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Here are a few analogies for Idaho Strategic Resources (IDR):

• Think of IDR as a smaller, regional Barrick Gold, focused on extracting gold and silver in Idaho.
• Imagine Newmont, but hyper-focused on a single historic mining district in Idaho.
• It's like a miniature Rio Tinto, but specializing in precious metals extraction in the Coeur d'Alene region.

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• Gold: A precious metal extracted from the Golden Chest Mine and other mineral resources.
• Silver: A precious metal co-extracted or independently extracted from the company's mining operations.
• Base Metals: Various common, non-precious metals extracted from the mineral resources within the Greater Coeur d'Alene Mining District.

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Idaho Strategic Resources (IDR) is a mining company focused on extracting gold, silver, and base metal mineral resources. As such, it sells its raw or semi-processed materials (like dore bars for gold/silver or concentrates for base metals) to other companies for further processing and refining, rather than directly to individuals.

Mining companies typically do not publicly disclose the names of their specific major customers unless a single customer accounts for a significant portion of their revenue and is subject to disclosure requirements. However, based on the nature of its business, IDR's major customers would fall into the following categories:

• Precious Metals Refiners: These companies purchase gold and silver dore bars (a semi-pure alloy produced at the mine site) and refine them into high-purity investment-grade bullion. Examples of major global precious metals refiners include Valcambi, PAMP, Heraeus, Johnson Matthey, and Metalor.
• Base Metal Smelters and Processors: If IDR extracts significant base metal resources, these companies would purchase concentrates to separate and purify metals such as lead, zinc, or copper.
• Commodity Trading Houses: Some mining companies may sell their output to large international commodity trading houses, which then facilitate sales to refiners, smelters, and industrial end-users globally.

Specific customer names for Idaho Strategic Resources are not typically disclosed in public filings, as sales are often made into a global commodity market or through confidential off-take agreements with various processing facilities.

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John Swallow – Chairman, President and Chief Executive Officer

Mr. Swallow has served as Chairman of Idaho Strategic Resources, Inc. (IDR) since 2014, and President and CEO since 2018. He has over 30 years of experience in the mining industry, with a track record of investment return and job creation. Mr. Swallow led the transformation of IDR from a small, OTC-listed company into a NYSE-listed, vertically integrated gold producer. He is a co-founder and former owner of Timberline Drilling Inc. (TDI), which he helped grow into a successful industry service provider from 2011 to 2015.

Grant Brackebusch, P.E. – Chief Financial Officer, Vice President Operations and Director

Mr. Brackebusch is a registered professional mining engineer and a co-founder of Idaho Strategic Resources, Inc., established in 1996. He has been instrumental in the company's operations and management, including economic analysis, open pit and underground modeling, pit design, and underground mining and development. He also helped design, permit, and build the New Jersey Mill. Mr. Brackebusch is also a co-principal of Mine Systems Design, Inc.

Robert Morgan – Vice President Exploration

Mr. Morgan leads Idaho Strategic Resources, Inc.'s exploration efforts, leveraging his deep geological expertise and strategic vision. His responsibilities include identifying, evaluating, and developing new mineral prospects, from initial geological surveying and data analysis to the planning and execution of drilling programs, playing a critical role in expanding the company's resource base.

Monique Hayes – Corporate Secretary

Ms. Hayes serves as Corporate Secretary and Director of Investor Relations for Idaho Strategic Resources, Inc. In this role, she is the primary liaison between the company and its stakeholders, managing communications with investors, analysts, and the broader financial community to foster transparency and build confidence.

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The key risks to Idaho Strategic Resources (IDR) are primarily associated with the inherent volatility of the mining industry, its operational execution, and its financial stability.

1. Fluctuating Mineral and Commodity Prices: As a company engaged in extracting gold, silver, and base metal mineral resources, Idaho Strategic Resources is highly susceptible to the volatility of commodity markets. Declines or bearish trends in gold prices, as well as broader commodity market fluctuations, can significantly impact the company's revenues, profitability, and overall valuation.

