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What changed in Idaho Strategic Resources, Inc.'s 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of Idaho Strategic Resources, Inc.'s 2023 and 2024 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 2024 report.

+291 added−287 removedSource: 10-K (2025-03-31) vs 10-K (2024-03-25)

Top changes in Idaho Strategic Resources, Inc.'s 2024 10-K

291 paragraphs added · 287 removed · 264 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

15 edited+2 added−3 removed36 unchanged
Biggest changeThe 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 is 42.
Biggest changeUpon 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.
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 2023. 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 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.
The Company attempts to mitigate this risk by focusing its efforts in areas known to host significant mineral deposits, and by relying on its experienced management team to drive analysis, evaluation, and acquisition of properties that it feels have a higher-than-average probability of success.
The Company attempts to mitigate this risk by focusing its efforts in areas known to host significant and/or economic mineral deposits, and by relying on its experienced management team to drive analysis, evaluation, and acquisition of properties that it feels have a higher-than-average probability of success.
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 5,000 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; · Approximately 1,500 acres of patented mineral property and over 5,800 acres of nearby and adjacent un-patented mineral property.
ITEM 1. DESCRIPTION OF THE BUSINESS History and Organization Idaho Strategic Resources, Inc. (“the Company”, “Idaho Strategic”, “IDR”, “our”, “us”, or “we”) was incorporated under the laws of the State of Idaho on July 18, 1996. The Company’s head office and registered records office is located at 201 N. 3 rd St. Coeur d’Alene, ID 83814.
ITEM 1. DESCRIPTION OF THE BUSINESS History and Organization Idaho Strategic Resources, Inc. (“the Company”, “Idaho Strategic” or “IDR”) was incorporated under the laws of the State of Idaho on July 18, 1996. The Company’s head office and registered records office is located at 201 N. 3 rd St. Coeur d’Alene, ID 83814.
The Company competes 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.
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.
The Company has focused its efforts on expanding underground development and production at the Golden Chest Mine and assembled its extensive land holdings within the MGB area. With all debt associated with the start-up of operations behind it, the Company significantly increased its exploration and expansion activities in the Murray Gold Belt.
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.
Both 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 located within the state of Idaho.
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.
Insurance against environmental risk (including potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production) is not generally available to the Company (or to other companies in the minerals industry) at a reasonable price.
The Company is subject to potential risks and liabilities occurring from mineral exploration and production activities. Insurance against environmental risk (including potential liability for pollution or other hazards from the disposal of waste products occurring from exploration and production) is not generally available to the Company (or to other companies in the minerals industry) at a reasonable price.
If the prices of these metals were to fall substantially, it could lead to a loss of investor interest in the mining sector, which could make it more difficult to raise the capital necessary for the Company to move exploration and development plans forward, if needed.
If the prices of these metals were to fall substantially, in addition to an impact on economics and/or profitability, it could lead to a loss of investor interest in the mining sector which could make it more difficult to raise capital if considered necessary for the Company to move exploration and development plans forward.
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. A link to the Company’s filings with the SEC is provided on the Company’s website www.idahostrategic.com.
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.
As an example, IDR’s core drilling at Diamond Creek on USFS administered land required a bond of $85,800 for minimal disturbance with drill pads adjacent to an existing road. If a plan requires road building, the bond amount can increase significantly. Upon completion of site reclamation and approval by the managing agency, the bond is returned to the Company.
As an example, IDR’s core drilling at Diamond Creek on USFS administered land required a bond of $85,800 for minimal disturbance with drill pads adjacent to an existing road (bond returned following reclamation). If a plan requires road building, the bond amount can increase significantly.
Although not expected, if H&H Metals could not purchase the gold concentrate, it is anticipated another customer could be found readily as the flotation gold concentrate is a high value concentrate with minor deleterious element content. The Company ships its gold concentrate overseas to smelters in South Korea and Japan.
Although not expected, if H&H Metals could not purchase the gold concentrate, it is anticipated another customer could be found readily as the flotation gold concentrate is a high value concentrate with minor deleterious element content.
The Company is an established gold producer, with surface and underground mining operations at its 100-percent owned Golden Chest Mine and conducts milling operations at its majority-owned New Jersey Mill. In addition to gold and gold production, the Company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more “at-risk” rare earth elements (“REE”).
The Company is an established gold producer, with prior surface and current underground mining operations at its 100-percent owned Golden Chest Mine and conducts milling operations at its majority-owned New Jersey Mill. In addition to gold and gold production, the Company maintains an important strategic presence in the U.S.
The Company’s 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 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.
Removed
The global shipping challenges due to Covid-19 were largely remedied in 2022 and the Company was able to ship a substantial portion of its concentrate inventory reducing the amount of inventory stored at the New Jersey Mill, returning inventory to near pre-pandemic levels.
Added
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.
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The Company is subject to potential risks and liabilities occurring as a result of mineral exploration and production.
Added
A link to the Company’s filings with the SEC is provided on the Company’s website www.idahostrategic.com .
Removed
REPORTS TO SECURITY HOLDERS The Company is not required to deliver an annual report to shareholders; however, it plans to deliver an annual report to shareholders in 2024. The annual report will contain audited financial statements. The Company may also rely on the Internet to deliver annual reports to shareholders.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

144 edited+8 added−3 removed38 unchanged
Biggest changeIn addition to the other risk factors contained or incorporated by reference herein, factors that could impact our trading price include: · our 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 us or other industry participants; 19 Table of Contents · reports in the press or investment community generally or relating to our reputation or the financial services industry; · developments in our business or operations or our industry sectors generally; · any future offerings by us of our common stock; · any coordinated trading activities or large derivative positions in our 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 our industry generally or our business and operations specifically; · the operating and stock price performance of companies that investors consider to be comparable to us; · announcements of strategic developments, acquisitions, restructurings, dispositions, financings and other material events by us or our 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 our current shareholders, including future sales of common shares by existing shareholders, including our directors and executive officers; · proposed or final regulatory changes or developments; · anticipated or pending regulatory investigations, proceedings, or litigation that may involve or affect us; 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.
Biggest changeCertain 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.
Failure to execute any or all of our strategic plan could have a material adverse effect on our financial condition, results of operations, and cash flows. 10 Table of Contents Risks Associated with Operations, Climate, Development, Exploration, and Acquisition Risks Exploration activities involve a high degree of risk, and exploratory drilling activities may not be successful.
Failure to execute any or all of the strategic plan could have a material adverse effect on our financial condition, results of operations, and cash flows. 10 Table of Contents Risks Associated with Operations, Climate, Development, Exploration, and Acquisition Risks Exploration activities involve a high degree of risk, and exploratory drilling activities may not be successful.
There are a number of factors that can affect costs and construction schedules, including, among others: · availability of labor, energy, transportation, equipment, and infrastructure; · changes in input commodity prices and labor costs; · fluctuations in currency exchange rates; · availability and terms of financing; · changes in anticipated tonnage, grade and metallurgical characteristics of the mineralized material to be mined and processed; · recovery rates of gold and other metals from mineralized materials; · difficulty of estimating construction costs over a period of a year; · delays in completing any environmental review or in obtaining environmental or other government permits; · weather and severe climate impacts; and · potential delays related to health, social, political and community issues.
There are many factors that can affect costs and construction schedules, including, among others: · availability of labor, energy, transportation, equipment, and infrastructure; · changes in input commodity prices and labor costs; · fluctuations in currency exchange rates; · availability and terms of financing; · changes in anticipated tonnage, grade and metallurgical characteristics of the mineralized material to be mined and processed; · recovery rates of gold and other metals from mineralized materials; · difficulty of estimating construction costs over a period of a year; · delays in completing any environmental review or in obtaining environmental or other government permits; · weather and severe climate impacts; and · potential delays related to health, social, political and community issues.
Poor results from the Company’s drilling activities would materially and adversely affect the Company’s future cash flows and results of operations. Transportation and weather interruptions may affect and delay proposed mining operations and impact our business plans . Our mining properties are accessible by road.
Poor results from the Company’s drilling activities would materially and adversely affect the Company’s future cash flows and results of operations. Transportation and weather interruptions may affect and delay proposed mining operations and impact the Company’s business plans . The Company’s mining properties are accessible by road.
Climate change is expected to create more extreme weather patterns that can increase the frequency or severity of forest and droughts and sudden heavy rainfall. These latter two events require careful water management.
Climate change is expected to create more extreme weather patterns that can increase the frequency or severity of forest fires and droughts and sudden heavy rainfall. These latter two events require careful water management.
Our inability to identify successful joint venture candidates and to complete joint ventures or strategic alliances as planned or to realize expected synergies and strategic benefits could impact our financial condition and performance. Our inability to deploy capital to maximize shareholder value could impact our financial performance.
