Idaho Strategic Reports Third Quarter 2024 Operating and Financial Performance
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 (IDR) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi aumentati dell'86,39% a $6,15 milioni e un utile netto balzato del 376,44% a $2 milioni rispetto al terzo trimestre del 2023. La produzione d'oro dell'azienda è cresciuta del 45,11% a 2.892 once, con un grado medio di alimentazione in flottazione di 9,32 gpt. I costi totali sostenuti sono stati di $1.500,86 per oncia. La miniera Golden Chest ha trattato 10.470 tonnellate con un tasso di recupero dell'oro del 93,1%. L'azienda ha raggiunto un record nella posa di riempimento di roccia cementata e ha continuato le attività di esplorazione con tre trivelle operative, inclusa la scoperta della vena Red Star.
Idaho Strategic Resources (IDR) informó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos que aumentaron un 86,39% a $6,15 millones y un ingreso neto que se disparó un 376,44% a $2 millones en comparación con el tercer trimestre de 2023. La producción de oro de la empresa creció un 45,11% a 2,892 onzas, con un grado medio de alimentación por flotación de 9,32 gpt. Los costos totales sostenidos fueron de $1,500.86 por onza. La mina Golden Chest procesó 10,470 toneladas con una tasa de recuperación de oro del 93,1%. La empresa alcanzó un récord en la colocación de relleno de roca cementada y continuó las actividades de exploración con tres equipos de perforación en operación, incluida el descubrimiento de la veta Red Star.
아이더호 전략 자원 (IDR)은 2024년 3분기에 강력한 재무 결과를 보고했으며, 수익은 86.39% 증가하여 615만 달러에 달하고, 순이익은 376.44% 급증하여 200만 달러에 이릅니다(2023년 3분기 대비). 회사의 금 생산량은 45.11% 증가한 2,892온스로, 평균 플로테이션 급은 9.32 gpt입니다. 생산 비용은 온스당 1,500.86달러였습니다. 골든 체스트 광산은 10,470톤을 처리하였으며, 금 회수율은 93.1%였습니다. 회사는 기록적인 시멘트 채우기 배치량을 달성하고, 레드 스타 vein의 발견을 포함하여 세 대의 드릴 리그를 운영하며 탐사 활동을 계속했습니다.
Idaho Strategic Resources (IDR) a annoncé des résultats financiers solides pour le troisième trimestre de 2024, avec des revenus augmentant de 86,39 % pour atteindre 6,15 millions de dollars et un bénéfice net en forte hausse de 376,44 % pour atteindre 2 millions de dollars par rapport au troisième trimestre de 2023. La production d'or de l'entreprise a augmenté de 45,11 % pour atteindre 2 892 onces, avec un grade moyen dans le procédé de flottation de 9,32 gpt. Les coûts totaux soutenus étaient de 1 500,86 dollars par once. La mine Golden Chest a traité 10 470 tonnes avec un taux de récupération de l'or de 93,1 %. L'entreprise a établi des records dans le placement de remblais de roche cimentée et a continué ses activités d'exploration avec trois foreuses en opération, y compris la découverte de la veine Red Star.
Idaho Strategic Resources (IDR) hat starke finanzielle Ergebnisse für das dritte Quartal 2024 gemeldet, mit einem Umsatzanstieg von 86,39% auf 6,15 Millionen Dollar und einem Nettogewinn, der um 376,44% auf 2 Millionen Dollar im Vergleich zum dritten Quartal 2023 gestiegen ist. Die Goldproduktion des Unternehmens nahm um 45,11% auf 2.892 Unzen zu, mit einem durchschnittlichen Flotationsertrag von 9,32 gpt. Die ganzheitlichen Erhaltungs-kosten betrugen 1.500,86 Dollar pro Unze. Die Goldmine Golden Chest verarbeitete 10.470 Tonnen mit einer Gold-Rückgewinnungsrate von 93,1%. Das Unternehmen erzielte Rekorde bei der Verfüllung von Zementgestein und setzte die Explorationsaktivitäten mit drei Bohrgeräten fort, einschließlich der Entdeckung des Red Star Veins.
- Revenue increased 86.39% to $6.15 million in Q3 2024
- Net income grew 376.44% to $2 million
- Gold production increased 45.11% to 2,892 ounces
- Gross profit rose 171.03% to $2.99 million
- Earnings per share increased to $0.15 from $0.03
- Cash and cash equivalents reached $8.39 million
- All-in sustaining costs increased 12.53% to $1,500.86 per ounce
- Exploration expenses increased significantly to $1.18 million from $435,439
- Total liabilities increased to $5.03 million from $3.35 million
Insights
The Q3 2024 results demonstrate exceptional financial performance with
The operational performance shows impressive optimization with improved gold grades (
Highlighted by an
COEUR D'ALENE, ID / ACCESSWIRE / November 4, 2024 / Idaho Strategic Resources, Inc. (NYSE American:IDR) ("IDR", "Idaho Strategic" or the "Company") today announced its consolidated operating and financial results for the second quarter ending September 30, 2024. IDR achieved an
Operational Performance: | Q3 2024 | % Change | Q3 2023 |
Ore Tonnes Processed | 10,470 | 10,430 | |
Average Flotation Feed Grade (gpt) | 9.32 | 6.41 | |
Ounces Produced | 2,892 | 1,993 | |
All In Sustaining Cost Per Ounce ($USD)* |
*Adjusted all in sustaining costs excluding exploration expenses were
Financial Performance ($USD): | Q3 2024 | % Change | Q3 2023 |
Revenue | |||
Total Cost of Sales | |||
Gross Profit | |||
Net Income Attributable to IDR | |||
Earnings Per Share (EPS) |
Idaho Strategic's CEO and President, John Swallow stated, "Congrats to our team for another good quarter. We exceeded
Golden Chest Highlights for Q3 2024 Include:
At the Golden Chest, ore mined from underground stopes totaled approximately 10,500 tonnes with all of the tonnage coming from H-Vein stopes.