2. Operational and Regulatory Risks: Idaho Strategic Resources faces substantial operational challenges, including the risk of failing to meet its gold production targets, which would adversely affect its revenues and valuation. Furthermore, the company's ability to operate and expand is heavily dependent on obtaining and maintaining necessary permits for future exploration, development, and production activities. The mining industry is also subject to extensive government regulation, environmental risks, and inherent operational factors such as ground conditions, equipment failure, and variations in ore grade or recovery rates.

3. Financing and Dilution Risks: The capital-intensive nature of mineral exploration and development means Idaho Strategic Resources may require significant future financing. There is a risk that greater cash requirements could lead to the company diluting its stock, negatively impacting existing shareholders. The ability to secure future financing on acceptable terms is also a critical risk for the company's growth and ongoing operations.

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Gold

Silver

Base Metals

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Idaho Strategic Resources (IDR) is poised for future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Gold Production and Expanded Resources at the Golden Chest Mine: The company is actively engaged in drilling and development programs at its flagship Golden Chest Mine, targeting areas like Paymaster and Red Star. These efforts are expected to expand known mineral resources, leading to higher gold production. Idaho Strategic Resources is also constructing a new flotation mill and a paste backfill system at the Golden Chest Mine. These infrastructure improvements are designed to reduce trucking expenses, increase tailings capacity, and enhance processing capabilities, which will support increased production not only from the Golden Chest but also from other potential mining operations within the broader Murray Gold Belt District.
2. Development and Potential Production from Rare Earth Elements (REE) Projects: Idaho Strategic Resources holds the largest rare earth elements land package in the United States and has announced significant discoveries at its Lucky Horseshoe and Cardinal prospects, showing strong REE mineralization. The company is conducting extensive exploration, including large-scale geophysics and soil sampling, and plans drilling on its Mineral Hill and Lemhi Pass properties in 2026. This focus on critical minerals positions IDR to capitalize on the growing demand for REEs in clean energy and defense applications, offering significant "blue-sky potential" for future revenue.
3. Favorable Commodity Prices: Elevated precious metals prices, particularly for gold (noted near $5,084 per ounce), significantly contribute to IDR's revenue and allow for continued reinvestment in operations and exploration. The strong market demand for critical minerals like rare earth elements further enhances the revenue potential from the company's diversified portfolio.
4. Strategic Expansion within the Murray Gold Belt District: Beyond the Golden Chest Mine, Idaho Strategic Resources is pursuing exploration and development opportunities throughout its extensive landholdings in the Murray Gold Belt District, including prospects like the King Mine, Argus, McComber, and Butte Gulch. The new Murray Mill is strategically located to process ore from these additional operations. Furthermore, the recent lease agreement for the Niagara Copper-Silver Project within the district indicates a broader strategy to expand its mineral resource base and future production potential.

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Share Repurchases

• Idaho Strategic Resources has shown a 3-Year Average Share Buyback Ratio of -7.7, indicating share repurchases.
• The company's Buyback Yield was -10.23%.

Share Issuance

• Idaho Strategic Resources, Inc. filed a Follow-on Equity Offering in the amount of $45 million.
• The company also filed another Follow-on Equity Offering in the amount of $20 million.
• The number of shares outstanding for IDR has increased by 10.23% in one year.

Inbound Investments

• In August 2024, Idaho Strategic Resources received a grant of $430,000 from Idaho's Rural Community Investment Fund (RCIF) for public power infrastructure upgrades benefiting the town of Murray, Idaho, and the Golden Chest Mine.

Outbound Investments

• In 2025, Idaho Strategic Resources acquired the Toboggan project from Hecla Silver Valley, Inc., a subsidiary of Hecla Mining Company, located in the Murray Gold Belt near the Golden Chest Mine.

Capital Expenditures

• Capital expenditures were reported as -$1.7 million in 2024 and -$3.0 million in 2023.
• In the third quarter of 2025, capital expenditures totaled -$2.71 million.
• Capital expenditures are primarily focused on mine development, drilling and exploration programs, and infrastructure upgrades at the Golden Chest Mine, including the construction of a paste backfill system and plans for a new Murray Mill.