# Idaho Strategic Resources, Inc. (IDR) Informational only - not investment advice. CIK: 0001030192 SIC: 1040 Gold and Silver Ores SIC breadcrumb: [Mining](/division/B/) > [Metal Mining](/major-group/10/) > [SIC 1040 Gold and Silver Ores](/industry/1040/) Latest 10-K filed: 2026-03-23 SEC page: https://www.sec.gov/edgar/browse/?CIK=1030192 Filing source: https://www.sec.gov/Archives/edgar/data/1030192/000165495426002560/idr_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-03-23 · accession 0001654954-26-002560 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001030192.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 42,406,253 USD | 2025 | verified | | Net income | 16,715,674 USD | 2025 | verified | | Assets | 116,238,730 USD | 2025 | verified | | Free cash flow | 12,387,298 USD | 2025 | computed | | Net margin | 39.42% | 2025 | computed | | Operating margin | 36.79% | 2025 | computed | | Revenue YoY | +64.59% | 2025 | computed | | ROE | 15.45% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | IDR | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 39.4% | 4.0% | 100 | 8 | | Revenue growth | 64.6% | 11.8% | 75 | 9 | | FCF margin | 29.2% | -54.9% | 78 | 10 | | ROE | 15.5% | -24.5% | 80 | 16 | | ROA | 14.4% | -12.3% | 100 | 16 | | Liabilities / equity | 0.05 | 0.40 | 20 | 16 | | Current ratio | 13.96 | 8.44 | 80 | 16 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 10 Metal Mining, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 42406253 | USD | 2025 | 2026-03-23 | | Net income | 16715674 | USD | 2025 | 2026-03-23 | | Assets | 116238730 | USD | 2025 | 2026-03-23 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001030192.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 92,538 | 1,891,173 | 544,751 | 4,281,571 | 3,629,837 | | | 7,630,416 | 9,580,189 | 13,656,733 | 25,765,373 | 42,406,253 | | Net income | | | -1,361,008 | -22,124 | 752,279 | -726,507 | -739,939 | -3,260,361 | -2,631,092 | 1,157,746 | 8,836,685 | 16,715,674 | | Operating income | | | -1,036,381 | 297,513 | 824,442 | -686,025 | -995,106 | -3,060,286 | -2,552,237 | 1,012,370 | 8,425,535 | 15,601,001 | | Gross profit | | | 69,222 | 1,189,027 | -726,881 | 738,548 | 67,546 | 487,877 | 1,553,921 | 3,965,036 | 12,950,493 | 26,205,927 | | Diluted EPS | | | | | | | | | | 0.09 | 0.67 | 1.14 | | Operating cash flow | | | -672,941 | 337,619 | -1,415,135 | 206,407 | -482,418 | -1,351,027 | -1,817,090 | 2,104,009 | 10,840,886 | 19,101,691 | | Capital expenditures | 600,869 | 133,260 | 131,657 | 144,464 | 317,485 | | | 664,645 | 1,441,874 | 772,245 | 2,219,147 | 6,714,393 | | Assets | | | 8,858,012 | 9,379,847 | 10,638,749 | 10,852,181 | 14,669,061 | 17,919,201 | 20,983,621 | 23,889,789 | 44,021,630 | 116,238,730 | | Liabilities | | | 3,712,068 | 2,532,360 | 1,492,842 | 2,195,204 | 3,404,897 | 4,855,399 | 3,270,551 | 3,354,191 | 3,608,316 | 5,396,782 | | Stockholders' equity | | | 2,003,632 | 3,735,193 | 6,072,675 | 5,653,089 | 8,313,276 | 10,171,801 | 14,877,238 | 17,753,101 | 37,685,365 | 108,169,742 | | Free cash flow | | | -804,598 | 193,155 | -1,732,620 | | | -2,015,672 | -3,258,964 | 1,331,764 | 8,621,739 | 12,387,298 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | -0.52% | 20.72% | | | -42.73% | -27.46% | 8.48% | 34.30% | 39.42% | | Operating margin | | | | 6.95% | 22.71% | | | -40.11% | -26.64% | 7.41% | 32.70% | 36.79% | | Return on equity | | | -67.93% | -0.59% | 12.39% | -12.85% | -8.90% | -32.05% | -17.69% | 6.52% | 23.45% | 15.45% | | Return on assets | | | -15.36% | -0.24% | 7.07% | -6.69% | -5.04% | -18.19% | -12.54% | 4.85% | 20.07% | 14.38% | | Liabilities / equity | | | 1.85 | 0.68 | 0.25 | 0.39 | 0.41 | 0.48 | 0.22 | 0.19 | 0.10 | 0.05 | | Current ratio | | | 0.23 | 0.61 | 1.05 | 0.96 | 2.84 | 1.96 | 2.06 | 2.57 | 5.15 | 13.96 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001030192.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q1 | 2023-03-31 | | 44,186 | | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 44,186 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 3,301,221 | | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 3,777,401 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 5,898,938 | 2,155,814 | | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 2,155,814 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 6,125,382 | | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 6,153,287 | 1,989,508 | | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 7,587,766 | 2,556,441 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 7,278,536 | 1,608,979 | 0.12 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 9,476,739 | 2,767,458 | 0.20 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 11,081,272 | 2,974,558 | 0.20 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 14,569,706 | 9,364,679 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 14,482,286 | 6,387,992 | 0.40 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 10,732,335 | 3,651,596 | 0.23 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Risk Factors Verbatim Item 1A Risk Factors from IDR's latest 10-K: [/company/IDR/risk-factors/](/company/IDR/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1030192/000165495426007547/idr_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-13 