UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                        --------------------------------
                                   FORM 10-QSB

     |X|  QUARTERLY  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
          EXCHANGE ACT OF 1934

          For the Quarterly Period ended September 30, 1999

     |_|  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
          ACT OF 1934

          For the Transition Period from _________ to _________
          Commission File Number _____________________




                         IDAHO CONSOLIDATED METALS CORP.
        -----------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in its Charter)

   British Columbia, Canada                             82-0465571
------------------------------------        ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)


                           504 Main Street, Suite 470
                              Post Office Box 1124
                              Lewiston, Idaho 83501
                -------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (208) 743-0914
                -------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)



Check  whether  the issuer  has (1) filed all  reports  required  to be filed by
Section  13 or 15(d) of the  Exchange  Act  during  the past 12 months  (or such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing  requirements  for the past 90 days.  Yes |X| No
| |

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 24,499,361 as of September 30, 1999.

Transitional Small Business Disclosure Format (check one):  Yes  |_|  No |X|



<PAGE>



                         IDAHO CONSOLIDATED METALS CORP.

                                   Form 10-QSB
                   For the Fiscal Quarter ended September 30, 1999


                                TABLE OF CONTENTS

<TABLE>

                                                                                                  Page
                                                                                                  ----
<S>  <C>                                                                                          <C>
PART I - FINANCIAL INFORMATION

     ITEM 1.  FINANCIAL STATEMENTS OF THE COMPANY...................................................3

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION............................11


PART II - OTHER INFORMATION

     ITEM 1.  LEGAL PROCEEDINGS....................................................................15

     ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS............................................17

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES......................................................18

     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..................................18

     ITEM 5.  OTHER INFORMATION....................................................................18

     ITEM 6.  EXHIBITS AND REPORTS FILED ON FORM 8-K...............................................18

SIGNATURES

</TABLE>





                                     Page 2
<PAGE>


                                     PART I
                              FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS OF THE COMPANY

The  financial  statements  should  be read  in  conjunction  with  Management's
Discussion  and Analysis or Plan of Operations and other  financial  information
included elsewhere in this Form 10-QSB.















                                     Page 3
<PAGE>





                               IDAHO CONSOLIDATED
                                  METALS CORP.

                         (An Exploration Stage Company)

                    INTERIM CONSOLIDATED FINANCIAL STATEMENTS

                                  30 SEPTEMBER 1999

                        Unaudited - See Notice to Reader

                                   U.S. Funds










                                     Page 4
<PAGE>


Idaho Consolidated Metals Corp.                                     Statement 1
(An Exploration Stage Company)
Interim Consolidated Balance Sheet
As at 30 September
U.S. Funds
Unaudited - See Notice to Reader



<TABLE>

ASSETS                                                                            1999                 1998
------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>                 <C>
Current
    Cash                                                                   $   131,343         $      1,445
    Accounts receivable                                                          6,241                3,005
    Cash in trust                                                                    -               50,000
                                                                           ---------------------------------
                                                                               137,584               54,450
Restricted Investments                                                          82,000               90,000
Property Rights, Plant and Equipment                                         1,989,269            3,153,233
                                                                           ---------------------------------
                                                                           $ 2,208,853         $  3,297,683
------------------------------------------------------------------------------------------------------------

LIABILITIES
------------------------------------------------------------------------------------------------------------
Current
    Accounts payable
      - Related parties                                                    $   157,758        $      42,347
      - Other                                                                  204,515              221,642
    Current portion of notes payable                                             9,842              848,214
                                                                           ---------------------------------
                                                                               372,115            1,112,203
                                                                           ---------------------------------
Notes Payable                                                                    4,871                9,713
                                                                           ---------------------------------

SHAREHOLDERS' EQUITY
------------------------------------------------------------------------------------------------------------
Share Capital - Statement 2                                                  9,653,485            7,508,593
Convertible Securities                                                          63,985                    -
Deficit - Accumulated during the exploration stage - Statement 2            (7,885,603)          (5,332,826)
                                                                           ---------------------------------
                                                                             1,831,867            2,175,767
                                                                           ---------------------------------
                                                                           $ 2,208,853        $   3,297,683
------------------------------------------------------------------------------------------------------------

</TABLE>


ON BEHALF OF THE BOARD:


--------------------------------, Director


--------------------------------, Director



                           - See Accompanying Notes -


                                     Page 5
<PAGE>



Idaho Consolidated Metals Corp.                                      Statement 2
Interim Consolidated Statement of Changes
   In Shareholders' Equity
U.S. Funds
Unaudited - See Notice to Reader




