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Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance

Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance

Highlighted by a 13.25% Increase in Revenue to $10,732,335

COEUR D’ALENE, Idaho–(BUSINESS WIRE)–Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) today announced its consolidated operating and financial results for the second quarter ending June 30, 2026. Operating and financial results for the second quarter include:

Operational

Performance:

Q2 2026

% Change

Q2 2025

Ore Tonnes Processed

11,094

8.34%

10,240

Average Flotation Feed Grade (gpt)

7.89

 

-20.86%

9.97

 

Ounces Produced

3,047*

 

1.23%

3,010

 

All-In Sustaining Cost Per Ounce ($USD)

$2,261.81

 

16.08%

$1,948.53

 
Financial
Performance ($USD):

Q2 2026

% Change

Q2 2025

Revenue

$10,732,335

13.25%

$9,476,739

Total Cost of Sales

$4,700,607

 

17.49%

$4,000,953

 

Gross Profit

$6,031,728

 

10.15%

$5,475,786

 

Net Income Attributable to IDR

$3,651,596

 

31.95%

$2,767,458

 

Earnings Per Share (EPS)

$0.23

 

15.00%

$0.20

 

Average Realized Gold Price

$4,277.53

 

32.70%

$3,223.38

 

*includes in-process ore stockpile inventory

Idaho Strategic’s President and CEO, John Swallow stated, “We had a modest record Q2 year over year comparison in revenue, net income, EPS and ounces produced (along with record meters of underground mine development), however the second quarter was one of those where the numbers also don’t tell the full story. In addition to the expected increase in exploration field programs and the ramp up of construction activity at the Murray mill, there were unexpected events that tested our team. Overall, I am happy with the resiliency we showed and our ability to adjust on the fly to ultimately produce another positive quarter despite these challenges.

During the planned transition period from mining the H-vein to mining the Jumbo vein and development to the Paymaster, a section of the lower H-vein was encountered where the H-vein widens and flattens out as it approaches its intersection with the Idaho Fault. This transitional zone hosts slightly lower gold grades but higher tonnages resulting in about the same number of ounces as modeled but with a different orebody geometry than previous mining of the H-vein higher in elevation. This transitional zone required a slight change in mining methods to a drift and fill method with as many as four cuts side by side to efficiently recover the gold ore.

Also, during the quarter, a wildfire caused the New Jersey mill to shut down and evacuate from approximately June 16th to June 24th. Ultimately, all of Idaho Strategic personnel and equipment were unharmed but valuable processing time was lost at the end of the quarter that resulted in a strong last-minute push from our milling crews to do their best to make up for the lost time in the remaining days and nights prior to the end of the quarter on June 30th.

Moving forward, we have a much better understanding of the lower H-vein stopes, we’ve advanced the development and mining timeline of the high-grade Jumbo vein, and our development to the Paymaster is modestly ahead of schedule. Considering the circumstances both within our control and outside of our control, I am pleased with our performance.”

Golden Chest Highlights for Q2 2026 Include:

  • At the Golden Chest, ore mined from underground stopes totaled approximately 12,835 tonnes with all of the tonnage coming from H-Vein stopes.

  • During the quarter, a record 384 meters of development was completed between three projects: the Paymaster, the MAR and the Jumbo. A new portal, the No. 2, was established in early May to develop the high-grade Jumbo vein. From the No. 2 portal, an up-ramp was driven and connected to the No. 1 portal providing a secondary escapeway and allowing for production from the Jumbo vein to begin in the third quarter. Another quarterly record of 4,860 cubic meters of cemented rockfill backfill was placed during the quarter.

  • For the quarter ended June 30, 2026, a total of 11,094 dry metric tonnes were processed at the Company’s New Jersey Mill with a flotation feed head grade of 7.89 gpt gold and gold recovery of 91.4%. Milling operations were affected by a wildfire adjacent to the mill in June where access to the mill was blocked for one week. Luckily there was no damage to the mill or the Company’s equipment, though some of its timberland did burn.

  • The Company received the permit to construct a new tailings storage facility from the Idaho Department of Water Resources at the Golden Chest. Construction began in the quarter with the relocation of a low-grade stockpile and continued with building of the embankments and diversion structures.

  • Construction continued on the new mill at the Golden Chest with the installation of the fine ore bin, placement of the screen, foundations for the ball mill, and electrical work throughout the mill building. Engineering, design and procurement activities continued for the new mill also, and conveyor fabrication is also underway.

  • An exploration program consisting of surface and underground core drilling was continued during the second quarter at the Golden Chest. Approximately 10,000 meters of drilling were completed targeting the Paymaster and the H-vein.

