Idaho Strategic Resources Inc.

08/14/2026 | Press release | Distributed by Public on 08/14/2026 04:04

Regulation FD Presentation (Form 8-K)

Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance

Highlighted by a 13.25% Increase in Revenue to $10,732,335

COEUR D'ALENE, Idaho, August 13, 2026 (BUSINESS WIRE) - 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, 2026. Operating and financial results for the second quarter include:

Operational

Performance:

Q2 2026

% Change

Q2 2025

Ore Tonnes Processed

11,094

8.34%

10,240

Average Flotation Feed Grade (gpt)

7.89

-20.86%

9.97

Ounces Produced

3,047*

1.23%

3,010

All-In Sustaining Cost Per Ounce ($USD)

$2,261.81

16.08%

$1,948.53

Financial

Performance ($USD):

Q2 2026

% Change

Q2 2025

Revenue

$10,732,335

13.25%

$9,476,739

Total Cost of Sales

$4,700,607

17.49%

$4,000,953

Gross Profit

$6,031,728

10.15%

$5,475,786

Net Income Attributable to IDR

$3,651,596

31.95%

$2,767,458

Earnings Per Share (EPS)

$0.23

15.00%

$0.20

Average Realized Gold Price

$4,277.53

32.70%

$3,223.38

*includes in-process ore stockpile inventory

Idaho Strategic's President and CEO, John Swallow stated, "We had a modest record Q2 year over year comparison in revenue, net income, EPS and ounces produced (along with record meters of underground mine development), however the second quarter was one of those where the numbers also don't tell the full story. In addition to the expected increase in exploration field programs and the ramp up of construction activity at the Murray mill, there were unexpected events that tested our team. Overall, I am happy with the resiliency we showed and our ability to adjust on the fly to ultimately produce another positive quarter despite these challenges.

During the planned transition period from mining the H-vein to mining the Jumbo vein and development to the Paymaster, a section of the lower H-vein was encountered where the H-vein widens and flattens out as it approaches its intersection with the Idaho Fault. This transitional zone hosts slightly lower gold grades but higher tonnages resulting in about the same number of ounces as modeled but with a different orebody geometry than previous mining of the H-vein higher in elevation. This transitional zone required a slight change in mining methods to a drift and fill method with as many as four cuts side by side to efficiently recover the gold ore.

Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d'Alene, Idaho 83814

Also, during the quarter, a wildfire caused the New Jersey mill to shut down and evacuate from approximately June 16th to June 24th. Ultimately, all of Idaho Strategic personnel and equipment were unharmed but valuable processing time was lost at the end of the quarter that resulted in a strong last-minute push from our milling crews to do their best to make up for the lost time in the remaining days and nights prior to the end of the quarter on June 30th.

Moving forward, we have a much better understanding of the lower H-vein stopes, we've advanced the development and mining timeline of the high-grade Jumbo vein, and our development to the Paymaster is modestly ahead of schedule. Considering the circumstances both within our control and outside of our control, I am pleased with our performance."

Golden Chest Highlights for Q2 2026 Include:

·

At the Golden Chest, ore mined from underground stopes totaled approximately 12,835 tonnes with all of the tonnage coming from H-Vein stopes.

·

During the quarter, a record 384 meters of development was completed between three projects: the Paymaster, the MAR and the Jumbo. A new portal, the No. 2, was established in early May to develop the high-grade Jumbo vein. From the No. 2 portal, an up-ramp was driven and connected to the No. 1 portal providing a secondary escapeway and allowing for production from the Jumbo vein to begin in the third quarter. Another quarterly record of 4,860 cubic meters of cemented rockfill backfill was placed during the quarter.

·

For the quarter ended June 30, 2026, a total of 11,094 dry metric tonnes were processed at the Company's New Jersey Mill with a flotation feed head grade of 7.89 gpt gold and gold recovery of 91.4%. Milling operations were affected by a wildfire adjacent to the mill in June where access to the mill was blocked for one week. Luckily there was no damage to the mill or the Company's equipment, though some of its timberland did burn.

·

The Company received the permit to construct a new tailings storage facility from the Idaho Department of Water Resources at the Golden Chest. Construction began in the quarter with the relocation of a low-grade stockpile and continued with building of the embankments and diversion structures.

·

Construction continued on the new mill at the Golden Chest with the installation of the fine ore bin, placement of the screen, foundations for the ball mill, and electrical work throughout the mill building. Engineering, design and procurement activities continued for the new mill also, and conveyor fabrication is also underway.

·

An exploration program consisting of surface and underground core drilling was continued during the second quarter at the Golden Chest. Approximately 10,000 meters of drilling were completed targeting the Paymaster and the H-vein.

Rare Earth Highlights for Q2 2026 Include:

·

Included in the inaugural list of companies that make up the Sprott Rare Earths Ex-China ETF (REXC).

·

Initiated metallurgical work at SGS Laboratory on representative samples from two of IDR's REE prospects.

Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d'Alene, Idaho 83814

John Swallow concluded, "I continue to believe that the combination of gold production backing significant exploration of rare earth elements, gold, and copper-silver is proving to be the right business plan at the right time. Despite the price action of gold during the quarter, global central banks continue to make it a focal point of their strategies moving forward and it is undoubtedly playing a larger role as a neutral reserve asset in the global monetary system. Additionally, the United States (along with end user participation) has continued to show support for redomiciling its rare earth elements supply chain amid the looming deadlines toward the end of this year that could see a reintroduction of China's dual-use export controls and new domestic sourcing requirements for rare earth elements vital to many national defense and advanced manufacturing industries. Finally, we are seeing a tightening of the copper market that is being reflected in the copper prices where we are anticipating a large increase in demand due to new power requirements led by datacenter buildout and AI, combined with many global producers running into operational challenges and a widespread decrease in the global copper grades.

