UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 001-41320 IDAHO STRATEGIC RESOURCES, INC. (Name of small business issuer in its charter) Idaho 82-0490295 (State or other jur ...

Core Insights - Idaho Strategic Resources, Inc. reported record operating and financial performance for 2025, with annual revenue increasing by 64.6% to $42,406,253 and earnings per diluted share of $1.14, marking three consecutive years of GAAP profitability [1][2][3] Operational Performance - The company processed 41,840 tonnes of ore, a 1.7% increase from 2024, with an average flotation feed grade of 10.14 grams per tonne (gpt), up 4.9% from the previous year [1][2] - Gold production reached 12,538 ounces, reflecting a 5.2% increase compared to 11,915 ounces in 2024 [1][2] Financial Performance - Total cost of sales rose by 26.4% to $16,200,326, while gross profit more than doubled to $26,205,927, a 102.4% increase from $12,950,493 in 2024 [2][11] - Net income attributable to Idaho Strategic increased by 89.2% to $16,715,674, compared to $8,836,685 in 2024 [2][13] - The company ended the year with cash and investments totaling $73,308,507 [1] Mining and Exploration Highlights - Proven and probable reserves at the Golden Chest Mine increased by 53.2% due to successful conversion drilling efforts [1][5] - The company completed 19,162 meters of core drilling, with significant findings including a 25-meter vein strike length at an average gold grade of 85 gpt [5] - A long-term lease agreement was executed for mineral claims covering approximately 1,500 acres within the company's rare earth elements projects [5] Strategic Positioning - The company is positioned in a favorable jurisdiction for gold mining, with gold prices currently around $4,500 per ounce, significantly higher than the average realized price of $3,583 in 2025 [6] - Idaho Strategic controls the largest exploration-stage rare earth elements landholdings in the U.S., aligning with the current administration's focus on reducing dependence on foreign sources for critical materials [4][9] Future Outlook - The company aims to safely grow production at the Golden Chest Mine and advance the buildout of the Murray Mill facility in 2026, with plans to explore its vast rare earth elements landholdings [7][8]

Core Viewpoint - Fitch Ratings has upgraded Flagstar Bank's credit ratings, reflecting improvements in the bank's balance sheet, business restructuring, and return to profitability [2][3][10] Financial Performance - Flagstar Bank's Long-Term Issuer Default Rating (IDR) and Viability Rating were raised to 'BB+' and 'bb+' from 'BB' and 'bb', with a stable outlook [2] - The bank's long-term and short-term deposit ratings were upgraded to 'BBB-' and 'F3' from 'BB+' and 'B' [2] - The bank returned to profitability in Q4 2025, marking a significant milestone [10] Business Transformation - Management has made significant progress in transforming the business since 2024, focusing on stabilizing operations and improving credit-risk oversight [4] - The bank expanded its regional commercial and corporate banking operations, with quarterly commercial and industrial (C&I) originations increasing to $2.1 billion in Q4 2025 from $542 million in Q4 2024 [5] Risk Management - The bank has reduced credit risk, with commercial real estate (CRE) concentration declining to 365% of risk-based capital at the end of 2025 from 471% at the end of 2024 [6] - The bank strengthened its loan monitoring and risk-rating framework, addressing material weaknesses identified in early 2024 [7] Asset Quality - The impaired loans ratio rose to 4.9% in 2025 from 4.4% in 2024, but nonaccrual loan balances peaked in Q3 2025, indicating potential improvement in asset quality [8] - A large credit relationship currently in bankruptcy is expected to resolve in Q1 2026, potentially leading to a significant decline in nonaccrual loans [9] Capital and Funding - Flagstar Bank reported a Common Equity Tier 1 (CET1) ratio of 12.83% at the end of 2025, exceeding expectations and standing above many peers [13] - The bank has improved its funding mix by reducing reliance on wholesale funding and brokered deposits, although its loan-to-deposit ratio remains higher than that of better-rated peers [15][16] Future Outlook - Fitch expects profitability to strengthen further in 2026 as net interest margin expands and operating efficiency improves [12] - Continued diversification of the loan portfolio and strengthening capital levels are anticipated to support the bank's financial stability in the long term [17]

Core Viewpoint - The article supports maintaining a Buy rating for Idaho Strategic Resources (IDR), a gold producer, based on its potential and investment strategy [1]. Company Overview - Idaho Strategic Resources (IDR) is identified as a gold producer, indicating its involvement in the mining and production of gold [1]. Analyst Background - The analyst, Alberto, possesses a Master's degree in Business Economics and has a strong managerial and economic background, which enhances the credibility of the analysis [1]. Investment Strategy - The article outlines a versatile investment strategy suitable for various types of investors, including those focused on dividends, value propositions, or growth opportunities [1].

