What changed in this filing

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Item 2. Properties

2024-05-15 compared with 2023-03-10 · 75 added, 419 removed, 5 unchanged (99% of the section changed)

Mining Property

To determine material mining operations in accordance

with subpart 1300 of SEC Regulation S-K, management considered both quantitative and qualitative factors, assessed in the context of the

Company’s overall business and financial condition.

The Company concluded that, as of the date of the filing of this Report, its

sole material mining operation is the CuMo Project.

The Company will update its assessment of individually material mines on an annual

The information relating to such sole material

mining operation is contained in the technical report summary (“ TRS ”) relating to the CuMo Project prepared in compliance

with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

Reference should be made to the full text of the TRS, a copy of which is

filed as Exhibit 96.1 and incorporated herein by reference.

A glossary of terms used herein can be found in the TRS.

Pursuant to Item 1302(b)(5) of Regulation S-K

determine material mining operations in accordance with subpart 1300 of SEC Regulation S-K, management considered both quantitative and

qualitative factors, assessed in the context of the Company’s overall business and financial condition.

The Company concluded that,

as of the date of the filing of this Report, its sole material mining operation is the CuMo Project.

The Company will update its assessment

of individually material mines on an annual basis.

information relating to such sole material mining operation is contained in the technical report summary (“TRS”) relating

to the CuMo Project prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

Reference should be made to the

full text of the TRS, a copy of which is filed as Exhibit 96.1 and incorporated herein by reference.

A glossary of terms used herein

can be found in the TRS.

to Item 1302(b)(5) of Regulation S-K (17 C.F.R.

§229.1302(b)(5)), the Company states that the TRS was prepared by Shaun M.

(Eng), P.Geo of Geologic Systems,

Dykes is also serving as a director of the registrant and is also the registrant’s Director, Vice President, Exploration.

Dykes meets the qualifications specified under the definition of “qualified person” under Item 1300 of Regulation S-K.

The CuMo Project currently consists of one hundred

and twenty-six (126) federal unpatented lode mining claims, and six (6) patented mining claims.

In total, the project comprises approximately

The unpatented lode mining claims and patented claims are situated in an unorganized mining district, in Boise County, Idaho,

spanning Sections in Township 7N and 8N, Range 5E and 6E, Boise Meridian.

The names of the unpatented claims, and the place of record

of the location notices thereof in the official records of the Boise County recorder, and the authorized office of the Bureau of Land

Management are as follows:

The following table lists the unpatented mining

claims currently a part of the CuMo Project:

On August 24, 2021, ICUMO and Computershare Trust

Company of Canada entered into a 7.5% Secured Note Indenture under which the aggregate principal amount of notes authorized to be issued

is $15,000,00, with a maturity date of May 31, 2028.

The 7.5% Secured Note Indenture is secured by all of the mining claims of ICUMO that

represent the CuMo Project, other than the patented lode mining claims located in Section 13, Township 8 North, Range 5 East, Boise Meridian,

Boise County, Idaho, as depicted on Mineral Survey 1706:

(Eng), P.Geo of Geologic Systems, Ltd.

Dykes meets the qualifications specified under the definition of “qualified person”

under Item 1300 of Regulation S-K.

The CuMo Project currently consists of one hundred and twenty-six (126)

federal unpatented lode mining claims, and six (6) patented mining claims.

In total, the project comprises approximately 2,640 acres.

The unpatented lode mining claims and patented claims are situated in an unorganized mining district, in Boise County, Idaho, spanning

Sections in Township 7N and 8N, Range 5E and 6E, Boise Meridian.

The names of the unpatented claims, and the place of record of the location

notices thereof in the official records of the Boise County recorder, and the authorized office of the Bureau of Land Management are as

following table lists the unpatented mining claims currently a part of the CuMo Project:

August 24, 2021, ICUMO and Computershare Trust Company of Canada entered into a 7.5% Secured Note Indenture under which the aggregate

principal amount of notes authorized to be issued is $15,000,000, with a maturity date of May 31, 2028.