Its inability to identify successful joint venture candidates and to complete joint ventures or strategic alliances as planned or to realize expected synergies and strategic benefits could impact its financial condition and performance. Its inability to deploy capital to maximize shareholder value could impact our financial performance.
These technologies may not have the same reliability as conventional technologies and costs may increase to produce such technologies, which could negatively impact our financial performance. 12 Table of Contents Our operations are subject to a range of risks related to climate change and transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.
These technologies may not have the same reliability as conventional technologies and costs may increase to produce such technologies, which could negatively impact the Company’s financial performance. 12 Table of Contents The Company’s operations are subject to a range of risks related to climate change and transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.
Risks Related to Investments in Our 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.
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.
Breaches and unauthorized access carry the potential to cause losses of assets or production, operational delays, equipment failure that could cause other risks to be realized, inaccurate recordkeeping, or disclosure of confidential information, any of which could result in financial losses and regulatory or legal exposure and could have a material adverse effect on our business, financial condition, or results of operations.
Breaches and unauthorized access carry the potential to cause losses of assets or production, operational delays, equipment failure that could cause other risks to be realized, inaccurate recordkeeping, or disclosure of confidential information, any of which could result in financial losses and regulatory or legal exposure and could have a material adverse effect on the Company’s business, financial condition, or results of operations.
Many of the factors that impact our ability to execute our strategic plan, such as the advancement of certain technologies, legal and regulatory obstacles and general economic conditions, are beyond our control. Changes in value or a lack of demand for the sale of non-core assets would negatively affect the Company’s financial condition and performance.
Many of the factors that impact the Company’s ability to execute its strategic plan, such as the advancement of certain technologies, legal and regulatory obstacles and general economic conditions, are beyond its control. Changes in value or a lack of demand for the sale of non-core assets would negatively affect the Company’s financial condition and performance.
Further, transitioning to a lower-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus, and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to our business.
Further, transitioning to a lower-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus, and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the Company’s business.
The market price of our common shares is subject to volatility, has fluctuated, and may continue to fluctuate significantly due to, among other things, changes in market sentiment regarding our operations, financial results or business prospects, the mining, metals, or environmental remediation industries generally, coordinated trading activities, large derivative positions or the macroeconomic outlook.
The market price of the Company’s common shares is subject to volatility, has fluctuated, and may continue to fluctuate significantly due to, among other things, changes in market sentiment regarding the Company’s operations, financial results or business prospects, the mining, metals, or environmental remediation industries generally, coordinated trading activities, large derivative positions or the macroeconomic outlook.
As a result, new sources of capital may be needed to meet the funding requirements of these investments and fund our ongoing business activities.
As a result, new sources of capital may be needed to meet the funding requirements of these investments and fund ongoing business activities.
Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the property of others, delays in construction or mining, monetary losses, and possible legal liability. The nature of these risks is such that liabilities might exceed any applicable liability insurance policy limits.
Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to the Company’s properties or the property of others, delays in construction or mining, monetary losses, and possible legal liability. The nature of these risks is such that liabilities might exceed any applicable liability insurance policy limits.
The climate in the area is hot and dry in the summer but cold and subject to snow and other precipitation in the winter, which could at times hamper accessibility depending on the winter season precipitation levels. As a result, our exploration and mining plans could be delayed for several months each year.
The climate in the area is hot and dry in the summer but cold and subject to snow and other precipitation in the winter, which could, at times, hamper accessibility depending on the winter season precipitation levels. As a result, the Company’s exploration and mining plans could be delayed for several months each year.
The total cash costs of production at any location are frequently subject to great variation from year to year as a result of a number of factors, such as the changing composition of the grade of the mineralized material mined for production, and metallurgy and exploration activities in response to the physical shape and location of the mineral deposit.
The total cash costs of production at any location are frequently subject to great variation from year to year due to a number of factors, such as the changing composition of the grade of the mineralized material mined for production, and metallurgy and exploration activities in response to the physical shape and location of the mineral deposit.
Extended disruptions to supply lines due to extreme weather could result in interruption of activities at the project sites, delay or increase the cost of construction of the projects, or otherwise adversely affect our business. Supplies and equipment needed for exploration may not always be available.
Extended disruptions to supply lines due to extreme weather could result in interruption of activities at the project sites, delay or increase the cost of construction of the projects, or otherwise adversely affect its business. Supplies and equipment needed for exploration may not always be available.
Our reports of mineral resources and other mineralized material depend upon geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to the calculation of mineral resources and corresponding grades.
The Company’s reports of mineral resources and other mineralized material depend upon geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to the calculation of mineral resources and corresponding grades.
In the event of insolvency, liquidation, reorganization, dissolution or other winding up of the Company, the Company’s creditors would be entitled to payment in full out of the Company’s assets before holders of common stock would be entitled to any payment, and the claims on such assets may exceed the value of such assets. 9 Table of Contents Because we may never earn significant revenues from our mine operations or our other diversified precious metal-based and strategic metal properties, our business may fail.
In the event of insolvency, liquidation, reorganization, dissolution or other winding up of the Company, the Company’s creditors would be entitled to payment in full out of the Company’s assets before holders of common stock would be entitled to any payment, and the claims on such assets may exceed the value of such assets. 9 Table of Contents Because the Company may never earn significant revenues from its mine operations or other diversified precious metal-based and strategic metal properties, the business may fail.
Any drop in the price of gold or strategic metals would negatively affect our asset values, cash flows, potential revenues, and profits. The use of hedging instruments may not prevent losses being realized on subsequent price decreases or may prevent gains being realized from subsequent price increases.
Any drop in the price of gold or strategic metals would negatively affect the Company’s asset values, cash flows, potential revenues, and profits. The use of hedging instruments may not prevent losses being realized on subsequent price decreases or may prevent gains being realized from subsequent price increases.
A material increase in production costs or a decrease in the price of gold or other minerals could adversely affect our ability to earn a profit on the sale of gold or other minerals. Cost estimates and timing of new projects are uncertain, which may adversely affect our expected production and profitability.
A material increase in production costs or a decrease in the price of gold or other minerals could adversely affect the Company’s ability to earn a profit on the sale of gold or other minerals. Cost estimates and timing of new projects are uncertain, which may adversely affect the Company’s expected production and profitability.
Due to the complexity of the estimation process and the number of steps involved, among other things, actual recoveries can vary from estimates, and the amount of the variation could be significant and could have a material adverse impact on our financial condition and results of operations.
Due to the complexity of the estimation process and the number of steps involved, among other things, actual recoveries can vary from estimates, and the amount of the variation could be significant and could have a material adverse impact on the Company’s financial condition and results of operations.
Climate Change could negatively or positively impact our operations and financial performance. Climate change is expected to create more extreme weather patterns that can increase the frequency of droughts and increase the amount of rainfall, circumstances that require careful water management.
Climate change could negatively or positively impact the Company’s operations and financial performance. Climate change is expected to create more extreme weather patterns that can increase the frequency of droughts and increase the amount of rainfall, circumstances that require careful water management.
At the date of this Annual Report, the Company is not aware of any environmental issues or litigation relating to the properties. The laws of the State of Idaho and our Articles of Incorporation may protect the Company’s directors from certain types of lawsuits .
At the date of this Annual Report, the Company is not aware of any environmental issues or litigation relating to the properties. The laws of the State of Idaho and the Company’s Articles of Incorporation may protect its directors from certain types of lawsuits .
Our accounting and other estimates may be imprecise. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue, and expenses at the date of the consolidated financial statements and reporting periods.
The Company’s accounting and other estimates may be imprecise. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue, and expenses at the date of the consolidated financial statements and reporting periods.
The construction and operation of potential future projects and various exploration projects will require significant funding. Our operating cash flow and other sources of funding may become insufficient to meet all of these requirements, depending on the timing and costs of development of these and other projects.
The construction and operation of potential future projects and various exploration projects will require significant funding. The Company’s operating cash flow and other sources of funding may become insufficient to meet all of these requirements, depending on the timing and costs of development of these and other projects.
We may from time to time sell some future production of gold pursuant to hedge positions. If the gold price rises above the price at which future production has been committed under these hedge instruments, we will have an opportunity loss.
The Company may, from time to time, sell some future production of gold pursuant to hedge positions. If the gold price rises above the price at which future production has been committed under these hedge instruments, the Company will have an opportunity loss.
To maintain its capital at desired levels or to fund future growth, the board may decide from time to time to issue additional shares of common stock, or securities convertible into, exchangeable for or representing rights to acquire shares of common stock.
