# EDGAR Filing Document

**Accession Number:** 0001030192
**File Stem:** 0001654954-25-009147
**Filing Date:** 2025-8
**Character Count:** 109427
**Document Hash:** 970c88b541dd49ae55bedd9ef8fb7826
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-009147.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001654954-25-009147

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 77

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Idaho Strategic Resources, Inc.
- **CENTRAL INDEX KEY:** 0001030192
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 820490295
- **STATE OF INCORPORATION:** ID
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41320
- **FILM NUMBER:** 251191426

**BUSINESS ADDRESS:**
- **STREET 1:** 201 N. 3RD STREET
- **CITY:** COEUR D'ALENE
- **STATE:** ID
- **ZIP:** 83814
- **BUSINESS PHONE:** (208) 625-9001

**MAIL ADDRESS:**
- **STREET 1:** 201 N. 3RD STREET
- **CITY:** COEUR D'ALENE
- **STATE:** ID
- **ZIP:** 83814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW JERSEY MINING CO
- **DATE OF NAME CHANGE:** 20000107

?xml version='1.0' encoding='ASCII'? idr_10q.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

---

| | |
|:---|:---|
| (Mark One) | (Mark One) |
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | **For the quarterly period ended June 30, 2025** |
|  | OR |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the transition period from _____________ to ____________ |

---

Commission File No.<u>**001-41320**</u>

---

| |
|:---|
| **IDAHO STRATEGIC RESOURCES, INC** |
| (Name of small business issuer in its charter) |

---

---

| | |
|:---|:---|
| **Idaho** | **82-0490295** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification No.) |

---

**<u>201 N. Third Street, Coeur d'Alene, ID 83814</u>**

(Address of principal executive offices) (zip code)

**<u>(208) 625-9001</u>**

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.00 par value | IDR | NYSE American |

---

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

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| | | | |
|:---|:---|:---|:---|
| Large Accelerated Filer | ☐ | Accelerated Filer  | ☐ |
| Non-Accelerated Filer | ☒ | Small Reporting Company | ☒ |
|  |  | Emerging Growth Company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

At August 1, 2025, 14,505,392 shares of the registrant's common stock were outstanding.

**IDAHO STRATEGIC RESOURCES, INC**

**QUARTERLY REPORT ON FORM 10-Q**

**FOR THE QUARTERLY PERIOD** 

**ENDED JUNE 30, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [PART I - FINANCIAL INFORMATION](#p1) | [PART I - FINANCIAL INFORMATION](#p1) | 3 |
|  | [ITEM 1. Financial Statements](#i1) | 3 |
|  | [ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#it2) | 13 |
|  | [ITEM 3. Quantitative and Qualitative Disclosures about Market Risk](#it3) | 16 |
|  | [ITEM 4. Controls and Procedures](#it4) | 16 |
| [PART II OTHER INFORMATION](#p2) | [PART II OTHER INFORMATION](#p2) | 17 |
|  | [ITEM 1. Legal Proceedings](#it1) | 17 |
|  | [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i2) | 17 |
|  | [ITEM 3. Defaults Upon Senior Securities](#i3) | 17 |
|  | [ITEM 4. Mine Safety Disclosures](#i4) | 17 |
|  | [ITEM 5. Other Information](#i5) | 17 |
|  | [ITEM 6. Exhibits](#i6) | 18 |

---

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| |
|:---|
| 2 |
| *[**Table of Contents**](#toc)* |

---

**PART I - FINANCIAL INFORMATION**

**ITEM 1: Financial Statements**

**Idaho Strategic Resources, Inc.**

**Condensed Consolidated Balance Sheets (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2444476 | $1106901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in US treasury notes | 10611794 | 7775193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold sales receivable | 2641438 | 1578694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1120993 | 899924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint venture receivable | 1108 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 366137 | 378469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 17185946 | 11742073 |
| Property, plant and equipment, net of accumulated depreciation | 16289024 | 12904065 |
| Mineral properties, net of accumulated amortization | 11598167 | 10573349 |
| Investment in Buckskin Gold and Silver, Inc | 342623 | 341436 |
| Investment in joint venture | 435000 | 435000 |
| Investments in US treasury notes, non-current | 11082224 | 7208930 |
| Reclamation bond | 330110 | 249110 |
| Deposits | 436166 | 567667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $57699260 | $44021630 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $1535858 | $1006078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related payroll expenses | 570525 | 564090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, current portion | 1254269 | 709381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 3360652 | 2279549 |
| Asset retirement obligations | 315264 | 305409 |
| Notes payable, long term | 2025399 | 1023358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 2340663 | 1328767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 5701315 | 3608316 |
| Commitments Note 5 |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, no par value, 200,000,000 shares authorized; June 30, 2025-14,058,339 and December 31, 2024- 13,665,058 shares issued and outstanding | 53296323 | 46059318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (3997516) | (8373953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Idaho Strategic Resources, Inc stockholders' equity | 49298807 | 37685365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 2699138 | 2727949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 51997945 | 40413314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $57699260 | $44021630 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

---

| |
|:---|
| 3 |
| *[**Table of Contents**](#toc)* |

---

**Idaho Strategic Resources, Inc.**

**Condensed Consolidated Statements of Operations (Unaudited)**

**For the Three and Six-Month Periods Ended June 30, 2025 and 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of products | $9476739 | $16755275 | $6125382 | $12024320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 9476739 | 16755275 | 6125382 | 12024320 |
| Costs of Sales: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and other direct production costs | 3459215 | 6490044 | 2596027 | 5154940 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 541738 | 1091359 | 455930 | 957718 |
| Total costs of sales | 4000953 | 7581403 | 3051957 | 6112658 |
| Gross profit | 5475786 | 9173872 | 3073425 | 5911662 |
| Other operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | 2244761 | 3616194 | 620056 | 887904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management | 268214 | 532959 | 90313 | 199413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 153260 | 336998 | 84982 | 239226 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 223735 | 460753 | 179456 | 340119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment | 68942 | 308840 | 3022 | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other operating expenses | 2958912 | 5255744 | 977829 | 1674093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 2516874 | 3918128 | 2095596 | 4237569 |
| Other (income) expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity (income) loss on investment in Buckskin Gold and Silver, Inc | 159 | (1187) | 1589 | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Timber revenue net of costs | (2848) | (6704) | (6049) | (19406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on investment in equity securities |  |  |  | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (220409) | (405804) | (60468) | (80103) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | - | - | 25602 | 46167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (income) expense | (223098) | (413695) | (39326) | (53167) |
| **Net income** | **2739972** | **4331823** | **2134922** | **4290736** |
| Net loss attributable to non-controlling interest | (27486) | (44614) | (22951) | (38246) |
| Net income attributable to Idaho Strategic Resources, Inc. | $2767458 | $4376437 | $2157873 | $4328982 |
| Net income per common share-basic | $0.20 | $0.32 | $0.17 | $0.34 |
| Weighted average common share outstanding-basic | 14007582 | 13837894 | 12836205 | 12674789 |
| Net income per common share-diluted | $0.20 | $0.31 | $0.17 | $0.34 |
| Weighted average common shares outstanding- diluted | 14134531 | 13939790 | 12999717 | 12850749 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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| |
|:---|
| 4 |
| *[**Table of Contents**](#toc)* |

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**Idaho Strategic Resources, Inc.** 

**Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited)**

**For the Three and Six-Month Periods Ended June 30, 2025 and 2024**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock Shares** | **Common Stock Amount** | **Accumulated Deficit Attributable to Idaho Strategic Resources, Inc** | **Non-Controlling Interest** | <br>Stockholders' Equity |
| Balance January 1, 2024 | 12397615 | $34963739 | $(17210638) | $2782497 | $20535598 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 1598 | 1598 |
| Issuance of common stock for cash, net of offering costs | 127152 | 847492 |  |  | 847492 |
| Issuance of common stock for warrants exercised | 147026 | 823346 |  |  | 823346 |
| Issuance of common stock for stock options exercised | 5357 | 29999 |  |  | 29999 |
| Issuance of common stock for cashless stock options exercised | 5887 |  |  |  |  |
| Net income (loss) | - | - | 2171109 | (15295) | 2155814 |
| Balance March 31, 2024 | 12683037 | 36664576 | (15039529) | 2768800 | 24393847 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 10647 | 10647 |
| Issuance of common stock for cash, net of offering costs | 137864 | 1313392 |  |  | 1313392 |
| Issuance of common stock for warrants exercised | 29763 | 166673 |  |  | 166673 |
| Issuance of common stock for stock options exercise | 21429 | 120002 |  |  | 120002 |
| Issuance of common stock for cashless stock options exercise | 86481 |  |  |  |  |
| Net income (loss) | - | - | 2157873 | (22951) | 2134922 |
| Balance June 30, 2024 | 12958574 | $38264643 | $(12881656) | $2756496 | $28139483 |
| Balance January 1, 2025 | 13665058 | 46059318 | (8373953) | 2727949 | 40413314 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 1927 | 1927 |
| Stock-based compensation |  | 495146 |  |  | 495146 |
| Issuance of common stock for cashless stock options exercised | 3722 |  |  |  |  |
| Net income (loss) | - | - | 1608979 | (17128) | 1591851 |
| Balance March 31, 2025 | 13668780 | 46554464 | (6764974) | 2712748 | 42502238 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 13876 | 13876 |
| Stock-based compensation |  | 495146 |  |  | 495146 |
| Issuance of common stock for cash, net of offering costs | 380000 | 6246713 |  |  | 6246713 |
| Issuance of common stock for cashless stock options exercise | 9559 |  |  |  |  |
| Net income (loss) | - | - | 2767458 | (27486) | 2739972 |
| Balance June 30, 2025 | 14058339 | $53296323 | $(3997516) | $2699138 | $51997945 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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|:---|
| 5 |
| *[**Table of Contents**](#toc)* |

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**Idaho Strategic Resources, Inc.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

**For the Six-Month Periods Ended June 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $4331823 | $4290736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1091359 | 957718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment | 308840 | 7431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 9855 | 9226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investment in equity securities |  | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity income on investment in Buckskin Gold and Silver, Inc | (1187) | (278) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 990292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt payments made by 3<sup>rd</sup> party | (44951) | - |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold sales receivable | (1062744) | (477647) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (221069) | 110069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint venture receivable | 1784 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 12332 | 42939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 529780 | 248611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related payroll expenses | 6435 | 19517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 5952549 | 5209442 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant, and equipment | (2436596) | (583841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits on equipment | (62600) | (345907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment | 90400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to mineral property | (1112712) | (960388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of US treasury notes | (6709895) | (6309340) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investment in equity securities |  | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of reclamation bond | (81000) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | (10312403) | (8199280) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of common stock, net of issuance cost | 6246713 | 2160884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock for warrants exercised |  | 990019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock for stock options exercised |  | 150001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on notes payable | (565087) | (795530) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interest | 15803 | 12245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 5697429 | 2517619 |
| Net change in cash and cash equivalents | 1337575 | (472219) |
| Cash and cash equivalents, beginning of period | 1106901 | 2286999 |
| Cash and cash equivalents, end of period | $**2444476** | $**1814780** |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit on equipment applied to purchase | $194101 | $30719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable for equipment purchase | $2156967 | $559752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable for mineral property purchase | $- | $650000 |

---

*The accompanying notes are an integral part of these condensed consolidated financial statements.*

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| 6 |
| *[**Table of Contents**](#toc)* |

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**1. The Company and Significant Accounting Policies**

These unaudited interim condensed consolidated financial statements have been prepared by the management of Idaho Strategic Resources, Inc. ("IDR", "Idaho Strategic" or the "Company") in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company's management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair statement of the interim condensed consolidated financial statements have been included.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations. Operating results for the three and six-month periods ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. Management estimates that the effective tax rate expected for the full year ended December 31, 2025 will be 0% due to the Company's cumulative loss position, historical net operating losses ("NOLs"), and other available evidence related to the Company's ability to generate taxable income. Accordingly, there is no income tax provision or benefit for the six month period ended June 30, 2025.

For further information refer to the financial statements and footnotes thereto in the Company's audited consolidated financial statements for the year ended December 31, 2024, in the Company's Form 10-K as filed with the Securities and Exchange Commission on March 31, 2025.

**<u>Principles of Consolidation</u>**

The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture ("NJMJV"). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the condensed consolidated balance sheets and statements of operations.

**<u>Revenue Recognition</u>**

*Gold Revenue Recognition and Receivables-*Sales of gold sold directly to customers are recorded as revenues and receivables upon completion of the performance obligations and transfer of control of the product to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, prices at which sales of concentrates will be settled are estimated. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. The Company obtains the forward metals prices used for each period from Kitco For sales of doré and metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner.

Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on the Company's sales of products.

*Other Revenue Recognition*-Revenue from harvest of raw timber is recognized when the performance obligation under a contract and transfer of the timber have both been completed. Sales of timber found on the Company's mineral properties are not a part of normal operations.

**<u>Inventories</u>**

Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value.

**<u>Mine Exploration and Development Costs</u>**

The Company expenses exploration costs as such in the period they occur. The exploration stage occurs up until the point ore reserves are identified. The pre-development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the pre-development stage are capitalized as deferred development costs and include such costs for drifts, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The pre-development stage ends when the production stage of ore reserves begins, thus entering the secondary development stage.

Drilling, and related costs are either classified as exploration, pre-development or secondary development, as defined above, and charged to operations as incurred, or capitalized, based on the following criteria:

· whether the costs are incurred to further define resources or exploration targets at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area;

· whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and

· whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) the Company can obtain the benefit and control others' access to it, and (c) the transaction or event giving rise to the Company's right to or control of the benefit has already occurred.

If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and capitalization of drilling and development costs is appropriate:

· completion of a favorable economic study and mine plan for the ore body targeted;

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| 7 |
| *[**Table of Contents**](#toc)* |

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**1. The Company and Significant Accounting Policies (continued)**

· authorization of development of the ore body by management and/or the Board of Directors; and

· there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for the Company to have the right to or control of the future benefit from the targeted ore body have been met.

Amortization of development costs is calculated using the units-of-production method over the expected life as per the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 360-10-35-4. This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp ("MAR"). Measured resources are 90-100% interpolated, and indicated resources 75-80% interpolated, using a 2 grams per tonne gold cut-off grade at the diluted minimum mining width. Conservative estimation parameters (three samples within 25 meters for measured, two within 50 meters for indicated) and economic factors ensure viability. Inferred resources are excluded to reduce uncertainty, and therefore, the volumes are risk-adjusted. Assumptions are regularly evaluated, with material deviations disclosed to ensure a systematic and rational cost allocation. More information on the Company's reserves and resources can be found in the Technical Report Summary For the Golden Chest Mine which was included as Exhibit 96.1 to the Company's Form 10-K filed with the Securities and Exchange Commission on March 31, 2025.

**<u>Fair Value Measurements</u>**

When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At June 30, 2025 and December 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis other than its gold sales receivable.

**<u>Accounting for Investments in Joint Ventures ("JV") and Equity Method Investments</u>**

*Investment in JVs*-For JVs where the Company holds more than 50% of the voting interest and has significant influence, the JV is consolidated with the presentation of non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture's management committee.

For JVs in which the Company does not have joint control or significant influence, the cost method is used. For those JVs in which there is joint control between the parties, the equity method is utilized whereby the Company's share of the ventures' earnings and losses is included in the statement of operations as earnings in JVs and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in JVs for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations.

*Equity Method Investments*-Investments in companies and joint ventures in which the Company has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, the Company's share of the net earnings or losses of the investee are included in net income (loss) in the condensed consolidated statements of operations. The Company evaluates equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. At June 30, 2025, and December 31, 2024, the Company's 37% common stock holding of Buckskin Gold and Silver, Inc. ("Buckskin") is accounted for using the equity method (Note 11).

