In This Story
Idaho Strategic Resources Inc. (IDR+4.41%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Idaho Strategic Resources is engaged in gold production at the Golden Chest Mine and exploration of rare earth elements (REE) in Idaho. The company operates the New Jersey Mill and holds interests in several exploration properties.
For the fiscal year 2024, the company reported an increase in revenue from concentrate sales to $25,765,373, up from $13,656,733 in 2023. The increase is attributed to higher gold prices and increased production from the H-Vein at the Golden Chest Mine.
The company reported a gross profit of $12,950,493 for 2024, compared to $3,965,036 in 2023. This improvement is due to higher gold grades and increased production efficiency.
Net income for 2024 was $8,753,377, up from $1,073,449 in the previous year. The increase is attributed to higher sales volume and improved operational performance.
Idaho Strategic Resources conducted 10,148 meters of core drilling at the Golden Chest Mine in 2024, focusing on converting resources to reserves and exploring the northern Klondike area.
The company maintains a strategic presence in the U.S. Critical Minerals sector, focusing on REE properties such as Diamond Creek, Mineral Hill, and Lemhi Pass, which are part of the U.S. national REE inventory.
The company reported cash provided by operating activities of $10,838,806 for 2024, while cash used in investing activities was $20,760,809, primarily for property and equipment purchases.
Idaho Strategic Resources plans to continue focusing on gold production at the Golden Chest Mine and exploring its REE properties to capitalize on future demand for critical minerals.
The filing also notes that the company has an accumulated deficit of approximately $8 million as of December 31, 2024, and management believes it can meet its obligations with ongoing operations and potential financings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Idaho Strategic Resources Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.