Idaho Strategic Resources, Inc.

What they do

Idaho Strategic Resources operates the Golden Chest gold mine and the New Jersey Mill in Idaho, producing gold doré. The company also holds exploration properties for rare earth elements (REE) in the Salmon, Idaho region, including Mineral Hill, Lemhi Pass, and Diamond Creek. Its portfolio includes other gold exploration properties such as Little Baldy and Niagara.

Revenue drivers

• Gold sales from Golden Chest Mine — Revenue is derived primarily from gold concentrate and doré sales; all mine production comes from the Golden Chest, with ore processed at the New Jersey Mill.
• New Jersey Mill processing — The mill processes ore from the Golden Chest and generates revenue through toll milling or sale of concentrate; 11,094 dry metric tonnes processed in Q2 2026 at a head grade of 7.89 gpt gold.
• Higher realized gold prices — Revenue growth is driven by higher average gold prices realized: $4,277.53 per ounce in Q2 2026 vs. $3,223.38 in Q2 2025, and $4,558.78 for H1 2026 vs. $3,049.19 for H1 2025.

Recent performance

Annual revenue grew from $25.8M in 2024 to $42.4M in 2025, with net income rising from $8.8M to $16.7M, and diluted EPS from $0.67 to $1.14. For the quarter ended June 30, 2026, revenue was $10.7M, down from $14.5M in the prior quarter but up 13.3% year-over-year. Operating cash flow was $19.1M in 2025. As of June 30, 2026, the company had $8.2M in cash, $2.1M in long-term debt, and $120.5M in shareholder equity.

Strategy

Management plans to grow gold production at the Golden Chest and reinvest cash flow into the mine, the New Jersey Mill, and exploration near Golden Chest and its REE properties. The company is building a new mill at Golden Chest, constructing a new tailings storage facility, and developing the high-grade Jumbo vein from a new portal. It is also advancing REE exploration through partnerships with government agencies, universities, and national labs to support domestic critical minerals supply chain.

Risks

• Gold price volatility — Revenue and profitability are highly sensitive to fluctuations in gold prices; a decline in realized prices would directly impact cash flows and earnings.
• Operational disruptions — Mining and milling operations are subject to equipment failures, permitting delays, and external events; a wildfire in June 2026 blocked mill access for one week.
• Exploration and development uncertainty — The company relies on estimates of mineral reserves and resources, which may be imprecise and could lead to impairments or changes in production plans.
• Permitting and regulatory risks — Permitting constraints or changes in regulations could delay or prevent expansion projects, including the new tailings storage facility and mill construction.

Outlook

Management expects to begin production from the Jumbo vein in the third quarter of 2026. The new mill at Golden Chest is under construction, with installation of equipment ongoing, likely to increase processing capacity. The company continues to evaluate additional REE partnerships and exploration results to advance its critical minerals strategy.