Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$37.35, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 678% over the past three years. Reported Earnings • May 14
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.40 (up from US$0.12 in 1Q 2025). Revenue: US$14.5m (up 99% from 1Q 2025). Net income: US$6.39m (up 297% from 1Q 2025). Profit margin: 44% (up from 22% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 7.0%. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has increased by 104% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$48.66, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 730% over the past three years. Duyuru • May 05
Idaho Strategic Resources, Inc., Annual General Meeting, Jun 10, 2026 Idaho Strategic Resources, Inc., Annual General Meeting, Jun 10, 2026. Location: 201 n 3rd street, coeur dalene, idaho, 83814, United States Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$46.80, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 13x in the Metals and Mining industry in the US. Total returns to shareholders of 689% over the past three years. Buy Or Sell Opportunity • Apr 08
Now 22% overvalued Over the last 90 days, the stock has fallen 23% to US$36.62. The fair value is estimated to be US$29.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 24% in a year. Earnings are forecast to grow by 29% in the next year. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to US$35.25, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 673% over the past three years. Major Estimate Revision • Mar 31
Consensus EPS estimates increase by 68% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from US$49.2m to US$52.7m. EPS estimate increased from US$0.79 to US$1.33 per share. Net income forecast to grow 29% next year vs 57% growth forecast for Metals and Mining industry in the US. Consensus price target of US$45.00 unchanged from last update. Share price rose 13% to US$32.12 over the past week. Reported Earnings • Mar 24
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$1.15 (up from US$0.68 in FY 2024). Revenue: US$42.4m (up 65% from FY 2024). Net income: US$16.7m (up 89% from FY 2024). Profit margin: 39% (up from 34% in FY 2024). The increase in margin was driven by higher revenue. Production and reserves: Gold Proved and probable reserves (ore): 0.339 Mt (0.171 Mt in FY 2024) Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 81% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to US$30.45, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 527% over the past three years. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to US$36.06, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 550% over the past three years. Recent Insider Transactions • Jan 18
Co-Founder recently sold US$634k worth of stock On the 16th of January, Grant Brackebusch sold around 14k shares on-market at roughly US$44.49 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$834k. Grant has been a net seller over the last 12 months, reducing personal holdings by US$1.1m. Recent Insider Transactions Derivative • Jan 09
Co-Founder exercised options to buy US$562k worth of stock. On the 5th of January, Grant Brackebusch exercised options to buy 12k shares at a strike price of around US$11.50, costing a total of US$132k. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. Since March 2025, Grant's direct individual holding has decreased from 133.23k shares to 131.80k. Company insiders have collectively sold US$7.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Dec 31
Chairman of the Board recently sold US$834k worth of stock On the 30th of December, John Swallow sold around 20k shares on-market at roughly US$41.72 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by US$6.2m. Recent Insider Transactions Derivative • Dec 23
Chairman of the Board notifies of intention to sell stock John Swallow intends to sell 30k shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of December. If the sale is conducted around the recent share price of US$45.44, it would amount to US$1.4m. For the year to December 2018, John's total compensation was 87% salary and 13% non-salary. Since March 2025, John's direct individual holding has decreased from 1.18m shares to 695.78k. Company insiders have collectively sold US$6.4m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$44.12, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 13x in the Metals and Mining industry in the US. Total returns to shareholders of 680% over the past three years. Duyuru • Dec 11
Idaho Strategic Resources, Inc. Announces Lemhi Pass Soil Sampling and Radiometrics Survey Results Further Refines Permitting and Drill Targeting for 2026 and Beyond Id Idaho Strategic Resources, Inc. announced the results from its widespread soil sampling and radiometrics surveys covering key prospects within the Idaho portion of its Lemhi Pass rare earth elements project. With respect to Idaho Strategic's Lemhi Pass project, the Company's goal during the 2025 geology field season was to build on high-potential rare earth prospects by collecting both soil geochemistry and radiometric data to aid in advancing exploration, permitting, and drill targeting efforts. The soils geochemistry and radiometrics have defined wide elongated zones of neodymium (Nd) enrichment and radiometric highs. The next step will be boots on the ground geological mapping to refine this broad data into targets for economic evaluation, including permitting for drill targets both at Lemhi Pass and Mineral Hill. The Company plans to expand the soils groundwork and radiometrics footprint in 2026 to evaluate additional areas of its large Lemhi Pass land package on both sides of the Idaho-Montana border. The two images included in this release are two different scales of LiDAR maps covering a portion of the Idaho side of the Company's Lemhi Pass project. Over the winter months, while Idaho Strategic's geologists aren't active in the field, the Company will plan its 2026 exploration programs and begin first round processing tests from a variety of samples taken across the Company's rare earth elements (REE) project portfolio, working with a well-known REE processing industry consultant and SGS Laboratory. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$39.69, the stock trades at a forward P/E ratio of 84x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 556% over the past three years. Recent Insider Transactions • Nov 20
Independent Director recently sold US$69k worth of stock On the 18th of November, Richard Beaven sold around 2k shares on-market at roughly US$34.64 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$2.7m. Insiders have been net sellers, collectively disposing of US$6.5m more than they bought in the last 12 months. Major Estimate Revision • Nov 19
Consensus revenue estimates increase by 12%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$35.6m to US$39.7m. EPS estimate fell from US$0.75 to US$0.71. Net income forecast to shrink 30% next year vs 49% growth forecast for Metals and Mining industry in the US . Consensus price target up from US$30.00 to US$35.00. Share price rose 6.2% to US$33.98 over the past week. New Risk • Nov 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 40% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 40% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Significant insider selling over the past 3 months (US$4.5m sold). Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.20 (up from US$0.15 in 3Q 2024). Revenue: US$11.1m (up 80% from 3Q 2024). Net income: US$2.97m (up 48% from 3Q 2024). Profit margin: 27% (down from 33% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 5.3%. Revenue is expected to decline by 2.6% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the US are expected to grow by 7.8%. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 06
Idaho Strategic Announces High-Grade Gold Drill Results at its Operating Golden Chest Mine - Expected to Expand Paymaster Resources Id Idaho Strategic Resources announced high-grade drill results from its 2025 summer drill program designed to expand on known resources within the Paymaster shoot at the Company's Golden Chest Mine. The reported Paymaster drilling is expected to contribute to an increase in IDR's mineral resources at the Golden Chest Mine. The Paymaster remains open down-dip and along strike following this summer's drilling program and will continue to be the target of additional infill and resource expansion drilling throughout the winter. The current resource outlined in the Paymaster is located approximately 168 meters south of the Company's existing underground development, placing the Paymaster near the top of the list as the next area for mine development and eventual production. The drill highlights released in the table below are the result of 3,821 meters of drilling from a single surface drill pad. The drill intercepts are reported in drilled thickness and in grams of gold per tonne: Both the reported drill results, along with ongoing updates to the Company's internal Golden Chest geologic model, have significantly increased the Company's understanding of the Paymaster. The company will continue to take advantage of higher gold prices to reinvest in both operations and its exploration, setting the stage for continued growth at the Golden Chest Mine and in the broader Murray Gold Belt". Idaho Strategic expects to provide its updated resource calculations in the first quarter of 2026 as a part of the updated Technical Report for the Golden Chest Mine filed as an exhibit to the Company's 2025 Annual Report. Buy Or Sell Opportunity • Oct 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 103% to US$34.96. The fair value is estimated to be US$28.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 19% in the next year. New Risk • Oct 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (15% increase in shares outstanding). Significant insider selling over the past 3 months (US$4.7m sold). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to US$30.57, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 429% over the past three years. Duyuru • Oct 16
Idaho Strategic Resources, Inc. has filed a Follow-on Equity Offering in the amount of $45 million. Idaho Strategic Resources, Inc. has filed a Follow-on Equity Offering in the amount of $45 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Buy Or Sell Opportunity • Oct 06
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 213% to US$40.36. The fair value is estimated to be US$30.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 19% in the next year. Duyuru • Oct 03
Idaho Strategic Resources, Inc. has filed a Follow-on Equity Offering in the amount of $20 million. Idaho Strategic Resources, Inc. has filed a Follow-on Equity Offering in the amount of $20 million.
