Copper’s Record Rally Puts U.S. Explorers Back in Focus

A tightening global market, shrinking inventories, and a new push for domestic supply have created one of the strongest backdrops for U.S. copper explorers in decades.

Distributed on behalf of IDEX Metals. Please see the disclaimer below.

Copper is having one of the strongest rallies the metal has seen in years, closing in on $7 a pound.ⁱ

The versatile metal has shot up 56% over the past 12 months, reaching its highest level on record.ⁱⁱ

But this isn’t just another commodity rally. Something much bigger is happening beneath the surface.

The world’s largest economies are racing to secure copper. Inventories are tightening. Traders are scrambling for physical metal. And governments are increasingly treating copper less like a commodity and more like a strategic asset.

A global battle for copper supply is taking shape. And the United States has suddenly found itself right in the middle of it.

According to Bloomberg, traders have been rushing copper into the United States ahead of new import tariffs, draining inventories from warehouses around the world and pushing physical supplies to increasingly strained levels.ⁱⁱⁱ

The result is a market where buyers are paying a premium for immediate delivery. It’s a classic tell that available supply is getting harder to secure.

And demand shows no signs of slowing down. Copper has become the backbone of nearly every major industrial buildout underway today, from AI data centers and power grids to semiconductor fabs, advanced manufacturing and defense.

The problem? America doesn’t produce nearly enough of it.

Despite its enormous appetite for copper, the U.S. is heavily dependent on foreign supply. And with J.P. Morgan already projecting a 330,000-tonne global deficit this year^iv, securing that supply is only getting more competitive.

Washington has taken notice. Over the past year, the U.S. has moved aggressively to strengthen its domestic copper supply chain, including a 50% tariff on many imported copper products designed to encourage more production and processing at home.^v

But the tariff has also had an unintended effect. It intensified the scramble for physical copper – putting a new spotlight on the companies exploring for it on U.S. soil.

Among them is IDEX Metals (TSX.V: IDEX, OTCQB: IDXMF), which controls one of the largest land positions in Idaho’s emerging Copper Belt.

A game-changing discovery nearby has transformed the region into one of North America’s most closely watched new copper districts, sparking a staking rush and drawing some of the world’s biggest mining companies into the area.

Why Idaho Has Become Ground Zero for America's Copper Strategy

“After two years of steady progress, the Idaho Copper Belt (ICB) is entering a phase of accelerating growth” – Robert Sinn of Goldfinger Capital^vi

It started with a single discovery.

In October 2023, Hercules Metals announced a blind porphyry copper discovery at its Leviathan Project, and suddenly, western Idaho was on the global mining map.

Hercules Metals saw its valuation jump almost overnight on news of a significant discovery, with its market cap rising from roughly USD ~$30 million to ~$268 million just two months later.^vii

The discovery caught the attention of Barrick Gold, which invested $23 million for an equity position and later expanded its exposure to the district through a strategic option agreement.^viii

Then came the land rush.

Within months, more than 120,000 acres had been staked across the newly recognized Idaho Copper Belt, the biggest staking rush the region had seen in roughly 40 years.^ix

And Barrick wasn’t alone.

Rio Tinto, BHP and Teck Resources all moved into the district, bringing some of the biggest names, and deepest pockets, in global mining into what was quickly becoming one of the most closely watched copper belts.^x

But as the majors moved in, IDEX Metals was already sitting near the heart of the action.

And it had one important advantage. While neighboring explorers like Hercules must drill through hundreds of meters of basalt before reaching mineralization, IDEX is encountering oxide copper right from surface.

Its flagship Freeze Project sits just 10 km from Hercules, but on a rare geological break in the basalt that has exposed the mineralized system below.

Instead of being buried beneath hundreds of meters of cover, the copper-gold porphyry system has been pushed upward, giving IDEX direct access to Triassic-age mineralized rocks from surface.

Early mapping and sampling have already identified strong copper, gold and silver values. And geophysical signatures suggest something potentially much larger may be sitting beneath them.

Now comes the real test.

IDEX Launches Its Biggest Drill Program Yet

In June, IDEX Metals kicked off the largest exploration program in its history at Freeze. The fully financed campaign was designed to determine just how big this copper system could be.