<TABLE>
                                                                                            Deficit
                                                                                        Accumulated
                                                                                         During the
                                             Common Shares             Convertible      Exploration
                                       Shares            Amount        Securities             Stage             Total
----------------------------------------------------------------------------------------------------------------------
<S>                                 <C>           <C>                 <C>            <C>                <C>
Balance - 31 December  1997          9,434,650     $   7,508,593       $        -     $  (4,866,470)     $  2,642,123
   Loss for the period                       -                 -                -          (466,356)         (466,356)
                                    ----------------------------------------------------------------------------------
Balance - 30 September 1998          9,434,650     $   7,508,593                -     $  (5,332,826)      $ 2,175,767
----------------------------------------------------------------------------------------------------------------------



Balance - 31 December 1998           9,434,650     $   7,508,593       $  249,862     $  (7,263,201)     $    495,254
  Shares issued on conversion
   of promissory notes               7,947,000         1,193,042         (146,042)                -         1,047,000
  Shares issued - private
   placement                         2,000,000           200,000                -                 -           200,000
  Shares issued - exercise of
   warrants                          5,117,711           751,850          (82,057)                -           669,793
  Equity component on issuance
   of convertible securities                 -                 -           42,222                 -            42,222
  Loss for the period                        -                 -                -          (622,402)         (622,402)
                                    ----------------------------------------------------------------------------------
Balance - 30 September 1999         24,499,361     $   9,653,485       $   63,985     $  (7,885,603)     $  1,831,867
----------------------------------------------------------------------------------------------------------------------


</TABLE>




                           - See Accompanying Notes -



                                     Page 6
<PAGE>


Interim Consolidated Statement of Operations                         Statement 3
U.S. Funds
Unaudited - See Notice to Reader



<TABLE>
                                                          1999                                    1998
                                          -------------------------------------     ----------------------------------
                                              Three Months         Nine Months       Three Months         Nine Months
                                                     Ended               Ended              Ended               Ended
                                               30 September      30 September         30 September       30 September
----------------------------------------------------------------------------------------------------------------------
<S>                                          <C>                <C>                 <C>                 <C>
Operating Expenses
  General and administrative - Schedule 1     $    130,143       $     348,340       $    115,179        $    420,492
                                              ------------------------------------------------------------------------

Other (Income) Expenses
    Abandonment of property rights                       -               8,453                  -                   -
    Interest income                                   (883)             (3,320)            (1,208)             (3,521)
    Interest expense                               121,989             268,929              9,946              49,385
                                              ------------------------------------------------------------------------
                                                   121,106             274,062              8,738              45,864
                                              ------------------------------------------------------------------------

Loss for the Period                           $    251,249       $     622,402       $    123,917        $    466,356
----------------------------------------------------------------------------------------------------------------------
Loss per Common Share                         $       0.02       $        0.04       $       0.01        $       0.05
----------------------------------------------------------------------------------------------------------------------
Weighted Average Number of Common Shares
    Outstanding                                 16,620,311          16,620,311          9,434,650           9,434,650
----------------------------------------------------------------------------------------------------------------------


</TABLE>





                           - See Accompanying Notes -



                                     Page 7
<PAGE>


Idaho Consolidated Metals Corp.                                      Statement 4
Interim Consolidated Statement of Cash Flow
U.S. Funds
Unaudited - See Notice to Reader




<TABLE>
                                                          1999                                    1998
                                          -------------------------------------     ----------------------------------
                                              Three Months         Nine Months       Three Months         Nine Months
                                                     Ended               Ended              Ended               Ended
Cash Resources Provided By (Used In)           30 September      30 September        30 September        30 September
----------------------------------------------------------------------------------------------------------------------
<S>                                           <C>                <C>                  <C>                <C>
Operating Activities
    Loss for the period                       $   (251,249)      $   (622,402)        $  (123,917)       $  (466,356)
    Items not affected by cash
      Amortization                                   2,072              5,259               2,276               6,828
      Amortization of interest discount            109,650            206,921                   -                   -
    Changes in current assets and
        liabilities
      Cash in trust                                      -             50,000                   -                   -
      Accounts receivable                             (672)            (4,178)              5,666                 983
      Accounts payable
        - Related parties                            5,096             29,071             (15,985)           (138,645)
        - Other                                     80,734              5,157              (5,941)             67,068
                                              ------------------------------------------------------------------------
    Net cash used in operating activities          (54,369)          (330,172)           (137,901)           (530,122)
                                              ------------------------------------------------------------------------
Investing Activities
    Property rights, plant and equipment          (293,352)          (528,329)            (49,571)           (138,025)
    Restricted investments                               -              8,000                   -                   -
                                              ------------------------------------------------------------------------
    Net cash used in investing activities         (293,352)          (520,329)            (49,571)           (138,025)
                                              ------------------------------------------------------------------------
Financing Activities
    Proceeds of notes payable                            -             72,778             188,456             590,707
    Net proceeds from issuance of
      convertible securities                             -             42,222                   -                   -
    Repayment of notes payable                      (1,144)            (3,356)                  -                   -
    Share capital                                  371,826            869,793                   -                   -
                                              ------------------------------------------------------------------------
    Net cash provided by financing activities      370,682            981,437             188,456             590,707
                                              ------------------------------------------------------------------------

