EX-99.1 2 idr_ex991.htm EX-99.1 idr_ex991.htm

EXHIBIT 99.1

 

 

Idaho Strategic Reports Record Second Quarter Operating and Financial Performance

 

Highlighted by a 54.71% Increase in Revenue to $9,476,739 – a New Quarterly Revenue Record, and the Completion of 5,819 Meters of Drilling

 

COEUR D’ALENE, Idaho, August 7, 2025 (ACCESSWIRE) – Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) today announced its consolidated operating and financial results for the second quarter ending June 30, 2025. The Company continues to reinvest a significant amount of cash flow back into the business via drilling and other exploration programs across nearly its entire project portfolio and planned construction activities at the Golden Chest mine. Operating and financial results for the second quarter include:

 

Operational

Performance:

Q2 2025

% Change

Q2 2024

Ore Tonnes Processed

10,240

10.58%

9,260

Average Flotation Feed Grade (gpt)

9.97

-3.11%

10.29

Ounces Produced

3,010

3.69%

2,903

All-In Sustaining Cost Per Ounce ($USD)

$1,980.41

42.75%

$1,387.34

 

Financial

Performance ($USD):

Q2 2025

% Change

Q2 2024

Revenue

$9,476,739

54.71%

$6,125,382

Total Cost of Sales

$4,000,953

31.09%

$3,051,957

Gross Profit

$5,475,786

78.17%

$3,073,425

Net Income Attributable to IDR

$2,767,458

28.25%

$2,157,873

Earnings Per Share (EPS)

$0.20

17.65%

$0.17

Average Realized Gold Price

$3,223.38

57.71%

$2,043.84

 

Idaho Strategic’s President and CEO, John Swallow stated, “At IDR, record quarterly revenue and cash flow brings with it record activity and record investment back into the production side of the business and in gold and rare earth elements exploration. There shouldn’t be any theorists left surmising what it will be like at $2k or $3k gold – we are now living the times for which we have all been training. And for the ‘China dumping commodities’ handwringers, the MP/DoD REE announcement of early July was a welcome long-trend reversal and, in my opinion, marked the birth of a new domestic industry and approach in the US. The results listed above are impressive by any measure, and the rare earth side of our business advanced nicely during the quarter, from a macro level as well as from boots on the ground. Adding a supportive domestic demand profile to an industry with only a few established players and where a lot of energy has been expended by outsiders over the last five years looking for new deposits (with little success), is also good for our company and our shareholders. Our balance sheet is strong and this years’ re-investment back into the asset base is on track. I am looking forward to the next quarter and a strong finish to 2025.”

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814

 

 

 

 

Golden Chest Highlights for Q2 2025 Include:

 

 

·

 In the second quarter of 2025 ore tonnes processed at the New Jersey Mill increased by approximately 10.58% to 10,240 dry metric tonnes resulting in gold production of 3,010 ounces at an average flotation feed grade of 9.97 grams per tonne (“gpt”).

 

 

 

 

·

 All-in sustaining cost (“AISC”) per ounce of gold in the second quarter of 2025 was $1,980.41, which is an increase of approximately 42.75% over the second quarter of 2024. Cash costs per ounce was $1,064.68 in 2025, compared to $904.67 in 2024. The increase in AISC is largely a result of 5,819 meters of drilling completed during the second quarter of 2025 in alignment with the Company’s production-backed exploration business plan. Adjusted AISC per ounce without exploration expenses were $1,313.31 in the second quarter of 2025 and $1,197.99 in the second quarter of 2024.

 

 

 

 

·

 During the second quarter, Idaho Strategic completed 5,819 meters of drilling in total. This included 2,176 meters completed at the Golden Chest targeting the Paymaster, Red Star, and the H-Vein; 1,687 meters of drilling at two prospects in the Murray Gold Belt, Buckskin and King Mine; and 1,956 meters of drilling at Eastern Star – the Company’s first ever drill program on the project.

 

 

 

 

·

 Results from drilling at the Golden Chest were released during the second quarter of 2025. Drilling highlights from 3 different areas of the mine were announced in a press release titled Idaho Strategic Announces Multiple High-Grade Drill Results from Three Different Target Areas at the Golden Chest Mine.

 

 

 

 

·

 Significant progress was made at the New Jersey Mill with the completion of the new tailings filtration circuit, which was 80% complete at the end of the first quarter. Commissioning of the tailings filtration circuit was also completed during the second quarter and haulage of tailings back to the Golden Chest mine has commenced as well.

