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 June 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 |_| No
|X|

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 15,231,104 as of June 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 June 30, 1999


                                TABLE OF CONTENTS

<TABLE>
                                                                                                                Page
PART I
   <S>                                                                                                          <C>
FINANCIAL INFORMATION
   ITEM 1.  FINANCIAL STATEMENTS OF THE COMPANY...................................................................3
   ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION............................................10


PART II

OTHER INFORMATION

   ITEM 1.  LEGAL PROCEEDINGS....................................................................................14
   ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS............................................................16
   ITEM 3.  DEFAULTS UPON SENIOR SECURITIES......................................................................16
   ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS..................................................17
   ITEM 5.  OTHER INFORMATION....................................................................................17
   ITEM 6.  EXHIBITS AND REPORTS FILED ON FORM 8-K...............................................................17


SIGNATURES.......................................................................................................18

</TABLE>




                                     Page 2
<PAGE>


                                     PART I
                              FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS OF THE COMPANY

The following unaudited financial  statements for the period ended June 30, 1999
are  included  in response  to Item 1 and have been  compiled by Staley,  Okada,
Chandler & Scott, Chartered Accountants.

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 JUNE 1999

                        Unaudited - See Notice to Reader

                                   U.S. Funds
















                         STALEY, OKADA, CHANDLER & SCOTT

                              Chartered Accountants





                                     Page 4
<PAGE>











NOTICE TO READER

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

We have compiled the interim  consolidated  balance sheet of Idaho  Consolidated
Metals  Corp.  as at 30 June 1999 and the  interim  consolidated  statements  of
changes in  shareholders'  equity,  operations  and cash flow for the six months
then  ended  from  information  provided  by  management.  We have not  audited,
reviewed or otherwise  attempted to verify the accuracy or  completeness of such
information.  Readers are cautioned that these statements may not be appropriate
for their purposes.

A partner of  Staley,  Okada,  Chandler  & Scott is an  officer of the  company.
Therefore,  we are not  independent  from these interim  consolidated  financial
statements.











Burnaby, B.C.                                    STALEY, OKADA, CHANDLER & SCOTT
6 August 1999                                              CHARTERED ACCOUNTANTS

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



                                     Page 5
<PAGE>




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


<TABLE>

ASSETS                                                                                     1999                 1998
--------------------------------------------------------------------------------------------------------------------
Current
<S>                                                                           <C>                     <C>
    Cash                                                                      $         108,382       $          461
    Accounts receivable                                                                   5,569                8,671
    Cash in trust                                                                             -               50,000
                                                                              --------------------------------------
                                                                                        113,951               59,132
Restricted Investments                                                                   82,000               90,000
Property Rights, Plant and Equipment                                                  1,697,988            3,105,938
                                                                              --------------------------------------
                                                                              $       1,893,939       $    3,255,070
--------------------------------------------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------------------------------------------
Current
    Accounts payable    - Related parties                                     $         152,662       $       58,332
                        - Other                                                         152,131              227,583
    Current portion of notes payable                                                      9,735              658,614
                                                                              --------------------------------------
                                                                                        314,528              944,529
                                                                              --------------------------------------
Notes Payable                                                                           555,121               10,857
                                                                              --------------------------------------

SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------------------------------------------
Share Capital - Statement 2                                                           8,441,199            7,508,593
Convertible Securities                                                                  217,445                    -
Deficit - Accumulated during the Exploration Stage - Statement 2                     (7,634,354)          (5,208,909)
                                                                              --------------------------------------
                                                                                      1,024,290            2,299,684
                                                                              --------------------------------------
                                                                              $       1,893,939       $    3,255,070
--------------------------------------------------------------------------------------------------------------------
</TABLE>


ON BEHALF OF THE BOARD:


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


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





                           - See Accompanying Notes -


                                     Page 6
<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                        -                -                 -          (342,439)        (342,439)
                                   -----------------------------------------------------------------------------------
Balance - 30 June 1998                9,434,650    $   7,508,593     $           -     $  (5,208,909)    $  2,299,684
                                   -----------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------