To maintain its capital at desired levels or to fund future growth, the Company’s board of directors may decide, from time to time, to issue additional shares of common stock, or securities convertible into, exchangeable for or representing rights to acquire shares of common stock.
Policy and regulatory risk related to actual and proposed changes in climate and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for our operations, third-party smelters and refiners, and our suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
Policy and regulatory risk related to actual and proposed changes in climate and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for the Company’s operations, third-party smelters and refiners, and its suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations.
Any changes to these laws and regulations could have a negative impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or surety requirements. 16 Table of Contents It is possible that future changes in these laws or regulations could increase operating costs or require capital expenditures in order to remain in compliance.
Any changes to these laws and regulations could have a negative impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or surety requirements. It is possible that future changes in these laws or regulations could increase operating costs or require capital expenditures in order to remain in compliance.
ITEM 1A. RISK FACTORS The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in our securities. Any of the following material risk factors could adversely affect our business, financial condition or operating results and could decrease the value of our common stock.
ITEM 1A. RISK FACTORS The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in the Company’s securities. Any of the following material risk factors could adversely affect its business, financial condition or operating results and could decrease the value of its common stock.
In the event of lower gold and strategic metal prices, unanticipated operating or financial challenges, or a further dislocation in the financial markets as experienced in recent years, our ability to pursue new business opportunities, invest in existing and new projects, fund our ongoing operations and retire or service all of our outstanding debt could be significantly constrained.
In the event of lower gold and strategic metal prices, unanticipated operating or financial challenges, or a further dislocation in the financial markets as experienced in recent years, the Company’s ability to pursue new business opportunities, invest in existing and new projects, fund ongoing operations and retire or service outstanding debt could be significantly constrained.
The capital expenditures and time required to acquire, develop, and explore our projects are considerable and changes in costs, construction schedules or both, can adversely affect project economics and expected production and profitability.
The capital expenditures and time required to acquire, develop, and explore the Company’s projects are considerable and changes in costs, construction schedules or both, can adversely affect project economics and expected production and profitability.
We are susceptible to the following real estate industry risks beyond our control: · Changes in national, regional and local economic conditions and outlook; · Economic downturns in the areas where the properties are located; · Adverse changes in local real estate market conditions such as an oversupply of properties, reduction in demand, intense competition for buyers and/or demographic changes; · Changes in business or consumer preferences that reduce the attractiveness of our properties; · Changes in zoning, regulatory restrictions or tax laws; · Changes in interest rates or availability of financing.
The Company is susceptible to the following real estate industry risks beyond its control: · Changes in national, regional and local economic conditions and outlook; · Economic downturns in the areas where the properties are located; · Adverse changes in local real estate market conditions such as an oversupply of properties, reduction in demand, intense competition for buyers and/or demographic changes; · Changes in business or consumer preferences that reduce the attractiveness of our properties; · Changes in zoning, regulatory restrictions or tax laws; · Changes in interest rates or availability of financing.
The Company’s failure to comply with these standards could have a material adverse effect on their business, financial condition or otherwise impose significant restrictions on their ability to conduct mining work. Regulations and pending legislation governing issues involving climate change could result in increased operating costs which could have a material adverse effect on our business .
The Company’s failure to comply with these standards could have a material adverse effect on its business, financial condition or otherwise impose significant restrictions on its ability to conduct mining work. Regulations and pending legislation governing issues involving climate change could result in increased operating costs which could have a material adverse effect on the Company’s business .
Any future agreements that we may enter into also could expose us 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.
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.
Compliance with environmental laws and regulations and future changes in these laws and regulations may require significant capital outlays, cause material changes or delays in the Company’s current and planned operations and future activities and reduce the profitability of operations. At the state level, surface mining operations in Idaho are regulated by IDL.
Compliance with environmental laws and regulations and future changes in these laws and regulations may require significant capital outlays, cause material changes or delays in the Company’s current and planned operations and future activities and reduce the profitability of operations. 16 Table of Contents At the state level, surface mining operations in Idaho are regulated by IDL.
If we are unable to effectively develop, mine, recover and sell adequate quantities of gold or generate cash flows from our other diversified precious and strategic metals properties (including, but not limited to, metals exploration, engineering, resource development, economic feasibility assessments, mineral production, metal processing and related ventures), it is unlikely that the cash generated from our internal operations will suffice as a source of the liquidity necessary for anticipated working capital requirements.
If the Company is unable to effectively develop, mine, recover and sell adequate quantities of gold or generate cash flows from other diversified precious and strategic metals properties (including, but not limited to, metals exploration, engineering, resource development, economic feasibility assessments, mineral production, metal processing and related ventures), it is unlikely that the cash generated from the Company’s internal operations will suffice as a source of the liquidity necessary for anticipated working capital requirements.
Our mining and metal production depends on the availability of sufficient water supplies. Our mining and milling operations require significant quantities of water for mining, processing, and related support facilities. Continuous production at our mines and mill is dependent on our ability to maintain our water rights and claims, and the continuing physical availability of the water.
The Company’s mining and metal production depends on the availability of sufficient water supplies. The Company’s mining and milling operations require significant quantities of water for mining, processing, and related support facilities. Continuous production at its mines and mill is dependent on the ability to maintain water rights and claims, and the continuing physical availability of water.
The market price of our common stock could decline if certain large holders of our common stock, or recipients of our common stock, sell all or a significant portion of their shares of common stock or are perceived by the market as intending to sell these shares other than in an orderly manner.
The market price of the Company’s common stock could decline if certain large holders of its common stock, or recipients of its common stock, sell all or a significant portion of their shares of common stock or are perceived by the market as intending to sell these shares other than in an orderly manner.
Any material changes in the quantity of mineral resources, mineral reserves, mineralization, grade or stripping ratio may affect the economic viability of our properties. In addition, we can provide no assurance that gold recoveries or other metal recoveries experienced in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.
Any material changes in the quantity of mineral resources, mineral reserves, mineralization, grade or stripping ratio may affect the economic viability of the Company’s properties. In addition, the Company can provide no assurance that gold recoveries or other metal recoveries experienced in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.
Such delays could affect our anticipated business operations and increase our expenses. Moreover, extreme weather events (such as increased frequency or intensity of storms or prolonged drought, flooded or frozen terrain) have the potential to disrupt operations at our projects.
Such delays could affect its anticipated business operations and increase expenses. Moreover, extreme weather events (such as increased frequency or intensity of storms or prolonged drought, flooded or frozen terrain) have the potential to disrupt operations at the Company’s projects.
Accordingly, there can be no assurance that we will acquire any interest in additional mineral properties that might yield reserves or result in commercial mining operations. 11 Table of Contents The estimation of the ultimate recovery of gold and other metals is subjective. Actual recoveries may vary from our estimates.
Accordingly, there can be no assurance that the Company will acquire any interest in additional mineral properties that might yield reserves or result in commercial mining operations. 11 Table of Contents The estimation of the ultimate recovery of gold and other metals is subjective. Actual recoveries may vary from the Company’s estimates.
We may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. The exploration for natural resources and the development and production of mining operations are activities that involve a high level of uncertainty. These can be difficult to predict and are often affected by risks and hazards outside of our control.
The Company may experience increased costs or losses resulting from the hazards and uncertainties associated with mining. The exploration for natural resources and the development and production of mining operations are activities that involve a high level of uncertainty. These can be difficult to predict and are often affected by risks and hazards outside of the Company’s control.
This inability may occur due to a variety of factors, including opposition by third parties, such as members of the public or environmental groups. We expect that future permit and approval applications and issuances will meet with similar opposition. We may encounter delays and added costs if permits and approvals are challenged.
This inability may occur due to a variety of factors, including opposition by third parties, such as members of the public or environmental groups. The Company expects that future permit and approval applications and issuances will meet with similar opposition. The Company may encounter delays and added costs if permits and approvals are challenged.
There can be no assurance that we will be able to obtain or maintain any of the permits required for the continued exploration of our mineral properties or for the construction and operation of a mine on our properties at economically viable costs. If we cannot accomplish these objectives, our business could face difficulty and/or fail.
There can be no assurance that the Company will be able to obtain or maintain any of the permits required for the continued exploration of its mineral properties or for the construction and operation of a mine on its properties at economically viable costs. If the Company cannot accomplish these objectives, its business could face difficulty and/or fail.
If the gold price falls below that committed price, we may experience losses if a hedge counterparty defaults under a contract when the contract price exceeds the gold price. Competition from other mineral exploration and mining companies with greater resources may impact us.
If the gold price falls below that committed price, the Company may experience losses if a hedge counterparty defaults under a contract when the contract price exceeds the gold price. Competition from other mineral exploration and mining companies with greater resources may impact the Company.