The 7.5% Secured Note Indenture

is secured by all of the mining claims of ICUMO that represent the CuMo Project, other than the patented lode mining claims located in

Section 13, Township 8 North, Range 5 East, Boise Meridian, Boise County, Idaho, as depicted on Mineral Survey 1706:

(i) Blackbird;

(ii) Red Flag;

(iii) Enterprise;

(iv) Enterprise Fraction;

Commonwealth;

(v) Commonwealth;

and (vi) Baby Mine.

In connection with this security interest, ICUMO and Computershare Trust Company of Canada, as Mortgagee,

signed a Real Property Mortgage under which the Mortgagee has the right upon default by the mortgagor to choose to sell the real property

constituting the unpatented claims set out above.

The following table lists the patented mining

claims currently a part of the CuMo Project:

On October 31, 2014, as subsequently amended March

26, 2015, and January 29, 2016, ICUMO entered into a Loan Agreement with La Familia II, LLC, evidenced by a secured promissory note, in

the amount of $500,000.

The promissory note accrues annual interest at 8.5%, has a maturity date of December 31, 2025, and is secured

by a first priority deed of trust over the patented mining claims listed above.

Location, Access, Climate, Infrastructure

and Topography

The CuMo Project is situated in the mountains

of south-central Idaho, in the Boise National Forest, in Boise County, Idaho, approximately 15 miles northeast of the town of Idaho City,

near the unincorporated community of Centerville, roughly 37 miles on a straight line, and 60 miles by road, from the city of Boise.

all-weather highways, and USFS logging roads provide access to the project from Idaho City and Centerville.

The trip from Boise takes

approximately 1.5 hours.

Access is limited during some winter months when significant snow cover can impede passage via the Forest Service

The property is accessed by road from Boise by

taking US State Highway 55 northerly for approximately 40 miles (65 km) to the town of Banks, Idaho, and then east on the Banks Lowman

Road towards the town of Garden Valley for approximately 10 miles (16 km).

One mile east of Garden Valley is a secondary road heading

south across the Payette River.

Following this secondary road, the western most edge of the CuMo claim block is approximately 10 miles

(16 km) from Garden Valley.

Alternatively, access can be gained by traveling northeast from Boise along Highway 21 past the towns of Idaho

City and Centerville, along Grimes Creek, and then over the Grimes Pass.

The elevation of the CuMo project ranges between

5,100 feet and 7,200 feet.

The project site features a mountain top which contains the bulk of the mineral deposit, deep ravines adjacent,

and is largely forested, except for sections that have been cleared by several fires which occurred in 2014 and 2016.

The climate is defined by summer temperatures

to a maximum of 100° F (38°C) and cold, windy winters with lows to -10° F (-23°C).

Precipitation is moderately light with

an average rainfall of 30 inches (<1 meter) and an average snowfall of approximately 140 inches (3.6 m).

Vegetation in the project

area consists of cedar, lodgepole pine, mountain mahogany, and juniper.

The area is serviced by the Idaho Power Company

which supplies electricity to residents of Garden Valley, Lowman and Pioneerville.

The nearest rail line is the Idaho Northern & Pacific

line formerly operated by Union Pacific that runs through the town of Banks, approximately 20 road miles (32 km) to the west of the property.

Equipment, supplies, and services for exploration and mining development projects are available at Boise.

There is also a trained mining-industrial

workforce available in Boise.

Exploration and mining activities at the property

can be conducted year-round, due to the established road system and its proximity to other infrastructure.

The property is large enough

to accommodate exploration within the current CuMo deposit property footprint.

Geology and Mineralization

The regional tectonic setting consists of a basement

of amalgamated Archean and Paleoproterozoic crystalline terrains that were joined during the Paleoproterozoic Trans-Montana orogeny, and

are overlain discontinuously by sedimentary rocks of Mesoproterozoic, Neoproterozoic, and Paleozoic ages;

and volcanic and sedimentary

rocks of Eocene and Miocene ages.

Voluminous tonalite to granite bodies of the Idaho batholith and later granitic plutons of Eocene age

intrude the older rocks.

Major deformational episodes superimposed on the Precambrian basement include the Cretaceous Sevier orogeny,

which mainly involved east-vergent “thin-skinned” thrusting;

Eocene extensional deformation, which resulted in development

of metamorphic core complexes;

and basin and range type faulting.