A total of 3,820 cubic meters of cemented rockfill ("CRF") were placed during the quarter which is a new quarterly record. The Main Access Ramp ("MAR") and associated attack ramps were advanced by approximately 154 meters during the quarter.
For the quarter ended September 30, 2024, a total of 10,470 dry metric tonnes ("dmt") were processed at the Company's New Jersey mill with a flotation feed head grade of 9.32 gpt gold and gold recovery of
93.1% .An exploration program consisting of both underground and surface core drilling was continued during the third quarter. Underground drilling was focused on exploring the Klondike area and targeting the newly found Red Star zone and northerly projections of the H-vein. Surface drilling was completed in Butte Gulch and this rig was moved to the northern area of the Golden Chest. A third drill rig was moved to Wesp Gulch to drill down-dip on the Idaho fault and associated veining during the quarter.
Rare Earth Highlights for Q3 2024 Include:
Attended the Adamas Rare Earth Mines, Magnets and Motors Conference in Toronto, Canada during the quarter.
Subsequent to quarter end, Idaho Strategic representatives attended the International Rare Earth Elements Conference in Washington DC.
Notes accompanying the financial statements below can be found in the Company's quarterly report filed this morning with the SEC on EDGAR.
Qualified person
IDR's Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.
About Idaho Strategic Resources, Inc.
Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company's business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.
For more information on Idaho Strategic Resources, 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.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Nine-Month Periods Ended September 30, 2024 and 2023
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| September 30, 2024 |
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| September 30, 2023 |
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| Three Months |
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| Nine Months |
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| Three |
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| Nine |
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Revenue: |
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Sales of products |
| $ | 6,153,287 |
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| $ | 18,177,607 |
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| $ | 3,301,221 |
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| $ | 9,879,332 |
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Total revenue |
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| 6,153,287 |
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| 18,177,607 |
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| 3,301,221 |
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| 9,879,332 |
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Costs of Sales: |
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Cost of sales and other direct production costs |
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| 2,670,417 |
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| 7,825,357 |
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| 1,831,847 |
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|
| 6,079,697 |
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Depreciation and amortization |
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| 485,514 |
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|
| 1,443,232 |
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|
| 363,442 |
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|
| 1,034,521 |
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Total costs of sales |
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| 3,155,931 |
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| 9,268,589 |
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| 2,195,289 |
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| 7,114,218 |
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Gross profit |
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| 2,997,356 |
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|
| 8,909,018 |
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|
| 1,105,932 |
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| 2,765,114 |
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Other operating expenses: |
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Exploration |
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| 1,185,460 |
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| 2,073,364 |
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| 435,439 |
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| 916,250 |
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Management |
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| 92,967 |
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| 292,380 |
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| 58,998 |
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| 183,477 |
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Professional services |
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| 81,663 |
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| 320,889 |
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| 80,856 |
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| 444,899 |
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General and administrative |
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| 203,732 |
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| 543,851 |
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| 117,178 |
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| 504,241 |
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(Gain) loss on disposal of equipment |
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| (6,000 | ) |
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| 1,431 |
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| - |
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| (224 | ) |
Total other operating expenses |
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| 1,557,822 |
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| 3,231,915 |
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| 692,471 |
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| 2,048,643 |
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Operating income |
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| 1,439,534 |
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| 5,677,103 |
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| 413,461 |
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| 716,471 |
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Other (income) expense: |
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Equity (income) loss on investment in Buckskin Gold and Silver, Inc |
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| (1,301 | ) |
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| (1,579 | ) |
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| (1,608 | ) |
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| (2,965 | ) |
Timber revenue net of costs |
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| - |
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| (19,406 | ) |
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| - |
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| (20,724 | ) |
Loss on investment in equity securities |
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| - |
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|
| 453 |
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| 1,543 |
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| 4,423 |
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Interest income |
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| (167,801 | ) |
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| (247,904 | ) |
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| (23,560 | ) |
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| (61,253 | ) |
Interest expense |
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| 37,128 |
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| 83,295 |
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| 33,103 |
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| 52,999 |
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Government grant income |
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| (418,000 | ) |
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| (418,000 | ) |
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| - |
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| - |
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Total other (income) expense |
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| (549,974 | ) |
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| (603,141 | ) |
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| 9,478 |
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| (27,520 | ) |
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Net income |
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| 1,989,508 |
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| 6,280,244 |
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| 403,983 |
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| 743,991 |
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Net loss attributable to non-controlling interest |
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| (14,772 | ) |
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| (53,018 | ) |
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| (16,696 | ) |
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| (65,080 | ) |
Net income attributable to Idaho Strategic Resources, Inc. |
| $ | 2,004,280 |
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| $ | 6,333,262 |
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| $ | 420,679 |
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| $ | 809,071 |
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Net income per common share-basic |
| $ | 0.15 |