 

Rare Earth Highlights for Q2 2025 Include:

 

 

·

 IDR executed a long-term lease agreement for the mineral claims comprising approximately 1,500 acres of various in-holdings within the Company’s Mineral Hill and Lemhi Pass rare earth elements projects. The leased land included the mineral claims covering the Cardinal prospect at the Company’s Mineral Hill project, which recently returned greater than 17% total rare earth oxides in a sample taken from a carbonatite outcrop.

 

 

 

 

·

 The Company announced the signing of a Memorandum of Understanding with Clean Core Thorium Energy, Inc. in a press release titled Idaho Strategic and CCTE Team Up to Build America’s Thorium Future.

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814

 

 

 

 

Corporate Highlights for Q2 2025 Include:

 

 

·

 IDR announced its inclusion in the Russell 3000 index via a press release titled Idaho Strategic Set to Join the Russell 3000® Index During 2025 Annual Reconstitution.

 

Notes accompanying the financial statements below can be found in the Company’s quarterly report filed this morning with the SEC on EDGAR.

 

Qualified person

 

IDR’s Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.

 

About Idaho Strategic Resources, Inc.

 

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company’s business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.  

 

For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:

 

Travis Swallow, Investor Relations & Corporate Development

Email: tswallow@idahostrategic.com

Phone: (208) 625-9001

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814

 

 

 

 

Idaho Strategic Resources, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

For the Three and Six-Month Periods Ended June 30, 2025 and 2024

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

Three

Months

 

 

Six

Months

 

 

Three Months

 

 

Six Months

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Sales of products

 

 $ 9,476,739

 

 

 $ 16,755,275

 

 

 $ 6,125,382

 

 

 $ 12,024,320

 

Total revenue

 

 

 9,476,739

 

 

 

 16,755,275

 

 

 

 6,125,382

 

 

 

 12,024,320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs of Sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales and other direct production costs

 

 

 3,459,215

 

 

 

 6,490,044

 

 

 

 2,596,027

 

 

 

 5,154,940

 

Depreciation and amortization

 

 

 541,738

 

 

 

 1,091,359

 

 

 

 455,930

 

 

 

 957,718

 

Total costs of sales

 

 

 4,000,953

 

 

 

 7,581,403

 

 

 

 3,051,957

 

 

 

 6,112,658

 

Gross profit

 

 

 5,475,786

 

 

 

 9,173,872

 

 

 

 3,073,425

 

 

 

 5,911,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exploration

 

 

 2,244,761

 

 

 

 3,616,194

 

 

 

 620,056

 

 

 

 887,904

 

Management

 

 

 268,214

 

 

 

 532,959

 

 

 

 90,313

 

 

 

 199,413

 

Professional services

 

 

 153,260

 

 

 

 336,998

 

 

 

 84,982

 

 

 

 239,226

 

General and administrative

 

 

 223,735

 

 

 

 460,753

 

 

 

 179,456

 

 

 

 340,119

 

(Gain) loss on disposal of equipment

 

 

 68,942

 

 

 

 308,840

 

 

 

 3,022

 

 

 

 7,431

 

Total other operating expenses

 

 

 2,958,912

 

 

 

 5,255,744

 

 

 

 977,829

 

 

 

 1,674,093

 

Operating income

 

 

 2,516,874

 

 

 

 3,918,128

 

 

 

 2,095,596

 

 

 

 4,237,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity (income) loss on investment in Buckskin Gold and Silver, Inc

 

 

 159

 

 

 

 (1,187 )

 

 

 1,589

 

 

 

 (278 )

Timber revenue net of costs

 

 

 (2,848 )

 

 

 (6,704 )

 

 

 (6,049 )

 

 

 (19,406 )

Loss on investment in equity securities

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 453

 

Interest income

 

 

 (220,409 )

 

 

 (405,804 )

 

 

 (60,468 )

 

 

 (80,103 )

Interest expense

 

 

 -

 

 

 

 -

 

 

 

 25,602

 

 

 

 46,167

 

Total other (income) expense

 

 

 (223,098 )

 

 

 (413,695 )

 

 

 (39,326 )

 

 

 (53,167 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 2,739,972

 

 

 

 4,331,823

 

 

 

 2,134,922

 

 

 

 4,290,736

 

Net loss attributable to non-controlling interest

 

 

 (27,486 )

 

 

 (44,614 )

 

 

 (22,951 )

 

 

 (38,246 )

Net income attributable to Idaho Strategic Resources, Inc.