These conditions could adversely affect our financial position, results of operations and cash flows, or the market price of our stock. Illiquidity of real estate investments could significantly impede our ability to respond to changes in economic and other conditions.
These conditions could adversely affect the Company’s financial position, results of operations and cash flows, or the market price of its stock. Illiquidity of real estate investments could significantly impede the Company’s ability to respond to changes in economic and other conditions.
Mineral exploration, development and beneficiation, particularly for gold and other strategic metals, is highly speculative in nature and frequently is nonproductive. There can be no assurance that our exploration, development and/or acquisition activities will be commercially successful.
Mineral exploration, development and beneficiation, particularly for gold and other strategic metals, is highly speculative in nature and frequently is nonproductive. There can be no assurance that the Company’s exploration, development and/or acquisition activities will be commercially successful.
The Company’s business is subject to a number of risks and hazards generally, including adverse environmental conditions, environmental or industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment and natural phenomena, such as inclement weather conditions, floods, hurricanes and earthquakes.
The Company’s business is subject to many risks and hazards generally, including adverse environmental conditions, environmental or industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment and natural phenomena, such as inclement weather conditions, floods, hurricanes and earthquakes.
As such threats continue to evolve, we may be required to expend additional resources to modify or enhance any protective measures or to investigate and remediate any security vulnerabilities. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
As such threats continue to evolve, the Company may be required to expend additional resources to modify or enhance any protective measures or to investigate and remediate any security vulnerabilities. ITEM 1B. UNRESOLVED STAFF COMMENTS None.
Our ability to execute our strategic plan depends on many factors, some of which are beyond our control. Our strategic plan is focused on high-value, cash-generating, precious and strategic metal-based activities, including, but not limited to, precious and strategic metal exploration, resource development, economic feasibility assessments and cash-generating mineral production.
The Company’s ability to execute its strategic plan depends on many factors, some of which are beyond its control. The Company’s strategic plan is focused on high-value, cash-generating, precious and strategic metal-based activities, including, but not limited to, precious and strategic metal exploration, resource development, economic feasibility assessments and cash-generating mineral production.
We may also encounter difficulty integrating the operations, personnel, and financial and operating systems of an acquired business into our current business. 15 Table of Contents We 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. 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.
Many of our properties in which we have ownership rights are located within the Coeur d’Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected liabilities to arise.
Many of the Company’s properties in which it has ownership rights are located within the Coeur d’Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected liabilities to arise.
The laws of the State of Idaho provide that the Company’s directors will not be liable to us or our shareholders for monetary damages for all but certain types of conduct as directors of the Company.
The laws of the State of Idaho provide that the Company’s directors will not be liable to the Company or its shareholders for monetary damages for all but certain types of conduct as directors of the Company.
If a large number of shares of our common stock are sold in the public market, the sales could reduce the trading price of our common stock and impede our ability to raise future capital.
If a large number of shares of the Company’s common stock are sold in the public market, the sales could reduce the trading price of its common stock and impede the ability to raise future capital.
Even if successfully negotiated and closed, expected synergies from a joint venture, investment or other strategic alliance may not materialize, may not advance our business strategy, may fall short of expected return-on-investment targets or may not prove successful or effective for our business.
Even if successfully negotiated and closed, expected synergies from a joint venture, investment or other strategic alliance may not materialize, may not advance the Company’s business strategy, may fall short of expected return-on-investment targets or may not prove successful or effective for its business.
We rely on various information technology systems. These systems remain vulnerable to disruption, damage, or failure from a variety of sources, including, but not limited to, errors by employees or contractors, computer viruses, cyber-attacks, including phishing, ransomware, and similar malware, misappropriation of data by outside parties, and various other threats.
The Company relies on various information technology systems. These systems remain vulnerable to disruption, damage, or failure from a variety of sources, including, but not limited to, errors by employees or contractors, computer viruses, cyber-attacks, including phishing, ransomware, and similar malware, misappropriation of data by outside parties, and various other threats.
Nevertheless, we may in the future to seek to grow our operations in part by entering into joint ventures, or undertaking investments, joint projects or other strategic alliances with third parties in diversified precious and strategic metals production and processing industries.
Nevertheless, the Company may, in the future, seek to grow its operations in part by entering into joint ventures, or undertaking investments, joint projects or other strategic alliances with third parties in diversified precious and strategic metals production and processing industries.
Our ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold and strategic metal prices, our operational performance and our current cash flow and debt position, among other factors.
The ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold and strategic metal prices, the Company’s operational performance and its current cash flow and debt position, among other factors.
Given the emotion, political significance, and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete.
Given the emotion, political significance, and uncertainty around the impact of climate change and how it should be dealt with, the Company cannot predict how legislation and regulation will affect its financial condition, operating performance and ability to compete.
A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change.
Many governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change.
We also cannot predict the length of time needed to find a willing buyer and to the close the sale of an asset. The real estate market is affected by many factors that are beyond our control.
The Company also cannot predict the length of time needed to find a willing buyer and to the close the sale of an asset. The real estate market is affected by many factors that are beyond the Company’s control.
Future estimates and actual results may differ materially from these estimates as a result of using different assumptions or conditions. You may lose all or part of your investment.
Future estimates and actual results may differ materially from these estimates from using different assumptions or conditions. You may lose all or part of your investment.
In addition, these sales could also impair our ability to raise capital through the sale of additional common stock in the capital markets. 20 Table of Contents Risks Related to Cybersecurity Our information technology systems may be vulnerable to cyber-attack or other disruption, which could place our systems at risk for data loss, operational failure, or compromise of confidential information.
In addition, these sales could also impair the Company’s ability to raise capital through the sale of additional common stock in the capital markets. Risks Related to Cybersecurity The Company’s information technology systems may be vulnerable to cyber-attack or other disruption, which could place its systems at risk for data loss, operational failure, or compromise of confidential information.
A failure to meet our climate strategy commitments and/or societal or investor expectations could also result in damage to our reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to our ability to conduct our operations and develop our projects, which may result in a material adverse impact on our business, financial position, results of operations and growth prospects. 13 Table of Contents Risks Related to Our Company The cost of our exploration, development and acquisition activities is substantial, and there is no assurance that the quantities of minerals and metals we discover, acquire or recover will justify commercial operations or replace reserves.
A failure to meet the Company’s climate strategy commitments and/or societal or investor expectations could also result in damage to its reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to the Company’s ability to conduct its operations and develop its projects, which may result in a material adverse impact on the Company’s business, financial position, results of operations and growth prospects. 13 Table of Contents Risks Related to the Company The cost of the Company’s exploration, development and acquisition activities is substantial, and there is no assurance that the quantities of minerals and metals discovered, acquired or recovered will justify commercial operations or replace reserves.
There is a limited supply of desirable lands available for claim staking, lease or other acquisition. There can be no assurance that we will be able to acquire such properties when competing against competitors with substantially greater financial resources than we have.
There is a limited supply of desirable lands available for claim staking, lease or other acquisition. There can be no assurance that the Company will be able to acquire such properties when competing against competitors with substantially greater financial resources.
There is no guarantee we will be able to obtain certain products, equipment and/or materials as and when needed, without interruption, or on favorable terms, if at all. Such delays could affect our anticipated business operations and increase our expenses.
There is no guarantee the Company will be able to obtain certain products, equipment and/or materials as and when needed, without interruption, or on favorable terms, if at all. Such delays could affect the Company’s anticipated business operations and increase expenses.
Legal, Regulatory and Compliance Risks Our ability to execute our strategic plans depends upon our success in obtaining a variety of required governmental approvals that may be opposed by third parties.
Legal, Regulatory and Compliance Risks The Company’s ability to execute its strategic plans depends upon success in obtaining a variety of required governmental approvals that may be opposed by third parties.
We cannot predict what effect, if any, future issuances by us of our common stock or other equity will have on the market price of our common stock. Any shares that we may issue may not have any resale restrictions, and therefore could be immediately sold by the holders.
The Company cannot predict what effect, if any, future issuances of its common stock or other equity will have on the market price of its common stock. Any shares that the Company may issue may not have any resale restrictions, and therefore could be immediately sold by the holders.
The aggregate effect of these factors, all of which are beyond our control, is impossible for us to predict. If gold prices decline substantially, it could adversely affect the realizable value of our assets and, potentially, future results of operations and cash flow.
The aggregate effect of these factors, all of which are beyond the Company’s control, are impossible to predict. If gold prices decline substantially, it could adversely affect the realizable value of the Company’s assets and, potentially, future results of operations and cash flow.
The raising of additional debt funding by us, if required and available, would result in increased debt service obligations and could result in additional operating and financing covenants, or liens on our assets, that would restrict our operations. The sale of additional equity securities, if required and available, could result in dilution to our shareholders.