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| $ | 0.49 |
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| $ | 0.03 |
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| $ | 0.07 |
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Weighted average common share outstanding-basic |
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| 13,111,073 |
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| 12,821,279 |
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| 12,256,523 |
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| 12,238,172 |
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Net income per common share-diluted |
| $ | 0.15 |
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| $ | 0.49 |
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| $ | 0.03 |
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| $ | 0.07 |
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Weighted average common shares outstanding- diluted |
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| 13,259,638 |
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| 13,012,689 |
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| 12,263,318 |
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| 12,243,055 |
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Idaho Strategic Resources, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
|
| September 30, 2024 |
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| December 31, 2023 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
| $ | 8,392,556 |
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| $ | 2,286,999 |
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Investments in debt securities |
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| 3,198,452 |
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| - |
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Gold sales receivable |
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| 1,054,051 |
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| 1,038,867 |
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Government grant receivable |
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| 418,000 |
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| - |
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Inventories |
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| 971,507 |
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| 876,681 |
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Joint venture receivable |
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| 855 |
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| 2,080 |
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Investment in equity securities |
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| - |
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| 5,649 |
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Other current assets |
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| 405,267 |
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| 236,837 |
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Total current assets |
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| 14,440,688 |
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| 4,447,113 |
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Property, plant and equipment, net of accumulated depreciation |
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| 11,565,402 |
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| 10,233,640 |
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Mineral properties, net of accumulated amortization |
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| 10,013,290 |
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| 7,898,878 |
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Investment in Buckskin Gold and Silver, Inc |
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| 340,348 |
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| 338,769 |
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Investment in joint venture |
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| 435,000 |
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| 435,000 |
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Investments in debt securities, non-current |
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| 2,940,780 |
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| - |
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Reclamation bond |
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| 249,110 |
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| 251,310 |
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Deposits |
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| 842,743 |
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| 285,079 |
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Total assets |
| $ | 40,827,361 |
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| $ | 23,889,789 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable and accrued expenses |
| $ | 1,366,345 |
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| $ | 484,221 |
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Accrued payroll and related payroll expenses |
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| 445,848 |
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| 266,670 |
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Notes payable, current portion |
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| 802,312 |
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| 978,246 |
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Total current liabilities |
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| 2,614,505 |
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| 1,729,137 |
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Asset retirement obligations |
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| 300,602 |
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| 286,648 |
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Notes payable, long term |
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| 2,117,715 |
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| 1,338,406 |
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Total long-term liabilities |
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| 2,418,317 |
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| 1,625,054 |
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Total liabilities |
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| 5,032,822 |
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| 3,354,191 |
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Commitments Notes 5 and 9 |
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| - |
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| - |
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Stockholders' equity: |
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Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding |
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| - |
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| - |
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Common stock, no par value, 200,000,000 shares authorized; September 30, 2024-13,462,705 and December 31, 2023-12,397,615 shares issued and outstanding |
|
| 43,929,336 |
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| 34,963,739 |
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Accumulated deficit |
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| (10,877,376 | ) |
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| (17,210,638 | ) |
Total Idaho Strategic Resources, Inc stockholders' equity |
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| 33,051,960 |
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| 17,753,101 |
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Non-controlling interest |
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| 2,742,579 |
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| 2,782,497 |
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Total stockholders' equity |
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| 35,794,539 |
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|
| 20,535,598 |
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Total liabilities and stockholders' equity |
| $ | 40,827,361 |
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| $ | 23,889,789 |
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Forward Looking Statements
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as "intends", "potential", "believe", "plans", "expects", "may", "goal', "assume", "estimate", "anticipate", and "will" or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, Idaho Strategic Resources' potential to deliver Q4 2024 financial performance that is in-line, better, or worse than Q3 2024, the potential for the Company to initiate, continue, and/or complete additional capital investments that may or may not lead to increased production, the Company's plans to reduce debt in the Q4, the Company's plans to increase its exploration and development efforts, the potential for Idaho Strategic's operations to remain profitable in Q4 2024, the potential for ongoing and future drilling and exploration work to yield positive results, the potential for the Company's planned power upgrades to be completed on time and on budget, the potential for the paste backfill system to be completed on time and on budget, the potential for the paste backfill building to serve as a future mill building, the potential for the Company to complete a drill program at Eastern Star and/or Lemhi Pass next year, and the potential monetary and operational benefits of implementing the paste backfill system. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR's claim as the largest rare earth elements landholder in the U.S. is based on the Company's internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR's claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company's projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
SOURCE: Idaho Strategic Resources, Inc.
View the original press release on accesswire.com
FAQ
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