Idaho Strategic Resources(IDR) - 2023 Q2 - Quarterly Report

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]