The raising of additional debt funding, if required and available, would result in increased debt service obligations and could result in additional operating and financing covenants, or liens on the Company’s assets, that would restrict its operations. The sale of additional equity securities, if required and available, could result in dilution to the Company’s shareholders.
Accordingly, we will attempt to compete primarily through the knowledge and experience of our management. This competition could adversely affect our ability to acquire suitable prospects for exploration in the future.
Accordingly, the Company will attempt to compete primarily through the knowledge and experience of its management. This competition could adversely affect its ability to acquire suitable prospects for exploration in the future.
If there are title defects with respect to any of our properties, we might be required to compensate other persons or perhaps reduce our interest in the affected property.
If there are title defects with respect to any of its properties, the Company might be required to compensate other persons or perhaps reduce its interest in the affected property.
We compete with other mineral exploration and mining companies or individuals, including large, established metals and mining companies with substantial capabilities and far greater financial resources, to acquire rights to mineral properties, metal processing technology and other methods for extracting and processing precious, and other metals and minerals.
The Company competes with other mineral exploration and mining companies or individuals, including large, established metals and mining companies with substantial capabilities and far greater financial resources, to acquire rights to mineral properties, metal processing technology and other methods for extracting and processing precious, and other metals and minerals.
We may incur material losses relating to cyber-attacks or other information security breaches in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats.
The Company may incur material losses relating to cyber-attacks or other information security breaches in the future. Risks and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats.
Any future determination to pay cash dividends will be at the discretion of our board, subject to compliance with applicable law, our organizational documents and any contractual provisions, including under agreements for indebtedness we may incur, that restrict or limit our ability to pay dividends, and will depend upon, among other factors, our results of operations, financial condition, earnings, capital requirements and other factors that our board deems relevant.
Any future determination to pay cash dividends will be at the discretion of the Company’s board of directors, subject to compliance with applicable law, the Company’s organizational documents and any contractual provisions, including under agreements for indebtedness it may incur, that restrict or limits the ability to pay dividends, and will depend upon, among other factors, the Company’s results of operations, financial condition, earnings, capital requirements and other factors that its Board of Directors deems relevant.
Therefore, we will likely be able to sell any gold or mineral products that we identify and produce; however, such sales are subject to market fluctuations that may materially and adversely affect the Company’s future cash flows and results of operations. Many of our competitors have greater financial resources and technical facilities.
Therefore, the Company will likely be able to sell any gold or mineral products that are identified and produced; however, such sales are subject to market fluctuations that may materially and adversely affect the Company’s future cash flows and results of operations. Many of the Company’s competitors have greater financial resources and technical facilities.
The mining industry has limited industry-specific accounting literature and, as a result, we understand diversity in practice exists in the interpretation and application of accounting literature to mining-specific issues. As diversity in mining industry accounting is addressed, we may need to restate our reported results if the resulting interpretations differ from our current accounting practices.
The mining industry has limited industry-specific accounting literature and, as a result, the Company understands diversity in practice exists in the interpretation and application of accounting literature to mining-specific issues. As diversity in mining industry accounting is addressed, the Company may need to restate its reported results if the resulting interpretations differ from current accounting practices.
Even if we discover a mineral reserve in a commercially exploitable quantity, these laws and regulations could restrict or prohibit the exploitation of that mineral reserve. If we cannot exploit any mineral reserve that we might discover on our properties, our business may fail and you may lose your investment.
Even if the Company discovers a mineral reserve in a commercially exploitable quantity, these laws and regulations could restrict or prohibit the exploitation of that mineral reserve. If the Company cannot exploit any mineral reserve that it might discover on its properties, its business may fail and you may lose your investment.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeOur cybersecurity programs are under the direction of our 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 2023. 21 Table of Contents
Biggest changeThe 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.
Added
There 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

Item 2. Properties

Properties — owned and leased real estate

82 edited+10 added−11 removed78 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 Notes: 1.
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.
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.
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.
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 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 magnet, low-carbon technology and national defense technologies, which could see increased demand in the future.
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 in order 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 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.
IDR sampling in 2023 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 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.
Additionally, IDR has a mineral lease on 565 acres with the State of Idaho for T19N, Range 25E, Section 16. The Project is located 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 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.
Classification of Mineral Reserves is in accordance with S-K 1300 classification system. 2. Mineral Reserves were estimated by Idaho Strategic Resources and reviewed and accepted by the QP’s. 3. Mineral Reserves are 100% attributable to Idaho Strategic Resources 4. Mineral Reserves are estimated at a cutoff of 3.2 Au PPM (grams/tonne) 5.
Classification of Mineral Reserves is in accordance with S-K 1300 classification system. 2. Mineral Reserves were estimated by Idaho Strategic Resources and reviewed and accepted by the QP’s. 3. Mineral Reserves are 100% attributable to Idaho Strategic Resources 4. Mineral Reserves are estimated at a cutoff of 4.0 Au PPM (grams/tonne) 5.
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 2023, 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 2024, MSHA did not issue any citations for Section 104 S&S violations associated with the Golden Chest Mine or New Jersey Mill.
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. 36 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. 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.
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 (formerly Roberts), 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 Diamond Creek, Mineral Hill, and Lemhi Pass.
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. 34 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.
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.
To date, Idaho Strategic has not established any known resources or reserves on its REE properties and plans to continue to advance the projects as funding and permitting allows.
To date, Idaho Strategic has not established any resources or reserves on its REE properties and plans to continue to advance the projects as funding and permitting allows.
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 in order to 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 make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
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. 37 Table of Contents The sampling methods meet industry standard practices and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.
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. 36 Table of Contents The sampling methods meet industry standard practices and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.
The Diamond Creek Project is located in the central portion of the Idaho REE-Th Belt. The Diamond Creek mineral claims are located on public lands managed by the USFS. The claims require an annual maintenance fee of $165 per claim per year which must be paid to the BLM by September 1 of each year.
The Diamond Creek Project is located in the central portion of the Idaho REE-Th Belt. The Diamond Creek mineral claims are located on public lands 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.
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).
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).
It is estimated that the historic hard rock mining at the Golden Chest (prior to IDR’s ownership) produced approximately 65,000 ounces of gold, primarily from shallow, underground, high-grade veins. The Golden Chest Mine is considered to be the largest historic lode producer of gold in northern Idaho.
It is estimated that the historic hard rock mining at the Golden Chest (prior to IDR’s ownership) produced approximately 65,000 ounces of gold, primarily from shallow, underground, high-grade veins. The Golden Chest Mine is the largest historic lode producer of gold in northern Idaho.
The Project consists of four distinct areas identified from north to south as: Contact, Lucky Gem, Simer, and Frank Burch. 32 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. 31 Table of Contents Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%.
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.
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.
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, if any.
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 in order to 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 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 in order to 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 that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
The Mineral Hill mineral claims are located on USPD land, which is managed by the USFS. The claims require an annual maintenance fee of $165 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 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 Company owns the rights to both the surface and subsurface minerals on all patented claims at the Golden Chest directly and through its 100% held subsidiary Golden Chest, LLC (“GCLLC”), excluding the Joe Dandy Claim where IDR owns only the subsurface mineral rights. The total patented claim position covers 1,322 acres.
The Company owns the rights to both the surface and subsurface minerals on all patented claims at the Golden Chest directly and through its 100% held subsidiary Golden Chest, LLC (“GCLLC”), excluding the Joe Dandy Claim where IDR owns only the subsurface mineral rights. The total patented claim position covers 449 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 in order to provide an overview of Diamond Creek and why the Company views this project favorably.
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.
ITEM 2. DESCRIPTION OF PROPERTIES Note on New SEC Mining Disclosure Rules Information concerning our mining properties in this Annual Report on Form 10-K has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to us for the fiscal year ended December 31, 2021.
ITEM 2. DESCRIPTION OF PROPERTIES Note on New SEC Mining Disclosure Rules Information concerning the Company’s mining properties in this Annual Report on Form 10-K has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to the Company for the fiscal year ended December 31, 2021.
Property Ownership The core of the Golden Chest is a contiguous group of 26 patented claims where all modern mining has taken place to date.
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.
Property State & County Ownership Claims Permit Conditions Stage Mine Type Commodity Mineralization Style Golden Chest Mine Idaho, Shoshone 100% 86 patented claims (1,322 acres) and 217 unpatented claims (4,300 acres) Private land and public land administered by USFS and BLM. All permits required for production in place. Production Underground/Open Pit Au, Ag Orogenic gold, veins.
Property State & County Ownership Claims Permit Conditions Stage Mine Type Commodity Mineralization Style Golden Chest Mine Idaho, Shoshone 100% 34 patented claims (449 acres) and 217 unpatented claims (4,300 acres) Private land and public land administered by USFS and BLM. All permits required for production in place. Production Underground/Open Pit Au, Ag Orogenic gold, veins.