Security Name: Common stock
Security Type: Common Stock
Transaction Features: At the Market Offering Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$34.19, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 599% over the past three years. Recent Insider Transactions • Sep 21
Co-Founder recently sold US$470k worth of stock On the 19th of September, Grant Brackebusch sold around 16k shares on-market at roughly US$29.52 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.5m. This was Grant's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Aug 15
Now 21% undervalued Over the last 90 days, the stock has risen 103% to US$25.57. The fair value is estimated to be US$32.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 46% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 15% in a year. Earnings are forecast to grow by 19% in the next year. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.20 (up from US$0.17 in 2Q 2024). Revenue: US$9.48m (up 55% from 2Q 2024). Net income: US$2.77m (up 28% from 2Q 2024). Profit margin: 29% (down from 35% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 07
Price target increased by 27% to US$21.00 Up from US$16.50, the current price target is provided by 1 analyst. New target price is 6.9% below last closing price of US$22.56. Stock is up 127% over the past year. The company is forecast to post earnings per share of US$0.61 for next year compared to US$0.68 last year. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$16.54, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 150% over the past three years. Recent Insider Transactions • Jul 23
Insider recently sold US$101k worth of stock On the 18th of July, Monique Hayes sold around 5k shares on-market at roughly US$21.00 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.5m. Insiders have been net sellers, collectively disposing of US$5.3m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jul 20
Insider notifies of intention to sell stock Monique Hayes intends to sell 5k shares in the next 90 days after lodging an Intent To Sell Form on the 18th of July. If the sale is conducted around the recent share price of US$20.22, it would amount to US$98k. Since December 2024, Monique's direct individual holding has decreased from 21.47k shares to 8.74k. Company insiders have collectively sold US$5.0m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Significant insider selling over the past 3 months (US$1.8m sold). Recent Insider Transactions • Jul 14
Chairman of the Board recently sold US$1.5m worth of stock On the 10th of July, John Swallow sold around 100k shares on-market at roughly US$15.27 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by US$4.8m. Recent Insider Transactions Derivative • Jul 11
Chairman of the Board notifies of intention to sell stock John Swallow intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of July. If the sale is conducted around the recent share price of US$15.27, it would amount to US$1.5m. For the year to December 2018, John's total compensation was 87% salary and 13% non-salary. Since December 2024, John has owned 930.25k shares directly. Company insiders have collectively sold US$3.3m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Jul 10
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$29.1m to US$31.1m. EPS estimate increased from US$0.52 to US$0.61 per share. Net income forecast to grow 11% next year vs 32% growth forecast for Metals and Mining industry in the US. Consensus price target of US$17.50 unchanged from last update. Share price rose 24% to US$16.18 over the past week. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$16.18, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 13x in the Metals and Mining industry in the US. Total returns to shareholders of 133% over the past three years. Recent Insider Transactions • May 25
Independent Director recently sold US$101k worth of stock On the 23rd of May, Kevin Shiell sold around 8k shares on-market at roughly US$12.95 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$3.7m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 23
Independent Director notifies of intention to sell stock Kevin Shiell intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of May. If the sale is conducted around the recent share price of US$12.98, it would amount to US$185k. Since December 2024, Kevin has owned 55.65k shares directly. Company insiders have collectively sold US$3.4m more than they bought, via options and on-market transactions in the last 12 months. Duyuru • May 21
Idaho Strategic Resources, Inc., Annual General Meeting, Jun 30, 2025 Idaho Strategic Resources, Inc., Annual General Meeting, Jun 30, 2025. Location: companys corporate office, 201 n. 3rd street, idaho, 83814, coeur d alene United States Major Estimate Revision • May 18
Consensus EPS estimates fall by 33%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$28.0m to US$29.1m. EPS estimate fell from US$0.78 to US$0.52 per share. Net income forecast to shrink 13% next year vs 37% growth forecast for Metals and Mining industry in the US . Consensus price target of US$17.50 unchanged from last update. Share price fell 12% to US$12.60 over the past week. New Risk • May 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 6.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • May 09
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.12 (down from US$0.17 in 1Q 2024). Revenue: US$7.28m (up 23% from 1Q 2024). Net income: US$1.61m (down 26% from 1Q 2024). Profit margin: 22% (down from 37% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 40%. Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$15.24, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 75% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$17.42, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 94% over the past three years. Reported Earnings • Mar 31
Full year 2024 earnings released: EPS: US$0.68 (vs US$0.094 in FY 2023) Full year 2024 results: EPS: US$0.68 (up from US$0.094 in FY 2023). Revenue: US$25.8m (up 89% from FY 2023). Net income: US$8.84m (up US$7.68m from FY 2023). Profit margin: 34% (up from 8.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$12.26, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Metals and Mining industry in the US. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$11.92, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$10.28, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 33% over the past three years. Recent Insider Transactions Derivative • Nov 17
Insider notifies of intention to sell stock Monique Hayes intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 13th of November. If the sale is conducted around the recent share price of US$11.25, it would amount to US$157k. Since March 2024, Monique's direct individual holding has decreased from 24.19k shares to 21.47k. Company insiders have collectively sold US$4.8m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Nov 10
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$2.9m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Significant insider selling over the past 3 months (US$2.9m sold). Recent Insider Transactions • Nov 10