Net Increase (Decrease) in Cash                     22,961            130,936                 984             (77,440)
    Cash position - Beginning of period            108,382                407                 461              78,885
                                              ------------------------------------------------------------------------
Cash Position - End of Period                 $    131,343       $    131,343         $     1,445        $      1,445
----------------------------------------------------------------------------------------------------------------------

</TABLE>




                           - See Accompanying Notes -



                                     Page 8
<PAGE>


Idaho Consolidated Metals Corp.                                       Schedule 1
Interim Consolidated Schedule of General and
    Administrative Expenses
U.S. Funds
Unaudited - See Notice to Reader


<TABLE>
                                                          1999                                    1998
                                          -------------------------------------     ----------------------------------
                                              Three Months         Nine Months        Three Months        Nine Months
                                                     Ended               Ended               Ended              Ended
                                               30 September      30 September         30 September       30 September
----------------------------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>                 <C>                 <C>
Management fees and wages                     $     21,700      $      68,077       $      42,113       $     157,658
Professional fees                                   75,905            181,197              36,858             134,159
Travel                                               5,624             28,677                 423              36,077
Shareholder information                              9,479             17,059               2,452              20,957
Office and general                                   3,606             19,219              14,656              30,147
Office rent                                          7,352             18,290               8,423              20,002
Amortization                                         2,072              5,259               2,276               6,828
Transfer agent and filing fees                       4,212              8,727               4,562               9,048
Entertainment and promotion                            145              1,522               3,416               5,616
Property search                                         48                313                   -                   -
                                              ------------------------------------------------------------------------
Expenses for the Period                       $    130,143      $     348,340       $     115,179       $    420,492
----------------------------------------------------------------------------------------------------------------------
</TABLE>



Interim Consolidated Schedule of Property Rights,                     Schedule 2
Plant and Equipment
U.S. Funds
Unaudited - See Notice to Reader

<TABLE>
                                                          1999                                    1998
                                          -------------------------------------     ----------------------------------
                                              Three Months         Nine Months        Three Months        Nine Months
                                                     Ended               Ended               Ended              Ended
                                               30 September      30 September         30 September       30 September
----------------------------------------------------------------------------------------------------------------------
<S>                                           <C>              <C>                 <C>                 <C>
Direct - Mineral
    Idaho County, Idaho, U.S.A.
      Geological                              $        590       $      11,298        $      7,837       $     47,842
      Lease payments and acquisition                11,500              30,400              13,200             37,800
      Camp and general                                  68               1,563                  93              7,538
      Assaying, staking and claim rental            18,100              18,100              22,141             27,597
      Survey                                             -                   -                 601              5,377
      Transportation                                 2,131               3,676               1,257              4,958
      Environmental                                  1,088               4,375               3,452              3,452
      Taxes and licenses                                 -                   -                 990                990
    Montana, U.S.A.
      Staking, filing and claim rental              77,561             141,700                   -                  -
      Geological                                   122,525             197,032                   -                  -
      Assaying                                       4,260              36,295                   -                  -
      Field transportation                          28,285              49,927                   -                  -
      Survey                                        15,812              18,840                   -                  -
      Environmental                                  7,162               9,984                   -                  -
      Camp and general                                  12                 881                   -                  -
Equipment                                            4,258               4,258                   -              2,471
                                              ------------------------------------------------------------------------
Costs for the Period                          $    293,352       $     528,329        $     49,571       $    138,025
----------------------------------------------------------------------------------------------------------------------
</TABLE>


                           - See Accompanying Notes -


                                     Page 9
<PAGE>


Idaho Consolidated Metals Corp.
Notes to Interim Consolidated Financial Statements
30 September 1999
U.S. Funds
Unaudited - See Notice to Reader


--------------------------------------------------------------------------------


1.   Significant Accounting Policies

     The notes to the consolidated  financial statements as at 31 December 1998,
     as set forth in the  company's  1998 Annual Report  substantially  apply to
     these interim consolidated financial statements and are not repeated here.

