Mining Operations - The company operates the Golden Chest Mine in the Murray Gold Belt, with over 7,000 acres of patented and unpatented land, making it the largest private landholder in the area[39]. - The New Jersey Mill processes ore from the Golden Chest Mine at a capacity of 360 tonnes per day[41]. - The company has focused on expanding underground development and production at the Golden Chest Mine, significantly increasing exploration and expansion activities in the Murray Gold Belt[42]. - The company has successfully resumed operations at the New Jersey Mill and consolidated 100% ownership of the Golden Chest Mine[43]. Sales and Revenue - In 2023, 99% of gold sales were made to H&H Metals Corporation, with the remaining sales being gold doré sold to a western U.S. refinery[47]. Financial Health - The company has no material reclassifications, mergers, or significant asset sales in the past three years[38]. - The company has no bankruptcy or similar proceedings reported[37]. - The Company successfully reduced its concentrate inventory, returning it to near pre-pandemic levels due to improved shipping conditions in 2022[48]. - The Company plans to deliver an annual report to shareholders in 2024, which will include audited financial statements[61]. Regulatory Compliance - The Company is subject to extensive federal, state, and local regulations, which can delay exploration programs by one to two years due to permitting processes[53]. - The Company is required to submit a Plan of Operations (POO) for exploration drilling on public lands, which can take several months to compile[58]. - The Company complies with local building codes and ordinances as required by law[59]. Environmental and Safety Measures - The Company posted a reclamation bond of $107,000 for the tailings storage facility at the New Jersey Mill[55]. - The reclamation bond for the Golden Chest Mine is $103,320, with annual water monitoring costs estimated at $6,000[57]. - The estimated cost for water monitoring associated with the concentrate leach plant is approximately $10,000 per year[55]. - The Company has not received notifications regarding potential environmental cleanup liabilities[52]. Workforce and Capital - The Company has a total of 42 full-time employees[60]. - The company competes for capital necessary to sustain its exploration and development programs within the minerals exploration industry[44]. Industry Risks - The company faces risks typical of the mining industry, including operational effectiveness and price fluctuations of metals like gold and silver[45][46]. - The company is involved in the U.S. Critical Minerals sector, particularly in rare earth elements, with properties included in the U.S. national REE inventory[40].

Revenue and Income - Revenue increased by 89.15% from $1,745,278 in Q3 2022 to $3,301,221 in Q3 2023, and increased by 60.69% from $6,148,187 to $9,879,332 for the nine-month period ended September 30, 2023[79] - Operating income for Q3 2023 was $413,461, an increase of $2,301,505 from an operating loss of $1,888,044 in Q3 2022[80] - Net income increased by $2,313,407 from a net loss of $1,909,424 in Q3 2022 to net income of $403,983 in Q3 2023, and increased by $3,978,733 from a net loss of $3,234,742 in the nine months ended September 30, 2022, to net income of $743,991 in the same period in 2023[86] - Cash provided by operating activities was $1,343,068 in 2023, compared to a cash used of $(2,007,155) in 2022[87] - Other (income) expense improved from an expense of $21,380 in the nine-month period ended September 30, 2022, to an expense of $9,478 in the same period in 2023[86] Production and Costs - Gold production for the quarter included 10,430 dry metric tonnes processed at the New Jersey mill with a flotation feed head grade of 6.41 gpt gold and a gold recovery rate of 92.1%[79] - Cash cost per ounce decreased to $895.96 in Q3 2023 from $1,298.97 in Q3 2022, while all-in sustaining costs (AISC) per ounce decreased to $1,170.55 from $2,375.18[85] - The company reported a gross profit margin improvement from negative 13.1% in Q3 2022 to positive 33.5% in Q3 2023[79] - Cash cost and all-in sustaining cost per ounce decreased in 2023 compared to 2022 due to a higher ore grade mined[86] Exploration and Projects - Exploration expenses decreased in 2023 compared to 2022, primarily due to reduced drilling activity[79] - The company has traced greater than 23% total rare earth elements at the Mineral Hill Project, with ongoing geological mapping and additional assay results pending[77] - The company advanced its USFS permit for a core drilling program at Diamond Creek, with sampling results returning up to 5% TREE[79] - The company plans a core drilling exploration program for the Golden Chest in late Q3 and early Q4 2023, which may increase all-in sustaining costs in Q4 2023[86] Financial Position and Capital - Cash and cash equivalents at the end of the period were $1,971,845 in 2023, down from $2,255,688 in 2022[87] - The consolidated net income for the nine-month period ended September 30, 2023, included non-cash charges such as depreciation and amortization of $1,034,521, compared to $717,939 in 2022[86] - The company believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months[87] - The company has been successful in raising required capital from the sale of common stock, forward gold contracts, and debt[87] Partnerships and Supply Chain - The company plans to continue seeking partnerships to enhance the U.S. domestic rare earth elements supply chain[72]