Group 1 - U.S. stocks showed mixed performance, with the Dow Jones increasing by over 600 points on Thursday [1] - Diamond Hill Investment Group Inc's shares surged 45.3% to $170.74 after First Eagle announced an acquisition for $175 per share in a $473 million all-cash deal [1] Group 2 - Planet Labs PBC's stock rose 29.7% to $16.79 following better-than-expected third-quarter sales results and an optimistic fourth-quarter sales guidance [2] - Nextdoor Holdings Inc experienced a gain of 22.9% to $3.11 [2] - Gemini Space Station Inc's shares jumped 19.2% to $13.54 after regulatory approval for its subsidiary to offer prediction markets to U.S. customers [2] - Rhythm Pharmaceuticals Inc's stock increased by 13.5% to $119.00 after announcing preliminary results from a Phase 2 trial for setmelanotide in Prader-Willi syndrome patients [2] - Candel Therapeutics Inc gained 12.4% to $6.52 [2] - VersaBank's shares rose 12.34% to $14.52 [2] - Perpetua Resources Corp's stock increased by 10.4% to $28.37 [2] - iHeartMedia Inc jumped 10.1% to $5.19 [2] - NovaBay Pharmaceuticals Inc gained 9.5% to $2.65 [2] - Idaho Strategic Resources Inc's shares rose 9.3% to $43.62 [2] - Immunovant Inc's stock increased by 8.5% to $25.57 after pricing a $550 million common stock offering [2] - Vail Resorts Inc gained 8.3% to $153.30 following first-quarter results [2] - Mosaic Co's shares surged 7.2% to $25.47 amid higher fertilizer stock prices after reports of Ukraine attacking Russian fertilizer plants [2] - Wayfair Inc's stock rose 6.9% to $99.76 [2] - Centene Corp gained 5.3% to $40.72 [2]

Core Insights - Idaho Strategic Resources, Inc. (IDR) reported quarterly earnings of $0.2 per share, exceeding the Zacks Consensus Estimate of $0.19 per share, and up from $0.15 per share a year ago, representing an earnings surprise of +5.26% [1] - The company achieved revenues of $11.08 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 17.88%, compared to $6.15 million in the same quarter last year [2] - The stock has increased approximately 214% since the beginning of the year, significantly outperforming the S&P 500's gain of 16.4% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.24 on revenues of $9.5 million, and for the current fiscal year, it is $0.75 on revenues of $35.6 million [7] - The estimate revisions trend for Idaho Strategic Resources was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Mining - Gold industry, to which Idaho Strategic Resources belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Revenue Growth - Revenue increased by 80.1% for the three-month period ended September 30, 2025, compared to the same period in the prior year, primarily due to an increased average gold price realized on ounces sold, which was $3,578.07[90] - For the nine-month period ended September 30, 2025, revenue increased by 53.1% compared to the same period in the prior year, with the average gold price realized at $3,249.28[90] - Revenue increased by 80.1% for the three-month period and 53.1% for the nine-month period ended September 30, 2025, primarily due to higher average gold prices of $3,578.07 and $3,249.28, respectively[91] Profitability - Gross profit as a percentage of sales increased from 48.7% in the three-month period ended September 30, 2024, to 63.6% in the three-month period ended September 30, 2025[90] - Operating income for the three-month period ended September 30, 2025 was $2,593,970, an increase of 80.2% from the same period in 2024[97] - Net income for the three-month period ended September 30, 2025 was $2,960,340, an 88.4% increase compared to the same period in 2024[97] - Gross profit as a percentage of sales increased from 48.7% to 63.6% for the three-month period and from 49.0% to 58.3% for the nine-month period ended September 30, 2025[91] Costs - Cash cost per ounce for the three-month period ended September 30, 2025 increased by $315.26 to $1,156.74 compared to the same period in 2024[97] - All-in sustaining cost (AISC) per ounce for the three-month period ended September 30, 2025 was $2,444.63, an increase from $1,108.41 in the same period in 2024[97] - Cash cost per ounce increased to $1,156.74 for the three-month period and $1,028.52 for the nine-month period ended September 30, 2025, compared to $841.48 and $853.54 in the same periods in 2024[97] - All-in sustaining cost per ounce increased to $7,493.49 for the three-month period and $17,534.25 for the nine-month period ended September 30, 2025, compared to $4,365.84 and $12,034.32 in the same periods in 2024[97] Exploration and Development - Exploration expense increased by $2,712,860 and $5,441,150 for the three and nine-month periods ended September 30, 2025, respectively, due to increased core drilling activity and geophysics conducted on multiple properties[90] - The Company announced the discovery of a carbonatite with strong REE mineralization at the Lucky Horseshoe prospect, with initial samples assaying up to 6.14% total rare earth oxides[91] - Idaho Strategic initiated a large-scale geophysics program across its Mineral Hill and Lemhi Pass projects, including LiDAR, magnetics, and radiometrics surveys[91] - The company has three REE exploration properties in Idaho, which aids in diversifying its holdings and responding to domestic critical mineral supply and demand trends[82] - The company plans to continue exploring partnerships to advance the U.S. domestic REE supply chain[83] Production and Processing - At the Golden Chest, ore mined from underground stopes totaled approximately 10,570 tonnes, with all tonnage coming from H-Vein stopes[91] - A total of 10,570 dry metric tonnes were processed at the New Jersey Mill with a flotation feed head grade of 9.94 gpt gold and gold recovery of 93.1%[91] - The company processed a total of 10,570 dry metric tonnes at the New Jersey Mill with a flotation feed head grade of 9.94 gpt gold and a gold recovery of 93.1%[91] Financial Position - Net cash provided by operating activities for the nine-month period ended September 30, 2025 was $8,355,889, compared to $7,686,400 in 2024[98] - The company raised $19,498,502 from the issuance of 496,000 shares of common stock[80] - Cash and cash equivalents at the end of the period were $3,783,684, down from $8,392,556 in the previous year[98] - The asset retirement obligation for the Golden Chest Mine property is estimated at $104,000 and $224,000 for the New Jersey Mine and Mill as of September 30, 2025[86] - The estimated asset retirement obligation for the Golden Chest Mine is $104,000, and for the New Jersey Mine and Mill is $224,000[86]