Chairman of the Board recently sold US$2.9m worth of stock On the 7th of November, John Swallow sold around 225k shares on-market at roughly US$13.04 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. John has been a net seller over the last 12 months, reducing personal holdings by US$4.4m. New Risk • Nov 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 9.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Nov 05
Second quarter 2024 earnings released: EPS: US$0.17 (vs US$0.027 in 2Q 2023) Second quarter 2024 results: EPS: US$0.17 (up from US$0.027 in 2Q 2023). Revenue: US$6.13m (up 89% from 2Q 2023). Net income: US$2.16m (up US$1.83m from 2Q 2023). Profit margin: 35% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Metals and Mining industry in the US. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to US$13.39, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Metals and Mining industry in the US. Total returns to shareholders of 117% over the past three years. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$17.30, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Metals and Mining industry in the US. Total returns to shareholders of 205% over the past three years. Recent Insider Transactions Derivative • Oct 17
Chairman of the Board exercised options to buy US$151k worth of stock. On the 14th of October, John Swallow exercised options to buy 9k shares at a strike price of around US$5.60, costing a total of US$50k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since March 2024, John's direct individual holding has decreased from 1.34m shares to 1.17m. Company insiders have collectively sold US$1.6m more than they bought, via options and on-market transactions in the last 12 months. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$12.74, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 184% over the past three years. Major Estimate Revision • Aug 27
Consensus revenue estimates increase by 26% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from US$20.4m to US$25.7m. EPS estimate increased from US$0.27 to US$0.73 per share. Net income forecast to grow 79% next year vs 34% growth forecast for Metals and Mining industry in the US. Consensus price target up from US$10.00 to US$14.00. Share price rose 8.8% to US$12.05 over the past week. Reported Earnings • Jul 31
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.17 (up from US$0.027 in 2Q 2023). Revenue: US$6.13m (up 89% from 2Q 2023). Net income: US$2.16m (up US$1.83m from 2Q 2023). Profit margin: 35% (up from 10% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) also surpassed analyst estimates by 143%. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to US$10.73, the stock trades at a trailing P/E ratio of 41.8x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 139% over the past three years. Recent Insider Transactions • Jun 19
Co-Founder recently sold US$130k worth of stock On the 14th of June, Grant Brackebusch sold around 13k shares on-market at roughly US$10.02 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.5m. Grant has been a net seller over the last 12 months, reducing personal holdings by US$203k. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$10.24, the stock trades at a trailing P/E ratio of 39.9x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 115% over the past three years. Recent Insider Transactions • May 30
Co-Founder recently sold US$73k worth of stock On the 28th of May, Grant Brackebusch sold around 8k shares on-market at roughly US$9.58 per share. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.5m. This was Grant's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • May 26
Co-Founder notifies of intention to sell stock Grant Brackebusch intends to sell 21k shares in the next 90 days after lodging an Intent To Sell Form on the 23rd of May. If the sale is conducted around the recent share price of US$9.50, it would amount to US$195k. Since March 2024, Grant has owned 118.05k shares directly. There has only been one transaction (US$1.5m sale) from insiders over the last 12 months. Duyuru • May 23
Idaho Strategic Resources, Inc., Annual General Meeting, Jun 17, 2024 Idaho Strategic Resources, Inc., Annual General Meeting, Jun 17, 2024. Location: at the companys offices, located 201 n. 3rd street, coeur dalene, idaho United States Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to US$10.28, the stock trades at a trailing P/E ratio of 39.5x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 162% over the past three years. Recent Insider Transactions • May 08
Chairman of the Board recently sold US$1.5m worth of stock On the 7th of May, John Swallow sold around 173k shares on-market at roughly US$8.44 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Reported Earnings • May 07
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: US$0.17 (up from US$0.005 in 1Q 2023). Revenue: US$5.90m (up 77% from 1Q 2023). Net income: US$2.17m (up US$2.11m from 1Q 2023). Profit margin: 37% (up from 1.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 183%. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Mar 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 25
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$0.094 (up from US$0.21 loss in FY 2022). Revenue: US$13.7m (up 43% from FY 2022). Net income: US$1.16m (up US$3.69m from FY 2022). Profit margin: 8.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$8.01, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 11x in the Metals and Mining industry in the US. Total returns to shareholders of 91% over the past three years. Duyuru • Dec 13
Id Idaho Strategic Resources Announces the Results of Its 2023 Mineral Hill Exploration Program Id Idaho Strategic Resources announced the results of its 2023 Mineral Hill exploration program, which included mapping, sampling and evaluation for development. These efforts resulted in the discovery of a new pink carbonatite, which yielded 34.1% total rare earth oxides (TREO). Bulk sampling along both the known and newly discovered carbonatite trends may contain some of the highest grade REE values ever identified in the Mineral Hill District. The Upper Roberts' carbonatite trend is made up of multiple-colored, multi-grade carbonatites. New outcrops of carbonatite were also found during mapping efforts. These mapped outcrops, show additional trends broken by faulting and intruded by additional igneous activity. Geochemical analysis for these additional carbonatite exposures is pending, but these assay results may point the way to the heart of the carbonatite system. Additional field work on the Mineral Hill project included the collection of large bulk metallurgy samples for mineral processing and concentrate development evaluations. These samples were gathered along strike of the main carbonatite trend beginning at the 28.2% TREO exposure and continued 25 ft uphill towards the recently mapped 34.1% TREO outcrop. The bulk samples included both pink and pale-yellow carbonatite units, since they are contiguous. The results of the bulk samples (#98370-#98376) range from 20.8% to 28.6% TREO. The company is planning to develop drill targets that will further define Upper Roberts' REE potential. The next step will be cross-section interpretations to aid in planning for drill testing and permitting. Future work in this area will include the continuation of mapping efforts over the remaining 1,800 acres in order to locate new carbonatite occurrences. Mapping efforts identified other potential carbonatite deposits and furthered the extents of the main known carbonatite mineralization to over 1/2-mile along a continuous trend of carbonatite - referred to as Upper Roberts. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$6.00, the stock trades at a trailing P/E ratio of 51x. Average forward P/E is 12x in the Metals and Mining industry in the US. Total returns to shareholders of 82% over the past three years. Duyuru • Nov 17