Report date: 2026-06-30 ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Plan of Operation Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations. Its portfolio of mineral properties are located in the historic producing silver and gold districts of the Coeur d’Alene Mining region of north Idaho and the Elk City region of north-central Idaho, as well as the historic rare earth element (“REE”)-thorium belt located near the city of Salmon in central Idaho. The Company’s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company’s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and critical minerals exploration. The Company’s gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Little Baldy and Niagara exploration properties and other less advanced properties. The Company’s primary focus as it relates to its gold properties is to continue to grow production at the Golden Chest Mine and look to reinvest the cash flow into both the Golden Chest, the New Jersey Mill, and furthering its exploration efforts near the Golden Chest, as well as at its REE properties. In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Mineral Hill, Lemhi Pass, and Diamond Creek. The Company’s expansion into REE’s came about in an effort to diversify its holdings towards the anticipated demand for these elements in advanced robotics, low-carbon technologies, and a renewed focus on the United States’ domestic critical minerals supply chain security for national defense. To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include mapping, sampling, trenching, and drilling of certain areas within the Company’s 21,385-acre landholdings. Idaho Strategic has been able to leverage its track record of operations and experience in mining, milling, and exploring at the Golden Chest to develop relationships with different state government agencies, universities, national labs, and other government and non-government entities to advance its REE exploration activities on multiple fronts. Idaho Strategic plans to continue to look for additional partnerships to find mutually beneficial solutions to advance the U.S.' domestic REE supply chain. Highlights during the second quarter of 2026 include:  [[GREPCENT_TABLE]] [["","REE Exploration"],["","\u00b7","The Company was included in the inaugural list of companies that make up the Sprott Rare Earths Ex-China ETF (REXC)"],["","\u00b7","IDR initiated metallurgical work at SGS Laboratory on representative samples from two of its REE prospects."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Golden Chest/Operations"],["","\u00b7","At the Golden Chest, ore mined from underground stopes totaled approximately 12,835 tonnes with all of the tonnage coming from H-Vein stopes."],["","\u00b7","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."],["","\u00b7","For the quarter ended June 30, 2026, a total of 11,094 dry metric tonnes were processed at the Company\u2019s 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\u2019s equipment, though some of its timberland did burn."],["","\u00b7","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."],["","\u00b7","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."],["","\u00b7","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."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["14"],["Table of Contents"]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","Results of Operations"],["","Idaho Strategic\u2019s financial performance during the quarter is summarized below:"],["","\u00b7","Revenue increased 13.3% for the three-month period ended June 30, 2026 when compared to the same period in the prior year. For the six-month period ended June 30, 2026, revenue increased 50.5% when compared to the same period in the prior year. The increase in revenue for both the three and six-month periods was due to the increased average gold price realized on ounces sold which was $4,277.53 for the three-month period and $4,558.78 for the six-month period ended June 30, 2026. For the three and six-month periods ended June 30, 2025 it was $3,223.38 and $3,049.19, respectively."],["","\u00b7","Gross profit as a percentage of sales decreased slightly from 57.8% in the three-month period ended June 30, 2025 to 56.2% in the three-month period ended June 30, 2026 due to lower grade processed. When comparing the six-month periods ended June 30, 2026 and 2025 gross profit as a percentage of sales increased from 54.8% to 61.9%."],["","\u00b7","Exploration expense decreased $513,882 and $495,966 when comparing the three and six-month periods ended June 30, 2026 and 2025, respectively. The Company capitalized $1,046,700 and $2,007,413 of core drilling costs at the Golden Chest in the three and six-month periods ended June 30, 2026, compared to $0 in the three and six-month periods ended June 30, 2025."],["","\u00b7","Operating income for the three-month period ended June 30, 2026 was $3,662,904 which is an increase of 45.5% from the same period in 2025. Operating income for the six-month period ended June 30, 2026 was $11,245,064 which is an increase of 187% over 2025. The increase is due to higher average realized gold price on ounces sold."],["","\u00b7","Other income increased $468,752 