Idaho Strategic Resources, Inc. - IDR STOCK NEWS

Idaho Strategic Resources (IDR) has withdrawn its acquisition proposal for Westwater Resources (WWR) at $1.36 per share, citing WWR's Board's refusal to engage in discussions. The proposal represented a 73% premium to WWR's last trading day before the announcement on December 22, 2022. IDR's President John Swallow expressed disappointment over the lack of constructive dialogue, emphasizing the potential for value creation in a new domestic critical minerals supply chain. IDR plans to refocus on its production strategy while monitoring Westwater's situation, aiming to build long-term value and maintain discipline in mergers and acquisitions.

Idaho Strategic Resources (IDR) reported strong performance for 2022, with estimated revenues of $9.5 million and production of 6,000 ounces of gold, marking increases of 24.5% and 24.3% respectively over 2021. CEO John Swallow highlighted the company's strategy of starting small and expanding gradually, leading to consistent shareholder value creation. IDR has implemented a revised mine plan, improving efficiency amid inflation and fluctuating gold prices. The company is also advancing its rare earth elements projects, positioning itself as a credible U.S. operator in a critical minerals sector.

Idaho Strategic Resources (IDR) has proposed a merger with Westwater Resources (WWR) at an attractive premium of approximately 73%, valuing WWR at $1.36 per share. This merger aims to create a leading critical minerals company in the U.S., focusing on graphite, rare earth elements, and gold. Despite WWR's ongoing zero revenue and past 95% stock decline, Idaho Strategic claims that their leadership team has significant industry experience. They urge WWR's board to seriously consider the offer while highlighting that shareholders deserve better than the current management's track record of stock dilution.

Idaho Strategic Resources (IDR) has reported significant findings from its 2022 exploration program at the Lemhi Pass District, where surface outcrops exceeding 4% Total Rare Earth Oxides (TREOs) were located. This discovery effectively doubles previous maximum assay values of 2% recorded by state and federal agencies. Notably, neodymium constituted a substantial component of the TREO values, with samples showing 4.26% TREO at Prospect #2 and 2.35% at Prospect #3. The company has also expanded its land holdings to approximately 7,600 acres. Industry experts believe this area holds substantial untapped potential for rare earth elements (REEs).

Idaho Strategic Resources (IDR) has reported promising initial drill results from the Diamond Creek REE Project in Lemhi County, Idaho. The company drilled 12 holes, with significant findings indicating rare earth element (REE) mineralization, notably 1.3% total rare earth oxide (TREO) over 11.3 m in drillhole DC 22-8. Additionally, 0.7% niobium (Nb) over 10.1 m was observed, enhancing the project's potential. The next phase of drilling is planned to explore further areas. This success positions IDR favorably in the critical minerals sector, with increased interest anticipated in 2023.

Idaho Strategic Resources (IDR) has reviewed its 2022 performance, highlighting key achievements including its up listing on the NYSE American and significant progress in rare earth elements projects. The company aims to reduce U.S. reliance on foreign minerals through various legislative efforts and partnerships. Notably, IDR recorded over $3 million in revenue for Q4 2022 and expanded its landholdings, now being the second largest REE landholder in the U.S. The management also proposed a business combination with Westwater Resources, advocating for stakeholder engagement.

Westwater Resources, Inc. (NYSE American: WWR) has received an unsolicited proposal from Idaho Strategic Resources (NYSE American: IDR) on December 15, 2022. IDR's proposal, disclosed on December 22, lacked critical financial details and raised concerns regarding IDR's capability to fund its business plans. Westwater has determined that pursuing IDR's proposal is not in its best interest, citing IDR's insufficient resources and lack of expertise in graphite production. Westwater is committed to the construction and commissioning of its Kellyton Plant, estimated at $202 million.

Idaho Strategic Resources (IDR) announced on December 15, 2022, that it submitted a non-binding proposal to acquire Westwater Resources (WWR), offering 0.2353 IDR shares for each WWR share, valuing WWR at $1.36, a 73% premium over its market price. This proposal was declined on December 19, 2022. Despite this, IDR emphasizes the potential for managerial synergies and a stronger market position in critical minerals. The combined entity would feature significant cash reserves and valuable assets in rare earth and thorium resources, underscoring IDR's commitment to enhancing shareholder value.

Idaho Strategic Resources (IDR) announced an increase in its land holdings within the Idaho Rare Earth Element-Thorium Belt to over 11,000 acres, making it the 2nd largest REE land-holding Company in the U.S. Notable expansions include the Lemhi Pass property, which grew to approximately 7,600 acres, and the Roberts Project, increasing from 1,050 acres to 2,800 acres. The company aims to reduce dependence on foreign REE sources through these expansions, marking significant potential for domestic REE production.