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What changed in Idaho Strategic Resources, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Idaho Strategic Resources, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+178 added−171 removedSource: 10-K (2026-03-23) vs 10-K (2025-03-31)

Top changes in Idaho Strategic Resources, Inc.'s 2025 10-K

178 paragraphs added · 171 removed · 150 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

21 edited+2 added−3 removed29 unchanged
Biggest changeThis progress, combined with the existing infrastructure and development, has created a solid foundation of real estate holdings, and a tangible base of value regardless of market cycles. 6 Table of Contents Competitive Business Conditions While there has been a market for gold and precious metals historically, the Company competes on several different fronts within the minerals exploration industry.
Biggest changeCompetitive Business Conditions While there has been a market for gold and precious metals historically, the Company competes on several different fronts within the minerals exploration industry. The Company may find the need to compete with other junior mining companies for the capital necessary to sustain its exploration and development programs.
Critical Minerals sector, specifically focused on the more “at-risk” rare earth elements (“REE”). The Company’s Lemhi Pass, Diamond Creek and Mineral Hill REE properties are included the U.S. national REE inventory as listed in United States Geologic Survey (“USGS”), Idaho Geologic Survey (“IGS”) and Department of Energy (“DOE”) publications.
Critical Minerals sector, specifically focused on the more “at-risk” rare earth elements (“REE”). The Company’s Mineral Hill, Lemhi Pass, and Diamond Creek properties are included the U.S. national REE inventory as listed in United States Geologic Survey (“USGS”), Idaho Geologic Survey (“IGS”) and Department of Energy (“DOE”) publications.
This plan also calls for the grading of steep fill slopes and re-vegetation of disturbed land as well as erosion control measures utilizing best practices. Surface water monitoring is also performed at the Golden Chest and results are reported to IDEQ on a quarterly basis. The Company estimates the cost of this water monitoring at $6,000 annually.
This plan also calls for the grading of steep fill slopes and re-vegetation of disturbed land as well as erosion control measures utilizing best practices. Surface water monitoring is also performed at the Golden Chest and results are reported to IDEQ on a quarterly basis. The Company estimates the cost of this water monitoring at $12,000 annually.
An approved plan of operations (“POO”) and a financial bond are usually required before exploration or mining activities can be conducted on public land that is administered by the United States Bureau of Land Management (“BLM”) or United States Forest Service (“USFS”). 7 Table of Contents The New Jersey Mine, Golden Chest Mine, and other nearby properties are part of the expanded Bunker Hill Superfund Site.
An approved plan of operations (“POO”) and a financial bond are usually required before exploration or mining activities can be conducted on public land that is administered by the United States Bureau of Land Management (“BLM”) or United States Forest Service (“USFS”). 7 Table of Contents The Golden Chest Mine, and other nearby properties may be part of an expanded Bunker Hill Superfund Site.
These holdings are considered early-stage exploration properties and located within the MGB, many of which include historic gold mines and known gold mineralization; · REE Projects–located in the Idaho Rare Earth Element-Thorium (“REE-Th”) Belt near Salmon, Idaho.
These holdings are considered early-stage exploration properties and located within the Murray Gold Belt, many of which include historic gold mines and known gold mineralization; · REE Projects–located in the Idaho Rare Earth Element-Thorium (“REE-Th”) Belt near Salmon, Idaho.
Customer Dependence and Product Distribution The Company sold all its flotation gold concentrate to H&H Metals Corporation (“H&H Metals” or “H&H”) of New York, NY which accounted for 99% of gold sales in 2024. The remaining gold sales were gold doré which was sold to a western U.S. refinery. H&H Metals is also an IDR shareholder.
Customer Dependence and Product Distribution The Company sold all its flotation gold concentrate to H&H Metals Corporation (“H&H Metals” or “H&H”) of New York, NY which accounted for 98% of gold sales in 2025. The remaining gold sales were gold doré which was sold to a western U.S. refinery. H&H Metals is also an IDR shareholder.
Costs and Effects of Compliance with Environmental Laws (Federal, State and Local) No major Federal permits are required for the Golden Chest and New Jersey Mines because the operations are on private land and there are no process discharges to surface waters.
Costs and Effects of Compliance with Environmental Laws (Federal, State and Local) No major Federal permits are required for the Golden Chest because the operations are on private land and there are no process discharges to surface waters.
General Description of the Business Idaho Strategic produces gold at the Golden Chest Mine located in the Murray Gold Belt (“MGB”) area of the world-class Coeur d’Alene Mining District, north of the prolific Silver Valley.
General Description of the Business Idaho Strategic produces gold at the Golden Chest Mine located in the Murray Gold Belt (“MGB”), the northern portion of the world-class Coeur d’Alene Mining District, north of the prolific Silver Valley.
With over 7,000 acres of patented and unpatented land, the Company has the largest private land position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years.
With over 20,000 acres of patented and unpatented land, the Company has the largest private land and mineral claim position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years.
Projects include; o Lemhi Pass – Significant land package with high value REE potential–USGS also recognized as the #1 thorium prospect in the U.S. o Diamond Creek – Nationally recognized rare earth prospects in the US o Mineral Hill – Nationally recognized and high grade REE property in the northern portion of the Idaho REE-Th Belt · A significant portfolio of early-stage exploration properties in Central Idaho, primarily in the Elk City area.
Projects include; ○ Mineral Hill – Nationally recognized and high grade REE property in the northern portion of the Idaho REE-Th Belt ○ Lemhi Pass – Significant land package with high value REE potential–USGS also recognized as the #1 thorium prospect in the U.S. ○ Diamond Creek – Nationally recognized rare earth prospects in the US · A significant portfolio of early-stage exploration properties throughout Idaho.
The Company may find the need to compete with other junior mining companies for the capital necessary to sustain its exploration and development programs. IDR has focused its gold operations at and near the Golden Chest Mine, however if it chose to expand to other geographic areas it may compete with other mining companies for exploration properties and/or mining assets.
IDR has focused its gold operations at and near the Golden Chest Mine, however if it chose to expand to other geographic areas it may compete with other mining companies for exploration properties and mining assets.
In addition to its portfolio of exploration, pre-development, and producing properties, the Company is also the manager and majority-owner of the New Jersey Mill, which currently processes ore from the Golden Chest Mine. The New Jersey Mill can process gold and silver ore through a 360-tonne per day flotation plant.
In addition to its portfolio of exploration, pre-development, and producing properties, the Company is also the manager and majority-owner of the New Jersey Mill, which currently processes ore from the Golden Chest Mine.
Upon completion of site reclamation and approval by the managing agency, the bond is returned to the Company. The Company complies with local building codes and ordinances as required by law.
Upon completion of site reclamation and approval by the managing agency, the bond is returned to the Company. The Company complies with local building codes and ordinances as required by law. 8 Table of Contents Number of Total Employees and Number of Full Time Employees The Company's total number of full-time employees at December 31, 2025 is 62.
Its portfolio of mineral properties includes: · The Golden Chest Mine, a producing gold mine located in the Murray Gold Belt of North Idaho; · Approximately 1,500 acres of patented mineral property and over 5,800 acres of nearby and adjacent un-patented mineral property.
Its portfolio of mineral properties includes: · The Golden Chest Mine, a producing gold mine located in the Murray Gold Belt of North Idaho; · Niagara, an intermediate-stage copper-silver exploration property located in the Murray Gold Belt of North Idaho; · Little Baldy, an intermediate-stage gold exploration property located in the Murray Gold Belt of North Idaho; · Approximately 1,510 acres of additional patented mineral property and over 14,880 acres of nearby and adjacent unpatented mineral property.
The plan is under review the by the Idaho Department of Environmental Quality (“IDEQ”). The plan calls for continued surface and groundwater monitoring for as long as tailings are deposited in the tailings storage facility and for a post-closure period of five years.
The closure plan was approved by the Idaho Department of Environmental Quality (“IDEQ”) and calls for continued surface and groundwater monitoring for as long as tailings are deposited in the tailings storage facility and for a post-closure period of five years. IDR estimates the cost of water-monitoring associated with the concentrate leach plant to be approximately $10,000 per year.
A link to the Company’s filings with the SEC is provided on the Company’s website www.idahostrategic.com .
The Company maintains a website where recent press releases and other information can be found. A link to the Company’s filings with the SEC is provided on the Company’s website www.idahostrategic.com .
All three projects are in central Idaho and participating in the USGS Earth MRI program, with the Diamond Creek Project also participating in the Idaho Department of Commerce’s Idaho Global Entrepreneurial Mission (“IGEM”) program. The Company focuses its exploration and production efforts in historical mining districts mostly located within the state of Idaho.
All three projects are in central Idaho near the Company’s field office in Salmon, Idaho. The Company focuses its exploration and production efforts in historical mining districts mostly located within the state of Idaho.
The SEC maintains an Internet site ( http://www.sec.gov ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission and SEC. The Company maintains a website where recent press releases and other information can be found.
REPORTS TO SECURITY HOLDERS The Company is not required to deliver an annual report to shareholders; however, its 10K is available digitally on the Company website and through other public sources. The SEC maintains an internet site ( http://www.sec.gov ) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission and SEC.
Current plans for expanded cleanup do not include any IDR projects. There is no known evidence that previous operations at the New Jersey Mine (prior to 1910) caused any groundwater or surface water pollution or discharged any tailings into the South Fork of the Coeur d’Alene River; however, it is possible that such evidence could surface.
Current plans for expanded cleanup do not include any IDR projects. There is no known evidence that previous operations at Company properties caused any groundwater or surface water pollution. Should such a liability emerge for the Company, its exposure would likely be to clean up or cover historic mine waste.
The Company has focused its efforts on underground development and growing production at the Golden Chest Mine and exploration at its extensive land holdings within the MGB area. With all debt associated with land acquisition and the start-up of operations behind it, the Company significantly increased its exploration and expansion activities in the Murray Gold Belt.
With all debt associated with land acquisition and the start-up of operations behind it, the Company significantly increased its exploration and growth initiatives in the Murray Gold Belt. This progress, combined with the existing infrastructure and development, has created a solid foundation of value regardless of market cycles.
IDR estimates the cost of water-monitoring associated with the concentrate leach plant to be approximately $10,000 per year. The New Jersey Mill also has an EPA general stormwater permit. The Idaho Department of Lands (“IDL”) approved a surface mining reclamation plan for the New Jersey Mine in 1993.
The reclamation bond amount will be determined at the completion of the permitting process, but is expected to be approximately $200,000. The Idaho Department of Lands (“IDL”) approved a surface mining reclamation plan for the New Jersey Mine in 1993.
Removed
Should such a liability emerge for the Company, its exposure would likely be to clean up or cover old mine tailings that may have washed downstream from upstream mining operations. There are no mineral processing tailings deposits at the Golden Chest Mine. However, at least two old adits have small water discharges.
Added
The New Jersey Mill can process gold and silver ore through a 360-tonne per day flotation plant. 6 Table of Contents The Company has focused its efforts on underground development and growing production at the Golden Chest Mine and exploration at its extensive land holdings within the MGB area.
Removed
Recently, the EPA has proposed a new cleanup plan that greatly increases the number of historic mine sites to be reclaimed, however, the plan has not been approved. IDR has not received any notifications that it could be liable for any environmental cleanup.
