Idaho Strategic Reports Record Operating and Financial Performance for 2024

Rhea-AI Summary

Idaho Strategic Resources (IDR) reported exceptional financial results for 2024, with annual revenue increasing 88.66% and net income surging 663.27%. The company ended the year with $16,091,024 in cash and US Treasury Notes investments, marking nine consecutive quarters of GAAP profitability.

At the Golden Chest mine, IDR produced 11,915 ounces of gold, mining 41,140 tonnes of ore from the H-Vein underground with an average grade of 9.67 grams per tonne and 92.8% gold recovery. Notable drilling results included a significant intercept of 50.9 gpt gold over 4.5 meters in the newly discovered Red Star zone.

The company maintained its position as the largest rare earth elements landholder in the United States, engaging in various industry conferences and discussions to advance understanding of Idaho's rare earth mineralogy.

Positive

• Record annual gold production of 11,915 ounces
• Revenue growth of 88.66% year-over-year
• Net income increase of 663.27%
• Strong cash position of $16.09M in cash and Treasury Notes
• High-grade gold mining with 9.67 g/t average grade
• Excellent gold recovery rate of 92.8%
• Discovery of new high-grade Red Star zone (50.9 g/t gold over 4.5m)
• Elimination of most debt

Negative

• None.

Insights

Mining Financial Analyst

Idaho Strategic's record financial performance for 2024 demonstrates exceptional operational execution with 88.66% revenue growth and an impressive 663.27% increase in net income. The company's cash position of $16,091,024 in cash and Treasury notes provides substantial financial flexibility while debt reduction strengthens their balance sheet considerably.

The operational metrics are equally impressive. Production of 11,915 ounces of gold from high-grade ore averaging 9.67 grams per tonne is remarkable in the junior mining sector. The 92.8% gold recovery rate indicates efficient processing operations, while the focus on the high-grade H-Vein demonstrates disciplined mine planning. Their successful drilling program, particularly the intercept of 50.9 gpt gold over 4.5 meters in the Red Star zone, suggests potential for resource expansion.

IDR's dual focus on gold production and rare earth elements (REEs) represents a strategic approach to commodity diversification. While gold operations generate immediate cash flow, their REE land package positions them uniquely in the critical minerals space at a time when security of supply is receiving increased attention. The company appears to be leveraging this unique position through government and industry engagement, evidenced by DOE workshop participation and conference attendance.

Nine consecutive quarters of profitability demonstrates sustainable operations rather than a temporary performance spike. With both production metrics and financial results moving in tandem, IDR shows hallmarks of a well-managed mining operation successfully executing its growth strategy.

Commodities Strategist

IDR's 2024 performance coincides with a favorable gold pricing environment, but the 663.27% net income growth significantly outpaces metal price appreciation, indicating fundamental operational improvements. The company's ability to focus on high-grade zones (9.67 g/t gold) allows for capital-efficient production scaling – critical for smaller producers to maximize margins.

What's particularly notable is Idaho Strategic's strategic positioning across two distinct commodity spaces. Their established gold production provides immediate cash flow and hedge against macroeconomic uncertainty, while their rare earth elements land package offers exposure to the critical minerals supply chain – an area receiving significant policy and investment attention. This creates an unusual risk profile where traditional precious metals exposure is balanced with strategic minerals upside.

The company's strengthened balance sheet with $16,091,024 in cash and Treasuries after debt reduction creates multiple strategic options: accelerated exploration, production expansion, or potential M&A activities. For a company with Idaho Strategic's market capitalization (approximately $187.9 million), this represents a significant liquidity position relative to enterprise value.

The company's exploration results, particularly the high-grade intercepts in new zones, suggest potential for resource expansion beyond current production areas. The combination of nine consecutive profitable quarters and ongoing exploration success indicates a sustainable operational model rather than a temporary performance improvement. This creates a foundation for continued organic growth while their rare earth elements strategy develops in parallel, providing shareholders with near-term cash flow and longer-term strategic optionality.