I make these comments to point out that there are a number of tailwinds behind the company, and we are capitalizing on these opportunities while remaining focused on our shareholders and playing to our strengths. I am looking forward to the remaining summer months and the results of the investments we are making in our future."

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 controls the largest rare earth elements land package in the United States. The Company's production-backed exploration business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. In addition to gold production, the Company has built a substantial land position in Idaho across multiple commodities, providing significant exploration exposure to gold and rare earth elements - in addition to thorium, copper, and silver. IDR finds itself in a unique position as one of the only publicly traded companies with growing gold production and significant blue-sky potential for discovery and development.

For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development

Email: [email protected]

Phone: (208) 625-9001

Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d'Alene, Idaho 83814

Idaho Strategic Resources, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

For the Three and Six-Month Periods Ended June 30, 2026 and 2025

June 30, 2026

June 30, 2025

Three Months

Six Months

Three Months

Six Months

Revenue:

Sales of products, net

$ 10,732,335 $ 25,214,621 $ 9,476,739 $ 16,755,275

Total revenue

10,732,335 25,214,621 9,476,739 16,755,275

Costs of Sales:

Cost of sales and other direct production costs

3,854,967 8,058,570 3,459,215 6,490,044

Depreciation and amortization

845,640 1,559,425 541,738 1,091,359

Total costs of sales

4,700,607 9,617,995 4,000,953 7,581,403

Gross profit

6,031,728 15,596,626 5,475,786 9,173,872

Other operating expenses:

Exploration

1,730,879 3,120,228 2,244,761 3,616,194

Management

243,785 433,428 268,214 532,959

Professional services

98,520 279,871 153,260 336,998

General and administrative

295,640 518,667 223,735 460,753

(Gain) loss on sale of equipment

- (632 ) 68,942 308,840

Total other operating expenses

2,368,824 4,351,562 2,958,912 5,255,744

Operating income

3,662,904 11,245,064 2,516,874 3,918,128

Other (income) expense:

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

(1,245 ) (1,077 ) 159 (1,187 )

Loss on investment in equity securities and mutual funds

- 304,241 - -

Timber revenue net of costs

- (3,209 ) (2,848 ) (6,704 )

Dividend income

(13,233 ) (68,765 ) - -

Interest income

(677,372 ) (1,069,390 ) (220,409 ) (405,804 )

Total other income

(691,850 ) (838,200 ) (223,098 ) (413,695 )

Income before income taxes

4,354,754 12,083,264 2,739,972 4,331,823

Income tax provision

726,914 2,086,234 - -

Net income

3,627,840 9,997,030 2,739,972 4,331,823

Net loss attributable to non-controlling interest

(23,756 ) (42,558 ) (27,486 ) (44,614 )

Net income attributable to Idaho Strategic Resources, Inc

$ 3,651,596 $ 10,039,588 $ 2,767,458 $ 4,376,437

Net income per common share-basic

$ 0.23 $ 0.64 $ 0.20 $ 0.32

Weighted average common share outstanding-basic

15,813,075 15,804,123 14,007,582 13,837,894

Net income per common share-diluted

$ 0.23 $ 0.63 $ 0.20 $ 0.31

Weighted average common shares outstanding-diluted

15,983,254 15,979,299 14,134,531 13,939,790

Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d'Alene, Idaho 83814

Idaho Strategic Resources, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

June 30,

2026

December 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

$

8,234,662

$

9,889,765

Investments in US treasury notes

31,770,865

27,679,881

Investment in equity securities

-

4,129,521

Investment in mutual funds

-

3,957,497

Gold sales receivable

2,961,809

3,912,922

Inventories

1,892,670

965,112

Joint venture receivable

11,478

12,760

Other current assets

641,231

799,261

Total current assets

45,512,715

51,346,719

Property, plant and equipment, net of accumulated depreciation

25,214,243

19,503,962

Mineral properties, net of accumulated amortization

20,531,093

15,742,370

Investments in US treasury notes, non-current

32,391,185

27,651,843

Investment in Buckskin Gold and Silver, Inc.

346,159

345,082

Investment in joint venture

435,000

435,000

Reclamation bonds

456,720

355,220

Deposits

5,130,238

858,534

Total assets

$

130,017,353

$

116,238,730

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued expenses

$

2,321,147

$

1,904,589

Accrued payroll and related payroll expenses

539,221

409,212

Notes payable, current portion

831,381

1,029,336

Income taxes payable

48,416

334,446

Total current liabilities

3,740,165

3,677,583

Asset retirement obligations

335,981

325,451

Notes payable, long term

1,293,446

1,302,048

Deferred income tax liabilities

1,486,877

91,700

Total long-term liabilities

3,116,304

1,719,199

Total liabilities

6,856,469

5,396,782

Commitments Note 5

-

-

Stockholders' equity:

Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding

-

-

Common stock, no par value, 200,000,000 shares authorized; June 30, 2026-15,819,065 and December 31, 2025- 15,705,199 shares issued and outstanding

102,137,120

99,828,021

Retained earnings

18,381,309

8,341,721

Total Idaho Strategic Resources, Inc stockholders' equity

120,518,429

108,169,742

Non-controlling interest

2,642,455

2,672,206

Total stockholders' equity

123,160,884

110,841,948

Total liabilities and stockholders' equity

$

130,017,353

$

116,238,730

Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d'Alene, Idaho 83814

Idaho Strategic Resources Inc. published this content on August 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 14, 2026 at 10:04 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]