Idaho Strategic Resources Announces Results of Its 2023 Trenching Program at Lemhi Pass Idaho Strategic Resources announced results of its 2023 trenching program at Lemhi Pass. A total of 1,070 linear feet was divided to construct eight trenches over three prospects. The three historical prospects known as In-Trust, Sparky, and Independence mark the first prospects out of IDR's expansive land position to be tested in the district. IDR maintains approximately 11,425 acres of unpatented claims and state lease land at Lemhi Pass. Two of the three In-Trust trenches encountered strong REE mineralization associated with faults. The 13 samples in the table below assay up to 3.28% total rare earths (TREE) and average 1.5% TREE. Of note, are very strong enrichments of neodymium (Nd), praseodymium (Pr), samarium (Sm), and dysprosium (Dy). These elements are used in the manufacture of rare earth permanent magnets and are among the most valued of all the rare earth elements (REEs). In the listed assays, the distribution of rare earth elements is 58% Nd, 8% Pr, 8% Sm, and 2% Dy. Incredibly, these four components combined account for up to 76% of the total rare earth element percentage. At Sparky, four samples collected from material during trenching returned the highest published total rare earth elements assay (5.2% TREE) in the Lemhi Pass district to date. These samples, although not in place, are considered representative of the mineralization source below. The trenching was unable to uncover structural features as the site had been historically excavated and reclaimed and the bedrock proved deeper than the excavator limits. The mineralized rock samples from Sparky show yellow-brown to red-brown frothy, boxwork textured rock, flooded with golden brown jasperoidal material. The greater Lemhi district straddles the Idaho-Montana border in central Idaho, occupies more than 55 square miles, and encompasses more than 250 prospects. Exploration sampling by IDR in 2022 confirmed the presence of rare earth elements mineralization along a 1.5-mile-long section of the Lemhi Pass Fault; where other large regional structural features, such as the Bull Moose and Dan Patch faults, either intersect or approach one another. REE mineralization in this area occurs in intense shear/fracture zones hosted in Mesoproterozoic metasediments. Trenching highlights came from the In-Trust prospect which lies in the middle of the regional structural intersection. Three trenches were cut in the In-Trust area; one trench failed to reach bedrock and was abandoned, while the other two trenches uncovered strong REE mineralization associated with structures manifested as chocolate brown to purple-black clay fault gouge with specular hematite. The fault clay ranges in thickness from 10 to 50 cm and displays mylonitic and fluidized textures. The company expected shallow flat, basal thrust in orientation, but instead were pleased to find moderate to high angle dipping features as well. In Trench 2, the thrust feature was exposed for 25 meters along strike. The mylonite is west-dipping with elongated and rounded fluidized clasts. The listed samples are continuous 3-meter channels along strike of the mylonite. In Trench 3, the same chocolate-colored mineralized material was encountered, but along moderate to high angle dipping structural features. Assay results, showing rare earth elements plus yttrium and scandium, for the two trenches are displayed in the table above. This years' trenching at Independence failed to uncover the REE bearing fault. The rock units in this area were observed to be sheared with moderate to strong alterations. Assay results showed this area to have moderately elevated niobium values of up to 1200 ppm, but low REE values. Reported Earnings • Nov 06
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: US$0.034 (up from US$0.16 loss in 3Q 2022). Revenue: US$3.30m (up 89% from 3Q 2022). Net income: US$420.7k (up US$2.32m from 3Q 2022). Profit margin: 13% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 200%. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Duyuru • Oct 19
Idaho Strategic Resources, Inc. Extends Strike Length of High-Grade Mineralization At Its Mineral Hill Rare Earth Elements Project Idaho Strategic Resources, Inc. announced the extension of high-grade mineralization at its Mineral Hill rare earth elements (REE) project. The Company is also pleased to report on the progress made at each of its Idaho REE projects and discusses the Company's partnerships and potential opportunities. Mineral Hill REE Project: Over the course of the 2023 rare earth elements geology field season, Idaho Strategic achieved several milestones and laid the foundation for continued success. In addition to sampling greater than 23% total rare earth elements (TREE) at the Company's Mineral Hill Project, IDR geologists have thus far traced that mineralization for over 0.5 miles of strike length, utilizing the Company's X-Ray Fluorescence (XRF) machine to confirm the continuity and possibly build upon this already impressive REE grade and composition. The Mineral Hill Project is made up of several prospects: Roberts, Phyllis Gross, and Lower Lee Buck. The Roberts prospect's 0.5-mile seam hosts a continuous 1,500-foot carbonatite with thicknesses up to 10 feet, and locally contains assay grades in excess of 23% TREE. IDR geologists have reason to believe recent samples sent to the lab for analysis may very well exceed the previous TREE grades of 23%. IDR's sampling at Lower Lee Buck returned TREE grades of up to 10%. The Phyllis Gross area, located between the Roberts and Lee Buck prospects, indicates remarkable carbonatite activity and was controlled by one family and largely left unevaluated for over 75 years prior to IDR's ownership. Detailed geological mapping of the high-grade REE seam at the Roberts prospect in preparation for drill permitting is ongoing and this season's mapping has led to additional carbonatite discoveries identified throughout the Company's broader Mineral Hill project. Simultaneous with the Company's work at its Mineral Hill Project, IDR began the first trenching program at its expansive Lemhi Pass Project with the goal of better understanding its structural geology and undertaking the sampling of prospective and known areas of REE mineralization. The Lemhi Pass Project is made up of numerous prospects spread across 10 square miles and this season IDR commenced trenching on three of its many prospects within the Company's greater Lemhi Pass landholdings: Sparky, In-Trust and Independence. Assay results are still pending on various samples collected from vastly different geological settings and REE mineralization. Significant and remarkable neodymium mineralization was collected from up to 12-inch-thick low angle faults and mylonite zones. Although these assays are still pending, data collected from a handheld XRF tool promises encouraging results. The