Balance - 31 December 1998            9,434,650    $   7,508,593     $     249,862     $  (7,263,201)    $    495,254
  Shared  issued  on  conversion
   of promissory notes                2,079,531          407,112           (47,112)                -          360,000
  Shares issued - private
   placement                          2,000,000          200,000                 -                 -          200,000
  Shares issued - exercise of
   warrants                           1,716,923          325,494           (27,527)                -          297,967
  Equity component on issuance
   of convertible securities                  -                -            42,222                 -           42,222
  Loss for the period                         -                -                 -          (371,153)        (371,153)
                                   -----------------------------------------------------------------------------------
Balance - 30 June 1999               15,231,104    $   8,441,199     $     217,445     $  (7,634,354)    $  1,024,290
----------------------------------------------------------------------------------------------------------------------
</TABLE>











                           - See Accompanying Notes -

                                     Page 7
<PAGE>


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


<TABLE>

                                                               1999                                 1998
                                                -----------------------------------    -------------------------------
                                                          Three               Six            Three                Six
                                                         Months            Months           Months             Months
                                                          Ended             Ended            Ended              Ended
                                                        30 June           30 June          30 June            30 June
----------------------------------------------------------------------------------------------------------------------
<S>                                              <C>               <C>               <C>               <C>
Operating Expenses
    General and administrative - Schedule 1       $     119,126     $     218,197     $     169,717     $     305,313
                                                  --------------------------------------------------------------------
Other Expenses (Income)
    Abandonment of property rights                            -             8,453                 -                 -
    Interest income                                      (2,136)           (2,437)           (1,652)           (2,313)
    Interest expense                                     86,358           146,940            30,267            39,439
                                                  --------------------------------------------------------------------
                                                         84,222           152,956            28,615            37,126
                                                  --------------------------------------------------------------------

Loss for the Period                               $     203,348     $     371,153     $     198,332     $     342,439
----------------------------------------------------------------------------------------------------------------------
Loss per Common Share                             $        0.02     $        0.03     $        0.02     $        0.04
----------------------------------------------------------------------------------------------------------------------
Weighted Average Number of Common Shares
    Outstanding                                      13,470,749        13,470,749         9,434,686         9,434,686
----------------------------------------------------------------------------------------------------------------------
</TABLE>










                           - See Accompanying Notes -




                                     Page 8
<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               Six            Three                Six
                                                         Months            Months           Months             Months
                                                          Ended             Ended            Ended              Ended
Cash Resources Provided By (Used In)                    30 June           30 June          30 June            30 June
----------------------------------------------------------------------------------------------------------------------
<S>                                              <C>               <C>               <C>               <C>
Operating Activities
    Loss for the period                           $    (203,348)    $   (371,153)     $   (198,332)    $    (342,439)
    Items not affected by cash
      Amortization                                        1,594            3,187             2,276             4,552
      Amortization of interest discount                  59,741           97,271                 -                 -
    Changes in current assets and liabilities
      Accounts receivable                                14,271           (3,506)           (4,320)           (4,683)
      Cash in trust                                           -           50,000                 -                 -
      Accounts payable
        - Related parties                                68,583           23,975           (90,411)          (78,041)
        - Other                                         (20,805)         (75,577)           65,672            73,009
                                                  --------------------------------------------------------------------
    Net cash used in operating activities               (79,964)        (275,803)         (225,115)         (347,602)
                                                  --------------------------------------------------------------------

Investing Activities
    Property rights, plant and equipment               (132,301)        (234,977)          (51,141)          (88,454)
    Restricted investments                               10,000            8,000                 -                 -
                                                  --------------------------------------------------------------------
    Net cash used in investing activities              (122,301)        (226,977)          (51,141)          (88,454)
                                                  --------------------------------------------------------------------

Financing Activities
    Proceeds of notes payable                                 -           72,778           148,633           357,632
    Net proceeds from issuance of convertible
      securities                                              -           42,222                 -                 -
    Share capital                                       297,967          497,967                 -                 -
    Repayment of notes payable                           (2,212)          (2,212)                -                 -
                                                  --------------------------------------------------------------------
    Net cash provided by financing activities           295,755          610,755           148,633           357,632
                                                  --------------------------------------------------------------------