The CuMo deposit is situated within the Idaho

batholith and is part of a regional scale belt of porphyry and related deposits identified as the Idaho-Montana Porphyry Belt.

complexes in this belt are interpreted to be related to an Eocene, intra-arc rift, and are characterized by alkalic rocks in the northeast,

mixed alkalic and calc-alkalic rocks in the middle, and calc-alkaline rocks in the southwest.

The CuMo deposit is located at the southwestern

end of this belt and is associated with a calc-alkalic monzogranite, reported as 45-52Ma age that intrudes Cretaceous equigranular intrusive

rocks of the Atlanta Lobe of the Idaho Batholith.

The CuMo area is underlain by biotite granodiorite, the most common rock type of the

Atlanta lobe of the Idaho batholith.

All of the felsic intrusive phases contain molybdenite (MoS2) mineralization.

The CuMo deposit is located in an historic gold

Gold was discovered in the Boise Basin in 1862 and lode mining began within a year.

As of 1940, total gold production amounted

2.8 million ounces of which 74% was from placer operations.

More gold has been produced from the Boise Basin than any other mining locality

Although they are primarily gold deposits, considerable silver and minor copper, lead and zinc were produced as byproducts from

The area features two separate mineralizing events

that are referred to as early Tertiary and early Miocene.

The first event consists of gold-quartz veins containing minor sulfide minerals

that occur within the Idaho batholith and are associated with weak wall rock alteration.

Associated sulfide minerals include pyrite, arsenopyrite,

sphalerite, tetrahedrite, chalcopyrite, galena, and stibnite.

The second mineralizing event occurs within porphyry dikes and stocks as

well as in the batholith, and is characterized by relatively abundant sulfide mineralization, subordinate quartz and widespread wall rock

Base metal mineralization consists of pyrite, sphalerite, galena, tetrahedrite, chalcopyrite, minor quartz, and siderite with

local occurrences of pyrrhotite and enargite.

Molybdenum mineralization was discovered at CuMo

Mineralization on the property occurs in veins and veinlets developed within various intrusive bodies.

Molybdenite (MoS2) occurs

within quartz veins, veinlets, and vein stockworks.

Individual veinlets vary in size from tiny fractures to veinlets five centimeters

in width, with an overall thickness averaging 0.3- 0.4 cm.

Pyrite and/or chalcopyrite are commonly associated with molybdenite although

molybdenite can occur alone without other metallic mineralization.

The CuMo deposit has been classified as a porphyry

copper molybdenum deposit.

But more specifically, it is a stockwork-type deposit where the principal mineralization, as described immediately

above, is found in thin veins and veinlets, whereas a typical porphyry deposit features disseminated mineralized areas throughout the

The CuMo deposit is typical of large, dispersed,

lower grade copper-molybdenum deposits that are associated with hybrid magmas typified by fluorine-poor, differentiated monzogranite igneous

Due to their large size, the total contained economic molybdenum in these types of deposits can be equivalent to or exceed

that of high-grade molybdenum deposits.

History of CuMo Project Exploration

The Boise Basin was first explored following the

discovery of placer gold deposits in 1862.

Several lode gold deposits were discovered and developed immediately following the initial

alluvial gold rush, with significant production occurring in the late 1800’s and early 1900’s.

No production has occurred

on the CuMo Project itself.

The first interest in the CuMo property was shown

during aerial reconnaissance by Amax Exploration (“ Amax ”) in 1963.

Follow-up geochemical rock and soil sampling indicated

anomalous molybdenum and copper values.

Forty claims were then staked, and three previously existing claims were optioned.

(4 km) rough access road was constructed in 1964 to facilitate collection of rock samples and geological mapping.

Amax completed detailed

bedrock mapping on the CuMo property between 1964 and 1981.

Earlier periods of mapping outlined five general rock types, including quartz

monzonite of the Idaho Batholith, rhyolite porphyry, lamprophyre, dacite and diabase dykes.

The property was subsequently relinquished

due to the combination of contemporary economic conditions and initial sample grades.

