Idaho Strategic Reports Record Third Quarter Operating and Financial Performance
COEUR D’ALENE, Idaho--( BUSINESS WIRE)-- Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) today announced its consolidated operating and financial results for the third quarter ending September 30, 2025. The Company continues to reinvest a significant amount of cash flow back into the business via drilling and other exploration programs across nearly its entire project portfolio and planned construction activities at the Golden Chest mine. Operating and financial results for the third quarter include:
"We are on track to deliver our highest level of production and drill the most meters in company history; all while constructing a new flotation mill, a paste backfill system, and a new warehouse/dry building..."
Operational
Performance:
Q3 2025
% Change
Q3 2024
Ore Tonnes Processed
10,570
0.96%
10,470
Average Flotation Feed Grade (gpt)
9.94
6.65%
9.32
Ounces Produced
3,066
4.64%
2,930
All-In Sustaining Cost Per Ounce ($USD)
$
2,444.06
64.03%
$
1,490.05
*
Adjusted all in sustaining costs excluding exploration expenses were $1,468.75 for the three-month period ending September 30, 2025.
Financial
Performance ($USD):
Q3 2025
% Change
Q3 2024
Revenue
$
11,081,272
80.09%
$
6,153,287
Total Cost of Sales
$
4,033,867
27.81%
$
3,155,931
Gross Profit
$
7,047,405
135.12%
$
2,997,356
Net Income Attributable to IDR
$
2,974,558
87.52%
$
1,586,280
Earnings Per Share (EPS)
$
0.20
66.67%
$
0.12
Average Realized Gold Price
$
3,578.07
48.40%
$
2,411.16
Idaho Strategic’s President and CEO, John Swallow, stated, “I challenged our team in more ways than one this year at IDR. We are on track to deliver our highest level of production and drill the most meters in company history; all while constructing a new flotation mill, a paste backfill system, and a new warehouse/dry building utilizing our own labor wherever possible to reduce contractor overhead while sticking to a tight timeline. The vast majority of our team at Idaho Strategic shares a collective vision for the Company. There is an underlying belief that we are building something special and I am consistently impressed with the enthusiasm, creativity and desire to push even harder.
“As announced in our recent Paymaster drill results press release, the investment in gold exploration is yielding great results and remains open to further resource expansion through additional surface and underground drilling. With both surface and underground drills turning at the Golden Chest, priority for core logging is being given to holes drilled near existing mine infrastructure (for obvious reasons). We now have 7 geologists on staff, and in addition to advancing a few other early-stage ideas, I am eager to process the core drilled in the broader Murray Gold Belt District and initiate exploration on the recently acquired Toboggan property, as we look to next year. Anchored by the Golden Chest Mine and new centrally located Murray Milling facility, these collective efforts will begin to provide us with a comprehensive look at the potential of our district-scale land package of over 20,000 acres of patented and un-patented holdings.
“On the rare earth elements front, I continue to think about physical AI and the feedstock needed to make it a reality. At a recent industry conference, it was mentioned that physical AI will eventually be the biggest industry in history. I don’t have an opinion either way, other than we can only know that in hindsight, however this view appeared to be supported by many in the room and echoed by Elon Musk’s recent pay package, and the discussion around humanoid robots. I was mostly interested in the trend and supply/demand dynamics and feel this is a path we are on regardless of one’s opinion on the rate of change.
“At IDR, after completing a season of concentrated soil sampling and geophysics, we are lightyears ahead of where we were at this time last year. Our drill target identification is going well and permitting is underway for expanded exploration work in 2026, including drill permitting at both Mineral Hill and Lemhi Pass. Additionally, from a macro perspective, it appears the generalist investor is just starting to learn both the nuances of the rare earth industry and the subtleties of certain deposit types. I believe that this increased understanding will lead to broader support for the advancement of our projects in Idaho and possibly also highlight an industry having an even shorter list of viable options. And for anyone looking to better understand these nuances and cut through a lot of the headline information that is causing recent volatility in some domestic critical minerals companies, I encourage listening to MP Material’s prepared remarks from their third quarter conference call. MP Material’s position is clearly that of a ‘rubber meets the road’ operator and I fully appreciate their candidness, especially in regard to the factors affecting deposit viability and economics within our sector.”
Golden Chest Highlights for Q3 2025 Include:
Rare Earth Highlights for Q3 2025 Include:
Corporate Highlights for Q3 2025 Include:
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.