and $424,505 for the three and six-month periods ended June 30, 2026, respectively, when compared to the same periods in the prior year. The increase was from increased interest income and gains on US treasuries from the company\u2019s short term investment account."],["","\u00b7","Net income for the three-month period ended June 30, 2026 was $3,627,840 which is a 32.4% increase compared to the same period in 2025. Net income for the six-month period ended June 30, 2026 was $9,997,030 which is a 130.8% increase compared to the same period in 2025. The increase was due to higher average realized gold price on ounces sold in both periods."],["","\u00b7","The consolidated net income for the six-month periods ended June 30, 2026 and 2025 included non-cash charges as follows: depreciation and amortization of $1,559,425 ($1,091,359 in 2025), gain on sale of equipment of $632 (loss of $308,840 in 2025), accretion of asset retirement obligation of $10,530 ($9,855 in 2025), loss on investment in equity securities of $304,241 ($0 in 2025), equity income on investment in Buckskin of $1,077 ($1,187 in 2025), stock-based compensation expense of $277,292 ($990,292 in 2025), amortization of premium on US treasury notes of $253,852 (discount of $14,068 in 2025), and deferred tax provision of $1,395,177 ($0 in 2025)."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["15"],["Table of Contents"]] [[/GREPCENT_TABLE]] Non-Generally Accepted Accounting Principles (“Non-GAAP”) Financial Measures Cash Costs and All In Sustaining Costs (“AISC”) Reconciliation to Generally Accepted Accounting Principles (“GAAP”) Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and All-In Sustaining Costs (“AISC”) per ounce (non-GAAP). The table below presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non-GAAP measures of cash cost per ounce produced and AISC per ounce produced for the Company’s gold production for the three and six-month periods ended June 30, 2026, and 2025. The cost per ounce calculations are based on ounces produced. Upon sale, the Company typically receives payment at an average rate of 94% of ounces produced after smelting and refining charges are deducted. Cash cost per ounce is an important operating measure that is utilized to measure operating performance. AISC per ounce is an important measure that is utilized to assess net cash flow after costs for pre-development, exploration, reclamation, and sustaining capital. Current GAAP measures used in the mining industry, such as cost of goods sold do not capture all the expenditures incurred to discover, develop, and sustain gold production. Idaho Strategic calculates sustaining capital by including depreciation and amortization as an estimate of property, plant, and equipment wear and tear necessary to maintain production capacity, plus Golden Chest capitalized development costs, net of current period amortization, to reflect expenses for sustaining mine access and gold production. [[GREPCENT_TABLE]] [["","","June 30, 2026","","","June 30, 2025"],["","","Three Months","","","Six Months","","","Three Months","","","Six Months"],["Cost of sales and other direct production costs and depreciation, depletion, and amortization","","$","4,700,607","","","$","9,617,995","","","$","4,000,953","","","$","7,581,403"],["Less depreciation, depletion, amortization, and stock-based compensation","","","(931,077",")","","","(1,730,299",")","","","(846,872",")","","","(1,701,627",")"],["Change in inventory","","","(658,919",")","","","(927,558",")","","","50,601","","","","(221,069",")"],["Cash cost","","$","3,110,611","","","$","6,960,138","","","$","3,204,682","","","$","5,658,707"],["Exploration","","","1,730,879","","","","3,120,228","","","","2,244,761","","","","3,616,194"],["Less non-gold exploration and stock-based compensation","","","(392,755",")","","","(679,070",")","","","(363,138",")","","","(527,818",")"],["Sustaining capital","","","2,488,755","","","","4,556,242","","","","788,722","","","","1,412,966"],["General and administrative","","","295,640","","","","518,667","","","","223,735","","","","460,753"],["Less stock-based compensation and other non-cash items","","","(341,395",")","","","(1,543,117",")","","","(233,681",")","","","(913,708",")"],["AISC","","$","6,891,735","","","$","12,933,088","","","$","5,865,082","","","$","9,707,094"],["Divided by ounces produced","","","3,047","","","","6,281","","","","3,010","","","","5,910"],["Cash cost per ounce","","$","1,020.88","","","$","1,108.13","","","$","1,064.68","","","$","957.48"],["AISC per ounce","","$","2,261.81","","","$","2,059.08","","","$","1,948.53","","","$","1,642.49"]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1030192/000165495426002560/idr_10k.htm Complete FY 2025 MD&A: /company/IDR/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-03-23 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Plan of Operation Idaho Strategic is a gold producer and critical minerals exploration company focused on a diversified asset base and cash flows from operations. Its portfolio of mineral properties are located in the historic producing silver and gold districts of the Coeur d’Alene Mining region of north Idaho and the Elk City region of north-central Idaho, as well as