Annual Revenue Increased 88.66%, While Annual Net Income Increased 663.27%

Ended 2024 With Cash and Investments in US Treasury Notes Totaling $16,091,024

Achieved Nine Consecutive Quarters of GAAP Profitability

COEUR D'ALENE, ID / ACCESS Newswire / March 31, 2025 / Idaho Strategic Resources, Inc. (NYSE American:IDR) ("IDR", "Idaho Strategic" or the "Company") today announced its consolidated operating and financial results for the year ending December 31, 2024. IDR achieved record annual gold production and financial performance during 2024. Key highlights include:

Operational Performance:		2024				% Change				2023
Ore Tonnes Processed			41,140				2.52	%			40,130
Average Flotation Feed Grade (gpt)			9.67				44.11	%			6.71
Ounces Produced			11,915				44.48	%			8,247
All In Sustaining Cost Per Ounce ($USD)		$	1,478.41				15.56	%		$	1,279.38

Financial Performance ($USD):		2024				% Change				2023
Revenue		$	25,765,373				88.66	%		$	13,656,733
Total Cost of Sales		$	12,814,880				32.23	%		$	9,691,697
Gross Profit		$	12,950,493				226.62	%		$	3,965,036
Net Income Attributable to IDR		$	8,836,685				663.27	%		$	1,157,746
Earnings Per Share (EPS)		$	0.68				655.56	%		$	0.09

Idaho Strategic's CEO and President, John Swallow stated, "Hats off to our employees and stakeholders. It says a lot about a team that can follow-up the work that went into a pivotal year like 2023 - with a totally transformational year like 2024. To say we hit the ground running in 2024 is an understatement. We had record revenue and profit throughout the year, eliminated most of our debt, added cash (and treasury notes) to our balance sheet, invested considerably in operations and facilities at the Golden Chest, continued near-mine exploratory drilling throughout the year, replaced and added to reserves, and we are embarking on a 2025 that will most likely be the busiest year in company history. Again, congrats to all of our stakeholders for a great 2024 and we are looking forward to a prosperous 2025."

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 grams per tonne (gpt) gold and completed 215 meters of development on the MAR and 129 meters of drifting for an H-Vein exploration project. 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.

Rare Earth Highlights for 2024 include:

• Idaho Strategic's CEO and President, John Swallow, was invited by members from the U.S. 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.

Mr. Swallow concluded, "Last year I commented that ‘I believe our overall business plan is being validated amongst a broadening array of stakeholders within and outside of the sector' - little did I know how true that statement would prove to be. In my opinion, the potential gravity from this shift is only beginning to be understood. From our experience, this feels like the start of the next era of asset analysis and portfolio allocation as more and more groups seem to be viewing gold (and other commodities) as a component of both domestic and global diversification. In addition, from the discussions we have had, it appears that there are financial models showing overall market weakness and this has some groups looking for more specific exposure in areas (and portfolio structures) not typically looked at. In short, we are seeing more specificity and thoughtfulness than ever before in our incoming inquiries and meeting discussions. We won't know for sure what all of this means until we are looking back on it in hindsight, however we are more constructive on our business plan than ever before."

Qualified person

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

About Idaho Strategic Resources, Inc.

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

For more information on Idaho Strategic Resources, visit https://idahostrategic.com/presentation/, go to www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development