At June 30, 2025 and December 31, 2024, the Company's percentage ownership and method of accounting for each JV and equity method investment is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| <br>**JV/Equity** | **% Ownership** | **Significant Influence?** | **Accounting Method** | **% Ownership** | **Significant Influence?** | **Accounting Method** |
| NJMJV | 65% | Yes | Consolidated | 65% | Yes | Consolidated |
| Butte Highlands JV, LLC | 50% | No | Cost | 50% | No | Cost |
| Buckskin | 37% | Yes | Equity | 37% | Yes | Equity |

---

**<u>Reclassifications</u>**

Certain prior period amounts have been reclassified to conform to the 2025 financial statement presentation. Reclassifications had no effect on net income or stockholders' equity as previously reported. Cash flows were reclassified due to the US treasury notes.

**<u>Investments in US Treasury Notes</u>**

The Company holds short term investments in United States Treasury notes and are classified as held to maturity based on management's intent and ability to hold them to maturity. Such debt securities are stated at cost, adjusted for unamortized purchase premiums and discounts and are amortized using the interest method over the stated terms of the securities. Amortization of the premium or discount is included in interest income on the condensed consolidated statement of operations.

**<u>Segment Reporting</u>**

The Company operates as a single operating segment. All financial information is presented on a consolidated basis and reviewed by the Company's Chief Executive Officer as the Chief Operating Decision Maker ("CODM"). The CODM uses consolidated net income, as presented in the condensed consolidated statement of operations, to assess segment performance and allocate resources. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**1. The Company and Significant Accounting Policies (continued)**

**<u>Recent Accounting Pronouncements</u>**

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. The Company does not believe there will be an impact from this update on its condensed consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company's annual periods for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine the impact on its condensed consolidated financial statements and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

**2. Investments in US Treasury Notes**

The table below provides the components of investments in US treasury notes held to maturity at amortized cost and fair value at June 30, 2025 and December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Amortized Cost** | **Gross Unrealized gains** | **Gross Unrealized losses** | **Fair value** |
| US Treasury notes, current<br>(Matures within 1 year) | $10611794 | $25206 | $- | $10637000 |
| US Treasury notes, non-current<br>(Matures in 1-5 years) | 11082224 | 114776 | - | 11197000 |
| Total | $21694018 | $139982 | $- | $21834000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| US Treasury notes, current<br>(Matures within 1 year) | $7775193 | $30807 | $- | $7806000 |
| US Treasury notes, non-current<br>(Matures in 1-5 years) | 7208930 | 72070 | - | 7281000 |
| Total | $14984123 | $102877 | $- | $15087000 |

---

Fair value of investments in US treasury notes is determined using Level 1 inputs.

**3. Inventories**

At June 30, 2025 and December 31, 2024, the Company's inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Concentrate inventory: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finished goods | $513580 | $334033 |
| Total concentrate inventory | 513580 | 334033 |
| Supplies inventory: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine parts and supplies | 470214 | 475336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mill parts and supplies | 137199 | 90555 |
| Total supplies inventory | 607413 | 565891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $1120993 | $899924 |

---

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**4. Sales of Products**

The Company's products consist of both gold flotation concentrates which are sold to a single broker (H&H Metals ("H&H")), and an unrefined gold-silver product known as doré which is sold to a precious metal refinery (Cascade Refining). At June 30, 2025, gold concentrate that had been sold but not finally settled included 9,244 ounces of gold of which 2,258 ounces were sold at a predetermined price with the remaining 6,986 exposed to future price changes until prices are locked in based on the month of settlement. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three and six-month periods ended June 30, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| Gold | $9588879 | $16994267 | $6285048 | $12410268 |
| Silver | 44454 | 76209 | 27596 | 54985 |
| Less: Smelter and refining charges | (156594) | (315201) | (187262) | (440933) |
| &nbsp;&nbsp;Total | $9476739 | $16755275 | $6125382 | $12024320 |

---

Sales by significant product type for the three and six-month periods ended June 30, 2025, and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| Concentrate sales to H&H Metal | $9476739 | $16755275 | $5852389 | $11751327 |
| Dore sales to refinery | - | - | 272993 | 272993 |
| Total | $9476739 | $16755275 | $6125382 | $12024320 |

---

At June 30, 2025 and December 31, 2024 the gold sales receivable balance of $2,641,438, and $1,578,694, respectively, consisted only of amounts due from H&H. There is no allowance for doubtful accounts.

**5. Related Party Transactions**

The Company leases office space from certain related parties on a month-to-month basis. $2,000 per month is paid to NP Depot LLC, a company owned by the Company's president, John Swallow and approximately $1,700 is paid quarterly to Mine Systems Design, Inc. which is partially owned by the Company's vice president, Grant Brackebusch. Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three and six-month periods ended June 30, 2025 and 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| $7688 | $15376 | $7688 | $15308 |

---

**6. JV Arrangements**

**<u>NJMJV Agreement</u>**

The Company owns 65% of the NJMJV and has significant influence in its operations. Thus, the JV is included in the condensed consolidated financial statements along with presentation of the non-controlling interest. At June 30, 2025 and December 31, 2024, an account receivable existed with Crescent Silver, LLC ("Crescent"), the other JV participant, for $1,108 and $2,892, respectively, for shared operating costs as defined in the JV agreement. This account receivable is included in the condensed consolidated balance sheet as Joint venture receivable.

**<u>Butte Highlands JV, LLC</u>**

On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC ("BHJV") for a total consideration of $435,000. Highland Mining, LLC ("Highland") is the other 50% owner and manager of the JV. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the JV's activities, it accounts for its investment on a cost basis.

**7. Earnings per Share**

The following table presents the calculation of basic and diluted net income per common share for the three and six-month periods ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| Net income | $2739972 | $4331823 | $2134922 | $4290736 |
| Weighted average shares-basic | 14007582 | 13837894 | 12836205 | 12674789 |
| Effect of dilutive potential common shares from stock options | 126949 | 101896 | 125446 | 129410 |
| Effect of dilutive potential common shares from warrants | - | - | 38066 | 46550 |
| Weighted average shares-diluted | 14134531 | 13939790 | 12999717 | 12850749 |
| Net income per share-basic | $0.20 | $0.32 | $0.17 | $0.34 |
| Net income per share-diluted | $0.20 | $0.31 | $0.17 | $0.34 |

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**8. Property, Plant, and Equipment**

Property, plant and equipment at June 30, 2025 and December 31, 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Mine Equipment | $10461808 | $8223596 |
| Accumulated Depreciation | (4092648) | (3845349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mine Equipment | 6369160 | 4378247 |
| Mill Equipment | 9069657 | 7580452 |
| Accumulated Depreciation | (2899653) | (2453673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Mill Equipment | 6170004 | 5126779 |
| Buildings | 3111516 | 2715931 |
| Accumulated Depreciation | (340359) | (295595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Buildings | 2771157 | 2420336 |
| Land | 978703 | 978703 |
| Total | $16289024 | $12904065 |

---

For the three and six-month periods ended June 30, 2025 and 2024, depreciation expense for property, plant, and equipment was as follows.

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| $488183 | $1003465 | $431598 | $908223 |

---

**9. Mineral Properties**

Mineral properties at June 30, 2025 and December 31, 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Golden Chest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Property | $5159084 | $5159084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | 5835040 | 4722328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Golden Chest | 10994124 | 9881412 |
| New Jersey | 256768 | 256768 |
| McKinley-Monarch | 200000 | 200000 |
| Potosi | 150385 | 150385 |
| Park Copper/Gold | 78000 | 78000 |
| Eastern Star | 250817 | 250817 |
| Oxford | 40000 | 40000 |
| Accumulated Amortization | (371927) | (284033) |
| Total | $11598167 | $10573349 |

---

For the three and six-month periods ended June 30, 2025 and 2024, amortization expense for mineral properties was as follows.

