Group 1: Earnings Performance - Idaho Strategic Resources, Inc. reported quarterly earnings of $0.2 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, and up from $0.17 per share a year ago, representing an earnings surprise of +66.67% [1] - The company posted revenues of $9.48 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 28.07%, compared to year-ago revenues of $6.13 million [2] - Over the last four quarters, the company has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Idaho Strategic Resources shares have increased approximately 89.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.16 on $8.2 million in revenues, and $0.61 on $31.1 million in revenues for the current fiscal year [7] Group 3: Industry Context - The Mining - Gold industry, to which Idaho Strategic Resources belongs, is currently ranked in the top 22% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

[PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Presents the company's comprehensive financial statements and related disclosures [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, changes in stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, financial instrument details, and operational specifics for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20(Unaudited)) Summarizes the company's assets, liabilities, and equity at specific reporting dates Condensed Consolidated Balance Sheet Highlights: | Metric | June 30, 2025 | December 31, 2024 | Change | % Change | |:---|:---|:---|:---|:---| | Total Current Assets | $17,185,946 | $11,742,073 | $5,443,873 | 46.36% | | Total Assets | $57,699,260 | $44,021,630 | $13,677,630 | 31.07% | | Total Current Liabilities | $3,360,652 | $2,279,549 | $1,081,103 | 47.43% | | Total Liabilities | $5,701,315 | $3,608,316 | $2,092,999 | 58.01% | | Total Stockholders' Equity | $51,997,945 | $40,413,314 | $11,584,631 | 28.66% | - Cash and cash equivalents increased from **$1,106,901** at December 31, 2024, to **$2,444,476** at June 30, 2025[11](index=11&type=chunk) - Investments in US treasury notes (current and non-current) significantly increased from **$14,984,123** at December 31, 2024, to **$21,694,018** at June 30, 2025[11](index=11&type=chunk) [Condensed Consolidated Statements of Operations (Unaudited)](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20(Unaudited)) Details the company's revenues, expenses, and net income over specific periods Condensed Consolidated Statements of Operations Highlights: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change (%) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change (%) | |:---|:---|:---|:---|:---|:---|:---| | Total Revenue | $9,476,739 | $6,125,382 | 54.7% | $16,755,275 | $12,024,320 | 39.3% | | Gross Profit | $5,475,786 | $3,073,425 | 78.2% | $9,173,872 | $5,911,662 | 55.2% | | Operating Income | $2,516,874 | $2,095,596 | 20.1% | $3,918,128 | $4,237,569 | -7.5% | | Net Income | $2,739,972 | $2,134,922 | 28.3% | $4,331,823 | $4,290,736 | 1.0% | | Net Income Attributable to IDR | $2,767,458 | $2,157,873 | 28.2% | $4,376,437 | $4,328,982 | 1.1% | | Basic EPS | $0.20 | $0.17 | 17.6% | $0.32 | $0.34 | -5.9% | | Diluted EPS | $0.20 | $0.17 | 17.6% | $0.31 | $0.34 | -8.8% | - The increase in revenue for both periods was primarily due to a **higher average gold price realized** (**$3,223.38** for three-month period and **$3,049.19** for six-month period ended June 30, 2025, compared to **$2,043.84** and **$2,102.89**, respectively, in 2024)[87](index=87&type=chunk) - Exploration expense significantly increased by **$1,624,705** (three-month) and **$2,728,290** (six-month) due to increased core drilling activity[87](index=87&type=chunk) [Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity%20(Unaudited)) Outlines changes in equity components, including common stock and accumulated deficit Changes in Stockholders' Equity Highlights: | Metric | Balance Jan 1, 2025 | Balance Jun 30, 2025 | Change | |:---|:---|:---|:---| | Common Stock Shares | 13,665,058 | 14,058,339 | 393,281 | | Common Stock Amount | $46,059,318 | $53,296,323 | $7,237,005 | | Accumulated Deficit | $(8,373,953) | $(3,997,516) | $4,376,437 | | Total Stockholders' Equity | $40,413,314 | $51,997,945 | $11,584,631 | - Issuance of common stock for cash, net of offering costs, contributed **$6,246,713** to equity during the six months ended June 30, 2025[18](index=18&type=chunk) - Stock-based compensation recognized was **$990,292** for the six months ended June 30, 2025[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20(Unaudited)) Summarizes cash inflows and outflows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows Highlights (Six-Month Periods Ended June 30): | Cash Flow Activity | 2025 | 2024 | |:---|:---|:---| | Net cash provided by operating activities | $5,952,549 | $5,209,442 | | Net cash used by investing activities | $(10,312,403) | $(8,199,280) | | Net cash provided by financing activities | $5,697,429 | $2,517,619 | | Net change in cash and cash equivalents | $1,337,575 | $(472,219) | | Cash and cash equivalents, end of period | $2,444,476 | $1,814,780 | - Significant investing activities included purchases of property, plant, and equipment (**$2,436,596**) and US treasury notes (**$6,709,895**) in 2025[20](index=20&type=chunk) - Financing activities in 2025 were primarily driven by proceeds from the sale of common stock, net of issuance cost (**$6,246,713**)[20](index=20&type=chunk) [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes provide essential details on the Company's accounting policies, estimates, and specific financial statement line items, offering context and further breakdown of the condensed consolidated financial statements - The unaudited interim condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information, relying on estimates and assumptions[22](index=22&type=chunk)[23](index=23&type=chunk) - The Company operates as a single operating segment, with financial information presented on a consolidated basis[42](index=42&type=chunk) [Note 1. The Company and Significant Accounting Policies](index=6&type=section&id=Note%201.%20The%20Company%20and%20Significant%20Accounting%20Policies) Details the company's structure and key accounting principles applied in financial reporting - The condensed consolidated financial statements include the accounts of Idaho Strategic Resources, Inc. and its majority-owned subsidiary, the New Jersey Mill Joint Venture (NJMJV)[25](index=25&type=chunk) - Gold revenue from direct sales is recognized upon transfer of control; concentrate sales revenue is recognized at shipment based on estimated forward prices, with adjustments until final settlement[26](index=26&type=chunk) - Exploration costs are expensed as incurred, while pre-development costs (once ore reserves are identified as economically viable) are capitalized[30](index=30&type=chunk)[31](index=31&type=chunk) [Note 2. Investments in US Treasury Notes](index=9&type=section&id=Note%202.