Email: tswallow@idahostrategic.com
Phone: (208) 625-9001

Idaho Strategic Resources, Inc. Consolidated Statements of Operations For the Years Ended December 31, 2024 and 2023
		2024				2023
Revenue-gold sales		$	25,765,373			$	13,656,733
Cost of sales:
Cost of sales and other direct production costs			10,861,492				8,224,994
Depreciation and amortization			1,953,388				1,466,703
Total cost of sales			12,814,880				9,691,697
Gross profit			12,950,493				3,965,036
Other operating expenses:
Exploration			2,920,535				1,523,221
(Gain) loss on disposal of equipment			1,431				(13,026	)
Management			407,715				255,579
Professional services			432,237				556,766
General and administrative			763,040				630,126
Total other operating expenses			4,524,958				2,952,666
Income from operations			8,425,535				1,012,370
Other (income) expense:
Equity income on investment in Buckskin Gold and Silver, Inc.			(2,667	)			(4,517	)
Loss on investment in equity securities			453				5,451
Timber revenue			(19,406	)			(20,724	)
Interest income			(389,517	)			(85,491	)
Interest expense			83,295				44,202
Total other (income) expense			(327,842	)			(61,079	)
Net income			8,753,377				1,073,449
Net loss attributable to non-controlling interest			(83,308	)			(84,297	)
Net income attributable to Idaho Strategic Resources, Inc.		$	8,836,685			$	1,157,746
Net income per common share-basic		$	0.68			$	0.09
Weighted average common shares outstanding-basic			13,026,487				12,254,539
Net income per common share-diluted		$	0.67			$	0.09
Weighted average common shares outstanding-diluted			13,197,308				12,260,539

Idaho Strategic Resources, Inc. Consolidated Balance Sheets December 31, 2024 and 2023
		2024				2023
ASSETS
Current assets:
Cash and cash equivalents		$	1,106,901			$	2,286,999
Investment in US treasury notes			7,775,193				-
Gold sales receivable			1,578,694				1,038,867
Inventories			899,924				876,681
Joint venture receivable			2,892				2,080
Investment in equity security			-				5,649
Other current assets			378,469				236,837
Total current assets			11,742,073				4,447,113
Property, plant and equipment, net of accumulated depreciation			12,904,065				10,233,640
Mineral properties, net of accumulated amortization			10,573,349				7,898,878
Investment in Buckskin Gold and Silver, Inc.			341,436				338,769
Investment in joint venture			435,000				435,000
Investment in US treasury notes, non-current			7,208,930				-
Reclamation bonds			249,110				251,310
Deposits			567,667				285,079
Total assets		$	44,021,630			$	23,889,789
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses		$	1,006,078			$	484,221
Accrued payroll and related payroll expenses			564,090				266,670
Notes payable, current portion			709,381				978,246
Total current liabilities			2,279,549				1,729,137
Asset retirement obligations			305,409				286,648
Notes payable, long term			1,023,358				1,338,406
Total long term liabilities			1,328,767				1,625,054
Total liabilities			3,608,316				3,354,191
Commitments and Contingencies (Note 5 and 12)			-				-
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding			-				-
Common stock, no par value, 200,000,000 shares authorized; 13,665,058 and 12,397,615 shares issued and outstanding, respectively			46,059,318				34,963,739
Accumulated deficit			(8,373,953	)			(17,210,638	)
Total Idaho Strategic Resources, Inc. stockholders' equity			37,685,365				17,753,101
Non-controlling interest			2,727,949				2,782,497
Total stockholders' equity			40,413,314				20,535,598
Total liabilities and stockholders' equity		$	44,021,630			$	23,889,789

Forward Looking Statements

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

SOURCE: Idaho Strategic Resources, Inc.

View the original press release on ACCESS Newswire

FAQ

What was IDR's gold production and grade at Golden Chest mine in 2024?

IDR produced 11,915 ounces of gold from 41,140 tonnes of ore at an average grade of 9.67 grams per tonne from the H-Vein underground.

How much did Idaho Strategic Resources' revenue and net income grow in 2024?

IDR's annual revenue increased by 88.66% while net income grew by 663.27% in 2024.

What was the gold recovery rate at IDR's New Jersey Mill in 2024?

The gold recovery rate at IDR's New Jersey Mill was 92.8% in 2024.

What significant discovery did IDR make in their 2024 drilling program?

IDR discovered the Red Star zone, with drill hole GC24-265 intercepting 50.9 gpt gold over 4.5 meters.

How much cash and investments did IDR have at the end of 2024?

IDR ended 2024 with $16,091,024 in cash and US Treasury Notes investments.