Net Increase (Decrease) in Cash                          93,490          107,975          (127,623)          (78,424)
    Cash position - Beginning of period                  14,892              407           128,084            78,885
                                                  --------------------------------------------------------------------
Cash Position - End of Period                     $     108,382     $    108,382      $        461     $         461
                                                  --------------------------------------------------------------------

</TABLE>




                           - See Accompanying Notes -




                                     Page 9
<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              Six              Three               Six
                                                         Months           Months             Months            Months
                                                          Ended            Ended              Ended             Ended
                                                        30 June          30 June            30 June           30 June
----------------------------------------------------------------------------------------------------------------------
<S>                                               <C>               <C>                 <C>               <C>
Management fees and wages                         $      20,998     $      46,377       $    60,656       $   115,545
Professional fees                                        69,900           105,292            60,311            92,965
Travel                                                    7,222            23,053            18,421            35,654
Shareholder information                                   5,738             7,580            12,473            22,841
Office and general                                        5,683            15,613             5,904            15,491
Office rent                                               5,559            10,938             5,196            11,579
Amortization                                              1,594             3,187             2,276             4,552
Transfer agent and filing fees                            1,239             4,515             2,633             4,486
Entertainment and promotion                                 928             1,377             1,847             2,200
Property search                                             265               265                 -                 -
                                                  --------------------------------------------------------------------
Expenses for the Period                           $     119,126     $     218,197       $   169,717       $   305,313
----------------------------------------------------------------------------------------------------------------------
</TABLE>


Interim Consolidated Schedule of Resource Property Costs              Schedule 2
U.S. Funds
Unaudited - See Notice to Reader

<TABLE>
                                                               1999                                 1998
                                                -----------------------------------    -------------------------------
                                                          Three              Six              Three               Six
                                                         Months           Months             Months            Months
                                                          Ended            Ended              Ended             Ended
                                                        30 June          30 June            30 June           30 June
----------------------------------------------------------------------------------------------------------------------
<S>                                               <C>               <C>                 <C>               <C>
Direct - Mineral
    Idaho County, Idaho, U.S.A.
       Geological                                 $       2,404     $      10,708      $     25,324       $    40,005
       Lease payments and acquisition                     7,300            18,900            12,000            24,600
       Camp and general                                      84             1,495             3,765             7,445
       Assaying, staking and claim rental                     -                 -             3,382             5,456
       Survey                                                 -                 -               498             4,776
       Transportation                                     1,167             1,545             3,701             3,701
       Environmental                                      2,577             3,287                 -                 -
    Montana, U.S.A.
       Staking, filing and claim rental                  37,599            64,139                 -                 -
       Geological                                        51,835            74,507                 -                 -
       Assaying                                          17,875            32,035                 -                 -
       Field transportation                              10,382            21,642                 -                 -
       Survey                                                75             3,028                 -                 -
       Environmental                                      1,003             2,822                 -                 -
       Camp and general                                       -               869                 -                 -
                                                  --------------------------------------------------------------------
Costs for the Period                              $       132,301   $     234,977      $     48,670       $    85,983
----------------------------------------------------------------------------------------------------------------------
</TABLE>



                           - See Accompanying Notes -



                                    Page 10
<PAGE>


Idaho Consolidated Metals Corp.
Notes to Interim Consolidated Financial Statements
30 June 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 11
<PAGE>


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

This  Form  10-QSB  contains  forward-looking   statements.  A  forward  looking
statement  may contain  words such as "will  continue to be," "will be," "expect
to,"  "anticipates  that," "to be" or "can  impact."  Management  cautions  that
forward-looking  statements  are subject to risks and  uncertainties  that could
cause the Company's actual results to differ  materially from those projected in
forward-looking statements.

1.   Results of Operations

Second Quarter 1999 Compared with Second 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 the additional  resources of a joint
venture partner (Kinross Gold U.S.A., Inc.) to assist in this regard.