Added
The New Jersey Mill also has an EPA general stormwater permit. The Company is in the process of permitting a new Tailings Storage Facility (“TSF”) with the IDWR for a new mill at the Golden Chest Mine in Murray, Idaho.
Removed
Number of Total Employees and Number of Full Time Employees The Company’s total number of full-time employees is 51. 8 Table of Contents REPORTS TO SECURITY HOLDERS The Company is not required to deliver an annual report to shareholders; however, its 10K is available digitally on the Company website and through other public sources.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

10 edited+0 added−2 removed178 unchanged
Biggest changeThe indemnification provisions may require the Company to use its limited assets to defend its directors and officers against claims, including claims arising out of the Company’s negligence, poor judgment, or other circumstances.
Biggest changeThe indemnification provisions may require the Company to use its limited assets to defend its directors and officers against claims, including claims arising out of the Company’s negligence, poor judgment, or other circumstances. 19 Table of Contents Risks Related to Investments in the Company’s Common Stock The price of the Company’s common stock has and may continue to fluctuate significantly, which could negatively affect the Company and holders of its common stock.
Certain events or changes in the market or the Company’s industries generally are beyond its control. 19 Table of Contents In addition to the other risk factors contained or incorporated by reference herein, factors that could impact the Company’s trading price include: · actual or anticipated operating and financial results, including how those results vary from the expectations of management, securities analysts and investors; · changes in financial estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to the Company or other industry participants; · reports in the press or investment community generally or relating to the Company’s reputation or the mining industry; · developments in the Company’s business or operations or our industry sectors generally; · any future offerings by the Company of its common stock; · any coordinated trading activities or large derivative positions in the Company’s common stock, for example, a “short squeeze” (a short squeeze occurs when a number of investors take a short position in a stock and have to buy the borrowed securities to close out the position at a time that other short sellers of the same security also want to close out their positions, resulting in surges in stock prices, i.e., demand is greater than supply for the stock shorted); · legislative or regulatory changes affecting the mining industry generally or the Company’s business and operations specifically; · the operating and stock price performance of companies that investors consider to be comparable to the Company; · announcements of strategic developments, acquisitions, restructurings, dispositions, financings and other material events by the Company or its competitors; · expectations of (or actual) equity dilution, including the actual or expected dilution to various financial measures, including earnings per share, that may be caused by equity offerings; · actions by the Company’s current shareholders, including future sales of common shares by existing shareholders, including directors and executive officers; · proposed or final regulatory changes or developments; · anticipated or pending regulatory investigations, proceedings, or litigation that may involve or affect the Company; and · other changes in U.S. or global financial markets, global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity prices, credit or asset valuations or volatility.
In addition to the other risk factors contained or incorporated by reference herein, factors that could impact the Company’s trading price include: · actual or anticipated operating and financial results, including how those results vary from the expectations of management, securities analysts and investors; · changes in financial estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to the Company or other industry participants; · reports in the press or investment community generally or relating to the Company’s reputation or the mining industry; · developments in the Company’s business or operations or our industry sectors generally; · any future offerings by the Company of its common stock; · any coordinated trading activities or large derivative positions in the Company’s common stock, for example, a “short squeeze” (a short squeeze occurs when a number of investors take a short position in a stock and have to buy the borrowed securities to close out the position at a time that other short sellers of the same security also want to close out their positions, resulting in surges in stock prices, i.e., demand is greater than supply for the stock shorted); · legislative or regulatory changes affecting the mining industry generally or the Company’s business and operations specifically; · the operating and stock price performance of companies that investors consider to be comparable to the Company; · announcements of strategic developments, acquisitions, restructurings, dispositions, financings and other material events by the Company or its competitors; · expectations of (or actual) equity dilution, including the actual or expected dilution to various financial measures, including earnings per share, that may be caused by equity offerings; · actions by the Company’s current shareholders, including future sales of common shares by existing shareholders, including directors and executive officers; · proposed or final regulatory changes or developments; · anticipated or pending regulatory investigations, proceedings, or litigation that may involve or affect the Company; and · other changes in U.S. or global financial markets, global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity prices, credit or asset valuations or volatility.
A slowdown in economic activity caused by a recession would likely reduce demand for assets that the Company holds for sale and result in lower commodity prices for long periods of time. 18 Table of Contents The Company ships its gold concentrate overseas to smelters in South Korea and/or Japan.
A slowdown in economic activity caused by a recession would likely reduce demand for assets that the Company holds for sale and result in lower commodity prices for long periods of time. The Company ships its gold concentrate overseas to smelters in South Korea and/or Japan.
The Company may also encounter difficulty integrating the operations, personnel, and financial and operating systems of an acquired business into its current business. 15 Table of Contents The Company may need to raise additional debt funding or sell additional equity securities to enter into such joint ventures or make such acquisitions.
The Company may also encounter difficulty integrating the operations, personnel, and financial and operating systems of an acquired business into its current business. The Company may need to raise additional debt funding or sell additional equity securities to enter into such joint ventures or make such acquisitions.
There is no history upon which to base any assumption as to the likelihood that the Company will prove successful, and the Company can provide no assurance that it will generate significant revenues or ever achieve profitability. If the Company is unsuccessful, its business will fail, and investors may lose all their investment in the Company.
There is no history upon which to base any assumption as to the likelihood that the Company will prove successful, and the Company can provide no assurance that it will generate significant revenues to sustain profitability. If the Company is unsuccessful, its business will fail, and investors may lose all their investment in the Company.
The Company is currently authorized to issue 200,000,000 shares of common stock, of which 13,665,058 shares were issued and outstanding as of December 31, 2024, and 1,000,000 shares of preferred stock, of which no Preferred Shares are outstanding as of December 31, 2024.
The Company is currently authorized to issue 200,000,000 shares of common stock, of which 15,705,199 shares were issued and outstanding as of December 31, 2025, and 1,000,000 shares of preferred stock, of which no preferred shares are outstanding as of December 31, 2025.
Any future agreements that the Company may enter into also could expose it to new operational, regulatory, market, litigation and geographical risks as well as risks associated with significant capital requirements, the diversion of management and financial resources, unforeseen operating difficulties and expenditures, sharing of proprietary information, loss of control over day-to-day operations, non-performance by a counterparty, potential competition and conflicts of interest.
These activities involve challenges and risks in negotiation, execution, valuation and integration, and closing of the transactions could be delayed or prevented by regulatory approval requirements, including permitting issues, or other conditions. 15 Table of Contents Any future agreements that the Company may enter into also could expose it to new operational, regulatory, market, litigation and geographical risks as well as risks associated with significant capital requirements, the diversion of management and financial resources, unforeseen operating difficulties and expenditures, sharing of proprietary information, loss of control over day-to-day operations, non-performance by a counterparty, potential competition and conflicts of interest.
The price of the Company’s common stock has been, and may continue to be, highly volatile.
The price of the Company’s common stock has been, and may continue to be, highly volatile. Certain events or changes in the market or the Company’s industries generally are beyond its control.
Pandemics or other significant public health events will most likely have a material adverse effect on the Company’s business and results of operations. It is not currently possible to reliably estimate the length and severity of the impact on the Company’s financial condition, and that of its subsidiaries and partners in future periods.
Pandemics or other significant public health events will most likely have a material adverse effect on the Company’s business and results of operations.
Uncertainties regarding the global economic and financial environment could lead to an extended national or global economic recession.
It is not currently possible to reliably estimate the length and severity of the impact on the Company’s financial condition, and that of its subsidiaries and partners in future periods. 18 Table of Contents Uncertainties regarding the global economic and financial environment could lead to an extended national or global economic recession.
Removed
These activities involve challenges and risks in negotiation, execution, valuation and integration, and closing of the transactions could be delayed or prevented by regulatory approval requirements, including permitting issues, or other conditions.
Removed
Risks Related to Investments in the Company’s Common Stock The price of the Company’s common stock has and may continue to fluctuate significantly, which could negatively affect the Company and holders of its common stock.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

2 edited+0 added−0 removed1 unchanged
Biggest changeThere were no material cyber security incidents discovered in 2024.While cybersecurity risks have not materially affected the Company’s business, operations, or financial condition to date, the Company recognized that an increase in cyber threats, data breaches, or system vulnerabilities could have a material impact on future operations. 21 Table of Contents
Biggest changeWhile cybersecurity risks have not materially affected the Company’s business, operations, or financial condition to date, the Company recognized that an increase in cyber threats, data breaches, or system vulnerabilities could have a material impact on future operations. 21 Table of Contents
The Company’s cybersecurity programs are under the direction of its Treasurer with assistance from the management team. Any significant Cyber incidents that they become aware of are reported to the board of directors.
The Company’s cybersecurity programs are under the direction of its Treasurer with assistance from the management team. Any significant Cyber incidents that they become aware of are reported to the board of directors. There were no material cyber security incidents discovered in 2025.

Item 2. Properties

Properties — owned and leased real estate

82 edited+15 added−13 removed75 unchanged
Biggest changeClassification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2022 403,724 4.57 2.0 93.0% Indicated 2022 692,024 4.32 2.0 93.0% Measured + Indicated 2022 1,095,748 4.41 2.0 93.0% Inferred 2022 753,502 3.44 2.0 93.0% Measured 2023 406,605 4.10 2.0 UG & 1.4 OP 93.0% UG & 85% OP Indicated 2023 665,550 4.00 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured +Indicated 2023 1,072,155 4.04 2.0 UG & 1.4 OP 93.0% UG & 85% OP Inferred 2023 743,793 3.23 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93% UG & 85% OP Indicated 2024 859,498 3.24 2.0 UG & 1.4 OP 93% UG & 85% OP Measured +Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93% UG & 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93% UG & 85% OP Notes: 1.
Biggest changeClassification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2023 406,605 4.10 2.0 UG & 1.4 OP 93.0% UG & 85% OP Indicated 2023 665,550 4.00 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured + Indicated 2023 1,072,155 4.04 2.0 UG & 1.4 OP 93.0% UG & 85% OP Inferred 2023 743,793 3.23 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93% UG & 85% OP Indicated 2024 859,498 3.24 2.0 UG & 1.4 OP 93% UG & 85% OP Measured +Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93% UG & 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93% UG & 85% OP Measured 2025 384,351 4.33 2.0 UG & 1.4 OP 93% UG & 85% OP Indicated 2025 702,152 3.96 2.0 UG & 1.4 OP 93% UG & 85% OP Measured +Indicated 2025 1,086,503 4.09 2.0 UG & 1.4 OP 93% UG & 85% OP Inferred 2025 582,878 2.98 2.0 UG & 1.4 OP 93% UG & 85% OP Notes: 1.
A summary of the permits held by the Company are found in following table: Permit Descriptions Permit Description Reference Idaho Cyanidation Permit for New Jersey Mill #CN-0026-001 Idaho Department of Environmental Quality Tailings Storage Facility New Jersey Mill 94-7509 Idaho Department of Water Resources Air Quality Exemption (Crushing) for New Jersey Mill Idaho Department of Environmental Quality RARE EARTH OVERVIEW Idaho Strategic controls and operates three REE properties known as Diamond Creek, Mineral Hill, and Lemhi Pass.
