Idaho Strategic Resources, Inc. (NYSE: IDR)

Idaho Strategic Resources, Inc. operates as a mining company, focusing on gold production and rare earth element exploration within the United States. The company's primary operations are centered in Idaho, where it owns and operates the Golden Chest Mine, a significant gold-producing asset located in the Murray Gold Belt. Additionally, Idaho Strategic Resources maintains a portfolio of mineral properties, including rare earth element projects, positioning it as a key player in the critical minerals sector.

The company generates revenue through the production and sale of gold, primarily from its Golden Chest Mine. The mine's output is processed at the New Jersey Mill, which has a capacity of 360 tonnes per day. Idaho Strategic Resources also explores and develops its mineral properties, aiming to uncover new deposits of gold and rare earth elements. The company's customer base includes metal refiners and processors, such as H&H Metals Corporation, which purchases the flotation gold concentrate produced at the New Jersey Mill.

• Golden Chest Mine: This segment represents the company's core gold production operations. The Golden Chest Mine is an underground operation located in the Murray Gold Belt of North Idaho. It produces gold ore, which is processed at the New Jersey Mill to generate gold concentrate and doré. The mine benefits from the company's extensive land holdings in the area, which include over 20,000 acres of patented and unpatented properties.

• New Jersey Mill: The New Jersey Mill is a majority-owned asset that processes ore from the Golden Chest Mine. The mill features a 360-tonne per day flotation plant, capable of producing high-value gold concentrate. The mill's operations are subject to various environmental regulations, and the company has obtained necessary permits for its tailings storage facility and cyanidation processes.

• Rare Earth Element Projects: Idaho Strategic Resources holds a significant portfolio of rare earth element properties, including Mineral Hill, Lemhi Pass, and Diamond Creek. These projects are located in the Idaho Rare Earth Element-Thorium Belt and are recognized in national inventories as important domestic sources of critical minerals. The company's focus on these projects underscores its strategic position in the U.S. critical minerals sector.

• Exploration Properties: In addition to its producing and pre-development assets, the company maintains a portfolio of early-stage exploration properties. These holdings are located within historical mining districts, primarily in Idaho, and include properties with known gold mineralization and potential for other valuable minerals.

Idaho Strategic Resources operates in a competitive industry, facing challenges from other junior mining companies and established players in the gold and critical minerals sectors. The company's competitive advantages include its strategic land position in the Murray Gold Belt, a proven management team with extensive experience in the mining industry, and a focus on high-probability exploration targets. Additionally, the company's ownership of both mining and milling assets allows it to control the entire production process, from ore extraction to concentrate production.

The company's primary customer for its gold concentrate is H&H Metals Corporation, which accounted for 98% of gold sales in 2025. The remaining gold sales were doré, sold to a western U.S. refinery. While the company's customer base is currently concentrated, the high value and quality of its gold concentrate suggest that alternative customers could be readily found if necessary. Idaho Strategic Resources' focus on producing high-quality products and maintaining strong relationships with its customers positions it well for continued success in the mining industry