%20Investments%20in%20US%20Treasury%20Notes) Provides details on the company's holdings in US Treasury notes, including their classification and fair value Investments in US Treasury Notes (Held to Maturity): | Category | Amortized Cost (Jun 30, 2025) | Fair Value (Jun 30, 2025) | Amortized Cost (Dec 31, 2024) | Fair Value (Dec 31, 2024) | |:---|:---|:---|:---|:---| | US Treasury notes, current (Matures within 1 year) | $10,611,794 | $10,637,000 | $7,775,193 | $7,806,000 | | US Treasury notes, non-current (Matures in 1-5 years) | $11,082,224 | $11,197,000 | $7,208,930 | $7,281,000 | | **Total** | **$21,694,018** | **$21,834,000** | **$14,984,123** | **$15,087,000** | - Fair value of investments in US treasury notes is determined using Level 1 inputs[48](index=48&type=chunk) [Note 3. Inventories](index=9&type=section&id=Note%203.%20Inventories) Details the composition and valuation of the company's inventory, including finished goods and supplies Inventories: | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Finished goods (Concentrate) | $513,580 | $334,033 | | Mine parts and supplies | $470,214 | $475,336 | | Mill parts and supplies | $137,199 | $90,555 | | **Total Inventories** | **$1,120,993** | **$899,924** | [Note 4. Sales of Products](index=10&type=section&id=Note%204.%20Sales%20of%20Products) Outlines the company's revenue streams from gold and silver sales, including customer information and settlement details - The Company sells gold flotation concentrates to H&H Metals and unrefined gold-silver doré to Cascade Refining[50](index=50&type=chunk) - At June 30, 2025, **9,244 ounces of gold** had been sold but not finally settled, with **6,986 ounces** exposed to future price changes[50](index=50&type=chunk) Sales of Products by Metal Type: | Metal | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Gold | $9,588,879 | $16,994,267 | $6,285,048 | $12,410,268 | | Silver | $44,454 | $76,209 | $27,596 | $54,985 | | Less: Smelter and refining charges | $(156,594) | $(315,201) | $(187,262) | $(440,933) | | **Total Revenue** | **$9,476,739** | **$16,755,275** | **$6,125,382** | **$12,024,320** | [Note 5. Related Party Transactions](index=10&type=section&id=Note%205.%20Related%20Party%20Transactions) Reports on transactions with related parties, specifically lease payments Related Party Lease Payments: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Lease Payments | $7,688 | $15,376 | $7,688 | $15,308 | [Note 6. JV Arrangements](index=10&type=section&id=Note%206.%20JV%20Arrangements) Describes the company's joint venture and equity method investments, including ownership and accounting treatment Joint Venture and Equity Method Investments: | JV/Equity | June 30, 2025 Ownership | Significant Influence? | Accounting Method | December 31, 2024 Ownership | Significant Influence? | Accounting Method | |:---|:---|:---|:---|:---|:---|:---| | NJMJV | 65% | Yes | Consolidated | 65% | Yes | Consolidated | | Butte Highlands JV, LLC | 50% | No | Cost | 50% | No | Cost | | Buckskin | 37% | Yes | Equity | 37% | Yes | Equity | [Note 7. Earnings per Share](index=10&type=section&id=Note%207.%20Earnings%20per%20Share) Presents the calculation of basic and diluted earnings per share for the reporting periods Earnings Per Share Calculation: | Metric | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Net Income | $2,739,972 | $4,331,823 | $2,134,922 | $4,290,736 | | Weighted Average Shares - Basic | 14,007,582 | 13,837,894 | 12,836,205 | 12,674,789 | | Weighted Average Shares - Diluted | 14,134,531 | 13,939,790 | 12,999,717 | 12,850,749 | | Net Income Per Share - Basic | $0.20 | $0.32 | $0.17 | $0.34 | | Net Income Per Share - Diluted | $0.20 | $0.31 | $0.17 | $0.34 | [Note 8. Property, Plant, and Equipment](index=11&type=section&id=Note%208.%20Property,%20Plant,%20and%20Equipment) Details the company's property, plant, and equipment, including categories, net values, and depreciation expense Property, Plant, and Equipment (Net): | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Mine Equipment, Net | $6,369,160 | $4,378,247 | | Mill Equipment, Net | $6,170,004 | $5,126,779 | | Buildings, Net | $2,771,157 | $2,420,336 | | Land | $978,703 | $978,703 | | **Total** | **$16,289,024** | **$12,904,065** | Depreciation Expense for Property, Plant, and Equipment: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Depreciation Expense | $488,183 | $1,003,465 | $431,598 | $908,223 | [Note 9. Mineral Properties](index=11&type=section&id=Note%209.%20Mineral%20Properties) Provides a breakdown of the company's mineral properties, their net values, and associated amortization expense Mineral Properties (Net): | Property | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Golden Chest | $10,994,124 | $9,881,412 | | New Jersey | $256,768 | $256,768 | | McKinley-Monarch | $200,000 | $200,000 | | Potosi | $150,385 | $150,385 | | Park Copper/Gold | $78,000 | $78,000 | | Eastern Star | $250,817 | $250,817 | | Oxford | $40,000 | $40,000 | | Accumulated Amortization | $(371,927) | $(284,033) | | **Total** | **$11,598,167** | **$10,573,349** | Amortization Expense for Mineral Properties: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | 6 Months Ended Jun 30, 2024 | |:---|:---|:---|:---|:---| | Amortization Expense | $53,555 | $87,894 | $24,332 | $49,495 | [Note 10. Notes Payable](index=12&type=section&id=Note%2010.%20Notes%20Payable) Details the company's outstanding notes payable, including their categories, total amounts, and future principal payment schedule Notes Payable: | Category | June 30, 2025 | December 31, 2024 | |:---|:---|:---| | Mine Equipment | $2,451,508 | $962,384 | | Mill Equipment | $606,299 | $540,773 | | Buildings/Land | $221,861 | $229,582 | | **Total Notes Payable** | **$3,279,668** | **$1,732,739** | | Due within one year | $1,254,269 | $709,381 | | Due after one year | $2,025,399 | $1,023,358 | Future Principal Payments of Notes Payable (as of June 30, 2025): | Period | Amount | |:---|:---| | 7/1/2025 – 6/30/2026 | $1,254,269 | | 7/1/2026 – 6/30/2027 | $1,022,795 | | 7/1/2027 – 6/30/2028 | $511,630 | | 7/1/2028 – 6/30/2029 | $331,468 | | 7/1/2029 – 6/30/2030 | $159,506 | | **Total** | **$3,279,668** | [Note 11. Investment in Buckskin](index=12&type=section&id=Note%2011.%20Investment%20in%20Buckskin) Reports on the company's equity method investment in Buckskin Gold and Silver, Inc., including ownership and financial impact - The Company holds a **37% common stock interest** in Buckskin Gold and Silver, Inc., accounted for using the equity method[64](index=64&type=chunk) - The investment resulted in an equity loss of **$159** for the three-month period and income of **$1,187** for the six-month period ended June 30, 2025[64](index=64&type=chunk) [Note 12. Stockholders' Equity](index=13&type=section&id=Note%2012.