--------------------------------------------------------------------------------

2.   Interim Consolidated Financial Statements Adjustments

     The  financial  information  given in the  accompanying  unaudited  interim
     consolidated  financial  statements  reflects all adjustments which are, in
     the opinion of management, necessary to a fair statement of the results for
     the  interim  periods  reported.  All  such  adjustments  are  of a  normal
     recurring nature. All financial statements presented herein are unaudited.

--------------------------------------------------------------------------------
















                                    Page 10
<PAGE>

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Certain  statements  within  this Form 10-QSB are  "forward-looking  statements"
within the meaning of the United States Private Securities Litigation Reform Act
of 1995.  Any  statements  that express or involve  discussions  with respect to
predictions,  expectations,  beliefs, plans,  objectives,  assumptions or future
events or performance  (often,  but not always,  using words and phrases such as
"expects", "believe",  "believes", "plans", "anticipates",  "is anticipated", or
stating that certain  actions,  events or results "will",  "may",  "should",  or
"can" be taken,  occur or be achieved) are not statements of historical fact and
may be "forward-looking  statements". The statements referred to above generally
relate to the prospects of the Company's exploration and development activities.
Forward-looking statements are based on expectations,  estimates and projections
at the  time the  statements  are  made  that  involve  a  number  of risks  and
uncertainties  which could cause actual  results or events to differ  materially
from those anticipated by the Company.  These risks and  uncertainties  include,
but are not limited to, the inherent risks  associated  with precious metals and
mineral property  development and production such as, the competitive  nature of
the precious  metals  industry,  the existence of  competitors  with  integrated
development and marketing organizations,  market fluctuations in the world price
of gold and other precious metals,  the fluctuation in the supply and demand for
gold and other  precious  metals and the proximity and capacity of  competitors,
the  risks  and   uncertainties   associated  in  complying  with   governmental
regulations, including regulations relating to price controls, taxes, royalties,
land tenure, allowable production,  the import and export of precious metals and
environmental  protection,  the risk that no  commercial  quantities of precious
metals will be discovered, the uncertainties related to dealing with third-party
operators of precious metal properties,  the risks and uncertainties  related to
the  future  development  and  acquisition  of  suitable  additional   producing
properties  or  prospects,  the risks  associated  with  unusual  or  unexpected
geological formations, pressures or other unforeseen conditions during drilling,
the risks associated with liabilities and damages relating to pollution or other
hazards  against which the Company may not be able to adequately  insure against
and the risk that actual costs incurred in the  abandonment of drilling or mines
will substantially  exceed the estimated  abandonment costs. The Company assumes
no obligation to update the  information  contained in this Form 10-QSB upon the
occurrence of one or more of the factors listed above.


1.   Results of Operations

Third Quarter 1999 Compared with Third Quarter 1998

The Company is in the  exploration  stage and has yet to generate  revenue  from
production. The Company continues to explore its mineral properties in an effort
to establish proven ore reserves, and has relied, in part, on the resources of a
joint venture partner  (Kinross Gold U.S.A.,  Inc.) to assist in its exploration
activities.

In the  third  quarter,  general  and  administrative  expenses  increased  from
$115,179 to $130,143  compared to the third quarter of 1998,  representing a 13%
increase in costs. Significant decreases were experienced in management fees and
wages,  but were more than  offset by an increase  in  professional  fees in the
quarter.  On a quarter  over  quarter  basis,  the Company  increased  operating
expenses by nearly $15,000.

The Company experienced a net loss for the period of $251,249, of which $130,143
was related to general and  administrative  expenses.  The Company had a loss of
$123,917 for the same period in 1998.

During the  quarter,  the Company  expended  $293,352 on its  resource  property
exploration,  development and acquisition  program as compared to $49,571 in the
comparable 1998 period.



                                     Page 11
<PAGE>

The Company's  expenditures  on its mining  interests  located in Idaho,  U.S.A.
decreased  to $33,477 for the quarter  ended  September  30, 1999 as compared to
$49,571 in the same quarter in 1998 as the Company  focuses its attention on its
Montana properties.

The Company has acquired and leased three non-contiguous properties in Montana.
During the quarter ended  September 30, 1999, the Company  continued its staking
and filing program in Montana,  U.S.A.  and commenced its 1999  prospecting  and
geological  program on the  Montana  properties.  During the quarter the Company
completed  a  tri-party  lease  agreement  with a  purchase  option,  subject to
regulatory  approval,  on the 54 claim  Platinum Fox property.  The Platinum Fox
property overlies platinum/palladium-bearing Chromite horizons in the Stillwater
Complex in Montana.  The Company has staked multiple  sulfide rich horizons that
are  anomalous in platinum and palladium  adjacent to the  operating  Stillwater
Mine  located in  Stillwater  and Sweet  Grass  counties,  Montana.  The Company
conducted  research of the geology of the area and detailed  title research into
the land position. Based on the results of that research, the Company has staked
or acquired three large blocks of claims.