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). 33 Table of Contents MINERAL HILL 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.
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.
The Golden Chest includes 86 patented mining claims (1,322 acres) and 217 unpatented claims (4,300 acres). The open pit mine is permitted with IDL and the Company has posted a reclamation bond for an approved reclamation plan. IDR is the operator and owns 100% of Golden Chest, LLC (owner of the Golden Chest).
The Golden Chest includes 34 patented mining claims (449 acres) and 217 unpatented claims (4,300 acres). The open pit mine is permitted with IDL and the Company has posted a reclamation bond for an approved reclamation plan. IDR is the operator and owns 100% of Golden Chest, LLC (owner of the Golden Chest).
The Golden Chest includes 86 patented mining claims (1,322 acres) and 217 unpatented claims (4,300 acres). The surface mine is permitted with the Idaho Department of Lands and has posted a reclamation bond for an approved reclamation plan. Surface water monitoring is completed as a condition of the permit.
The Golden Chest includes 34 patented mining claims (449 acres) and 217 unpatented claims (4,300 acres). The surface mine is permitted with the Idaho Department of Lands and has posted a reclamation bond for an approved reclamation plan. Surface water monitoring is completed as a condition of the permit.
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. Production Not Applicable (N/A) N/A N/A Diamond Creek Idaho, Lemhi 100% 244 unpatented claims (4,900 acres). Public land administered by USFS, Plan of Operations in place.
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).
An average mining width of 3 m was used for the Reserves reporting for the Idaho Vein. 8. An average mining width of 2.4 m was used for the Reserves reporting for the H-Vein. 9. Minimum mining width dilution is accounted for in the estimate. 10. Numbers may not add due to rounding.
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.
Since restarting operations at the Golden Chest in October 2016, the Company has milled a total of 289,368 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 to minimize impacts to the environment.
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.
ALS Minerals utilized Ore Grade REE analysis (ME-MS81h). 35 Table of Contents LEMHI PASS 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 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.
The Company has begun ordering long lead time items for a tailings filtration circuit at the mill as part of a paste backfill plant at the Golden Chest which would slightly extend the life of the TSF. The Company has also submitted a Closure Plan for its cyanide leach circuit which is under review by IDEQ.
The Company is installing items for a tailings filtration circuit at the mill as part of a paste backfill plant at the Golden Chest which would slightly extend the life of the TSF. The Company has also submitted a Closure Plan for its cyanide leach circuit which is under review by IDEQ.
As of December 31, 2023, the Company had a net capital cost of $3,524,099 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, 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.
The 2023 Mineral Reserve increased over the previous year because more drill holes were completed through the higher-grade H-Vein which resulted in the conversion from Mineral Resources to Mineral Reserves. Two cut-off grades are used for stope planning, the go/no-go cut-off and the in-stope cut-off.
The 2024 Mineral Reserve increased over the previous year because more drill holes were completed through the H-Vein and Paymaster Veins which resulted in the conversion from Mineral Resources to Mineral Reserves. Two cut-off grades are used for stope planning, the go/no-go cut-off and the in-stope cut-off.
Reference is made to Exhibit 95 to this report. 31 Table of Contents Individual Properties–MATERIAL EXPLORATION PROPERTIES DIAMOND CREEK 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 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.
Figure 1 - Property Location Map 22 Table of Contents The following table summarizes our 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, 2023 2022 2021 Gold - Ounces produced 8,247 6,103 4,826 Payable ounces sold 7,673 5,672 4,493 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 2021 38,700 4.87 2.0 93 % Proven and Probable Reserves 2022 53,754 4.73 2.0 93 % Proven and Probable Reserves 2023 127,477 6.74 3.2 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, 2023.
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.
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 at the property in 2014 with 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 was installed in 2014 and upgraded in 2024, Power supplied by Avista Utilities.
Numbers may not add due to rounding. 30 Table of Contents For more information, see Section 12 of Exhibit 96.1, the Technical Report Summary on the Golden Chest, Idaho, prepared for the Company by the Qualified Persons under Section 1300 of SEC Regulation S-K, Grant A. Brackebusch, P.E., Robert J. Morgan, PG, PLS, and Andrew A. Brackebusch, P.E.
For more information, see Section 12 of Exhibit 96.1, the Technical Report Summary on the Golden Chest, Idaho, prepared for the Company by the Qualified Persons under Section 1300 of SEC Regulation S-K, Grant A. Brackebusch, P.E., Robert J. Morgan, PG, PLS, and Andrew A. Brackebusch, P.E.
The property covered by the JV agreement includes the crushing circuit, grinding circuit, gravity circuit, flotation circuit, CLP, buildings, and surface rights over the patented mill site claim.
The property covered by the JV agreement includes the crushing circuit, grinding circuit, gravity circuit, flotation circuit, CLP, buildings, and surface rights over the patented mill site claim. Unpatented mill site claims are also part of the JV.
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. Plan of Operations required.
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.
The results include 32 continuous meters averaging 1.28% TREO, including high values of 2.0% TREO at 8 m and 12 m. In addition to REEs, 12 m niobium mineralization that assayed greater than 0.5% Nb was located between 5 and 16 m.
The results include 32 continuous meters averaging 1.28% TREO, including high values of 2.0% TREO at 8 m and 12 m. In addition to REEs, 12 m niobium mineralization that assayed greater than 0.5% Nb was located between 5 and 16 m. The Company previously obtained all necessary permits to drill the Diamond Creek Project in 2022.
Exploration Underground Au, Ag Orogenic gold, veins Park Copper/Gold Idaho, Shoshone 100% 5 patented claims (90 acres) Private land 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, and an exploration property located about 1.5 miles east of Murray, Idaho.
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 2023, the New Jersey Mill processed 40,128 tonnes at an average head grade of 6.71 gpt gold with 92% 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 2024, the New Jersey Mill processed 41,140 tonnes at an average head grade of 9.67 gpt gold with 92.8% gold recovery.
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 Idaho, BLM and USFS. Plan of Operations required. Exploration Underground/Open Pit Rare earth elements Vein Mineral Hill (formerly Roberts) Idaho, Lemhi 100% 109 unpatented claims (2,200 acres).
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.
Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven and Probable Reserves 2021 38,700 4.87 2.0 93 % 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 % Notes: 1.
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 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 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 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.
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% Patented claims (590 acres) and 123 unpatented claims (2,460 acres). Private land and public land administered by the BLM and USFS.
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.
The land stewardship in the Lemhi Pass District has areas under both BLM, USFS and State jurisdiction. To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic.
The land stewardship in the Lemhi Pass District has areas under both BLM, USFS and State jurisdiction. 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 Lemhi Pass and why the Company views this project favorably.
Unpatented mill site claims are also part of the JV. 25 Table of Contents Present Condition of Plant & Equipment Mill Expansion and Crescent Ore Processing The expansion of the New Jersey Mill was completed in 2012, rendering it capable of processing 360 tonnes of sulfide ore per day to produce a single flotation concentrate.
Crescent has not produced or processed ore at the New Jersey Mill in more than a decade. 25 Table of Contents Present Condition of Plant & Equipment Mill Expansion and Crescent Ore Processing The expansion of the New Jersey Mill was completed in 2012, rendering it capable of processing 360 tonnes of sulfide ore per day to produce a single flotation concentrate.
Exploration Underground Au, Ag Orogenic gold, veins McKinley Idaho, Idaho 100% 28 unpatented claims (560 acres). Public land administered by USFS.
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).
NEW JERSEY MILL Property Location The New Jersey Mill is a fully permitted, 360-tonne per day, flotation mill and concentrate leach plant (“CLP”) located two miles east of Kellogg, Idaho, in the Coeur d’Alene Mining District. The CLP is permitted with IDEQ. The mill is located on the same property as the New Jersey Mine, adjacent to U.S.
NEW JERSEY MILL Property Location The New Jersey Mill is a fully permitted, 360-tonne per day, flotation mill located two miles east of Kellogg, Idaho, in the Coeur d’Alene Mining District.
The MAR was extended at depth during 2023 to the 778 sublevel which required about 135 meters of ramp development and 100 meters of associated sumps, muck-bays, and raises. Additionally, 435 meters of stope access ramps were completed during the year.
The MAR was extended at depth during 2024 to the 757 sublevel which required about 215 meters of ramp development including associated sumps, muck-bays, and raises. Additionally, over 600 meters of stope access ramps were completed during the year. Current Open-Pit Operations No open-pit operations took place during 2024.