The plan calls for approximately 10,000 meters of drilling across 20 holes, with two rigs targeting some of the highest-priority areas identified across the property.

And the company is going after two very different opportunities at once.

The first is North Breccia, IDEX’s highest-priority porphyry discovery target. Drilling is now underway beneath the area where geological, geochemical and geophysical evidence has pointed toward the potential for a much larger copper system at depth.

Mineralization could extend as deep as 1,200 meters.

The second is Kismet, where IDEX has already encountered high-grade oxide copper from surface.

Here, the goal is to determine the continuity, grade and scale of the known mineralized zone. Then evaluate whether Kismet could advance toward resource definition.

Crews have also identified a second copper-bearing breccia zone roughly 700 meters to the north of Kismet, along with a new gold-bearing zone a further 950 meters beyond that. Surface mapping has documented copper oxides, as well as samples with grades as high as 2.91 g/t Au.

These discoveries point to an expansive magmatic-hydrothermal system, with multiple high-priority targets identified for follow-up drilling.

In August, IDEX released the results of a major geophysical survey across the property — the largest ever conducted at Freeze, combining three years of subsurface data into a single detailed picture of the system below.

The survey identified four large mineralized corridors running across the property, each stretching more than a kilometer in length — and each lining up with a known target: Shiver, Kismet, North Breccia and CM.

The underground pattern matches what geologists typically see above a large porphyry system: a distinct core surrounded by a mineralized halo. It’s the textbook geological signature of what could be a significant copper system.

“The IP survey has connected the dots across the project and shown us that we’re not looking at one isolated target — we’re looking at a much larger system with four major chargeability corridors and several targets still open,” said CEO Clayton Fisher.

The most immediate focus is Target A, a 1.3-kilometer chargeability anomaly sitting directly between Kismet and North Breccia — right in the heart of the area where 2026 drilling has already logged copper, molybdenum and tungsten mineralization.

IDEX is drilling both flanks of Target A now.

Then there’s the permitting advantage. Much of Freeze sits on Idaho state land, where IDEX has already experienced significantly faster permitting timelines. Drill permits that took roughly 18 months on federal land have been approved in weeks on state-controlled acreage.

In a copper market racing to secure new supply, speed could become an advantage of its own.

Strategic Deal Lets IDEX Keep the Upside, While Focusing on Freeze

As IDEX ramps up its exploration program at Freeze, the company is also sharpening its focus.

In May, IDEX optioned three non-core Idaho properties – Amie, Silver Rock and Demming – to WestGold Metals, allowing another company to fund their advancement while IDEX concentrates its own capital on its flagship project.

But IDEX didn’t simply walk away from the properties. Under the agreement, the company retains a 9.9% equity position in WestGold, a 10% carried interest in the projects, and royalty exposure – giving IDEX multiple ways to participate if future exploration is successful.

Meanwhile, WestGold has committed to spending at least $5 million on exploration over the next three years.^ix

That could be particularly interesting at Amie. IDEX’s initial exploration there identified several gold-silver structures, with surface rock samples returning grades as high as 106.8 g/t gold. A recent NI 43-101 Technical Report has since mapped key vein zones and established a modern geological framework for the property.

WestGold funds the exploration, while IDEX retains exposure to any potential discovery. That leaves IDEX free to put more of its own attention and capital where it believes the biggest opportunity lies: Freeze.

Leadership That Delivers Results

From discovery to development to successful exits, IDEX’s leadership team has a track record of building major mining projects.

Anne Labelle, Director: A geologist, lawyer and corporate director who previously led legal, regulatory and sustainability efforts at Perpetua Resources’ Stibnite Gold Project in Idaho. She later served as a director of Fiore Gold through its $151 million sale to Calibre Mining at a 44% premium, and as lead director of HighGold Mining through its $51 million sale to Contango Ore at a 59% premium.

John Dewdney, Director: Co-founder of Hercules Metals, the company whose discovery helped ignite the Idaho copper rush. His involvement with IDEX predates the Hercules discovery, giving the team deep ties to the district as it has evolved.