In the second  quarter,  general  and  administrative  expenses  decreased  from
$169,717 to $119,126 compared to the second quarter of 1998,  representing a 30%
savings.  Significant  decreases were  experienced in management fees and wages,
travel and shareholder  information  expenses.  On a quarter over quarter basis,
the Company reduced operating expenses by nearly $51,000.

The Company experienced a net loss for the period of $203,348, of which $119,126
was related to general and  administrative  expenses.  The Company had a loss of
$198,332 for the same period in 1998.

During the  quarter,  the Company  expended  $132,301 on its  resource  property
exploration,  development and acquisition  program as compared to $48,670 in the
comparable 1998 period.

The Company's  expenditures  on its mining  interests  located in Idaho,  U.S.A.
decreased to $13,532 for the quarter  ended June 30, 1999 as compared to $48,670
in the same quarter in 1998 as the Company  focuses its attention to its Montana
properties.

The Company has acquired three non-contiguous properties in Montana.

The first  property  consists  of claims  staked by the  Company  and a property
leased from Platinum Fox, Inc.  under a Memorandum of  Understanding.  These 155
claims cover the upper member of the Ultramafic  series composed of cumulates of
Olivine and Bronzite,  as well as the contact  between the Ultramafic and Banded
series.  This  property  is  parallel  to the  strike  of the  J.M.  Reef and is
contiguous  for 7 miles  along  the Reef.  The  property  adjoins  a portion  of
Stillwater Mining Company's  ("Stillwater")  patented ground, which is currently
under development.

The second  property  consists  of 119 claims  staked by the  Company  along the
Picket  Pin  zone and is  parallel  to the  western  portion  of the J.M.  Reef.
Mineralization  is reported (from work  conducted by Anaconda  Mining Co.) along
the  entire  exposed  strike  length  of  the  deposit.   The  majority  of  the
mineralization  occurs  within 10 to 20 metres  at or below  the  contact  on an
abrupt change in texture and mode in the anorthosite rock.

The third  property  consists of 75 claims,  in three claim blocks,  adjacent to
Stillwater's  patented  claims in the Black Butte  Mountain  area.  The property
adjoins  Stillwater's  patented ground and is within 1.5 miles of the Stillwater
Mine.  The claims cover up to 1,800 feet of the lower  stratigraphic  section of
the Platinum and Palladium  (PGE) bearing Lower Banded  Series.  This horizon is
the host to the 26 mile long J.M.  Reef,  which  contains the most developed PGE
deposit.


                                    Page 12
<PAGE>


During the quarter  ended June 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.  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 $118,769 for the quarter ended June 30, 1999 as compared to $0
in the same quarter in 1998. Staking,  filing and claim rental costs incurred in
the quarter  ended June 30,  1999,  amounted to $37,599 as compared to $0 in the
same  period in 1998.  The  Company  also  expended  $69,710 on  geological  and
assaying  in the  quarter  ended  June 30,  1999,  as  compared  to $0 for these
activities in the same period in 1998.


Six Months Ended June 30, 1999 Compared with the Six Months Ended June 30, 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 the additional  resources of a joint
venture partner (Kinross Gold U.S.A., Inc.) to assist in this regard.

For the six months  ended June 30,  1999,  general and  administrative  expenses
decreased  from  $305,313 to $218,197  compared to the six months ended June 30,
1998,  representing a 29% savings.  Significant  decreases  were  experienced in
management fees and wages,  travel and shareholder  information  expenses.  On a
period  over  period  basis,   the  Company   reduced   operating   expenses  by
approximately $87,000.

The Company experienced a net loss for the period of $371,153, of which $218,197
was related to general and  administrative  expenses.  The Company had a loss of
$342,439 for the same period in 1998.

During the six months,  the Company expended  $234,977 on its resource  property
exploration,  development and acquisition  program as compared to $85,983 in the
comparable 1998 period.