%20Stockholders'%20Equity) Provides information on the company's stockholders' equity, specifically regarding stock purchase warrants - There were no stock purchase warrants outstanding at June 30, 2025, as all warrants were exercised by December 31, 2024[66](index=66&type=chunk) [Note 13. Stock Options](index=13&type=section&id=Note%2013.%20Stock%20Options) Details the company's stock option grants, related compensation expense, and option activity - On January 15, 2025, the Company granted **400,000 stock options** to employees with an exercise price of **$11.50**, vesting equally over four periods[67](index=67&type=chunk) Stock-Based Compensation Expense: | Period | 3 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2025 | |:---|:---|:---| | Expense | $495,146 | $990,292 | Stock Option Activity: | Metric | Number of Options | Weighted Average Exercise Prices | |:---|:---|:---| | Balance December 31, 2024 | 77,000 | $5.17 | | Granted | 400,000 | $11.50 | | Exercised | (20,000) | $5.25 | | Outstanding at June 30, 2025 | 457,000 | $10.71 | [Note 14. Subsequent Events](index=13&type=section&id=Note%2014.%20Subsequent%20Events) Reports on significant events that occurred after the reporting period but before the financial statements were issued - Subsequent to June 30, 2025, the Company sold **380,000 shares of common stock** for net proceeds of **$6,246,713**[68](index=68&type=chunk) - Issued **13,281 shares of common stock** for outstanding stock options via cashless exercises by employees after June 30, 2025[68](index=68&type=chunk) [Forward-Looking Statements](index=14&type=section&id=Forward-Looking%20Statements) This section provides a cautionary statement regarding forward-looking statements made in the Form 10-Q, emphasizing that actual results may differ materially due to various risks and uncertainties - Forward-looking statements, identified by words like 'expect' and 'anticipate,' are based on current information but are subject to risks and uncertainties[70](index=70&type=chunk) - Readers are cautioned not to place undue reliance on these statements, and the Company does not intend to update or revise them unless required by law[71](index=71&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial condition, results of operations, and liquidity for the periods presented, including strategic plans, critical accounting estimates, and key operational highlights [Plan of Operation](index=14&type=section&id=Plan%20of%20Operation) Outlines the company's strategic objectives, focusing on gold production and critical minerals exploration - Idaho Strategic is a gold producer and critical minerals/rare earth element (REE) exploration company, aiming to generate positive cash flow and increase its asset base[72](index=72&type=chunk)[73](index=73&type=chunk) - Primary focus is on growing gold production at the Golden Chest Mine and reinvesting cash flow into the mine, New Jersey Mill, and REE exploration[74](index=74&type=chunk) - The Company has expanded into REE exploration with properties in Idaho (Lemhi Pass, Diamond Creek, Mineral Hill) to diversify holdings and capitalize on anticipated demand[75](index=75&type=chunk) [Critical Accounting Estimates](index=14&type=section&id=Critical%20Accounting%20Estimates) Discusses key accounting estimates that require significant judgment and can materially impact financial results - Key estimates include **ounces of gold in inventory** and **concentrate sales** (subject to final assays and fluctuating gold prices), **reclamation bond obligations**, and **amortization of development costs**[77](index=77&type=chunk)[78](index=78&type=chunk) - The reclamation bond obligation is based on estimated future costs to remediate properties, evaluated annually, and discounted using a credit-adjusted risk-free rate[79](index=79&type=chunk) - Amortization of development costs at the Golden Chest Mine is calculated using the units-of-production method over the expected life, based on estimated reserves and resources[80](index=80&type=chunk) [Highlights during the second quarter of 2025](index=15&type=section&id=Highlights%20during%20the%20second%20quarter%20of%202025) Summarizes significant operational and strategic achievements during the second quarter of 2025 - Executed a long-term lease agreement for approximately **1,500 acres** of mineral claims within the Mineral Hill and Lemhi Pass REE projects[83](index=83&type=chunk) - Signed a Memorandum of Understanding with Clean Core Thorium Energy, Inc. to evaluate thorium mining and fuel fabrication for a 'Made in America' supply chain[83](index=83&type=chunk) - At the Golden Chest, **10,240 tonnes of ore** were mined from underground stopes, and **92 meters of development** were completed in the Main Access Ramp (MAR)[82](index=82&type=chunk)[87](index=87&type=chunk) - The New Jersey Mill processed **10,240 dry metric tonnes (dmt)** with a flotation feed head grade of **9.97 gpt gold** and **92.6% gold recovery**; the tailings filtration circuit was completed and commissioned[87](index=87&type=chunk) - Continued exploration drilling at Golden Chest (**2,176 meters**) and commenced drilling in the Murray Gold Belt (**1,687 meters**) and Eastern Star project (**1,956 meters**)[87](index=87&type=chunk) [Results of Operations](index=16&type=section&id=Results%20of%20Operations) Analyzes the company's financial performance, including revenue, gross profit, operating income, and net income trends Financial Performance Summary: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change (%) | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change (%) | |:---|:---|:---|:---|:---|:---|:---| | Revenue | $9,476,739 | $6,125,382 | 54.7% | $16,755,275 | $12,024,320 | 39.3% | | Gross Profit as % of Sales | 57.8% | 50.2% | 7.6 pp | 54.8% | 49.2% | 5.6 pp | | Exploration Expense | $2,244,761 | $620,056 | 262.0% | $3,616,194 | $887,904 | 307.3% | | Operating Income | $2,516,874 | $2,095,596 | 20.1% | $3,918,128 | $4,237,569 | -7.5% | | Net Income | $2,739,972 | $2,134,922 | 28.3% | $4,331,823 | $4,290,736 | 1.0% | - The significant increase in exploration expense is attributed to increased core drilling activity, which is expected to continue or increase throughout 2025[87](index=87&type=chunk) - Other income increased substantially due to increased interest income and gains on US treasuries from the Company's short-term investment account, opened mid-Q2 2024[87](index=87&type=chunk) [Cash Costs and All In Sustaining Costs ("AISC") Reconciliation to Generally Accepted Accounting Principles ("GAAP")](index=16&type=section&id=Cash%20Costs%20and%20All%20In%20Sustaining%20Costs%20(%22AISC%22)%20Reconciliation%20to%20Generally%20Accepted%20Accounting%20Principles%20(%22GAAP%22)) Reconciles non-GAAP cash cost and All-In Sustaining Cost (AISC) per ounce to GAAP measures, providing insights into operational efficiency - Cash cost per ounce and AISC per ounce are non-GAAP measures used to assess