The Company's  expenditures on its mining interests  located in Montana,  U.S.A.
have increased to $259,875 for the quarter ended  September 30, 1999 as compared
to $0 in the same  quarter  in 1998.  Staking,  filing  and claim  rental  costs
incurred  in the  quarter  ended  September  30,  1999,  amounted  to $77,561 as
compared to $0 in the same period in 1998. The Company also expended $122,525 on
geological and assaying in the quarter ended  September 30, 1999, as compared to
$0 for these activities in the same period in 1998.


Nine Months  Ended  September  30,  1999  Compared  with the Nine  Months  Ended
September 30, 1998

For the nine  months  ended  September  30,  1999,  general  and  administrative
expenses  decreased from $420,492 to $348,340  compared to the nine months ended
September  30, 1998,  representing  a 17% savings.  Significant  decreases  were
experienced  in  management  fees and  wages,  travel  and  office  and  general
expenses.  On a period over period basis, the Company reduced operating expenses
by approximately $72,000.

The Company experienced a net loss for the period of $622,402, of which $348,340
was related to general and  administrative  expenses.  The Company had a loss of
$466,356 for the same period in 1998.

During the nine months,  the Company expended  $528,329 on its resource property
exploration,  development and acquisition program as compared to $138,025 in the
comparable 1998 period.

The Company's  expenditures  on its mining  interests  located in Idaho,  U.S.A.
decreased to $69,412 for the nine months ended September 30, 1999 as compared to
$138,025 in the same period in 1998 as the Company  focuses its attention to its
Montana properties.

The Company's  expenditures on its mining interests  located in Montana,  U.S.A.
have  increased to $458,917 for the period ended  September 30, 1999 as compared
to $0 in the same  period  in 1998.  Staking,  filing  and  claim  rental  costs
incurred  in the period  ended  September  30,  1999,  amounted  to  $141,700 as
compared to $0 in the same period in 1998. The Company also expended $197,032 on
geological,  $36,295 on  assaying  and  $49,927 on field  transportation  in the
period ended  September 30, 1999,  as compared to $0 on these  activities in the
same period in 1998.



                                    Page 12
<PAGE>

2.   Liquidity and Capital Resources

The  Company  is  dependent  on the  proceeds  of debt  and  equity  financings,
including but not limited to public offerings, private placements,  issuances of
convertible securities and the exercise of stock options or warrants, as well as
from the  optioning  or sale of its  properties  and the sale of other assets to
fund its general and administrative expenditures and its mineral exploration and
development  costs.  Without  such  proceeds,  the Company may not continue as a
going  concern.  See  note  1 to  the  Company's  December  31,  1998  Financial
Statements  for additional  information.  The Company will need further funds to
continue its  operations and there can be no assurance that such funding will be
available.

During the quarter ended  September  30, 1999,  the  Tomasovich  Family Trust as
lender (the  "Trust"),  elected to convert a  convertible  loan in the amount of
$250,000 for  2,247,941  units of the Company.  Each unit consists of one common
share of the Company's stock and one  non-transferable  share purchase  warrant.
The Company reduced notes payable by $250,000, reduced convertible securities by
$33,419 and  increased  share  capital by $283,419 on conversion of these notes.
The Trust then exercised the related  warrants and was issued  2,227,941  common
shares from treasury.  The Company  reduced  convertible  securities by $33,419,
received cash proceeds of $252,626 and increased share capital by $286,045.

During the quarter  ended  September  30, 1999,  the Trust  elected to convert a
convertible  loan in the amount of $322,000 for 2,466,681  units of the Company.
Each  unit  consists  of  one  common  share  of the  Company's  stock  and  one
non-transferable  share purchase  warrant.  The Company reduced notes payable by
$322,000,  reduced convertible securities by $44,400 and increased share capital
by  $366,400 on  conversion  of these  notes.  The  remaining  $44,400 of equity
remains in convertible securities until the related warrants are exercised.

During the quarter ended  September  30, 1999,  the  Tomasovich  Family Trust as
lender (the  "Trust"),  elected to convert a  convertible  loan in the amount of
$115,000 for  1,172,847  units of the Company.  Each unit consists of one common
share of the Company's stock and one  non-transferable  share purchase  warrant.
The Company reduced notes payable by $115,000, reduced convertible securities by
$21,111 and  increased  share  capital by $136,111 on conversion of these notes.
The Trust then exercised the related  warrants and was issued  1,172,847  common
shares from treasury.  The Company  reduced  convertible  securities by $21,111,
received cash proceeds of $119,200 and increased share capital by $140,311.

