A new U.S. copper district is taking shape in Idaho.
In late 2023, Hercules Metals reported a porphyry discovery that has reshaped the region.
The impact was immediate. Capital followed. So did major miners, including Barrick, BHP, Rio Tinto, and Teck.
What began as a single drill hole quickly evolved into one of the most active staking rushes seen in four decades.
Roughly 10 km from Hercules, one junior explorer controls the Belt's second-largest land position. But unlike neighboring projects, where copper mineralization is buried under 200+ meters of basalt, IDEX's project exposes oxide copper at surface.
Drilling at the Freeze Project hit continuous copper mineralization in all six drill holes during their Phase 1 drill program in 2025. And an active drill season is planned for 2026.
Copper demand is rising sharply as AI infrastructure, data centers, grid upgrades, and domestic manufacturing expand.
BHP estimates copper use in data centers alone could increase sixfold by 2050.
BloombergNEF has warned that even aggressive mine development may leave a multi-million-ton supply gap by the mid-2030s.
As the U.S. looks to secure supply, this explorer is advancing one of the most accessible copper systems in Idaho.
Tomorrow Investor
Unity's Stock Plunges 30%: Panic? Or Profit?
Authored by Jeffrey Neal Johnson. Posted: 2/12/2026.
Article Highlights
- Unity delivered strong quarterly results, exceeding analyst expectations for revenue and earnings, while generating significant free cash flow.
- The firm's new artificial intelligence advertising platform is seeing accelerating adoption and is expected to become a major revenue driver by the end of the year.
- Market valuation has dropped to attractive levels relative to the software business's improved profitability profile and long-term growth potential.
Wall Street often struggles to digest complex corporate maneuvers, and Feb. 11, 2026, provided a brutal example. Investors in Unity Software (NYSE: U) saw the stock plunge nearly 30%, closing around $20.43. The move wiped out months of recovery and pushed the company's valuation to multi-year lows.
At first glance, the steep decline looked like a sign of trouble. A closer read of the financial report, however, tells a different story: Unity beat analyst expectations for the fourth quarter of 2025, reporting revenue and profits above consensus.
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The sell-off wasn't prompted by current operational failure but by fear over a bold strategic pivot. Management is deliberately shrinking a legacy portion of the business to accelerate growth in a newer, higher-margin segment. That transition creates a short-term revenue dip investors interpreted as weakness, producing a possible disconnect between Unity's stock price and its underlying financial performance.
Profits Over Promises: Unity Delivers Record Cash Flow
To judge whether the market reaction was warranted, look at how the business actually performed. For years Unity was criticized for burning cash in the pursuit of growth. The latest report, under CEO Matt Bromberg, shows the company transforming into a more disciplined, cash-generating operation.
In Q4 2025, Unity reported revenue of $503.1 million — roughly a 10% year-over-year increase and comfortably above the consensus estimate near $492 million. Adjusted earnings per share came in at $0.24, topping the $0.21 forecast.
The most important indicator, though, is cash flow, which represents the actual cash available after operating expenses and capital expenditures.
Where the company once produced negative cash flow — forcing dilution or borrowing — Q4 delivered:
- Free Cash Flow: $119 million.
- Adjusted EBITDA: $124.9 million, a healthy ~25% margin.
Those results indicate the operational turnaround is already producing tangible benefits. Unity is increasingly self-sufficient and less reliant on external financing. In a volatile market, that financial stability typically establishes a floor under the stock, since the company has the cash to weather near-term turbulence.
Short-Term Pain for Long-Term Gain
If the quarter was solid, why did the stock collapse? The answer is in the outlook. Unity guided Q1 2026 revenue to $480 million–$490 million, missing the average analyst estimate of $494 million and implying near-term growth could slow.
But context matters. The guidance miss isn't driven by fading demand; it stems from a deliberate decision to retire a legacy product. Unity is winding down its IronSource advertising network, which management called commoditized and low-margin — it generated revenue but little profit.
Shutting down IronSource forces customers to migrate to the company's newer AI-powered platform, Unity Vector. That creates a temporary "revenue air pocket" because legacy sales are turned off before Vector's revenue fully ramps.
Despite the softer total revenue outlook, Vector's metrics are encouraging:
- Sequential Growth: Revenue from Vector rose about 15% from Q3 to Q4.
- Momentum: January 2026 was Vector's best revenue month to date, with sales up roughly 70% year-over-year.
- Future Outlook: Management expects Vector to reach a $1 billion annualized run rate by the end of 2026.
Those data points suggest the new product is gaining traction. Unity is accepting short-term optical weakness in exchange for a healthier, higher-margin revenue mix down the road. Investors who sold on the headline numbers may have overlooked the improving quality of revenue.
Price Targets vs. Share Price: Measuring the Gap
The market's response was swift and severe — a classic capitulation where investors abandon positions regardless of price.
On earnings day, trading volume topped 100 million shares, roughly triple normal activity, signaling a mass exit by short-term traders.
Professional analysts have been more measured. While many lowered price targets to reflect near-term volatility, consensus analyst valuations remain notably higher than the current stock price. With the shares trading near $20, the market is pricing in outcomes far worse than even some pessimistic estimates.
If the stock simply climbed to the lowest analyst target of $29, it would represent a gain of over 40% from current levels — highlighting the gap between panic and longer-term expectations.
A Clearing Event for Patient Investors
The market dislikes uncertainty, and Unity has presented a complex picture. On one side, the company is generating record cash flow and demonstrating that its AI technology works; on the other, management has chosen to inflict short-term revenue pain by retiring a legacy business.
Unity's 30% decline looks like a clearing event: a purge of short-term holders that resets valuation expectations. For investors focused on fundamentals, the outlook is clearer — the business is stabilizing, the balance sheet is healthy, and the Vector migration is underway. Volatility will likely persist until the transition completes around mid-2026, but the divergence between headline panic and the company's improving profitability creates an attractive risk/reward opportunity for those willing to look past the immediate noise.
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