In 1968, Curwood Mining Company staked 12 claims

and undertook detailed mapping and geochemical rock sampling.

This work indicated roughly coincident anomalies in copper, molybdenum,

Several trenches were excavated, and one line of dipole-dipole array induced polarization (“ IP ”) geophysical

survey was conducted.

In 1969, Midwest Oil Corp.

optioned the property

and conducted exploration drilling through 1972 (four short rotary holes (less than 100 ft) initially, which were later deepened using

diamond drilling, followed by six cored holes).

Midwest also performed an IP survey in 1971 and an airborne magnetic survey in 1973.

IP survey indicated a pyrite halo on the north side of the deposit, although an alternative interpretation concluded that the combined

IP data may indicate a halo effect but more probably shows an east-west trend to the rock types and mineralization.

The CuMo deposit did

not have a strong magnetic signature, being somewhat of a plateau with surrounding highs.

In 1973, Midwest formed a joint venture with Amax

and then subsequently Midwest was merged with Amoco Minerals Company (“ AMOCO ”) resulting in an Amax-AMOCO joint venture

with AMOCO as operator.

During the period 1973 to 1981, the Amax-AMOCO joint venture completed 30,822 ft of drilling, surface geological

mapping, re-logging of the core, road construction, an aerial topographic survey, and age dating.

In 1980, Amax Exploration Inc.

its interest to Climax Molybdenum Company (“ Climax ”), also a subsidiary of Amax Inc.

In 1982, Climax collected more

than 300 soil geochemical samples from three different grids.

A total of twenty-three (23) diamond holes and

three RC holes were drilled on the property during this timeframe.

Most RC holes were pre-collars to diamond drill holes with only the

diamond drill component of the holes being used for resource modelling and sampling.

The historic holes were sampled mostly at a 20ft

sample interval.

A Skelton core representation of the historic drill holes (one four-inch piece of core for each 10-foot interval), and

all the sample rejects were delivered directly from Climax’s secure facility in Colorado and are stored in the project secure warehouse

facility for use by the project.

The drilling efforts from 1969 to 1982 were the

only actual drilling done on the property until ICUMO in 2006, who under option from American CuMo completed one diamond drillhole and

partially completed another before relinquishing the project back to American CuMo in late 2006.

Thereafter, American CuMo between 2006

and 2012 drilled a total of 25,486.82m in forty-two (42) holes.

All American CuMo drilling programs were directly supervised by onsite

geology staff located in Garden Valley, Idaho.

Drilling consisted of both HQ and NQ diameter core with holes being started with HQ diameter

and then reducing at a major fault intersection or at 1000ft which ever was less.

Core recoveries were monitored and were excellent (90%+).

All holes were surveyed down-the-hole at regular intervals (100 feet) using a Reflex survey instrument.

All core was collected at the

drill site by the diamond drillers under supervision of onsite geology staff and delivered to a secure warehouse facility in Garden Valley

where they were logged, analyzed and samples collected.

All drill sites were surveyed using a total field station in order to accurately

locate the holes.

The 2006 through 2012 results confirmed the extent

and grade of mineralization on the property as indicated by previous drilling and demonstrated continuity of mineralization between the

original wide-spaced holes.

American CuMo’s work resulted in the interpretation

and modelling of three distinct mineralized zones within the deposit.

These zones were previously interpreted by Amax as distinct shells

that were produced by separate intrusions.

Re-interpretation of down-hole histograms for copper (Cu), silver (Ag) and molybdenite (MoS2)

suggests the mineralized zones are part of a single, large, concentrically zoned system with an upper copper-silver zone, underlain by

a transitional copper-molybdenum zone, in turn underlain by a lower molybdenum-rich zone.

Three-dimensional modeling of the above zonation

indicates the current area being drilled is located on the north side of a large system extending 4.5km (15,000ft) in diameter, of which

1.5km (3,000ft) has been drilled.

Resource Reports and Preliminary Economic Assessments

A geologically inferred historic resource of 1.36

billion tonnes at 0.092% MoS2 (non-compliant with Canadian National Instrument 43-101 or US Regulation SK-1300) was calculated by block

modeling in 1983 by Climax.