 

 $ 2,767,458

 

 

 $ 4,376,437

 

 

 $ 2,157,873

 

 

 $ 4,328,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-basic

 

 $ 0.20

 

 

 $ 0.32

 

 

 $ 0.17

 

 

 $ 0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common share outstanding-basic

 

 

 14,007,582

 

 

 

 13,837,894

 

 

 

 12,836,205

 

 

 

 12,674,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share-diluted

 

 $ 0.20

 

 

 $ 0.31

 

 

 $ 0.17

 

 

 $ 0.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding- diluted

 

 

 14,134,531

 

 

 

 13,939,790

 

 

 

 13,043,026

 

 

 

 12,904,998

 

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814

  

 

 

 

Idaho Strategic Resources, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

June 30,

2025

 

 

December 31,

2024

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 $ 2,444,476

 

 

 $ 1,106,901

 

Investments in US treasury notes

 

 

 10,611,794

 

 

 

 7,775,193

 

Gold sales receivable

 

 

 2,641,438

 

 

 

 1,578,694

 

Inventories

 

 

 1,120,993

 

 

 

 899,924

 

Joint venture receivable

 

 

 1,108

 

 

 

 2,892

 

Other current assets

 

 

 366,137

 

 

 

 378,469

 

Total current assets

 

 

 17,185,946

 

 

 

 11,742,073

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net of accumulated depreciation

 

 

 16,289,024

 

 

 

 12,904,065

 

Mineral properties, net of accumulated amortization

 

 

 11,598,167

 

 

 

 10,573,349

 

Investment in Buckskin Gold and Silver, Inc

 

 

 342,623

 

 

 

 341,436

 

Investment in joint venture

 

 

 435,000

 

 

 

 435,000

 

Investments in US treasury notes, non-current

 

 

 11,082,224

 

 

 

 7,208,930

 

Reclamation bond

 

 

 330,110

 

 

 

 249,110

 

Deposits

 

 

 436,166

 

 

 

 567,667

 

Total assets

 

 $ 57,699,260

 

 

 $ 44,021,630

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 $ 1,535,858

 

 

 $ 1,006,078

 

Accrued payroll and related payroll expenses

 

 

 570,525

 

 

 

 564,090

 

Notes payable, current portion

 

 

 1,254,269

 

 

 

 709,381

 

Total current liabilities

 

 

 3,360,652

 

 

 

 2,279,549

 

 

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

 315,264

 

 

 

 305,409

 

Notes payable, long term

 

 

 2,025,399

 

 

 

 1,023,358

 

Total long-term liabilities

 

 

 2,340,663

 

 

 

 1,328,767

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

 5,701,315

 

 

 

 3,608,316

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding

 

 

 -

 

 

 

 -

 

Common stock, no par value, 200,000,000 shares authorized; June 30, 2025-14,058,339 and December 31, 2024- 13,665,058 shares issued and outstanding

 

 

 53,296,323

 

 

 

 46,059,318

 

Accumulated deficit

 

 

 (3,997,516 )

 

 

 (8,373,953 )

Total Idaho Strategic Resources, Inc stockholders’ equity

 

 

 49,298,807

 

 

 

 37,685,365

 

Non-controlling interest

 

 

 2,699,138

 

 

 

 2,727,949

 

Total stockholders' equity

 

 

 51,997,945

 

 

 

 40,413,314

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

 $ 57,699,260

 

 

 $ 44,021,630

 

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814

 

 

 

 

Forward Looking Statements

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, Idaho Strategic Resources’ potential to deliver Q3 2025 operating and financial performance that is in-line, better, or worse than Q2 2025; the benefit that the Company believes its production-backed exploration business plan provides; the potential for the Company to continue to reinvest its cash flow into planned drilling and exploration activities during 2025; the potential for the Company’s drilling and exploration activities to be value-added; the Company’s construction activities at the Golden Chest in 2025; and the potential financial and operational benefits of implementing the tailings filtration system and paste backfill system. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

 

Idaho Strategic Resources, Inc.     •     201 N. 3rd Street     •     Coeur d’Alene, Idaho 83814