COEUR D'ALENE - Idaho Strategic Resources, Inc. (NYSE American: IDR) ('IDR', 'Idaho Strategic' or the 'Company') today announced its consolidated operating and financial results for the first quarter ending March 31, 2024.
IDR achieved a 76.5% increase in revenue and a 35-fold increase in net income compared to the first quarter of 2023. Key highlights include:
Idaho Strategic's CEO and President, John Swallow stated, 'The beneficial combination of higher gold prices, higher gold grades, and a motivated team was evident in the first quarter this year. Those of us who have been around since the early days remember well that we began production from the Golden Chest when the price of gold was around $1,200 per ounce. We knew then that we needed to build the business during the tough times in order to take advantage of the good times. And now we have found ourselves in a strong position to capitalize on this opportunity and to invest in additional production and exploration activities. We have a number of drill targets outlined throughout the summer and fall and we expect to begin construction on our paste backfill plant during the second quarter.'
Golden Chest Highlights for Q1 2024 Include: In the first quarter of 2024 gold production increased 80.6% to 3,116 ounces, average flotation feed grade at the mill increased 83.1% to 10.31 gold grams per tonne (gpt), and all-in sustaining cost per ounce (AISC) decreased 28.8% to $1,097.09 compared to the same period in 2023.
The Company announced the purchase of the Butte Gulch property located adjacent to the Golden Chest Mine. Butte Gulch has the potential to serve as a future location for surface and underground mining infrastructure.
Additionally, Idaho Strategic announced the purchase of long-lead time components for its planned paste backfill system. The paste backfill system is expected to allow for increased mine development and has the potential to save the Company an estimated $500,000 to $800,000 annually once fully operable.
Subsequent to the end of Q1, the Company agreed to a renewed contract with its concentrate broker, H&H Metals. It is anticipated the negotiated terms of the updated contract should result in a savings of between $200,000 to $400,000 annually.
Rare Earth Highlights for Q1 2024 Include: Idaho Strategic's CEO and President, John Swallow, was invited by members from the U.S. Department of Energy to speak at the Future Needs for Responsible Mining of Critical Minerals workshop in Denver, CO on January 25th, 2024.
Mr. Swallow concluded, 'Over the past 10 years our team has built a truly unique business in the resources sector and now have the right assets in the right locations at the right time. We've produced a record Q1 and Q2 is off to a great start. It is gratifying to see the business reach this level of profitability and to be able to reinvest a meaningful amount into future growth initiatives. I am as energized as ever over the position and direction of the company, and I get to work alongside a group (including my two sons) whose efforts have a direct and positive impact on the communities where we operate. We are only in the early innings of a game we intend to win.'
Notes accompanying the financial statements below can be found in the Company's quarterly report filed this morning with the SEC on EDGAR.
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.
Contact:
Tel: (208) 625-9001
Email: tswallow@idahostrategic.com
IDAHO STRATEGIC RESOURCES, INC. 