Diamond Creek Project continues to advance its USFS permit for a core drilling program in the Simer and Frank Burch prospects targeted for the summer of 2024. Additional summer geological mapping and sampling for REE's in these areas returned results of up to 5% TREE which enhanced drilling targets. IDR geologists were excited to share highlights of the Company's 2022 Diamond Creek drilling campaign with geologists of the Tobacco Root Geological Society at their 48th Annual Field Conference. Two areas of Idaho Strategic Resource's projects, Diamond Creek and the Mineral Hill District, were given full-day field trips and the ensuing discussions were productive and informational for both IDR and the attendees at the Tobacco Root Field Conference. Over the past year the folks at IDR have been diligent in seeking and forging relationships with several strategic and community partners. The list includes Idaho National Labs, Dept. of Energy, Colorado School of Mines, the University of Idaho, Center for Advanced Energy Studies, Idaho Geological Survey, and other Idaho state and local agencies. The Company has also worked with other industry folks that are focused on addressing the lack of a domestic REE supply chain. Over the course of 2023, these relationships have been strengthened and plans are in place to look for opportunities to develop and commercialize new and future mining technologies in tandem with one another. Duyuru • Oct 05
Idaho Strategic Resources, Inc. Provides Production-Based Drill Update At the Golden Chest Gold Mine Id Idaho Strategic Resources, Inc. announced the commencement of its drill program and initial high-grade intercepts at the Company's Golden Chest gold mine. This drill program is designed to target both the H-Vein and the Idaho Vein at-depth below the current underground workings. The high-grade drill intercepts announced in today's press release are from the first hole drilled (GC 23-233) and estimated to be approximately 20 meters below the Company's actively mined stopes on the H-Vein. Assay results from the H-Vein intercepts indicate 2.24 meters (m) at 18.7 grams per tonne (gpt) gold which is inclusive of 1.31 m at 28.0 gpt gold, reported in true thickness. Assay results for sample intervals of the H-Vein in hole GC 23-233 are shown in the table below and are reported in drilled and calculated true thickness and in grams of gold per tonne (gpt). Initial production from the H-Vein began in April 2023 and the Company has continued to prioritize production from this area while simultaneously filling-in with production from the Idaho Vein as backfill cycles and mine development allow. Idaho Strategic plans to complete a 12-hole drill program at the Golden Chest mine this fall season. The goal of this drill plan is to add immediate ounces ahead of the Company's current mine production, where existing infrastructure and support is readily available and/or already in-place. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks, if they occur, including ability to access goods and supplies, the ability to transport products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; ability 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 conditions and conditions affecting the industry in which the Company operates; The uncertainty of regulatory requirements and conditions of the Company's current drill program to encounter favorable or expected results. Reported Earnings • Aug 14
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.027 (up from US$0.069 loss in 2Q 2022). Revenue: US$3.24m (up 37% from 2Q 2022). Net income: US$327.8k (up US$1.15m from 2Q 2022). Profit margin: 10% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 200%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Duyuru • Aug 09
Idaho Strategic Announces the Addition of Carolyn Turner to the Board of Directors Idaho Strategic Resources, Inc. to announced that Carolyn Turner, CPA, MBA has joined the Company as an independent board member. Mrs. Turner is currently the owner and principal of Graham Peak Consulting, LLC in Kingston, ID where she specializes in accounting and finance consulting in the mining and heavy construction industries. Prior to her time at Graham Peak Consulting, Mrs. Turner spent over 30 years in the mining industry with companies such as Silver Valley Resources (ASARCO), Coeur Mining, and Hecla Mining Corp.Mrs. Turner's experience includes mine operations, metals marketing, project development and financing. She previously served as the Treasurer for both Hecla Mining and Coeur Mining where her roles were centered around quarterly and annual budgeting, rolling monthly forecasting, economic modeling, mergers and acquisitions, as well as numerous treasury and audit functions. Mrs. Turner's educational background consists of a Bachelor of Science degree in Business Administration Accounting from Montana State University - Billings, followed by a Master of Business Administration from Regis University, Denver. Mrs. Turner is a licensed CPA and has served numerous years as an elected trustee on the Kellogg Idaho Joint School District Board. With the addition of Mrs. Turner, the Company's Board of Directors now consists of five total directors made up of three independent directors and two non-independent directors. Mrs. Turner will serve on the Company's Audit Committee, Compensation Committee, and Corporate Governance and Nominating Committee. Duyuru • Jul 14
Idaho Strategic Resources, Inc. Samples 23.5% Total Rare Earth Elements at its Mineral Hill Project Id Idaho Strategic Resources, Inc. announced the discovery of 23.5% total rare earth elements (TREE) in a sample taken from the Company's Mineral Hill Project in Lemhi County, Idaho. The Mineral Hill rare earth elements (REE) project is comprised of approximately 2,000 acres situated in the northern portion of the Idaho REE-Th Belt. The project includes four distinct REE occurrences known as Lower Roberts, Upper Roberts, Lower Lee Buck, and the newly added Phyllis Gross claim group. The target of the Company's latest exploration program at Mineral Hill was to locate and sample a previously reported REE sample from 1954 which reported 21.5% TREEs. The sample was initially reported in a thesis by Fred Sturm (University of Idaho) and then again by Agatin Abbott (Id Idaho Bureau of Mines and Geology). Sturm's report describes the occurrence as "an individual mass of monazite greater than any other exposed through the region". After reviewing the two historic reports, IDR geologists located and sampled Sturm and Abbott's monazite occurrence and assay results for sample 98241 showed 23.5% TREEs, confirming the accuracy of the historic work the Company is building upon while providing ample support for the original decision to focus on this area overall. IDR geologists describe the monazite mass as a 10 centimeter (4-inch) thick, pale-yellow sandy seam enveloped by two distinct carbonatites (Photo 1). The total width of the carbonatites and seam is 0.85 meters (2.5 feet). The hanging wall carbonatite body is greenish colored with large crystals of ilmenite. The footwall side of the monazite seam is brightly colored, red-brown to orange-brown, crystalline carbonatite that assays 7.5% TREE. Equally as impressive as the overall grade, is the favorable mix of REEs. As indicated in the table above, the more valuable rare earths used in magnet applications, such as neodymium (Nd) and praseodymium (Pr), compose approximately 16.23% of the total reported rare earth elements. Given the favorable mix of individual rare earth elements and the impressive overall TREE grade, IDR plans to send the sample out for additional metallurgical testing, including flotation, gravity, and magnetic separation techniques - and possibly other recovery and/or separation techniques being studied. Duyuru • May 19
