Idaho Strategic Resources(IDR) - 2023 Q4 - Annual Report

Mining Operations - The company operates the Golden Chest Mine in the Murray Gold Belt, with over 7,000 acres of patented and unpatented land, making it the largest private landholder in the area[39]. - The New Jersey Mill processes ore from the Golden Chest Mine at a capacity of 360 tonnes per day[41]. - The company has focused on expanding underground development and production at the Golden Chest Mine, significantly increasing exploration and expansion activities in the Murray Gold Belt[42]. - The company has successfully resumed operations at the New Jersey Mill and consolidated 100% ownership of the Golden Chest Mine[43]. Sales and Revenue - In 2023, 99% of gold sales were made to H&H Metals Corporation, with the remaining sales being gold doré sold to a western U.S. refinery[47]. Financial Health - The company has no material reclassifications, mergers, or significant asset sales in the past three years[38]. - The company has no bankruptcy or similar proceedings reported[37]. - The Company successfully reduced its concentrate inventory, returning it to near pre-pandemic levels due to improved shipping conditions in 2022[48]. - The Company plans to deliver an annual report to shareholders in 2024, which will include audited financial statements[61]. Regulatory Compliance - The Company is subject to extensive federal, state, and local regulations, which can delay exploration programs by one to two years due to permitting processes[53]. - The Company is required to submit a Plan of Operations (POO) for exploration drilling on public lands, which can take several months to compile[58]. - The Company complies with local building codes and ordinances as required by law[59]. Environmental and Safety Measures - The Company posted a reclamation bond of $107,000 for the tailings storage facility at the New Jersey Mill[55]. - The reclamation bond for the Golden Chest Mine is $103,320, with annual water monitoring costs estimated at $6,000[57]. - The estimated cost for water monitoring associated with the concentrate leach plant is approximately $10,000 per year[55]. - The Company has not received notifications regarding potential environmental cleanup liabilities[52]. Workforce and Capital - The Company has a total of 42 full-time employees[60]. - The company competes for capital necessary to sustain its exploration and development programs within the minerals exploration industry[44]. Industry Risks - The company faces risks typical of the mining industry, including operational effectiveness and price fluctuations of metals like gold and silver[45][46]. - The company is involved in the U.S. Critical Minerals sector, particularly in rare earth elements, with properties included in the U.S. national REE inventory[40].