It is associated with the Idaho Fault and juxtaposes the quartzites of the upper Prichard Formation against finer-grained argillites which is also of the upper Prichard Formation. 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.
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 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 3.24 gpt which was rounded to 3.2 gpt for the Mineral Reserves.
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.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 5. Revenues produced at the Golden Chest are subject to a 2% NSR Royalty. 6. Bulk density was calculated based on laboratory testing of representative vein samples and applied to the vein shapes. 7.
Revenues produced at the Golden Chest are subject to a 2% NSR Royalty. 6. Bulk density was calculated based on laboratory testing of representative vein samples and applied to the vein shapes. 7. Mineral Resources are estimated using 2 grams per tonne (gpt) for each of the underground (UG) zones.
A highlight of the H-Vein drilling was an intercept in hole GC-23-233 which assayed 18.7 gpt gold over 2.24 meters. 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.
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.
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”).
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.
The Company previously obtained all necessary permits to drill the Diamond Creek Project in 2022. After drilling, all reclamation was completed and approved by the USFS. An additional drilling POO has been submitted to the USFS for the 2023-2024 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 field year.
These requirements differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7. Among other differences, subpart 1300 of Regulation S-K requires us to disclose our mineral resources, in addition to our mineral reserves, as of the end of our most recently completed fiscal year both in the aggregate and for each of our individually material mining properties.
Among other differences, subpart 1300 of Regulation S-K requires the Company to disclose its mineral resources, in addition to its mineral reserves, as of the end of its most recently completed fiscal year both in the aggregate and for each of its individually material mining properties. Readers are cautioned that mineral resources do not have demonstrated economic value.
Mineral Resources are estimated at 2 grams per tonne (gpt) for each of the underground (UG) zones. The Skookum Zone Surface Portion (OP) of the resource was optimized using Vulcan pit optimizer with historical open pit mining costs and results in a surface resource with a cut-off grade of 1.4 gpt. 8.
The surface portion of the resource was optimized using Vulcan pit optimizer with open pit mining costs from the operation and results in a surface resource with a cut-off grade of 1.4 gpt. 8.
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.
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.
Classification of Mineral Resources is in accordance with the S-K classification system. 2. Mineral Resources were estimated by IDR staff and reviewed and accepted by the QP’s. 3. Mineral Resources are exclusive of Mineral Reserves in the Skookum Zone (includes H-Vein), whereas there are no Mineral Reserves currently at the Paymaster or Klondike Zones. 4.
Classification of Mineral Resources is in accordance with the S-K classification system. 2. Mineral Resources were estimated by IDR staff and reviewed and accepted by the QP’s. 3. Mineral Resources are exclusive of Mineral Reserves. 4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 5.
As of December 31, 2023, the Company had a capitalized development and investment cost of $7,005,353 associated with the Golden Chest. Geology & Mineralization Gold mineralization occurs in veins associated with multiple faulting and folding events in the Coeur d’Alene Mining District. The mineralization occurs as gold- quartz veins associated with an orogenic deposit type.
Geology & Mineralization Gold mineralization occurs in veins associated with multiple faulting and folding events in the Coeur d’Alene Mining District. The mineralization occurs as gold- quartz veins associated with an orogenic deposit type. The orogenic system at the Golden Chest appears to have an association with igneous rock activity.
Mineral Reserves are estimated using a 3-year trailing average gold price of $1850/troy ounce. 6. Mineral Reserves are contained within the H-Vein and Idaho Vein domains which are both located in the Skookum area. A majority of the Reserve is located in the H-Vein. 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, 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.
Since the Jumbo Pit was completed, the Company has focused on mining underground as its only source of ore. Exploration Plans and Results Modern exploration, including over 30,000 meters of drilling, reveals six NW-trending ore shoots at Golden Chest that demonstrate strong periodicity, consistent width and spacing, along the Idaho Fault.
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.
Inferred resources have more uncertainty than Measured or Indicated as the estimation parameters assume mineralized continuity over greater distances which may not accurately reflect the actual mineralization. Summary The map below shows the locations of our operations and our exploration properties.
Mineral resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will ever convert to mineral reserves. Inferred resources have more uncertainty than Measured or Indicated as the estimation parameters assume mineralized continuity over greater distances which may or may not accurately reflect the actual mineralization.
(“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.
(“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) .
The table below summarizes the Company’s mineral resources for the year ending December 31, 2023. Resources were calculated by the Company starting on December 31, 2022. An historic resource report was completed by a third party in 2012, but it was not an SK-1300 compliant resource.
An historic resource report was completed by a third party in 2012, but it was not an SK-1300 compliant resource.
The H-Vein occupies the same type of lithologic contrast as the Idaho Vein and is also associated with a fault, the Timberking Fault. The H-Vein has demonstrated significantly higher gold grades than the Skookum Shoot. 28 Table of Contents Veins occur adjacent to the Idaho Fault both in its footwall, and in its hangingwall where the H-Vein is found.
The H-Vein has demonstrated significantly higher gold grades than the Skookum Shoot. Veins occur adjacent to the Idaho Fault both in its footwall, and in its hangingwall where the H-Vein is found. The mineralization occurs in two types of quartz veins, banded and massive. These veins are generally conformable to bedding in the Proterozoic age Prichard Formation.
The orogenic system at the Golden Chest appears to have an association with igneous rock activity. Hence, the vein deposits may be described as intrusion-related orogenic gold. The principal vein exploited at the Golden Chest in the recent past has been the Skookum Shoot.
Hence, the vein deposits may be described as intrusion-related orogenic gold. The principal vein exploited at the Golden Chest in the recent past has been the Skookum Shoot. It is associated with the Idaho Fault and juxtaposes the quartzites of the upper Prichard Formation against finer-grained argillites which is also of the upper Prichard Formation.
During 2023, IDR mined a total of 37,780 tonnes of ore at an average grade of 6.36 gpt gold. The ore came from stopes on the H-Vein and Idaho Vein in the Skookum Shoot.
The primary mining method is underhand drift-and-fill utilizing cemented rock-fill (“CRF”). During 2024, IDR mined a total of 41,140 tonnes of ore at an average grade of 9.67 gpt gold. The ore came from stopes on the H-Vein.
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. The mine electrical service is a three-phase, 500 kilo-volt-ampere installation supplied by Avista Utilities.
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.
Cutoff values used were calculated using the three-year trailing average gold price of $1850 USD/Troy Oz. 9.
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.
The mineralization occurs in two types of quartz veins, banded and massive. These veins are generally conformable to bedding in the Proterozoic age Prichard Formation. The banded veins, which occur primarily in argillite, contain, pyrite, arsenopyrite, galena, sphalerite, and visible gold. Thicker, massive veins occur in quartzite and contain pyrite, galena, chalcopyrite, sphalerite, scheelite and visible gold.
The banded veins, which occur primarily in argillite, contain, pyrite, arsenopyrite, galena, sphalerite, and visible gold. Thicker, massive veins occur in quartzite and contain pyrite, galena, chalcopyrite, sphalerite, scheelite and visible gold. 28 Table of Contents The table below summarizes the Company’s Mineral Reserves for the past three years.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeITEM 4. MINE SAFETY DISCLOSURES The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report. 38 Table of Contents PART II
Biggest changeITEM 4. MINE SAFETY DISCLOSURES The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report. 37 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+1 added−3 removed5 unchanged
Biggest changeWhen applicable, an agreed upon price for our common stock is used that considers the bid/offer price as quoted by the NYSE-American. The Company closed a private placement in February 2023. 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.
Biggest changeWhen 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.
As of December 31, 2023, 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, 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.
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, 2024, there were approximately 1,200 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, 2025, there were approximately 300 shareholders of record of the Company’s Common Stock.
Equity 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)) (a) (b) (c) 2014 Equity Incentive Compensation Plan approved by the board 477,449 $ 5.47 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 477,449 $ 5.47 1,225,600 39 Table of Contents Recent Sales of Unregistered Securities In the event that 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.
Equity 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.
Removed
In the first quarter of 2022, 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006. In the second quarter of 2022, 70,919 shares were issued in exchange for outstanding warrants for net proceeds of $397,147. In the third quarter of 2022, 100,893 shares were issued in exchange for outstanding warrants for net proceeds of $565,005.
Added
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.
Removed
In the first quarter of 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. In 2022 the Company issued 392,866 shares of the Company’s Stock in exchange for $1,950,000 of convertible debt at $4.96 per share.
Removed
In 2022, the Company issued 67,355 shares of its common stock in exchange for 116,078 outstanding options in a cashless option exercise to non-management employees with a fair value at the time of exercise of $677,928.

