Idaho Strategic Resources, Inc. (NYSE: IDR)

Idaho Strategic Resources, Inc. is a resource focused company engaged in gold production and rare earth element exploration in the state of Idaho. The Company owns and operates the Golden Chest Mine, an underground gold mine in the Murray Gold Belt of North Idaho, and holds 100% ownership of the property. Mining operations at the Golden Chest include prior surface activities and current underground extraction, with production resuming in October 2016 under the Company as sole operator. The Company also manages and holds a majority interest in the New Jersey Mill, which features a 360 tonne per day flotation plant capable of processing gold and silver ore from the Golden Chest Mine. In addition to its gold assets, Idaho Strategic Resources controls over 20,000 acres of patented and unpatented land in the Murray Gold Belt, giving it the largest private land and mineral claim position in the area after consolidating the belt for the first time in more than a century. The Company’s rare earth element portfolio comprises the Mineral Hill, Lemhi Pass, and Diamond Creek projects located in the Idaho REE Th Belt near Salmon, Idaho, all of which are listed in U. S. national REE inventories by the USGS, IGS, and DOE. Early stage exploration holdings in the Murray Gold Belt include the Niagara copper silver property, the Little Baldy gold property, approximately 1,510 acres of additional patented mineral claims, and over 14,880 acres of adjacent unpatented claims, many of which host historic gold mines and known mineralization.

The Company generates revenue principally from the sale of gold produced at the Golden Chest Mine. Its primary product is a flotation gold concentrate that is sold to H&H Metals Corporation of New York, which accounted for 98% of the Company’s gold sales in 2025. The remainder of the gold output is delivered as gold doré to a western United States refinery. While the New Jersey Mill provides toll processing services for the Company’s own ore, it does not currently earn third party processing fees. The Company reports that the flotation concentrate is a high value product with low deleterious element content, making it readily substitutable should H&H Metals be unable to purchase the material. No other significant revenue streams, such as the sale of silver or rare earth concentrates, are disclosed in the filing.

Idaho Strategic Resources occupies a distinctive position as one of the few U. S. based companies that combine active gold production with a substantial rare earth element land base. Its gold operations are centered in the historic Coeur d’Alene Mining District, where the Company’s consolidation of over 20,000 acres in the Murray Gold Belt provides it with the largest contiguous private land holding in the district. The New Jersey Mill features a 360 tonne per day capacity that offers an integrated milling solution reducing reliance on external processors and enhancing operating flexibility. The rare earth projects, Mineral Hill recognized as a high grade national REE property, Lemhi Pass noted by the USGS as the country’s leading thorium prospect, and Diamond Creek identified as a nationally significant rare earth prospect, are all included in federal REE inventories, underscoring the strategic value of the Company’s non gold assets. In the junior mining sector, Idaho Strategic competes for exploration capital against numerous peers that focus solely on gold, base metals, or rare earths, and it must also vie for skilled mining labor and drilling contractors within the limited Idaho workforce. The Company highlights its low debt burden following past restructuring as a competitive advantage that enables it to fund exploration programs without excessive leverage. Additionally, an experienced technical team with deep familiarity of Idaho’s geology, permitting procedures, and historical mining districts supports effective property evaluation and risk management. These factors collectively allow Idaho Strategic to pursue growth initiatives across both gold and rare earth fronts while maintaining operational resilience through commodity cycles.

The Company’s gold concentrate is sold exclusively to H&H Metals Corporation of New York, which also holds a shareholder stake in Idaho Strategic Resources. The remaining gold doré is sold to a western United States refinery, though the refinery’s name is not disclosed in the filing. Management indicates that, should H&H Metals be unable to accept the concentrate, alternative buyers could be identified due to the product’s high purity and low impurity profile. No material concentrations of revenue from any other customers are reported, and the Company does not disclose significant sales of silver or rare earth products to third parties.