A summary of the permits held by the Company are found in following table: Permit Descriptions Permit Description Reference Idaho Cyanidation Permit for New Jersey Mill #CN-0026-001 Idaho Department of Environmental Quality Tailings Storage Facility New Jersey Mill 94-7509 Idaho Department of Water Resources Air Quality Exemption (Crushing) for New Jersey Mill Idaho Department of Environmental Quality RARE EARTH OVERVIEW Idaho Strategic controls and operates three REE properties known as Mineral Hill, Lemhi Pass, and Diamond Creek.
Quality Control Procedures The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows: Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist.
Quality Control Procedures The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows: Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist.
Idaho Strategic has excluded exploration results from this report which either did not return the targeted mineralization, did not aid in providing a brief overview of the Project, or for which the Company has not received the results back from lab testing.
Idaho Strategic has excluded exploration results from this report which either did not return the targeted mineralization, did not aid in providing a brief overview of the Project, or for which the Company has not received the results back from lab testing.
Quality Control Procedures The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows: Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist.
Quality Control Procedures The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows: Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist.
Moving forward, Idaho Strategic plans to advance the Mineral Hill Project by developing drill targets aimed at verifying the extent and grade of the two carbonatites that the Company’s geologists have identified and mapped from the surface. There is no timeline for drill permit approval or projected timing of work.
Moving forward, Idaho Strategic plans to advance the Mineral Hill Project by developing drill targets aimed at verifying the extent and grade of the carbonatites that the Company’s geologists have identified and mapped from the surface. There is no timeline for drill permit approval or projected timing of work.
In mid-2023 after successful drifting on the H-Vein which is approximately 60 meters west of and in the hangingwall of the Idaho Fault, mining was shifted to this vein. The H-Vein occupies the same type of lithologic contrast as the Idaho Vein and is also associated with a fault, the Timberking Fault.
In mid-2023 after successful drifting on the H-Vein which is approximately 60 meters west of, and in the hangingwall, of the Idaho Fault, mining was shifted to this vein. The H-Vein occupies the same type of lithologic contrast as the Idaho Vein and is also associated with the Timberking Fault.
To date, Idaho Strategic has not established any known mineral reserves or resources on the Diamond Creek property. Idaho Strategic initially staked the mining claims comprising the Diamond Creek Project in April 2020 and added claims to the group in January 2023.
To date, Idaho Strategic has not established any known mineral reserves or resources on the Diamond Creek Project. Idaho Strategic initially staked the mining claims comprising the Diamond Creek Project in April 2020 and added claims to the group in January 2023.
Lemhi Pass is mentioned in numerous reports including the 2009 USGS Circular 1336 titled “ Thorium Deposits of the United States – Energy Resources for the Future? ” which features parts of the Company’s Lemhi Pass Project on its cover page. 35 Table of Contents Geology and Mineralization The Company initially staked the Lemhi Pass Project to target an area with the greatest concentration of known veins where the Lemhi Pass, Dan Patch, and Bull Moose faults intersect or approach one another.
Lemhi Pass is mentioned in numerous reports including the 2009 USGS Circular 1336 titled “ Thorium Deposits of the United States – Energy Resources for the Future? ” which features parts of the Company’s Lemhi Pass Project on its cover page. 33 Table of Contents Geology and Mineralization The Company initially staked the Lemhi Pass Project to target an area with the greatest concentration of known veins where the Lemhi Pass, Dan Patch, and Bull Moose faults intersect or approach one another.
For more information concerning the Diamond Creek, Mineral Hill, and Lemhi Pass REE properties, please refer to the information set forth under the caption “Individual Properties-MATERIAL EXPLORATION PROPERTIES” and under their respective caption in this Item 2. 26 Table of Contents Individual Properties – MATERIAL OPERATING PROPERTIES GOLDEN CHEST MINE Figure 3 - Golden Chest Mine Location Map Property and Location The Golden Chest is a gold Production Stage property comprised of an underground mine, an open pit mine, and an exploration property located about 1.5 miles east of Murray, Idaho, and 115 km east of the city of Coeur d’Alene, Idaho at Latitude 47 o 37’14” North and Longitude 115 o 49’43” West.
For more information concerning the Mineral Hill, Lemhi Pass, and Diamond Creek REE properties, please refer to the information set forth under the caption “Individual Properties-MATERIAL EXPLORATION PROPERTIES” and under their respective caption in this Item 2. 26 Table of Contents Individual Properties – MATERIAL OPERATING PROPERTIES GOLDEN CHEST MINE Figure 3 - Golden Chest Mine Location Map Property and Location The Golden Chest is a gold Production Stage property comprised of an underground mine, an open pit mine (no longer producing), and an exploration property located about 1.5 miles east of Murray, Idaho, and 115 km east of the city of Coeur d’Alene, Idaho at Latitude 47 o 37’14” North and Longitude 115 o 49’43” West.
Select Idaho Strategic sample and trench results have revealed rare earth grades ranging from 0.67% TREO to 5% TREO from areas of the project that had not been well tested for REE’s in the past. Moving forward, Idaho Strategic will continue its surface exploration efforts to gather enough information to warrant a drill program.
Select Idaho Strategic sample and trench results have revealed rare earth grades ranging from 0.67% TREO to 6% TREO from areas of the project that had not been well tested for REE’s in the past. Moving forward, Idaho Strategic will continue its surface exploration efforts to gather enough information to warrant a drill program.
IDR sampling showed total rare earths assays up to 5% validating Company belief that the Lemhi Pass District is largely underexplored for REE’s; since their discovery in the district was ancillary, to the government’s search for nuclear related fuels in the 1950’s. Infrastructure and Facilities The Lemhi Pass Project currently does not contain any facilities on-site.
IDR sampling showed total rare earths assays up to 6% validating Company belief that the Lemhi Pass District is largely underexplored for REE’s; since their discovery in the district was ancillary, to the government’s search for nuclear related fuels in the 1950’s. Infrastructure and Facilities The Lemhi Pass Project currently does not contain any facilities on-site.
REE and thorium mineralization at Lemhi Pass is found primarily in the REE mineral monazite. Monazite is a phosphate mineral and most of the Company’s strongest REE values are associated with phosphorus. The monazite at Lemhi Pass occurs as opaque, subhedral, yellow-green to reddish-brown crystals which are mostly microscopic in size, making it hard to detect with the naked eye.
REE and thorium mineralization at Lemhi Pass is occasionally found in the REE mineral monazite. Monazite is a phosphate mineral and most of the Company’s strongest REE values are associated with phosphorus. The monazite at Lemhi Pass occurs as opaque, subhedral, yellow-green to reddish-brown crystals which are mostly microscopic in size, making it hard to detect with the naked eye.
Cutoff values used were calculated using the three-year trailing average gold price of $2,040 USD/Troy Oz and adjusted by IDR staff based on mining experience at the Golden Chest. 9. Numbers may not add due to rounding.
Cutoff values used were calculated using the three-year trailing average gold price of $2,580 USD/Troy Oz and adjusted by IDR staff based on mining experience at the Golden Chest. 9. Numbers may not add due to rounding.
Annual maintenance fees are paid to the BLM by September 1, and the Golden Chest unpatented claim fees have been paid and are in good standing. Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Calibre.
Annual maintenance fees are paid to the BLM by September 1, and the Golden Chest unpatented claim fees have been paid and are in good standing. Production from the Golden Chest and an adjacent Area of Interest is subject to a 2% NSR payable to Equinox.
The Project consists of four distinct areas identified from north to south as: Contact, Lucky Gem, Simer, and Frank Burch. 31 Table of Contents Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%.
The project consists of four distinct areas identified from north to south as: Contact, Lucky Gem, Simer, and Frank Burch. 35 Table of Contents Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%.
While each of the three properties IDR controls are early-stage, the Company considers the properties material to its business due to qualitative factors such as the potential for the company’s properties to be advanced toward future production on an unknown timeline, and the potential importance of REE’s in magnet, low-carbon technology and national defense technologies, which could see increased demand in the future.
While each of the three properties IDR controls are early-stage, the Company considers the properties material to its business due to qualitative factors such as the potential for the company’s properties to be advanced toward future production on an unknown timeline, and the potential importance of REE’s in advanced robotics, low-carbon technologies and national defense technologies, which could see increased demand in the future.
Modern exploration of the Golden Chest area began in the late 1970’s with several companies, including Cominco-American and Golden Chest Inc. (“GCI”), targeting gold and massive sulfides. Drill tests by GCI included a 200-foot hole from surface that intersected a 60-foot zone containing multiple low-grade gold-bearing quartz veins. 27 Table of Contents Newmont Exploration Ltd.
Modern exploration of the Golden Chest area began in the late 1970’s with several companies, including Cominco-American and Golden Chest Inc. (“GCI”), targeting gold and massive sulfides. Drill tests by GCI included a 200-foot hole from surface that intersected a 60-foot zone containing multiple low-grade gold-bearing quartz veins. Newmont Exploration Ltd.
The Mineral Hill mineral claims are located on USPD land, which is managed by the USFS. The claims require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year.
The Mineral Hill mineral claims are located on public land, which is managed by the USFS. The claims require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year.
Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Calibre Mining Corporation (“Calibre” formerly Marathon Gold Corporation). The mineralization occurs as gold-quartz veins associated with an orogenic deposit type. Ore from the Golden Chest is processed off-site at the New Jersey Mill in Kellogg, Idaho.
Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Equinox Gold Corporation (“Equinox”) (formerly Calibre Mining Corporation and formerly Marathon Gold Corporation). The mineralization occurs as gold-quartz veins associated with an orogenic deposit type. Ore from the Golden Chest is processed off-site at the New Jersey Mill in Kellogg, Idaho.
The State of Idaho mineral lease has a term of 20 years with an annual rent of $1,695, increased annually by 3%. The State of Idaho mineral lease has a minimum annual royalty of $1,000 years 1 through 5; $2,500 years 6 through 20.
The State of Idaho mineral lease has a term of 20 years with an annual rent of $1,695, increased annually by 3%. The State of Idaho mineral lease has a minimum annual royalty of $1,000 in years 1 through 5 and $2,500 in years 6 through 20.
Exploration Underground Cu, Au, Ag Vein 24 Table of Contents GOLDEN CHEST MINE Figure 2 – Aerial Photo of Golden Chest Mine in February 2020 The Golden Chest Mine (“Golden Chest”) is the Company’s only Production Stage mine and is comprised of an underground mine, an open pit mine, and an exploration property located about 1.5 miles east of Murray, Idaho.
Exploration Underground Cu, Au, Ag Vein 24 Table of Contents GOLDEN CHEST MINE Figure 2 – Aerial Photo of Golden Chest Mine in February 2020 The Golden Chest Mine (“Golden Chest”) is the Company’s only Production Stage mine and is comprised of an underground mine, an open pit mine (no longer producing), and an exploration property located about 1.5 miles east of Murray, Idaho.
The three properties together make up approximately 19,090 acres of unpatented lode mining claims, and one State of Idaho mineral lease, within Idaho’s 70-mile long REE-Th Belt. All three of Idaho Strategic’s properties have seen substantive historic exploration conducted by the USGS in the 1950s, and more recently by the IGS.
The three properties together make up approximately 21,385 acres of unpatented lode mining claims, and one State of Idaho mineral lease, within Idaho’s 70-mile long REE-Th Belt. All three of Idaho Strategic’s properties have seen substantive historic exploration conducted by the USGS in the 1950s, and more recently by the IGS.