Item 7. Management's Discussion & Analysis

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

17 edited+5 added−3 removed20 unchanged
Biggest changeThe change from net loss to net profit was primarily due to the increased gross profit during the year. · The consolidated net profit (loss) included non-cash charges of $1,470,563 ($1,633,492 in 2022) as follows: depreciation and amortization of $1,466,703 ($984,083 in 2022), accretion of asset retirement obligation of $15,952 ($12,691 in 2022), stock based compensation, none in 2023, ($547,275 in 2022), stock issued for services, none in 2023, ($32,326 in 2022), gain on disposal of equipment of $13,026 (loss of $68,641 in 2022), equity income on investment in Buckskin Gold and Silver, Inc. $4,517 ($1,524 in 2022), gain on forgiveness of Small Business Administration (“SBA”) loan, none in 2023, ($10,000 in 2022). · Net income (loss) attributable to Idaho Strategic Resources, Inc. was $1,157,746 and ($2,535,429) in the years ended December 31, 2023, and 2022, respectively. · Gold sales receivable increased to $1,038,867 from $909,997 at December 31, 2023 compared to 2022 as a result of increased gold sales. · The Company saw a decrease in exploration expenses for 2023 largely due to less drilling being done on the Company’s gold properties in 2023, as well as capitalizing a portion of the 2023 drilling that was incorporated into the Mineral Reserve.
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.
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, 2023, and 2022.
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 cost per ounce calculations are based on ounces produced. Upon sale, the Company typically receives payment at an average rate of 88% 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 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.
At December 31, 2023, we made an estimate that the cost of the machine and man hours probable to be needed to put our properties in the condition required by our permits once we cease operations would be $104,000 for the Golden Chest property and $224,000 for the New Jersey Mine and Mill.
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.
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, 2023 was $1,073,449 compared to a net loss for the year ended December 31, 2022 of $2,631,092.
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.
For purposes of the estimate, we evaluated the expected life in years and costs that, initially, are comparable to rates that we would incur at the present. We are adding to the liability each year, and amortizing the asset over the estimated life, which decreases our net income in total each year.
For purposes of the estimate, the Company evaluated the expected life in years and costs that, initially, are comparable to rates that would be presently incurred. The Company is adding to the liability each year, and amortizing the asset over the estimated life, which decreases net income in total each year.
We make periodic reviews of the remaining life of the mine and other operations, and the estimated remediation costs upon closure, and adjust our account balances accordingly.
Periodic reviews are made of the remaining life of the mine and other operations, and the estimated remediation costs upon closure, and account balances are adjusted accordingly.
The Company’s working capital at December 31, 2023 is $2,717,976. The Company is currently producing from underground at the Golden Chest. During 2023, production generated positive cash flow from operations of $2,104,009 compared to a negative cash flow from operations of $1,817,090 in 2022.
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.
Results of Operations Our financial performance for the years ended December 31, 2023, and 2022 is summarized below: · Revenue from concentrate sales increased 42.6% to $13,656,733 for the year ending December 31, 2023, compared to $9,580,189 for the comparable period in 2022.
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 asset retirement obligation and asset on our balance sheet is based on an estimate of the future cost to recover and remediate our properties as required by our permits upon cessation of our operations and may differ when we cease operations.
The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. 39 Table of Contents The asset retirement obligation and asset on the balance sheet is based on an estimate of the future cost to recover and remediate Company properties as required by permits upon cessation of operations and may differ when operations actually cease.
We anticipate ore from the H-vein to be the primary source of ore for 2024. · Gross profit for the year ended December 31, 2023 was $3,965,036 compared to a gross profit of $1,553,921 in 2022. This resulted in an increase in gross profit as a percentage of sales from 16.2% in 2022 to 29.0% in 2023.
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.
December 31, 2023 2022 Cost of sales and other direct production costs and depreciation, depletion, and amortization $ 9,691,697 $ 8,026,268 Depreciation, depletion, and amortization (1,466,703 ) (984,083 ) Change in concentrate inventory (258,368 ) (404,591 ) Cash Cost $ 7,966,626 $ 6,637,594 Exploration 1,523,221 2,110,137 Less REE exploration costs (613,883 ) (536,460 ) Sustaining capital 1,048,824 1,517,984 General and administrative 630,126 1,229,603 Less stock-based compensation and other non-cash items (3,860 ) (649,409 ) AISC $ 10,551,054 $ 10,309,449 Divided by ounces produced 8,247 6,103 Cash cost per ounce $ 966.00 $ 1,087.60 AISC per ounce $ 1,279.38 $ 1,689.24 Financial Condition and Liquidity For the Years Ended December 31, Net cash provided (used) by: 2023 2022 Operating activities $ 2,104,009 $ (1,817,090 ) Investing activities (2,102,235 ) (2,368,225 ) Financing activities 647,194 3,846,828 Net change in cash and cash equivalents 648,968 (338,487 ) Cash and cash equivalents, beginning of period 1,638,031 1,976,518 Cash and cash equivalents, end of period $ 2,286,999 $ 1,638,031 The Company has accumulated deficit of approximately $17.2 million at December 31, 2023 and incurred a consolidated net profit in 2023 of $1,073,449.
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.
At December 31, 2023, metals that had been sold but not final settled included 5,176 ounces of gold of which 3,320 ounces were sold at a predetermined price with the remaining 1,856 ounces exposed to future price changes. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.
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.
This was a one-time expense and is not expected to continue in 2024. · All in sustaining costs for gold production decreased from $1,689.24 in 2022, to $1,279.38 in 2023 as a result of increased efficiencies and improved scheduling and mine sequencing at the Golden Chest, as well as higher grade ore being processed from the H-vein. 42 Table of Contents Cash Costs and All In Sustaining Costs (“AISC”) 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 AISC per ounce (non-GAAP).
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).
The increase was due to 2,001 more ounces of gold sold during the year, as well as higher gold prices recognized on concentrate sales. Another contributing factor to the increase was that a majority of ore processed during the year came from underground in the H-vein, whereas in 2022, ore was sourced from a combination of open pit and underground.
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.
Additionally, 435 meters of stope access ramps were completed during the year. · Mined 2,350 tonnes of ore from the Jumbo pit at an average grade of 12.40 gpt gold. · Processed 40,130 dry metric tonnes at the Company’s New Jersey Mill with an average gold head grade of 6.71 gpt and gold recovery of 92%. · Completed approximately 3,740 meters of core drilling at the Golden Chest to convert H-Vein Mineral Resources to Mineral Reserves. · A highlight of the core drilling was GC-22-233 which intercepted 18.7 gpt gold over 2.24 meters in the H-Vein. · Completed mining in the open pit and transitioned fulltime to underground production.
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.
At this time, we think that an adjustment in our asset recovery obligation is not required, and an adjustment in future periods would not have a material impact in the year of adjustment but would change the amount of the annual accretion and amortization costs charged to our expenses by an undetermined amount. 41 Table of Contents Golden Chest Highlights for 2023 include: · Produced a total of 8,247 ounces of gold contained in concentrates and doré. · Commenced mining of the high-grade H-Vein at the Golden Chest mine. · Mined 37,780 tonnes of ore from underground at the Golden Chest Mine at an average grade of 6.36 gpt gold and completed 135 meters of development to the MAR and 100 meters of associated sumps, muck-bays, and raises.
At this time, the Company thinks that an adjustment in its asset recovery obligation is not required, and an adjustment in future periods would not have a material impact in the year of adjustment but would change the amount of the annual accretion and amortization costs charged to expenses by an undetermined amount.
Removed
REE Exploration Highlights for 2023 include: · Trenched up to 5% total REE’s at Lemhi Pass - including magnet REE concentrations in excess of 70%. · Sampled 28.2% and 34.1% TREO at the Company’s Mineral Hill REE project. · Added to the Company’s Mineral Hill REE landholdings and expanded the strike length of known REE mineralization over 0.5 miles. · Provided numerous REE samples to collaborative partners from various national laboratories, universities, and government agencies.
Added
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.
Removed
Corporate Highlights for 2023 include: · Achieved the first full year of profitability from production in Company history and recorded its fifth consecutive quarter of profitability. · Announced the addition of Carolyn Turner to the Company’s Board of Directors.
Added
REE Exploration Highlights for 2024 include: · Idaho Strategic’s CEO and President, John Swallow, was invited by members from the U.S.
Removed
We anticipate an increase in drilling activity in 2024 over 2023, which may result in an increased exploration expense. · General and administrative costs decreased significantly in 2023 compared to 2022 due to no stock option awards taking place in 2023. · Professional services costs increased in 2023 due to acquisition activity early in the year.
Added
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.
Added
This resulted in an increase in gross profit as a percentage of sales from 29.0% in 2023 to 50.3% in 2024.
Added
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.

Other IDR 10-K year-over-year comparisons