Annual revenue increased 64.6% to a record $42,406,253, resulting in earnings per diluted share of $1.14 and three consecutive years of GAAP profitability
Proven and Probable Reserves at the Golden Chest Mine increased 53.2% as a result of positive conversion drilling efforts in 2025
Ended the year with cash and investments totaling $73,308,507
COEUR Dâ tmALENE, Idaho--(BUSINESS WIRE)--March 23, 2026--
Idaho Strategic Resources, Inc. (NYSE American: IDR) ("IDR", "Idaho Strategic" or the "Company") today announced its consolidated operating and financial results for the year ending December 31, 2025. IDR achieved record annual gold production and financial performance during 2025 while drilling the most meters in a single year in Company history. Key highlights include:
Operational Performance: 2025 % Change 2024 -------------------------------------- ------------ ---------- ------------ Ore Tonnes Processed 41,840 1.7% 41,140 -------------------------------------- ------------ ---------- ------------ Average Flotation Feed Grade (gpt) 10.14 4.9% 9.67 -------------------------------------- ------------ ---------- ------------ Ounces Produced 12,538 5.2% 11,915 -------------------------------------- ------------ ---------- ------------ All-In Sustaining Cost Per Ounce ($USD) $1,891.79 28.3% $1,474.05 -------------------------------------- ------------ ---------- ------------ *Adjusted all-in sustaining costs excluding exploration expenses were $1,494.75 in 2025 and $1,256.16 in 2024. Financial Performance ($USD): 2025 % Change 2024 -------------------------------------- ------------ ---------- ------------ Revenue $42,406,253 64.6% $25,765,373 -------------------------------------- ------------ ---------- ------------ Total Cost of Sales $16,200,326 26.4% $12,814,880 -------------------------------------- ------------ ---------- ------------ Gross Profit $26,205,927 102.4% $12,950,493 -------------------------------------- ------------ ---------- ------------ Net Income Attributable to IDR $16,715,674 89.2% $8,836,685 -------------------------------------- ------------ ---------- ------------ Earnings Per Share - Diluted (EPS) $1.14 70.1% $0.67 -------------------------------------- ------------ ---------- ------------
Idaho Strategic's CEO and President, John Swallow stated, "Across the board 2025 was a very strong year for the Company. I continue to be impressed with our team's ability to navigate the buildout of the Murray Mill, new warehouse/dry facilities, and expanded exploration programs while maintaining disciplined operations. I firmly believe we are building the all-star team at Idaho Strategic, and our financial and operational performance in 2025 serves as evidence. I am looking forward to the day that our entire team is consolidated to the Golden Chest Mine and we can begin to experience the true efficiencies that come with having everyone at one location working together."
Golden Chest Highlights for 2025 Include:
-- Produced a total of 12,538 ounces of gold contained in concentrates and
doré primarily from the high-grade H-Vein at the Golden Chest mine.
-- Mined and processed 41,840 tonnes of ore from the H-Vein underground at
the Golden Chest Mine at an average grade of 10.14 gpt gold with
recoveries of 93.0%.
-- Completed 19,162 meters of core drilling at the Golden Chest Mine at
the Paymaster, H-Vein, Red Star, Jumbo, and Klondike areas. About half of
the meterage was dedicated to converting Paymaster Mineral Resources to
Mineral Reserves, leading to a 53.2% increase in Mineral Reserves.
-- A highlight of 2025 exploration was drifting from the Jumbo Pit portal
that intercepted the Jumbo vein and found 25 meters of vein strike length
with an average thickness of 0.52 meters at a gold grade of 85 gpt.
Rare Earth Highlights for 2025 include:
-- Executed a long-term lease agreement for the mineral claims comprising
approximately 1,500 acres of various in-holdings within the Company's
Mineral Hill and Lemhi Pass REE projects. Key prospects covered by the
mineral claims leased by the Company include Cardinal (Mineral Hill),
Lucky Horseshoe (Lemhi Pass, Idaho), Silver Queen (Lemhi Pass, Idaho),
Last Chance (Lemhi Pass, Montana), Trapper (Lemhi Pass, Montana), and
other prospects.
-- Sampled greater than 17.6% total rare earth oxides from the Cardinal
prospect.
-- Announced the signing of a Memorandum of Understanding with Clean Core
Thorium Energy, Inc. ("CCTE") to evaluate the feasibility of thorium
mining, processing, and fuel fabrication to facilitate a "Made in
America" thorium-based nuclear fuel supply chain.
-- Announced the discovery of a carbonatite with strong REE mineralization
at the Lucky Horseshoe prospect within the Lemhi Pass project. Initial
samples taken from outcrop assayed up to 6.14% total rare earth oxides
with ratios of 65% magnet rare earth oxides (Nd, Pr, Dy, Tb) and 11% SEG
oxides (Sm, Eu, Gd).
-- Initiated a large-scale geophysics program across its Mineral Hill and
Lemhi Pass projects including LiDAR, magnetics, and radiometrics
surveys.
-- Completed a soil sampling program covering many key prospects across
the Idaho portion of its Lemhi Pass project. The program successfully
identified areas of anomalous REEs in soils which will be utilized to aid
in the planning of drill programs and other future exploration work.
Mr. Swallow concluded, "Simply put, commodities are once again becoming a viable American industry, and I continue to believe that our Company is well-positioned for this new secular reality. We operate a gold mine in a safe jurisdiction at a time when gold has surpassed the Euro to become the second-largest world reserve asset, the U.S. is rapidly increasing its national debt, and the current presidential administration is openly calling for reduced interest rates (within the backdrop of ever-changing cross currents). We also control the largest exploration-stage rare earth elements landholdings in the country at a time when the current U.S. administration is focused on reducing our dependence on foreign sources for rare earth elements, which are critical inputs to the very defense technologies that are being consumed daily across an increasing number of global conflicts.