Since restarting operations at the Golden Chest in October 2016, the Company has milled a total of 330,403 tonnes at the New Jersey Mill. The New Jersey Mill recycles process water and utilizes a paste tailings disposal process patented by IDR founder Fred Brackebusch in the late 1980’s to minimize impacts to the environment.
Since restarting operations at the Golden Chest in October 2016, the Company has milled a total of 372,348 tonnes at the New Jersey Mill. The New Jersey Mill recycles process water and utilizes a paste tailings disposal process patented by IDR founder Fred Brackebusch in the late 1980’s to minimize impacts to the environment.
Geology and Mineralization The REE mineralization at the Mineral Hill property is associated with a unique group of igneous rocks known as carbonatites. Carbonatites are carbonate rocks sourced from magmatic origins, with primary carbonate compositions exceeding 50%. The Mineral Hill property contains two of the eight known carbonatite occurrences within the Mineral Hill District.
Geology and Mineralization The REE mineralization at the Mineral Hill Project is associated with a unique group of igneous rocks known as carbonatites. Carbonatites are carbonate rocks sourced from magmatic origins, with primary carbonate compositions exceeding 50%. The Mineral Hill Project contains three of the eight known carbonatite occurrences within the Mineral Hill District.
Lemhi Pass is operated by IDR and consists of 568 total unpatented lode mining claims situated in the McDevitt Mining District, Lemhi County, Idaho in Township 19N, Range 24E, Sections 1, 2, 11, 12, 13, 14, 24; Township 19N, Range 25E, Sections 4, 5, 6, 7, 8, 9, 10, 15, 21, 22 (Boise Meridian) and in the Bloody Dick Mining District, Beaverhead County, Montana in Township 10S, Range 15W, Sections 20, 21, 22, 27, 28, 29, 34, 35 and Township 11S, Range 15W, Sections 10, 11, 14, 15, PB 38.
Lemhi Pass is operated by IDR and consists of 678 total unpatented lode mining claims situated in the McDevitt Mining District, Lemhi County, Idaho in Township 18N, Range 25E, Sections 10, 20, 21, 28, 29, 32, 33; Township 19N, Range 24E, Sections 1, 2, 11, 12, 13, 14, 23, 24, 25, 26, 27; Township 19N, Range 25E, Sections 4, 5, 6, 7, 8, 9, 10, 15, 21, 22, 27, 28 (Boise Meridian) and in the Bloody Dick Mining District, Beaverhead County, Montana in Township 10S, Range 15W, Sections 20, 21, 22, 27, 28, 29, 34, 35 and Township 11S, Range 15W, Sections 10, 11, 14, 15, PB 38.
Exploration Underground Au, Ag Orogenic gold, veins McKinley Idaho, Idaho 100% 28 unpatented claims (560 acres). Public land administered by USFS. POO required on public lands. Exploration Underground Au, Ag Orogenic gold, veins Park Copper/Gold Idaho, Shoshone 100% 5 patented claims (91 acres).
Private land and public land administered by the BLM and USFS. POO required on public lands. Exploration Underground Au, Ag Orogenic gold, veins McKinley Idaho, Idaho 100% 28 unpatented claims (560 acres). Public land administered by USFS. POO required on public lands. Exploration Underground Au, Ag Orogenic gold, veins Park Copper/Gold Idaho, Shoshone 100% 5 patented claims (91 acres).
After drilling, all reclamation was completed and approved by the USFS. An additional drilling POO has been submitted and approved by the USFS for the 2025 field year.
After drilling, all reclamation was completed and approved by the USFS. An additional drilling POO has been submitted and approved by the USFS for the 2025 and 2026 field seasons.
Figure 1 - Property Location Map 22 Table of Contents The following table summarizes the Company’s aggregate metal quantities produced and sold, which only includes the quantities produced and sold from the Golden Chest Mine (the Company’s only producing mine) for the last three years: Year Ended December 31, 2024 2023 2022 Gold - Ounces produced 11,915 8,247 6,103 Payable ounces sold 11,169 7,673 5,672 The following table summarizes the Company’s total in-situ proven and probable mineral reserves (the Golden Chest Mine is the Company’s only property with calculated reserves) as of December 31, for the last three years: Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven and Probable Reserves 2022 53,754 4.73 2.0 93 % Proven and Probable Reserves 2023 127,477 6.74 3.2 93 % Proven and Probable Reserves 2024 170,819 8.99 4.0 93 % The following table summarizes the Company’s total in-situ mineral resources (the Golden Chest Mine is the Company’s only property with calculated mineral resources) for the last two years as of December 31, 2024.
Figure 1 - Property Location Map 22 Table of Contents The following table summarizes the Company’s aggregate metal quantities produced and sold, which only includes the quantities produced and sold from the Golden Chest Mine (the Company’s only producing mine) for the last three years: Year Ended December 31, 2025 2024 2023 Gold - Ounces produced 12,538 11,915 8,247 Payable ounces sold 11,834 11,169 7,673 The following table summarizes the Company’s total in-situ proven and probable mineral reserves (the Golden Chest Mine is the Company’s only property with calculated reserves) as of December 31, for the last three years: Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven and Probable Reserves 2023 127,477 6.74 3.2 93 % Proven and Probable Reserves 2024 170,819 8.99 4.0 93 % Proven and Probable Reserves 2025 338,521 6.95 4.0 93 % The following table summarizes the Company’s total in-situ mineral resources (the Golden Chest Mine is the Company’s only property with calculated mineral resources) for the last two years as of December 31, 2025.
Mineral Hill is operated by IDR and consists of 109 unpatented lode mining claims situated in the greater Mineral Hill district in Sections 3,4,9,10,11,13,14,15,16,22,23,24, Township 24 North, Range 19 East and makes up approximately 2,200 acres. The Project is located in the northern portion of the Idaho REE-Th Belt.
Mineral Hill is operated by IDR and consists of 118 unpatented lode mining claims situated in the greater Mineral Hill District in Township 24N, Range 19E, Sections 3, 4, 9, 10, 11, 13, 14, 15, 16, 22, 23, 24, and makes up approximately 2,380 acres. The project is located in the northern portion of the Idaho REE-Th Belt.
Reference is made to Exhibit 95 to this report. 30 Table of Contents Individual Properties–MATERIAL EXPLORATION PROPERTIES DIAMOND CREEK Figure 4 – Diamond Creek Project Location Map Overview & History The Diamond Creek Project is a REE Exploration Stage property located approximately 13 kilometers (8 miles) north-northwest of the town of Salmon, Idaho.
Reference is made to Exhibit 95 to this report. 30 Table of Contents Individual Properties–MATERIAL EXPLORATION PROPERTIES MINERAL HILL Figure 4 – Mineral Hill Project Location Map Overview & History The Mineral Hill Project is a REE exploration stage property located approximately 48 kilometers (30 miles) northwest of the town of Salmon, Idaho.
IDR’s Quality Assurance/Quality Control (“QA/QC”) program has been in place since the GCLLC JV in 2011. The QA/QC program consists of inserting blanks and commercially certified standards into the sample stream. A blank or a standard is inserted into the sample sequence at least every 10 samples.
Occasionally, Inductively Coupled Plasma (“ICP”) is used for multi-element analysis. IDR’s Quality Assurance/Quality Control (“QA/QC”) program has been in place since the GCLLC JV in 2011. The QA/QC program consists of inserting blanks and commercially certified standards into the sample stream. A blank or a standard is inserted into the sample sequence at least every 10 samples.
All standards are commercially certified and have been prepared in advance by accredited labs. The QP’s reviewed the results of blank assay and only 2 of 327 samples returned an assay greater than the detection limit for fire assay, 0.060 gpt gold.
All standards are commercially certified and have been prepared in advance by accredited labs. The QP’s reviewed the results of blank assays and only 3 of 591 samples returned an assay greater than the detection limit for fire assay, 0.060 gpt gold, which were considered acceptable results.
The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes.
The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes.
New Jersey Mill Idaho, Shoshone Joint Venture (65% Assets, 3,000 tonnes per month) Private land (35 acres) and 10 unpatented claims (50 acres). Private land, all permits required for production in place. Unpatented claims administered by BLM. Production Not Applicable (N/A) N/A N/A Diamond Creek Idaho, Lemhi 100% 244 unpatented claims (4,900 acres).
New Jersey Mill Idaho, Shoshone Joint Venture (65% Assets, 3,000 tonnes per month) Private land (35 acres) and 10 unpatented claims (50 acres). Private land, all permits required for production in place. Unpatented claims administered by BLM. Production Not Applicable (N/A) N/A N/A Mineral Hill Idaho, Lemhi 100% 118 unpatented claims (2,360 acres). Public land administered by USFS.
A summary of the permits held by the Company are found in the following table: Permit Descriptions Permit Description Reference Idaho Surface Mine Reclamation Plan for Golden Chest #S312900 Idaho Department of Lands US EPA Stormwater Pollution Prevention Plan For New Jersey Mill and Golden Chest Mine Multi-Sector General Permit Idaho Shallow Injection Well for Golden Chest #S94X-0026-001 Idaho Department of Water Resources In 2024, MSHA did not issue any citations for Section 104 S&S violations associated with the Golden Chest Mine or New Jersey Mill.
A summary of the permits held by the Company are found in the following table: Permit Descriptions Permit Description Reference Idaho Surface Mine Reclamation Plan for Golden Chest #S312900 Idaho Department of Lands US EPA Stormwater Pollution Prevention Plan For New Jersey Mill and Golden Chest Mine Multi-Sector General Permit Idaho Shallow Injection Well for Golden Chest #S94X-0026-001 Idaho Department of Water Resources In 2025, MSHA issued one citation for a Section 104 S&S violation at the New Jersey Mill.
The first carbonatite can be found in a northwest-trending seam which measures approximately 400 meters (1,300 feet) long and 90 meters (300 feet) wide; the second occurrence appears to be a smaller carbonatite plug, measuring about 200 meters in diameter. Infrastructure and Facilities The Mineral Hill Project currently does not contain any facilities on-site.
The first carbonatite can be found in a northwest-trending seam which measures approximately 400 meters (1,300 feet) long and 90 meters (300 feet) wide; the other two occurrences appear to be smaller carbonatite plugs, measuring about 200 meters in diameter. 31 Table of Contents Infrastructure and Facilities The Mineral Hill Project currently does not contain any facilities on-site.
Classification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2023 406,605 4.10 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2023 665,550 4.00 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2023 1,072,155 4.04 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2023 743,793 3.23 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2024 859,458 3.24 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93.0% UG 85% OP More information on the Company’s mineral reserves and resources is provided in Exhibit 96.1, the Technical Report Summary on the Golden Chest Mine, prepared by the Qualified Persons (“QP”) under Section 1300 of SEC Regulation S-K, Grant A.
Classification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2024 859,458 3.24 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured 2025 384,351 4.33 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2025 702,152 3.96 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2025 1,086,503 4.09 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2025 582,878 2.98 2.0 UG & 1.4 OP 93.0% UG 85% OP More information on the Company’s mineral reserves and resources is provided in Exhibit 96.1, the Technical Report Summary on the Golden Chest Mine, prepared by the Qualified Persons (“QP”) under Section 1300 of SEC Regulation S-K, Grant A.