Financial Performance - Revenue increased by 37.2% from $2,358,492 in Q2 2022 to $3,236,515 in Q2 2023, and by 49.4% from $4,402,909 to $6,578,111 for the six-month period[81] - Operating income for Q2 2023 was $289,987, an increase of $1,136,708 from an operating loss of $846,721 in Q2 2022[81] - Net income increased from a net loss of $852,249 in Q2 2022 to net income of $295,822 in Q2 2023, representing an increase of $1,148,071[81] Cost Management - Cash cost per ounce decreased to $924.83 in Q2 2023 from $1,302.01 in Q2 2022, while all-in sustaining cost (AISC) per ounce decreased to $1,121.39 from $1,727.50[85] Production and Operations - Gold production for the quarter included 11,708 dry metric tonnes processed at the New Jersey mill with a flotation feed head grade of 7.31 gpt gold and a recovery rate of 92.6%[81] - The Golden Chest Mine produced approximately 8,700 tonnes of ore, with 60% sourced from the 797 and 812H-Vein stopes[78] Exploration and Future Plans - Exploration expenses decreased in 2023 compared to 2022, primarily due to reduced drilling activity[81] - The company plans a core drilling exploration program for the Golden Chest in late Q3 and early Q4 2023, which may increase AISC in the second half of 2023[81] - The company has three rare earth elements exploration properties and aims to diversify its holdings in response to anticipated demand for these elements[71] Cash Position - Cash and cash equivalents at the end of the period were $2,230,018, down from $3,133,623 at the end of the same period in 2022[86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ____________ Commission File No. 000-28837 IDAHO STRATEGIC RESOURCES, INC (Name of small business issuer in its charter) Idaho 82-0490295 (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification No.) (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION ...

Operations and Mining Activities - Idaho Strategic Resources, Inc. operates the Golden Chest Mine, which is the primary source of revenue, located in the Murray Gold Belt of northern Idaho[35] - The company has over 7,000 acres of patented and unpatented land, making it the largest private landholder in the area[40] - The New Jersey Mill, majority-owned by the company, can process gold and silver ore at a capacity of 360 tonnes per day[42] - The company resumed production at the Golden Chest Mine in October 2016 and has consolidated 100% ownership of the mine[45] - The company is expanding its exploration activities in the Murray Gold Belt, creating a solid foundation of real estate holdings[44] - The company is actively pursuing Rare Earth Element (REE) exploration, with significant properties recognized by the USGS, including the Diamond Creek and Roberts projects[41] - The company focuses on areas known to host significant mineral deposits to mitigate exploration risks[46] - The company is participating in the USGS Earth MRI program and the Idaho Department of Commerce's IGEM program for its REE projects[41] Financial Performance - Revenue from gold sales increased to $9,580,189 in 2022, up 25.6% from $7,630,416 in 2021[280] - Gross profit for 2022 was $1,553,921, compared to $487,877 in 2021, reflecting a significant improvement[280] - Total current assets increased from $2,937,312 in 2021 to $3,360,292 in 2022, reflecting a growth of approximately 14.4%[276] - Cash and cash equivalents decreased from $1,976,518 in 2021 to $1,638,031 in 2022, a decline of about 17.1%[276] - Gold sales receivable rose significantly from $408,187 in 2021 to $909,997 in 2022, an increase of approximately 123.5%[276] - The total assets of the Company increased from $17,919,201 in 2021 to $20,983,621 in 2022, representing a growth of approximately 17.5%[276] - Stockholders' equity increased to $17,713,070 in 2022, up from $13,063,802 in 2021, representing a growth of 35.5%[280] - Net loss attributable to Idaho Strategic Resources, Inc. was $2,535,429 in 2022, an improvement from a net loss of $3,160,169 in 2021[280] Capital and Investment Activities - The company issued common stock for cash totaling $3,681,107 in 2022, compared to $2,580,000 in 2021, indicating increased capital raising efforts[284] - The Company purchased a 50% interest in Butte Highlands JV, LLC for a total consideration of $435,000, with Highland Mining, LLC managing the joint venture and funding all future project exploration and mine development costs[349] - As of December 31, 2022, the Company holds a 37% equity stake in Buckskin Gold and Silver, Inc., accounted for using the equity method[293] - The Company has a 65% ownership in NJMJV and utilizes the consolidated method for accounting, reflecting significant influence[295] Liabilities and Financial Commitments - Total liabilities decreased to $3,270,551 in 2022 from $4,855,399 in 2021, a reduction of approximately 32.5%[280] - The Company has a reclamation bond of $327,020 as of 2022, up from $103,320 in 2021, indicating increased financial commitments[276] - Future principal payments of debt for 2023 are projected