The Company  anticipates,  based on  currently  proposed  plans and  assumptions
relating to its operations and exploration activities, that the proceeds of the
warrants  exercised  in the  quarter  ended  September  30,  1999,  will  not be
sufficient  to satisfy the  Company's  contemplated  cash  requirements  for the
following 12 month  period.  Any proceeds  from the exercise of stock options or
warrants   will  be  applied  to  satisfy  the   Company's   contemplated   cash
requirements.  The remaining proceeds,  if any, will be added to general working
capital purposes or used to reduce current liabilities.

The  Company  plans  to  conduct  exploration  and  development  on its  various
properties  within  the  constraints  of  current  market  conditions,  with its
objective being the maximization of geologic  understanding of the projects with
minimal expenditures. The Company's estimated budget, for the remainder of 1999,
for all  properties is $250,000,  including  contractual  payments to underlying
claim owners and general  exploration  and  development.  The Company intends to
continue the extensive  exploration  program on the recently staked and optioned
claims located near the operating  Stillwater Mine in Montana.  The program will
consist of mapping,  sampling,  compilation of field data and review of historic
information  during the remainder of 1999. The estimated  budget is exclusive of
expenditures by the Company's joint venture partner on the Petsite property.



                                    Page 13
<PAGE>

The Company  requires  approximately  $125,000  for  general and  administrative
expenses  for the  remainder  of the fiscal  year and  approximately  $8,000 for
payments on its notes payable. The Company anticipates  repayment of these notes
from the proceeds on the exercise of stock options and warrants.

As at  September  30,  1999,  the Company has a working  capital  deficiency  of
$234,531  versus a working  capital  deficiency  of  $1,057,753 at September 30,
1998.  Accounts payable to related parties accounts for approximately 67% of the
working  capital  deficiency.   The  Company  anticipates  improvement  of  this
deficiency  from the  proceeds of private  placements  and the exercise of stock
options and warrants during 1999.

Positive cash flow from the financing  activities of the Company of $370,682 and
$188,456 were recorded  during the quarters  ended  September 30, 1999 and 1998,
respectively. Positive cash flow from the financing activities of the Company of
$981,437 and $590,707 were recorded  during the nine months ended  September 30,
1999 and 1998, respectively.  The convertible securities increased to $63,985 at
September 30, 1999 from $0 at September 30, 1998.  The long-term  debt decreased
to $4,871 at  September  30, 1999 from  $9,713 in 1998 and  current  liabilities
decreased to $372,115 in 1999 from  $1,112,203  in 1998.  Of the  September  30,
1999,  current  liabilities,  $204,515  represents the amount due to non related
party accounts payable accounts,  $157,758  represents  accounts payable amounts
due to various  related  parties,  and $9,842  represents the current portion of
notes payable.

Negative cash flows from operating  activities of ($54,369) and ($137,901)  were
recorded  during the quarters ended  September 30, 1999 and 1998,  respectively.
Negative cash flows from operating  activities of ($330,172) and ($530,122) were
recorded during the nine months ended September 30, 1999 and 1998, respectively.
The Company will continue recording negative cash flow from operating activities
unless  significant  revenue is generated  from ore  production.  The  continued
negative cash flow will have a material negative impact on liquidity.

Investing  activities  consist  of  funds  being  expended  on  acquisition  and
exploration  of  resource  properties.   The  net  cash  expended  on  investing
activities for the quarters  ended  September 30 increased to $(293,352) in 1999
from  $(49,571)  in 1998.  Negative  cash flows  from  investing  activities  of
($520,329) and ($138,025)  were recorded  during the nine months ended September
30, 1999 and 1998, respectively.



                                    Page 14
<PAGE>


                                     PART II
                                OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

Civil Suit by Gumprecht - Promissory Note

On October 1, 1997,  a lawsuit was  brought  against  the  Company,  IMD and Mr.
Joseph  Swisher  in the  Nez  Perce  and  Idaho  County  District  Court  by the
plaintiffs,   Thomas  Gumprecht  and  Bonnie  Witrak  (the  "Plaintiffs").   The
Plaintiffs  brought the action to collect on a promissory note dated October 19,
1995  entered  into  between  the  Plaintiffs  and the  Company in the amount of
$250,000.  In connection with the execution of the promissory  note, the Company
and Plaintiffs entered into a security agreement, which granted the Plaintiffs a
security interest in certain assets. The Plaintiffs sought possession of certain
assets, which included equipment located at the Eckert's Hill Mine and Mill site
and at the Golden  Eagle  site.  The  Plaintiffs  sought a judgment in the total
amount of $308,000 for  principal  and interest up to and  including  October 1,
1997.