Current Ore Processing Operations In October 2016, the Company resumed operations at the New Jersey Mill, processing ore extracted from open pit and underground at the Golden Chest. In 2024, the New Jersey Mill processed 41,140 tonnes at an average head grade of 9.67 gpt gold with 92.8% gold recovery.
Current Ore Processing Operations In October 2016, the Company resumed operations at the New Jersey Mill, processing ore extracted from open pit and underground at the Golden Chest. In 2025, the New Jersey Mill processed 41,840 tonnes at an average head grade of 10.14 gpt gold with 93.0% gold recovery.
Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven Reserves 2022 32,039 4.37 2.0 93 % Probable Reserves 2022 21,715 5.26 2.0 93 % Total Proven and Probable Reserves 2022 53,754 4.73 2.0 93 % Proven Reserves 2023 78,935 7.21 3.2 93 % Probable Reserves 2023 48,542 5.98 3.2 93 % Total Proven and Probable Reserves 2023 127,477 6.74 3.2 93 % Proven Reserves 2024 69,520 9.49 4.0 93 % Probable Reserves 2024 101,299 8.65 4.0 93 % Total Proven and Probable Reserves 2024 170,819 8.99 4.0 93 % Notes: 1.
Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven Reserves 2023 78,935 7.21 3.2 93% Probable Reserves 2023 48,542 5.98 3.2 93% Total Proven and Probable Reserves 2023 127,477 6.74 3.2 93% Proven Reserves 2024 69,520 9.49 4.0 93% Probable Reserves 2024 101,299 8.65 4.0 93% Total Proven and Probable Reserves 2024 170,819 8.99 4.0 93% Proven Reserves 2025 62,648 10.18 4.0 93% Probable Reserves 2025 275,872 6.21 4.0 93% Total Proven and Probable Reserves 2025 338,520 6.95 4.0 93% Notes: 1.
There are several metal buildings on the mine surface constructed from 2012 through 2021 including a core shed with offices, a mine shop, and associated mine dry and warehouse. In 2024, IDR began construction of a 80’ by 150’ metal building to house a paste backfill plant with room for future infrastructure.
Additional development by IDR in the MAR has been completed recently. There are several metal buildings on the mine surface constructed from 2012 through 2021 including a core shed with offices, a mine shop, and associated mine dry and warehouse. In 2025, IDR completed the construction of a 80’ by 150’ metal building to house a paste backfill plant.
Additionally, IDR has a mineral lease on 565 acres with the State of Idaho for T19N, Range 25E, Section 16. The Project is in the southern portion of the Idaho REE-Th Belt and straddles the ID-MT border. The property package is mainly contiguous and makes up approximately 11,990 acres.
Additionally, IDR has a mineral lease on 565 acres with the State of Idaho for Township 19N, Range 25E, Section 16. The project is in the southern portion of the Idaho REE-Th Belt and straddles the ID-MT border.
Equation 1 go/no-go cut-off Underground Mining Cut-off Variable Value Unit Mining Cost *G&A included 95 $/tonne Backfill Cost 22 $/tonne Mill Haul Cost 15 $/ore tonne Milling Cost 38 $/ore tonne Metallurgical Recovery 93 % Smelter Recovery (Payment) 91 % Royalty 2 % Gold Price 2,040 $/troy ounce In-Stope Cutoff (Mining Cost Sunk) 1.38 Au grams/tonne Go/No-Go (Mining Decision) 3.12 Au grams/tonne The in-stope cut-off is used when material in a defined stope must be mined to reach higher grades.
Equation 1 go/no-go cut-off Underground Mining Cut-off Variable Value Unit Mining Cost *G&A included 155 $/tonne Backfill Cost 50 $/tonne Mill Haul Cost 16 $/ore tonne Milling Cost 60 $/ore tonne Metallurgical Recovery 93 % Smelter Recovery (Payment) 93 % Royalty 2 % Gold Price 2,580 $/troy ounce In-Stope Cutoff (Mining Cost Sunk) 1.79 Au grams/tonne Go/No-Go (Mining Decision) 4.00 Au grams/tonne 29 Table of Contents The in-stope cut-off is used when material in a defined stope must be mined to reach higher grades.
ALS Minerals utilized Ore Grade REE analysis (ME-MS81h). 34 Table of Contents LEMHI PASS Figure 6 – Lemhi Pass Project Location Map Overview & History The Lemhi Pass Project is a REE and thorium Exploration Stage property located approximately 41 kilometers (25 miles) southeast of the town of Salmon, Idaho and stretches into Montana.
ALS Minerals utilizes Ore Grade REE analysis (ME-MS81h), while ActLabs utilizes the 8-REE Assay Package (FUS-MS) and the 8-Nb205 – XRF Option. 32 Table of Contents LEMHI PASS Figure 5 – Lemhi Pass Project Location Map Overview & History The Lemhi Pass Project is a REE and thorium exploration stage property located approximately 41 kilometers (25 miles) southeast of the town of Salmon, Idaho and stretches into Montana.
POO required. Exploration Underground Au, Ag Orogenic gold, veins Butte Highlands Montana, Silver Bow 25% Joint Venture Interest Patented claims (135 acres) and unpatented claims. Private land with operating permits from Montana DEQ and USFS. Development Underground Au, Ag Orogenic gold, veins New Jersey Mine Idaho, Shoshone 100% Private land (250 acres) and unpatented claims (130 acres).
Private land and public land administered by BLM and USFS. POO required. Exploration Underground Au, Ag Orogenic gold, veins Butte Highlands Montana, Silver Bow 25% Joint Venture Interest Patented claims (135 acres) and unpatented claims. Private land with operating permits from Montana DEQ and USFS.
Approximately 407 unpatented lode claims are situated in Idaho, while the remaining 161 unpatented lode claims are situated in Montana. The claims fees and lease fees necessary to obtain and hold the mineral rights at Lemhi Pass as well as the investments to explore the project are expensed each year that they are paid.
The claims fees and lease fees necessary to obtain and hold the mineral rights at Lemhi Pass as well as the investments to explore the project are expensed each year that they are paid.
In this scenario the mining cost is considered sunk and is omitted from Equation 1 as the cost was incurred regardless of the ore/waste determination at the face.
In this scenario the mining cost is considered sunk and is omitted from Equation 1 as the cost was incurred regardless of the ore/waste determination at the face. Evaluating equation 1 omitting mining cost yields a value of 4.00 gpt for the Mineral Reserves.
Public land administered by USFS, Plan of Operations in place. Exploration Underground Rare earth elements, Au Vein Lemhi Pass Idaho, Lemhi & Montana, Beaverhead 100% State lease (565 acres) and 568 unpatented claims (11,425 acres). Public land administered by State of Idaho, BLM and USFS. Plan of Operations required.
Plan of Operations required. Exploration Underground Rare earth elements Carbonatite dike, veins Lemhi Pass Idaho, Lemhi & Montana, Beaverhead 100% State lease (565 acres) and 678 unpatented claims (13,560 acres). Public land administered by State of Idaho, BLM and USFS. Plan of Operations required.
The go/no-go cut-off represents any material that has the potential to be mined but does not have to be mined as part of the operational plan. The go/no-go cut-off is used for initial stope planning as any given stope or sublevel does not have to be mined and should only be mined if it is economic.
The go/no-go cut-off is used for initial stope planning as any given stope or sublevel does not have to be mined and should only be mined if it is economic. The go/no-go cut-off is equation is presented in Equation 1.
(“AAS”), located at 59148 Silver Valley Rd, Osburn, ID 83849. AAS is ISO 17025 Certified for Mineral and Ore Chemical Testing. Fire assaying is the only method used to quantify gold in core samples and muck samples. Occasionally Atomic Absorption is use for multi-element analysis.
The laboratory used by IDR for sample preparation and analyses is: American Analytical Services, Inc. (“AAS”), located at 59148 Silver Valley Rd, Osburn, ID 83849. AAS is ISO 17025 Certified for Mineral and Ore Chemical Testing. Fire assaying is the only method used to quantify gold in core samples and muck samples.
To date, Idaho Strategic has not established any known reserves on the Mineral Hill property. Idaho Strategic initially staked the mining claims comprising the Mineral Hill Project in early 2020. Throughout Idaho Strategic’s ownership of the Project, the Company has staked additional claims at its discretion based upon exploration conducted to date.
To date, Idaho Strategic has not established any known reserves on the Mineral Hill property. Idaho Strategic initially staked the mining claims comprising the Mineral Hill Project in early 2020.
Survey volumes, block modeling, and estimation of Mineral Reserves is accomplished using Maptek’s Vulcan. Data is stored at the mine site and backed up to a separate server stored at the corporate office quarterly. ITEM 3. LEGAL PROCEEDINGS None.
Data is stored at the mine site and backed up to a separate server stored at the corporate office quarterly. ITEM 3. LEGAL PROCEEDINGS None.
The permitting process for a drill program at Mineral Hill is underway and any future drilling activities will be subject to permit approval and funding.
Exploration plans include further geologic mapping, sampling, and geophysical surveys in order to prepare the project for its inaugural drill program. The permitting process for a drill program at Mineral Hill is underway and any future drilling activities will be subject to permit approval and funding.
The mine is along Forest Highway 9 and is accessible by several improved dirt roads from the paved highway. A three-phase power line was installed in 2014 and upgraded in 2024, Power supplied by Avista Utilities.
The mine is along Forest Highway 9 and is accessible by several improved dirt roads from the paved highway. A three-phase power line, supplied by Avista Utilities, was installed in 2014 and upgraded in 2024. Property Ownership The core of the Golden Chest is a contiguous group of 34 patented claims where all modern mining has taken place to date.
Exploration Underground/Open Pit Rare earth elements, Thorium Vein Mineral Hill Idaho, Lemhi 100% 109 unpatented claims (2,200 acres). Public land administered by USFS. Plan of Operations required. Exploration Underground Rare earth elements Vein Eastern Star Idaho, Idaho 100% 11 patented claims (220 acres) and 71 unpatented claims (1,420 acres). Private land and public land administered by BLM and USFS.
Exploration Underground/Open Pit Rare earth elements, Thorium Carbonatite dike, veins Diamond Creek Idaho, Lemhi 100% 244 unpatented claims (4,900 acres). Public land administered by USFS, Plan of Operations in place. Exploration Underground Rare earth elements, Au Replacement carbonatite dike, veins Eastern Star Idaho, Idaho 100% 11 patented claims (220 acres) and 71 unpatented claims (1,420 acres).
Private land and public land administered by the BLM. Surface mining permit with Idaho. Exploration Underground/Open Pit Au, Ag Orogenic gold, veins Murray Area Idaho, Shoshone 100% 76 patented claims (1,371 acres) and 83 unpatented claims (1,660 acres). Private land and public land administered by the BLM and USFS. POO required on public lands.
Development Underground Au, Ag Skarn New Jersey Mine Idaho, Shoshone 100% Private land (250 acres) and unpatented claims (130 acres). Private land and public land administered by the BLM. Surface mining permit with Idaho. Exploration Underground/Open Pit Au, Ag Orogenic gold, veins Murray Area Idaho, Shoshone 100% 84 patented claims (1,510 acres) and 744 unpatented claims (14,880 acres).