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| $53555 | $87894 | $24332 | $49495 |

---

For the three and six-month periods ended June 30, 2025 and 2024, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows.

---

| | | | |
|:---|:---|:---|:---|
| **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| $52552 | $95939 | $23797 | $43174 |

---

**10. Notes Payable**

At June 30, 2025 and December 31, 2024, notes payable are as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| Mine Equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monthly payments of $107,574 and $55,803 as of June 30, 2025 and December 31, 2024, respectively | $2451508 | $962384 |
| Mill Equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monthly payments of $15,621 and $11,498 as of June 30, 2025 and December 31, 2024, respectively | 606299 | 540773 |
| Buildings/Land |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Monthly payments of $2,500 and $2,500 as of June 30, 2025 and December 31, 2024, respectively | 221861 | 229582 |
| Total notes payable | 3279668 | 1732739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due within one year | 1254269 | 709381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due after one year | $2025399 | $1023358 |

---

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at June 30, 2025 are as follows:

---

| | |
|:---|:---|
| 7/1/2025 – 6/30/2026 | $1254269 |
| 7/1/2026 – 6/30/2027 | 1022795 |
| 7/1/2027 – 6/30/2028 | 511630 |
| 7/1/2028 – 6/30/2029 | 331468 |
| 7/1/2029 – 6/30/2030 | 159506 |
| Total | $3279668 |

---

**11. Investment in Buckskin**

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the loss of $159 and income of $1,187 for the respective three and six-month periods ended June 30, 2025 and a loss of $1,589 and income of $278 for the respective three and six-month periods ended June 30, 2024. The Company makes an annual payment of $12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims. As of June 30, 2025, the Company holds 37% of Buckskin's outstanding shares.

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Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

**12. Stockholders' Equity**

**<u>Stock Issuance Activity</u>**

In the first six months of 2025 the Company issued common stock as follows:

· Sold 380,000 shares of common stock at an average price of $16.95 per share for net proceeds of $6,246,713.

· Issued 13,281 shares of common stock for outstanding stock options via cashless exercises by employees.

**<u>Stock Purchase Warrants Outstanding</u>**

There was no activity in the Company's stock purchase warrants since December 31, 2024, therefore there were no stock purchase warrants outstanding at June 30, 2025. Activity in stock purchase warrants is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Warrants** | **Exercise Prices** |
| Balance December 31, 2023 | 289294 | $5.60-7.00  |
| &nbsp;&nbsp;&nbsp;Exercised | (147026) | $5.60 |
| Balance March 31, 2024 | 142268 | $5.60-7.00  |
| &nbsp;&nbsp;&nbsp;Exercised | (29763) | $5.60 |
| Balance June 30, 2024 | 112505 | $5.60-7.00  |
| &nbsp;&nbsp;&nbsp;Exercised | (112505) | $5.60-7.00  |
| Balance December 31, 2024 and June 30, 2025 | - | $- |

---

**13. Stock Options**

On January 15, 2025, the Company granted 400,000 stock options to employees with an exercise price of $11.50. These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026. The stock-based compensation expense recognized for these options for the three and six-month periods ended June 30, 2025 was $495,146 and $990,292, respectively. Future expense for this stock option grant will be $257,476 for Q3 and Q4 2025 each, $138,641 for Q1 and Q2 2026 each, and $59,418 for Q3 and Q4 2026 each. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:

---

| | |
|:---|:---|
| Fair value | $1901360.0 |
| Options issued | 400000.0 |
| Exercise price | $11.5 |
| Expected term (in years) | 3.0 |
| Risk-free rate | 4.34% |
| Volatility | 64.2% |

---

Activity in the Company's stock options is as follows:

---

| | | |
|:---|:---|:---|
|  | **Number of Options** | **Weighted Average Exercise Prices** |
| Balance December 31, 2024 | 77000 | $5.17 |
| &nbsp;&nbsp;Granted | 400000 | $11.50 |
| &nbsp;&nbsp;Exercised | (20000) | $5.25 |
| Outstanding at June 30, 2025 | 457000 | $10.71 |

---

In the three and six-month periods ended June 30, 2025, 14,000 options were exchanged for 9,559 shares, and 20,000 options were exchanged for 13,281 shares, respectively, in cashless exercises by employees. The intrinsic value of these options was $160,355 and $211,831 for the three and six-month periods ended June 30, 2025, respectively. At June 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.25 years and have an intrinsic value of $1,084,250.

**14. Subsequent Events**

Subsequent to June 30, 2025:

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| |
|:---|
| 399,687 shares of common stock have been issued for net proceeds of $7,045,108. |
| Issued 9,500 shares of common stock upon the exercise of outstanding stock options for $56,750. |
| Issued 37,866 shares of common stock upon the exercise of 68,250 outstanding stock options in cashless exercises by employees. |

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**<u>Forward-Looking Statements</u>**

Certain statements contained in this Form 10-Q, including in Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company's forward-looking statements include current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. The Company has tried to identify these forward-looking statements by using words such as "may," "will," "expect," "anticipate," "believe," "intend," "feel," "plan," "estimate," "project," "forecast" and similar expressions. These forward-looking statements are based on information currently available to the Company and are expressed in good faith and believed to have a reasonable basis. However, these forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A.–Risk Factors in the Company's 2024 Form 10-K and in Part II, Item 1.A.-Risk Factors in this Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on these forward-looking statements. All subsequent written and oral forward-looking statements attributable to Idaho Strategic or to persons acting on the Company's behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, the Company does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

**ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**<u>Plan of Operation</u>**

Idaho Strategic is a gold producer and critical minerals/rare earth element ("REE") exploration company focused on a diversified asset base and cash flows from operations. Its portfolio of mineral properties are located in the historic producing silver and gold districts of the Coeur d'Alene Mining region of north Idaho and the Elk City region of north-central Idaho, as well as the historic REE-Thorium Belt located near the city of Salmon in central Idaho.

The Company's plan of operation is to generate positive cash flow, increase its gold production and asset base over time while being mindful of corporate overhead. The Company's management is focused on utilizing its in-house technical and operating skills to build a portfolio of producing mines and milling operations with a focus on gold production and exploration for REEs.

The Company's gold properties include: the Golden Chest Mine (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Eastern Star exploration property and other less advanced properties. The Company's primary focus as it relates to its gold properties is to continue to grow production at the Golden Chest Mine and look to reinvest the cash flow into both the Golden Chest, the New Jersey Mill, and furthering its exploration efforts near the Golden Chest, as well as at its REE properties.

In addition to its gold properties, Idaho Strategic has three REE exploration properties in Idaho known as Lemhi Pass, Diamond Creek, and Mineral Hill. Following observation of industry dynamics and in early response to events impacting long-term domestic critical mineral supply and demand trends, the Company's strategic expansion into REE's also aids in diversifying its holdings. The Company believes the anticipated demand for these elements in the electrification of motorized vehicles, defense spending, and a renewed focus on the United States' domestic critical minerals supply chain security may benefit domestic holders of such assets. The Company also believes it has a first-mover advantage with its addition of recognized REE land holdings in Idaho. To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include drilling, trenching, sampling, and mapping of certain areas within the Company's 19,090-acre landholdings.

Idaho Strategic has been able to demonstrate and utilize its track record of operations and experience in mining, milling, and exploring at the Golden Chest to develop relationships with different state government agencies, universities, national labs, and other government and non-government entities to advance its REE exploration activities on multiple fronts. Idaho Strategic plans to continue to look for additional partnerships to find mutually beneficial solutions to advance the U.S.' domestic REE supply chain.

**<u>Critical Accounting Estimates</u>**

The Company has three critical accounting estimates. The ounces of gold contained in process and concentrate inventory is based on assays taken at the time the ore is processed and the ounces of gold contained in shipped concentrate which is based upon assays taken prior to shipment, however, subject to final assays at the refinery, these shipments are also subject to the fluctuation in gold prices between shipment date and estimated and actual final settlement date. Additionally, the reclamation bond obligation on the Company's balance sheet is based on an estimate of the future cost to recover and remediate its properties as required by permits upon cessation of operations and may differ when operations are actually ceased. Finally, the amortization of development costs at the Golden Chest Mine is based on an estimate of reserves and measured and indicated resources calculated annually by the Company's mine engineers.