During 1998, the Company elected to allow a default to be entered in the lawsuit
and the Court  ordered the Company to pay the amount of  $332,216  (paid)  which
included  interest through May 17, 1998. The Plaintiffs' claim for attorney fees
was denied by the Court and they have  appealed this  decision.  The Company has
indicated  its  willingness  to attend a settlement  conference to conclude this
matter.  The parties have agreed to non-binding  arbitration  set to commence on
January 7, 2000.


Civil Suit by Gumprecht - Share Exchange

In November  1997, a lawsuit was brought  against IMD and Mr. Joseph  Swisher in
the Nez  Perce  and Idaho  County  District  Court,  by  Thomas  Gumprecht  (the
"Plaintiff"). On October 6, 1997, the Plaintiff filed an Amended Complaint which
added the  Company  and Delbert  and Elli  Steiner as  defendants  (with IMD and
Joseph Swisher,  collectively the "Defendants").  The Plaintiff alleges that the
Plaintiff made various loans to Idaho  Non-Metallic  Mineral, a company owned in
part by Mr.  Steiner and Mr.  Swisher,  in exchange for shares of Silver Crystal
Mines and IMD. The Plaintiff  claims that prior to December 1991, the parties to
the lawsuit had an oral agreement to exchange the  Plaintiff's  shares in Silver
Crystal and IMD for 250,000 of the  Company's  shares,  which were owned by IMD.
The Plaintiff is seeking  transfer of such shares.  The Defendants deny that any
such oral  agreement  was made and have raised the statute of frauds and statute
of limitations as defenses to the Plaintiff's claims.

During 1998,  the claims for  securities  fraud and negligent  misrepresentation
were dismissed by the Court, on summary  judgment.  The remaining  claims of the
lawsuit are in the discovery  phase,  the trial set for August 23, 1999 has been
put aside and the parties have agreed to non-binding arbitration set to commence
on  January  7,  2000.  The  Company  is of the view  that the  allegations  are
generally without merit and will continue to defend such actions vigorously.



                                    Page 15
<PAGE>


Civil Suit by Gumprecht - Derivative Action

Thomas Gumprecht and Kirke White (the "Plaintiffs")  filed an Amended Complaint,
Shareholders  Direct and  Derivative  Action in the District Court of the Second
Judicial  District  of the  State of  Idaho,  in and for the  County of Idaho on
August 5, 1997.  While the Complaint names the Company as a defendant on several
pages,  the Company is not named  formally as a party to the Amended  Complaint.
The lawsuit  makes  allegations  against Mr.  Steiner and names the Company with
respect to the  transfer  of various  funds and alleged  agreements  between Mr.
Steiner and the Plaintiffs set out more particularly as follows:

The  Plaintiffs  allege that Mr. Joseph  Swisher was involved in the creation of
the Company,  an allegation  that the Company  denies.  The  Plaintiffs  further
allege that the Company paid Silver Crystal $800,000 for the construction of the
Eckert's Hill Mine and Mill site which the Company admits. The Plaintiffs allege
that such funds were diverted for the personal use of Mr. Joseph Swisher,  which
the Company denies.  These funds were utilized by the Company for an independent
metallurgical  evaluation of the entire  Swisher-Br  Process and for general and
administrative expenditures.

The  Plaintiffs  alleged that an agreement  was made in August of 1995 by IMD to
exchange the  Plaintiffs'  stock in Silver Crystal for that of the Company owned
by IMD. The Company admits an offer was made to this effect but denies that such
offer was accepted and as a result no agreement was formed.

The Plaintiffs allege that Mr. Steiner solicited funds from the Plaintiffs while
acting as their attorney and deposited such funds into his attorney/client trust
account and/or his attorney general business account. The Plaintiffs allege such
funds were given to Mr.  Steiner in exchange for stock in the Company,  owned by
IMD, which was not delivered.  The Plaintiffs  allege that the  solicitation  of
funds,  the depositing of such funds into Mr.  Steiner's  client  accounts,  the
disbursement of such funds without accounting, and the failure to transfer stock
to the Plaintiffs exhibits negligence by failure to exhibit the care expected of
a reasonably prudent attorney acting in the same or similar circumstances in the
same or similar community. Mr. Steiner specifically denies soliciting funds from
the Plaintiffs and states that the  disbursement of such funds was undertaken at
the  instruction of the Plaintiff,  Mr.  Gumprecht.  All alleged  negligence was
prior to or at the time of the  incorporation  of the  Company and for which the
statute  of  limitations  has  run,  prior  to the  date  of the  filing  of the
complaint.  Mr.  Steiner  further  denies the  remainder  of the  aforementioned
allegations.