Idaho Strategic Resources, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Nine-Month Periods Ended September 30, 2025 and 2024
September 30, 2025
September 30, 2024
Three
Months
Nine
Months
Three
Months
Nine
Months
Revenue:
Sales of products
$
11,081,272
$
27,836,547
$
6,153,287
$
18,177,607
Total revenue
11,081,272
27,836,547
6,153,287
18,177,607
Costs of Sales:
Cost of sales and other direct production costs
3,430,799
9,920,843
2,670,417
7,825,357
Depreciation and amortization
603,068
1,694,427
485,514
1,443,232
Total costs of sales
4,033,867
11,615,270
3,155,931
9,268,589
Gross profit
7,047,405
16,221,277
2,997,356
8,909,018
Other operating expenses:
Exploration
3,898,320
7,514,514
1,185,460
2,073,364
Management
199,064
732,023
92,967
292,380
Professional services
125,306
462,304
81,663
320,889
General and administrative
230,745
691,498
203,732
543,851
(Gain) loss on disposal of equipment
-
308,840
(6,000
)
1,431
Total other operating expenses
4,453,435
9,709,179
1,557,822
3,231,915
Operating income
2,593,970
6,512,098
1,439,534
5,677,103
Other (income) expense:
Equity (income) loss on investment in Buckskin Gold and Silver, Inc
(1,189
)
(2,376
)
(1,301
)
(1,579
)
Timber revenue net of costs
(2,026
)
(8,730
)
-
(19,406
)
Loss on investment in equity securities
-
-
-
453
Interest income
(363,155
)
(768,959
)
(167,801
)
(247,904
)
Interest expense
-
-
37,128
83,295
Total other (income) expense
(366,370
)
(780,065
)
(131,974
)
(185,141
)
Net income
2,960,340
7,292,163
1,571,508
5,862,244
Net loss attributable to non-controlling interest
(14,218
)
(58,832
)
(14,772
)
(53,018
)
Net income attributable to Idaho Strategic Resources, Inc.
$
2,974,558
$
7,350,995
$
1,586,280
$
5,915,262
Net income per common share-basic
$
0.20
$
0.52
$
0.12
$
0.46
Weighted average common share outstanding-basic
14,683,682
14,122,921
13,111,073
12,821,279
Net income per common share-diluted
$
0.20
$
0.51
$
0.12
$
0.45
Weighted average common shares outstanding- diluted
14,883,530
14,283,908
13,259,638
13,012,689
Idaho Strategic Resources, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
September 30,
2025
December 31,
2024
ASSETS
Current assets:
Cash and cash equivalents
$
3,783,684
$
1,106,901
Investments in US treasury notes
24,875,952
7,775,193
Gold sales receivable
4,681,053
1,578,694
Inventories
846,561
899,924
Joint venture receivable
171
2,892
Other current assets
817,523
378,469
Total current assets
35,004,944
11,742,073
Property, plant and equipment, net of accumulated depreciation
17,650,021
12,904,065
Mineral properties, net of accumulated amortization
12,349,137
10,573,349
Investment in Buckskin Gold and Silver, Inc
343,812
341,436
Investment in joint venture
435,000
435,000
Investments in US treasury notes, non-current
16,547,298
7,208,930
Reclamation bond
350,220
249,110
Deposits
433,391
567,667
Total assets
$
83,113,823
$
44,021,630
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
2,314,366
$
1,006,078
Accrued payroll and related payroll expenses
567,410
564,090
Notes payable, current portion
1,214,226
709,381
Total current liabilities
4,096,002
2,279,549
Asset retirement obligations
320,316
305,409
Notes payable, long term
1,749,215
1,023,358
Total long-term liabilities
2,069,531
1,328,767
Total liabilities
6,165,533
3,608,316
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; September 30, 2025-15,089,600 and December 31, 2024-13,665,058 shares issued and outstanding
75,286,157
46,059,318
Accumulated deficit
(1,022,958
)
(8,373,953
)
Total Idaho Strategic Resources, Inc stockholders’ equity
74,263,199
37,685,365
Non-controlling interest
2,685,091
2,727,949
Total stockholders' equity
76,948,290
40,413,314
Total liabilities and stockholders’ equity
$
83,113,823
$
44,021,630
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 deliver the highest production and drill the most meters in a single year in Company history; the potential to deliver Q4 2025 operating and financial performance that is in-line, better, or worse than Q3 2025; the benefit that the Company believes its production-backed exploration business plan provides; the potential for the Company to continue to reinvest its cash flow into planned drilling and exploration activities during 2025; the potential for the Company’s drilling and exploration activities to be value-added; the potential for the Paymaster drilling to result in increased resources; the Company’s construction activities at the Golden Chest in 2025; and the potential financial and operational benefits of implementing the tailings filtration system and 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.