Idaho Strategic Resources(IDR) - 2025 Q3 - Quarterly Report

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