The Plaintiffs  are seeking  recission and  restitution  of funds,  compensatory
damages,  specific  performance  of the alleged  contract,  the  formation  of a
constructive  trust in the Golden Eagle Mining  properties and all Company stock
owned by Mr.  Joseph  Swisher  and IMD,  punitive  damages for  $1,000,000,  and
several  orders  relating to the Golden Eagle  Property,  Silver  Crystal Mines,
Inc., IMD and Mr. Swisher.

The lawsuit is on hold pending the plaintiffs locating a shareholder who will be
willing to represent a class of Silver Crystal shareholders in the action. There
are no specific claims or allegations made against the Company.

The Company is of the view that the allegations are generally  without merit and
will  continue to defend such  actions  vigorously.  The parties  have agreed to
non-binding arbitration set to commence on January 7, 2000.



                                    Page 16
<PAGE>



ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

Conversions of Convertible Promissory Notes Payable and Exercises of Warrants

On August  16,  1999,  the  Tomasovich  Family  Trust as lender  (the  "Trust"),
Theodore  Tomasovich  being  both  Trustee  of the Trust and a  Director  of the
Company, elected to convert convertible loan #4 in the amount of $250,000 of the
notes issued during 1998 for 2,227,941 units of the Company. Each unit consisted
of one  common  share of the  Company's  stock  and one  non-transferable  share
purchase  warrant.  The warrants allow the holder to purchase  additional common
shares at C$0.28 per share to May 15, 2000.

The issuance of the common shares and warrants was exempt from  registration  by
virtue of  Section  3(a)(9)  of the  Securities  Act of 1933,  as  amended  (the
"Securities   Act"),   as  an  exchange   by  the   Company   with  an  existing
securityholder.

On August 19, 1999, the Trust then exercised the related warrants and was issued
2,227,941  common  shares from  treasury.  This issuance was exempt by virtue of
Section 4(2) of the Securities Act and Rule 506 under the Securities Act.

On September 2, 1999,  the Trust elected to convert  convertible  loan #5 in the
amount of $322,000 of the notes issued  during 1998 for  2,466,681  units of the
Company.  Each unit consists of one common share of the Company's  stock and one
non-transferable share purchase warrant.

The issuance of the common shares and warrants was exempt from  registration  by
virtue of  Section  3(a)(9)  of the  Securities  Act of 1933,  as  amended  (the
"Securities   Act"),   as  an  exchange   by  the   Company   with  an  existing
securityholder.

On September 14, 1999, the Trust elected to convert  convertible  loan #6 in the
amount of $115,000 of the notes issued  during 1999 for  1,172,847  units of the
Company.  Each unit consists of one common share of the Company's  stock and one
non-transferable share purchase warrant.

The issuance of the common shares and warrants was exempt from  registration  by
virtue of  Section  3(a)(9)  of the  Securities  Act of 1933,  as  amended  (the
"Securities   Act"),   as  an  exchange   by  the   Company   with  an  existing
securityholder.

On September 17, 1999,  the Trust then  exercised  the related  warrants and was
issued 1,172,847 common shares from treasury. This issuance was exempt by virtue
of Section 4(2) of the Securities Act and Rule 506 under the Securities Act.





                                    Page 17
<PAGE>

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

     Not applicable.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

During the quarter  ended  September  30, 1999,  the were no matters  which were
submitted to a vote of, or approved by, the security holders of the Company.


ITEM 5.  OTHER INFORMATION

     None.


ITEM 6.  EXHIBITS AND REPORTS FILED ON FORM 8-K

     (a)      Exhibits

     Exhibit Number      Description
     --------------      -----------

         10.1*           Platinum Fox Lease Agreement
         27              Financial Data Schedule

     --------------
     *    To be filed by amendment.


     (b)      None.




                                    Page 18
<PAGE>


                                   Signatures

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934, the registrant has caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized, on the 9th day of November, 1999.

                                       IDAHO CONSOLIDATED METALS CORPORATION



                                       By: /s/ "DELBERT W. STEINER"
                                           -------------------------------------
                                           Delbert W. Steiner
                                           President and Chief Executive Officer


Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  registrant and
in the capacities indicated on the 9th day of November, 1999.


     Signature                       Title                           Date
     ---------                       -----                           ----



/s/ "DELBERT W. STEINER"       Director, President and        November 9, 1999
--------------------------     Chief Executive Officer
Delbert W. Steiner



/s/ "KENNETH A. SCOTT"         Chief Financial Officer        November 9, 1999
--------------------------
Kenneth A. Scott



<PAGE>

                                 EXHIBIT INDEX
                                 -------------

     Exhibit Number      Description
     --------------      -----------

         10.1*           Platinum Fox Lease Agreement
         27              Financial Data Schedule

     --------------
     *    To be filed by amendment.