Idaho Strategic Resources, Inc. Completes Surface Mining of High-Grade Jumbo Vein Idaho Strategic Resources, Inc. announced the recent completion of surface mining of the high-grade Jumbo Vein and plans for exploration of the Jumbo Vein by drifting along the vein from the pit bottom. Surface mining of the Jumbo Vein resulted in 4,000 tonnes of ore at a grade of 17.3 grams per tonne (gpt) gold. The Jumbo Vein consists of a banded quartz vein that typically occurs 10 to 20 m in the hanging wall of the Idaho Fault. It is known to occur in the central part of the Golden Chest mine property and had minor production in the late 1890's to early 1900's. The recent surface mining consisted of a small pit on a near-surface section of the vein, following it down from the 1115 m elevation to the 1069 m elevation. On each mined bench, the Jumbo Vein was typically exposed for 22-26 m along strike with a width of 0.3 to 1.0 m. The average vein strike was N18oE and average dip was 53oNW. The vein was well-oxidized with abundant iron-oxides and minor amounts of pyrite, arsenopyrite, and chalcopyrite. Visible gold was often seen in hand samples. As the Jumbo Pit was mined, blast hole drill cuttings were sampled and assayed to direct ore control. An average weighted grade for the ore polygons, based on the blast hole samples, was 13 gpt gold. However, more selective mining occurred along the vein in practice and composite samples of mined truckloads showed a higher weighted average of 17.3 gpt gold. Three vein chip samples were taken across the vein exposed in the southeast pit wall as mining progressed down in the Jumbo Pit and the results are displayed below (lengths of sample are in true thickness). Exploration drilling was completed in the vicinity of the Jumbo Pit during 2011 and indicates continuity of the vein along strike and vertically below the existing pit bottom. Reported Earnings • May 16
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: US$0.005 (up from US$0.041 loss in 1Q 2022). Revenue: US$3.34m (up 63% from 1Q 2022). Net income: US$60.6k (up US$516.2k from 1Q 2022). Profit margin: 1.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Duyuru • May 16
Idaho Strategic Resources, Inc., Annual General Meeting, Jun 12, 2023 Idaho Strategic Resources, Inc., Annual General Meeting, Jun 12, 2023, at 09:00 Pacific Standard Time. Location: Company’s corporate office, 201 N. 3rd Street, Coeur d’Alene Idaho City Idaho United States Agenda: To consider and elect the company’s board of directors to serve until the company’s 2024 annual meeting of shareholders or until successors are duly elected and qualified; to consider and ratify the appointment of the company’s independent registered public accounting firm for the ensuing year; to consider and approve the company’s 2023 equity incentive compensation plan as more particularly described in the proxy statement; and to consider and perform any other business that may properly come before the annual meeting and any adjournment or postponement thereof. Duyuru • Feb 17
Idaho Strategic Resources, Inc. Discovers 32 Meters of Continuous Rare Earth Elements and Niobium Mineralization At the Surface At Diamond Creek Idaho Strategic Resources, Inc. announced the discovery and sample results of 32 meters (m) of Rare Earth Elements (REE) and Niobium (Nb) mineralization across a drill pad at Diamond Creek. The mineralization was exposed at the surface providing the opportunity to be sampled and recorded during post-drilling reclamation efforts. The company identifies each rare earth elements' individual assayed value contributing to the total rare earth elements (TREE) percentage. The entire 32m interval averages 1.28% TREE, which IDR views as potential ore grade mineralization. The total REE assays average 1.5% between 4m and 18m, with elevated values of 2% REE at 8m and 12m. The neodymium assay averages 2,714 ppm between 4m and 20m, with a high value of 3,690 ppm at 8m. Also noted is the continued presence of Niobium. A total of 8 samples reflected Nb greater than 5,000 ppm (0.5%) which exceeded the upper limits of this assay process and are undergoing further testing. Another 4 samples demonstrated values near .5% Nb - with niobium showing a presence in all the samples. The REE and Niobium mineralization was contiguous and continuous along strike for more than 32 meters. Vertical channel samples were taken every 1 meter for the first 20 meters of exposure, then every 2 meters for the last 12 meters. The exposed geology displayed evidence of dynamic fluid movement along shears and fracture zones forming both replacement and fracture-filling type deposits. Additionally, the deposit at Diamond Creek appears to be a clay-hosted REE and Niobium deposit. The benefits of a clay-hosted deposit are the potential for less costly, more environmentally friendly mining methods and easier separation methods. Currently, a large portion of the World's heavy rare earth elements are produced from clay-hosted deposits utilizing in-situ mining methods. The extent of the clays at Diamond Creek are still unknown and further test work is underway to characterize the material and build upon the Company's recent successful exploration results. The Diamond Creek district is located a few miles northwest of Salmon, Idaho, and is listed as one of the top domestic occurrences of REEs in the United States by numerous sources. In 1979, M.H. Staatz, of the U.S. Geological Survey (USGS), estimated an overall probable resource at Diamond Creek of approximately 70,800 metric tonnes of total rare-earth oxides, using an average grade of 1.22%. The scope of IDR's 2022 Phase 1 program was to test and verify mineralization type and grades. The focus for this year is to build on these results and expand the resource in Phase 2, which includes expanding to the Cymer prospect, located approximately 600 meters to the south of these trench results. One goal of expansion is to locate new mineralization and drill deeper on known occurrences, hopefully adding tonnage (in addition to strike length) to this potential source. The Phase 2 proposal has already been submitted to the USFS for review. In the meantime, IDR is continuing its geological evaluation of Diamond Creek to help delineate and identify potentially larger covered mineralized systems, or other un-known fracture-fill/replacement type bodies. Additionally, the University of Idaho and the Idaho Geological Survey, as part of the IGEM Program, continue conducting REE ore characterization and alternative "green" recovery methods. Duyuru • Feb 08
Idaho Strategic Resources, Inc. announced that it has received $0.8785 million in funding On February 6, 2023, Idaho Strategic Resources, Inc. closed the transaction. The transaction included participation from 6 investors including internal investor John Swallow. Duyuru • Jan 19