In 2008, an initial Resource Estimate compliant

with Canadian National Instrument 43-101 was commissioned by American CuMo under its former name, Mosquito Consolidated Gold Mines Ltd.

This estimate was based on information from 31 diamond drillholes completed through 2007.

The deposit was subdivided into three mineral

domains based on the drill hole data:

a Cu-Ag zone, a Cu-Mo zone, and a Mo zone.

Within each mineral domain 20 ft.

composites were formed.

Blocks 50 x 50 x 50 ft.

were estimated for MoS2, Cu, Ag and W by ordinary kriging.

At a 0.10 % Cu cutoff there was reported 293 million

tons averaging 0.016 % MoS2 and 0.14 % Cu classified as inferred.

Within the Cu-Mo and Mo Zones at a 0.04 % MoS2 cutoff there were 1.72

billion tons averaging 0.091 % MoS2 and 0.075 % Cu classified as inferred.

In May 2009, the authors of the 2008 report provided

an updated Resource Estimate based on a total of 42 diamond drill holes totaling 76,436 ft, including 11 completed during 2008.

a Recoverable Metal Value (the “ RCV ”) cutoff at various US dollar values per ton, and at certain assumed metal recoveries

and metal prices, the authors presented tonnages, metal grades, and contained metal for indicated and inferred resource calculations in

all 3 mineralized zones.

In November 2009, Ausenco Canada Inc.

(“ Ausenco ”),

an independent, third-party engineering firm employed by American CuMo, published a NI 43-101 compliant Preliminary Economic Assessment,

throughput Scoping Study Report based on the same 42 diamond drillholes.

In a manner similar to the May 2009 report, Ausenco reported

tonnages, metal grades and contained metal for indicated and inferred resource calculations in all 3 mineralized zones.

Ausenco went further

and proposed a mining and processing operational design at various mining rates, from 50,000 to 200,000 tons per day of ore to mill throughput.

This firm also included provisions and estimated capital and operating costs for a conceptual open pit mine, waste dumps, tailings storage

facility, plant/concentrator, molybdenum roaster, and ancillary facilities.

Initial capital costs ranged from $1.6 to $3.4 billion (in

2009 dollars).

Based on this data, Ausenco was able to perform a Preliminary Economic Analysis (PEA) of the CuMo project, at various throughput

rates, which yielded numeric results for Net Present Value, Internal Rate of Return, Payback, and cash operating costs per pound of molybdenum

They concluded that higher throughputs yield a higher NPV and higher IRR, although at a greater capital cost.

In 2011, a new technical study for a NI 43-101

compliant Resource update was commissioned with Snowden Mining Consultants.

The resource estimate update was based on a total of 54 diamond

drillholes totaling 99,404 ft.

Of these, 12 diamond drillholes were completed in 2009 and 2010.

Again, using assumed metal recoveries

and selected RCV cut-off grades, Snowden reported updated global Indicated Resources of over 2 billion tons, and global Inferred Resources

of over 5 billion tons.

Snowden adopted most of the other design parameters and assumptions offered by Ausenco.

In August 2015, Gary Giroux of Giroux Consultants

(one of the authors of the 2008 and 2009 Reports) was employed by American CuMo to publish a NI 43-101 compliant, updated resource

This update was based on a total of 65 diamond drill holes totaling 120,685 feet (36,784.9 meters).

Nine (9) of the sixty-five

(65) diamond drill holes were completed in 2012 since the previous resource calculation.

Using low, medium, and high metal price assumptions,

and different cutoff grades for RCV, Giroux calculated Measured, Indicated, and Inferred mineral resource numbers for ore contained within

a conceptual pit shell.

The maximum case reported here was a combined Measured, Indicated, and Inferred resource of over 6 billion tons.

Finally, in 2020 SRK authored a NI 43-101 compliant

Preliminary Economic Assessment and Technical Report for the CuMo project.

This document, relying on the previously published 2015 resource

estimate, proposed an open pit mine and concentrator combination at a milling rate of 150,000 tons per day, and an initial mine life of

It also incorporated particle-based ore sorting technology to remove 28% of the mining waste from the ore stream, prior to entering

the concentrator.