the historic REE-Th Belt located near the city of Salmon in central Idaho. The Company’s plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company’s management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and critical minerals exploration. The Company’s gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Little Baldy and Niagara exploration properties and other less advanced properties. The Company’s primary focus as it relates to its gold properties is to continue to grow production at the Golden Chest Mine and look to reinvest the cash flow into both the Golden Chest, the New Jersey Mill, and furthering its exploration efforts near the Golden Chest, as well as at its REE properties. In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Mineral Hill, Lemhi Pass, and Diamond Creek. The Company’s expansion into REE’s came about in an effort to diversify its holdings towards the anticipated demand for these elements in advanced robotics, low-carbon technologies, and a renewed focus on the United States’ domestic critical minerals supply chain security for national defense. To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include mapping, sampling, trenching, and drilling of certain areas within the Company’s 21,385-acre landholdings. Idaho Strategic has been able to leverage its track record of operations and experience in mining, milling, and exploring at the Golden Chest to develop relationships with different state government agencies, universities, national labs, and other government and non-government entities to advance its REE exploration activities on multiple fronts. Idaho Strategic plans to continue to look for additional partnerships to find mutually beneficial solutions to advance the U.S.' domestic REE supply chain. Critical Accounting Estimates The SEC has requested that all registrants address their most critical accounting policies. The SEC has indicated that a “critical accounting policy” is one which is both important to the representation of the registrant’s financial condition and results and requires management’s most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain. The Company bases its estimates on experience and on various other assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Company management has discussed the development and selection of the most critical financial estimates with the Audit and Finance Committee of the Company’s Board of Directors. The following paragraphs identify the most critical accounting policies: The Company’s concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement. However, the transaction price can be reasonably estimated for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes. The embedded derivative contained in the Company’s concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur. As such, the expected value method is used to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At December 31, 2025, metals that had been sold but not final settled included 6,103 ounces of gold of which 5,089 ounces were sold at a predetermined price with the remaining 1,014 ounces exposed to future price changes until prices are locked in based on the month of settlement. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. [[GREPCENT_TABLE]] [["39"],["Table of Contents"]] [[/GREPCENT_TABLE]] The asset retirement obligation and asset on the balance sheet is based on an estimate of the future cost to recover and remediate Company properties as required by permits upon cessation of operations and may differ when operations actually cease. At December 31, 2025, the Company made an estimate that the cost of the machine and man hours probable to be needed to put its properties in the condition required by permits once operations cease would be $104,000 for the Golden Chest Mine property and $224,000 for the New Jersey Mine and Mill. For purposes of the estimate, the Company evaluated the expected life in years and costs that, initially, are comparable to rates that would be presently incurred. The Company is adding to the liability each year, and amortizing the asset over the estimated life, which decreases net income in total each year. Periodic reviews are made of the remaining life of the mine and other operations, and the estimated remediation costs upon closure, and account balances are adjusted accordingly. At this time, the Company thinks that an adjustment in its asset recovery obligation is not required, and an adjustment in future periods would not have a material impact in the year of adjustment but would change the amount of the annual accretion and amortization costs charged to expenses by an undetermined amount. Amortization of development costs is calculated using the units-of-production method over the expected life as per the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 360-10-35-4. This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp (“MAR”). Measured resources are 90-100% interpolated, and indicated resources 75-80% interpolated, using a 2 grams per tonne gold cut-off grade at the diluted minimum mining width. Conservative estimation parameters (three samples within 25 meters for measured, two within 50 meters for indicated) and economic factors ensure viability. Inferred