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 ...

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, 2022 ☐ 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: 000-28837 IDAHO STRATEGIC RESOURCES, INC. (Name of small business issuer in its charter) Idaho 82-0490295 (I.R.S. employer id ...

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 ...

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, 2021 Securities registered pursuant to Section 12(g) of the Act: | | | Name of Each Exchange on Which | | --- | --- | --- | | Title of Each Class | Trading Symbol(s) | Registered | | Common Stock, no par value | NJMC | OTCQB | Check whether the issuer (1) filed all reports required to be ...