UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR l5 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002.

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ________.

Commission File Number ______________________

BEARTOOTH PLATINUM CORPORATION
(Exact name of small business issuer as specified in its charter)

Yukon Territory, Canada 82-0465571
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)

3rd Floor, 10190-152A Street
Surrey, B.C.
Canada V3R 1J7
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(Address of principal executive offices) (Zip Code)

(604) 580-5907
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(Issuer's telephone number, including area code)

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(Former name, former address and former fiscal
year, if changed since last report)

Indicate by check mark whether the issuer: (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for 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]

The number of shares of the issuer's Common Stock outstanding at August
31, 2002 was 44,046,930 common shares.

Transitional Small Business Disclosure Format

Yes [_] No [X]

TABLE OF CONTENTS
Page

PART I - BUSINESS AND PROPERTY 3

PART II -- OTHER INFORMATION 3

Item 1. Legal Proceedings 3

Item 2. Changes in Securities and Use of Proceeds 3

Item 3. Defaults Upon Senior Securities 5

Item 4. Submission of Matters to a Vote of Security Holders 5

Item 5. Other Information 6

Item 6. Exhibits and Reports on Form 8-K 6

Signatures 6

Certifications 7
2

PART I

The Company is not required to file this part pursuant to Rule
13a-13(c)(2) of the Securities Exchange Act of 1934.

PART II

Item 1. Legal Proceedings

On June 3, 2002, we received 60 days notice of termination of the
Stillwater West PGM Agreement from First Choice Industries, Ltd.

On July 11, 2002 we commenced an action in the British Columbia Supreme
Court against First Choice Industries Ltd. ("First Choice") under No. S023888,
Vancouver Registry, by filing a Writ and Statement of Claim. These documents
have been served on First Choice.

The Statement of Claim references the Stillwater West PGM Agreement (the
"Agreement") of November 1, 2001 between us and First Choice and the notice of
termination of the Agreement provided by First Choice to us on June 3, 2002. The
Statement of Claim does not contest the termination of the Agreement but does
seek the specific performance of obligations owed to us by First Choice, which
accrued prior to any termination and remain outstanding pursuant to the terms of
the Agreement. Specifically we seek an order that First Choice pay to us
$137,000 (U.S.) and issue 200,000 shares of First Choice's unrestricted,
registered common stock to us in substitution for the shares provided to date,
or, in the alternative, damages in lieu of specific performance and interest and
costs. First Choice filed an Appearance on July 22, 2002 but has yet to file a
Statement of Defense. The parties are currently conducting settlement
negotiations.

Item 2. Changes in Securities and Use of Proceeds

Sales of Unregistered Securities

Options Granted

During the quarter ended June 30, 2002, we granted 650,000 options to
purchase shares of our common stock at C$0.71 per share and expiring on May 27,
2007. The issuance of options was exempt from registration by virtue of Section
4(2) of the Securities Act. The options for Directors vest as to 25% on the
grant date, 25% after six months, 25% after twelve months and the balance after
eighteen months, options for Officers vest as to 25% after six months, 25% after
twelve months, 25% after eighteen months and the balance after twenty-four
months.
3

Other sales

In connection with a private placement completed in the quarter ended
March 31, 2002, we also issued a convertible debenture payable in the amount of
$1,000,000 (C$1,587,000). The debenture bears interest at 6% per annum. We made
our first draw on the convertible debenture during August 2002 and expect to
continue to draw on the funds as we proceed with our 2002 exploration program.
The debenture is convertible, at the option of the holder, into units of our
common shares at C$0.35 per unit for a maximum number of units of 4,535,149
until December 10, 2002. Each unit consists of one common share and one-half of
a common share purchase warrant. The holder can acquire one additional common
share for one full warrant and C$0.70 per share until December 10, 2003. 2002.
The holder of the debenture is a related party. The issuance of these common
shares was exempt from registration by virtue of Section 4(2) of the Securities
Act.

During the quarter ended June 30, 2002, we issued 125,000 of our common
shares to settle a debt owing in the amount of $77,264 (C$123,065). The
settlement resulted in a gain on settlement of debt of $30,218, calculated using
the closing price of our common shares at the date of the settlement. The gain
is treated as ordinary income for Canadian generally accepted accounting
principles and as an extraordinary item for U.S. generally accepted accounting
principles. The issuance of these common shares was exempt from registration by
virtue of Section 4(2) of the Securities Act.