at $859,393, with total future payments amounting to $2,174,461[345] - The total reclamation bond balance increased to $327,020 by December 31, 2022, including new bonds for milling operations and exploration projects[323] Exploration and Development Costs - Exploration expenses rose to $2,110,137 in 2022, up from $1,417,605 in 2021, reflecting a focus on expanding mineral exploration[280] - The Company capitalizes exploration costs once ore reserves are identified, with amortization calculated using the units-of-production method[317] Regulatory and Compliance Issues - The Company is subject to extensive federal, state, and local regulations, which could impact operational effectiveness and costs[51] Stock and Equity Information - The Company granted 165,000 stock options in September 2022, with total stock-based compensation recognized of $505,476, and an additional 15,000 stock options with compensation of $41,799[362] - The balance of stock options increased from 507,175 in 2021 to 535,953 in 2022, with an intrinsic value of approximately $123,045 as of December 31, 2022[368] - The Company had a total of 289,294 stock purchase warrants outstanding as of December 31, 2022, with exercise prices ranging from $5.60 to $7.00[360] Future Outlook and Reporting - The Company plans to deliver an annual report to shareholders in 2023, which will include audited financial statements[63] - Management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months[325]

Mining Operations - The company mined approximately 7,500 tonnes of ore from underground stopes at the Golden Chest, with an additional 600 tonnes from the Klondike South crosscut during the quarter[84]. - A total of 10,024 dry metric tonnes (dmt) were processed at the New Jersey mill with a flotation feed head grade of 4.59 gpt and gold recovery of 89.8%[87]. - The company began drilling at its Diamond Creek REE project, which was delayed due to the Moose Fire, but resumed after the fire[85]. - The company conducted its first drill program in the Murray Gold Belt, completing 1,328 meters of drilling across four prospects, with initial results showing a new gold zone discovery[85]. - The double-boom electric/hydraulic jumbo capable of drilling 3.65 m rounds was commissioned to accelerate Main Access Ramp development, acquired for $150,000[87]. - Open pit mining was suspended to mobilize the contractor to the New Jersey Mill for the construction of the Phase 5 lift and buttress on the Tailings Storage Facility, placing over 40,000 cubic meters of fill[87]. Financial Performance - The Company reported a gross loss of $228,760 and a gross profit of $84,839 for the three months ended September 30, 2022, compared to a gross profit of $278,010 for the same period in 2021, indicating a decrease in gross profit due to lower gold prices and increased costs of consumables[88]. - Revenue for the three and nine-month periods ended September 30, 2022, was $1,745,278 and $6,148,187, respectively, compared to $2,098,849 and $5,865,708 for the same periods in 2021, with a decrease in three-month revenue attributed to lower gold prices[88]. - The Company produced 354 more ounces of gold year-to-date as of September 30, 2022, compared to the same period in 2021, contributing to the higher nine-month revenue[88]. - An operating loss of $1,888,044 and $3,160,931 was reported for the three and nine-month periods ended September 30, 2022, compared to an operating loss of $187,310 and $1,894,656 in the same periods of 2021[88]. - Net loss for the three and nine-month periods ended September 30, 2022, was $1,909,424 and $3,234,742, respectively, compared to net losses of $237,671 and $2,040,843 in the comparable periods of 2021[88]. - Cash cost per ounce for the three months ended September 30, 2022, was $1,298.97, compared to $1,256.75 for the same period in 2021, while the All-In Sustaining Cost (AISC) per ounce was $2,463.71, up from $1,592.34[93]. - Exploration costs increased to $747,217 for the three months ended September 30, 2022, compared to $267,643 in the same period of 2021, due to increased drilling activities[93]. Asset Management - The company added two rare earth element properties and one thorium property to its portfolio to diversify holdings towards anticipated demand for these elements[67]. - The estimated reclamation costs for the Golden Chest property are $103,320 and $203,600 for the New Jersey Mine and Mill as of September 30, 2022[72]. - The company has 3,685 ounces of gold sold but not yet settled, exposing it to future price changes[71]. - The company is focused on increasing gold production and asset base while managing corporate overhead[66]. - The Company spent significant funds in Q3 2022 on expanding its tailings facility and adding underground mining equipment, which contributed to increased operational costs[88]. - The Company had cash and cash equivalents of $2,255,688 at the end of the period, up from $481,187 in the previous year, indicating improved liquidity[94]. - Management believes that cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months[94].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ____________ Commission File No. 000-28837 IDAHO STRATEGIC RESOURCES, INC (Name of small business issuer in its charter) Idaho 82-0490295 (I. ...

