Morgan Hay. The rest is in retail.

The company has 114.25 million (114.25M) outstanding shares and 78.91M free float traded shares. Its market cap is CA$26.72M. Its 52-week range is CA$0.17–CA$0.43 per share.

Perpetua Resources Corp.

Perpetua Resources Corp. (PPTA:TSX; PPTA:NASDAQ) is an Idaho-based mining company that could benefit from Idaho's emergence as a copper district.

The asset it is advancing there is not copper-centric but a gold-antimony project called Stibnite. The company has all of the requisite permits and only needs to complete financing before making a construction decision.

Currently, Perpetua is waiting for a response from the Export-Import Bank of the United States on its application for debt financing, noted Cantor Fitzgerald Analyst Mike Kozak in a June 16 research report.

In its latest news, the mining company released a 2024 Sustainability Report, presenting its sustainability achievements throughout last year, according to a news release. The report also covers Perpetua's efforts to provide the U.S. with a domestic source of the critical mineral antimony, develop one of the country's largest, highest-grade open-pit gold mines and restore an abandoned brownfield site.

Kozak, in his report, highlighted that Perpetua recently completed a US$425M equity financing, upsized from $400M, and is in discussions to raise an additional US$220–250M through the sale of a gold stream or net smelter return royalty. The analyst has a Buy rating on Perpetua and a target price implying 372% return potential.

Mike Niehuser, a ROTH Capital Partners analyst, also rates Perpetua Buy, as indicated in his June 9 research report.

According to Refinitiv, 11 strategic entities own 0.59% of Perpetua. Numerous institutions hold 32.62%. Of these, the Top 3 shareholders are Paulson & Co. Inc. with 30.07%, Encompass Capital Advisors LLC with 3.34% and Sprott Asset Management LP with 3.24%. The rest is in retail.

Perpetua has 107.57M outstanding shares and 106.93M free float traded shares. Its market cap is CA$1.7B. Its 52-week range is CA$7.60–24.38 per share.

IDEX Metals

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

The three primary projects are Freeze in Washington and Adams counties, Amie in Owyhee County and Mineral Mountain in Lemhi County. IDEX's focus this year is on Freeze, a copper-gold porphyry system "in the emerging Idaho Copper Belt," directly adjacent to the Hercules Metals and Barrick land packages. According to the company, IDEX Metals controls the second largest land position in the Idaho Copper Belt / Hercules Copper District. This is second only to Barrick. 

In recent news, IDEX kicked off its fully funded, 2025 field exploration program at Freeze to include soil and rock sampling, propertywide mapping, geophysics and diamond drilling, a news release noted. Objectives are to confirm areas of known mineralization at the Kismet Tourmaline breccia pipe and discover 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 most with 40%. The rest is with retail investors.

The company has 47.57M outstanding shares and 45.23M free float traded shares. Its market cap is CA$22.3M. Its 52-week range is CA$0.36–0.51 per share.

Scout Discoveries Corp.

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, a copper-gold porphyry property immediately adjacent to Hercules ground in western Idaho.

Scout's plans for this year, noted in a news release, included phase one core drilling at Cuddy Mountain and phase two core drilling at Speed Goat, a porphyry gold-copper project in north-central Nevada. Phase two drilling at Speed Goat has been successfully completed, and Scout continues to advance permitting efforts at Cuddy Mountain, where drill-ready targets are in place pending final approvals from the U.S. Forest Service. In the meantime, the company 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.

Lepouttre 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.