To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic. The Company has provided a summary of exploration activities to provide an overview of Diamond Creek and demonstrate why the Company views this project favorably.
The Company has provided a summary of exploration activities to provide an overview of Diamond Creek and demonstrate why the Company views this project favorably.
Mining activities continued until September 2015 when Juniper ceased operations and terminated its lease, forfeiting the mine and infrastructure back to GCLLC. Present Condition, Work Completed, and Exploration Plans Current Underground Operations The Golden Chest underground mine is accessed by a primary decline or main access ramp (“MAR”) with a complimentary escape-way incline ramp, and a series of ventilation raises.
Present Condition, Work Completed, and Exploration Plans Current Underground Operations The Golden Chest underground mine is accessed by a primary decline or main access ramp (“MAR”) with a complimentary escape-way incline ramp, and a series of ventilation raises. The primary mining method is underhand drift-and-fill utilizing cemented rock-fill (“CRF”).
The unpatented lode claims are wholly owned by IDR and there are no underlying royalties on the unpatented lode claims. The Lemhi Pass mineral claims are located on BLM land and require an annual maintenance fee of $165 per claim per year which must be paid to the BLM by September 1 of each year.
In 2025, IDR leased 67 additional unpatented lode claims from a private, 3 rd party, which are subject to a 2% NSR. The Lemhi Pass mineral claims are located on BLM land and require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year.
Mineral Reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce. 6. Mineral Reserves are contained within the H-Vein, Paymaster Veins, and the Idaho Vein. The H-Vein and Paymaster Veins make up roughly equal portions of the Reserve tonnage. The Idaho Vein makes up approximately 14% of the Reserve tonnage and 7% of the contained gold. 7.
Mineral Reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce. 6. Mineral Reserves are contained within the H-Vein, Jumbo Vein, Paymaster Veins, and the Idaho Vein. 7. An average mining width of 3 m was used for the Reserves reporting for the Jumbo Vein, Paymaster Veins, and Idaho Vein. 8.
To date, Idaho Strategic has not established any known reserves on the Lemhi Pass Project. Idaho Strategic initially staked the mining claims comprising the Lemhi Pass Project in October 2021 and have added claims, based upon exploration, to the group in February 2022 and again in January 2023.
To date, Idaho Strategic has not established any known reserves on the Lemhi Pass Project. Idaho Strategic initially staked the mining claims comprising the Lemhi Pass Project in October 2021 and have added claims based upon exploration activities. 611 of the 678 unpatented lode claims are wholly owned by IDR and there are no underlying royalties.
The staff are experienced in the nuances of narrow vein mining and treat the model with their experience in mind. Drillhole logs are completed using Microsoft Excel and are only accessible by mine technical staff and timestamped at the last time of change. Geologic interpretation and solid modeling are accomplished using Leapfrog.
Drillhole logs are completed using Microsoft Excel and are only accessible by mine technical staff and timestamped at the last time of change. Geologic interpretation and solid modeling are accomplished using Leapfrog. Survey volumes, block modeling, and estimation of Mineral Reserves is accomplished using Maptek’s Vulcan.
The new POO will expand on the 2022 results at Lucky Gem and Contact areas as well as additional drilling targeting REE mineralization on the southern end of the Diamond Creek Project in the area known as Simer. There is no timeline for drill permit approval or projected timing of work.
The new POO will expand on the 2022 results at Lucky Gem and Contact areas as well as additional drilling targeting REE mineralization on the southern end of the Diamond Creek Project in the area known as Simer. To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic.
In September 2013, the Skookum Shoot portion of the Golden Chest property was leased to Juniper Mining Company (“Juniper”). Juniper began construction in Q3 2014, spending an estimated $7 to $9 million on mine development and infrastructure, building a modern gold mine that reached production in May 2015.
Juniper began construction in Q3 2014, spending an estimated $7 to $9 million on mine development and infrastructure, building a modern gold mine that reached production in May 2015. Mining activities continued until September 2015 when Juniper ceased operations and terminated its lease, forfeiting the mine and infrastructure back to GCLLC.
An average mining width of 3 m was used for the Reserves reporting for the Idaho Vein. 8. H-Vein and Paymaster Reserves were diluted to a 2.4 m minimum mining width. 9. Minimum mining width dilution is accounted for in the estimate. 10. Numbers may not add due to rounding.
H-Vein Reserves were diluted to a 2.4 m minimum mining width. 9. Minimum mining width dilution is accounted for in the estimate. 10. Numbers may not add due to rounding. The 2025 Mineral Reserve increased over the previous year because more drill holes were completed through the H-Vein and Paymaster Veins and drifting was completed on the Jumbo Vein.
Samples remain within the custody of staff up to the moment the samples are delivered to the laboratory at which time AAS assumes custody.
Samples remain within the custody of staff up to the moment the samples are delivered to the laboratory at which time AAS assumes custody. Chain of custody procedures include filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.
As of December 31, 2024, the Company had a net capital cost of $4,868,905 associated with the New Jersey Mill. Permit Requirements The New Jersey Mill has all the required environmental permits to operate currently and into the foreseeable. Some permits may require modification if operating conditions change, but typically these changes can be completed without impeding the milling operation.
As of December 31, 2025, the Company had a net capital cost of $5,077,274 associated with the New Jersey Mill. Permit Requirements The New Jersey Mill has all the required environmental permits to operate currently and into the foreseeable future.
ALS Minerals utilized Ore Grade REE analysis (ME-MS81h). Internal Controls on Exploration and Development Drilling Programs Exploration and development drilling programs are performed using industry standard quality control methods for drilling, logging, sampling, and analytical procedures. The laboratory used by IDR for sample preparation and analyses is: American Analytical Services, Inc.
All the samples that have been publicly released were analyzed by ALS Minerals using Ore Grade REE analysis (ME-MS81h) and reported niobium results were analyzed using Fusion XRF- NB Ore Grade (Nb-XRF10). 36 Table of Contents Internal Controls on Exploration and Development Drilling Programs Exploration and development drilling programs are performed using industry standard quality control methods for drilling, logging, sampling, and analytical procedures.
Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists.Sample collection procedures used meet industry best practices. Sample preparation procedures meet industry best practices. QA/QC results produce acceptable results. Security procedures are consistent with industry standards. The databases are managed in a secure area using modern, commonly used software by trained staff.
The sampling methods meet industry standard practices and are adequate for mineral resource and mineral reserve estimation and mine planning purposes. Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists. Sample collection procedures used meet industry best practices. Sample preparation procedures meet industry best practices. QA/QC results produce acceptable results.
Idaho Strategic utilizes a combined shop and office building located in the town of Salmon, Idaho, to stage equipment, log and process samples, house company employees, and conduct all other rare earth exploration activities relating to Mineral Hill. 33 Table of Contents Present Condition & Recent Activities From 2020 to present, Idaho Strategic has conducted surface sampling, geophysical surveys and geologic mapping is select areas of its mineral claims.
The project is accessible by road for approximately 8 months out of the year via National Forest Road 036 (Indian Creek Road). Idaho Strategic utilizes a combined shop and office building located in the town of Salmon, Idaho, to stage equipment, log and process samples, house company employees, and conduct all other rare earth exploration activities relating to Mineral Hill.
(“Newmont”) followed GCI’s discovery by evaluating the veins for bulk mineable potential in the late-1980’s. Newmont drilled 35 shallow reverse-circulation and five core holes. In 2010 and 2011, a JV between IDR and Calibre drilled 18,300 meters of core and published a resource report in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) .
(“Newmont”) followed GCI’s discovery by evaluating the veins for bulk mineable potential in the late-1980’s. Newmont drilled 35 shallow reverse-circulation and five core holes.
The unpatented lode claims are wholly owned by IDR and there are no underlying royalties. The Mineral Hill Project and the greater Mineral Hill district was historically prospected for gold and copper in the early 1900’s.
In 2025, IDR leased 9 additional unpatented lode claims from a private, 3 rd party, which are subject to a 2% NSR. The Mineral Hill Project and the greater Mineral Hill District was historically prospected for gold and copper in the early 1900’s.
Present Condition of Plant & Equipment The Golden Chest underground main access ramp was originally developed in 2013 at nominal 4-meter by 4.5-meter cross-section. Additional development by IDR in the MAR has been completed recently.
Exploration plans for 2026 include more drilling of the Paymaster shoot at depth, and drilling at the Katie-Dora and Klondike areas on the northern part of the mine property. Present Condition of Plant & Equipment The Golden Chest underground main access ramp was originally developed in 2013 at nominal 4-meter by 4.5-meter cross-section.
Exploration Plans and Results Modern exploration, including over 30,000 meters of drilling, reveals six ore shoots at the Golden Chest that demonstrate strong periodicity, consistent width and spacing, along the Idaho Fault. Most historic production came from the northernmost of these shoots, the Katie-Dora and the Klondike. Current underground mining occurs within the H-Vein.
Additionally, 700 meters of stope access ramps were completed during the year. Current Open-Pit Operations No open-pit operations took place during 2025. Exploration Plans and Results Modern exploration, including over 70,000 meters of drilling, reveals six ore shoots at the Golden Chest that demonstrate strong periodicity, consistent width and spacing, along the Idaho Fault.
All the samples that have been publicly released were analyzed by ALS Minerals using Ore Grade REE analysis (ME-MS81h) and reported niobium results were analyzed using Fusion XRF- NB Ore Grade (Nb-XRF10). 32 Table of Contents MINERAL HILL Figure 5 – Mineral Hill Project Location Map Overview & History The Mineral Hill Project (formerly Roberts) is a REE Exploration Stage property located approximately 48 kilometers (30 miles) northwest of the town of Salmon, Idaho.
ALS Minerals utilizes Ore Grade REE analysis (ME-MS81h), while ActLabs utilizes the 8-REE Assay Package (FUS-MS) and the 8-Nb205 – XRF Option. 34 Table of Contents DIAMOND CREEK Figure 6 – Diamond Creek Project Location Map Overview & History The Diamond Creek Project is a REE exploration stage property located approximately 13 kilometers (8 miles) north-northwest of the town of Salmon, Idaho.
One sample taken by Company geologists returned assays of combined rare earth elements oxide in excess of 34%, including 3% neodymium. The company’s samples show critical REEs like neodymium, praseodymium, and samarium in abundance. Similarly, as with IDR’s Diamond Creek property, REE’s are not the only valuable commodities. Gold and niobium may also be in profitable concentration as by-products.
The Roberts occurrences outcrop along a northwest strike for greater than 400 meters and demonstrate high-grade REE mineralization in a number of surface samples. One sample taken by Company geologists returned assays of combined rare earth elements oxide in excess of 34%, including 3% neodymium. The Company’s samples show critical REEs like neodymium, praseodymium, and samarium in abundance.
Recent samples collected from the Mineral Hill property, show assays with gold values up to 8.8 grams per ton and niobium as high as 0.50%. Exploration plans include further geologic mapping, sampling, and geophysical surveys in order to prepare the project for its inaugural drill program.
Similarly, as with IDR’s Diamond Creek property, REE’s are not the only valuable commodities. Gold and niobium may also be in profitable concentration as by-products. Recent samples collected from the Mineral Hill property, show assays with gold values up to 8.8 grams per ton and niobium as high as 0.50%.