The Company's concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement. However, the Company can reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes. The embedded derivative contained in the Company's concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for the concentrate receivable will occur upon final settlement of the lots. As such, the Company uses the expected value method to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At June 30, 2025, metals that had been sold but not finally settled included 9,244 ounces of which 2,258 ounces were sold at a predetermined price with the remaining 6,986 exposed to future price changes until prices are locked in based on the month of settlement. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

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The asset retirement obligation and asset on the Company's balance sheet is based on an estimate of the future cost to recover and remediate its properties as required by permits upon cessation of operations and may differ when operations are actually ceased. At June 30, 2025 the Company reviewed its December 31, 2024 estimate that the cost of the machine and man hours probable to be needed to put its properties in the condition required by permits once operations are ceased. The June 30, 2025 estimated costs would be $104,000 for the Golden Chest Mine property and $224,000 for the New Jersey Mine and Mill. For purposes of the estimate, the Company evaluated the expected life in years and costs that, initially, are comparable to rates that it would incur at the present. An expected present value technique is used to estimate the fair value of the liability. This includes inflating the estimated costs in today's dollars using a reasonable inflation rate up to the date of expected retirement and discounting the inflated costs using a credit-adjusted risk-free rate. Upon initial recognition of the liability, the carrying amount of the related long-lived asset is increased by the same amount. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is amortized over the life of the related asset. The Company is adding to the liability each year, and amortizing the asset over the estimated life, which decreases net income in total each year. Changes resulting from revisions to the timing or amount of the original estimate of undiscounted cash flows are recognized as either an increase or a decrease in the carrying amount of the liability for an asset retirement obligation and the related asset retirement cost capitalized as part of the carrying amount of the related long-lived asset. Upward revisions of the amount of undiscounted estimated cash flows are discounted using the current credit-adjusted risk-free rate. Downward revisions in the amount of undiscounted estimated cash flows are discounted using the credit-adjusted risk-free rate that existed when the original liability was recognized. The Company reviews, on an annual basis, unless otherwise deemed necessary, the asset retirement obligations. Separately, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred and able to be reasonably estimated.

Amortization of development costs is calculated using the units-of-production method over the expected life as per the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 360-10-35-4. This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp ("MAR"). Measured resources are 90-100% interpolated, and indicated resources 75-80% interpolated, using a 2 grams per tonne gold cut-off grade at the diluted minimum mining width. Conservative estimation parameters (three samples within 25 meters for measured, two within 50 meters for indicated) and economic factors ensure viability. Inferred resources are excluded to reduce uncertainty, and therefore, the volumes are risk-adjusted. Assumptions are regularly evaluated, with material deviations disclosed to ensure a systematic and rational cost allocation. More information on the Company's reserves and resources can be found in the Technical Report Summary For the Golden Chest Mine which was included as Exhibit 96.1 to the Company's Form 10-K filed with the Securities and Exchange Commission on March 31, 2025.

**<u>Highlights during the second quarter of 2025 include:</u>**

**<u>REE Exploration</u>**

· During the quarter the Company executed a long-term lease agreement for the mineral claims comprising approximately 1,500 acres of various in-holdings within the Company's Mineral Hill and Lemhi Pass REE projects. Key prospects covered by the mineral claims leased by the Company include Cardinal (Mineral Hill), Lucky Horseshoe (Lemhi Pass, Idaho), Silver Queen (Lemhi Pass, Idaho), Last Chance (Lemhi Pass, Montana), Trapper (Lemhi Pass, Montana), and other prospects.

· The Company announced the signing of a Memorandum of Understanding with Clean Core Thorium Energy, Inc. ("CCTE") to evaluate the feasibility of thorium mining, processing, and fuel fabrication the facilitate a "Made in America" thorium-based nuclear fuel supply chain utilizing thorium from the Company's Lemhi Pass project and CCTE's ANEEL fuel- an advanced nuclear fuel comprised of thorium and high assay low-enriched uranium for use in existing nuclear reactors.

**<u>Golden Chest/Operations</u>**

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| At the Golden Chest, ore mined from underground stopes totaled approximately 10,240 tonnes with all of the tonnage coming from H-Vein stopes. |
| During the quarter, a total of 92 meters of development was completed in the MAR while most of the development effort was spent driving attack ramps to the 754 and 742 stopes. A total of 3,460 cubic meters of backfilling was completed during the quarter and operational improvements made by the miners significantly reduced the time to fill a stope from 20 shifts to 10 shifts. Four boreholes designed to deliver paste backfill from the surface to various areas within the mine were completed during the quarter as work continued on the paste backfill plant. |
| For the quarter ended June 30, 2025, a total of 10,240 dry metric tonnes ("dmt") were processed at the Company's New Jersey Mill with a flotation feed head grade of 9.97 gpt gold and gold recovery of 92.6%. |
| The construction of the tailings filtration circuit at the New Jersey Mill was completed and commissioning of the circuit was also completed. The haulage of tailings back to the Golden Chest mine commenced in the second quarter as well. |
| An exploration program consisting of surface and underground core drilling was continued during the second quarter at the Golden Chest and a surface core drilling program commenced in the Murray Gold Belt. A total of 2,176 meters of drilling was completed at the Golden Chest targeting the Paymaster, the Red Star, and the H-vein. A total of 1,687 meters of drilling was completed in the Murray Gold Belt targeting two prospects, the Buckskin and the King Mine. |
| The Company completed its first core drilling program at the Eastern Star project near Elk City, Idaho. A total of 1,956 meters were drilled in April and May targeting three areas, the Carter, the Bema Zone, and the Alberta. Quartz veining was intercepted in many of the holes with assays pending from the laboratory, and some core remaining to be logged. |

---

**<u>Results of Operations</u>**

Idaho Strategic's financial performance during the quarter is summarized below:

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| Revenue increased 54.7% for the three-month period ended June 30, 2025 when compared to the same period in the prior year. For the six-month period ended June 30, 2025, revenue increased 39.3% when compared to the same period in the prior year. The increase in revenue for both the three and six-month periods was due to the increased average gold price realized on ounces sold which was $3,223.38 for the three-month period and $3,049.19 for the six-month period ended June 30, 2025. For the three and six-month periods ended June 30, 2024 it was $2,043.84 and $2,102.89, respectively. |
| Gross profit as a percentage of sales increased slightly from 50.2% in the three-month period ended June 30, 2024 to 57.8% in the three-month period ended June 30, 2025. When comparing the six-month periods ended June 30, 2025 and 2024 gross profit as a percentage of sales increased from 49.2% to 54.8%. |
| Exploration expense increased $1,624,705 and $2,728,290 when comparing the three and six-month periods ended June 30, 2025 and 2024, respectively. The increase is due to increased core drilling activity this year compared to last. This quarterly exploration expense is expected to continue, and may increase, throughout the remainder of 2025 as the Company continues to invest in the future of the Golden Chest and advance other exploration properties. |

