The CTO purports to restrict the trading of Company shares in
In a video published on its website, Idaho Copper included language which gave estimates of the Net Present Value ('NPV') of the Company's CuMo project from a 2020 Technical Report and Preliminary Economic Assessment ('PEA'), without mentioning the discount rate used in the calculation. The video also contained a range of numbers of the potential value of the Company after further drilling.
This video disclosure was not proper in several major aspects: (1) the disclosure failed to mention that the NPV number included was calculated at a specific discount rate in the PEA, which was lower than and not the 'base case in that document;' (2) that the PEA 'base case' was founded on a different and higher discount rate , yielding a significantly different and lower NPV , and (3) the inclusion of a range of potential values upon further exploration represents economic targets that are not allowed under Canadian law and regulations, and are not supported by a current Technical Report. The Company wishes to correct these disclosure problems with the following statements:
The Company's prior disclosure in a video presentation utilized from the PEA Technical Report, but did not specifically mention the discount rate applied to reach the disclosed Net Present Value. The discount rate used, and the NPV stated by the Company, were not reflective of the 'base case' from the Technical Report. Using an 8% discount rate, the base case in the PEA, the CuMo project's Net Present Value is
The language to be used in the video will now be revised and presented as follows: 'Using an 8% discount rate, the base case in the 2020 Preliminary Economic Assessment, the CuMo project's Net Present Value is
Idaho Copper will file a Material Change Report consistent with and to reflect the change in the video language to include the reference to the 8% discount rate being used for the base case for the value reported, which is supported by the
Further, that the statement in the video that the future value of the Company could be in a specific numerical range constitutes under Canadian law and regulations improperly disclosed economic targets, unsupported by a current independent Technical Report. This language will be stricken from the video. Any additional disclosure of future economic values or ranges of values will be disclosed in a Material Change Report as new results and will be supported by a new or updated compliant independent Technical Report.
Similarly, the Corporate Presentation and Fact Sheet previously found on the Company's website contained tables with conceptual future economic targets, which are not allowed under the Canadian NI-43-101 regulations and policies, were not supported by a current Technical Report, and were improperly disclosed. The Company has withdrawn the Presentation and Fact Sheet from the website. To avoid any confusion, any future disclosure related to CuMo project economic results on the
Company's website will be supported by a compliant Canadian NI-43-101 independent Technical Report. Idaho Copper will file a Material Change Report consistent with disclosure of new economic results at the time that a new or updated compliant Technical Report is completed and filed.
About Idaho Copper ('GTVI')
Idaho Copper is focused on advancing the
Contact:
Tel: (520-850-0274)
Email: info@Idaho-Copper.com
Cautionary statement regarding forward looking information
This news release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, such the Company's ability to move its
(C) 2023 Electronic News Publishing, source