Excellent exploration potential remains in unmined portions of the northern shoots as well as in the unmined Paymaster and Joe Dandy areas to the south. During 2024, a total of 10,148 meters of core drilling were completed at the Golden Chest. Most of the meters were drilled in the northern areas of the mine in the Klondike area.
Most historic production came from the northernmost of these shoots, the Katie-Dora and the Klondike. Current underground mining occurs within the H-Vein. Excellent exploration potential remains in unmined portions of the northern shoots as well as in the unmined Paymaster and Joe Dandy areas to the south.
The mine electrical service is a three-phase, 500 kilo-volt-ampere (“kVA”) installation supplied by Avista Utilities (“Avista”). Avista began construction of an additional 500 kVA service to the mine in 2024 and is expected to be completed in 2025. As of December 31, 2024, the Company had a net capitalized development and investment cost of $9,605,646 associated with the Golden Chest.
In late 2025 the Company contracted with Avista to double the electrical service in 2026 to 2,000 kVA to support mine expansion activity and the new mill. As of December 31, 2025, the Company had a net capitalized development and investment cost of $14,774,667 associated with the Golden Chest.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+0 added−1 removed4 unchanged
Biggest changeEquity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) 2014 Equity Incentive Compensation Plan approved by the board 77,000 $ 5.17 0 2023 Equity Incentive Compensation Plan approved by the board and shareholders 0 0 1,225,600 Equity compensation plans not approved by the board 0 0 0 Total 77,000 $ 5.17 1,225,600 38 Table of Contents Recent Sales of Unregistered Securities If the Company pays for goods and services with restricted common stock, the policy is to determine the fair value of the goods or services to determine the number of corresponding shares to be issued.
Biggest changeEquity Compensation Plan Information Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) 2014 Equity Incentive Compensation Plan approved by the board 0 0 0 2023 Equity Incentive Compensation Plan approved by the board and shareholders 329,375 $ 11.50 825,600 Equity compensation plans not approved by the board 0 0 0 Total 329,375 $ 11.50 825,600 Recent Sales of Unregistered Securities If the Company pays for goods and services with restricted common stock, the policy is to determine the fair value of the goods or services to determine the number of corresponding shares to be issued.
Transfer Agent The transfer agent for the Company’s Common Stock is Equinity Trust Company, LLC: 48 Wall Street, Floor 23, New York, NY 10005.
Transfer Agent The transfer agent for the Company's common stock is Equiniti Trust Company, LLC: 48 Wall Street, Floor 23, New York, NY 10005.
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Market Information The Company’s Common Stock currently trades on the American tier of the NYSE Market under the symbol “IDR”. As of March 1, 2025, there were approximately 300 shareholders of record of the Company’s Common Stock.
ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS Market Information The Company's common stock currently trades on the American tier of the NYSE Market under the symbol "IDR". As of March 1, 2026, there were approximately 250 shareholders of record of the Company's common stock.
As of December 31, 2024, there have been no awards made under this new plan. No additional fees are paid for attendance at Board of Directors’ meetings, committee membership or committee chairmanship.
As of December 31, 2025, 400,000 options have been granted under this new plan. No additional fees are paid for attendance at Board of Directors’ meetings, committee membership or committee chairmanship.
When applicable, an agreed upon price for our common stock is used that considers the bid/offer price as quoted by the NYSE-American. There were no sales of unregistered securities in 2024. The Company closed a private placement in February 2023.
When applicable, an agreed upon price for the Company’s common stock is used that considers the bid/offer price as quoted by the NYSE-American. There were no sales of unregistered securities in 2025. 38 Table of Contents ITEM 6. [RESERVED] Not Applicable.
Removed
Under the private placement, the Company sold 123,365 shares at $5.50 per share and 35,088 shares at $5.70 per share for net proceeds of $878,503. ITEM 6. [RESERVED] Not Applicable.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

30 edited+11 added−2 removed10 unchanged
Biggest changeThe increase was primarily due to increased production and higher gold prices. · The consolidated net profit included non-cash charges of $1,971,666 ($1,470,563 in 2023) as follows: depreciation and amortization of $1,953,388 ($1,466,703 in 2023), accretion of asset retirement obligation of $18,761 ($15,952 in 2023), loss on disposal of equipment of $1,431 (gain of $13,026 in 2023), equity income on investment in Buckskin Gold and Silver, Inc. $2,667 ($4,517 in 2023), write down of reclamation bond $300 (none in 2023). · Net income attributable to Idaho Strategic Resources, Inc. was $8,836,685 and $1,157,746 in the years ended December 31, 2024, and 2023, respectively. · Gold sales receivable increased to $1,578,694 from $1,038,867 at December 31, 2024 compared to 2023. · The Company saw an increase in exploration expenses of $1,397,314 for 2024 due to the expanded drilling program at the Golden Chest mine for development and exploration purposes. · Professional services costs decreased in 2024.
Biggest changeThe increase was primarily due to higher gold prices. · The consolidated net income included non-cash charges of $4,556,936 ($1,973,746 in 2024) as follows: depreciation and amortization of $2,338,100 ($1,953,388 in 2024), accretion of asset retirement obligation of $20,042 ($18,761 in 2024), loss on disposal of equipment of $343,945 ($1,431 in 2024), equity income on investment in Buckskin Gold and Silver, Inc. $3,646 ($2,667 in 2024), write down of reclamation bond $0 ($300 in 2024) stock-based compensation of $1,505,244 ($0 in 2024), unrealized gain on equity securities and mutual funds of $110,092 ($0 in 2024), amortization of discount on US treasury notes of $37,197 ($2,080 in 2024), and accrued income tax liability of $426,146 ($0 in 2024). · Cash cost per ounce increased $116.80 compared to 2024 due to slightly higher input costs. · All-in sustaining cost per ounce increased $417.74 compared to 2024 due to increased exploration at the Golden Chest which also increased sustaining capital.
In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Lemhi Pass, Diamond Creek, and Mineral Hill.
In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Mineral Hill, Lemhi Pass, and Diamond Creek.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Plan of Operation Idaho Strategic is a gold producer and critical minerals/REE exploration company focused on a diversified asset base and cash flows from operations.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Plan of Operation Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations.
Planned production for the next 18 months indicates a positive cash flow from operations will continue as underground mining of the H-Vein remains the primary source of ore feed for the mill. In prior years, the Company has been successful in raising required funds for ongoing operations from sale of its common stock or borrowing.
Planned production for the next 18 months indicates a positive cash flow from operations will continue as underground mining of the H-Vein and Jumbo vein remains the primary source of ore feed for the mill. In prior years, the Company has been successful in raising required funds for ongoing operations from sale of its common stock or borrowing.
At December 31, 2024, the Company made an estimate that the cost of the machine and man hours probable to be needed to put its properties in the condition required by permits once operations cease would be $104,000 for the Golden Chest Mine property and $224,000 for the New Jersey Mine and Mill.
At December 31, 2025, the Company made an estimate that the cost of the machine and man hours probable to be needed to put its properties in the condition required by permits once operations cease would be $104,000 for the Golden Chest Mine property and $224,000 for the New Jersey Mine and Mill.
The cost per ounce calculations are based on ounces produced. Upon sale, the Company typically receives payment at an average rate of 90% of ounces produced after smelting and refining charges are deducted. Cash cost per ounce is an important operating measure that we utilize to measure operating performance.
The cost per ounce calculations are based on ounces produced. Upon sale, the Company typically receives payment at an average rate of 94% of ounces produced after smelting and refining charges are deducted. Cash cost per ounce is an important operating measure that we utilize to measure operating performance.
The following paragraphs identify our most critical accounting policies: Our concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement.
The following paragraphs identify the most critical accounting policies: The Company’s concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement.
The embedded derivative contained in our concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur.
The embedded derivative contained in the Company’s concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur.
Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Our management has discussed the development and selection of our most critical financial estimates with the Audit and Finance Committee of our Board of Directors.
Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Company management has discussed the development and selection of the most critical financial estimates with the Audit and Finance Committee of the Company’s Board of Directors.
The Company’s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company’s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and exploration for REEs.
The Company’s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company’s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and critical minerals exploration.
However, we can reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes.
However, the transaction price can be reasonably estimated for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes.
To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include drilling, trenching, sampling, and mapping of certain areas within the Company’s 19,090-acre landholdings.
To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include mapping, sampling, trenching, and drilling of certain areas within the Company’s 21,385-acre landholdings.
As such, we use the expected value method to price the concentrate until the final settlement date occurs, at which time the final transaction price is known.
As such, the expected value method is used to price the concentrate until the final settlement date occurs, at which time the final transaction price is known.
The table below presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non-GAAP measures of cash cost per ounce produced and all in sustaining costs per ounce produced for the Company’s gold production for the years ended December 31, 2024, and 2023.
The table below presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non-GAAP measures of cash cost per ounce produced and AISC per ounce produced for the Company’s gold production for the years ended December 31, 2025, and 2024.
We base our estimates on experience and on various other assumptions our management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources.
The Company bases its estimates on experience and on various other assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources.
At December 31, 2024, metals that had been sold but not final settled included 6,466 ounces of gold of which 1,283 ounces were sold at a predetermined price with the remaining 5,183 ounces exposed to future price changes until prices are locked in based on the month of settlement.
At December 31, 2025, metals that had been sold but not final settled included 6,103 ounces of gold of which 5,089 ounces were sold at a predetermined price with the remaining 1,014 ounces exposed to future price changes until prices are locked in based on the month of settlement.
This increase is attributable to the higher head grade including H-Vein ore processed at the Company’s New Jersey Mill, as well as higher gold prices recognized on concentrate sales. · Net income for the year ended December 31, 2024 was $8,753,377 compared to net income for the year ended December 31, 2023 of $1,073,449.
This increase is attributable to the higher head grade from H-Vein ore processed at the Company’s New Jersey Mill, as well as higher gold prices recognized on concentrate sales. · Net income for the year ended December 31, 2025 was $16,631,198 compared to net income for the year ended December 31, 2024 of $8,753,377.
The Company’s gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Eastern Star exploration property and other less advanced properties.
The Company’s gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Little Baldy and Niagara exploration properties and other less advanced properties.
Ore from the H-vein is anticipated to be the primary source of ore for 2025 as it was in 2024. · Gross profit for the year ended December 31, 2024 was $12,950,493 compared to a gross profit of $3,965,036 in 2023.
Ore from the H-vein is anticipated to be the primary source of ore for 2026 as it was in 2025. · Gross profit for the year ended December 31, 2025 was $26,205,927 compared to a gross profit of $12,950,493 in 2024.
During 2024, the Company changed the way sustaining capital is calculated to better reflect actual costs required to sustain mining operations. Prior periods have been restated in the table below to reflect this change.
During 2024, the Company adjusted the method of calculating sustaining capital to better reflect actual costs required to sustain mining operations. Prior periods have been restated in the table below to reflect this change.
The Company’s expansion into REE’s came about in an effort to diversify its holdings towards the anticipated demand for these elements in the electrification of motorized vehicles and a renewed focus on the United States’ domestic critical minerals supply chain security.
