Idaho Strategic Resources Reports Significant Growth and Profitability in 2023

Idaho Strategic Resources, Inc. (NYSE American: IDR) has reported its operating and financial outcomes for the year ending December 31, 2023, marking a year of exceptional growth highlighted by a 42.6% revenue increase and a significant 35.1% surge in gold production compared to 2022. The company, under the leadership of CEO and President John Swallow, also emphasized the successful expansion of its Golden Chest and critical minerals exploration ventures throughout the year.

In 2023, the Golden Chest mine achieved notable successes, including the production of 8,247 ounces of gold and the commencement of mining in the high-grade H-Vein. Underground mining operations yielded 37,780 tonnes of ore with an average grade of 6.36 grams per tonne (gpt), alongside considerable development achievements. The company also reported advancements in its Rare Earth Elements (REE) projects, with significant REE concentrations identified at Lemhi Pass and the Mineral Hill REE project.

Financially, Idaho Strategic celebrated its first full year of profitability with a net income of $1,157,746, contrasting sharply with the previous year's loss. Revenue from concentrate sales saw an increase to $13,656,733 due to higher gold sales and prices, while gross profit significantly improved to $3,965,036. The year also observed a notable decrease in exploration expenses and general and administrative costs, contributing to an overall enhanced financial performance.

CEO John Swallow expressed optimism for the future, outlining plans for further growth and operational enhancements in 2024, including capital investments aimed at increasing production efficiency and potential profitability. The company's strategic advancements and financial success in 2023 position it well for continued growth in the coming years.