operating performance and net cash flow after costs for pre-development, exploration, reclamation, and sustaining capital[90](index=90&type=chunk) Cash Cost and AISC Per Ounce: | Metric | 3 Months Ended Jun 30, 2025 | 3 Months Ended Jun 30, 2024 | YoY Change | 6 Months Ended Jun 30, 2025 | 6 Months Ended Jun 30, 2024 | YoY Change | |:---|:---|:---|:---|:---|:---|:---| | Ounces Produced | 3,010 | 2,903 | 3.7% | 5,910 | 6,019 | -1.8% | | Cash Cost per Ounce | $1,064.68 | $904.67 | +$160.01 | $957.48 | $874.73 | +$82.75 | | AISC per Ounce | $1,980.41 | $1,387.34 | +$593.07 | $1,710.77 | $1,276.43 | +$434.34 | - The increase in AISC per ounce is primarily due to higher exploration costs from underground and surface drilling at the Golden Chest Mine and other projects[87](index=87&type=chunk) [Financial Condition and Liquidity](index=17&type=section&id=Financial%20Condition%20and%20Liquidity) Assesses the company's financial health and ability to meet short-term and long-term obligations, including cash flow projections - The Company is currently producing profitably from the Golden Chest Mine[93](index=93&type=chunk) - Management believes that cash flows from operations, existing cash, and potential capital raising activities (equity sales, debt) are sufficient to fund planned operations and meet contractual obligations for the next 12 months[93](index=93&type=chunk) Net Cash Provided (Used) by Activities (Six-Months Ended June 30): | Activity | 2025 | 2024 | |:---|:---|:---| | Operating activities | $5,952,549 | $5,209,442 | | Investing activities | $(10,312,403) | $(8,199,280) | | Financing activities | $5,697,429 | $2,517,619 | | Net change in cash and cash equivalents | $1,337,575 | $(472,219) | | Cash and cash equivalents, end of period | $2,444,476 | $1,814,780 | [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Idaho Strategic Resources, Inc. is not required to provide quantitative and qualitative disclosures about market risk - Disclosure regarding market risk is not required for small reporting companies[94](index=94&type=chunk) [ITEM 4. Controls and Procedures](index=17&type=section&id=ITEM%204.%20Controls%20and%20Procedures) This section details the evaluation of the Company's disclosure controls and procedures and reports on any changes in internal control over financial reporting - The Company's disclosure controls and procedures were evaluated and concluded to be effective as of June 30, 2025, ensuring timely and accurate reporting[96](index=96&type=chunk)[97](index=97&type=chunk) - There was no material change in internal control over financial reporting during the quarter ended June 30, 2025[98](index=98&type=chunk) [PART II - OTHER INFORMATION](index=17&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Presents additional non-financial information and disclosures required for the reporting period [ITEM 1. Legal Proceedings](index=18&type=section&id=ITEM%201.%20Legal%20Proceedings) This section confirms that there are no legal proceedings to report for the Company - The Company has no legal proceedings to report[100](index=100&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=18&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's unregistered sales of equity securities, primarily common stock issued through cashless exercises of stock options and warrants, and the reliance on specific Securities Act exemptions - In the second quarter of 2025, **9,559 shares of common stock** were issued for outstanding stock options via cashless exercises by employees[101](index=101&type=chunk) - In the second quarter of 2024, the Company issued shares for warrants exercised (**29,763 shares** for **$166,673**) and stock options exercised (**21,429 shares** for **$120,002**, and **86,481 shares** via cashless exercises)[102](index=102&type=chunk) - These transactions relied on the exemption afforded by Section 4(a)(2) of the Securities Act of 1933 and Regulation D Rule 506(b)[103](index=103&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=18&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) This section states that the Company has no outstanding senior securities - The Company has no outstanding senior securities[104](index=104&type=chunk) [ITEM 4. Mine Safety Disclosures](index=18&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) This section indicates that information regarding mine safety violations and regulatory matters is provided in an exhibit to the report - Mine safety information required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in Exhibit 95[105](index=105&type=chunk) [ITEM 5. Other Information](index=18&type=section&id=ITEM%205.%20Other%20Information) This section confirms that there is no other information to report - No other information is reported in this section[106](index=106&type=chunk) [ITEM 6. Exhibits](index=18&type=section&id=ITEM%206.%20Exhibits) This section lists all exhibits filed as part of the Form 10-Q, including corporate governance documents, option grants, policies, certifications, and XBRL data Key Exhibits Filed: | Exhibit Number | Description | |:---|:---| | 3.1 | Amended and Restated Articles of Incorporation | | 3.2 | Amended and Restated By-laws | | 10.1 | Registrant's Grant of Options to Employees and Directors (Jan 15, 2025) | | 19 | Insider trading policy | | 31.1, 31.2 | Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002 | | 32.1, 32.2 | Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002 | | 95 | Mine safety information listed in Section 1503 of the Dodd-Frank Act | | 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE | XBRL Instance Document and Taxonomy Extensions |

Company Overview - Idaho Strategic Resources, Inc. (IDR) currently holds a Momentum Style Score of B, indicating potential for solid momentum investing [3] - The company has a Zacks Rank of 2 (Buy), which is associated with a strong track record of outperformance [4] Performance Metrics - Over the past week, IDR shares have increased by 25.18%, while the Zacks Mining - Gold industry has decreased by 1.46% [6] - In a longer time frame, IDR's monthly price change is 41.78%, significantly outperforming the industry's 6.9% [6] - Over the last three months, IDR shares have risen by 21.67%, and they have increased by 73.93% over the past year, compared to the S&P 500's gains of 19.69% and 14.71%, respectively [7] Trading Volume - IDR's average 20-day trading volume is 616,562 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the past two months, one earnings estimate for IDR has moved higher, increasing the consensus estimate from $0.52 to $0.61 [10] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [10] Conclusion - Considering the positive performance metrics and earnings outlook, IDR is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12]

Idaho Strategic Resources, Inc. (IDR) is expected to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if th ...