Company Overview - Idaho Strategic Resources, Inc. (IDR) shares increased by 6% to $30.91 in the last trading session, with a notable trading volume, contributing to a total gain of 19.7% over the past four weeks [1] - The company is expected to report quarterly earnings of $0.19 per share, reflecting a year-over-year increase of 26.7%, with revenues projected at $9.4 million, up 52.9% from the previous year [3] Market Context - The rise in IDR shares is attributed to soaring gold prices, which have increased by 40.4% year-to-date, driven by safe-haven buying amid geopolitical tensions and expectations of further U.S. Federal Reserve rate cuts [2] - The Federal Reserve recently lowered interest rates by 25 basis points and hinted at the possibility of two additional cuts this year [2] Industry Position - Idaho Strategic Resources has been included in the VanEck Junior Gold Miners ETF (GDXJ) and the Russell 3000 index, enhancing its visibility among retail and institutional investors [3] - The company operates within the Zacks Mining - Gold industry, where AngloGold Ashanti (AU) also saw a 5% increase in its stock price, with a 17.8% return over the past month [6] Earnings Estimate Trends - Despite positive earnings and revenue growth expectations, the consensus EPS estimate for IDR has been revised 5% lower in the last 30 days, indicating a potential negative trend in earnings estimate revisions [5] - Empirical research suggests that trends in earnings estimate revisions are closely linked to near-term stock price movements, which may impact IDR's future performance [4]

Group 1 - Idaho Strategic Resources, Inc. has been added to the VanEck Junior Gold Miners ETF (GDXJ) as part of its quarterly review and rebalancing [1] - The inclusion is expected to be effective at market close on September 19th, 2025 [1] - This milestone follows the company's previous inclusion in the Russell 3000 index, enhancing its visibility among retail and institutional investors [1]

Core Insights - Idaho Strategic Resources (IDR) reported high-grade gold intercepts from the Red Star area of the Golden Chest mine, with notable drill hole GC 24-276 returning 5.13 grams per tonne (gpt) over 13.5 meters, including 14.72 gpt over 2.3 meters [1] Group 1 - The completion of underground drill stations at the 941-level of the Golden Chest Mine enhances drill hole orientations and increases available targets within the Red Star area [1] - The Red Star area was initially discovered in October 2024 during a drill program targeting H-Vein extensions [1] - The new drill results indicate additional high-grade gold intercepts within broader zones of gold mineralization [1]