Idaho Strategic Resources(US:IDR)2024-07-30 10:41Revenue and Income Growth - Revenue increased by 89.3% from $3,236,515 in Q2 2023 to $6,125,382 in Q2 2024, and year-to-date revenue rose by 82.8% from $6,578,111 to $12,024,320[122] - Other income rose from $5,835 in Q2 2023 to $39,326 in Q2 2024, driven by increased interest income and gains on treasuries[124] - Gross profit as a percentage of sales increased from 24.5% in Q2 2023 to 50.2% in Q2 2024, and for the six-month periods, it rose to 49.2% from 25.2%[145] - Operating income for Q2 2024 was $2,095,596, an increase of $1,805,609 from $289,987 in Q2 2023; for the six-month period, it rose to $4,237,569, up by $3,934,559[146] - Net income increased from $295,822 in Q2 2023 to $2,134,922 in Q2 2024, and from $340,008 in the six-month period ending June 30, 2023, to $4,290,736 in the same period in 2024[148] Production and Costs - Gold production at the Golden Chest Mine is expected to remain stable as mining on the H-Vein continues, with 11,500 tonnes mined from underground stopes in Q2 2024[120][115] - All-in sustaining costs per ounce increased in Q2 2024 due to higher exploration costs, while slightly decreasing for the six-month period compared to 2023[126] - Cash cost per ounce for Q2 2024 was $904.67, remaining relatively flat compared to Q2 2023; for the six-month period, it decreased significantly due to a 55.2% increase in ounces produced[149] Exploration and Development - Exploration expenses increased due to heightened drilling activity at the Golden Chest Mine, with expectations for continued drilling in Q3 2024[123] - The company has conducted numerous exploration programs on its REE properties, covering 19,090 acres, to diversify its asset base[90] - An exploration program with both underground and surface core drilling was initiated, focusing on the Klondike area and Butte Gulch[144] Strategic Positioning - The company believes it has a first-mover advantage in the REE market, anticipating increased demand for critical minerals[90] - The company plans to continue seeking partnerships to advance the U.S. domestic REE supply chain[140] Financial Position - Cash and cash equivalents at the end of the period were $1,801,257, down from $2,286,999 at the beginning of the period[151] - The company reported net cash provided by operating activities of $5,209,442 for the six-month period ending June 30, 2024[151] - The consolidated net income for the six-month periods included non-cash charges of $957,718 for depreciation and amortization, compared to $671,079 in 2023[125] Operational Achievements - A total of 3,230 cubic meters of cemented rockfill were placed during the quarter, setting a new quarterly record[143] - The company is currently producing profitably from the Golden Chest Mine and believes cash flows from operations are sufficient to meet obligations for the next 12 months[130]