Core Viewpoint - MP Materials and Idaho Strategic Resources are pivotal in enhancing U.S. critical mineral independence and national security through domestic resource development [1][2][3] Group 1: Company Overview - MP Materials is the only fully integrated rare earth producer in the U.S., with a market capitalization of $3.22 billion [1] - Idaho Strategic Resources is a gold producer with a market capitalization of around $190 million and holds the largest rare earth elements land package in the U.S. [2] Group 2: Market Context - Rare earth elements (REEs) are essential for clean-tech applications, including electric vehicles and defense, with the market currently dominated by China [3] - There is a growing emphasis on developing domestic REE capabilities in the U.S. to reduce reliance on foreign sources [3] Group 3: MP Materials Performance - MP Materials reported a 25% year-over-year revenue increase to $60.8 million in Q1 2025, with NdPr production soaring 330% to 563 metric tons [6] - The company experienced a 33% decline in sales volumes of rare earth concentrate, leading to a $10 million revenue drop in that segment [7] - MP Materials halted rare earth concentrate shipments to China due to tariffs, which previously accounted for approximately 50% of its revenues in Q1 2025 [9] Group 4: Idaho Strategic Resources Performance - Idaho Strategic Resources achieved a 23% year-over-year revenue increase to $7.3 million in Q1 2025, driven by a 44.7% rise in average realized gold prices [16] - The company reported earnings of 12 cents per share, a 29% decline year-over-year, attributed to increased exploration costs [16][17] - IDR plans to execute its largest exploration program at the Golden Chest Mine and other properties in 2025 [19] Group 5: Future Outlook - MP Materials expects to ramp up production of separated rare earth products, which will lead to higher costs in 2025 [10] - Idaho Strategic Resources is focusing on thorium mining and has signed a MoU with Clean Core Thorium Energy to advance a domestic supply chain [18] Group 6: Valuation and Investment Considerations - MP Materials has a forward price-to-sales ratio of 9.85X, while Idaho Strategic Resources has a lower ratio of 6.55X [25] - Despite near-term earnings pressure, MP Materials is viewed as a strong investment due to its integrated supply chain capabilities [27]

Core Viewpoint - Idaho Strategic Resources, Inc. (IDR) reported a 23% year-over-year increase in revenues to $7.3 million for Q1 2025, marking its highest quarterly revenues on record, but shares declined 10% due to earnings falling short of estimates and a 29% year-over-year decline in earnings per share [1][2][28] Financial Performance - Revenues for Q1 2025 were $7.28 million, exceeding the Zacks Consensus Estimate of $7 million, driven by a 44.7% increase in average realized gold prices, despite a 6.9% decline in gold production to 2,900 ounces [9] - Gross margin improved to 50.8% from 48.1% in Q1 2024, but operating income fell 35% year-over-year to $1.4 million, with operating margin dropping to 19.3% from 36.3% [10] - All-in-sustaining cost per ounce increased by 22% to $1,430.90, attributed to higher exploration costs, which are expected to remain elevated throughout 2025 [11] Market Position and Stock Performance - IDR shares have increased 40.7% year-to-date but lag behind the Zacks Mining - Gold industry's growth of 48.4% [3] - Compared to major gold miners like Agnico Eagle Mines, Newmont Corporation, and Kinross Gold, which have advanced 50%, 45%, and 62.5% respectively, IDR has underperformed [6] Exploration and Growth Potential - The company is focused on the Golden Chest Mine and has consolidated a significant land package in the Murray Gold Belt, with ongoing exploration programs [12][13] - IDR has three rare earth element (REE) exploration properties, with the REE market expected to grow significantly, driven by demand in clean energy technologies [21][22] Return on Equity and Valuation - IDR's return on equity (ROE) stands at 22.54%, significantly higher than the industry average of 11.86% and its peers [23] - The stock is currently trading at a premium compared to its industry on a forward 12-month price-to-sales basis [24] Future Outlook - The Zacks Consensus Estimate for IDR's fiscal 2025 earnings suggests a year-over-year growth of 16.4%, with upward revisions instilling optimism despite recent earnings declines [16][28] - The company ended Q1 2025 with cash and cash equivalents of $1.3 million, allowing for continued investment in exploration and development [19][20]

Core Insights - Idaho Strategic Resources, Inc. (IDR) reported quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.20 per share, and down from $0.17 per share a year ago, representing an earnings surprise of -40% [1] - The company posted revenues of $7.28 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.99%, and up from $5.9 million year-over-year [2] - The stock has increased approximately 56.9% since the beginning of the year, contrasting with the S&P 500's decline of -4.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.21 on revenues of $7 million, and for the current fiscal year, it is $0.78 on revenues of $28 million [7] - The estimate revisions trend for Idaho Strategic Resources is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Mining - Gold industry, to which Idaho Strategic Resources belongs, is currently in the top 20% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements, covering balance sheets, operations, equity, cash flows, and detailed notes [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Total Assets | $48,067,150 | $44,021,630 | | Total Liabilities | $5,564,912 | $3,608,316 | | Total Stockholders' Equity | $42,502,238 | $40,413,314 | | Current Assets | $12,727,803 | $11,742,073 | | Current Liabilities | $2,914,813 | $2,279,549 | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations | Metric | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Revenue | $7,278,536 | $5,898,938 | | Gross Profit | $3,698,086 | $2,838,237 | | Operating Income | $1,401,254 | $2,141,973 | | Net Income attributable to Idaho Strategic Resources, Inc. | $1,608,979 | $2,171,109 | | Net Income per common share-basic | $0.12 | $0.17 | | Exploration Expense | $1,371,433 | $267,848 | [Condensed Consolidated Statement of Changes in Stockholders' Equity](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Stockholders'%20Equity) Condensed Consolidated Statement of Changes in Stockholders' Equity | Metric | March 31, 2025 | January 1, 2025 | | :--------------------------------------- | :------------- | :-------------- | | Total Stockholders' Equity | $42,502,238 | $40,413,314 | | Stock options issued to management, directors and employees | $495,146 | - | | Net income (loss) | $1,608,979 | - | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :-------------------------------- | :-------------------------------------- | :-------------------------------------- | | Operating activities | $2,409,589 | $2,579,853 | | Investing activities | $(1,993,128) | $(1,004,815) | | Financing activities | $(217,238) | $1,433,420 | | Net change in cash and cash equivalents | $199,223 | $3,008,458 | | Cash and cash equivalents, end of period | $1,306,124 | $5,295,457 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed information on accounting policies, financial statement line items, and significant transactions, including investments and equity [Note 1. The Company and Significant Accounting Policies](index=6&type=section&id=Note%201.