The Company’s expansion into REE’s came about in an effort to diversify its holdings towards the anticipated demand for these elements in advanced robotics, low-carbon technologies, and a renewed focus on the United States’ domestic critical minerals supply chain security for national defense.
This resulted in an increase in gross profit as a percentage of sales from 29.0% in 2023 to 50.3% in 2024.
This resulted in an increase in gross profit as a percentage of sales from 50.3% in 2024 to 61.8% in 2025.
Management believes it can meet its contractual obligations with continuing cash flows from operations, existing cash, and potential financings for the next 18 months. ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not required for smaller reporting companies.
Management believes it can meet its contractual obligations with continuing cash flows from operations, existing cash, and potential financings for the next 18 months.
The Company’s working capital at December 31, 2024 is $9,462,524. The Company is currently producing from underground at the Golden Chest. During 2024, production generated positive cash flow from operations of $10,838,806 compared to a positive cash flow from operations of $2,104,009 in 2023.
The Company’s working capital at December 31, 2025 is $47,669,136. The Company is currently producing from underground at the Golden Chest. During 2025, production generated positive cash flow from operations of $19,101,691 compared to a positive cash flow from operations of $10,840,886 in 2024.
Golden Chest Highlights for 2024 include: · Produced a total of 11,915 ounces of gold contained in concentrates and doré. · Mining was focused on the high-grade H-Vein at the Golden Chest mine. · Mined 41,140 tonnes of ore from the H-Vein underground at the Golden Chest Mine at an average grade of 9.67 gpt gold and completed 215 meters of development on the MAR and 129 meters of drifting for an H-Vein exploration project.
Golden Chest Highlights for 2025 include: · Produced a total of 12,538 ounces of gold contained in concentrates and doré. · Mining was focused on the high-grade H-Vein at the Golden Chest mine. · Mined 41,840 tonnes of ore from the H-Vein underground at the Golden Chest Mine at an average grade of 10.14 gpt gold and completed 315 meters of development on the MAR and 116 meters of related development for sumps, muck-bays, and escape raises.
The increase was due to 3,595 more ounces of gold sold during the year, as well as higher gold prices recognized on concentrate sales.
The increase was due to 665 more ounces of gold sold during the year, as well as higher realized gold prices recognized on concentrate sales. Realized gold price for 2025 was $3,583.43 vs $2,306.86 in 2024.
Results of Operations Idaho Strategic’s financial performance for the years ended December 31, 2024, and 2023 is summarized below: · Revenue from concentrate sales increased 88.7% to $25,765,373 for the year ending December 31, 2024, compared to $13,656,733 for the comparable period in 2023.
The program drilled 2,056 meters during the fourth quarter with logging and sampling ongoing. 40 Table of Contents Results of Operations Idaho Strategic’s financial performance for the years ended December 31, 2025, and 2024 is summarized below: · Revenue from concentrate sales increased 64.6% to $42,406,253 for the year ending December 31, 2025, compared to $25,765,373 for the comparable period in 2024.
December 31, 2024 2023 Cost of sales and other direct production costs and depreciation, depletion, and amortization $ 12,814,880 $ 9,691,697 Depreciation, depletion, and amortization (1,953,388 ) (1,466,703 ) Change in concentrate inventory (23,243 ) (258,368 ) Cash Cost $ 10,838,249 $ 7,966,626 Exploration 2,920,535 1,523,221 Less REE exploration costs (274,129 ) (613,883 ) Sustaining capital 3,385,893 2,458,737 General and administrative 763,040 630,126 Less stock-based compensation and other non-cash items (18,278 ) (3,860 ) AISC $ 17,615,310 $ 11,960,967 Divided by ounces produced 11,915 8,247 Cash cost per ounce $ 909.63 $ 966.00 AISC per ounce $ 1,478.41 $ 1,450.34 Financial Condition and Liquidity For the Years Ended December 31, Net cash provided (used) by: 2024 2023 Operating activities $ 10,838,806 $ 2,104,009 Investing activities (20,760,809 ) (2,102,235 ) Financing activities 8,741,905 647,194 Net change in cash and cash equivalents (1,180,098 ) 648,968 Cash and cash equivalents, beginning of period 2,286,999 1,638,031 Cash and cash equivalents, end of period $ 1,106,901 $ 2,286,999 The Company has an accumulated deficit of approximately $8 million at December 31, 2024 and earned a consolidated net profit in 2024 of $8,753,377.
December 31, 2025 2024 Cost of sales and other direct production costs and depreciation, depletion, and amortization $ 16,200,326 $ 12,814,880 Less depreciation, depletion, amortization and stock-based compensation (3,265,706 ) (1,953,388 ) Change in inventory (65,188 ) (23,243 ) Cash Cost $ 12,869,432 $ 10,838,249 Exploration 7,637,435 2,920,535 Less non-gold exploration and stock-based compensation (2,659,417 ) (324,333 ) Sustaining capital 5,974,247 3,385,893 General and administrative 1,092,822 763,040 Less stock-based compensation and other non-cash items (769,124 ) (20,058 ) AISC $ 23,719,249 $ 17,563,326 Divided by ounces produced 12,538 11,915 Cash cost per ounce $ 1,026.43 $ 909.63 AISC per ounce $ 1,891.79 $ 1,474.05 Financial Condition and Liquidity For the Years Ended December 31, Net cash provided (used) by: 2025 2024 Operating activities $ 19,101,691 $ 10,840,886 Investing activities (61,458,139 ) (20,762,889 ) Financing activities 51,139,312 8,741,905 Net change in cash and cash equivalents 8,782,864 (1,180,098 ) Cash and cash equivalents, beginning of period 1,106,901 2,286,999 Cash and cash equivalents, end of period $ 9,889,765 $ 1,106,901 The Company has retained earnings of approximately $8.3 million at December 31, 2025 and earned a consolidated net profit in 2025 of $16,631,198.
Additionally, over 600 meters of stope access ramps were completed during the year. · Processed 41,140 dry metric tonnes at the Company’s New Jersey Mill with an average gold head grade of 9.67 gpt and gold recovery of 92.8%. · Completed 10,148 meters of core drilling at the Golden Chest to convert Paymaster Resources to Mineral Reserves and also completed exploration drilling primarily in the northern part of the property in the Klondike area which includes the Red Star zone. · A highlight of the core drilling was hole GC24-265 which intercepted 50.9 gpt gold over 4.5 meters in the newly discovered Red Star zone.
Additionally, about 700 meters of stope access ramps were completed during the year. · Processed 41,840 dry metric tonnes at the Company’s New Jersey Mill with an average gold head grade of 10.14 gpt and gold recovery of 93.0%. · Completed 19,362 meters of core drilling at the Golden Chest at the Paymaster, H-Vein, Red Star, Jumbo, and Klondike areas.
Professional services in 2023 included a one-time expense. · Cash cost and all in sustaining costs for gold production remained relatively constant for 2023 and 2024. 40 Table of Contents Cash Costs and All-In Sustaining Costs Reconciliation to Generally Accepted Accounting Principles (“GAAP”) Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and All-In Sustaining Costs (“AISC”) per ounce (non-GAAP).
Adjusted all-in sustaining cost per ounce without exploration was $1,494.75 and $1,256.16 for 2025 and 2024, respectively. · Gold sales receivable increased to $3,912,922 from $1,578,694 at December 31, 2025 compared to 2024. · The Company saw an increase in exploration expenses of $4,716,900 for 2025 due to the expanded drilling program at the Golden Chest mine for development and exploration purposes. 41 Table of Contents Cash Costs and All-In Sustaining Costs Reconciliation to Generally Accepted Accounting Principles (“GAAP") Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and All-In Sustaining Costs (“AISC”) per ounce (non-GAAP).
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REE Exploration Highlights for 2024 include: · Idaho Strategic’s CEO and President, John Swallow, was invited by members from the U.S.
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Amortization of development costs is calculated using the units-of-production method over the expected life as per the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 360-10-35-4. This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp (“MAR”).
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Department of Energy to speak at the Future Needs for Responsible Mining of Critical Minerals workshop in January 2024. · Attended the Adamas Rare Earth Mines, Magnets and Motors Conference in Toronto, Canada. · Attended the International Rare Earth Elements Conference in Washington DC. · Continued discussions with various laboratories, universities, and partners to advance the understanding of Idaho’s rare earth mineralogy and broader mineral endowment.
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Measured resources are 90-100% interpolated, and indicated resources 75-80% interpolated, using a 2 grams per tonne gold cut-off grade at the diluted minimum mining width. Conservative estimation parameters (three samples within 25 meters for measured, two within 50 meters for indicated) and economic factors ensure viability. Inferred resources are excluded to reduce uncertainty, and therefore, the volumes are risk-adjusted.
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Assumptions are regularly evaluated, with material deviations disclosed to ensure a systematic and rational cost allocation. More information on the Company’s reserves and resources can be found in the Technical Report Summary For the Golden Chest Mine which is included as Exhibit 96.1 to this Form 10-K.
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About half of the meterage was dedicated to converting Paymaster Mineral Resources to Mineral Reserves. · A highlight of 2025 exploration was drifting from the Jumbo Pit portal that intercepted the Jumbo vein and found 25 meters of vein strike length with an average thickness of 0.52 meters at a gold grade of 85 gpt.
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REE Exploration Highlights for 2025 include: · During the year the Company 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 REE projects.
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Key prospects covered by the mineral claims leased by the Company include Cardinal (Mineral Hill), Lucky Horseshoe (Lemhi Pass, Idaho), Silver Queen (Lemhi Pass, Idaho), Last Chance (Lemhi Pass, Montana), Trapper (Lemhi Pass, Montana), and other prospects.
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Later in the year, Idaho Strategic sampled greater than 17.6% total REEs from the Cardinal prospect. · Idaho Strategic announced the signing of a Memorandum of Understanding with Clean Core Thorium Energy, Inc.
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(“CCTE”) to evaluate the feasibility of thorium mining, processing, and fuel fabrication to facilitate a “Made in America” thorium-based nuclear fuel supply chain utilizing thorium from the Company’s Lemhi Pass project and CCTE’s ANEEL fuel- an advanced nuclear fuel comprised of thorium and high assay low-enriched uranium for use in existing nuclear reactors. · The Company announced the discovery of a carbonatite with strong REE mineralization at the Lucky Horseshoe prospect within the Lemhi Pass project.
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Initial samples taken from outcrop assayed up to 6.14% total rare earth oxides with ratios of 65% magnet rare earth oxides (Nd, Pr, Dy, Tb) and 11% SEG oxides (Sm, Eu, Gd). · Idaho Strategic initiated a large-scale geophysics program across its Mineral Hill and Lemhi Pass projects including LiDAR, magnetics, and radiometrics surveys. · The Company initiated a soil sampling program covering many key prospects across the Idaho portion of its Lemhi Pass project.
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Initial success of the program at identifying areas of anomalous REEs in soils has led to an extension of the project scope. Soil sampling work will be utilized to aid in the planning of drill programs and other future exploration work. · Idaho Strategic completed its inaugural phase 1 drill program at a single prospect at Lemhi Pass.
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Idaho Strategic calculates sustaining capital by including depreciation and amortization as an estimate of property, plant, and equipment wear and tear necessary to maintain production capacity, plus Golden Chest capitalized development costs, net of current period amortization, to reflect expenses for sustaining mine access and gold production.

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