Financial Performance - The company reported a gross profit of $306,143 for the three-month period ended March 31, 2022, compared to a gross loss of $71,403 for the same period in 2021, primarily due to improved gold prices [74]. - Revenue increased to $2,044,417 for the three-month period ended March 31, 2022, from $1,586,627 in the comparable period of 2021, driven by higher realized gold prices and increased gold inventories [77]. - An operating loss of $426,166 was reported for the three-month period ended March 31, 2022, an improvement from an operating loss of $1,626,655 in the same period of 2021 [77]. - Net loss for the three-month period ended March 31, 2022, was $473,069, compared to a net loss of $1,662,404 for the same period in 2021 [77]. Cost Management - Cash costs per ounce decreased to $978.70 for the three-month period ended March 31, 2022, down from $1,476.24 in 2021, attributed to increased production and improved inventory valuation [77]. - All-in sustaining costs (AISC) per ounce decreased to $1,557.32 for the three-month period ended March 31, 2022, compared to $2,097.34 for the same period in 2021, due to the use of in-house core drilling [77]. - Cash cost per ounce decreased to $978.70 in Q1 2022 from $1,476.24 in Q1 2021, representing a reduction of approximately 33.8% [81]. - All-in sustaining cost (AISC) per ounce decreased to $1,557.32 in Q1 2022 from $2,097.34 in Q1 2021, a decrease of about 25.8% [81]. - General and administrative expenses significantly decreased to $201,312 in Q1 2022 from $513,835 in Q1 2021, a decrease of about 60.9% [81]. - Exploration expenses decreased to $396,124 in Q1 2022 from $717,707 in Q1 2021, a reduction of approximately 44.7% [81]. Cash Flow and Financing - Net cash provided by financing activities increased to $2,569,577 in Q1 2022 from $1,481,472 in Q1 2021, an increase of approximately 73.4% [82]. - Cash and cash equivalents at the end of Q1 2022 were $3,409,188, up from $3,112,376 at the end of Q1 2021, reflecting an increase of about 9.5% [82]. - Operating activities generated a net cash outflow of $848,086 in Q1 2022, compared to a net outflow of $719,167 in Q1 2021, indicating a worsening of approximately 17.9% [82]. - Management believes that cash flows from operations and existing cash are sufficient to meet contractual obligations for the next 12 months [82]. - The company has successfully raised capital through equity sales, forward gold contracts, and debt, supporting its planned production [82]. Exploration and Development - The company drilled 1,437 meters during the quarter and released core drilling results from the Klondike area of the Golden Chest mine [74]. - The company plans to conduct approximately $1 million worth of rare earth element drilling on its Diamond Creek property as part of the Idaho Global Entrepreneurial Mission (IGEM) Project [77]. - Exploration costs decreased in 2022 compared to 2021 due to the elimination of contract core drilling in the Paymaster/Joe Dandy [77].