SRK projected that operations would produce (yearly Life of Mine average) of 43 million pounds of molybdenum, 84 million

pounds of copper, and 3.7 million ounces of silver.

The capital cost estimate prepared by SRK was $3.1 billion, with a cash cost per pound

of molybdenum (after by-product credits) of $4.67, a post-tax Net Present Value (at 5% discount) of $1.7 billion, and an Internal Rate

of Return of 9%.

The mineral resource estimates contained in the

TRS are based on drilling completed through 2012.

As no additional drilling has been completed since the 2015 resource was estimated,

the mineral resource estimates are considered current and have not been updated since that time.

The mineral resource was classified

on the basis of the quality and uncertainty of the sample data and sample spacing, in accordance with the definitions of “inferred

mineral resource,” “indicated mineral resource” and “measured mineral resource” under the SEC Mining Rules.

For a detailed summary of mineral resource estimates

current as of ICUMO’s most recent fiscal year, including tabular disclosure of measured, indicated, and inferred resources, please

refer to Section 1.5 of the attached TRS.

The mineral resource estimates contained in the

TRS were estimated in conformity with Committee for Mineral Reserves International Reporting Standards (CRIRSCO) “International

Reporting Template for the public reporting of Exploration Targets, Exploration Results, Mineral Resources and Mineral Reserves”

as adopted by the International Council on Mining & Metals November 2019.

The mineral resources are reported in in accordance with

§§229.1300 through 229.1305 (subpart 229.1300 of Regulation S-K).

The resource estimate was based on a total of

65 diamond drill holes totaling 36,166 m (118,654 ft).

Note that the three reverse circulation holes were not used in the resource estimate.

Nine of the 65 diamond drill holes were completed in 2012.

Internal Controls and Data Verification

Dykes (the “ Qualified Person ”)

has reviewed the procedures used by ICUMO and produced a description and an analysis of the results as contained in Section 8 of the TRS.

These are standard data verifications with no limitations.

All assay results used in the verification process

by the Qualified Person were obtained from fully certified analytical laboratories with signed assay certificates.

The Qualified Person has reviewed the data collection

and verification procedures followed by ICUMO and by third parties on behalf of ICUMO, and believes these procedures are consistent with

industry best practices and acceptable for use in geological and resource modelling.

These procedures have also been verified by several

independent qualified people over the years.

For more information about quality control/quality

assurance and data verification, see Section 8 and Section 9 of the TRS.

The mineral resources estimated may ultimately

be affected by a broad range of environmental, permitting, socio-economic (as discussed in Section 17 of the TRS), legal, title (as discussed

in Section 3 of the TRS), marketing and political factors (as discussed in Section 22 of the TRS).

At this time the authors are unaware

of any of these factors that could materially affect the mineral resource estimate.

Of course, going forward, relevant factors that could

influence the resource estimate include changes to the geological, geotechnical or geometallurgical models, infill drilling to convert

mineral resources to a higher classification, drilling to test for extensions to known resources, collection of additional bulk density

data and significant changes to commodity prices.

It should be noted that all these factors pose potential risk and opportunities to the

current mineral resource.

Current Planned Working Programs

Ore Sorting and Updated Preliminary Economic Assessment

ICUMO presently is investigating the potential

to utilize additional ore sorting scanning technologies to optimize the separation of waste from ore post-mining and increase the head

grade of ICUMO ore being fed to a concentrator.

The thin-veined, stockwork nature of the CuMo deposit lends itself nicely to ore sorting,

as noted above, since these darker colored veins largely carry the metals of interest and are much different from waste in appearance.

A visual scanning exercise of all of the core recovered from the drilling activities described herein shows that on average, 84% of the

waste mined can be theoretically separated through application of ore sorting, versus the 28% waste removal that SRK Consulting (Canada)

(“ SRK ”) conservatively used in its 2020 Preliminary Economic Assessment (“ PEA ”).

over 90 active mines in the world today which utilize some form of ore sorting.