%20The%20Company%20and%20Significant%20Accounting%20Policies) - The company's unaudited interim financial statements are prepared in accordance with GAAP, with estimates and assumptions that may differ from actual results[19](index=19&type=chunk)[20](index=20&type=chunk) - Consolidates accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (NJMJV)[22](index=22&type=chunk) - Revenue from gold sales is recognized upon transfer of control, with concentrate sales estimated at shipment and adjusted to final settlement prices; timber revenue is recognized upon completion of performance obligations[23](index=23&type=chunk)[25](index=25&type=chunk) - Exploration costs are expensed as incurred, while pre-development costs are capitalized once ore reserves are identified as economically developable[27](index=27&type=chunk) - The company operates as a single operating segment, with the CEO as the Chief Operating Decision Maker (CODM) using consolidated net income to assess performance[39](index=39&type=chunk) - Adopted ASU 2023-05 (JV Formations) with no material impact; currently evaluating ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Expense Disaggregation Disclosures)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Note 2. Investments in US Treasury Notes](index=9&type=section&id=Note%202.%20Investments%20in%20US%20Treasury%20Notes) Investments in US Treasury Notes | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Total Amortized Cost | $15,073,154 | $14,984,123 | | Gross Unrealized Gains | $97,846 | $102,877 | | Fair Value | $15,171,000 | $15,087,000 | [Note 3. Inventories](index=9&type=section&id=Note%203.%20Inventories) Inventories | Inventory Type | March 31, 2025 | December 31, 2024 | | :----------------------- | :------------- | :---------------- | | Total Inventories | $1,171,594 | $899,924 | | Finished Goods Concentrate | $643,028 | $334,033 | | Supplies Inventory | $528,566 | $565,891 | [Note 4. Sales of Products](index=9&type=section&id=Note%204.%20Sales%20of%20Products) Sales of Products | Product | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :---------------------- | :-------------------------------------- | :-------------------------------------- | | Gold Sales | $7,405,388 | $6,121,129 | | Silver Sales | $31,755 | $24,245 | | Total Revenue | $7,278,536 | $5,898,938 | - As of March 31, 2025, **6,768 ounces of metals** had been sold but not finally settled, with **5,225 ounces** exposed to future price changes[47](index=47&type=chunk) [Note 5. Related Party Transactions](index=10&type=section&id=Note%205.%20Related%20Party%20Transactions) Related Party Transactions | Expense Type | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :----------------------- | :-------------------------------------- | :-------------------------------------- | | Related Party Lease Payments | $7,688 | $7,620 | [Note 6. JV Arrangements](index=10&type=section&id=Note%206.%20JV%20Arrangements) - The company owns **65% of the NJMJV**, which is consolidated due to significant influence[35](index=35&type=chunk)[50](index=50&type=chunk) - The company holds a **50% interest in Butte Highlands JV, LLC**, accounted for on a cost basis due to lack of significant influence[35](index=35&type=chunk)[51](index=51&type=chunk) JV Arrangements | Metric | March 31, 2025 | December 31, 2024 | | :----------------------- | :------------- | :---------------- | | Joint Venture Receivable | $1,927 | $2,892 | [Note 7. Earnings per Share](index=10&type=section&id=Note%207.%20Earnings%20per%20Share) Earnings per Share | Metric | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Net Income per Common Share - Basic | $0.12 | $0.17 | | Weighted Average Common Share Outstanding - Basic | 13,666,321 | 12,513,374 | | Incremental Shares (Stock Options) | 69,449 | 109,243 | [Note 8. Property, Plant, and Equipment](index=11&type=section&id=Note%208.%20Property,%20Plant,%20and%20Equipment) Property, Plant, and Equipment | Asset Category | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Total Property, Plant and Equipment, Net | $15,868,020 | $12,904,065 | | Mine Equipment, Net | $6,310,470 | $4,378,247 | | Mill Equipment, Net | $5,819,693 | $5,126,779 | [Note 9. Mineral Properties](index=11&type=section&id=Note%209.%20Mineral%20Properties) Mineral Properties | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Total Mineral Properties, Net | $10,994,040 | $10,573,349 | | Golden Chest Infrastructure | $5,177,358 | $4,722,328 | | Capitalized Interest Expense (Golden Chest) | $43,387 (Q1 2025) | $19,377 (Q1 2024) | [Note 10. Notes Payable](index=12&type=section&id=Note%2010.%20Notes%20Payable) Notes Payable | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Total Notes Payable | $3,670,541 | $1,732,739 | | Mine Equipment Notes | $2,804,567 | $962,384 | | Current Portion of Notes Payable | $1,330,738 | $709,381 | [Note 11. Investment in Buckskin](index=12&type=section&id=Note%2011.%20Investment%20in%20Buckskin) - The company holds a **37% common stock interest in Buckskin Gold and Silver, Inc.**, accounted for using the equity method[57](index=57&type=chunk) - The company makes an annual payment of **$12,000** to Buckskin per a mineral lease[57](index=57&type=chunk) Investment in Buckskin | Metric | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Equity Income on Investment | $1,346 | $1,867 | [Note 12. Stockholders' Equity](index=12&type=section&id=Note%2012.%20Stockholders'%20Equity) - In Q1 2025, **3,722 shares of common stock** were issued for outstanding stock options via cashless exercises by employees[58](index=58&type=chunk) - There were no stock purchase warrants outstanding at March 31, 2025, as all remaining warrants were exercised in 2024[60](index=60&type=chunk) [Note 13. Stock Options](index=13&type=section&id=Note%2013.