The Company's  expenditures  on its mining  interests  located in Idaho,  U.S.A.
decreased  to $35,935  for the six months  ended June 30,  1999 as  compared  to
$85,983 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 $199,042 for the period ended June 30, 1999 as compared to $0
in the same period in 1998.  Staking,  filing and claim rental costs incurred in
the period  ended June 30,  1999,  amounted  to $64,139 as compared to $0 in the
same period in 1998. The Company also expended $74,507 on geological and $32,035
on  assaying  in the period  ended June 30,  1999,  as  compared  to $0 on these
activities in the same period in 1998.


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,




                                    Page 13
<PAGE>


1998  Financial  Statements for  additional  information.  The Company will need
further funds to continue its  operations  and there is no reasonable  assurance
that such funding will be available.

During the quarter ended June 30, 1999,  the  Tomasovich  Family Trust as lender
(the "Trust"),  elected to convert convertible loan #3 in the amount of $150,000
of the notes  issued  during 1998 for 932,608  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 $150,000,  reduced
convertible  securities  by $19,585 and  increased  share capital by $169,585 on
conversion  of  these  notes.  The  remaining   $19,585  of  equity  remains  in
convertible securities until the related warrants are exercised.

During the quarter  ended June 30, 1999,  the Trust  exercised  1,146,923  share
purchase  warrants  representing  all of  the  non-transferable  share  purchase
warrants  related to convertible  loans #1 and #2. The Company  received cash in
the amount of $240,967 on exercise of the warrants and issued 1,146,923  shares.
The  Company  reduced  convertible  securities  by $27,527 and  increased  share
capital by $268,494 on exercise of these warrants.

During the quarter ended June 30, 1999, Mr. D. Steiner  exercised  570,000 share
purchase  warrants  related to the March 1999  private  placement.  The  Company
received  cash in the amount of $57,000 on exercise of the  warrants  and issued
570,000 shares.

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 June 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  $540,000  including  BLM  rental  fees and  contractual
payments to underlying claim owners. The Company intends to conduct an 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 and  geophysics by the Fall of 1999. The 1999 budget has been decreased
by $180,000 as the drilling program has been delayed until the second quarter of
2000 as a result of delays in the permitting process. The anticipated budget for
this program is $220,000 and is within the $540,000  budget for the remainder of
fiscal 1999.  The  remainder  of the  $540,000  budget will be spent on geologic
mapping, sampling and assays, geologic interpretation,  geophysics,  geochemical
soil sampling,  property payments and claim rental fees. The estimated budget is
exclusive of  expenditures by the Company's joint venture partner on the Petsite
property.

The Company  requires  approximately  $150,000  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 June 30, 1999,  the Company has a working  capital  deficiency of $200,577
versus a working  capital  deficiency  of $885,397  for the same period in 1998.
Accounts  payable to  related  parties  accounts  for  approximately  76% 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.





                                    Page 14
<PAGE>


Positive cash flow from the financing  activities of the Company of $295,755 and
$148,633  were  recorded  during  the  quarters  ended  June 30,  1999 and 1998,
respectively. Positive cash flow from the financing activities of the Company of
$610,755 and $357,632  were  recorded  during the six months ended June 30, 1999
and 1998, respectively. The convertible securities increased to $217,445 at June
30, 1999 from $0 at June 30, 1998.  The long-term  debt increased to $555,121 at
June 30, 1999 from $10,857 in 1998 and current liabilities decreased to $314,528
in 1999  from  $944,529  in 1998.  Of the June 30,  1999,  current  liabilities,
$152,131  represents  the  amount  due to non  related  party  accounts  payable
accounts,  $152,662  represents  accounts payable amounts due to various related
parties, and $9,735 represents the current portion of notes payable.

Negative cash flows from operating  activities of ($79,964) and ($225,115)  were
recorded  during  the  quarters  ended  June 30,  1999 and  1998,  respectively.
Negative cash flows from operating  activities of ($275,803) and ($347,602) were
recorded during the six months ended June 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 June 30 increased to $(122,301) in 1999 from
$(51,141) in 1998.  Negative cash flows from investing  activities of ($226,977)
and ($88,454) were recorded  during the six months ended June 30, 1999 and 1998,
respectively.