In September 2022, ICUMO signed an agreement to

test CuMo material with MineSense, Technologies Ltd., using their ShovelSense scanning systems, which employ X-ray fluorescence (the “ XRF ”)

surface scanning technology.

These systems are installed directly on shovel buckets and scan the blasted material as the shovel scoops

it up, allowing the mine operator to begin to differentiate ore from waste at the mining face.

ShovelSense is currently being used successfully

by at least three large producing copper open pit mines (Highland Valley BC, Copper Mountain BC, and Carmen de Andacollo Chile).

Contemporaneously

with this test work, the Company plans to scan all of the existing drill cores with portable XRF scanners.

The all-in cost of this exercise

is anticipated to be less than $200,000, and the Company believes that the ShovelSense results can be attained by Q1 2023.

ICUMO’s sorting examination is designed

to not just rely on a single sorting pass, but to possibly integrate multiple sorting technologies, such as combining surface XRF scanning

at the face with downstream penetrative prompt gamma neutron activation analysis (PGNAA) or pulsed fast thermal neutron activation (PFTNA)

scanners installed on the material conveyors, and potentially particle scanners to finish.

The potential combination of different ore

sorting technologies and equipment is intended to enable the Company to optimize the separation of ore from waste, substantially increasing

the head grade of mill feed, and thereby reducing the size of the concentrator which then will only be concerned with the processing of

Consequently, this will in theory allow the Company to design and build a smaller concentrator, significantly reducing capital and

operating costs.

As an example, the Company believes that if ore sorting can remove 75% of waste pre-mill feed, this result will reduce

the size of the mill to around 30,000 tons per day to produce the same amount of metal as the SRK 2020 PEA mill design of 150,000 tons

per day, and thereby save over $1.5 billion in projected capital expenditures.

The Company has just commenced initial discussions with

consultants, and mining equipment providers who design and fabricate penetrative scanning systems for testing of CuMo material.

At the conclusion of all of ICUMO’s ore

sorting investigations, the Company intends to contract with an independent third-party engineering firm to publish an updated PEA, utilizing

ore sorting results to revise the technical and economic sections of the document.

The expected budget for this work is roughly $750,000.

Additional Exploration and Metallurgical Studies;

Pre-Feasibility

Following completion of the updated PEA, and pending

issuance of a new FONSI by the USFS relating to the “2018 Supplemental Redline Environmental Assessment CuMo Exploration Project”

issued by the USFS (the “ 2018 SREA ”), the Company intends to resume its plans for additional exploration including

infill, expansion, and geotechnical pit wall drilling.

The infill work is intended to enable the Company to reclassify resources currently

labeled as Inferred, to the level of Indicated, or Measured and Indicated.

The expansion drilling should allow the Company to add more

resources to at least the Inferred category.

The Company has tentatively budgeted $8 million for this drilling work.

The Company also plans to initiate additional

metallurgical studies to (1) determine the optimal concentrator design for both copper-silver, and molybdenum concentrate circuits, and

(2) investigate the potential to recover copper and molybdenum via heap leaching of lower grade ore that is stockpiled and not immediately

processed at the concentrator.

The Company has identified a number of outside consultants that can be engaged for both of these studies.

In total, the Company expects that these studies will cost approximately $1,000,000 and will take on the order of four (4) months to complete.

These undertakings are part of the Company’s

plan to develop an independent, third-party Pre-Feasibility Study (PFS) for the CuMo Project.

In addition to the exploration and metallurgical

work, explained above, the PFS will include expenditures for infrastructure and road improvements, environmental and permitting work,

preliminary engineering, community, and public/governmental relations work, and potentially costs for expansion of the current land position.

All-in, the Company has budgeted a range of $25 to $30 million to reach the PFS stage and estimates that the PFS can be completed within

two years of the release of the updated PEA.

Competitive Position in the Industry

The mineral exploration, development, and production

industry are largely un-integrated.

The Company competes with other exploration companies looking to acquire and obtain financing for

the exploration and development of mineral resource properties.

While the Company competes with other exploration companies to locate

and acquire mineral resource properties, it may also compete with them for the removal or sales of mineral products from its properties

if it should eventually discover their presence in quantities sufficient to make production economically feasible.