Clayton Fisher, CEO: Brings more than 15 years of capital markets experience, with a background in financing and positioning emerging mining companies for growth.

David Hladky, VP Exploration: A professional geologist with more than 25 years of exploration experience across North and South America.

Together, the team brings a mix of geological, capital markets and transaction experience at a pivotal moment for IDEX.

Top 7 Reasons Why You Should Consider Adding IDEX Metals (TSX.V: IDEX, OTCQB: IDXMF) to Your Watchlist

Copper From Surface: Unlike neighboring projects buried beneath hundreds of meters of cover, IDEX has intersected101 meters of 1%+ copper from surfaceat Freeze.
One of the Belt’s Biggest Land Positions: IDEX controls 31,645 acres in the Idaho Copper Belt, second only to Barrick. District-scale geophysics have now outlined four broad chargeability corridors — each 1.1 to 1.6 km in strike length — across the northwestern portion of the project.
Launching Its Biggest Drill Program Yet: IDEX has launched a fully financed 10,000-meter, 20-hole drill campaign, the largest in company history. The big target – a deeper porphyry system that could be driving the copper mineralization already discovered at Freeze.
Additional Upside: IDEX retains equity, carried-interest and royalty exposure to the Amie, Silver Rock and Demming projects, whileWestGold commits at least $5 millionto exploration over three years.
Permits in Weeks, Not Years: On Idaho state land, IDEX has seen drill permits approved in weeks versus roughly 18 months on federal ground. In an industry notorious for delays, that speed could be a major advantage.
The Majors Have Already Moved In: Barrick Gold, Rio Tinto, BHP and Teck Resources have all established positions in the emerging Idaho copper district. IDEX sits in the middle of a belt attracting some of mining’s biggest names.
Copper Has Become a Strategic Priority: AI, power grids, semiconductors, defense and advanced manufacturing are driving a new wave of copper demand just as Washington pushes to secure more supply at home.

IDEX Metals is still early, but that’s what makes the story worth watching.

The company has surface-exposed oxide copper, one of the largest land positions in the Idaho Copper Belt, multiple high-priority targets, and its biggest drill program yet underway—all in a district that has already attracted Barrick, BHP, Rio Tinto and Teck.

And the timing is hard to ignore. Copper is hitting record highs. Washington is scrambling to secure more domestic supply. And some of the world’s largest miners are already placing their bets on Idaho.

Now IDEX has 10,000 meters of drilling ahead to show just how big Freeze could become.

Sign up with your email address below to stay ahead of upcoming drill results and exploration milestones. Or visit the company website to review technical reports, presentations, and detailed project information.

ⁱ https://www.cnbc.com/2026/08/06/copper-jumps-to-its-highest-level-ever-what-the-metal-is-telling-us-.html
ⁱⁱ https://www.cnbc.com/2026/08/06/copper-jumps-to-its-highest-level-ever-what-the-metal-is-telling-us-.html
ⁱⁱⁱ https://www.bloomberg.com/news/articles/2026-08-03/us-copper-inflows-surge-as-market-awaits-trump-tariff-call
^iv https://www.cmegroup.com/openmarkets/metals/2026/Three-Forces-Shaping-Coppers-Path-Forward.html
^v https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-takes-action-to-address-the-threat-to-national-security-from-imports-of-copper/
^vi https://robertsinn.substack.com/p/the-idaho-copper-belt-heats-up?utm_campaign=email-post&r=4uo03n&utm_source=substack&utm_medium=email
^vii https://stockanalysis.com/quote/otc/BADEF/market-cap/
^viii https://www.streetwisereports.com/article/2025/07/21/idaho-is-new-us-copper-district.html
^ix https://wp-idexmetal-2024.s3.ca-central-1.amazonaws.com/media/2025/11/IDEX-Corporate-Presentation-November-2025.pdf
^x https://wp-idexmetal-2024.s3.ca-central-1.amazonaws.com/media/2025/11/IDEX-Corporate-Presentation-November-2025.pdf
^xi https://www.stockwatch.com/News/Item/Z-C!IDEX-3820608/C/IDEX

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