Idaho Strategic Resources, Inc. Locates Greater than 4% TREO's - Including Over 2.5% Neodymium - From Exploration at Lemhi Pass Idaho Strategic Resources announced the locating of surface outcrops with greater than 4% Total Rare Earth Oxides (TREO's) during its 2022 exploration program at Lemhi Pass. In the well-studied Lemhi Pass District, previous state and federal agency work have shown maximum REE assay values as high as 2%. These new IDR sample results are significant because they essentially double the previously known upper end of assay values as published in the USGS, IGS and other references. These latest assays lend validation to company's belief that the Lemhi Pass District is largely underexplored for REE's; since their discovery in the district was ancillary, to the government's search for nuclear related fuels in the 1950's. The dominant REE mineral is monazite. Monazite is a phosphate mineral and most of company's strongest REE values are associated with phosphorus. This mineral occurs as opaque, subhedral, yellow-green to reddish-brown crystals which are mostly microscopic in size, making it hard to detect with the naked eye. Gangue minerals associated with REE mineralization include quartz, pink microcline, and iron oxides; such as specularite and limonite. Lemhi Pass is at the southern end of the 70-mile REE-Th Belt, a northwest trending zone that possesses most of the REE lode occurrences in Idaho. The company has claimed a large number of the known REE occurrences at Lemhi Pass, which may prove to be one of the most prospective REE areas in the US. In 2022, IDR increased its land position from around 4,400 acres of unpatented claims to approximately 7,600 acres of unpatented claims; and an additional 600+ acres of leased state land. Duyuru • Jan 12
Idaho Strategic Releases First Results from Diamond Creek - Intercepts 11.3 Meters of 1.3% Rees Including Intervals with 2.2% Rees and 1.0% Niobium Idaho Strategic Resources announced its first drill results from the Diamond Creek REE Project in Lemhi County, Idaho. Diamond Creek is a well-recognized rare earth element occurrence, which is listed as a top ten domestic source of REE's in various USGS documents. Although it has a published resource, it is based on surface sampling only and is unverified. Previous to this year's drilling only two shallow core holes were completed in 2012 with unknown results. The company objective this year was to verify the existence of REE mineralization, assess the grades and examine the extents of this potential resource. The deposits in the Diamond Creek area are of two types: fracture filling and replacement, with the replacement bodies being composed of bright and varied oxides. Much of the core drilling was in the Lucky Gem area where strong REE mineralization at surface was also encountered A rough geometry developed from drillholes 5, 6 and 7; placed drillhole DC 22-8 in position to drill down dip through the shallow dipping replacement body. The drillhole collared into a fault and encountered REE mineralization immediately after the fault, which continued for 50.3 meters before the hole was lost. The intercept highlights below are in percent total rare earth oxide (TREO) and in percent Niobium (Nb) with drilled thickness, as vein orientations have yet to be determined. An appealing characteristic with Diamond Creek and other properties in the Idaho Rare Earth Element-Thorium Belt (Idaho REE-Th Belt) is the abundance of neodymium (Nd). The Company had three assays that were greater than 3000 ppm or 0.3% neodymium. In addition to the validation of REEs through the drill bit, another equally important discovery was made; the strong occurrence of Niobium (Nb). Core hole DC 22-8 showed intense enrichment of Niobium, with 0.7% Nb over 10.1m, including 10,000 ppm Nb (1%) over 0.5m. While Niobium is an equally important critical mineral, it is not one of the 17 rare earth elements and not included in TREO calculations. It is considered a positive addition and its potential value to the project (and possibly to the value of a future mineral concentrate) is not yet known. Company plan to build upon this discovery. The table below shows assays for the rare earth elements and niobium throughout the 2.9m to 14.2m interval in DC 22-8. The known rare earth element mineralization occurs along a 2-mile length of the Diamond Creek Fault. The project consists of four distinct areas identified as, from north to south: Contact, Lucky Gem, Cymer, and Frank Burch. The 2022 drill program tested two areas: the Contact and Lucky Gem areas in the north. The next phase of drilling at Diamond Creek has been planned and submitted for approval to the USFS. The next phase drill plan will extend to the Cymer area in the southern portion of the property. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: US$0.16 loss per share (further deteriorated from US$0.021 loss in 3Q 2021). Revenue: US$1.75m (down 17% from 3Q 2021). Net loss: US$1.89m (loss widened US$1.68m from 3Q 2021). Revenue missed analyst estimates by 64%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 106% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in the US are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Breakeven Date Change • Nov 16
Forecast to breakeven in 2023 The analyst covering Idaho Strategic Resources expects the company to break even for the first time. New forecast suggests the company will make a profit of US$7.70m in 2023. Average annual earnings growth of 222% is required to achieve expected profit on schedule. Duyuru • Nov 11
Idaho Strategic Resources, Inc. Intercepts Additional High-Grade - 54.7 Gpt Gold over 0.32 M & 27.0 Gpt Gold over 0.19 M - in Latest Paymaster Drilling Idaho Strategic Resources to provide highlights from its latest Paymaster hole, GC 22-224. The goal of the latest holes in this area between the Paymaster and Joe Dandy Shoots of the Golden Chest is to test the potential of ‘connecting' the two shoots at the 800-Level underground and defining additional gold resources. The "800-Level" is of specific importance given it is also the level of current underground production in the Skookum Shoot, which lies directly north of the Paymaster. If indeed the Paymaster and Joe Dandy connect at or near the 800-level, it could provide the Company the opportunity to mine two veins within the same shoot, which should greatly improve efficiency and ultimately production costs. The Company is in the process of evaluating the costs to determine if/when development into the Paymaster-Joe Dandy area may make sense. The highlight of GC 22-224 is the 54.7 grams per tonne (gpt) gold vein intercept over 0.32 meters (m) true thickness, from 133.6 m to 134.1 m and 27.0 grams per tonne (gpt) gold intercepted over 0.19 meters (m) true thickness from 134.1 m to 134.4 m. As previously discussed, and as illustrated in the tables below, the Joe Dandy and Paymaster share similar characteristics - such as gold-bearing veins flanking either side of a quartz monzonite sill. Thus far, it appears the Paymaster could be accessed by connecting to the existing Skookum ramp as an escapeway and driving a new ramp for haulage purposes. Core hole GC 22-224 was drilled just prior to moving the company drill rig to the previously discussed summer drill locations in the Murray Gold Belt (MGB). Duyuru • Nov 04