                                    Page 15
<PAGE>


                                     PART II
                                OTHER INFORMATION


ITEM 1.  LEGAL PROCEEDINGS

Civil Suit by Gumprecht - Promissory NOTE

During  1997,  a lawsuit was brought  against the  Company,  IMD and Mr.  Joseph
Swisher  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.


Civil Suit by Gumprecht - Share Exchange

During 1996, a lawsuit was brought against IMD and Mr. Joseph Swisher, by Thomas
Gumprecht  (the  "Plaintiff").  During  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  October  1,  1999.  The  Company  is of the view  that the  allegations  are
generally without merit and will continue to defend such actions vigorously.






                                    Page 16
<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 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.


Civil Suit Against Geoffrey Magnuson

The Company commenced a lawsuit against Geoffrey  Magnuson,  a former officer of
the Company,  in the District Court of the Second Judicial District of the State
of Idaho, in and for the County of Nez Perce on




                                    Page 17
<PAGE>


September  26,  1997.  The  Company  sued for  diversion  of  corporate  assets,
conversion of corporate property,  including but not limited to, books,  records
and geological data, breach of fiduciary duty and slander, and sought as relief:

     (a)  an order compelling Mr. Magnuson to account for his alleged misconduct
          in appropriating the Company's  property and to pay to the Company the
          amount of such damage to the Company's business and goodwill;

     (b)  an order  mandating Mr.  Magnuson to return all property  belonging to
          the  Company and to pay to the Company the amount of any damage to the
          Company.

On April 21,  1999,  the  Company  filed a  dismissal  of this  action,  without
prejudice.



ITEM 2.  CHANGES IN SECURITIES and use of proceeds

Conversion of Convertible Promissory Notes Payable

On May 13, 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 $150,000 of the notes issued during 1998 for 932,608 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 Company reduced notes payable by $150,000, reduced convertible securities by
$19,585 and  increased  share  capital by $169,585 on conversion of these notes.
The remaining  $19,585 of equity  remains in  convertible  securities  until the
related warrants are exercised.

Exercise of Warrants


On June 7,1999, Mr. D. Steiner exercised 570,000 share purchase warrants related
to the March  1999  Private  Placement  upon  payment  of cash in the  amount of
$57,000 and the Company issued 570,000 shares.

On June  11,  1999,  the  Trust  exercised  1,146,923  share  purchase  warrants
representing  all of the  non-transferable  share purchase  warrants  related to
convertible loans #1 and #2. The Company received cash in the amount of $240,967
on exercise of the warrants and issued  1,146,923  shares.  The Company  reduced
convertible  securities  by $27,527 and  increased  share capital by $268,494 on
exercise of these warrants.


Item 3.  Defaults upon Senior Securities
Not applicable.


Item 4.  Submission of Matters to a Vote of Security Holders

During the quarter ended June 30, 1999, the following  matters were submitted to
a vote of, and approved by, the security holders at the Company's annual general
meeting held on June 28, 1999;





                                    Page 18
<PAGE>


     (a)  to elect Delbert W. Steiner, Theodore Tomasovich,  Robert A. Young and
          Jag Vyas as directors for the ensuing year;

     (b)  to appoint PricewaterhouseCoopers LLP as auditors for the ensuing year
          and to authorize the directors of the Company to fix the  remuneration
          of the auditors; and

     (c)  to approve the granting,  generally,  by the board of directors of new
          stock options and the amendment of existing  stock options  granted to
          insiders  of the  Company  until the date of the next  annual  general
          meeting.



ITEM 5.  OTHER INFORMATION

None.


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

(a)      Exhibit 27.
(b)      None.




                                    Page 19
<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 2nd day of September, 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 10th day of September, 1999.


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



/s/ "DELBERT W. STEINER"       Director, President and        September 2, 1999
--------------------------     Chief Executive Officer
Delbert W. Steiner



/s/ "KENNETH A. SCOTT"         Chief Financial Officer        September 2, 1999
--------------------------
Kenneth A. Scott