Welcome to our dedicated page for Idaho Strategic Resources news (Ticker: IDR), a resource for investors and traders seeking the latest updates and insights on Idaho Strategic Resources stock.
Idaho Strategic Resources, Inc. (NYSE American: IDR), formerly known as New Jersey Mining Company, is a vertically integrated, junior mining company based in Idaho. The company focuses on the production of gold and the exploration of rare earth elements (REE). Its flagship project is the Golden Chest Mine, from which it has achieved significant gold production milestones.
Besides gold production, Idaho Strategic Resources has established a strategic presence in the Critical Minerals sector, advancing key REE projects including Lemhi Pass, Diamond Creek, and the Roberts Rare Earth Element projects in central Idaho. These projects are poised to enhance the U.S. rare earth supply chain, particularly with the recent discovery of high-grade rare earth oxides (TREO) in the Mineral Hill District.
In 2023, Idaho Strategic Resources reported milestone achievements, including the discovery of a new pink carbonatite with 34.1% TREO at Upper Roberts, which is among the highest grades identified in the U.S. recently. The company's comprehensive exploration program in Mineral Hill led to the identification of multiple new carbonatite exposures and bulk sampling results indicating high-grade REE values.
Financially, Idaho Strategic Resources has transitioned to profitability, with a 41.9% revenue increase and a 32.7% rise in gold production over 2022. The company’s strategic initiatives include the purchase of the Butte Gulch property, enhancing its operational footprint, and investments in new equipment such as a paste backfill system for improved efficiency and cost savings.
Idaho Strategic Resources is actively involved in building collaborations and partnerships. Notably, it entered a non-binding memorandum of understanding with Radiant Industries to potentially deploy a meltdown-proof microreactor, Kaleidos, at one of its sites, aiming to replace diesel generators with sustainable power solutions.
CEO John Swallow's leadership has been instrumental in steering the company through significant growth, positioning Idaho Strategic Resources as a pivotal player in the critical minerals sector. The company is committed to responsible mining practices and contributing to local communities while advancing its exploration and production capabilities.
Idaho Strategic Resources (IDR) has provided an update on its rare earth elements (REE) operations and plans for 2025, focusing on the Lemhi Pass project. The company reported favorable REE mix with high concentrations of valuable elements, including 58% Nd, 8% Pr, 8% Sm, and 2% Dy, accounting for 76% of total REEs. Comparative analysis shows IDR's prospects performing well against global REE mines. For 2025, IDR plans a larger trenching and low-impact air rotary drilling program at the 12,000-acre Lemhi Pass project. The company is also collaborating with national laboratories to advance minerology understanding and develop processing technologies specific to Idaho's REE projects.
Idaho Strategic Resources (IDR) reported strong Q3 2024 financial results, with revenue increasing 86.39% to $6.15 million and net income surging 376.44% to $2 million compared to Q3 2023. The company's gold production grew 45.11% to 2,892 ounces, with an average flotation feed grade of 9.32 gpt. All-in sustaining costs were $1,500.86 per ounce. The Golden Chest mine processed 10,470 tonnes with a 93.1% gold recovery rate. The company achieved record cemented rockfill placement and continued exploration activities with three drill rigs operating, including the discovery of the Red Star Vein.
Idaho Strategic Resources (NYSE American:IDR) has announced a new high-grade gold discovery and preliminary highlights from its Golden Chest 2024 summer drill program. The company discovered the Red Star Vein during a drill program targeting hangingwall veins in the Klondike area, approximately 600 meters north of existing mining operations.
Key highlights include:
- Drill Hole GC 24-258 intercepted 1.8 meters of the Red Star Vein, assaying 34.1 grams per tonne (gpt) gold, part of a larger 9.3-meter intercept assaying 8.2 gpt gold.
- Twelve drillholes completed, with four encountering high-grade gold intercepts of the Red Star Vein.
- Additional veins discovered during the 2024 drill program, including potential northern extension of the H-Vein.