Idaho Strategic Resources, Inc. Announces Completion of Its 2022 Diamond Creek Rare Earth Element Drill Program Via A Letter to Shareholders from Its VP of Exploration Idaho Strategic Resources, Inc. announced the conclusion of its first-phase exploratory drilling on its Diamond Creek Rare Earth Elements Project; after a two-month delay of the program due to the Moose Fire. IDR completed twelve drillholes from five different pads for a total of 1,200 meters (m). The following is a letter to shareholders from Idaho Strategic's VP of Exploration, Rob Morgan. It is apparent from looking at the core, that it has a successful test with this drill program at Diamond Creek. One drill hole completed on the Lucky Gem drill pad successfully center-punched the zone and intercepted 46 meters of brilliantly colored REE mineralization. In addition to nice concentrations of REE's, also noted areas with higher readings of Niobium and Titanium. The company is still working on what this might mean economically if it holds true with assay results. At Diamond Creek, the REE mineralization occurs along a 2-mile length of the Diamond Creek Fault. The project consists of four distinct areas identified as Contact, Lucky Gem, Simer, and Frank Burch. The 2022 drill program tested two of these areas; the Contact area located in the north, and the Lucky Gem area located in the north-central portion of the project. The first four drillholes were conducted from two pads in the Contact area; and the remaining eight holes were completed from three pads in the Lucky Gem area, approximately 650 m along trend to the south of Contact. Initial assumptions for the program were that mineralization was in near vertical sheeted veins, however it was pleasantly surprised as it became evident that the REE mineralization at Diamond Creek appears to be a ‘hydrothermal fracture and replacement system'. The first three exploration holes attempted to cross as many structural features in the Contact area as possible including two REE zones and the Diamond Creek Fault. Visual inspection of these holes showed moderate to strong REE replacement alterations at each anticipated interval. A fourth hole was conducted from a second pad site approximately 100 m south. This hole targeted the Diamond Creek Fault and an outlier REE zone. Again, cursory visual inspection of this hole showed surprising enrichment of REE's at the Diamond Creek Fault. The next three holes were conducted from a pad in the Lucky Gem area. All holes encountered shallow, brightly colored, gossanous REE mineralization, and aided in defining a bedding conformable zone. Building on this information, the fourth hole was positioned in an attempt to center-punch this zone by drilling down-dip. This hole successfully intercepted 46 meters of brilliantly colored REE oxides. The last four holes targeted various directional, 25 m step-outs, from mineralization. Mineralization remains open in three directions. Duyuru • Sep 10
Idaho Strategic Announces Klondike Exploration Drift Update – Cuts High Grade Veins – Records Best Gold Assay Ever At Golden Chest Idaho Strategic Resources, Inc. announced that it intercepted new mineralized veins along with reaching the targeted vein in its exploration drifting in the Klondike area at the Golden Chest ("GC"). Drifting along the vein in the crosscut revealed a section of visible gold in a swarm of quartz veins, with a grab sample of a 10-centimeter solid pyrite vein that assayed 1,300 grams per tonne (gpt) gold - the highest gold assay ever at the GC. The targeted vein was found approximately 60 meters from the existing workings. The drift passed through the trace of GC 21-207 (11.8 gpt gold over 1.9 meters) previously reported (Idaho Strategic Resources Continues to Drill Gold-Quartz Veins at Klondike and Paymaster December 13, 2021) and the grade and size of the vein were confirmed to be as reported. The new vein strikes nearly east-west and dips very shallowly (10 degrees) to the north, a unique vein orientation not seen at the Golden Chest until now. A crosscut was driven to the south following the vein up-dip 30 meters to the Red Star Fault. A series of panel samples 1.5 meters in length and varying thickness were taken on both ribs (sides) by IDR geologists. A representative sample was taken of individual panels and included vein material and the host argillite-siltite rock within the panel. The visible gold and high-grade pyrite vein were found in the same face at around the 22.0-meter mark. A continuous length of sampling in the East Rib shows a 9-meter length with an average thickness of 1.33 meters that assays 23.45 gpt gold. The West Rib shows a continuous length of 6 meters with an average thickness of ~1.5 m that assays 9.60 gpt gold. All the material from the Klondike crosscut along the vein was segregated into a stockpile and is currently being hauled to the mill where it will be processed separately to determine the average grade of the mined material. The presence of visible gold, and narrow but very high-grade pyrite veins make it difficult to obtain an accurate estimate of the grade from sampling alone. The processing of a 400-tonne bulk sample from the crosscut will give a more accurate grade estimate, which is necessary to evaluate the new mineralized zone for future production. As the miners drifted to the target zone at 60 meters, they intercepted another vein at the 31-meter mark. After completing the crosscut, the miners moved back to the 31 Vein to drift on it to the north. The 31 Vein is the more typical banded quartz vein found at the Golden Chest with a northerly strike and moderate dip to the west. Initial vein sampling shows a vein 0.50 meters thick with a grade of 50 gpt gold and visible gold has been noted. To date, about 14 meters of drift has been completed to the north and more assays of the vein are pending. This material will also be processed through the mill for gold grade verification. Plans are to continue drifting to the north on the 31 Vein until the milling results for the Klondike Crosscut are complete and then evaluate to determine the next steps in the Klondike exploration program. The Company is also releasing the intercepts from drill holes GC 22-211 and GC 22-213 in the Klondike area at the Golden Chest Mine, highlighted by 13.62 gpt gold over 1.7 meters (m) in GC 22-213. These holes complete the drilling to date in the Klondike area. The latest intercept highlights below are reported in grams of gold per tonne (gpt) and in drilled thickness. GC 22-211 6.16 gpt gold over 0.7 m from 162.6 m to 163.3 m 3.36 gpt gold over 1.6 m from 166.9 m to 168.5 m 3.43 gpt gold over 0.6 m from 208.8 m to 209.4 m including the following higher-grade interval: 9.57 gpt gold over 0.2 m from 209.2 m to 209.4 m GC 22-213 13.62 gpt gold over 1.7 m from 202.2 m to 203.9 m including the following higher-grade interval: 54.85 gpt gold over 0.4 m from 202.9 to 203.3 m Idaho Strategic spent most of the winter and early spring delineating a new zone of gold mineralization at the Golden Chest Mine discovered in the hanging wall of the Idaho Fault within the Klondike shoot area. The latest core holes, GC 22-211 and GC 22-213, drilled from the southernmost drill pad, have continued to extend gold mineralization in the newly discovered Klondike Zone, above the Idaho Fault, as defined by the first two reported intercepts in GC 22-211.