Rare Earth Highlights for Q2 2026 Include:

  • Included in the inaugural list of companies that make up the Sprott Rare Earths Ex-China ETF (REXC).

  • Initiated metallurgical work at SGS Laboratory on representative samples from two of IDR’s REE prospects.

John Swallow concluded, “I continue to believe that the combination of gold production backing significant exploration of rare earth elements, gold, and copper-silver is proving to be the right business plan at the right time. Despite the price action of gold during the quarter, global central banks continue to make it a focal point of their strategies moving forward and it is undoubtedly playing a larger role as a neutral reserve asset in the global monetary system. Additionally, the United States (along with end user participation) has continued to show support for redomiciling its rare earth elements supply chain amid the looming deadlines toward the end of this year that could see a reintroduction of China’s dual-use export controls and new domestic sourcing requirements for rare earth elements vital to many national defense and advanced manufacturing industries. Finally, we are seeing a tightening of the copper market that is being reflected in the copper prices where we are anticipating a large increase in demand due to new power requirements led by datacenter buildout and AI, combined with many global producers running into operational challenges and a widespread decrease in the global copper grades.

I make these comments to point out that there are a number of tailwinds behind the company, and we are capitalizing on these opportunities while remaining focused on our shareholders and playing to our strengths. I am looking forward to the remaining summer months and the results of the investments we are making in our future.”

Notes accompanying the financial statements below can be found in the Company’s quarterly report filed this morning with the SEC on EDGAR.

Qualified person

IDR’s Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.

About Idaho Strategic Resources, Inc.

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. In addition to gold production, the Company has built a substantial land position in Idaho across multiple commodities, providing significant exploration exposure to gold and rare earth elements – in addition to thorium, copper, and silver. IDR finds itself in a unique position as one of the only publicly traded companies with growing gold production and significant blue-sky potential for discovery and development.

For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development

Email: [email protected]

Phone: (208) 625-9001

Idaho Strategic Resources, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

For the Three and Six-Month Periods Ended June 30, 2026 and 2025

 

 

June 30, 2026

June 30, 2025

 

Three

Months

Six

Months

Three

Months

Six

Months

 

 

 

 

 

Revenue:

 

 

 

 

Sales of products, net

$

10,732,335

 

$

25,214,621

 

$

9,476,739

 

$

16,755,275

 

Total revenue

 

10,732,335

 

 

25,214,621

 

 

9,476,739

 

 

16,755,275

 

 

 

 

 

 

Costs of Sales:

 

 

 

 

Cost of sales and other direct production costs

 

3,854,967

 

 

8,058,570

 

 

3,459,215

 

 

6,490,044

 

Depreciation and amortization

 

845,640

 

 

1,559,425

 

 

541,738

 

 

1,091,359

 

Total costs of sales

 

4,700,607

 

 

9,617,995

 

 

4,000,953

 

 

7,581,403

 

 

 

 

 

 

Gross profit

 

6,031,728

 

 

15,596,626

 

 

5,475,786

 

 

9,173,872

 

 

 

 

 

 

Other operating expenses:

 

 

 

 

Exploration

 

1,730,879

 

 

3,120,228

 

 

2,244,761

 

 

3,616,194

 

Management

 

243,785

 

 

433,428

 

 

268,214

 

 

532,959

 

Professional services

 

98,520

 

 

279,871

 

 

153,260

 

 

336,998

 

General and administrative

 

295,640

 

 

518,667

 

 

223,735

 

 

460,753

 

(Gain) loss on sale of equipment

 

–

 

 

(632

)

 

68,942

 

 

308,840

 

Total other operating expenses

 

2,368,824

 

 

4,351,562

 

 

2,958,912

 

 

5,255,744

 

 

 

 

 

 

Operating income

 

3,662,904

 

 

11,245,064

 

 

2,516,874

 

 

3,918,128

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

Equity (income) loss on investment in Buckskin Gold and Silver, Inc

 

(1,245

)

 

(1,077

)

 

159

 

 

(1,187

)

Loss on investment in equity securities and mutual funds

 

–

 

 

304,241

 

 

–

 

 

–

 

Timber revenue net of costs

 

–

 

 

(3,209

)

 

(2,848

)

 

(6,704

)

Dividend income

 

(13,233

)

 

(68,765

)

 

–

 

 

–

 

Interest income

 

(677,372

)

 

(1,069,390

)

 

(220,409

)

 

(405,804

)

Total other income

 

(691,850

)

 

(838,200

)

 

(223,098

)

 

(413,695

)

 

 

 

 

 

Income before income taxes

 

4,354,754

 

 

12,083,264

 

 

2,739,972

 

 

4,331,823

 

Income tax provision

 

726,914

 