Financial Performance - Cash and cash equivalents decreased to $1,976,518 in 2021 from $2,539,945 in 2020, representing a decline of approximately 22%[225] - Gold sales receivable increased to $408,187 in 2021, up from $264,779 in 2020, indicating a growth of about 54%[225] - Revenue from gold sales increased to $7,630,416 in 2021, up 34.4% from $5,674,947 in 2020[229] - The company reported a history of losses and expects continued losses, highlighting ongoing financial challenges[13] - Net loss attributable to Idaho Strategic Resources, Inc. was $3,160,169 in 2021, compared to a loss of $642,876 in 2020, indicating a significant increase in losses[230] - Total liabilities increased to $4,855,399 in 2021, up from $3,404,897 in 2020, representing a rise of 42.7%[228] - Stockholders' equity grew to $13,063,802 in 2021, compared to $11,264,164 in 2020, marking an increase of 16.0%[228] - The company incurred total other operating expenses of $3,548,163 in 2021, significantly higher than $1,062,652 in 2020, reflecting an increase of 233.5%[230] - The company’s exploration expenses surged to $1,417,605 in 2021, compared to $303,291 in 2020, an increase of 367.5%[230] - For the year ended December 31, 2021, total sales amounted to $7,630,416, an increase of 34.4% from $5,674,947 in 2020[312] Assets and Liabilities - Total current assets decreased to $2,937,312 in 2021 from $3,435,501 in 2020, a reduction of about 14%[225] - Inventories decreased to $213,722 in 2021 from $402,537 in 2020, showing a decline of approximately 47%[225] - Total assets rose to $17,919,201 in 2021, compared to $14,669,061 in 2020, reflecting a growth of 22.9%[227] - The total notes payable increased from $1,048,776 in 2020 to $1,625,901 in 2021, which is an increase of about 55%[288] - The asset retirement obligation balance remained relatively stable, decreasing slightly from $173,001 in 2020 to $172,348 in 2021[290] - Total deferred tax assets increased to $5,562,100 in 2021 from $4,427,900 in 2020, with a valuation allowance of $4,017,800[297] Mineral Properties and Exploration - Mineral properties increased significantly to $5,843,186 in 2021 from $3,455,233 in 2020, reflecting a rise of approximately 69%[225] - The addition of 508 acres to the Alder Gulch property was made for $1,699,965, enhancing the company's mineral property portfolio[213] - The Company is expanding its focus on Critical Minerals, particularly Rare Earth Elements (REEs), with ongoing projects in Idaho included in the U.S. national REE inventory[236] - The Company evaluates long-lived assets for impairment whenever events indicate that the carrying value may not be recoverable, with estimated future cash flows calculated based on production and metals prices[263] - The Company capitalizes significant payments related to mineral properties and expenses exploration costs as incurred[257][260] Stock and Financing - The company issued common stock for cash and warrants net of issuance costs totaling $2,580,000 in 2021, compared to $2,906,896 in 2020[233] - The Company issued convertible promissory notes totaling $1,750,000 in March 2021, with an interest rate of 8.0% and a maturity date in March 2024, convertible at $4.90 per share[317] - The Company converted $835,000 in debt for 331,349 shares of common stock in 2021[315] - The outstanding principal of the convertible notes is collateralized by the Alder Gulch property and other unencumbered real property[317] - The Company closed a private placement in February 2022, selling 360,134 units at $7.50 per unit, resulting in net proceeds of $2,701,000[320] Stock Options and Compensation - Stock-based compensation recognized for stock options granted in 2021 totaled $604,571, with options exercisable at $5.60[302] - As of December 31, 2021, the outstanding stock options had an intrinsic value of approximately $1,108,000 and a weighted average remaining term of 2.2 years[304] - The company resumed stock-based compensation in 2021 after forgoing awards in 2020, indicating a strategic shift in employee incentives[213] Related Party Transactions - Related party transactions included a note payable to Ophir Holdings, LLC, with a balance of $116,611 as of December 31, 2021, down from $154,312 in 2020[305] Other Significant Information - The assessment of ore reserves is a critical audit matter, impacting the valuation of mineral properties and requiring significant management estimates[219] - The company has sufficient cash flows from operations and existing cash to meet contractual obligations for the next 12 months[269] - The company has the largest private land position in the Greater Coeur d'Alene Mining District, consolidating over 7,000 acres of patented and unpatented land[235] - The company has a joint venture agreement with Crescent Silver, LLC, which includes a milling fee of $2.50 per tonne milled[291] - The company holds a 37% stake in Buckskin Gold and Silver Inc., with equity income recognized on the investment amounting to $3,782 for the year ended December 31, 2021[293] - The Company began trading on the NYSE American exchange under the symbol IDR on March 11, 2022[321]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the transition period from _____________ to ____________ Commission File No. 000-28837 NEW JERSEY MINING COMPANY (Name of small business issuer in its charter) Idaho 82-0490295 (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification No.) 201 N. Third Street, Coeur d'Alene, ID 83814 (Address of principal executive offices) (zip code) (208) 625-9001 Registrant's telephone num ...