PRESS RELEASE

from Idaho Strategic Resources, Inc. (NASDAQ:IDR)

Idaho Strategic Reports Second Quarter 2024 Operating and Financial Performance

Highlighted by an 89.26% Increase in Revenue and a 558.30% Increase in Net Income - IDR's 6-Month Net Income in 2024 is Nearly 4x Last Year's Total Net Income

COEUR D'ALENE, ID / ACCESSWIRE / July 30, 2024 / Idaho Strategic Resources, Inc. (NYSE American:IDR) ("IDR", "Idaho Strategic" or the "Company") today announced its consolidated operating and financial results for the second quarter ending June 30, 2024. IDR achieved an 89.26% increase in revenue and a 558.30% increase in net income compared to the second quarter of 2023. Key highlights include:

Operational
Performance:

Q2 2024

% Change

Q2 2023

Ore Tonnes Processed

9,260

-20.91%

%

11,708

Average Flotation Feed Grade (gpt)

10.29

40.77

%

7.31

Ounces Produced

2,903

34.99

%

2,152

All-In Sustaining Cost Per Ounce ($USD)

$ 1,319.40

17.66

%

$ 1,121.39

Financial
Performance ($USD):

Q2 2024

% Change

Q2 2023

Revenue

$ 6,125,382

89.26

%

$ 3,236,515

Total Cost of Sales

$ 3,051,957

24.93

%

$ 2,442,932

Gross Profit

$ 3,073,425

287.28

%

$ 793,583

Net Income Attributable to IDR

$ 2,157,873

558.30

%

$ 327,793

Earnings Per Share (EPS)

$ 0.17

466.67

%

$ 0.03

Idaho Strategic's CEO and President, John Swallow stated, "Our folks did a great job during the second quarter. We have a lot going on (in addition to daily activities) - underground and surface drilling at the Golden Chest, pad and road construction for the paste backfill plant, power upgrade underway, paste plant structure and equipment ordered, upcoming drill program at Eastern Star in September, added two geologists and seasonal help to our staff, and possibly one or two other items on deck. Not to mention that the macro picture seems to be evolving more and more toward our business plan. In alignment with our discretionary ‘win as we go' approach to compensation, each employee, officer, and director earned another quarterly ‘paycheck bonus' on top of the normal pay structure."

Golden Chest Highlights for Q2 2024 Include:

  • At the Golden Chest, ore mined from underground stopes totaled approximately 11,500 tonnes with all of the tonnage coming from H-Vein stopes. A significant stockpile of ore was built up at the mill by the end of the quarter.

  • A total of 3,230 cubic meters of cemented rockfill ("CRF") were placed during the quarter, which is a new quarterly record. The Main Access Ramp ("MAR") and associated drifts and raises were advanced by about 100 meters during the quarter.

  • For the quarter ended June 30, 2024, a total of 9,260 dry metric tonnes ("dmt") were processed at the Company's New Jersey mill with a flotation feed head grade of 10.29 gpt gold and gold recovery of 93.6%.

  • An exploration program consisting of both underground and surface core drilling was started in the second quarter. Underground drilling was focused on exploring the Klondike area and the projected northerly strike of the H-vein. Surface drilling was started in Butte Gulch with plans to move to the northern area of the Golden Chest in the third quarter.

Rare Earth Highlights for Q2 2024 Include:

  • Continued discussions with various laboratories, universities, and partners to advance our understanding of Idaho's rare earth mineralogy and broader mineral endowment.

Mr. Swallow concluded, "I am not sure where I saw or heard the phrase that bees don't waste their time explaining to flies that honey is better than sh*t, but we now receive considerably less unsolicited ‘advice' from those that hadn't built a producer 10 years ago, and still haven't as of today. As I reflected on the discussion around this record quarter, I found myself concurring with those that describe the feeling of the early days as when you have a lot of music to make yet haven't any instruments and only sounds in your head. Compared to now (as a result of our approach) having the luxury to produce the albums you want to make and the song selection is yours. And I am sure Rob and Grant feel the same way; although Grant with a few more expletives and a heck of a lot less external reflection and Rob with a wistful story of sleeping out in front of the core shack, not making any money and still as enthusiastic as ever. Production and minding costs are always within our daily focus… And when you control the part you can control, sometimes the part you cannot control becomes part of the reward."

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

Qualified person

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

About Idaho Strategic Resources, Inc.

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company's business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.

For more information on Idaho Strategic Resources, visit https://idahostrategic.com/presentation/, go to www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001

Idaho Strategic Resources, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Six-Month Periods Ended June 30, 2024 and 2023

June 30, 2024

June 30, 2023


Three
Months

Six
Months

Three Months

Six Months






Revenue:





Sales of products

$

6,125,382

$

12,024,320

$

3,236,515

$

6,578,111

Total revenue

6,125,382

12,024,320

3,236,515

6,578,111


Costs of Sales:

Cost of sales and other direct production costs

2,596,027

5,154,940

2,099,890

4,247,850

Depreciation and amortization

455,930

957,718

343,042

671,079

Total costs of sales

3,051,957

6,112,658

2,442,932

4,918,929

Gross profit

3,073,425

5,911,662

793,583

1,659,182


Other operating expenses:

Exploration

620,056

887,904

207,369

480,811

Management

90,313

199,413

55,568

124,479

Professional services

84,982

239,226

123,238

364,043

General and administrative

179,456

340,119

123,765

387,063

(Gain) loss on disposal of equipment

3,022

7,431

(6,344

)

(224

)

Total other operating expenses

977,829

1,674,093

503,596

1,356,172

Operating income

2,095,596

4,237,569

289,987

303,010


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

1,589

(278

)

(1,007

)

(1,357

)

Timber revenue net of costs

(6,049

)

(19,406

)

-

(20,724

)

Loss on investment in equity securities

-

453

2,880

2,880

Gain on short term investments

(21,862

)

(21,862

)

-

-

Interest income

(38,606

)

(58,241

)

(18,756

)

(37,693

)

Interest expense

25,602

46,167

11,048

19,896

Total other (income) expense

(39,326

)

(53,167

)

(5,835

)

(36,998

)


Net income

2,134,922

4,290,736

295,822

340,008

Net loss attributable to non-controlling interest

(22,951

)

(38,246

)

(31,971

)

(48,384

)

Net income attributable to Idaho Strategic Resources, Inc.

$

2,157,873

$

4,328,982

$

327,793

$

388,392


Net income per common share-basic

$

0.17

$

0.34

$

0.03

$

0.03


Weighted average common share outstanding-basic

12,836,205

12,674,789

12,256,523

12,228,844


Net income per common share-diluted

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