Idaho Strategic Resources(US:IDR)2022-11-14 11:51Mining 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].