resources are excluded to reduce uncertainty, and therefore, the volumes are risk-adjusted. Assumptions are regularly evaluated, with material deviations disclosed to ensure a systematic and rational cost allocation. More information on the Company’s reserves and resources can be found in the Technical Report Summary For the Golden Chest Mine which is included as Exhibit 96.1 to this Form 10-K. Golden Chest Highlights for 2025 include: [[GREPCENT_TABLE]] [["","\u00b7","Produced a total of 12,538 ounces of gold contained in concentrates and dor\u00e9."],["","\u00b7","Mining was focused on the high-grade H-Vein at the Golden Chest mine."],["","\u00b7","Mined 41,840 tonnes of ore from the H-Vein underground at the Golden Chest Mine at an average grade of 10.14 gpt gold and completed 315 meters of development on the MAR and 116 meters of related development for sumps, muck-bays, and escape raises. Additionally, about 700 meters of stope access ramps were completed during the year."],["","\u00b7","Processed 41,840 dry metric tonnes at the Company\u2019s New Jersey Mill with an average gold head grade of 10.14 gpt and gold recovery of 93.0%."],["","\u00b7","Completed 19,362 meters of core drilling at the Golden Chest at the Paymaster, H-Vein, Red Star, Jumbo, and Klondike areas. About half of the meterage was dedicated to converting Paymaster Mineral Resources to Mineral Reserves."],["","\u00b7","A highlight of 2025 exploration was drifting from the Jumbo Pit portal that intercepted the Jumbo vein and found 25 meters of vein strike length with an average thickness of 0.52 meters at a gold grade of 85 gpt."]] [[/GREPCENT_TABLE]] REE Exploration Highlights for 2025 include: [[GREPCENT_TABLE]] [["","\u00b7","During the year the Company executed a long-term lease agreement for the mineral claims comprising approximately 1,500 acres of various in-holdings within the Company\u2019s Mineral Hill and Lemhi Pass REE projects. Key prospects covered by the mineral claims leased by the Company include Cardinal (Mineral Hill), Lucky Horseshoe (Lemhi Pass, Idaho), Silver Queen (Lemhi Pass, Idaho), Last Chance (Lemhi Pass, Montana), Trapper (Lemhi Pass, Montana), and other prospects. Later in the year, Idaho Strategic sampled greater than 17.6% total REEs from the Cardinal prospect."],["","\u00b7","Idaho Strategic announced the signing of a Memorandum of Understanding with Clean Core Thorium Energy, Inc. (\u201cCCTE\u201d) to evaluate the feasibility of thorium mining, processing, and fuel fabrication to facilitate a \u201cMade in America\u201d thorium-based nuclear fuel supply chain utilizing thorium from the Company\u2019s Lemhi Pass project and CCTE\u2019s ANEEL fuel- an advanced nuclear fuel comprised of thorium and high assay low-enriched uranium for use in existing nuclear reactors."],["","\u00b7","The Company announced the discovery of a carbonatite with strong REE mineralization at the Lucky Horseshoe prospect within the Lemhi Pass project. Initial samples taken from outcrop assayed up to 6.14% total rare earth oxides with ratios of 65% magnet rare earth oxides (Nd, Pr, Dy, Tb) and 11% SEG oxides (Sm, Eu, Gd)."],["","\u00b7","Idaho Strategic initiated a large-scale geophysics program across its Mineral Hill and Lemhi Pass projects including LiDAR, magnetics, and radiometrics surveys."],["","\u00b7","The Company initiated a soil sampling program covering many key prospects across the Idaho portion of its Lemhi Pass project. Initial success of the program at identifying areas of anomalous REEs in soils has led to an extension of the project scope. Soil sampling work will be utilized to aid in the planning of drill programs and other future exploration work."],["","\u00b7","Idaho Strategic completed its inaugural phase 1 drill program at a single prospect at Lemhi Pass. The program drilled 2,056 meters during the fourth quarter with logging and sampling ongoing."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["40"],["Table of Contents"]] [[/GREPCENT_TABLE]] Results of Operations Idaho Strategic’s financial performance for the years ended December 31, 2025, and 2024 is summarized below: [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/IDR/mda/fy2025/ All MD&A years: /company/IDR/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/IDR/mda/fy2024/): filed 2025-03-31; accession 0001654954-25-003575 (https://www.sec.gov/Archives/edgar/data/1030192/000165495425003575/idr_10k.htm) - [FY 2023 MD&A](/company/IDR/mda/fy2023/): filed 2024-03-25; accession 0001654954-24-003564 (https://www.sec.gov/Archives/edgar/data/1030192/000165495424003564/njmc_10k.htm) - [FY 2022 MD&A](/company/IDR/mda/fy2022/): filed 2023-03-31; accession 0001654954-23-003968 (https://www.sec.gov/Archives/edgar/data/1030192/000165495423003968/njmc_10k.htm) - [FY 2021 MD&A](/company/IDR/mda/fy2021/): filed 2022-03-31; accession 0001654954-22-004222 (https://www.sec.gov/Archives/edgar/data/1030192/000165495422004222/njmc_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1040 Gold and Silver Ores) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/IDR.md · JSON record: /company/IDR.json · verified financials: /company/IDR/financials.json / /company/IDR/financials.csv · machine TOC for the whole site: /llms.txt