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| Operating income for the three-month period ended June 30, 2025 was $2,516,874 which is an increase of 20.1% from the same period in 2024. Operating income for the six-month period ended June 30, 2025 was $3,918,128 which is a decrease of 7.5%. The small increase in the three-month period and decrease in the six-month period is due to the planned increase in exploration expense this year compared to last. |
| Other income increased $183,772 and $360,528 for the three and six-month periods ended June 30, 2025, respectively, when compared to the same periods in the prior year. The increase was from increased interest income and gains on US treasuries from the company's short term investment account which was opened mid Q2 2024. |
| Net income for the three-month period ended June 30, 2025 was $2,739,972 which is a 28.3% increase compared to the same period in 2024. Net income for the six-month period ended June 30, 2025 was $4,331,823 which is a 1.0% increase compared to the same period in 2024. The small increase in net income is due to the large increase in exploration expense, as well as the stock-based compensation expense of $495,146 and $990,292 in the three and six-month periods ended June 30, 2025 and none in the same periods in 2024. |
| The consolidated net income for the six-month periods ended June 30, 2025 and 2024 included non-cash charges as follows: depreciation and amortization of $1,091,359 ($957,718 in 2024), loss on sale of equipment of $308,840 ($7,431 in 2024), accretion of asset retirement obligation of $9,855 ($9,226 in 2024), loss on investment in equity securities of $0 ($453 in 2024), equity income on investment in Buckskin of $1,187 ($278 in 2024), and stock-based compensation expense of $990,292 (none in 2024). |
| Cash cost per ounce for the three and six-month periods ended June 30, 2025 increased $160.01 and $82.75 per ounce, respectively, compared to the same periods in 2024. |
| All in sustaining cost per ounce increased during the three and six-month periods ended June 30, 2025 compared to the same periods in 2024 due to an increase in exploration costs from underground and surface drilling at the Golden Chest Mine as well as increased exploration costs across many of the Company's projects. Adjusted all in sustaining costs without exploration expenses were $1,313.31 and $1,156.50 per ounce for the three and six-month periods ended June 30, 2025, respectively and $1,197.99 and $1,155.08 for the three and six-month periods ended June 30, 2024, respectively. |

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**Cash Costs and All In Sustaining Costs ("AISC") Reconciliation to Generally Accepted Accounting Principles ("GAAP")**

Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and AISC per ounce (non-GAAP).

The table below presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non-GAAP measures of cash cost per ounce and AISC per ounce for the Company's gold production in the three and six-month periods ended June 30, 2025, and 2024.

Cash cost per ounce is an important operating measure that is utilized to measure operating performance. AISC per ounce is an important measure that is utilized to assess net cash flow after costs for pre-development, exploration, reclamation, and sustaining capital. Current GAAP measures used in the mining industry, such as cost of goods sold do not capture all of the expenditures incurred to discover, develop, and sustain gold production. During 2024, the Company changed the way sustaining capital is calculated to better reflect actual costs required to sustain mining operations. Prior periods have been restated in the table below to reflect this change. Idaho Strategic calculates sustaining capital by including depreciation and amortization as an estimate of property, plant, and equipment wear and tear necessary to maintain production capacity, plus Golden Chest capitalized development costs, net of current period amortization, to reflect expenses for sustaining mine access and gold production.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Three Months** | **Six Months** | **Three Months** | **Six Months** |
| Cost of sales and other direct production costs and depreciation and amortization | $4000953 | $7581403 | $3051957 | $6112658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less depreciation, depletion, amortization and stock-based compensation | (846872) | (1701627) | (455930) | (957718) |
| Change in concentrate inventory | 50601 | (221069) | 30224 | 110069 |
| Cash Cost | $3204682 | $5658707 | $2626251 | $5265009 |
| Exploration | 2244761 | 3616194 | 620056 | 887904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less REE exploration costs | (236790) | (340462) | (70381) | (157526) |
| Sustaining capital | 788722 | 1412966 | 681321 | 1364148 |
| General and administrative | 223735 | 460753 | 179456 | 340119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less stock-based compensation and other non-cash items | (264081) | (697532) | (9262) | (16832) |
| AISC | $5961029 | $10110626 | $4027441 | $7682822 |
| Divided by ounces produced | 3010 | 5910 | 2903 | 6019 |
| Cash cost per ounce | $1064.68 | $957.48 | $904.67 | $874.73 |
| AISC per ounce | $1980.41 | $1710.77 | $1387.34 | $1276.43 |

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**<u>Financial Condition and Liquidity</u>**

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|  | **For the Six-Months** <br>**Ended June 30,** | **For the Six-Months** <br>**Ended June 30,** |
| Net cash provided (used) by: | **2025** | **2024** |
| Operating activities | $5952549 | $5209442 |
| Investing activities | (10312403) | (8199280) |
| Financing activities | 5697429 | 2517619 |
| Net change in cash and cash equivalents | 1337575 | (472219) |
| Cash and cash equivalents, beginning of period | 1106901 | 2286999 |
| Cash and cash equivalents, end of period | $2444476 | $1814780 |

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The Company is currently producing profitably from underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its profitable production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

**ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for small reporting companies.

**ITEM 4: CONTROLS AND PROCEDURES**

**<u>Disclosure Controls and Procedures</u>**

At June 30, 2025, the Company's President, who serves as Chief Executive Officer, and the Company's Vice President, who serves as Chief Financial Officer, evaluated the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rule 13a-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"), which disclosure controls and procedures are designed to insure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized, and reported within required time periods specified by the Securities and Exchange Commission rules and forms.

Based upon that evaluation, it was concluded that the Company's disclosure controls were effective as of June 30, 2025, to ensure timely reporting with the Securities and Exchange Commission. Specifically, the Company's corporate governance and disclosure controls and procedures provided reasonable assurance that required reports were timely and accurately reported in periodic reports filed with the Securities and Exchange Commission.

**<u>Changes in internal control over financial reporting</u>**

There was no material change in internal control over financial reporting in the quarter ended June 30, 2025.

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**PART II - OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

None.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**

Neither the constituent instruments defining the rights of the Company's securities filers nor the rights evidenced by the Company's outstanding common stock have been modified, limited or qualified.

In the second quarter of 2025, 9,559 shares of common stock were issued in exchange for outstanding stock options via cashless exercises by employees.

During the second quarter of 2024, 29,763 shares of common stock were issued in exchange for outstanding warrants for net proceeds of $166,673. 21,429 shares of common stock were issued in exchange for outstanding stock options for net proceeds of $120,002 and 86,481 shares of common stock were issued for outstanding stock options via cashless exercises by employees.

The Company relied on the transaction exemption afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D Rule 506(b). The common shares are restricted securities which may not be publicly sold unless registered for resale with the Securities and Exchange Commission or exempt from the registration requirements of the Securities Act of 1933, as amended.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

The Company has no outstanding senior securities.

**ITEM 4. MINE SAFETY DISCLOSURES**

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in exhibit 95 to this report.

**ITEM 5. OTHER INFORMATION**

None.

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**ITEM 6. EXHIBITS**

***Exhibits***

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| | |
|:---|:---|
| [3.1](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/articles_ex3z1.htm) | [Amended and Restated Articles of Incorporation, incorporated by reference to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/articles_ex3z1.htm) |
| [3.2](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/bylaws_ex3z2.htm) | [Amended and Restated By-laws of Idaho Strategic Resources, Inc., incorporated by reference to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/bylaws_ex3z2.htm) |
| [10.1](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001030192/000165495425000522/idr_8k.htm) | [Registrant's Grant of Options to Employees and Directors of the Company dated January 15, 2025, incorporated herein by reference to the Company's Form 8-K as filed with the Securities and Exchange Commission on January 17, 2025.](http://www.sec.gov/ix?doc=/Archives/edgar/data/0001030192/000165495425000522/idr_8k.htm) |
| [19\*](idr_ex19.htm) | [Insider trading policy](idr_ex19.htm) |
| [31.1\*](idr_ex311.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](idr_ex311.htm) |
| [31.2\*](idr_ex312.htm) | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](idr_ex312.htm) |
| [32.1\*](idr_ex321.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](idr_ex321.htm) |
| [32.2\*](idr_ex322.htm) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](idr_ex322.htm) |
| [95\*](idr_ex95.htm) | [Mine safety information listed in Section 1503 of the Dodd-Frank Act.](idr_ex95.htm) |
| 101.INS\* | XBRL Instance Document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | XBRL Taxonomy Extension Presentation Linkbase Document |

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\* Filed herewith.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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|:---|:---|
| **IDAHO STRATEGIC RESOURCES, INC** | **IDAHO STRATEGIC RESOURCES, INC** |
| By: | /s/ John Swallow |
|  | John Swallow, |
|  | its: President and Chief Executive Officer |
|  | Date August 7, 2025 |
| By:  | /s/ Grant Brackebusch |
|  | Grant Brackebusch, |
|  | its: Vice President and Chief Financial Officer |
|  | Date: August 7, 2025 |

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## Ex-19

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 19**

***Insider Trading Policy***

This Insider Trading Policy ("Policy") provides guidelines to all employees, officers, and directors of Idaho Strategic Resources, Inc. and its subsidiaries (collectively, the "Company") with respect to transactions in the Company's securities. Among other things, this Policy prohibits directors, officers, employees, consultants and contractors from trading in the company's securities based on Material Nonpublic Information (as defined below) regarding the Company and imposes specific black-out periods and pre-clearance procedures for trading in the Company's stock on directors and officers and their household members.