Our foundation is built on gold production, and while the price of gold has begun its next phase of consolidation, it is important to realize that the current gold price of approximately $4,500 per ounce is roughly 25% higher than our average realized gold price of $3,583 in 2025. Additionally, as an underground mine connected to an electric grid that is approximately 60% supplied with hydroelectric power, we are relatively well insulated from the larger drivers of cost inflation that many open-pit operations are exposed to.
As always, we will continue to focus on what we can control. Our goals for 2026 are to safely grow production at the Golden Chest Mine while advancing the buildout of the Murray Mill facility. We want to prove that the Murray Gold Belt District, which we have spent the last 10 years consolidating, is a major overlooked mineral district, and we will advance our exploration efforts across our vast rare earth elements landholdings to increase the potential for a major rare earth elements discovery.
I am pleased with our performance so far and looking forward to the rest of 2026."
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 controls the largest rare earth elements land package in the United States. The Company's production-backed business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. In addition to gold and gold production, the Company has built a substantial land position in Idaho, providing significant exploration exposure to gold and rare earth elements - in addition to thorium, copper, and silver. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for discovery and development in one Company.
For more information on Idaho Strategic Resources, visit 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, 2025 and 2024
2025 2024
----------- ----------
Revenue-gold sales $ 42,406,253 $25,765,373
----------- ----------
Cost of sales:
Cost of sales and other direct
production costs 13,862,226 10,861,492
Depreciation and amortization 2,338,100 1,953,388
----------- ----------
Total cost of sales 16,200,326 12,814,880
----------- ----------
Gross profit 26,205,927 12,950,493
----------- ----------
Other operating expenses:
Exploration 7,637,435 2,920,535
Loss on disposal of equipment 343,945 1,431
Management 945,579 407,715
Professional services 585,145 432,237
General and administrative 1,092,822 763,040
----------- ----------
Total other operating expenses 10,604,926 4,524,958
----------- ----------
Income from operations 15,601,001 8,425,535
----------- ----------
Other (income) expense:
Equity income on investment in Buckskin
Gold and Silver, Inc. (3,646) (2,667)
(Gain) loss on investment in equity
securities and mutual funds (110,092) 453
Timber revenue (9,679) (19,406)
Dividend income (50,881) -
Interest income (1,282,045) (389,517)
Interest expense - 83,295
----------- ----------
Total other (income) expense (1,456,343) (327,842)
----------- ----------
Income before income taxes 17,057,344 8,753,377
Income tax expense 426,146 -
Net income 16,631,198 8,753,377
Net loss attributable to non-controlling
interest (84,476) (83,308)
----------- ----------
Net income attributable to Idaho Strategic
Resources, Inc. $ 16,715,674 $ 8,836,685
=========== ==========
Net income per common share-basic $ 1.15 $ 0.68
=========== ==========
Weighted average common shares
outstanding-basic 14,489,196 13,026,487
=========== ==========
Net income per common share-diluted $ 1.14 $ 0.67
=========== ==========
Weighted average common shares
outstanding-diluted 14,701,346 13,197,308
=========== ==========
Idaho Strategic Resources, Inc.
Consolidated Balance Sheets
December 31, 2025 and 2024
2025 2024
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 9,889,765 $ 1,106,901
Investment in US treasury notes 27,679,881 7,775,193
Investment in equity securities 4,129,521 -
Investment in mutual funds 3,957,497 -
Gold sales receivable 3,912,922 1,578,694
Inventories 965,112 899,924
Joint venture receivable 12,760 2,892
Other current assets 799,261 378,469
----------- -----------
Total current assets 51,346,719 11,742,073
Property, plant and equipment, net of
accumulated depreciation 19,503,962 12,904,065
Mineral properties, net of accumulated
amortization 15,742,370 10,573,349
Investment in Buckskin Gold and Silver,
Inc. 345,082 341,436
Investment in joint venture 435,000 435,000
Investment in US treasury notes,
non-current 27,651,843 7,208,930
Reclamation bonds 355,220 249,110
Deposits 858,534 567,667
----------- -----------
Total assets $116,238,730 $ 44,021,630
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 1,904,589 $ 1,006,078
Accrued payroll and related payroll
expenses 409,212 564,090
Notes payable, current portion 1,029,336 709,381
Income taxes payable 334,446 -
----------- -----------
Total current liabilities 3,677,583 2,279,549
Asset retirement obligations 325,451 305,409
Notes payable, long term 1,302,048 1,023,358
Deferred tax liability 91,700 -
----------- -----------
Total long term liabilities 1,719,199 1,328,767
----------- -----------
Total liabilities 5,396,782 3,608,316
----------- -----------
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; 15,705,199 and
13,665,058 shares issued and
outstanding, respectively 99,828,021 46,059,318
Retained earnings (accumulated deficit) 8,341,721 (8,373,953)
----------- -----------
Total Idaho Strategic Resources, Inc.
stockholders' equity 108,169,742 37,685,365
Non-controlling interest 2,672,206 2,727,949
----------- -----------
Total stockholders' equity 110,841,948 40,413,314
----------- -----------
Total liabilities and stockholders' equity $116,238,730 $ 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, the Company experiencing tangible benefits from having all team members consolidated to the Golden Chest Mine site, the potential for the Murray Gold Belt to be proven as a major overlooked mineral district, and the potential for IDR to make a major rare earth elements discovery in the future based on planned exploration work in 2026. 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
(MORE TO FOLLOW) Dow Jones Newswires
March 23, 2026 06:30 ET (10:30 GMT)