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Clayton Fisher

CEO & Director | IDEX Metals | Idaho copper explorer

"Won 28,000 acres of Idaho copper ground at a state auction the majors couldn't bid in; drilled 101 m of 1.02% copper at Kismet."

Mining Executive

Biography

Clayton Fisher is the CEO and a director of IDEX Metals, a Vancouver-based explorer that has assembled one of the larger land packages in Idaho's newest copper district: 15 projects across roughly 50,000 acres, anchored by the Freeze copper-gold project. Resource investors should know the name because IDEX is one of the few juniors drilling the porphyry belt — the large, lower-grade deposits that supply most of the world's copper — that Hercules Metals' 2023 Leviathan discovery put on the map, and Fisher's Kismet target has already returned 101 metres of 1.02% copper from surface. The project also carries tungsten, a critical metal with no current US mine production, giving IDEX a two-metal story rare among juniors.

His route here ran through capital markets. Fisher started as an assistant broker at Canaccord's White Rock, BC office in February 2008, watched the financial crisis hit within months, and spent the next decade raising money for junior mining ventures as a venture broker, then managing treasury and foreign exchange for issuers. He crossed to the operating side about six years ago, seeded IDEX with a $150,000 first raise, and built the company through staking and option deals until it went public in June 2025, adding a US OTCQB listing that August. In spring 2026 IDEX closed roughly $15 million in special-warrant financings to fund drilling.

Fisher's signature win came through patience with paperwork. When Hercules' discovery set off a staking rush — Barrick blanket-staked some 100,000 acres nearby — IDEX could not compete for federal claims, so it pursued Idaho state mineral leases, which are awarded by auction. IDEX arrived registered and prepared; competing majors did not, and Fisher won 28,000 acres at the minimum bid. The ground held the Kismet breccia (rock shattered and re-cemented by mineral-rich fluids, a common host for metals), where 2025-2026 drilling confirmed tungsten sitting with the copper — including 180.5 metres of 0.11% tungsten trioxide. Fisher prices the tungsten at about one-third of spot in his copper-equivalent arithmetic — an interval he says works out to roughly 1.87% copper equivalent (the grade a deposit would carry if secondary metals were converted into copper value) — but declines to publish the combined figure until metallurgical work backs it.

The 2026 season keeps the focus on Freeze: an induced-polarization survey — a geophysical method that maps sulphide-bearing rock — outlined four chargeability targets in August, and tungsten enrichment was confirmed in all six of 2025's Kismet drill holes that September. Fisher has also been optioning away non-core gold and silver assets, including deals with Integra Resources and, in 2026, WestGold Metals, to concentrate the company on copper. For investors, following IDEX is a real-time lesson in how a small, disciplined junior assembles ground, patience, and drilling into a discovery story in a brand-new US copper belt.

Videos (1)

#106 Digging for Dollars #34 How IDEX Metals Outbid Majors in Idaho & Rio Tinto’s Move on Mogotes

#106 Digging for Dollars #34 How IDEX Metals Outbid Majors in Idaho & Rio Tinto’s Move on Mogotes

guest Jul 17, 2026
  • Top takeaway Top point: his argument is that the tungsten result, not the copper, is what re-rates IDEX, calling 180 m at 0.6% copper with 0.11% WO3 a huge hole in a really big new belt, saying he is probably a buyer, and arguing the market has not translated the value built by the work into the share price yet.
  • His stance on disclosure is deliberately conservative: he will not publish a copper equivalent because it is subjective and no metallurgy has been done, uses a mid-range 75% tungsten recovery and a low price assumption rather than the headline number, and says he will switch to publishing once they have the proper data to back it.
  • His exploration plan is two-sided: test the higher-risk porphyry at depth on the North Breccia target while defining the Kismet oxide and breccia zone as a valuation backstop and eventual resource, with the stated aim of getting to a billion-dollar market cap; he says the company is fully funded on just over $7M of cash.
  • On how the position was built, he credits Goldspot and the host for the first exploration program and the original 500 m by 500 m soil anomaly at Kismet, argues juniors with no money should pay for AI geotech maps, imagery and inversions with equity, and says winning the 28,000-acre Idaho state lease auction as the only registered bidder was the move that created the district-scale package north of Hercules.
  • His view on the geology is that this is a polymetallic system, with copper and tungsten in the same breccia, strong moly, untested gold to the north, and a large cohesive geophysical response that he hopes is a porphyry at depth; he also pitched Juggernaut and Corcel as his two digs in the deal segment.

Rio Tinto's C$21 million investment in Mogotes at a 75-cent premium wiped out the financing overhang that had capped the stock. Counting warrants and options, Mogotes works out near $250 million fully diluted, against $4.5 billion Filo and NGEx next door. IDEX's tungsten reassay added 0.11% to 180 metres of 0.6% copper, lifting the interval to 1.87% copper equivalent. The guest argues tungsten lifts a critical copper project into a polymetallic resource, using conservative prices and a mid-range recovery. IDEX took 28,000 Idaho acres at a state lease auction after majors arrived unable to bid because they were not properly registered.

Showing 1–1 of 1 videos

Key Quotes

"We started going through historical reports, sending guys down to the field. We see something interesting, we do the sampling, comes back good, we stake it, and then we just rinse and repeat."

— Digging for Dollars #34, CEO.CA podcast, 2026 — on building IDEX Metals' 15-project Idaho land package

"We were the only one registered... I looked around the room and everybody was like, 'We can't do anything.' And I was like, 'OK' — put the paddle up."

— Digging for Dollars #34, CEO.CA podcast, 2026 — on winning 28,000 acres at an Idaho state lease auction where rival majors failed to register

"We're doing the good work, but it's just not being translated directly into the share price. And that'll come as people understand what it actually is and what the tungsten means."

— Digging for Dollars #34, CEO.CA podcast, 2026 — on the market's slow recognition of the Kismet copper-tungsten results

Key Works

Company presentation covering the Freeze copper-gold project, the Kismet copper-tungsten discovery, and IDEX Metals' 15-project Idaho land package.

Disclaimer: Clayton Fisher has NOT endorsed this platform and is not affiliated with Pixys in any way.