**<u>Applicability of Policy</u>**

This Policy applies to all transactions in the Company's securities, including common stock, options for common stock and any other securities the Company may issue from time to time. It applies to all officers of the Company, all members of the Company's Board of Directors, and all employees of, and consultants and contractors to, the Company who receive or have access to Material Nonpublic Information regarding the Company. This group of people and their household members are sometimes referred to in this Policy as "Insiders." Household members of any person include family residing with such person, any other person in such person's household, any other family member whose transactions in Company securities are directed by such person or subject to such person's influence or control, and any controlled affiliate of such person.

This policy also is intended to prevent even the appearance of improper conduct on the part of anyone employed by or associated with the Company. Accordingly, any person who possesses Material Nonpublic Information regarding the Company is an Insider for so long as the information is not publicly known.

**<u>Statement of Policy</u>**

**General Policy.** It is the policy of the Company to oppose the unauthorized disclosure of any nonpublic information and the misuse of Material Nonpublic Information in securities trading.

**Specific Policies**

**Trading on the Basis of Material Nonpublic Information.** No director, officer or employee of, or consultant or contractor to, the Company, or any of their respective household members, shall engage in any transaction involving the Company's securities, including any offer to purchase or offer to sell, during any period commencing with the date that he or she becomes aware of Material Nonpublic Information concerning the Company, and ending at the time, and on the date of public disclosure of that information, or at such time as such nonpublic information is no longer material unless the transaction is completed pursuant to a written pre-determined trading program that (a) meets the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended; (b) is adopted and/or amended only during the trading window (defined below) and when he or she did not possess Material Nonpublic Information or was not otherwise restricted from trading; and (c) is promptly filed upon initiation and/or amendment with the Company's General Counsel (herein after "Rule 10b5-1 Transactions"). It is the current policy of the Company, unless otherwise approved in advance by the Company's General Counsel, that Rule 10b5-1 Transactions do not occur during the first month of each fiscal quarter.

Securities Fraud and Insider Trading Policy

**Tipping.** No Insider shall disclose Material Nonpublic Information to any other person (including household members) where such information may be used by such person to his or her profit by trading or in recommending or advising others to trade in the securities of companies to which such information relates, nor shall such Insider or other person make recommendations or express opinions on the basis of Material Nonpublic Information as to trading in the Company's securities.

**Confidentiality of Nonpublic Information.** Nonpublic information relating to the Company is the property of the Company and the unauthorized disclosure of such information is forbidden. Employees should not discuss internal Company matters or developments with anyone outside the Company, except as required in the performance of their regular employment duties, nor should Company matters be discussed in public or quasi-public areas where conversations may be overheard. This prohibition also applies to inquiries about the Company, which may be made by the financial press, investment analysts or others in the financial community. It is important that all such communications on behalf of the Company be made only through designated authorized individuals. If employees receive inquiries of this nature, they should decline comments and refer the inquirer directly to the Company designated individuals responsible for such inquiries.

**Certain Exceptions.** The exercise of stock options for cash under the Company's equity incentive plan and the purchase of any shares under the Company's employee stock purchase plan are exempt from this Policy, since the other party to the transaction is the Company itself and the price does not vary with the market but is fixed by the terms of the option agreement or plan. The Policy does apply, however, to any sale of stock acquired by exercising any such option or pursuant to the stock purchase plan, including, any such sale as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. The mandatory automatic sale of the Company's common stock by an officer or employee of, or consultant or contractor to, the Company, or other Rule 10b5-1 Transactions, to cover taxes due as a result of the vesting of restricted stock units (hereinafter "Automatic Sales") shall be exempt from this Policy.

**Mandatory Pre-notification Procedure.** Directors and executive officers have additional restrictions and reporting requirements imposed on them by United States federal law. In connection with these requirements, the Company has implemented a mandatory pre-notification procedure. No director or executive officer may engage in any transaction involving the Company's securities (including a stock plan transaction such as an option exercise, a gift, a loan or pledge or hedge, a contribution to a trust, or any other transfer) without first notifying the Company at least two days in advance of the proposed transaction. This notification should be made by email, in writing, or verbally to the Company's Corporate Secretary.

In addition, any trading in Company securities by directors and executive officers must be reported to the SEC within a two-day period after the trade in accordance with the Sarbanes-Oxley Act of 2002. In addition to the pre-notification procedures set forth above, all directors and executive officers are responsible for reporting to the Company's Corporate Secretary the details of all trades involving the Company's securities the same day of effecting the trade (the trade date, not the settlement date) so that the necessary report can be filed with the SEC within the required federal deadline. These reports are personal responsibilities of the reporting individuals and are not obligations of the Company; however, if authorized by a particular director or executive officer, the Company will assist with making the necessary filings on behalf of such individual as long as the necessary information is provided within the required timeframe as set forth above.

Securities Fraud and Insider Trading Policy

**<u>Guidelines</u>**

**Trading Window for Officers, Directors and Certain Designated Employees.** To ensure compliance with this Policy and applicable securities laws, all Covered Persons shall refrain from conducting transactions involving the purchase or sale of the Company's securities other than during the period commencing at the close of business on the trading day following the date of public disclosure of the financial results for a particular fiscal quarter and ending 15 days prior to the scheduled release of financial results for the next fiscal quarter.

Accordingly, to further ensure compliance with this all directors, officers and employees of, or consultants or contractors to, the Company having access to the Company's internal financial statements or other Material Nonpublic Information and their family members shall refrain from conducting transactions, except for Automatic Sales and other Rule 10b5-1 Transactions. The purpose behind the "trading window" guideline is to help establish a diligent effort to avoid any improper transaction (or even the appearance of an improper transaction). From time to time, the Company may also recommend that directors, officers, selected employees and others suspend trading, except for Automatic Sales and other Rule 10b5-1 Transactions, because of developments known to the Company and not yet disclosed to the public. In such event, such persons are advised not to engage in any transaction, except for Automatic Sales and other Rule 10b5-1 Transactions, involving the purchase or sale of the Company's securities during such period and should not disclose to others the fact of such suspension of trading.

In addition, the Company shall have the right to impose special black-out periods during which designated persons shall refrain from conducting transactions involving the purchase or sale of the Company's securities, even though the trading window would otherwise be open.

It should be noted, however, that even during the trading window, any person possessing Material Nonpublic Information concerning the Company should not engage in any transactions, except for Automatic Sales and other Rule 10b5-1 Transactions, in the Company's securities until such information has been known publicly, whether or not the Company has recommended a suspension of trading to that person. Trading in the Company's securities during the trading window should not be considered to be within a "safe harbor," and all directors, officers and other persons should use good judgment at all times.

**Individual Responsibility.** Every officer, director, employee, consultant and contractor have the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has a mandatory trading window for that Insider or any other Insiders of the Company. The guidelines set forth in this Policy are guidelines only, and appropriate judgment should be exercised in connection with any trade in the Company's securities. An Insider may, from time to time, have to forego a proposed transaction, except for Automatic Sales and other Rule 10b5-1 Transactions, in the Company's securities even if he or she planned to make the transaction before learning of the Material Nonpublic Information and even though the Insider believes he or she may suffer an economic loss or forego anticipated profit by waiting.