During the quarter ended June 30, 2002, we issued 475,000 common shares
on exercise of options for proceeds of $113,864. These common shares were issued
pursuant to a Registration Statement on Form S-8 filed with the Securities and
Exchange Commission on April 26, 2002 (SEC File No. 333-87030).

Working Capital Restrictions

The Company has had negative cash flows from operating activities since
inception, and expects that negative cash flows from operating activities will
continue, which will have a material negative impact on liquidity.

The Company is dependent on the proceeds of debt and equity financings
such as private placements, issuances of convertible securities, the exercise of
stock options or warrants, and optioning or selling its properties or 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. The Company will need funding to continue its
operations and there can be no assurance that such funding will be available.

Limits on Dividends

The Company has never paid any dividends on its common stock and the
Company does not expect to pay dividends on its common stock in the foreseeable
future.
4

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, 2002, the following matters were
submitted to a vote of, and approved by, the security holders at the Company's
annual general meeting held on May 27, 2002:

Votes
Votes Abstained or
Votes For Against Withheld
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To determine the number of directors at five. 6,354,544 500 -
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To elect John E. Andrews as a Director for
the ensuing year. 6,168,974 - 186,070
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To elect James W. Ashcroft as a Director for
the ensuing year. 6,168,974 - 186,070
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To elect Delbert W. Steiner as a Director for
the ensuing year. 6,143,974 - 211,070
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To elect Theodore Tomasovich as a Director
for the ensuing year. 6,143,474 - 211,570
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To elect James D. Clucas as a Director for
the ensuing year. 6,168,974 - 186,070
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To appoint PricewaterhouseCoopers, LLP as
auditors for the ensuing year and to authorize
the Directors of the Company to fix the
remuneration to be paid to the auditors. 6,351,544 - 3,500
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To approve, by special resolution, the name
change of the Company from "Idaho Consolidated
Metals Corp." to "Beartooth Platinum
Corporation", or such other name as the
directors deem appropriate. 6,202,344 152,700 -
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To approve amendments to stock options
previously granted to Insiders of the Company. 2,250,851 387,570 -
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To approve an amendment to the Company's stock
option plan to increase the number of unissued
shares authorized to be reserved for issuance
under the Plan from 6,586,422 to 8,709,386. 2,288,851 349,570 -
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Item 5. Other Information

During the quarter ended June 30, 2002, we elected to terminate our
Tri-Party Lease and Purchase Option dated July 16, 1999, covering 54 unpatented
mining claims located in Sweetgrass County, Montana. Accordingly, we recorded a
write-down of $549,764 for Canadian generally accepted accounting principles in
the quarter. For U.S. purposes, these expenditures were expensed as incurred and
accordingly no further write-down would occur in the quarter.

On July 24, 2002, we changed our name from "Idaho Consolidated Metals
Corp." to "Beartooth Platinum Corporation".

On September 7, 2002, 244,118 share purchase warrants expired
unexercised. The warrants allowed the holder to acquire a common share at C$1.25
per share.

Item 6. Exhibits And Reports On Form 8-K [SB 601]

(a) Exhibits

None.

(b) Reports filed during the quarter ended June 30, 2002 on Form 8-K.

None.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

BEARTOOTH PLATINUM CORPORATION

Date September 24, 2002 By "John Andrews"
---------------
John Andrews
President and Chief
Executive Officer

Date September 24, 2002 By "Kenneth A. Scott"
-------------------
Kenneth A. Scott
Chief Financial Officer

CERTIFICATION

I, John E. Andrews, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Beartooth
Platinum Corporation (formerly Idaho Consolidated Metals Corp.); and

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report.

Date: September 24, 2002

"John Andrews"
John E. Andrews
Chief Executive Officer

CERTIFICATION

I, Kenneth A. Scott, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of Beartooth
Platinum Corporation (formerly Idaho Consolidated Metals Corp.); and

Date: September 24, 2002

"Kenneth A. Scott"
Kenneth A. Scott
Chief Financial Officer