%20Stock%20Options) - On January 15, 2025, the company granted **400,000 stock options** to employees with an exercise price of **$11.50**, resulting in **$495,146** in stock-based compensation expense for the period[61](index=61&type=chunk) Stock Options | Metric | March 31, 2025 | December 31, 2024 | | :--------------------------------------- | :------------- | :---------------- | | Outstanding Stock Options | 471,000 | 77,000 | | Weighted Average Exercise Price (Outstanding) | $10.55 | $5.17 | [Note 14. Subsequent Events](index=13&type=section&id=Note%2014.%20Subsequent%20Events) - Subsequent to March 31, 2025, **380,000 shares of common stock** were issued for net proceeds of **$6,246,713**[64](index=64&type=chunk) - Subsequent to March 31, 2025, **11,000 stock options** were exchanged for **7,658 shares of common stock** in cashless exercises by employees[64](index=64&type=chunk) [Forward-Looking Statements](index=13&type=section&id=Forward-Looking%20Statements) Provides a safe harbor statement for forward-looking statements, cautioning about risks and uncertainties that could cause actual results to differ - Forward-looking statements cover current expectations and projections about future results, performance, litigation, prospects, and opportunities, including reserves and other mineralization[63](index=63&type=chunk) - These statements are subject to risks, uncertainties, and other factors detailed in the Company's 2024 Form 10-K and this Form 10-Q[65](index=65&type=chunk) - The Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by federal securities laws[65](index=65&type=chunk) [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses operational strategy, critical accounting estimates, and Q1 2025 financial performance, highlighting gold production and REE exploration [Plan of Operation](index=14&type=section&id=Plan%20of%20Operation) - Idaho Strategic is a gold producer and critical minerals/REE exploration company focused on generating positive cash flow and increasing its gold production and asset base[66](index=66&type=chunk)[67](index=67&type=chunk) - Primary focus is to grow production at the Golden Chest Mine and reinvest cash flow into the mine, New Jersey Mill, and REE exploration efforts[68](index=68&type=chunk) - Strategic expansion into REEs is driven by anticipated demand in electrification, defense spending, and domestic supply chain security, with the company believing it has a first-mover advantage in Idaho's REE land holdings[69](index=69&type=chunk) - The company plans to continue seeking partnerships to advance the U.S.' domestic REE supply chain[70](index=70&type=chunk) [Critical Accounting Estimates](index=14&type=section&id=Critical%20Accounting%20Estimates) - Key estimates include ounces of gold in process and concentrate inventory, and in shipped concentrate, which are subject to final assays and gold price fluctuations between shipment and settlement[71](index=71&type=chunk)[72](index=72&type=chunk) - The asset retirement obligation (ARO) is based on an estimate of future remediation costs, discounted using a credit-adjusted risk-free rate, and is reviewed annually[71](index=71&type=chunk)[73](index=73&type=chunk) - Estimated ARO costs at March 31, 2025, are **$104,000** for the Golden Chest Mine and **$224,000** for the New Jersey Mine and Mill[73](index=73&type=chunk) [Highlights during the first quarter of 2025](index=15&type=section&id=Highlights%20during%20the%20first%20quarter%20of%202025) - Announced REE exploration plans for the 2025 field season[74](index=74&type=chunk) - Golden Chest operations: **11,400 tonnes of ore mined**, **176 meters of exploration drifting**, **77 meters of ramping**, and **3,430 cubic meters of backfilling** completed[76](index=76&type=chunk) - New Jersey Mill operations: **11,337 dry metric tonnes processed** with a flotation feed head grade of **8.67 gpt gold** and **91.7% gold recovery**[76](index=76&type=chunk) - Construction of the new tailings filtration circuit at the New Jersey Mill was **80% complete**, with commissioning expected in Q2[76](index=76&type=chunk) - Exploration drilling: **4,230 meters of surface core drilling** completed, and underground drilling restarted focusing on the Klondike area and Red Star zone[76](index=76&type=chunk) [Results of Operations](index=15&type=section&id=Results%20of%20Operations) - Revenue increased **23.4% to $7,278,536** in Q1 2025, driven by an increased average gold price realized of **$2,848.74 per ounce** (up from **$1,968.28** in Q1 2024)[76](index=76&type=chunk) - Gross profit as a percentage of sales increased slightly from **48.1%** in Q1 2024 to **50.8%** in Q1 2025[76](index=76&type=chunk) - Operating income decreased by **$740,719 to $1,401,254** in Q1 2025, primarily due to a significant increase in exploration expense[76](index=76&type=chunk) - Net income decreased to **$1,591,851** in Q1 2025 from **$2,155,814** in Q1 2024, attributed to higher exploration expense and **$495,146** in stock-based compensation[83](index=83&type=chunk) - Other income increased by **$176,756 to $190,597** in Q1 2025, due to increased interest income and gains on US treasuries[83](index=83&type=chunk) [Cash Costs and All In Sustaining Costs ("AISC") Reconciliation to Generally Accepted Accounting Principles ("GAAP")](index=16&type=section&id=Cash%20Costs%20and%20All%20In%20Sustaining%20Costs%20(%22AISC%22)%20Reconciliation%20to%20Generally%20Accepted%20Accounting%20Principles%20(%22GAAP%22)) Cash Costs and All In Sustaining Costs ("AISC") Reconciliation to Generally Accepted Accounting Principles ("GAAP") | Metric | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :--------------------------------------- | :-------------------------------------- | :-------------------------------------- | | Cash Cost per Ounce | $846.22 | $846.84 | | AISC per Ounce | $1,430.90 | $1,173.10 | | Ounces Produced | 2,900 | 3,116 | | Exploration Costs | $1,371,433 | $267,848 | - Cash cost per ounce remained flat year-over-year, indicating diligence in keeping production costs low[83](index=83&type=chunk) - AISC per ounce increased due to higher exploration costs from underground and surface drilling at the Golden Chest Mine[83](index=83&type=chunk) - Adjusted AISC without exploration expenses were **$993.74 per ounce** in Q1 2025, compared to **$1,115.11 per ounce** in Q1 2024[83](index=83&type=chunk) [Financial Condition and Liquidity](index=16&type=section&id=Financial%20Condition%20and%20Liquidity) Financial Condition and Liquidity | Cash Flow Activity | Three-Month Period Ended March 31, 2025 | Three-Month Period Ended March 31, 2024 | | :-------------------------------- | :-------------------------------------- | :-------------------------------------- | | Operating activities | $2,409,589 | $2,579,853 | | Investing activities | $(1,993,128) | $(1,004,815) | | Financing