**<u>Applicability of Policy to Inside Information Regarding Other Companies</u>**

This Policy and the guidelines described herein also apply to Material Nonpublic Information (i) relating to other companies, including the Company's customers, vendors or suppliers ("business partners"), or (ii) relating to the Company if there is a reasonable likelihood that it would be considered important to an investor in making an investment decision to purchase, sell or hold stock of other companies, including business partners, in each case when that information is obtained in the course of employment with, or other services performed on behalf of, the Company.

Securities Fraud and Insider Trading Policy

**<u>Definition of Material Nonpublic Information</u>**

It is not possible to define all categories of material information. However, information should be regarded as material if there is a reasonable likelihood that it would be considered important to an investor in making an investment decision to purchase, sell or hold the Company's securities. Insiders should assume that any information, positive or negative, is material if it might affect the Company's stock price or otherwise be of significance to an investor in determining whether to purchase or sell the Company's stock.

While it may be difficult under this standard to determine whether specific information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material. Examples of such information may include:

· Financial results

· Projections of future earnings or losses or changes in such projections

· Actual changes in earnings

· Results of product development

· News of a pending or proposed merger, acquisition, joint venture or tender offer

· News of the disposition of a subsidiary or of material assets

· Impending bankruptcy or financial liquidity problems

· Gain or loss of a substantial customer or supplier

· Changes in dividend policy

· New product announcements of a significant nature

· Significant product defects or modifications

· Significant increases or decreases in customers

· Stock splits

· Calls, redemptions, or purchases of the company's securities by the Company

· New equity or debt offerings

· Significant litigation exposure due to actual or threatened litigation

· Changes in senior management or other major personnel changes

**<u>Additional Prohibited Transactions</u>**

The Company considers it improper and inappropriate for any employee, officer or director of the Company to engage in short-term or speculative transactions in the Company's securities. It therefore is the Company's policy that directors, officers and other employees, and their family members, may not engage in any of the following transactions:

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|:---|:---|
| 1 | **Short Sales.** Short sales of the Company's securities evidence an expectation on the part of the seller that the securities will decline in value and may signal to the market that the seller has no confidence in the Company or its short-term prospects. In addition, short sales may reduce the seller's incentive to improve the Company's performance. For these reasons, short sales of the Company's securities are prohibited by this Policy. In addition, Section 16(c) of the Exchange Act prohibits officers and directors from engaging in short sales. |

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Securities Fraud and Insider Trading Policy

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|:---|:---|
| 2 | **Publicly Traded Options.** A transaction in options is, in effect, a bet on the short-term movement of the Company's stock and therefore creates the appearance that the director or employee is trading based on Material Nonpublic Information. Transactions in options also may focus the director's or employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in puts, calls or other derivative securities, on an exchange or in any other organized market, are prohibited by this Policy. |
| 3 | **Hedging Transactions.** Certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale contracts, allow an employee to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation in the stock. These transactions allow the director, officer or employee to continue to own the covered securities, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as the Company's other shareholders. Therefore, all employees, officers and directors of the Company are prohibited from engaging in such transactions. |
| 4 | **Margin Accounts and Pledges.** Securities held in a margin account may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledgor is aware of Material Nonpublic Information or otherwise is not permitted to trade in Company securities, directors, officers and other employees are prohibited from holding Company securities in a margin account or pledging Company securities as collateral for a loan. An exception to this prohibition may be granted where a person wishes to pledge Company securities as collateral for a loan (not including margin debt) and clearly demonstrates the financial capacity to repay the loan without resort to the pledged securities. Any person who wishes to pledge Company securities as collateral for a loan must submit a request for approval to the Company's General Counsel at least two weeks prior to the proposed execution of documents evidencing the proposed pledge. |
| 5 | **Post-Termination Transactions.** This Policy continues to apply to transactions in Company securities after a person is no longer employed by or affiliated with the Company. Any person in possession of Material Nonpublic Information when their employment terminates, may not trade in Company securities until that Information has become public or is no longer material. |

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**<u>Additional Information - Directors and Officers</u>**

Directors and executive officers of the Company must also comply with the reporting obligations and limitations on short-swing transactions set forth in Section 16 of the Securities Exchange Act of 1934, as amended. The practical effect of these provisions is that officers and directors who purchase and sell the Company's securities within a six-month period must disgorge all profits to the Company whether or not they had knowledge of any Material Nonpublic Information. Under these provisions, and so long as certain other criteria are met, neither the receipt of an option under the Company's option plans, nor the exercise of that option, nor the receipt of stock under the Company's employee stock purchase plan is deemed a purchase under Section 16; however, the sale of any such shares is a sale under Section 16.

Securities Fraud and Insider Trading Policy

**<u>Policy Subject to Revision</u>**

The Company may change or otherwise revise the terms of this Policy from time to time to respond to developments in law and practice. The Company will take steps to inform all affected persons of any material changes or revisions to this Policy.

**<u>Inquiries</u>**

Please direct your questions as to any of the matters discussed in this Policy to the Company's General Counsel.

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification**

I, John Swallow, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Idaho Strategic Resources Inc.

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 7, 2025

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|:---|:---|
| By  | /s/ John Swallow |
|  | John Swallow<br> Chief Executive Officer |

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## Exhibit 31.2

**EXHIBIT 31.2**

**Certification**

I, Grant Brackebusch, certify that:

(1) I have reviewed this quarterly report on Form 10-Q of Idaho Strategic Resources Inc.

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

(5) The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

August 7, 2025

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|:---|:---|
| <u>By</u> | /s/ Grant Brackebusch<u> </u> |
|  | Grant Brackebusch<br> Chief Financial Officer |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Idaho Strategic Resources Inc., (the "Company") on Form 10-Q for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Swallow, Chief Executive Officer and Director of Idaho Strategic Resources Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:

August 7, 2025

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|:---|:---|
| By  | /s/ John Swallow |
|  | John Swallow<br> Chief Executive Officer |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to Idaho Strategic Resources Inc. and will be retained by Idaho Strategic Resources Inc., and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished in accordance with Securities and Exchange Commission Release No. 34-47551 and shall not be considered filed as part of the Form 10-Q.

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Idaho Strategic Resources Inc., (the "Company") on Form 10-Q for the period ending June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Grant Brackebusch, Chief Financial Officer and Director of Idaho Strategic Resources Inc., certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:

August 7, 2025

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| | |
|:---|:---|
| By | /s/ Grant Brackebusch |
|  | Grant Brackebusch<br> Chief Financial Officer |

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A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to Idaho Strategic Resources Inc. and will be retained by Idaho Strategic Resources Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

The foregoing certification is being furnished in accordance with Securities and Exchange Commission Release No. 34-47551 and shall not be considered filed as part of the Form 10-Q.

## Ex-95

**EXHIBIT 95** 

<u>Mine Safety Disclosures</u>

Our mines are operated subject to the regulation of the Federal Mine Safety and Health Administration ("MSHA"), under the Federal Mine Safety and Health Act of 1977 (the "Mine Act"). In July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") was signed into law, and amended in December 2011. When MSHA believes a violation of the Mine Act has occurred, it may issue a citation for such violation, including a civil penalty or fine, and the mine operator must abate the alleged violation.

As required by the reporting requirements of the Dodd-Frank Act, as amended, the table below presents the following information for the quarter ended June 30, 2025.

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Mine | Section 104 S&S Violations | Section 104(b) Orders | Section 104(d) Citations and Orders | Section 110(b)(2) Violations | Section 107(a) Orders | Total Dollar Value of MSHA Assessments Proposed | Total Number of Mining Related Fatalities | Received Notice of Pattern of Violations Under Section 104(e) | Received Notice of Potential to have Patterns Under Section (c) | Legal Actions Pending as of Last Day of Period | Legal Actions Initiated During Period | Legal Actions Resolved During Period |
| Golden Chest | 0 | 0 | 0 | 0 | 0 | $453 | 0 | no | no | 0 | 0 | 0 |
| New Jersey Mill | 0 | 0 | 0 | 0 | 0 | $0 | 0 | no | no | 0 | 0 | 0 |

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