The company has rerouted a drill rig to accelerate near-mine discovery potential and plans to develop a new underground drill station for further exploration. IDR is also progressing with its paste backfill plant construction and considering building a new mill onsite at the Golden Chest.
Idaho Strategic Resources (NYSE American: IDR) has been awarded a $430,000 grant from Idaho's Rural Community Investment Fund (RCIF) for power infrastructure upgrades. This joint application with Shoshone County and Avista Utilities will benefit the Golden Chest Mine and surrounding communities. The upgrade will support the planned addition of a paste backfill system and increased mine development efforts.
Key points:
- The project covers nearly 23 line-miles between Wallace and Murray
- Construction of the paste backfill plant is expected to begin this summer
- IDR has committed to creating 6 new jobs and retaining 10 current jobs by April 2027
- The company may face potential reimbursement if job creation targets are not met
This grant demonstrates Idaho's support for mining and IDR's positive impact on local economies. The power upgrade is a important step towards potential future expansion in the Murray Gold Belt.
Idaho Strategic Resources (NYSE American:IDR) reported impressive Q2 2024 results, with revenue up 89.26% to $6,125,382 and net income soaring 558.30% to $2,157,873 compared to Q2 2023. The company's earnings per share (EPS) increased by 466.67% to $0.17. Key operational highlights include:
- 34.99% increase in gold ounces produced to 2,903
- 40.77% improvement in average flotation feed grade to 10.29 gpt
- 93.6% gold recovery rate
The Golden Chest mine saw record cemented rockfill placement and started an exploration program. IDR also continued discussions on rare earth elements. CEO John Swallow emphasized the company's strong performance and strategic positioning in the current macroeconomic environment.
Idaho Strategic Resources (NYSE American:IDR) has been selected to present at the 9th annual MicroCap Leadership Summit on August 1st, 2024, in Coeur d'Alene, Idaho. The company will deliver a 15-minute presentation followed by a Q&A session. IDR will also host a dinner social event and provide an underground tour of the Golden Chest Mine on August 2nd.
The MicroCap Leadership Summit, attended by 100 global investors, chose IDR as one of six companies to present. IDR is an Idaho-based gold producer with the largest rare earth elements land package in the United States. The company's business strategy is designed to address current geopolitical and macroeconomic challenges, positioning itself as the only publicly traded company combining growing gold production with rare earth elements exploration potential.
Idaho Strategic Resources, Inc. announced a collaboration with Radiant Industries, Inc. to participate in the Kaleidos Frontier Pilot Program. The program aims to develop and deploy a meltdown-proof portable microreactor, Kaleidos, at remote mine sites. Radiant's Kaleidos unit is designed to provide clean, cost-effective power in hard-to-reach locations, replacing diesel generators. Idaho Strategic and Radiant will study the licensing process and timeline for deploying the Kaleidos unit. The agreement holds potential for both companies to work together in advancing domestic critical mineral supply chains and rare earth element properties. Radiant's Kaleidos reactor addresses a specific pain point faced by mining operations in a sustainable way. The collaboration aligns with efforts to secure clean power solutions for the mining industry. Radiant is building towards a test at Idaho National Laboratory in 2026, with commercial reactors available by 2028. The partnership also receives support from the U.S. Department of Energy and the U.S. Department of Defense.
Idaho Strategic Resources, Inc. provided a President's Letter to Stakeholders highlighting an 80.6% increase in gold production in Q1 2024, attributing success to team efforts and upcoming exploration plans. The Company plans to construct a paste backfill plant and a future mill at the Golden Chest site. Significant progress was made in REE projects, advancing critical minerals efforts. The President's decision to sell 10% of stockholdings for estate planning reasons does not reflect doubt in the Company's future.
Idaho Strategic Resources, Inc. (NYSE American: IDR) reported a remarkable first quarter for 2024 with a 76.5% revenue increase and a 35-fold surge in net income compared to the same period in 2023. The company exceeded its total net income for 2023, showcasing significant growth in operational and financial performance. Key highlights include higher gold prices, increased gold grades, and strategic investments in production and exploration activities.
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