 

2,086,234

 

 

–

 

 

–

 

 

 

 

 

 

Net income

 

3,627,840

 

 

9,997,030

 

 

2,739,972

 

 

4,331,823

 

 

 

 

 

 

Net loss attributable to non-controlling interest

 

(23,756

)

 

(42,558

)

 

(27,486

)

 

(44,614

)

Net income attributable to Idaho Strategic Resources, Inc

$

3,651,596

 

$

10,039,588

 

$

2,767,458

 

$

4,376,437

 

 

 

 

 

 

Net income per common share-basic

$

0.23

 

$

0.64

 

$

0.20

 

$

0.32

 

 

 

 

 

 

Weighted average common share outstanding-basic

 

15,813,075

 

 

15,804,123

 

 

14,007,582

 

 

13,837,894

 

 

 

 

 

 

Net income per common share-diluted

$

0.23

 

$

0.63

 

$

0.20

 

$

0.31

 

 

 

 

 

 

Weighted average common shares outstanding-diluted

 

15,983,254

 

 

15,979,299

 

 

14,134,531

 

 

13,939,790

 

Idaho Strategic Resources, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

 

 

June 30,

2026

December 31,

2025

ASSETS

 

 

Current assets:

 

 

Cash and cash equivalents

$

8,234,662

$

9,889,765

Investments in US treasury notes

 

31,770,865

 

 

27,679,881

 

Investment in equity securities

 

–

 

 

4,129,521

 

Investment in mutual funds

 

–

 

 

3,957,497

 

Gold sales receivable

 

2,961,809

 

 

3,912,922

 

Inventories

 

1,892,670

 

 

965,112

 

Joint venture receivable

 

11,478

 

 

12,760

 

Other current assets

 

641,231

 

 

799,261

 

Total current assets

 

45,512,715

 

 

51,346,719

 

 

 

 

Property, plant and equipment, net of accumulated depreciation

 

25,214,243

 

 

19,503,962

 

Mineral properties, net of accumulated amortization

 

20,531,093

 

 

15,742,370

 

Investments in US treasury notes, non-current

 

32,391,185

 

 

27,651,843

 

Investment in Buckskin Gold and Silver, Inc.

 

346,159

 

 

345,082

 

Investment in joint venture

 

435,000

 

 

435,000

 

Reclamation bonds

 

456,720

 

 

355,220

 

Deposits

 

5,130,238

 

 

858,534

 

Total assets

$

130,017,353

 

$

116,238,730

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

Current liabilities:

 

 

Accounts payable and accrued expenses

$

2,321,147

 

$

1,904,589

 

Accrued payroll and related payroll expenses

 

539,221

 

 

409,212

 

Notes payable, current portion

 

831,381

 

 

1,029,336

 

Income taxes payable

 

48,416

 

 

334,446

 

Total current liabilities

 

3,740,165

 

 

3,677,583

 

 

 

 

Asset retirement obligations

 

335,981

 

 

325,451

 

Notes payable, long term

 

1,293,446

 

 

1,302,048

 

Deferred income tax liabilities

 

1,486,877

 

 

91,700

 

Total long-term liabilities

 

3,116,304

 

 

1,719,199

 

 

 

 

Total liabilities

 

6,856,469

 

 

5,396,782

 

 

 

 

Commitments Note 5

 

–

 

 

–

 

 

 

 

Stockholders’ equity:

 

 

Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding

 

–

 

 

–

 

Common stock, no par value, 200,000,000 shares authorized; June 30, 2026 – 15,819,065 and December 31, 2025 – 15,705,199 shares issued and outstanding

 

102,137,120

 

 

99,828,021

 

Retained earnings

 

18,381,309

 

 

8,341,721

 

Total Idaho Strategic Resources, Inc stockholders’ equity

 

120,518,429

 

 

108,169,742

 

Non-controlling interest

 

2,642,455

 

 

2,672,206

 

Total stockholders’ equity

 

123,160,884

 

 

110,841,948

 

 

 

 

Total liabilities and stockholders’ equity

$

130,017,353

 

$

116,238,730

 

Forward Looking Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, IDR’s comments about gold playing a more central role in global central banking, the looming dual-use export controls and domestic sourcing requirements for rare earth elements, the tightening of the global copper market, our understanding of the lower H-vein stopes, the continued high-grade nature of the Jumbo vein, and our development timeline to the Paymaster area. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Travis Swallow, Investor Relations & Corporate Development

Email: [email protected]

Phone: (208) 625-9001

KEYWORDS: Idaho Africa Australia/Oceania United States Canada North America Australia

INDUSTRY KEYWORDS: Energy Natural Resources Other Energy Mining/Minerals

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