Idaho Strategic Resources, Inc.
Idaho Strategic Resources, Inc. is a U.S.-based gold producer and critical minerals explorer centered in Idaho. The company operates the Golden Chest underground mine and New Jersey Mill while also advancing a portfolio of rare earth element (REE) properties to diversify beyond gold and build exposure to domestic critical minerals.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueUnderground gold ore extraction and sale of gold-bearing concentrate from the Golden Chest Mine.
Custom and captive milling services through the New Jersey Mill, including flotation and tailings filtration.
Drilling, development drifting, geophysics, sampling, and mapping to expand gold and REE resources.
Early-stage REE property advancement and land consolidation in Idaho's critical minerals belt.
Products
Reported · share of revenue- Concentrate Sales to H and H97.7 %
- Dore Sales to Refineries2.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells gold production into commodity markets rather than to a narrow customer base, so its direct buyers are typically refiners, concentrate purchasers, or trading counterparties. Its milling and exploration activities are more internally focused, supporting mine development and future resource growth rather than serving a large external customer roster. REE work is aimed at future strategic partners, government-linked stakeholders, and potential downstream critical-mineral buyers.
Buy gold-bearing production from the Golden Chest for refining and resale into bullion markets.
Use the New Jersey Mill and related infrastructure to process ore from the company's own mines.
Potential partners, agencies, and institutions that may help advance domestic critical mineral projects.
Service providers, contractors, and technical collaborators supporting drilling and mine development.
Strategy
Management is focused on generating cash flow from the Golden Chest Mine while reinvesting into production growth, the New Jersey Mill, and exploration. A second strategic pillar is building a domestic REE portfolio in Idaho to diversify the asset base and participate in U.S. critical-minerals supply chain development.
Gold cash flow funds operations, exploration, and balance-sheet flexibility.
Processing capacity and recovery improvements support higher throughput and margins.
REE assets could create long-duration value and reduce dependence on gold alone.
Geography
Operations are concentrated in Idaho, with gold assets in the Coeur d'Alene Mining region and Elk City region, plus REE properties near Salmon in central Idaho. The company also has a leased mineral-claims footprint spanning roughly 19,090 acres across its REE landholdings, making local permitting, infrastructure, and state-level relationships important to execution. Geography matters because the business depends on a small number of Idaho districts and on access to domestic critical-mineral jurisdictions.
Risks
The company is exposed to gold price volatility, mine development risk, and operational concentration in a small number of Idaho assets. Its REE portfolio is early stage and depends on exploration success, permitting, and the broader pace of U.S. critical-mineral investment, while reclamation and reserve estimates add accounting and closure risk.
Revenue is tied to realized gold prices, which can move sharply quarter to quarter.
Exposure: Golden Chest production and concentrate sales
A large share of cash flow depends on one producing underground mine and one mill.
REE and satellite gold properties may not convert into economic reserves.
Mining and exploration require permits and eventual remediation funding.
Exposure: Reclamation bond and environmental compliance
Accounting
Judgemental itemsAssays and final settlement prices can differ from initial estimates, affecting revenue and inventory.
Impact: Can shift reported sales, receivables, and gross margin between periods
Mine engineers' reserve and resource estimates determine amortization rates.
Impact: Changes in reserve life can materially alter depletion expense
Closure cost estimates are judgmental and may change with permitting or remediation scope.
Impact: Affects liabilities and future cash requirements
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Last updated: 28/04/2026