activities | $(217,238) | $1,433,420 | | Net change in cash and cash equivalents | $199,223 | $3,008,458 | | Cash and cash equivalents, end of period | $1,306,124 | $5,295,457 | - The company is currently producing profitably from underground at the Golden Chest Mine[84](index=84&type=chunk) - Management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months, supported by profitable production, equity sales, and potential debt borrowings or restructurings[84](index=84&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](index=17&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) States that quantitative and qualitative disclosures about market risk are not required for small reporting companies - Quantitative and qualitative disclosures about market risk are not required for small reporting companies[85](index=85&type=chunk) [ITEM 4. Controls and Procedures](index=17&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were evaluated and deemed effective as of March 31, 2025, with no material changes in internal control [Disclosure Controls and Procedures](index=17&type=section&id=Disclosure%20Controls%20and%20Procedures) - The Company's disclosure controls and procedures were evaluated by the President (CEO) and Vice President (CFO) and concluded to be effective as of March 31, 2025[86](index=86&type=chunk)[87](index=87&type=chunk) - These controls are designed to ensure timely and accurate reporting of information required under the Exchange Act[86](index=86&type=chunk)[87](index=87&type=chunk) [Changes in internal control over financial reporting](index=17&type=section&id=Changes%20in%20internal%20control%20over%20financial%20reporting) - There was no material change in internal control over financial reporting during the quarter ended March 31, 2025[88](index=88&type=chunk) [PART II - OTHER INFORMATION](index=19&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [ITEM 1. Legal Proceedings](index=19&type=section&id=ITEM%201.%20Legal%20Proceedings) No legal proceedings were reported during the period - No legal proceedings were reported[90](index=90&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=19&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Shares were issued via cashless stock option exercises in Q1 2025 and for warrants/options in Q1 2024, relying on Securities Act exemptions - In the first quarter of 2025, **3,722 shares of common stock** were issued for outstanding stock options via cashless exercise[92](index=92&type=chunk) - In the first quarter of 2024, **147,026 shares of common stock** were issued for warrants (net proceeds of **$823,346**) and **5,357 shares** for stock options (net proceeds of **$29,999**), along with **5,887 shares** for cashless stock options[92](index=92&type=chunk) - The company relied on the transaction exemption afforded by Section 4(a)(2) of the Securities Act of 1933 and Regulation D Rule 506(b) for these unregistered sales[93](index=93&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=19&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no outstanding senior securities - The company has no outstanding senior securities[94](index=94&type=chunk) [ITEM 4. Mine Safety Disclosures](index=19&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Mine safety information, including violations and regulatory matters, is included in exhibit 95 to this report - Mine safety information required by Section 1503(a) of the Dodd-Frank Act and Item 104 of Regulation S-K is included in exhibit 95[95](index=95&type=chunk) [ITEM 5. Other Information](index=19&type=section&id=ITEM%205.%20Other%20Information) No other information was reported in this section - No other information was disclosed in this item[96](index=96&type=chunk) [ITEM 6. Exhibits](index=20&type=section&id=ITEM%206.%20Exhibits) Lists all exhibits filed with the Form 10-Q, including corporate governance documents, option grants, certifications, and XBRL - Exhibits include Amended and Restated Articles of Incorporation and By-laws[97](index=97&type=chunk) - Registrant's Grant of Options to Employees and Directors dated January 15, 2025 (Exhibit 10.1) is included[97](index=97&type=chunk) - Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are filed[97](index=97&type=chunk) - Mine safety information (Exhibit 95) and various XBRL documents are also part of the exhibits[97](index=97&type=chunk)

Core Viewpoint - The article provides a "Buy" rating for Idaho Strategic Resources, Inc. (NYSE: IDR), aligning with a previous recommendation made on December 11, 2024, indicating a favorable outlook for the company's stock [1]. Company Analysis - Idaho Strategic Resources, Inc. is highlighted as a company that fits various investor profiles, including those seeking dividends, value propositions, or growth opportunities [1]. - The analyst, Alberto, possesses a Master's degree in Business Economics and has a strong managerial and economic background, which supports the credibility of the analysis [1]. Investment Strategy - The article outlines a useful investment strategy that can cater to different types of investors, emphasizing the versatility of Idaho Strategic Resources, Inc. in the market [1].

Core Viewpoint - Fitch Ratings has revised the outlook of Marex Group plc's Long-Term Issuer Default Rating (IDR) to positive from stable, affirming its Long-Term IDR at 'BBB-' [1][2] Group Performance - The positive outlook reflects Marex's strong and growing earnings across variable market conditions, as well as the expansion and diversification of its franchise through both organic growth and bolt-on acquisitions [2] - Marex has well-managed liquidity and maintains an adequate buffer over regulatory capital requirements [2] Leadership Commentary - Ian Lowitt, CEO of Marex, stated that the positive outlook from Fitch highlights the strength and scalability of Marex's diversified global platform and its 10-year track record of sequential growth through various market environments [3] - The company's risk control framework is central to its strategy, adapting to the expanding business [3] Company Overview - Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform that provides essential liquidity, market access, and infrastructure services across energy, commodities, and financial markets [4] - The Group offers a comprehensive range of services, including Clearing, Agency and Execution, Market Making, and Hedging and Investment Solutions, with a leading position in major metals, energy, and agricultural products [4] - Marex has access to 60 exchanges and serves a broad client base, including large commodity producers, consumers, traders, banks, hedge funds, and asset managers, with over 2,400 employees across more than 40 offices worldwide [4]