Readily available markets

for the sale of mineral products only sometimes exist for all mineral commodities;

however, the principal CuMo Project commodities of

copper, silver and molybdenum are traded on international exchanges and therefore, at a minimum a terminal market exists for which these

commodities can be delivered and sold.

ICUMO’s competition includes large, established

mining companies with substantial capabilities and more significant financial and technical resources than it.

As a result of this competition,

it may have to compete for financing and may need help to acquire the funding on terms it considers acceptable.

ICUMO may also have to

compete with other mining companies to recruit and retain qualified managerial and technical employees.

If ICUMO cannot compete successfully

for financing or qualified employees, its exploration programs may be slowed down or suspended, which may cause it to cease operations

as a company.

As of the date of this Report, other than certain

executives, ICUMO has no employees.

ICUMO does not have or maintain any employee benefit plans or similar plans under any applicable laws.

In connection with this security interest,

ICUMO and Computershare Trust Company of Canada, as Mortgagee, signed a Real Property Mortgage under which the Mortgagee has the right

upon default by the mortgagor to choose to sell the real property constituting the unpatented claims set out above.

following table lists the patented mining claims currently a part of the CuMo Project:

October 31, 2014, as subsequently amended March 26, 2015, and January 29, 2016, ICUMO entered into a Loan Agreement with La Familia II,

LLC, evidenced by a secured promissory note, in the amount of $500,000.

The promissory note accrues annual interest at 8.5%, has a maturity

date of December 31, 2025, and is secured by a first priority deed of trust over the patented mining claims listed above.

Access, Climate, Infrastructure and Topography

CuMo Project is situated in the mountains of south-central Idaho, in the Boise National Forest, in Boise County, Idaho, approximately

15 miles northeast of the town of Idaho City, near the unincorporated community of Centerville, roughly 37 miles on a straight line,

and 60 miles by road, from the city of Boise.

Good all-weather highways, and USFS logging roads provide access to the project from Idaho

City and Centerville.

The trip from Boise takes approximately 1.5 hours.

Access is limited during some winter months when significant

snow cover can impede passage via the Forest Service roads.

property is accessed by road from Boise by taking US State Highway 55 northerly for approximately 40 miles (65 km) to the town of Banks,

Idaho, and then east on the Banks Lowman Road towards the town of Garden Valley for approximately 10 miles (16 km).

One mile east of

Garden Valley is a secondary road heading south across the Payette River.

Following this secondary road, the westernmost edge of the

CuMo claim block is approximately 10 miles (16 km) from Garden Valley.

Alternatively, access can be gained by traveling northeast from

Boise along Highway 21 past the towns of Idaho City and Centerville, along Grimes Creek, and then over the Grimes Pass.

elevation of the CuMo project ranges between 5,100 feet and 7,200 feet.

The project site features a mountain top which contains the bulk

of the mineral deposit, deep ravines adjacent, and is largely forested, except for sections that have been cleared by several fires which

occurred in 2014 and 2016.

climate is defined by summer temperatures to a maximum of 100° F (38°C) and cold, windy winters with lows to -10° F (-23°C).

Precipitation is moderately light with an average rainfall of 30 inches (<1 meter) and an average snowfall of approximately 140 inches

Vegetation in the project area consists of cedar, lodgepole pine, mountain mahogany, and juniper.

area is serviced by the Idaho Power Company which supplies electricity to residents of Garden Valley, Lowman and Pioneerville.

rail line is the Idaho Northern & Pacific line formerly operated by Union Pacific that runs through the town of Banks, approximately

20 road miles (32 km) to the west of the property.

Equipment, supplies, and services for exploration and mining development projects

are available at Boise.

There is also a trained mining-industrial workforce available in Boise.

and mining activities at the property can be conducted year-round, due to the established road system and its proximity to other infrastructure.

The property is large enough to accommodate exploration within the current CuMo deposit property footprint.

LEGAL PROCEEDINGS.

have no knowledge of any material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any subsidiary,

involved as a plaintiff or defendant in any material proceeding or pending litigation.

MINE SAFETY DISCLOSURES.

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties