# EDGAR Filing Document

**Accession Number:** 0001030192
**File Stem:** 0001654954-26-002560
**Filing Date:** 2026-3
**Character Count:** 543367
**Document Hash:** 134cc9948435d81f3acb5e6fa2b88f64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-26-002560.hdr.sgml**: 20260323

**ACCESSION NUMBER**: 0001654954-26-002560

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 188

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260323

**DATE AS OF CHANGE**: 20260323

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41320
- **FILM NUMBER:** 26779810

**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_10k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark One)

☒&nbsp;&nbsp;&nbsp;&nbsp; ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

☐&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission file number: 001-41320

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

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

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<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** |
| **Common Stock, No par value** | **IDR** | **NYSE American** |

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒&nbsp;&nbsp;&nbsp;&nbsp; No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T 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 if disclosure of delinquent filers in response to Item 405 of Regulation S-K is not contained herein, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☒

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

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| Large accelerated filer  | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer  | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging Growth Company  | ☐ |

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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 ☐

Indicate 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 ☒

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate by check mark whether the filings included in this filing by the registrant as defined in Rule 12b of the Exchange Act include any corrections of an error to previously issued financial statements Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

Indicate by check mark whether any of those corrections (if any) are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b) Yes ☐&nbsp;&nbsp;&nbsp;&nbsp; No ☒

The aggregate market value of all common stock held by non-affiliates of the registrant, based on the average of the bid and ask prices on June 30, 2025 was $168,504,500.

On March 1, 2026 there were 15,806,301 shares of the registrant's Common Stock outstanding.

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| [FORWARD-LOOKING STATEMENTS](#FORWARD) | [FORWARD-LOOKING STATEMENTS](#FORWARD) | 3 |
| [GLOSSARY OF SIGNIFICANT MINING TERMS](#GLOSSARY) | [GLOSSARY OF SIGNIFICANT MINING TERMS](#GLOSSARY) | 4 |
| **[PART I](#p1)** |  |  |
| [ITEM 1.](#i1) | [DESCRIPTION OF THE BUSINESS](#i1) | 6 |
| [ITEM 1A.](#i1a) | [RISK FACTORS](#i1a) | 9 |
| [ITEM 1B.](#i1b) | [UNRESOLVED STAFF COMMENTS](#i1b) | 21 |
| [ITEM 1C.](#i1c) | [CYBERSECURITY](#i1c) | 21 |
| [ITEM 2.](#i2) | [DESCRIPTION OF PROPERTIES](#i2) | 22 |
| [ITEM 3.](#i3) | [LEGAL PROCEEDINGS](#i3) | 37 |
| [ITEM 4.](#i4) | [MINE SAFETY DISCLOSURES](#i4) | 37 |
| **[PART II](#p2)** |  |  |
| [ITEM 5.](#i5) | [MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS](#i5) | 38 |
| [ITEM 6.](#i6) | [\[RESERVED\]](#i6) | 39 |
| [ITEM 7.](#i7) | [MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i7) | 39 |
| [ITEM 7A.](#i7a) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#i7a) | 42 |
| [ITEM 8.](#i8) | [FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#i8) | 43 |
| [ITEM 9.](#i9) | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#i9) | 62 |
| [ITEM 9A.](#i9a) | [CONTROLS AND PROCEDURES](#i9a) | 62 |
| [ITEM 9B.](#i9b) | [OTHER INFORMATION](#i9b) | 62 |
| [ITEM 9C.](#i9c) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INPECTIONS](#i9c) | 62 |
| **[PART III](#p3)** |  |  |
| [ITEM 10.](#i10) | [DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE](#i10) | 63 |
| [ITEM 11.](#i11) | [EXECUTIVE COMPENSATION](#i11) | 66 |
| [ITEM 12.](#i12) | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#i12) | 68 |
| [ITEM 13.](#i13) | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#i13) | 69 |
| [ITEM 14.](#i14) | [PRINCIPAL ACCOUNTANT FEES AND SERVICES](#i14) | 69 |
| **[PART IV](#p4)** |  |  |
| [ITEM 15.](#i15) | [EXHIBITS](#i15) | 70 |
| [ITEM 16.](#i16) | [FORM 10-K SUMMARY](#i16) | 70 |
| [SIGNATURES](#sign) | [SIGNATURES](#sign) | 71 |

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| *[**Table of Contents**](#toc1)* |

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**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K and the exhibits attached hereto contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws, including statements about anticipated future operating and financial performance, financial position and liquidity, growth opportunities and growth rates, pricing plans, acquisition and divestiture opportunities, business prospects, strategic alternatives, business strategies, regulatory and competitive outlook, investment and expenditure plans, financing needs and availability and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing. The words "aims," "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "projects," "seeks," "should" and variations of these words and similar expressions are generally intended to identify these forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Idaho Strategic Resources, Inc.'s ("IDR", "Idaho Strategic", or "the Company") control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

Forward-looking statements by the Company are based on estimates, projections, beliefs and assumptions of management and are not guarantees of future performance. Such forward-looking statements may be contained in this Annual Report on Form 10-K under *Item 1 Description of the Business*, *Item 1A Risk Factors*, and *Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations*, or in the Current Reports on Form 8-K, among other places. Some of other risk factors include, but are not limited to, the following:

· adverse effects of climate changes or natural disasters;

· adverse effects of global or regional pandemic disease spread or other crises;

· global economic and capital market uncertainties;

· the speculative nature of gold or mineral exploration, including risks of diminishing quantities or grades of qualified resources;

· operational or technical difficulties in connection with exploration, processing or mining activities;

· costs, hazards and uncertainties associated with precious metal based activities, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production;

· contests over title to the Company's properties;

· potential dilution to our shareholders from our stock issuances, recapitalization and balance sheet restructuring activities;

· potential inability to comply with applicable government regulations or law;

· adoption of or changes in legislation or regulations adversely affecting the Company's business;

· permitting constraints or delays;

· ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving the ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that the Company may be party to in the future;

· changes in the United States or other monetary or fiscal policies or regulations;

· interruptions in our production capabilities due to capital constraints;

· equipment failures;

· fluctuation of prices for gold or certain other commodities (such as rare earth elements, water, diesel, gasoline and alternative fuels and electricity);

· changes in generally accepted accounting principles;

· adverse effects of war, mass shooting, terrorism and geopolitical events;

· potential inability to implement the Company's business strategies;

· potential inability to grow revenues;

· potential inability to attract and retain key personnel;

· interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors;

· assertion of claims, lawsuits and proceedings against the Company;

· potential inability to satisfy debt and lease obligations;

· potential inability to maintain an effective system of internal controls over financial reporting; and

· work stoppages or other labor difficulties.

Occurrence of such events or circumstances could have a material adverse effect on the Company's business, financial condition, results of operations or cash flows, or the market price of its securities. All subsequent written and oral forward-looking statements by or attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by these factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as may be required by securities or other law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

**The Company qualifies all the forward-looking statements contained in this Annual Report by the foregoing cautionary statements.**

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**GLOSSARY OF SIGNIFICANT MINING TERMS**

Ag- Silver.

Au- Gold.

Alluvial- Adjectivally used to identify rocks or minerals deposited over time by moving water.

Argillites- Metamorphic rock containing clay minerals.

Arsenopyrite- An iron-arsenic sulfide. Common constituent of gold mineralization.

Ball Mill- A large rotating cylinder usually filled to about 45% of its total volume with steel grinding balls. The mill rotates and crushed rock is fed into one end and discharged through the other. The rock is pulverized into small particles by the cascading and grinding action of the balls.

Bedrock-Solid rock underlying overburden.

Cu- Copper.

CIL- A standard gold recovery process involving the leaching with cyanide in agitated tanks with activated carbon. CIL means "carbon-in-leach."

Crosscut- A nominally horizontal mine passageway, generally driven at right angles to the strike of a vein.

Dip- Angle made by an inclined surface with the horizontal, measured perpendicular to strike.

Deposit- A mineral deposit is a mineralized body that has been intersected by sufficient closely spaced drill holes or underground sampling to support sufficient tonnage and average grade(s) of metal(s) to warrant further exploration or development activities.

Drift- A horizontal mine opening driven on the vein. Driving is a term used to describe the excavation of a mine passageway.

Exploration Stage- As defined by the United States Securities and Exchange Commission ("SEC")-includes all issuers engaged in the search for mineral deposits (reserves), which are not in the production stage.

Fault- A fracture in the earth's crust accompanied by a displacement of one side of the fracture with respect to the other and in a direction parallel to the fracture.

Flotation- A physiochemical process for the separation of finely divided solids from one another. Separation of these (dissimilar) discrete solids from each other is affected by the selective attachment of the particle surface to gas bubbles.

GPT- grams per metric tonne.

Galena- A lead sulfide mineral. The most important lead mineral in the Coeur d'Alene Mining District.

Grade- A term used to assign the concentration of metals per unit weight of ore. An example-ounces of gold per ton of ore (opt). One troy ounce per short ton is 34.28 parts per million or 34.28 grams per metric tonne.

Mill- A general term used to denote a mineral processing plant.

Mineralization- The presence of minerals, usually of potential economic significance, in a specific area or geologic formation.

Mineral Reserve- An estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

Mineral Resource- A concentration or occurrence of material of economic interest in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization considering relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

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Net Smelter Return ("NSR")- The Net Smelter Return from a processed ore is the value recouped from the mineral products less the costs associated with smelting, refining, and transport to the smelter. The NSR specifically does not permit the deduction of mining and milling costs.

Ore- A mineral or aggregate of minerals that can be mined and treated at a profit. A large quantity of ore that is surrounded by waste or sub-ore material is called an orebody.

Patented Claim- A mineral claim where the title has been obtained from the U.S. federal government through the patent process of the 1872 Mining Law. The owner of the patented claim is granted title to the surface and mineral rights.

Production Stage- As defined by the SEC, includes all issuers engaged in the exploitation of a mineral deposit (reserve).

Proven Reserve- The economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

Pyrite- An iron sulfide mineral that usually has no commercial value but is commonly associated with mineral deposits of gold, copper, and other metals.

Quartz- Crystalline silica (SiO<sub>2</sub>). An important rock-forming and gangue material in veins or other types of mineral deposits.

Quartzites- Metamorphic rock containing significant amounts of quartz.

Raise- An underground opening driven upward, generally on the vein.

Ramp- An underground opening usually driven downward, but not always, to provide access to an orebody for rubber-tired equipment such as loaders and trucks. Typically, ramps are inclined at a slope grade of approximately 15%.

Rare Earth Elements- Comprised of 15 elements that range in atomic number from 57 (lanthanum) to 71 (lutetium) on the periodic table. Most of the rare earth elements are not as rare as the group's name suggests. Although rare earth elements are relatively abundant in the Earth's crust, they are rarely concentrated into mineable ore deposits. These elements are in demand because they are essential for a diverse and expanding array of high-technology applications and emerging alternative energy uses.

Royalty or NSR Royalty- A mineral royalty is a percentage of the value extracted from an ore that is paid to an interest holding party, usually a claim owner. The NSR Royalty is calculated based on the value of the processed ore after deducting the costs of smelting, refining, and transport to a smelter. However, the cost of mining and milling is not deducted. Typical NSR Royalty rates in the United States are on the order of 1–5%.

Shoot- A body of ore, usually of elongated form, extending downward or upward in a vein.

Tellurium- Relatively rare chemical element found with gold and silver that can form minerals known as tellurides.

Tetrahedrite- Sulfosalt mineral containing copper, antimony, and silver.

Vein- A zone or body of mineralized rock lying within boundaries separating it from neighboring wallrock. A mineralized zone having a more or less regular development in length, width and depth to give it a tabular form and commonly inclined at a considerable angle to the horizontal.

Unpatented Claim- A mineral claim staked on United States Public Domain ("USPD") that is open for mineral entry. Unpatented lode claims can be no more than 1,500 feet long by 600 feet wide. The claimant owns the mineral rights, but does not own the surface, which is USPD. Unless otherwise allowed, subsurface exploration or mining on the claim must first be submitted in a plan of operations for approval to the appropriate federal land management entity.

Wallrock- Usually barren rock surrounding a vein.

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**PART I**

**ITEM 1. DESCRIPTION OF THE BUSINESS**

**<u>History and Organization</u>**

Idaho Strategic Resources, Inc. ("the Company", "Idaho Strategic" or "IDR") was incorporated under the laws of the State of Idaho on July 18, 1996. The Company's head office and registered records office is located at 201 N. 3<sup>rd</sup> St. Coeur d'Alene, ID 83814. On December 6, 2021, the Company changed its name to Idaho Strategic Resources, Inc. (formerly New Jersey Mining Company ("NJMC")) to better reflect its corporate focus, Idaho-based operations and being domiciled in Idaho. IDR is one of the few resource-based companies (public or private) possessing the combination of officially recognized U.S. domestic rare earth element properties (in Idaho) and Idaho-based gold production located in an established mining community.

**<u>Any Bankruptcy, Receivership or Similar Proceedings</u>**

There have been no bankruptcy, receivership, or similar proceedings.

**<u>Any Material Reclassification, Merger, Consolidation, or Purchase or Sale of a Significant Amount of Assets Not in the Ordinary Course of Business.</u>**

There have been no material reclassifications, mergers, consolidations, purchases, or sales not in the ordinary course of business for the past three years.

**<u>General Description of the Business</u>**

Idaho Strategic produces gold at the Golden Chest Mine located in the Murray Gold Belt ("MGB"), the northern portion of the world-class Coeur d'Alene Mining District, north of the prolific Silver Valley. With over 20,000 acres of patented and unpatented land, the Company has the largest private land and mineral claim position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years.

The Company is an established gold producer, with prior surface and current underground mining operations at its 100-percent owned Golden Chest Mine and conducts milling operations at its majority-owned New Jersey Mill. In addition to gold and gold production, the Company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more "at-risk" rare earth elements ("REE"). The Company's Mineral Hill, Lemhi Pass, and Diamond Creek properties are included the U.S. national REE inventory as listed in United States Geologic Survey ("USGS"), Idaho Geologic Survey ("IGS") and Department of Energy ("DOE") publications. All three projects are in central Idaho near the Company's field office in Salmon, Idaho.

The Company focuses its exploration and production efforts in historical mining districts mostly located within the state of Idaho. Its portfolio of mineral properties includes:

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| The Golden Chest Mine, a producing gold mine located in the Murray Gold Belt of North Idaho; |
| Niagara, an intermediate-stage copper-silver exploration property located in the Murray Gold Belt of North Idaho; |
| Little Baldy, an intermediate-stage gold exploration property located in the Murray Gold Belt of North Idaho; |
| Approximately 1,510 acres of additional patented mineral property and over 14,880 acres of nearby and adjacent unpatented mineral property. These holdings are considered early-stage exploration properties and located within the Murray Gold Belt, many of which include historic gold mines and known gold mineralization; |
| REE Projects–located in the Idaho Rare Earth Element-Thorium ("REE-Th") Belt near Salmon, Idaho. Projects include; |

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| Mineral Hill – Nationally recognized and high grade REE property in the northern portion of the Idaho REE-Th Belt |
| Lemhi Pass – Significant land package with high value REE potential–USGS also recognized as the #1 thorium prospect in the U.S. |
| Diamond Creek – Nationally recognized rare earth prospects in the US |

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· A significant portfolio of early-stage exploration properties throughout Idaho.

In addition to its portfolio of exploration, pre-development, and producing properties, the Company is also the manager and majority-owner of the New Jersey Mill, which currently processes ore from the Golden Chest Mine. The New Jersey Mill can process gold and silver ore through a 360-tonne per day flotation plant.

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The Company has focused its efforts on underground development and growing production at the Golden Chest Mine and exploration at its extensive land holdings within the MGB area. With all debt associated with land acquisition and the start-up of operations behind it, the Company significantly increased its exploration and growth initiatives in the Murray Gold Belt. This progress, combined with the existing infrastructure and development, has created a solid foundation of value regardless of market cycles.

**<u>Competitive Business Conditions</u>**

While there has been a market for gold and precious metals historically, the Company competes on several different fronts within the minerals exploration industry. The Company may find the need to compete with other junior mining companies for the capital necessary to sustain its exploration and development programs. IDR has focused its gold operations at and near the Golden Chest Mine, however if it chose to expand to other geographic areas it may compete with other mining companies for exploration properties and mining assets. The Company has been successful in resuming operations at the New Jersey Mill, consolidating 100% ownership of the Golden Chest Mine, and assembling one of the largest rare earth element landholdings in the US. In October 2016 production at the Golden Chest resumed with the Company as the sole owner and operator.

Generally, the Company is subject to economic conditions and risks inherent to the mineral industry. A primary risk of mineral exploration is the low probability of finding a major ore deposit. The Company attempts to mitigate this risk by focusing its efforts in areas known to host significant and/or economic mineral deposits, and by relying on its experienced management team to drive analysis, evaluation, and acquisition of properties that it feels have a higher-than-average probability of success. In addition to deal essentials, such as cost, terms, timing, and market considerations, the Company's process of property acquisition involves screening target properties based on geological, economic, engineering, environmental, and metallurgical factors. In all its operations the Company competes for skilled labor within the mining industry.

The risks associated with the Company's mining and milling operations include other risks typical of the mining industry, such as: operational effectiveness in the processing plant that could result in lower recovery of the economic metals, mechanical failure of equipment that could increase costs or decrease efficacy, ability to hire and retain qualified operators, and risks that the mining operations are unable to economically extract material due to lower grade material, ground or slope failures or other development challenges that can increase costs. The Company manages these risks with engineering and geologic analysis, detailed mine planning, a preventive maintenance program, and installing experienced and technically proficient management.

Another significant risk in the mining industry is the price of metals such as gold and silver. If the prices of these metals were to fall substantially, in addition to an impact on economics and/or profitability, it could lead to a loss of investor interest in the mining sector which could make it more difficult to raise capital if considered necessary for the Company to move exploration and development plans forward.

**<u>Customer Dependence and Product Distribution</u>**

The Company sold all its flotation gold concentrate to H&H Metals Corporation ("H&H Metals" or "H&H") of New York, NY which accounted for 98% of gold sales in 2025. The remaining gold sales were gold doré which was sold to a western U.S. refinery. H&H Metals is also an IDR shareholder. Although not expected, if H&H Metals could not purchase the gold concentrate, it is anticipated another customer could be found readily as the flotation gold concentrate is a high-value concentrate with minor deleterious element content.

**<u>Effect of Existing or Probable Governmental Regulations on the Business</u>**

The mining business is subject to extensive federal, state, and local laws and regulations governing development, production, labor standards, occupational health, waste disposal, the use of toxic substances, environmental regulations, mine safety and other matters. The Company is subject to potential risks and liabilities occurring from mineral exploration and production activities. Insurance against environmental risk (including potential liability for pollution or other hazards from the disposal of waste products occurring from exploration and production) is not generally available to the Company (or to other companies in the minerals industry) at a reasonable price. To the extent that the Company becomes subject to environmental liabilities, the satisfaction of any such liabilities would reduce funds otherwise available to the Company and could have a material adverse effect on the Company. Laws and regulations intended to ensure the protection of the environment are constantly changing and are generally becoming more restrictive.

All operating and exploration plans have been made in consideration of existing governmental regulations. Regulations that most affect operations are related to surface water quality and access to public lands. An approved plan of operations ("POO") and a financial bond are usually required before exploration or mining activities can be conducted on public land that is administered by the United States Bureau of Land Management ("BLM") or United States Forest Service ("USFS").

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The Golden Chest Mine, and other nearby properties may be part of an expanded Bunker Hill Superfund Site. Current plans for expanded cleanup do not include any IDR projects. There is no known evidence that previous operations at Company properties caused any groundwater or surface water pollution. Should such a liability emerge for the Company, its exposure would likely be to clean up or cover historic mine waste. The Company could conceivably be required to conduct cleanup operations at its own expense; however, the Environmental Protection Agency's ("EPA") Record of Decision for the Bunker Hill Mining and Metallurgical Complex Operating Unit 3 does not include any cleanup activities at the Company's projects.

**<u>Costs and Effects of Compliance with Environmental Laws (Federal, State and Local)</u>**

No major Federal permits are required for the Golden Chest because the operations are on private land and there are no process discharges to surface waters. However, any exploration program conducted by the Company on unpatented mining claims, usually administered by the BLM or USFS, requires a POO to be submitted. The Company's exploration programs on public land can be delayed for significant periods of time (one to two years) because of the slow permitting process applied by the USFS. The Company believes that such permitting delays are caused by insufficient manpower, complicated regulations, competing priorities, and sympathy for environmental groups who oppose all mining projects.

The Company is also subject to the rules of the U.S. Department of Labor, Mine Safety and Health Administration ("MSHA") for the New Jersey Mill and Golden Chest Mine operations. When an underground mine or mill is operating, MSHA performs a series of regular quarterly inspections to verify compliance with mine safety laws and can assess financial penalties for violations of MSHA regulations. A typical mine citation order for a violation that is not significant or substantial is about $200.

The New Jersey Mill has two State of Idaho permits. The first is a permit for its tailings storage facility with the Idaho Department of Water Resources ("IDWR"). The Company submitted an engineered design for the tailings storage facility and constructed a buttress and Phase 5 lift in 2022, and the Phase 6 lift in 2023. IDWR inspected and approved the tailings storage facility for tailings disposal in Phase 5 and Phase 6. The Company posted a reclamation bond of $107,000 for the tailings storage facility. An Idaho Cyanidation Permit was granted for the New Jersey Mill on October 10, 1995 [No. CN-000027]. Construction of the concentrate leach plant at the New Jersey Mill was completed in November of 2007. The Idaho Cyanidation permit requires quarterly surface water and groundwater monitoring. In 2022 the Company submitted a Closure Plan for the cyanidation permit since it no longer uses the cyanidation process. The closure plan was approved by the Idaho Department of Environmental Quality ("IDEQ") and calls for continued surface and groundwater monitoring for as long as tailings are deposited in the tailings storage facility and for a post-closure period of five years. IDR estimates the cost of water-monitoring associated with the concentrate leach plant to be approximately $10,000 per year. The New Jersey Mill also has an EPA general stormwater permit.

The Company is in the process of permitting a new Tailings Storage Facility ("TSF") with the IDWR for a new mill at the Golden Chest Mine in Murray, Idaho. The reclamation bond amount will be determined at the completion of the permitting process, but is expected to be approximately $200,000.

The Idaho Department of Lands ("IDL") approved a surface mining reclamation plan for the New Jersey Mine in 1993. The plan calls for grading of steep fill slopes and planting of vegetation on the area disturbed by the open pit mine. IDR pays an annual reclamation fee of $133 to IDL for surface disturbance associated with the New Jersey Mine open pit. The Company has estimated its costs to reclaim the New Jersey Mine and Mill site to be $117,000.

The Company submitted a reclamation plan to IDL for its past open pit mining operation at the Golden Chest Mine. The plan was approved, and the Company was required to post a reclamation bond of $103,320. This plan also calls for the grading of steep fill slopes and re-vegetation of disturbed land as well as erosion control measures utilizing best practices. Surface water monitoring is also performed at the Golden Chest and results are reported to IDEQ on a quarterly basis. The Company estimates the cost of this water monitoring at $12,000 annually. The Golden Chest Mine also has an EPA general stormwater permit.

When the Company plans an exploration drilling program on public lands, it must submit a POO to either the BLM or USFS. Compilation of the plan can take as much as several months of professional time and a reclamation bond is usually required to start drilling once the plan is approved. Bond costs vary directly with surface disturbance area. As an example, IDR's core drilling at Diamond Creek on USFS administered land required a bond of $85,800 for minimal disturbance with drill pads adjacent to an existing road (bond returned following reclamation). If a plan requires road building, the bond amount can increase significantly. Upon completion of site reclamation and approval by the managing agency, the bond is returned to the Company.

The Company complies with local building codes and ordinances as required by law.

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**<u>Number of Total Employees and Number of Full Time Employees</u>**

The Company's total number of full-time employees at December 31, 2025 is 62.

**REPORTS TO SECURITY HOLDERS**

The Company is not required to deliver an annual report to shareholders; however, its 10K is available digitally on the Company website and through other public sources.

The SEC maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission and SEC.

The Company maintains a website where recent press releases and other information can be found. A link to the Company's filings with the SEC is provided on the Company's website www.idahostrategic.com.

**ITEM 1A. RISK FACTORS**

The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in the Company's securities. Any of the following material risk factors could adversely affect its business, financial condition or operating results and could decrease the value of its common stock. These are not all the risks the Company may face, and other factors not currently believed to be immaterial may also affect the business if they occur.

**Financial Risks**

***Diversity in application of accounting literature in the mining industry may impact reported financial results.***

The mining industry has limited industry-specific accounting literature and, as a result, the Company understands diversity in practice exists in the interpretation and application of accounting literature to mining-specific issues. As diversity in mining industry accounting is addressed, the Company may need to restate its reported results if the resulting interpretations differ from current accounting practices.

***The Company's accounting and other estimates may be imprecise.***

Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue, and expenses at the date of the consolidated financial statements and reporting periods. The more significant areas requiring the use of management assumptions and estimates relate to:

· mineral reserves, resources, and exploration targets that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations;

· future ore grades, throughput and recoveries;

· future metals prices;

· future capital and operating costs;

· environmental, reclamation and closure obligations;

· permitting and other regulatory considerations;

· asset impairments;

· valuation of business combinations;

· future foreign exchange rates, inflation rates and applicable tax rates;

· reserves for contingencies and litigation; and

· deferred tax asset valuation allowance.

Future estimates and actual results may differ materially from these estimates from using different assumptions or conditions.

***You may lose all or part of your investment.***

If the Company is unable to effectively develop, mine, recover and sell adequate quantities of gold or generate cash flows from other diversified precious and strategic metals properties (including, but not limited to, metals exploration, engineering, resource development, economic feasibility assessments, mineral production, metal processing and related ventures), it is unlikely that the cash generated from the Company's internal operations will suffice as a source of the liquidity necessary for anticipated working capital requirements. There is no assurance that the Company's initiatives to improve its liquidity and financial position will be successful. Accordingly, there is substantial risk that the Company will be unable to continue as a going concern. In the event of insolvency, liquidation, reorganization, dissolution or other winding up of the Company, the Company's creditors would be entitled to payment in full out of the Company's assets before holders of common stock would be entitled to any payment, and the claims on such assets may exceed the value of such assets.

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***Because the Company may never earn significant revenues from its mine operations or other diversified precious metal-based and strategic metal properties, the business may fail.***

The Company recognizes that if it is unable to generate significant revenues from the exploration and exploitation of mineral reserves or other diversified precious and strategic metals properties in the future, it will not be able to earn profits or continue operations. The Company is generating positive operating income; however, there can be no assurance that this will continue. There is no history upon which to base any assumption as to the likelihood that the Company will prove successful, and the Company can provide no assurance that it will generate significant revenues to sustain profitability. If the Company is unsuccessful, its business will fail, and investors may lose all their investment in the Company.

***The Company will not be successful unless it recovers precious or strategic metals and sells them for a profit.***

The Company's success depends on the ability to recover precious or strategic metals, process them, and successfully sell them for more than the cost of production. The success of this process depends on the market prices of metals in relation to the costs of production. The Company may not be able to generate a profit on the sale of gold or other minerals because of the limited control over costs and not having the ability to control the market prices. The total cash costs of production at any location are frequently subject to great variation from year to year due to a number of factors, such as the changing composition of the grade of the mineralized material mined for production, and metallurgy and exploration activities in response to the physical shape and location of the mineral deposit. In addition, costs are affected by the price of commodities, such as fuel and electricity. Such commodities are at times subject to volatile price movements, including increases that could make production unprofitable. A material increase in production costs or a decrease in the price of gold or other minerals could adversely affect the Company's ability to earn a profit on the sale of gold or other minerals.

***Cost estimates and timing of new projects are uncertain, which may adversely affect the Company's expected production and profitability.***

The capital expenditures and time required to acquire, develop, and explore the Company's projects are considerable and changes in costs, construction schedules or both, can adversely affect project economics and expected production and profitability. There are many factors that can affect costs and construction schedules, including, among others:

· availability of labor, energy, transportation, equipment, and infrastructure;

· changes in input commodity prices and labor costs;

· fluctuations in currency exchange rates;

· availability and terms of financing;

· changes in anticipated tonnage, grade and metallurgical characteristics of the mineralized material to be mined and processed;

· recovery rates of gold and other metals from mineralized materials;

· difficulty of estimating construction costs over a period of a year;

· delays in completing any environmental review or in obtaining environmental or other government permits;

· weather and severe climate impacts; and

· potential delays related to health, social, political and community issues.

***The Company's ability to execute its strategic plan depends on many factors, some of which are beyond its control.***

The Company's strategic plan is focused on high-value, cash-generating, precious and strategic metal-based activities, including, but not limited to, precious and strategic metal exploration, resource development, economic feasibility assessments and cash-generating mineral production. Many of the factors that impact the Company's ability to execute its strategic plan, such as the advancement of certain technologies, legal and regulatory obstacles and general economic conditions, are beyond its control. Changes in value or a lack of demand for the sale of non-core assets would negatively affect the Company's financial condition and performance. Its inability to identify successful joint venture candidates and to complete joint ventures or strategic alliances as planned or to realize expected synergies and strategic benefits could impact its financial condition and performance. Its inability to deploy capital to maximize shareholder value could impact our financial performance. The Company cannot give assurance that it will be able to execute any or all of its strategic plan. Failure to execute any or all of the strategic plan could have a material adverse effect on our financial condition, results of operations, and cash flows.

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**Risks Associated with Operations, Climate, Development, Exploration, and Acquisition Risks**

***Exploration activities involve a high degree of risk, and exploratory drilling activities may not be successful.***

The Company's future success will largely depend on the success of the exploration drilling programs at the Golden Chest Mine, adjacent properties, and other exploration properties. Participation in exploration drilling activities involves numerous risks, including the significant risk that no commercially marketable minerals will be discovered. The mining of minerals and the manufacture of mineral products involves numerous hazards, including:

· Ground or slope failures;

· Pressure or irregularities in formations affecting ore or wall rock characteristics;

· Equipment failures or accidents;

· Adverse weather conditions;

· Compliance with governmental requirements and laws, present and future;

· Shortages or delays in the availability and delivery of equipment; and

· Lack of adequate infrastructure, including access to roads, electricity and available housing.

Poor results from the Company's drilling activities would materially and adversely affect the Company's future cash flows and results of operations.

***Transportation and weather interruptions may affect and delay proposed mining operations and impact the Company's business plans***.

The Company's mining properties are accessible by road. The climate in the area is hot and dry in the summer but cold and subject to snow and other precipitation in the winter, which could, at times, hamper accessibility depending on the winter season precipitation levels. As a result, the Company's exploration and mining plans could be delayed for several months each year. Such delays could affect its anticipated business operations and increase expenses.

Moreover, extreme weather events (such as increased frequency or intensity of storms or prolonged drought, flooded or frozen terrain) have the potential to disrupt operations at the Company's projects. Extended disruptions to supply lines due to extreme weather could result in interruption of activities at the project sites, delay or increase the cost of construction of the projects, or otherwise adversely affect its business.

***Supplies and equipment needed for exploration may not always be available. If the Company is unable to secure raw materials and exploration supplies, it may have to delay anticipated business operations***.

Competition, the imposition of tariffs and other trade sanctions, and unforeseen limited sources of supplies needed for the Company's proposed exploration work could result in occasional shortages of supplies of certain products, equipment, or materials. There is no guarantee the Company will be able to obtain certain products, equipment and/or materials as and when needed, without interruption, or on favorable terms, if at all. Such delays could affect the Company's anticipated business operations and increase expenses.

***The mining industry is highly competitive and there is no assurance that the Company will continue to be successful in acquiring mineral properties, claims, or leases. If the Company cannot continue to acquire properties to explore for mineral resources, it may be required to reduce or cease exploration activity and/or operations.***

The mineral exploration, development, and production industry is largely un-integrated. The Company competes with other exploration companies looking for mineral properties and the minerals that can be produced from them. While the Company competes with other exploration companies in the effort to locate and license mineral properties, it does not compete with them for the removal or sales of mineral products from its claims if a discovery is made in quantities sufficient to make production economically feasible. Readily available markets exist worldwide for the sale of gold and other mineral products, subject to market conditions and prices. Therefore, the Company will likely be able to sell any gold or mineral products that are identified and produced; however, such sales are subject to market fluctuations that may materially and adversely affect the Company's future cash flows and results of operations.

Many of the Company's competitors have greater financial resources and technical facilities. Accordingly, the Company will attempt to compete primarily through the knowledge and experience of its management. This competition could adversely affect its ability to acquire suitable prospects for exploration in the future. Accordingly, there can be no assurance that the Company will acquire any interest in additional mineral properties that might yield reserves or result in commercial mining operations.

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***The estimation of the ultimate recovery of gold and other metals is subjective. Actual recoveries may vary from the Company's estimates.***

The Company utilizes a conventional flotation process to produce a bulk sulfide flotation concentrate that is sold to smelters in South Korea and/or Asia. Ore is crushed, ground and valuable minerals are separated using the flotation process which is longstanding and well understood metallurgical process. However, the Company's estimates of gold recovery can vary from actual gold recovery because of several factors such as oxidation, hardness of the ore, deleterious mineralogy, and gold grade estimation errors due to the nugget effect. Also, final payment is determined by sampling of the concentrate at the smelter which could lead to variations from provisional sampling at the mill facility. Sampling procedures at the mill have been modified to try to increase correlation with smelter samples such as by increasing the sample mass collected for the provisional sample at the mill. Due to the complexity of the estimation process and the number of steps involved, among other things, actual recoveries can vary from estimates, and the amount of the variation could be significant and could have a material adverse impact on the Company's financial condition and results of operations.

***Resource and other mineralized material statements are estimates only and are subject to uncertainty due to factors including metal prices, inherent variability of the mineral deposits and recoverability of metal in the mining and beneficiation processes.***

The Company's reports of mineral resources and other mineralized material depend upon geological interpretation and statistical inferences or assumptions drawn from drilling and sampling analysis, which may prove to be unpredictable. There is a degree of uncertainty attributable to the calculation of mineral resources and corresponding grades. Until mineral resources and other mineralized materials are actually mined and processed, the quantity of mineralized material and grades must be considered as an estimate only. In addition, the quantity of mineral resources and mineral reserves may vary depending on metal prices. Any material changes in the quantity of mineral resources, mineral reserves, mineralization, grade or stripping ratio may affect the economic viability of the Company's properties. In addition, the Company can provide no assurance that gold recoveries or other metal recoveries experienced in small-scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.

***The Company's mining and metal production depends on the availability of sufficient water supplies.***

The Company's mining and milling operations require significant quantities of water for mining, processing, and related support facilities. Continuous production at its mines and mill is dependent on the ability to maintain water rights and claims, and the continuing physical availability of water.

***The Company may experience increased costs or losses resulting from the hazards and uncertainties associated with mining.***

The exploration for natural resources and the development and production of mining operations are activities that involve a high level of uncertainty. These can be difficult to predict and are often affected by risks and hazards outside of the Company's control. These factors include, but are not limited to:

· environmental hazards, including discharge of metals, concentrates, pollutants or hazardous chemicals;

· industrial accidents, including in connection with the operation of mining transportation equipment, milling equipment and/or conveyor systems, and accidents associated with the preparation and ignition of large-scale blasting operations, milling, processing and transportation of chemicals, explosives or other materials;

· surface or underground fires or floods;

· unexpected geological formations or conditions (whether in mineral or gaseous form);

· ground and water conditions;

· fall-of-ground accidents in underground operations;

· failure of mining pit slopes and tailings dam walls;

· seismic activity; and

· other natural phenomena, such as lightning, severe rain or snowstorms, floods, or other inclement weather conditions.

***Climate change could negatively or positively impact the Company's operations and financial performance.***

Climate change is expected to create more extreme weather patterns that can increase the frequency of droughts and increase the amount of rainfall, circumstances that require careful water management. Potential key material physical risks to the Company from climate change include but are not limited to: increased volumes of mine contact water requiring storage and treatment, increased design requirements for stormwater diversion and associated water management systems, and reduced freshwater availability due to potential drought conditions. Warmer winters may make it easier to operate the mine in the winter and extend the exploration drilling season. The Company has identified opportunities and risks with the advent of technologies that support decarbonization and renewable energy sources, such as: electric vehicles and energy storage that may require the metals the Company produces, or seeks to produce in the future. These technologies may not have the same reliability as conventional technologies and costs may increase to produce such technologies, which could negatively impact the Company's financial performance.

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***The Company's operations are subject to a range of risks related to climate change and transitioning the business to meet regulatory, societal and investor expectations for operating in a low-carbon economy.***

Climate change is expected to create more extreme weather patterns that can increase the frequency or severity of forest fires and droughts and sudden heavy rainfall. These latter two events require careful water management. Potential key material physical risks to the Company from climate change include, but are not limited to:

· increased volumes of mine contact water requiring storage and treatment;

· increased design requirements for stormwater diversion and associated water management systems;

· reduced freshwater availability due to potential drought conditions;

· damage to roads and other infrastructure at our sites due to extreme weather events, including intense rainfalls and related events such as landslides; and

· unpermitted or otherwise non-compliant discharge of wastewater due to an increased frequency of extreme weather events exceeding the design capacity of existing tailings storage facilities and other stormwater management infrastructure.

Such events can temporarily slow or halt operations due to physical damage to assets, reduced worker productivity for safety protocols on-site related to extreme weather events, worker aviation, and transport to or from the site, and local or global supply route disruptions that may limit the transport of essential materials and supplies. Additional financial impacts could include increased capital or operating costs to increase water storage and treatment capacity, obtain or develop maintenance and monitoring technologies, increase resiliency of facilities and establish supplier climate resiliency and contingency plans. The occurrence of weather and climate events have in the past and could in the future cause the Company to incur unplanned costs, which may be material, to address or prevent resulting damage.

In addition, potential opportunities and risks have been identified for the Company as the U.S. shifts toward a low-carbon economy. Technologies that support decarbonization include renewable energy sources, electric vehicles, and energy storage, all of which require the metals the Company produces and/or is exploring for. However, renewable energies currently may not have the same reliability as conventional energy sources. Thus, as the U.S. transitions toward renewable energy sources, the Company could experience a possible curtailment of its energy supply, and these new energy sources may cost more in the future than current supplies, which could negatively impact the Company's financial performance. Further, transitioning to a lower-carbon economy will require significant investment and may entail extensive policy, legal, technology, and market changes to address mitigation and adaptation requirements related to climate change. Depending on the nature, speed, focus, and jurisdiction of these changes, transition risks may pose varying levels of financial and reputational risk to the Company's business.

Policy and regulatory risk related to actual and proposed changes in climate and water-related laws, regulations and taxes developed to regulate the transition to a low-carbon economy may result in increased costs for the Company's operations, third-party smelters and refiners, and its suppliers, including increased energy, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Regulatory uncertainty may cause higher costs and lower economic returns than originally estimated for new development projects and operations, including closure reclamation and remediation obligations.

The development and deployment of technological improvements or innovations will be required to support the transition to a low-carbon economy, which could result in write-offs and early retirement of existing assets, increased costs to adopt and deploy new practices and processing including planning and design for mines, development of alternative power sources, site level efficiencies and other capital investments.

A failure to meet the Company's climate strategy commitments and/or societal or investor expectations could also result in damage to its reputation, decreased investor confidence and challenges in maintaining positive community relations, which can pose additional obstacles to the Company's ability to conduct its operations and develop its projects, which may result in a material adverse impact on the Company's business, financial position, results of operations and growth prospects.

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**Risks Related to the Company**

***The cost of the Company's exploration, development and acquisition activities is substantial, and there is no assurance that the quantities of minerals and metals discovered, acquired or recovered will justify commercial operations or replace reserves.***

Mineral exploration, development and beneficiation, particularly for gold and other strategic metals, is highly speculative in nature and frequently is nonproductive. There can be no assurance that the Company's exploration, development and/or acquisition activities will be commercially successful. Substantial expenditures are required to acquire existing gold properties, to establish mineral reserves through drilling and analysis, to develop metallurgical processes to extract metal from the mineralized material and, in the case of new properties, to develop the processing facilities and infrastructure at any site chosen for mineral exploration. There can be no assurance that any gold reserves or mineralized material that may be discovered or acquired in the future, if any, will be in sufficient quantities or of adequate grade to justify continued commercial operations, or that the funds required for mineral production operation can be obtained on a timely or reasonable basis, if at all. Mining companies must continually replace mineral reserves depleted by production. There can be no assurance that the Company will be successful in replacing any reserves or mineralized material acquired or established in the future.

***The prices of gold and other strategic metals fluctuate on a regular basis and a downturn in price could negatively impact the Company's operations and cash flow.***

Our operations will be significantly affected by changes in the market price of gold. Gold prices can fluctuate widely and may be affected by numerous factors, such as expectations for inflation, levels of interest rates, currency exchange rates, purchases and sales by governments and central banks, monetary policies employed by the world's major central banks, fiscal policies employed by the world's major industrialized economies, forward selling or other hedging activities, demand for diversified precious and strategic metals, global or regional political and economic crises, and production costs in major gold-producing regions, such as but not limited to South Africa and the Russian Federation. The aggregate effect of these factors, all of which are beyond the Company's control, are impossible to predict. If gold prices decline substantially, it could adversely affect the realizable value of the Company's assets and, potentially, future results of operations and cash flow.

As opportunities rise, the Company expects to continue to acquire properties with gold and strategic metals reserves or mineralized material with exploration potential. The price that is paid to acquire these properties will be influenced, in large part, by the price of gold and other strategic metals at the time of the acquisition. The Company expects its potential future revenues to be derived from the production and sale of gold and strategic metals from these properties or from the sale of some of these properties. The value of any mineralized material, and the value of any potential mineral production therefrom, will vary in direct proportion to variations in those mineral prices. The price of gold and strategic metals has fluctuated widely due to numerous factors beyond the Company's control. The effect of these factors on the price of gold and strategic metals, and therefore the economic viability of the Company's projects, cannot accurately be predicted. Any drop in the price of gold or strategic metals would negatively affect the Company's asset values, cash flows, potential revenues, and profits.

***The use of hedging instruments may not prevent losses being realized on subsequent price decreases or may prevent gains being realized from subsequent price increases.***

The Company may, from time to time, sell some future production of gold pursuant to hedge positions. If the gold price rises above the price at which future production has been committed under these hedge instruments, the Company will have an opportunity loss. If the gold price falls below that committed price, the Company may experience losses if a hedge counterparty defaults under a contract when the contract price exceeds the gold price.

***Competition from other mineral exploration and mining companies with greater resources may impact the Company.***

The Company competes with other mineral exploration and mining companies or individuals, including large, established metals and mining companies with substantial capabilities and far greater financial resources, to acquire rights to mineral properties, metal processing technology and other methods for extracting and processing precious, and other metals and minerals. There is a limited supply of desirable lands available for claim staking, lease or other acquisition. There can be no assurance that the Company will be able to acquire such properties when competing against competitors with substantially greater financial resources. Increases in the amount of gold and associated minerals sold by competitors of the Company may also result in price reductions and/or reduced margins, and the Company may not be able to compete effectively against current and future competitors.

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***The construction of the Company's mine(s) are subject to all of the risks inherent in start-up operations.***

These risks include potential delays, cost overruns, shortages of material or labor, construction defects, and injuries to persons and property. The Company expects to engage, or hire, employees in order to continue the development of its mine(s). While the Company anticipates taking all measures that deemed reasonable and prudent in connection with the production phase, there is no assurance that the risks described above will not cause delays or cost overruns in connection with such development, production, or operation. Any delays would postpone the Company's anticipated receipt of revenue and adversely affect its operations, which in turn may adversely affect the price of its stock.

***The Company's business requires substantial capital investment and it may be unable to raise additional funding on favorable terms.***

The construction and operation of potential future projects and various exploration projects will require significant funding. The Company's operating cash flow and other sources of funding may become insufficient to meet all of these requirements, depending on the timing and costs of development of these and other projects. As a result, new sources of capital may be needed to meet the funding requirements of these investments and fund ongoing business activities. The ability to raise and service significant new sources of capital will be a function of macroeconomic conditions, future gold and strategic metal prices, the Company's operational performance and its current cash flow and debt position, among other factors. In the event of lower gold and strategic metal prices, unanticipated operating or financial challenges, or a further dislocation in the financial markets as experienced in recent years, the Company's ability to pursue new business opportunities, invest in existing and new projects, fund ongoing operations and retire or service outstanding debt could be significantly constrained.

***Owning real estate and water rights carries inherent risks.***

The Company is susceptible to the following real estate industry risks beyond its control:

· Changes in national, regional and local economic conditions and outlook;

· Economic downturns in the areas where the properties are located;

· Adverse changes in local real estate market conditions such as an oversupply of properties, reduction in demand, intense competition for buyers and/or demographic changes;

· Changes in business or consumer preferences that reduce the attractiveness of our properties;

· Changes in zoning, regulatory restrictions or tax laws;

· Changes in interest rates or availability of financing.

These conditions could adversely affect the Company's financial position, results of operations and cash flows, or the market price of its stock.

***Illiquidity of real estate investments could significantly impede the Company's ability to respond to changes in economic and other conditions.***

The Company's ability to sell one or more of its properties in response to changing economic, financial and investment conditions may be limited. The Company cannot predict whether it will be able to sell any of its properties for the price or terms it set, or whether any price or other terms offered by a prospective buyer would be acceptable. The Company also cannot predict the length of time needed to find a willing buyer and to the close the sale of an asset. The real estate market is affected by many factors that are beyond the Company's control.

***The Company may undertake joint ventures, investments, joint projects and other strategic alliances and such undertakings may be unsuccessful and may have an adverse effect on its business.***

The Company continually evaluates and explores strategic opportunities as they arise, including product, technology, business or asset transactions. Such undertakings may not be successful or may take a substantially longer period than initially expected to become successful, and the Company may never recover its investments or achieve desired synergies or economies from these undertakings. Nevertheless, the Company may, in the future, seek to grow its operations in part by entering into joint ventures, or undertaking investments, joint projects or other strategic alliances with third parties in diversified precious and strategic metals production and processing industries. These activities involve challenges and risks in negotiation, execution, valuation and integration, and closing of the transactions could be delayed or prevented by regulatory approval requirements, including permitting issues, or other conditions.

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Any future agreements that the Company may enter into also could expose it to new operational, regulatory, market, litigation and geographical risks as well as risks associated with significant capital requirements, the diversion of management and financial resources, unforeseen operating difficulties and expenditures, sharing of proprietary information, loss of control over day-to-day operations, non-performance by a counterparty, potential competition and conflicts of interest. In addition, the Company may not be successful in finding suitable targets on terms that are favorable, or at all. Even if successfully negotiated and closed, expected synergies from a joint venture, investment or other strategic alliance may not materialize, may not advance the Company's business strategy, may fall short of expected return-on-investment targets or may not prove successful or effective for its business. The Company may also encounter difficulty integrating the operations, personnel, and financial and operating systems of an acquired business into its current business.

The Company may need to raise additional debt funding or sell additional equity securities to enter into such joint ventures or make such acquisitions. However, the Company may not be able to obtain such debt funding or sell equity securities on terms that are favorable, or at all. The raising of additional debt funding, if required and available, would result in increased debt service obligations and could result in additional operating and financing covenants, or liens on the Company's assets, that would restrict its operations. The sale of additional equity securities, if required and available, could result in dilution to the Company's shareholders.

***The Company's business depends on a limited number of key personnel, the loss of whom could have a negative impact.***

The Company's officers and employees are important to its success. If any of them becomes unable or unwilling to continue in their respective positions, and the Company is unable to find suitable replacements, its business and financial results could be materially negatively affected.

**Legal, Regulatory and Compliance Risks**

***The Company's ability to execute its strategic plans depends upon success in obtaining a variety of required governmental approvals that may be opposed by third parties.***

The Company's operations may be delayed, hindered, or prevented to the extent that it is unable to obtain the governmental permits or approvals necessary to conduct the full extent of the operations contemplated by its strategic plan in a timely fashion or at all. This inability may occur due to a variety of factors, including opposition by third parties, such as members of the public or environmental groups. The Company expects that future permit and approval applications and issuances will meet with similar opposition. The Company may encounter delays and added costs if permits and approvals are challenged.

***The Company is subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.***

The Company's production, development and exploratory mining operations are subject to numerous federal, state and local laws and regulations governing the operations, discharge, emission, or release of materials into the environment and the protection of the environment and human health and safety, including the Federal Clean Water Act ("**CWA**"), Clean Air Act ("**CAA**"), Endangered Species Act ("**ESA**"), Safe Drinking Water Act ("**SDWA**"), Migratory Bird Treaty Act ("**MBTA**"), National Environmental Policy Act ("**NEPA**", Resource Conservation and Recovery Act ("**RCRA**"), and Comprehensive Environmental Response, Compensation and Liability Act ("**CERCLA**"). Federal initiatives are often also administered and enforced through state agencies operating under parallel state statutes and regulations. Failure to comply with such rules and regulations could result in substantial penalties or construction or operational delays or requirements to cease production and have an adverse effect on the Company. These laws and regulations may, among other things:

· Require that the Company obtain permits before commencing mining work and to comply with ongoing permit requirements;

· Restrict the substances that can be released into the environment in connection with mining work and require remediation of substances that are released;

· Impose obligations to reclaim land in order to minimize long term effects of land disturbance; and

· Limit or prohibit mining work on protected areas.

Under these laws and regulations, the Company could be liable for personal injury and clean-up costs and other environmental and property damages, as well as administrative, civil, and criminal penalties. The Company maintains limited insurance coverage for sudden and accidental environmental damages. Accordingly, the Company may be subject to liability, or it may be required to cease production from properties in the event of environmental damages. Compliance with environmental laws and regulations and future changes in these laws and regulations may require significant capital outlays, cause material changes or delays in the Company's current and planned operations and future activities and reduce the profitability of operations.

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At the state level, surface mining operations in Idaho are regulated by IDL. The surface mining regulations require water monitoring to protect surface and ground water and results are submitted to IDEQ. If any degradation of existing water quality is found, regulations require the Company to work with the state regulators to mitigate any impacts on water quality. In addition, we are required to hold Idaho reclamation permits required under Idaho law. These permits mandate concurrent and post-mining reclamation of mines and require the posting of reclamation bonds sufficient to guarantee the cost of mine reclamation. Other Idaho regulations govern operating and design standards for the construction and operation of any source of air contamination and landfill operations. Any changes to these laws and regulations could have a negative impact on our financial performance and results of operations by, for example, requiring changes to operating constraints, technical criteria, fees or surety requirements.

It is possible that future changes in these laws or regulations could increase operating costs or require capital expenditures in order to remain in compliance. Any such changes could have an adverse effect on the Company's business, financial condition and results of operations.

***The Company is subject to the Federal Mine Safety and Health Act of 1977 and regulations promulgated thereto, which impose stringent health and safety standards on numerous aspects of their operations.***

The Company's exploration, development and mining is subject to the Federal Mine Safety and Health Act of 1977, which imposes stringent health and safety standards on numerous aspects of mineral extraction and processing operations, including the training of personnel, operating procedures, operating equipment and other matters, and the costs associated with compliance with such laws and regulations can be substantial. The Company's failure to comply with these standards could have a material adverse effect on its business, financial condition or otherwise impose significant restrictions on its ability to conduct mining work.

***Regulations and pending legislation governing issues involving climate change could result in increased operating costs which could have a material adverse effect on the Company's business****.*

Many governments or governmental bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on the Company, its partners and its suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact the Company's ability to compete with other companies situated in areas not subject to such limitations. Given the emotion, political significance, and uncertainty around the impact of climate change and how it should be dealt with, the Company cannot predict how legislation and regulation will affect its financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by the Company or other companies in its industry could harm its reputation. The potential physical impacts of climate change on the Company's operations are highly uncertain and would be particular to the geographic circumstances in areas in which it operates. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These impacts may adversely impact the cost, production, and financial performance of the Company's operations.

***The Company's activities are inherently hazardous and any exposure may exceed insurance limits or may not be insurable.***

The Company's business is subject to many risks and hazards generally, including adverse environmental conditions, environmental or industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment and natural phenomena, such as inclement weather conditions, floods, hurricanes and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to the Company's properties or the property of others, delays in construction or mining, monetary losses, and possible legal liability.

The nature of these risks is such that liabilities might exceed any applicable liability insurance policy limits. It is also possible that the liabilities and hazards might not be insurable, or the Company could elect not to insure itself against such liabilities because of the high premium costs, in which event, it could incur significant costs that could have a material adverse effect on its financial condition.

***The Company's insurance and surety bonds for environmental-related issues are limited.***

The Company's insurance and surety bonds against environmental risks are limited as to the maximum protection against potential liability for pollution or other hazards as a result of the disposal of waste products occurring from exploration and production Further, there is no assurance that insurance carriers or surety bond providers will be able to meet their obligations under the Company's arrangements with them. If the Company's environmental liabilities and costs exceed the coverage provided by its insurance carriers and surety bond providers, or such parties are unable to meet their obligations, the Company would have limited funds available to us to remedy such liabilities or costs, or for future operations. If the Company is unable to fund the cost of remedying an environmental problem, it may be required to enter into an interim compliance measure pending completion of the required remedy.

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***The Company is subject to federal and state laws that require environmental assessments and the posting of bonds, which add significant costs to its operations and delays in its projects.***

Mining companies must post a bond or other surety to guarantee the cost of post-mining reclamation. These requirements could add significant additional cost and delays to any mining project undertaken by the Company. The Company's mineral exploration operations are required to be covered by reclamation bonds deemed adequate by regulators to cover these risks.

***The Company may be subject to litigation.***

The Company may be subject to legal proceedings. Due to the nature of its business, the Company may be subject to a variety of regulatory investigations, claims, lawsuits and other proceedings in the ordinary course of its business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation, including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges, and juries and the possibility that decisions may be reversed on appeal. There can be no assurances that these matters will not have a material adverse effect on the Company's business.

***Title claims against the Company's properties could require compensation to parties making such claims, if successful, and divert management's time from operations.***

There may be challenges to the Company's title in the properties in which it holds material interests. If there are title defects with respect to any of its properties, the Company might be required to compensate other persons or perhaps reduce its interest in the affected property. The validity of unpatented mineral claims, which constitute a large portion of the Company's strategic mineral holdings in the United States, is often uncertain and may be contested by the federal government and other parties. The validity of an unpatented mineral claim, in terms of both its location and its maintenance, depends on strict compliance with a complex body of federal and state, statutory and decisional law. Although the Company has attempted to acquire satisfactory title to its properties, title opinions or title insurance have not been obtained with respect to the acquisition of the unpatented mineral claims. The investigation and resolution of title issues would divert management's time from ongoing operations.

***The Company is exposed to global health, economic and market risks that are beyond its control, which could adversely affect financial results and capital requirements.***

If any of the Company's facilities or the facilities of its suppliers, third-party service providers, or customers is affected by natural disasters, such as earthquakes, floods, fires, power shortages or outages, public health crises (such as pandemics and epidemics), political crises (such as terrorism, war, political instability or other conflict), trade and other geopolitical instability due to tariffs or other trade sanctions, or other events outside of the Company's control, its operations or financial results could suffer. Any of these events could materially and adversely impact the Company in many ways, including through decreased production, increased costs, decreased demand for its products due to reduced economic activity or other factors, or the failure by counterparties to perform under contracts or similar arrangements.

For example, the outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, including the implementation of travel bans, quarantine periods and social distancing, have caused material disruptions to global business and an economic downturn. Global equity markets have experienced significant volatility and weakness. Governments and their central banks have reacted with significant fiscal and monetary interventions designed to mitigate the impacts and stabilize economic conditions.

Attempts to mitigate global health, economic and market risks of natural disasters may result in decreased economic activity which would adversely affect the broader global economy. Pandemics or other significant public health events will most likely have a material adverse effect on the Company's business and results of operations. It is not currently possible to reliably estimate the length and severity of the impact on the Company's financial condition, and that of its subsidiaries and partners in future periods.

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Uncertainties regarding the global economic and financial environment could lead to an extended national or global economic recession. A slowdown in economic activity caused by a recession would likely reduce demand for assets that the Company holds for sale and result in lower commodity prices for long periods of time.

The Company ships its gold concentrate overseas to smelters in South Korea and/or Japan. If trade wars, sanctions or other tariffs are imposed, H&H Metals or other international purchasers or refiners may not be able to purchase the Company's gold concentrates. Tariffs or other trade sanctions may affect relationships with international partners, making current partnerships unsustainable or unaffordable. This would require the Company to seek new partnerships and may cause a disruption in its business and operations. Geopolitical instability can lead to significant disruption in supply chain efficiency, adding costs and delays. Any changes in U.S. trade policy could trigger retaliatory actions by affected countries, resulting in 'trade wars,' and increased costs for goods imported into or exported out of the United States, which may reduce demand for the Company's concentrates if the tariffs increase prices or costs. If these consequences are realized, the volume of economic activity in the United States, including demand for concentrates from U.S. companies, may be materially reduced. Such a reduction may materially and adversely affect the Company's sales and our business.

***Mineral operations are subject to applicable law and government regulation. Even if the Company discovers a mineral reserve in a commercially exploitable quantity, these laws and regulations could restrict or prohibit the exploitation of that mineral reserve. If the Company cannot exploit any mineral reserve that it might discover on its properties, its business may fail and you may lose your investment.***

Both mineral development and extraction may require permits from various foreign, federal, state, and local governmental authorities and are governed by laws and regulations, including those with respect to prospecting, mine development, mineral production, transport, export, taxation, labor standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety, and other matters. There can be no assurance that the Company will be able to obtain or maintain any of the permits required for the continued exploration of its mineral properties or for the construction and operation of a mine on its properties at economically viable costs. If the Company cannot accomplish these objectives, its business could face difficulty and/or fail.

The Company believes that it is in compliance with all material laws and regulations that currently apply to its activities but there can be no assurance that it can continue to do so. Current laws and regulations could be amended, and the Company might not be able to comply with them, as amended. Further, there can be no assurance that the Company will be able to obtain or maintain all permits necessary for future operations, or that they will be able to be obtained on reasonable terms. To the extent such approvals are required and are not obtained, the Company may be delayed or prohibited from proceeding with planned development or production of its mining activity.

Environmental hazards unknown to the Company, which have been caused by previous or existing owners or operators of the properties, may exist on the properties in which the Company holds an interest. Many of the Company's properties in which it has ownership rights are located within the Coeur d'Alene Mining District, which is currently the site of a Federal Superfund cleanup project. It is possible that environmental cleanup or other environmental restoration procedures could remain to be completed or mandated by law, causing unpredictable and unexpected liabilities to arise. At the date of this Annual Report, the Company is not aware of any environmental issues or litigation relating to the properties.

***The laws of the State of Idaho and the Company's Articles of Incorporation may protect its directors from certain types of lawsuits***.

The laws of the State of Idaho provide that the Company's directors will not be liable to the Company or its shareholders for monetary damages for all but certain types of conduct as directors of the Company. The Company's Articles of Incorporation permit the Company to indemnify its directors and officers against all damages incurred in connection with its business to the fullest extent provided or allowed by law. The exculpation provisions may have the effect of preventing shareholders from recovering damages against the Company's directors caused by director negligence, poor judgment, or other circumstances. The indemnification provisions may require the Company to use its limited assets to defend its directors and officers against claims, including claims arising out of the Company's negligence, poor judgment, or other circumstances.

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**Risks Related to Investments in the Company's Common Stock**

***The price of the Company's common stock has and may continue to fluctuate significantly, which could negatively affect the Company and holders of its common stock.***

The market price of the Company's common shares is subject to volatility, has fluctuated, and may continue to fluctuate significantly due to, among other things, changes in market sentiment regarding the Company's operations, financial results or business prospects, the mining, metals, or environmental remediation industries generally, coordinated trading activities, large derivative positions or the macroeconomic outlook. The price of the Company's common stock has been, and may continue to be, highly volatile. Certain events or changes in the market or the Company's industries generally are beyond its control.

In addition to the other risk factors contained or incorporated by reference herein, factors that could impact the Company's trading price include:

· actual or anticipated operating and financial results, including how those results vary from the expectations of management, securities analysts and investors;

· changes in financial estimates or publication of research reports and recommendations by financial analysts or actions taken by rating agencies with respect to the Company or other industry participants;

· reports in the press or investment community generally or relating to the Company's reputation or the mining industry;

· developments in the Company's business or operations or our industry sectors generally;

· any future offerings by the Company of its common stock;

· any coordinated trading activities or large derivative positions in the Company's common stock, for example, a "short squeeze" (a short squeeze occurs when a number of investors take a short position in a stock and have to buy the borrowed securities to close out the position at a time that other short sellers of the same security also want to close out their positions, resulting in surges in stock prices, i.e., demand is greater than supply for the stock shorted);

· legislative or regulatory changes affecting the mining industry generally or the Company's business and operations specifically;

· the operating and stock price performance of companies that investors consider to be comparable to the Company;

· announcements of strategic developments, acquisitions, restructurings, dispositions, financings and other material events by the Company or its competitors;

· expectations of (or actual) equity dilution, including the actual or expected dilution to various financial measures, including earnings per share, that may be caused by equity offerings;

· actions by the Company's current shareholders, including future sales of common shares by existing shareholders, including directors and executive officers;

· proposed or final regulatory changes or developments;

· anticipated or pending regulatory investigations, proceedings, or litigation that may involve or affect the Company; and

· other changes in U.S. or global financial markets, global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity prices, credit or asset valuations or volatility.

***If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research about the Company, its stock price and trading volume could decline.***

The trading market for the Company's common stock will depend in part on the research and reports that securities or industry analysts publish. The Company has relatively little research coverage by securities and industry analysts. If no additional industry analysts commence coverage of the Company, the trading price for its common stock could be negatively impacted. If one or more of the analysts who cover the Company downgrades its common stock, or publishes inaccurate or unfavorable research, the Company's stock price would likely decline. If one or more of these analysts cease coverage or fail to publish reports on a regular basis, demand for the Company's common stock could decrease, which could cause its stock price and trading volume to decline.

***The Company does not expect to pay any cash dividends for the foreseeable future.***

The Company expects to retain all available funds and future earnings, if any, for use in the operation and growth of its business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay cash dividends will be at the discretion of the Company's board of directors, subject to compliance with applicable law, the Company's organizational documents and any contractual provisions, including under agreements for indebtedness it may incur, that restrict or limits the ability to pay dividends, and will depend upon, among other factors, the Company's results of operations, financial condition, earnings, capital requirements and other factors that its Board of Directors deems relevant. Investors seeking cash dividends in the foreseeable future should not purchase the Company's common stock.

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***The Company may issue additional common stock or other equity securities in the future that could dilute the ownership interest of existing shareholders.***

The Company is currently authorized to issue 200,000,000 shares of common stock, of which 15,705,199 shares were issued and outstanding as of December 31, 2025, and 1,000,000 shares of preferred stock, of which no preferred shares are outstanding as of December 31, 2025. To maintain its capital at desired levels or to fund future growth, the Company's board of directors may decide, from time to time, to issue additional shares of common stock, or securities convertible into, exchangeable for or representing rights to acquire shares of common stock. New investors in other equity securities issued by the Company in the future may also have rights, preferences, and privileges senior to, that may adversely impact, the Company's current shareholders.

***If a large number of shares of the Company's common stock are sold in the public market, the sales could reduce the trading price of its common stock and impede the ability to raise future capital.***

The Company cannot predict what effect, if any, future issuances of its common stock or other equity will have on the market price of its common stock. Any shares that the Company may issue may not have any resale restrictions, and therefore could be immediately sold by the holders. The market price of the Company's common stock could decline if certain large holders of its common stock, or recipients of its common stock, sell all or a significant portion of their shares of common stock or are perceived by the market as intending to sell these shares other than in an orderly manner. In addition, these sales could also impair the Company's ability to raise capital through the sale of additional common stock in the capital markets.

**Risks Related to Cybersecurity**

***The Company's information technology systems may be vulnerable to cyber-attack or other disruption, which could place its systems at risk for data loss, operational failure, or compromise of confidential information.***

The Company relies on various information technology systems. These systems remain vulnerable to disruption, damage, or failure from a variety of sources, including, but not limited to, errors by employees or contractors, computer viruses, cyber-attacks, including phishing, ransomware, and similar malware, misappropriation of data by outside parties, and various other threats. Techniques used to obtain unauthorized access to or sabotage the Company's systems are under continuous and rapid evolution, and the Company may be unable to detect efforts to disrupt its data and systems in advance. Breaches and unauthorized access carry the potential to cause losses of assets or production, operational delays, equipment failure that could cause other risks to be realized, inaccurate recordkeeping, or disclosure of confidential information, any of which could result in financial losses and regulatory or legal exposure and could have a material adverse effect on the Company's business, financial condition, or results of operations. The Company may incur material losses relating to cyber-attacks or other information security breaches in the future. Risks and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As such threats continue to evolve, the Company may be required to expend additional resources to modify or enhance any protective measures or to investigate and remediate any security vulnerabilities.

**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

Cybersecurity risk management is part of the Company's overall risk management program. Management is responsible for identifying, considering, and assessing material cybersecurity risks on an ongoing basis, establishing processes to the best of their ability to ensure that such potential cybersecurity risk exposures are monitored, putting in place reasonably appropriate mitigation measures and maintaining cybersecurity programs. The Company's cybersecurity programs are under the direction of its Treasurer with assistance from the management team. Any significant Cyber incidents that they become aware of are reported to the board of directors.

There were no material cyber security incidents discovered in 2025. While cybersecurity risks have not materially affected the Company's business, operations, or financial condition to date, the Company recognized that an increase in cyber threats, data breaches, or system vulnerabilities could have a material impact on future operations.

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**ITEM 2. DESCRIPTION OF PROPERTIES**

<u>Note on New SEC Mining Disclosure Rules</u>

Information concerning the Company's mining properties in this Annual Report on Form 10-K has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K, which first became applicable to the Company for the fiscal year ended December 31, 2021. These requirements differ significantly from the previously applicable disclosure requirements of SEC Industry Guide 7. Among other differences, subpart 1300 of Regulation S-K requires the Company to disclose its mineral resources, in addition to its mineral reserves, as of the end of its most recently completed fiscal year both in the aggregate and for each of its individually material mining properties. Readers are cautioned that mineral resources do not have demonstrated economic value. Mineral resources are subject to further exploration and development, are subject to additional risks, and no assurance can be given that they will ever convert to mineral reserves. Inferred resources have more uncertainty than Measured or Indicated as the estimation parameters assume mineralized continuity over greater distances which may or may not accurately reflect the actual mineralization.

**Summary**

The map below shows the locations of the Company's operations and its exploration properties.

![idr_8kimg9.jpg](idr_8kimg9.jpg)

**Figure 1 - Property Location Map**

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The following table summarizes the Company's aggregate metal quantities produced and sold, which only includes the quantities produced and sold from the Golden Chest Mine (the Company's only producing mine) for the last three years:

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|  |  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  |  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Gold - | Ounces produced |  | 12538 |  | 11915 |  | 8247 |
|  | Payable ounces sold |  | 11834 |  | 11169 |  | 7673 |

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The following table summarizes the Company's total in-situ proven and probable mineral reserves (the Golden Chest Mine is the Company's only property with calculated reserves) as of December 31, for the last three years:

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| Classification | Year | Tonnes | Grade <br>(grams gold per tonne) | Cut-off<br>(grams gold per tonne) | Metallurgical<br>Recovery |
| Proven and Probable Reserves | 2023 | 127477 | 6.74 | 3.2 | 93% |
| Proven and Probable Reserves | 2024 | 170819 | 8.99 | 4.0 | 93% |
| Proven and Probable Reserves | 2025 | 338521 | 6.95 | 4.0 | 93% |

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The following table summarizes the Company's total in-situ mineral resources (the Golden Chest Mine is the Company's only property with calculated mineral resources) for the last two years as of December 31, 2025.

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| Classification<br>| Year<br>| Tonnes<br>| Gold Grade<br>(grams gold per tonne) | Cutoff<br>(grams gold per tonne) | Metallurgical<br>Recovery |
| Measured<br>| 2024<br>| 374389<br>| 4.16<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Indicated<br>| 2024<br>| 859458<br>| 3.24<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Measured + Indicated<br>| 2024<br>| 1233887<br>| 3.52<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Inferred<br>| 2024<br>| 823172<br>| 2.82<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Measured<br>| 2025<br>| 384351<br>| 4.33<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Indicated<br>| 2025<br>| 702152<br>| 3.96<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Measured + Indicated<br>| 2025<br>| 1086503<br>| 4.09<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|
| Inferred<br>| 2025<br>| 582878<br>| 2.98<br>| 2.0 UG & 1.4 OP<br>| 93.0% UG 85% OP<br>|

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More information on the Company's mineral reserves and resources is provided in Exhibit 96.1, the Technical Report Summary on the Golden Chest Mine, prepared by the Qualified Persons ("QP") under Section 1300 of SEC Regulation S-K, Grant A. Brackebusch, P.E., Robert J. Morgan, PG, PLS., and Andrew A. Brackebusch, P.E.

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The table below summarizes the Company's production and exploration-stage properties.

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| Property | State & County | Ownership | Claims | Permit Conditions | Stage | Mine Type | Commodity | Mineralization Style |
| Golden Chest Mine | Idaho, Shoshone | 100%  | 34 patented claims (449 acres) and 217 unpatented claims (4,300 acres) | Private land and public land administered by USFS and BLM. All permits required for production in place. | Production | Underground/Open Pit | Au, Ag | Orogenic gold, veins. |
| New Jersey Mill | Idaho, Shoshone | Joint Venture (65% Assets, 3,000 tonnes per month) | Private land (35 acres) and 10 unpatented claims (50 acres). | Private land, all permits required for production in place. Unpatented claims administered by BLM. | Production | Not Applicable (N/A) | N/A | N/A |
| Mineral Hill | Idaho, Lemhi | 100% | 118 unpatented claims (2,360 acres). | Public land administered by USFS. Plan of Operations required. | Exploration  | Underground | Rare earth elements | Carbonatite dike, veins |
| Lemhi Pass | Idaho, Lemhi & Montana, Beaverhead | 100% | State lease (565 acres) and 678 unpatented claims (13,560 acres). | Public land administered by State of Idaho, BLM and USFS. Plan of Operations required. | Exploration | Underground/Open Pit | Rare earth elements, Thorium | Carbonatite dike, veins |
| Diamond Creek | Idaho, Lemhi | 100% | 244 unpatented claims (4,900 acres). | Public land administered by USFS, Plan of Operations in place. | Exploration | Underground | Rare earth elements, Au | Replacement carbonatite dike, veins |
| Eastern Star | Idaho, Idaho | 100% | 11 patented claims (220 acres) and 71 unpatented claims (1,420 acres). | Private land and public land administered by BLM and USFS. POO required. | Exploration | Underground | Au, Ag  | Orogenic gold, veins |
| Butte Highlands | Montana, Silver Bow | 25% Joint Venture Interest | Patented claims (135 acres) and unpatented claims. | Private land with operating permits from Montana DEQ and USFS. | Development | Underground | Au, Ag  | Skarn |
| New Jersey Mine | Idaho, Shoshone | 100% | Private land (250 acres) and unpatented claims (130 acres). | Private land and public land administered by the BLM. Surface mining permit with Idaho. | Exploration | Underground/Open Pit | Au, Ag  | Orogenic gold, veins |
| Murray Area | Idaho, Shoshone | 100% | 84 patented claims (1,510 acres) and 744 unpatented claims (14,880 acres). | Private land and public land administered by the BLM and USFS. POO required on public lands. | Exploration | Underground | Au, Ag | Orogenic gold, veins |
| McKinley | Idaho, Idaho | 100% | 28 unpatented claims (560 acres). | Public land administered by USFS. POO required on public lands. | Exploration | Underground | Au, Ag | Orogenic gold, veins |
| Park Copper/Gold | Idaho, Shoshone | 100% | 5 patented claims (91 acres). | Private land | Exploration | Underground | Cu, Au, Ag | Vein |
| Oxford | Idaho, Clearwater | 100% | State lease (2,500 acres) and 26 unpatented claims (537 acres). | Public land administered by USFS and State of Idaho. POO required on public lands. | Exploration | Underground | Cu, Au, Ag | Vein |

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**GOLDEN CHEST MINE**

**Figure 2 – Aerial Photo of Golden Chest Mine in February 2020**

The Golden Chest Mine ("Golden Chest") is the Company's only Production Stage mine and is comprised of an underground mine, an open pit mine (no longer producing), and an exploration property located about 1.5 miles east of Murray, Idaho. The Golden Chest includes 34 patented mining claims (449 acres) and 217 unpatented claims (4,300 acres). The open pit mine is permitted with IDL and the Company has posted a reclamation bond for an approved reclamation plan. IDR is the operator and owns 100% of Golden Chest, LLC (owner of the Golden Chest). Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Equinox Gold Corporation ("Equinox") (formerly Calibre Mining Corporation and formerly Marathon Gold Corporation). The mineralization occurs as gold-quartz veins associated with an orogenic deposit type. Ore from the Golden Chest is processed off-site at the New Jersey Mill in Kellogg, Idaho. For more information concerning the Golden Chest, please refer to the information set forth under the caption "Individual Properties-MATERIAL OPERATING PROPERTIES" and under the caption "Golden Chest Mine" in this Item 2.

**NEW JERSEY MILL**

**<u>Property Location</u>**

The New Jersey Mill is a fully permitted, 360-tonne per day, flotation mill located two miles east of Kellogg, Idaho, in the Coeur d'Alene Mining District. The Company had a concentrate leach plant ("CLP") at the New Jersey Mill which was decommissioned in 2024, but the cyanidation permit with IDEQ is still active until final reclamation of the Tailings Storage Facility is complete. The mill is located on the same property as the New Jersey Mine, adjacent to U.S. Interstate Highway 90 and easily accessed year-round by local roads. Three-phase electrical power is supplied to the New Jersey Mill by Avista Utilities.

**<u>Property Ownership and Operation</u>**

The New Jersey Mill is operated by IDR. In 2011, IDR signed a joint venture ("JV") agreement with Crescent Silver, LLC ("Crescent") to increase the capacity of the New Jersey Mill. Crescent funded the expansion in return for a 35% interest in JV assets plus the right to process 7,000 tonnes of its ore per month. IDR is the JV manager and retains a 65% interest in JV assets as well as the right to process its own ore at the rate of 3,000 tonnes per month and to allocate unused and excess capacity in its role as manager. The property covered by the JV agreement includes the crushing circuit, grinding circuit, gravity circuit, flotation circuit, CLP, buildings, and surface rights over the patented mill site claim. Unpatented mill site claims are also part of the JV. Crescent has not produced or processed ore at the New Jersey Mill in more than a decade.

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**<u>Present Condition of Plant & Equipment</u>**

*Mill Expansion and Crescent Ore Processing*

The expansion of the New Jersey Mill was completed in 2012, rendering it capable of processing 360 tonnes of sulfide ore per day to produce a single flotation concentrate. The expansion cost approximately $3.2 million, all of which was funded by Crescent under terms of the JV (Ex. 10.1). The expansion project included the installation of a new cone crusher, a new fine ore bin, new conveyors, a new 2.4-meter by 4.0-meter ball mill, additional flotation cells, a new paste thickener, associated pumps, and a new building.

*Current Ore Processing Operations*

In October 2016, the Company resumed operations at the New Jersey Mill, processing ore extracted from open pit and underground at the Golden Chest. In 2025, the New Jersey Mill processed 41,840 tonnes at an average head grade of 10.14 gpt gold with 93.0% gold recovery. Since restarting operations at the Golden Chest in October 2016, the Company has milled a total of 372,348 tonnes at the New Jersey Mill.

The New Jersey Mill recycles process water and utilizes a paste tailings disposal process patented by IDR founder Fred Brackebusch in the late 1980's to minimize impacts to the environment. By implementing paste tailings processing methods, IDR can recycle process water and prevent the discharge of process water to surface waters. At full capacity, this method saves more than 50 million gallons of water per year. IDR was recognized as a "Pollution Prevention Champion" by IDEQ in 2014 for its efforts to reduce pollution at the New Jersey Mill. Current tailings storage capacity at the existing TSF is expected to last until the Company moves mineral processing operations to a new mill at the Golden Chest Mine in 2027. The Company has also submitted a closure plan to the IDEQ.

As of December 31, 2025, the Company had a net capital cost of $5,077,274 associated with the New Jersey Mill.

**<u>Permit Requirements</u>**

The New Jersey Mill has all the required environmental permits to operate currently and into the foreseeable future. Some permits may require modification if operating conditions change, but typically these changes can be completed without impeding the milling operation. A summary of the permits held by the Company are found in following table:

**Permit Descriptions**

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| | |
|:---|:---|
| **Permit Description** | **Reference** |
| Idaho Cyanidation Permit for New Jersey Mill | #CN-0026-001<br>Idaho Department of Environmental Quality |
| Tailings Storage Facility<br>New Jersey Mill | 94-7509<br>Idaho Department of Water Resources |
| Air Quality Exemption (Crushing) for<br>New Jersey Mill | Idaho Department of Environmental Quality |

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**RARE EARTH OVERVIEW**

Idaho Strategic controls and operates three REE properties known as Mineral Hill, Lemhi Pass, and Diamond Creek. The three properties together make up approximately 21,385 acres of unpatented lode mining claims, and one State of Idaho mineral lease, within Idaho's 70-mile long REE-Th Belt. All three of Idaho Strategic's properties have seen substantive historic exploration conducted by the USGS in the 1950s, and more recently by the IGS. IDR has completed numerous geologic mapping programs, surface sampling programs, and has completed one drill program and one trenching program to date on its REE land holdings. While each of the three properties IDR controls are early-stage, the Company considers the properties material to its business due to qualitative factors such as the potential for the company's properties to be advanced toward future production on an unknown timeline, and the potential importance of REE's in advanced robotics, low-carbon technologies and national defense technologies, which could see increased demand in the future. To date, Idaho Strategic has not established any resources or reserves on its REE properties and plans to continue to advance the projects as funding and permitting allows. For more information concerning the Mineral Hill, Lemhi Pass, and Diamond Creek REE properties, please refer to the information set forth under the caption "Individual Properties-MATERIAL EXPLORATION PROPERTIES" and under their respective caption in this Item 2.

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**Individual Properties – MATERIAL OPERATING PROPERTIES**

**GOLDEN CHEST MINE**

![idr_8kimg11.jpg](idr_8kimg11.jpg)

**Figure 3 - Golden Chest Mine Location Map**

**<u>Property and Location</u>**

The Golden Chest is a gold Production Stage property comprised of an underground mine, an open pit mine (no longer producing), and an exploration property located about 1.5 miles east of Murray, Idaho, and 115 km east of the city of Coeur d'Alene, Idaho at Latitude 47<sup>o</sup>37'14" North and Longitude 115<sup>o</sup>49'43" West. The Golden Chest includes 34 patented mining claims (449 acres) and 217 unpatented claims (4,300 acres). The surface mine is permitted with the Idaho Department of Lands and has posted a reclamation bond for an approved reclamation plan. Surface water monitoring is completed as a condition of the permit. The mine is along Forest Highway 9 and is accessible by several improved dirt roads from the paved highway. A three-phase power line, supplied by Avista Utilities, was installed in 2014 and upgraded in 2024.

**<u>Property Ownership</u>**

The core of the Golden Chest is a contiguous group of 34 patented claims where all modern mining has taken place to date. The Company owns the rights to both the surface and subsurface minerals on all patented claims at the Golden Chest directly and through its 100% held subsidiary Golden Chest, LLC ("GCLLC"), excluding the Joe Dandy Claim where IDR owns only the subsurface mineral rights. The total patented claim position covers 449 acres. As these patented claims are considered private lots, legal access is allowed. Property taxes on patented claims are assessed by Shoshone County each year and IDR has paid the taxes in full.

IDR currently maintains 217 unpatented mining claims covering 4,300 acres. The claims have been filed with the BLM agency and at the Shoshone County Courthouse. Annual maintenance fees are paid to the BLM by September 1, and the Golden Chest unpatented claim fees have been paid and are in good standing.

Production from the Golden Chest and an adjacent Area of Interest is subject to a 2% NSR payable to Equinox.

**<u>Property History</u>**

The Golden Chest was developed in the late 1800's through the early 1900's as part of the first gold production from the Coeur d'Alene Mining District. Historical accounts vary, but the district is believed to have produced approximately 300,000 ounces of gold from placer sources. It is estimated that the historic hard rock mining at the Golden Chest (prior to IDR's ownership) produced approximately 65,000 ounces of gold, primarily from shallow, underground, high-grade veins. The Golden Chest Mine is the largest historic lode producer of gold in northern Idaho.

Modern exploration of the Golden Chest area began in the late 1970's with several companies, including Cominco-American and Golden Chest Inc. ("GCI"), targeting gold and massive sulfides. Drill tests by GCI included a 200-foot hole from surface that intersected a 60-foot zone containing multiple low-grade gold-bearing quartz veins.

Newmont Exploration Ltd. ("Newmont") followed GCI's discovery by evaluating the veins for bulk mineable potential in the late-1980's. Newmont drilled 35 shallow reverse-circulation and five core holes. In 2010 and 2011, a JV between IDR and Equinox drilled 18,300 meters of core and published a resource report in accordance with Canadian National Instrument 43-101 *Standards of Disclosure for Mineral Projects* (NI 43-101)*.*

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In September 2013, the Skookum Shoot portion of the Golden Chest property was leased to Juniper Mining Company ("Juniper"). Juniper began construction in Q3 2014, spending an estimated $7 to $9 million on mine development and infrastructure, building a modern gold mine that reached production in May 2015. Mining activities continued until September 2015 when Juniper ceased operations and terminated its lease, forfeiting the mine and infrastructure back to GCLLC.

**<u>Present Condition, Work Completed, and Exploration Plans</u>**

*Current Underground Operations*

The Golden Chest underground mine is accessed by a primary decline or main access ramp ("MAR") with a complimentary escape-way incline ramp, and a series of ventilation raises. The primary mining method is underhand drift-and-fill utilizing cemented rock-fill ("CRF"). During 2025, IDR mined a total of 41,840 tonnes of ore at an average grade of 10.14 gpt gold. The ore came from stopes on the H-Vein. The MAR was extended at depth during 2025 to the 724 sublevel which required about 315 meters of ramp development and 116 meters of associated development for sumps, muck-bays, and escape raises. Additionally, 700 meters of stope access ramps were completed during the year.

*Current Open-Pit Operations* 

No open-pit operations took place during 2025.

*Exploration Plans and Results*

Modern exploration, including over 70,000 meters of drilling, reveals six ore shoots at the Golden Chest that demonstrate strong periodicity, consistent width and spacing, along the Idaho Fault. Most historic production came from the northernmost of these shoots, the Katie-Dora and the Klondike. Current underground mining occurs within the H-Vein. Excellent exploration potential remains in unmined portions of the northern shoots as well as in the unmined Paymaster and Joe Dandy areas to the south. During 2025, a total of 19,362 meters of core drilling were completed at the Golden Chest. Drilling was completed in five different shoots or areas at the Golden Chest including the Paymaster, H-Vein, Reds Star, Jumbo Vein, and the Klondike. Most of the meters drilled (65%) were targeted to help delineate reserves and resources in the Paymaster and H-Vein areas. One highlight of the 2025 exploration program was when exploration drifting was restarted in the Jumbo Pit portal and the Jumbo Vein was found by drifting a short distance eastward. Drifting on the vein for 25 meters of strike length revealed a vein with an average thickness of 0.52 meters at a gold grade of 85 gpt. Exploration plans for 2026 include more drilling of the Paymaster shoot at depth, and drilling at the Katie-Dora and Klondike areas on the northern part of the mine property.

**<u>Present Condition of Plant & Equipment</u>**

The Golden Chest underground main access ramp was originally developed in 2013 at nominal 4-meter by 4.5-meter cross-section. Additional development by IDR in the MAR has been completed recently. There are several metal buildings on the mine surface constructed from 2012 through 2021 including a core shed with offices, a mine shop, and associated mine dry and warehouse. In 2025, IDR completed the construction of a 80' by 150' metal building to house a paste backfill plant. Plans are underway to use the remaining space in the paste plant building to construct a new flotation mill with 360 metric tonnes per day of capacity and major equipment has been ordered with some already delivered. Permitting is underway for a new TSF located at the Golden Chest to store the tailings produced from the new mill. Also, a new warehouse/dry building was nearly complete at the end of December 2025. The mine electrical service is a three-phase, 1,000 kilo-volt-ampere ("kVA") service after Avista Utilities ("Avista") completed the installation of a 500 kVA service to the new mill building in autumn of 2025. In late 2025 the Company contracted with Avista to double the electrical service in 2026 to 2,000 kVA to support mine expansion activity and the new mill.

As of December 31, 2025, the Company had a net capitalized development and investment cost of $14,774,667 associated with the Golden Chest.

**<u>Geology & Mineralization</u>**

Gold mineralization occurs in veins associated with multiple faulting and folding events in the Coeur d'Alene Mining District. The mineralization occurs as gold- quartz veins associated with an orogenic deposit type. The orogenic system at the Golden Chest appears to have an association with igneous rock activity. Hence, the vein deposits may be described as intrusion-related orogenic gold. The principal vein exploited at the Golden Chest in the recent past has been the Skookum Shoot. It is associated with the Idaho Fault and juxtaposes the quartzites of the upper Prichard Formation against finer-grained argillites which is also of the upper Prichard Formation. In mid-2023 after successful drifting on the H-Vein which is approximately 60 meters west of, and in the hangingwall, of the Idaho Fault, mining was shifted to this vein. The H-Vein occupies the same type of lithologic contrast as the Idaho Vein and is also associated with the Timberking Fault. The H-Vein has demonstrated significantly higher gold grades than the Skookum Shoot.

Veins occur adjacent to the Idaho Fault both in its footwall, and in its hangingwall where the H-Vein is found. The mineralization occurs in two types of quartz veins, banded and massive. These veins are generally conformable to bedding in the Proterozoic age Prichard Formation. The banded veins, which occur primarily in argillite, contain, pyrite, arsenopyrite, galena, sphalerite, and visible gold. Thicker, massive veins occur in quartzite and contain pyrite, galena, chalcopyrite, sphalerite, scheelite and visible gold.

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The table below summarizes the Company's Mineral Reserves for the past three years.

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| Classification<br>| Year<br>| Tonnes<br>| Grade<br>(grams gold per tonne) | Cut-off<br>(grams gold per tonne) | Metallurgical<br>Recovery |
| Proven Reserves | 2023 | 78935 | 7.21 | 3.2 | 93% |
| Probable Reserves | 2023 | 48542 | 5.98 | 3.2 | 93% |
| Total Proven and Probable Reserves | 2023 | 127477 | 6.74 | 3.2 | 93% |
| Proven Reserves | 2024 | 69520 | 9.49 | 4.0 | 93% |
| Probable Reserves | 2024 | 101299 | 8.65 | 4.0 | 93% |
| Total Proven and Probable Reserves | 2024 | 170819 | 8.99 | 4.0 | 93% |
| Proven Reserves | 2025 | 62648 | 10.18 | 4.0 | 93% |
| Probable Reserves | 2025 | 275872 | 6.21 | 4.0 | 93% |
| Total Proven and Probable Reserves | 2025 | 338520 | 6.95 | 4.0 | 93% |

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Notes:

1. Classification of Mineral Reserves is in accordance with S-K 1300 classification system.

2. Mineral Reserves were estimated by Idaho Strategic Resources and reviewed and accepted by the QP's.

3. Mineral Reserves are 100% attributable to Idaho Strategic Resources

4. Mineral Reserves are estimated at a cutoff of 4.0 Au PPM (grams/tonne)

5. Mineral Reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce.

6. Mineral Reserves are contained within the H-Vein, Jumbo Vein, Paymaster Veins, and the Idaho Vein.

7. An average mining width of 3 m was used for the Reserves reporting for the Jumbo Vein, Paymaster Veins, and Idaho Vein.

8. H-Vein Reserves were diluted to a 2.4 m minimum mining width.

9. Minimum mining width dilution is accounted for in the estimate.

10. Numbers may not add due to rounding.

The 2025 Mineral Reserve increased over the previous year because more drill holes were completed through the H-Vein and Paymaster Veins and drifting was completed on the Jumbo Vein. This activity resulted in the conversion from Mineral Resources to Mineral Reserves.

Two cut-off grades are used for stope planning, the go/no-go cut-off and the in-stope cut-off. The go/no-go cut-off represents any material that has the potential to be mined but does not have to be mined as part of the operational plan. The go/no-go cut-off is used for initial stope planning as any given stope or sublevel does not have to be mined and should only be mined if it is economic. The go/no-go cut-off is equation is presented in Equation 1.

*Equation 1 go/no-go cut-off*

![idr_8kimg12.jpg](idr_8kimg12.jpg)

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| **Underground Mining Cut-off** | **Underground Mining Cut-off** | **Underground Mining Cut-off** |
| **Variable** | **Value** | **Unit** |
| Mining Cost \*G&A included | 155 | $/tonne |
| Backfill Cost | 50 | $/tonne |
| Mill Haul Cost | 16 | $/ore tonne |
| Milling Cost | 60 | $/ore tonne |
| Metallurgical Recovery | 93 | % |
| Smelter Recovery (Payment) | 93 | % |
| Royalty | 2 | % |
| Gold Price | 2580 | $/troy ounce |
| In-Stope Cutoff (Mining Cost Sunk) | 1.79 | Au grams/tonne |
| Go/No-Go (Mining Decision) | 4.00 | Au grams/tonne |

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The in-stope cut-off is used when material in a defined stope must be mined to reach higher grades. In this scenario the mining cost is considered sunk and is omitted from Equation 1 as the cost was incurred regardless of the ore/waste determination at the face. Evaluating equation 1 omitting mining cost yields a value of 4.00 gpt for the Mineral Reserves.

The table below summarizes the Company's mineral resources for the past three years ending December 31, 2025.

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| Classification<br>| Year<br>| Tonnes<br>| Gold Grade<br>(grams gold per tonne) | Cutoff<br>(grams gold per tonne) | Metallurgical<br>Recovery |
| Measured | 2023 | 406605 | 4.10 | 2.0 UG & 1.4 OP | 93.0% UG & 85% OP |
| Indicated | 2023 | 665550 | 4.00 | 2.0 UG & 1.4 OP | 93.0% UG & 85% OP |
| Measured + Indicated | 2023 | 1072155 | 4.04 | 2.0 UG & 1.4 OP | 93.0% UG & 85% OP |
| Inferred | 2023 | 743793 | 3.23 | 2.0 UG & 1.4 OP | 93.0% UG & 85% OP |
| Measured | 2024 | 374389 | 4.16 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Indicated | 2024 | 859498 | 3.24 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Measured +Indicated | 2024 | 1233887 | 3.52 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Inferred | 2024 | 823172 | 2.82 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Measured | 2025 | 384351 | 4.33 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Indicated | 2025 | 702152 | 3.96 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Measured +Indicated | 2025 | 1086503 | 4.09 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |
| Inferred | 2025 | 582878 | 2.98 | 2.0 UG & 1.4 OP | 93% UG & 85% OP |

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Notes:

1. Classification of Mineral Resources is in accordance with the S-K classification system.

2. Mineral Resources were estimated by IDR staff and reviewed and accepted by the QP's.

3. Mineral Resources are exclusive of Mineral Reserves.

4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

5. Revenues produced at the Golden Chest are subject to a 2% NSR Royalty.

6. Bulk density was calculated based on laboratory testing of representative vein samples and applied to the vein shapes.

7. Mineral Resources are estimated using 2 grams per tonne (gpt) for each of the underground (UG) zones. The surface portion of the resource was optimized using Vulcan pit optimizer with open pit mining costs from the operation and results in a surface resource with a cut-off grade of 1.4 gpt.

8. Cutoff values used were calculated using the three-year trailing average gold price of $2,580 USD/Troy Oz and adjusted by IDR staff based on mining experience at the Golden Chest.

9. Numbers may not add due to rounding.

For more information, see Section 12 of Exhibit 96.1, the Technical Report Summary on the Golden Chest, Idaho, prepared for the Company by the Qualified Persons under Section 1300 of SEC Regulation S-K, Grant A. Brackebusch, P.E., Robert J. Morgan, PG, PLS, and Andrew A. Brackebusch, P.E.

**<u>Permit Requirements</u>**

The Golden Chest Mine has all the required environmental permits to operate currently and into the foreseeable future. Some permits may require modification if operating conditions change, but typically these changes can be completed without impeding the mining operation. A summary of the permits held by the Company are found in the following table:

**Permit Descriptions**

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| **Permit Description** | **Reference** |
| Idaho Surface Mine Reclamation Plan for<br>Golden Chest | #S312900<br>Idaho Department of Lands |
| US EPA Stormwater Pollution Prevention Plan<br>For New Jersey Mill and Golden Chest Mine | Multi-Sector General Permit |
| Idaho Shallow Injection Well for<br>Golden Chest | #S94X-0026-001<br>Idaho Department of Water Resources |

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In 2025, MSHA issued one citation for a Section 104 S&S violation at the New Jersey Mill. No S&S citations were issued at the Golden Chest Mine in 2025. Reference is made to Exhibit 95 to this report.

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**Individual Properties–MATERIAL EXPLORATION PROPERTIES**

**MINERAL HILL**

![idr_8kimg13.jpg](idr_8kimg13.jpg)

**Figure 4 – Mineral Hill Project Location Map**

**<u>Overview & History</u>**

The Mineral Hill Project is a REE exploration stage property located approximately 48 kilometers (30 miles) northwest of the town of Salmon, Idaho. Mineral Hill is operated by IDR and consists of 118 unpatented lode mining claims situated in the greater Mineral Hill District in Township 24N, Range 19E, Sections 3, 4, 9, 10, 11, 13, 14, 15, 16, 22, 23, 24, and makes up approximately 2,380 acres. The project is located in the northern portion of the Idaho REE-Th Belt. The Mineral Hill mineral claims are located on public land, which is managed by the USFS. The claims require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year. The claims fees necessary to obtain and hold the mineral rights at Mineral Hill as well as the investments to explore the project are expensed each year that they are paid. Therefore, Mineral Hill does not show on the Company's books and does not qualify as a material property for financial purposes, rather the Company considers Mineral Hill material to its business due to qualitative factors such as the potential for the Company's projects to be advanced toward future production on an unknown timeline, and the potential importance of rare earth elements in low-carbon technology and national defense technology, which could see increased demand in the future. To date, Idaho Strategic has not established any known reserves on the Mineral Hill property.

Idaho Strategic initially staked the mining claims comprising the Mineral Hill Project in early 2020. Throughout Idaho Strategic's ownership of the project, the Company has staked additional claims at its discretion based upon exploration conducted to date. 109 of the 118 unpatented lode claims are wholly owned by IDR and there are no underlying royalties. In 2025, IDR leased 9 additional unpatented lode claims from a private, 3<sup>rd</sup> party, which are subject to a 2% NSR.

The Mineral Hill Project and the greater Mineral Hill District was historically prospected for gold and copper in the early 1900's. In the early 1950's rare earth mineralization was discovered and documented by Abbott (1954) and Anderson (1958) from the Idaho Geological Survey and Kaiser (1956) with the USGS. Abbott (1954) reported cutting a 2.5-foot sample across the lode at the Robert Lode which returned 21.5% combined rare earth oxides and thoria.

**<u>Geology and Mineralization</u>**

The REE mineralization at the Mineral Hill Project is associated with a unique group of igneous rocks known as carbonatites. Carbonatites are carbonate rocks sourced from magmatic origins, with primary carbonate compositions exceeding 50%. The Mineral Hill Project contains three of the eight known carbonatite occurrences within the Mineral Hill District. The first carbonatite can be found in a northwest-trending seam which measures approximately 400 meters (1,300 feet) long and 90 meters (300 feet) wide; the other two occurrences appear to be smaller carbonatite plugs, measuring about 200 meters in diameter.

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**<u>Infrastructure and Facilities</u>**

The Mineral Hill Project currently does not contain any facilities on-site. The project is accessible by road for approximately 8 months out of the year via National Forest Road 036 (Indian Creek Road). Idaho Strategic utilizes a combined shop and office building located in the town of Salmon, Idaho, to stage equipment, log and process samples, house company employees, and conduct all other rare earth exploration activities relating to Mineral Hill.

**<u>Present Condition & Recent Activities</u>**

From 2020 to present, Idaho Strategic has conducted surface sampling, geophysical surveys and geologic mapping on select areas of its mineral claims. The Mineral Hill Project has three carbonatite prospects with REE mineralization: Roberts, Cardinal, and Lee Buck. The Roberts occurrences outcrop along a northwest strike for greater than 400 meters and demonstrate high-grade REE mineralization in a number of surface samples. One sample taken by Company geologists returned assays of combined rare earth elements oxide in excess of 34%, including 3% neodymium. The Company's samples show critical REEs like neodymium, praseodymium, and samarium in abundance. Similarly, as with IDR's Diamond Creek property, REE's are not the only valuable commodities. Gold and niobium may also be in profitable concentration as by-products. Recent samples collected from the Mineral Hill property, show assays with gold values up to 8.8 grams per ton and niobium as high as 0.50%. Exploration plans include further geologic mapping, sampling, and geophysical surveys in order to prepare the project for its inaugural drill program. The permitting process for a drill program at Mineral Hill is underway and any future drilling activities will be subject to permit approval and funding.

Moving forward, Idaho Strategic plans to advance the Mineral Hill Project by developing drill targets aimed at verifying the extent and grade of the carbonatites that the Company's geologists have identified and mapped from the surface. There is no timeline for drill permit approval or projected timing of work. To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic. The Company has provided a summary of exploration activities in order to provide an overview of Mineral Hill and why the Company views this project favorably. Idaho Strategic has excluded exploration results from this report which either did not return the targeted mineralization, did not aid in providing a brief overview of the project, or for which the Company has not received the results back from lab testing.

**<u>Quality Control Procedures</u>**

The procedures taken to ensure quality and reliability of the Company's samples and assays are as follows:

Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist. The samples are identified by a "one-of-a-kind" label and bagged for secure "chain-of-command" transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to either ALS Minerals or ActLabs. ALS Minerals utilizes Ore Grade REE analysis (ME-MS81h), while ActLabs utilizes the 8-REE Assay Package (FUS-MS) and the 8-Nb205 – XRF Option.

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**LEMHI PASS**

![idr_8kimg14.jpg](idr_8kimg14.jpg)

**Figure 5 – Lemhi Pass Project Location Map**

**<u>Overview & History</u>**

The Lemhi Pass Project is a REE and thorium exploration stage property located approximately 41 kilometers (25 miles) southeast of the town of Salmon, Idaho and stretches into Montana. Lemhi Pass is operated by IDR and consists of 678 total unpatented lode mining claims situated in the McDevitt Mining District, Lemhi County, Idaho in Township 18N, Range 25E, Sections 10, 20, 21, 28, 29, 32, 33; Township 19N, Range 24E, Sections 1, 2, 11, 12, 13, 14, 23, 24, 25, 26, 27; Township 19N, Range 25E, Sections 4, 5, 6, 7, 8, 9, 10, 15, 21, 22, 27, 28 (Boise Meridian) and in the Bloody Dick Mining District, Beaverhead County, Montana in Township 10S, Range 15W, Sections 20, 21, 22, 27, 28, 29, 34, 35 and Township 11S, Range 15W, Sections 10, 11, 14, 15, PB 38. Additionally, IDR has a mineral lease on 565 acres with the State of Idaho for Township 19N, Range 25E, Section 16. The project is in the southern portion of the Idaho REE-Th Belt and straddles the ID-MT border. The property package is mainly contiguous and makes up approximately 13,560 acres. 491 unpatented lode claims are situated in Idaho, while the remaining 187 unpatented lode claims are situated in Montana.

The claims fees and lease fees necessary to obtain and hold the mineral rights at Lemhi Pass as well as the investments to explore the project are expensed each year that they are paid. Therefore, Lemhi Pass does not show on the Company's books and does not qualify as a material property for financial purposes, rather the Company considers Lemhi Pass material to its business due to qualitative factors such as the potential for the Company's projects to be advanced toward future production on an unknown timeline, and the potential importance of rare earth elements and thorium in low-carbon technology and national defense technology, which could see increased demand in the future. To date, Idaho Strategic has not established any known reserves on the Lemhi Pass Project.

Idaho Strategic initially staked the mining claims comprising the Lemhi Pass Project in October 2021 and have added claims based upon exploration activities. 611 of the 678 unpatented lode claims are wholly owned by IDR and there are no underlying royalties. In 2025, IDR leased 67 additional unpatented lode claims from a private, 3<sup>rd</sup> party, which are subject to a 2% NSR. The Lemhi Pass mineral claims are located on BLM land and require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year. The State of Idaho mineral lease has a term of 20 years with an annual rent of $1,695, increased annually by 3%. The State of Idaho mineral lease has a minimum annual royalty of $1,000 in years 1 through 5 and $2,500 in years 6 through 20.

The Lemhi Pass Project was historically prospected for gold and copper until 1949 when its unique geologic setting was recognized by the USGS and the IGS during the U.S. government sponsored country-wide exploration for raw materials related to nuclear power. These campaigns resulted in the discovery of thorium in several areas of Lemhi County, including the REE occurrences in the Lemhi Pass area. Several other companies have undertaken minor thorium-related exploration programs on the property, including historic reports of past thorium production. Lemhi Pass is mentioned in numerous reports including the 2009 USGS Circular 1336 titled "*Thorium Deposits of the United States – Energy Resources for the Future?*" which features parts of the Company's Lemhi Pass Project on its cover page.

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**<u>Geology and Mineralization</u>**

The Company initially staked the Lemhi Pass Project to target an area with the greatest concentration of known veins where the Lemhi Pass, Dan Patch, and Bull Moose faults intersect or approach one another. REE and thorium mineralization at Lemhi Pass is occasionally found in the REE mineral monazite. Monazite is a phosphate mineral and most of the Company's strongest REE values are associated with phosphorus. The monazite at Lemhi Pass occurs as opaque, subhedral, yellow-green to reddish-brown crystals which are mostly microscopic in size, making it hard to detect with the naked eye. Samples taken by the USGS of 31 vein samples, showed TREO contents ranging from 0.073% to 2.20% Staatz (1972a). IDR sampling showed total rare earths assays up to 6% validating Company belief that the Lemhi Pass District is largely underexplored for REE's; since their discovery in the district was ancillary, to the government's search for nuclear related fuels in the 1950's.

**<u>Infrastructure and Facilities</u>**

The Lemhi Pass Project currently does not contain any facilities on-site. Portions of the Lemhi Pass Project are accessible year-round by properly equipped vehicles. There are numerous well maintained forest service roads which provide further access to the project; however, those roads are not well maintained during the winter months. There is power nearby to the project including a regional powerline which runs across the project. Idaho Strategic utilizes a combined shop and office building located in the town of Salmon, Idaho to stage equipment, log and process samples, house company employees, and conduct all other rare earth and thorium exploration activities relating to Lemhi Pass.

**<u>Present Condition & Recent Activities</u>**

To date, Idaho Strategic has conducted surface sampling, geologic mapping, and trenching programs throughout its ownership of the mineral claims from 2021 to present. Select Idaho Strategic sample and trench results have revealed rare earth grades ranging from 0.67% TREO to 6% TREO from areas of the project that had not been well tested for REE's in the past.

Moving forward, Idaho Strategic will continue its surface exploration efforts to gather enough information to warrant a drill program. The land stewardship in the Lemhi Pass District has areas under both BLM, USFS and State jurisdiction. To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic. The Company has provided a summary of exploration activities to provide an overview of Lemhi Pass and why the Company views this project favorably. Idaho Strategic has excluded exploration results from this report which either did not return the targeted mineralization, did not aid in providing a brief overview of the Project, or for which the Company has not received the results back from lab testing.

**<u>Quality Control Procedures</u>**

The procedures taken to ensure quality and reliability of the Company's samples and assays are as follows:

Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist. The samples are identified by a "one-of-a-kind" label and bagged for secure "chain-of-command" transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to either ALS Minerals or ActLabs. ALS Minerals utilizes Ore Grade REE analysis (ME-MS81h), while ActLabs utilizes the 8-REE Assay Package (FUS-MS) and the 8-Nb205 – XRF Option.

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**DIAMOND CREEK**

![idr_8kimg15.jpg](idr_8kimg15.jpg)

**Figure 6 – Diamond Creek Project Location Map**

**<u>Overview & History</u>**

The Diamond Creek Project is a REE exploration stage property located approximately 13 kilometers (8 miles) north-northwest of the town of Salmon, Idaho. Diamond Creek is operated by IDR and consists of 244 unpatented lode mining claims situated in the Eureka Mining District Lemhi County, Idaho in Township 23N, Range 21E, Sections 2, 3, 10, 11, 14, 15, 23, 25, 26, 27, 34, 35; Township 22N, Range 21E, Sections 1 and 2 (Boise Meridian) and makes up approximately 4,900 acres.

The Diamond Creek Project is located in the central portion of the Idaho REE-Th Belt. The Diamond Creek mineral claims are located on public lands managed by the USFS. The claims require an annual maintenance fee of $200 per claim per year which must be paid to the BLM by September 1 of each year. The claims fees necessary to obtain and hold the mineral rights at Diamond Creek as well as the investments to explore the project are expensed each year that they are paid. Therefore, Diamond Creek does not show on the Company's books and does not qualify as a material property for financial purposes, rather the Company considers Diamond Creek material to its business due to qualitative factors such as the potential for the Company's projects to be advanced toward future production on an unknown timeline, and the potential importance of rare earth elements in low-carbon technology and national defense technology, which could see increased demand in the future. To date, Idaho Strategic has not established any known mineral reserves or resources on the Diamond Creek Project.

Idaho Strategic initially staked the mining claims comprising the Diamond Creek Project in April 2020 and added claims to the group in January 2023. The unpatented lode claims are wholly owned by IDR and there are no underlying royalties on the unpatented lode claims.

The Diamond Creek Project was historically prospected for gold, until the 1950's when U.S. government sponsored country-wide exploration for raw materials related to nuclear power resulted in the discovery of unique thorium and REE mineralization at Diamond Creek by the USGS and the IGS. Several other companies have undertaken minor rare earths exploration programs on the property including one stage of limited core drilling with some notable REE mineralization encountered. Diamond Creek is mentioned in numerous reports including a USGS report written in 1979 by M.H. Staatz.

**<u>Geology and Mineralization</u>**

The REE mineralization at Diamond Creek is found in two types: fracture filling and replacement veins/bodies. The replacement bodies are composed of bright and varied oxides. There are at least eight known veins, and they range in width from 0.15 m to 7.6 m in thickness. Vein widths appear best developed in the metasediments and can be traced on the surface for distances ranging from 33.5 m to 780 m. The known rare earth elements mineralization occurs along a 2-mile stretch of the Diamond Creek Fault. The project consists of four distinct areas identified from north to south as: Contact, Lucky Gem, Simer, and Frank Burch.

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Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%. Work by the USGS in 1979 reported that three samples cut across one of the larger veins were assayed for gold and contained 0.5, 2.4 and 11.9 grams per tonne Au. Down-dip extensions of these mineralized veins have never been sufficiently tested.

**<u>Infrastructure and Facilities</u>**

The Diamond Creek Project currently does not contain any facilities on-site. The project is easily accessible by road for approximately 8 months out of the year by nearly any vehicle and is accessible year-round by properly equipped vehicles. There are numerous well maintained forest service roads which provide access to all four distinct areas of the project. There is power nearby to the project including a powerline which runs along U.S. Highway 93 approximately 3 miles from Diamond Creek. Idaho Strategic utilizes a combined shop and office building located in the town of Salmon, Idaho to stage equipment, log and process drill core, house company employees, and conduct all other rare earth exploration activities relating to Diamond Creek.

**<u>Present Condition & Recent Activities</u>**

To date, Idaho Strategic has conducted surface sampling programs and geologic mapping throughout its ownership of the mineral claims from 2020 to present. On November 3, 2022, IDR completed its inaugural 12-hole Diamond Creek drill program which targeted REE mineralization on the northern portion of the project known as the Contact and Lucky Gem areas. The positive results of the drill program were reported, and highlights from hole DC 22-8 drilled from the Lucky Gem area in the north-central portion of the project, were reported to include 11.3 meters (m) of 1.3% total rare earth oxide ("TREO") from 2.9 m to 14.2 m. The drill results included intervals of 1.1 m from 13.1 m to 14.2 m which returned grades of 2.2% TREO. Also discovered in hole DC 22-8 were significant concentrations of niobium. The Company reported 0.7% niobium over 10.1 m from 2.9 m to 13.0 m including the following higher-grade interval of 1.0% niobium over 0.5 m from 9.6 m to 10.1 m. Hole DC 22-8 drilled down dip through the shallow dipping replacement body where mineralization continued for 50.3 meters before the hole was lost.

In addition to the Company's drill program, Idaho Strategic conducted surface sampling along a 32-meter trench that exposed REE mineralization at the surface during drill pad reclamation at the Lucky Gem drill pad located in the north-central portion of the project. Vertical channel samples were taken every 1 meter for the first 20 meters of exposure, then every 2 meters for the last 12 meters. The exposed geology displayed evidence of dynamic fluid movement along shears and fracture zones forming both replacement and fracture-filling type deposits.

The results include 32 continuous meters averaging 1.28% TREO, including high values of 2.0% TREO at 8 m and 12 m. In addition to REEs, 12 m niobium mineralization that assayed greater than 0.5% Nb was located between 5 and 16 m.

The Company previously obtained all necessary permits to drill the Diamond Creek Project in 2022. After drilling, all reclamation was completed and approved by the USFS. An additional drilling POO has been submitted and approved by the USFS for the 2025 and 2026 field seasons. The new POO will expand on the 2022 results at Lucky Gem and Contact areas as well as additional drilling targeting REE mineralization on the southern end of the Diamond Creek Project in the area known as Simer. To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic. The Company has provided a summary of exploration activities to provide an overview of Diamond Creek and demonstrate why the Company views this project favorably. Idaho Strategic has excluded exploration results from this report which either did not return the targeted mineralization, did not aid in providing a brief overview of the Project, or for which the Company has not received the results back from lab testing, if any.

**<u>Quality Control Procedures</u>**

The procedures taken to ensure quality and reliability of the Company's samples and assays are as follows:

Representative surface outcrop samples collected over time, in the normal course of business and reported by the company, come from geologic outcrops identified during surface reconnaissance and are mapped/recorded by on-site professional geologist. The samples are identified by a "one-of-a-kind" label and bagged for secure "chain-of-command" transport to a certified assay laboratory. Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to make an informed decision for targeting purposes. The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals. ALS Minerals utilized Ore Grade REE analysis (ME-MS81h).

Drill core samples at Diamond Creek were taken from the drill rig to a secure, Company-owned facility prior to logging by Company geologists. The core is then logged and samples for assay are obtained by sawing the core in half longitudinally while trying to ensure a representative sample is submitted to the laboratory for analysis. All the samples that have been publicly released were analyzed by ALS Minerals using Ore Grade REE analysis (ME-MS81h) and reported niobium results were analyzed using Fusion XRF- NB Ore Grade (Nb-XRF10).

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**Internal Controls on Exploration and Development Drilling Programs**

Exploration and development drilling programs are performed using industry standard quality control methods for drilling, logging, sampling, and analytical procedures. The laboratory used by IDR for sample preparation and analyses is: American Analytical Services, Inc. ("AAS"), located at 59148 Silver Valley Rd, Osburn, ID 83849. AAS is ISO 17025 Certified for Mineral and Ore Chemical Testing. Fire assaying is the only method used to quantify gold in core samples and muck samples. Occasionally, Inductively Coupled Plasma ("ICP") is used for multi-element analysis.

IDR's Quality Assurance/Quality Control ("QA/QC") program has been in place since the GCLLC JV in 2011. The QA/QC program consists of inserting blanks and commercially certified standards into the sample stream. A blank or a standard is inserted into the sample sequence at least every 10 samples. All standards are commercially certified and have been prepared in advance by accredited labs. The QP's reviewed the results of blank assays and only 3 of 591 samples returned an assay greater than the detection limit for fire assay, 0.060 gpt gold, which were considered acceptable results.

For all the samples processed by AAS on behalf of GCLLC/IDR, the following methods were used to obtain a fire assay for gold. Samples received at AAS are sorted and coded. They are then placed in the sample drying room and dried at 60°C. All drill samples are collected from the rig daily by mine staff and transported to the locked and secure mine office/core shed building. Sample security has relied upon the fact that the samples were always attended or locked in appropriate sample storage areas. Samples remain within the custody of staff up to the moment the samples are delivered to the laboratory at which time AAS assumes custody. Chain of custody procedures include filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

The sampling methods meet industry standard practices and are adequate for mineral resource and mineral reserve estimation and mine planning purposes. Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists. Sample collection procedures used meet industry best practices. Sample preparation procedures meet industry best practices. QA/QC results produce acceptable results. Security procedures are consistent with industry standards. The databases are managed in a secure area using modern, commonly used software by trained staff. The staff are experienced in the nuances of narrow vein mining and treat the model with their experience in mind.

Drillhole logs are completed using Microsoft Excel and are only accessible by mine technical staff and timestamped at the last time of change. Geologic interpretation and solid modeling are accomplished using Leapfrog. Survey volumes, block modeling, and estimation of Mineral Reserves is accomplished using Maptek's Vulcan. Data is stored at the mine site and backed up to a separate server stored at the corporate office quarterly.

**ITEM 3. LEGAL PROCEEDINGS**

None.

**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.

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**PART II**

**ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS**

**<u>Market Information</u>**

The Company's common stock currently trades on the American tier of the NYSE Market under the symbol "IDR".

As of March 1, 2026, there were approximately 250 shareholders of record of the Company's common stock.

**<u>Dividend Policy</u>**

The Company has not declared or paid cash dividends or made distributions in the past and the Company does not anticipate that it will pay cash dividends or make distributions in the foreseeable future. The Company currently intends to retain and reinvest future earnings, if any, to finance its operations.

**<u>Transfer Agent</u>**

The transfer agent for the Company's common stock is Equiniti Trust Company, LLC: 48 Wall Street, Floor 23, New York, NY 10005.

**<u>Securities Authorized for Issuance Under Equity Compensation Plans</u>**

In April 2014 the Board of Directors of the Company established a stock option plan ("2014 Equity Incentive Compensation Plan") to authorize the granting of stock options to officers and employees. Upon exercise of the options, shares are issued from the available authorized shares of the Company.

In May 2023, a new equity incentive plan ("2023 Equity Incentive Compensation Plan") was voted on, and approved, by the shareholders of the Company. This plan allows for the issuance of up to 1,225,600 shares of the Company's common stock in the form of stock options (which may be incentive stock options or nonqualified stock options) or other stock-based awards, such as stock appreciation rights, restricted stock, restricted stock units and performance shares. As of December 31, 2025, 400,000 options have been granted under this new plan.

No additional fees are paid for attendance at Board of Directors' meetings, committee membership or committee chairmanship.

Equity Compensation Plan Information

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| Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| 2014 Equity Incentive Compensation Plan approved by the board | 0 | 0 | 0 |
| 2023 Equity Incentive Compensation Plan approved by the board and shareholders | 329375 | $11.50 | 825600 |
| Equity compensation plans not approved by the board | 0 | 0 | 0 |
| Total | 329375 | $11.50 | 825600 |

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**<u>Recent Sales of Unregistered Securities</u>**

If the Company pays for goods and services with restricted common stock, the policy is to determine the fair value of the goods or services to determine the number of corresponding shares to be issued. When applicable, an agreed upon price for the Company's common stock is used that considers the bid/offer price as quoted by the NYSE-American.

There were no sales of unregistered securities in 2025.

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**ITEM 6. [RESERVED]**

Not Applicable.

**ITEM 7. 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 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-Th 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 critical minerals exploration.

The Company's gold properties include: the Golden Chest (currently in production), and the New Jersey Mill (majority ownership interest), as well as the Little Baldy and Niagara exploration properties 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 Mineral Hill, Lemhi Pass, and Diamond Creek. The Company's expansion into REE's came about in an effort to diversify its holdings towards the anticipated demand for these elements in advanced robotics, low-carbon technologies, and a renewed focus on the United States' domestic critical minerals supply chain security for national defense. To date, Idaho Strategic has conducted numerous exploration programs on its REE properties which include mapping, sampling, trenching, and drilling of certain areas within the Company's 21,385-acre landholdings.

Idaho Strategic has been able to leverage 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 SEC has requested that all registrants address their most critical accounting policies. The SEC has indicated that a "critical accounting policy" is one which is both important to the representation of the registrant's financial condition and results and requires management's most difficult, subjective, or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain. The Company bases its estimates on experience and on various other assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Company management has discussed the development and selection of the most critical financial estimates with the Audit and Finance Committee of the Company's Board of Directors. The following paragraphs identify the most critical accounting policies:

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 transaction price can be reasonably estimated 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 any one concentrate lot will occur. As such, the expected value method is used to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At December 31, 2025, metals that had been sold but not final settled included 6,103 ounces of gold of which 5,089 ounces were sold at a predetermined price with the remaining 1,014 ounces 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 balance sheet is based on an estimate of the future cost to recover and remediate Company properties as required by permits upon cessation of operations and may differ when operations actually cease. At December 31, 2025, the Company made an 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 cease 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 would be presently incurred. 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. Periodic reviews are made of the remaining life of the mine and other operations, and the estimated remediation costs upon closure, and account balances are adjusted accordingly. At this time, the Company thinks that an adjustment in its asset recovery obligation is not required, and an adjustment in future periods would not have a material impact in the year of adjustment but would change the amount of the annual accretion and amortization costs charged to expenses by an undetermined amount.

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 is included as Exhibit 96.1 to this Form 10-K.

**Golden Chest Highlights for 2025 include:**

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| Produced a total of 12,538 ounces of gold contained in concentrates and doré. |
| Mining was focused on the high-grade H-Vein at the Golden Chest mine. |
| Mined 41,840 tonnes of ore from the H-Vein underground at the Golden Chest Mine at an average grade of 10.14 gpt gold and completed 315 meters of development on the MAR and 116 meters of related development for sumps, muck-bays, and escape raises. Additionally, about 700 meters of stope access ramps were completed during the year. |
| Processed 41,840 dry metric tonnes at the Company's New Jersey Mill with an average gold head grade of 10.14 gpt and gold recovery of 93.0%. |
| Completed 19,362 meters of core drilling at the Golden Chest at the Paymaster, H-Vein, Red Star, Jumbo, and Klondike areas. About half of the meterage was dedicated to converting Paymaster Mineral Resources to Mineral Reserves. |
| A highlight of 2025 exploration was drifting from the Jumbo Pit portal that intercepted the Jumbo vein and found 25 meters of vein strike length with an average thickness of 0.52 meters at a gold grade of 85 gpt. |

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**REE Exploration Highlights for 2025 include:**

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| During the year 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. Later in the year, Idaho Strategic sampled greater than 17.6% total REEs from the Cardinal prospect. |
| Idaho Strategic 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 to 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. |
| The Company announced the discovery of a carbonatite with strong REE mineralization at the Lucky Horseshoe prospect within the Lemhi Pass project. Initial samples taken from outcrop assayed up to 6.14% total rare earth oxides with ratios of 65% magnet rare earth oxides (Nd, Pr, Dy, Tb) and 11% SEG oxides (Sm, Eu, Gd). |
| Idaho Strategic initiated a large-scale geophysics program across its Mineral Hill and Lemhi Pass projects including LiDAR, magnetics, and radiometrics surveys. |
| The Company initiated a soil sampling program covering many key prospects across the Idaho portion of its Lemhi Pass project. Initial success of the program at identifying areas of anomalous REEs in soils has led to an extension of the project scope. Soil sampling work will be utilized to aid in the planning of drill programs and other future exploration work. |
| Idaho Strategic completed its inaugural phase 1 drill program at a single prospect at Lemhi Pass. The program drilled 2,056 meters during the fourth quarter with logging and sampling ongoing. |

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**Results of Operations**

Idaho Strategic's financial performance for the years ended December 31, 2025, and 2024 is summarized below:

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| Revenue from concentrate sales increased 64.6% to $42,406,253 for the year ending December 31, 2025, compared to $25,765,373 for the comparable period in 2024. The increase was due to 665 more ounces of gold sold during the year, as well as higher realized gold prices recognized on concentrate sales. Realized gold price for 2025 was $3,583.43 vs $2,306.86 in 2024. Ore from the H-vein is anticipated to be the primary source of ore for 2026 as it was in 2025. |
| Gross profit for the year ended December 31, 2025 was $26,205,927 compared to a gross profit of $12,950,493 in 2024. This resulted in an increase in gross profit as a percentage of sales from 50.3% in 2024 to 61.8% in 2025. This increase is attributable to the higher head grade from H-Vein ore processed at the Company's New Jersey Mill, as well as higher gold prices recognized on concentrate sales. |
| Net income for the year ended December 31, 2025 was $16,631,198 compared to net income for the year ended December 31, 2024 of $8,753,377. The increase was primarily due to higher gold prices. |
| The consolidated net income included non-cash charges of $4,556,936 ($1,973,746 in 2024) as follows: depreciation and amortization of $2,338,100 ($1,953,388 in 2024), accretion of asset retirement obligation of $20,042 ($18,761 in 2024), loss on disposal of equipment of $343,945 ($1,431 in 2024), equity income on investment in Buckskin Gold and Silver, Inc. $3,646 ($2,667 in 2024), write down of reclamation bond $0 ($300 in 2024) stock-based compensation of $1,505,244 ($0 in 2024), unrealized gain on equity securities and mutual funds of $110,092 ($0 in 2024), amortization of discount on US treasury notes of $37,197 ($2,080 in 2024), and accrued income tax liability of $426,146 ($0 in 2024). |
| Cash cost per ounce increased $116.80 compared to 2024 due to slightly higher input costs. |
| All-in sustaining cost per ounce increased $417.74 compared to 2024 due to increased exploration at the Golden Chest which also increased sustaining capital. Adjusted all-in sustaining cost per ounce without exploration was $1,494.75 and $1,256.16 for 2025 and 2024, respectively. |
| Gold sales receivable increased to $3,912,922 from $1,578,694 at December 31, 2025 compared to 2024. |
| The Company saw an increase in exploration expenses of $4,716,900 for 2025 due to the expanded drilling program at the Golden Chest mine for development and exploration purposes. |

---

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| 41 |
| *[**Table of Contents**](#toc1)* |

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**Cash Costs and All-In Sustaining Costs 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 All-In Sustaining Costs ("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 produced and AISC per ounce produced for the Company's gold production for the years ended December 31, 2025, and 2024. The cost per ounce calculations are based on ounces produced. Upon sale, the Company typically receives payment at an average rate of 94% of ounces produced after smelting and refining charges are deducted.

Cash cost per ounce is an important operating measure that we utilize to measure operating performance. AISC per ounce is an important measure that we utilize 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 the expenditures incurred to discover, develop, and sustain gold production. During 2024, the Company adjusted the method of calculating sustaining capital 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.

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2025 | 2024 |
| Cost of sales and other direct production costs and depreciation, depletion, and amortization | $16200326 | $12814880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less depreciation, depletion, amortization and stock-based compensation | (3265706) | (1953388) |
| Change in inventory | (65188) | (23243) |
| Cash Cost | $12869432 | $10838249 |
| Exploration | 7637435 | 2920535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less non-gold exploration and stock-based compensation | (2659417) | (324333) |
| Sustaining capital | 5974247 | 3385893 |
| General and administrative | 1092822 | 763040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less stock-based compensation and other non-cash items | (769124) | (20058) |
| AISC | $23719249 | $17563326 |
| Divided by ounces produced | 12538 | 11915 |
| Cash cost per ounce | $1026.43 | $909.63 |
| AISC per ounce | $1891.79 | $1474.05 |

---

**Financial Condition and Liquidity**

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
| Net cash provided (used) by: | **2025** | **2024** |
| Operating activities | $19101691 | $10840886 |
| Investing activities | (61458139) | (20762889) |
| Financing activities | 51139312 | 8741905 |
| Net change in cash and cash equivalents | 8782864 | (1180098) |
| Cash and cash equivalents, beginning of period | 1106901 | 2286999 |
| Cash and cash equivalents, end of period | $**9889765** | $**1106901** |

---

The Company has retained earnings of approximately $8.3 million at December 31, 2025 and earned a consolidated net profit in 2025 of $16,631,198. The Company's working capital at December 31, 2025 is $47,669,136. The Company is currently producing from underground at the Golden Chest. During 2025, production generated positive cash flow from operations of $19,101,691 compared to a positive cash flow from operations of $10,840,886 in 2024. Planned production for the next 18 months indicates a positive cash flow from operations will continue as underground mining of the H-Vein and Jumbo vein remains the primary source of ore feed for the mill. In prior years, the Company has been successful in raising required funds for ongoing operations from sale of its common stock or borrowing. Management believes it can meet its contractual obligations with continuing cash flows from operations, existing cash, and potential financings for the next 18 months.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for smaller reporting companies.

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| 42 |
| *[**Table of Contents**](#toc1)* |

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**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the board of directors of Idaho Strategic Resources, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Idaho Strategic Resources, Inc. (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders' equity and cash flows for each of the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company *as of* December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

![idr_8kimg16.jpg](idr_8kimg16.jpg)

We have served as the Company's independent auditor since 2003.

Assure CPA, LLC

Spokane, Washington

March 23, 2026

PCAOB Firm ID: 444

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| |
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| 43 |
| *[**Table of Contents**](#toc1)* |

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**Idaho Strategic Resources, Inc.**

**Table of Contents**

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| | |
|:---|:---|
|  | Page |
| [Consolidated Balance Sheets, December 31, 2025 and 2024](#bs) | 45 |
| [Consolidated Statements of Operations for the years ended December 31, 2025 and 2024](#so) | 46 |
| [Consolidated Statement of Changes in Stockholders' Equity For the years ended December 31, 2025 and 2024](#sse) | 47 |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024](#cs) | 48 |
| [Notes to Consolidated Financial Statements](#note) | 49-61 |

---

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|:---|
| 44 |
| *[**Table of Contents**](#toc2)* |

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---

| | | |
|:---|:---|:---|
| **Idaho Strategic Resources, Inc.**<br>**Consolidated Balance Sheets**<br>**December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Balance Sheets**<br>**December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Balance Sheets**<br>**December 31, 2025 and 2024** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9889765 | $1106901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in US treasury notes | 27679881 | 7775193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in equity securities | 4129521 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in mutual funds | 3957497 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold sales receivable | 3912922 | 1578694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 965112 | 899924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint venture receivable | 12760 | 2892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 799261 | 378469 |
| Total current assets | 51346719 | 11742073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net of accumulated depreciation | 19503962 | 12904065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral properties, net of accumulated amortization | 15742370 | 10573349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Buckskin Gold and Silver, Inc. | 345082 | 341436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in joint venture | 435000 | 435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in US treasury notes, non-current | 27651843 | 7208930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation bonds | 355220 | 249110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits | 858534 | 567667 |
| Total assets | $116238730 | $44021630 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $1904589 | $1006078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related payroll expenses | 409212 | 564090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, current portion | 1029336 | 709381 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 334446 | - |
| Total current liabilities | 3677583 | 2279549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations | 325451 | 305409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable, long term | 1302048 | 1023358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax liability | 91700 | - |
| Total long term liabilities | 1719199 | 1328767 |
| Total liabilities | 5396782 | 3608316 |
| Commitments and Contingencies (Note 5 and 12) |  |  |
| 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; 15,705,199 and 13,665,058 shares issued and outstanding, respectively | 99828021 | 46059318 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | 8341721 | (8373953) |
| Total Idaho Strategic Resources, Inc. stockholders' equity | 108169742 | 37685365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 2672206 | 2727949 |
| Total stockholders' equity | 110841948 | 40413314 |
| Total liabilities and stockholders' equity | $116238730 | $44021630 |

---

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

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| |
|:---|
| 45 |
| *[**Table of Contents**](#toc2)* |

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---

| | | |
|:---|:---|:---|
| **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Operations**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Operations**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Operations**<br>**For the Years Ended December 31, 2025 and 2024** |
|  | **2025** | **2024** |
| Revenue-gold sales | $42406253 | $25765373 |
| Cost of sales: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales and other direct production costs | 13862226 | 10861492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2338100 | 1953388 |
| Total cost of sales | 16200326 | 12814880 |
| Gross profit | 26205927 | 12950493 |
| Other operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration | 7637435 | 2920535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment | 343945 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management | 945579 | 407715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional services | 585145 | 432237 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 1092822 | 763040 |
| Total other operating expenses | 10604926 | 4524958 |
| Income from operations | 15601001 | 8425535 |
| Other (income) expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity income on investment in Buckskin Gold and Silver, Inc. | (3646) | (2667) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on investment in equity securities and mutual funds | (110092) | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Timber revenue | (9679) | (19406) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | (50881) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1282045) | (389517) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | - | 83295 |
| Total other (income) expense | (1456343) | (327842) |
| Income before income taxes | 17057344 | 8753377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 426146 |  |
| **Net income** | **16631198** | **8753377** |
| Net loss attributable to non-controlling interest | (84476) | (83308) |
| Net income attributable to Idaho Strategic Resources, Inc. | $16715674 | $8836685 |
| Net income per common share-basic | $1.15 | $0.68 |
| Weighted average common shares outstanding-basic | 14489196 | 13026487 |
| Net income per common share-diluted | $1.14 | $0.67 |
| Weighted average common shares outstanding-diluted | 14701346 | 13197308 |

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

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|:---|
| 46 |
| *[**Table of Contents**](#toc2)* |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Changes in Stockholders' Equity**<br>**For the Years Ended December 31, 2025 and 2024** |
|  | Common<br>Stock Shares | Common<br>Stock<br>Amount | Retained Earnings (Accumulated Deficit) Attributable to Idaho Strategic Resources, Inc. | Non-Controlling<br>Interest | Stockholders'<br>Equity |
| Balance, December 31, 2023 | 12397615 | $34963739 | $(17210638) | $2782497 | $20535598 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 28760 | 28760 |
| Issuance of common stock for cash, net of issuance costs | 766293 | 9120521 |  |  | 9120521 |
| Issuance of common stock for warrants exercised | 289294 | 1695047 |  |  | 1695047 |
| Issuance of common stock for stock options exercised | 50002 | 280011 |  |  | 280011 |
| Issuance of common stock for cashless stock options exercised | 161854 |  |  |  |  |
| Net income (loss) | - | - | 8836685 | (83308) | 8753377 |
| Balance, December 31, 2024 | 13665058 | $46059318 | $(8373953) | $2727949 | $40413314 |
| Contribution from non-controlling interest in New Jersey Mill Joint Venture |  |  |  | 28733 | 28733 |
| Stock-based compensation |  | 1505244 |  |  | 1505244 |
| Issuance of common stock for cash, net of issuance costs | 1941499 | 52027149 |  |  | 52027149 |
| Issuance of common stock for stock options exercised | 31500 | 236310 |  |  | 236310 |
| Issuance of common stock for cashless stock options exercised | 67142 |  |  |  |  |
| Net income (loss) | - | - | 16715674 | (84476) | 16631198 |
| Balance, December 31, 2025 | 15705199 | $99828021 | $8341721 | $2672206 | $110841948 |

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

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|:---|
| 47 |
| *[**Table of Contents**](#toc2)* |

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| | | |
|:---|:---|:---|
| **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Cash Flows**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Cash Flows**<br>**For the Years Ended December 31, 2025 and 2024** | **Idaho Strategic Resources, Inc.**<br>**Consolidated Statements of Cash Flows**<br>**For the Years Ended December 31, 2025 and 2024** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| Net income | $16631198 | $8753377 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2338100 | 1953388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of asset retirement obligation | 20042 | 18761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment | 343945 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) on investment in equity securities and mutual funds | (110092) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on investment in equity securities |  | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity income on investment in Buckskin Gold and Silver, Inc. | (3646) | (2667) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write down of reclamation bond |  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 1505244 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of discount on US treasury notes | 37197 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax expense | 91700 |  |
| Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold sales receivable | (2334228) | (539827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (65188) | (23243) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint venture receivable | (9868) | (812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (420792) | (141632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 898511 | 521857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and related payroll expenses | (154878) | 297420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 334446 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 19101691 | 10840886 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant, and equipment | (6714393) | (2219147) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of equipment | 66155 | 6372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits on equipment | (945786) | (1178185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions to mineral properties | (5096281) | (2392822) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of mineral property | (300000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of reclamation bonds | (106110) | (5000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Refund of reclamation bonds |  | 6900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of US treasury notes | (51759798) | (17465887) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturity of US treasury notes | 11375000 | 2479684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of investment in equity securities |  | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of equity securities | (4026781) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of mutual funds | (3950145) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used by investing activities | (61458139) | (20762889) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of common stock, net of issuance costs | 52027149 | 9120521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock for warrants exercised |  | 1695047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock for stock options exercised | 236310 | 280011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on notes payable | (1152880) | (2382434) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions from non-controlling interest | 28733 | 28760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 51139312 | 8741905 |
| Net change in cash and cash equivalents | 8782864 | (1180098) |
| Cash and cash equivalents, beginning of year | 1106901 | 2286999 |
| Cash and cash equivalents, end of year | $**9889765** | $**1106901** |
| Supplemental disclosure of cash flow information: |  |  |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit on equipment applied to purchase | $654919 | $895597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes payable for equipment | 2615677 | 1148521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable for mineral property |  | 650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Note payable assumed by 3<sup>rd</sup> party | 792779 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on notes payable paid by 3<sup>rd</sup> party | 71373 |  |

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

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| 48 |
| *[**Table of Contents**](#toc2)* |

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**1. Description of Business**

Idaho Strategic was incorporated as an Idaho corporation on July 18, 1996. The Company's primary business is exploring for, developing, and extracting gold, and to a lesser extent, silver, and base metal mineral resources in the greater Coeur d'Alene Mining District of North Idaho. From an operational perspective, the Company produces gold at the Golden Chest Mine located in the Murray Gold Belt area of the world-class Coeur d'Alene Mining District, north of the prolific Silver Valley. Following its consolidation of the Murray Gold Belt for the first time in over 100-years, the Company has the largest private land position in the area.

In addition to gold and gold production, the Company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more "at-risk" rare earth elements "(REE")'s. Its business strategy is to grow its asset base and mineral production over time while advancing its REE projects. The Company's Mineral Hill and Diamond Creek REE properties are included the U.S. national REE inventory as listed in United States Geological Survey ("USGS"), Idaho Geological Survey (" IGS"), and Department of Energy ("DOE") publications. Both projects are located near Salmon, Idaho.

**2. Summary of Significant Accounting Policies**

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

The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill JV ("NJMJV"). Intercompany accounts and transactions are eliminated. The portion of NJMJV partially owned by another investor is presented as non-controlling interest on the consolidated balance sheets, statements of operations, and statement of changes in stockholders' equity.

**<u>Accounting for Investments in Joint Ventures (</u><u>"</u><u>JVs</u><u>"</u><u>) 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 JVs in which the Company exercises 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 consolidated statements of operations. Upon investment, the Company assesses whether a step up in basis of the investee's net assets has occurred and, if so, adjust its share of net earnings or losses by related depreciation and amortization expense. 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. As changes in ownership percentage of the Company's investments occur, the Company assesses whether we can exercise significant influence and account for under the equity method. If the Company's ownership percentage of the company or venture in which it has an investment changes, a gain or loss on the investment is recognized in the period of change. At December 31, 2025, the Company's 37% common stock holding of Buckskin Gold and Silver, Inc. ("Buckskin") is accounted for using the equity method (Note 9).

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 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 | 50% | No | Cost | 50% | No | Cost |
| Buckskin | 37% | Yes | Equity Method | 37% | Yes | Equity Method |

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**2. Summary of Significant Accounting Policies (continued)**

**<u>Non-controlling Interest</u>**

Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company's stockholders' equity and its net income (loss). Non-controlling interests represent non-controlling investor's initial contribution at the date of the original acquisition, ongoing contributions, and percentage share of earnings and losses since inception.

**<u>Use of Estimates</u>** 

The preparation of financial statements in conformity with accounting principles generally accepted in the US requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, depreciation lives and methods, potential impairment of long-lived assets and equity method investments, deferred income taxes, settlement pricing of gold sales, fair value of stock based compensation, estimation of asset retirement obligations and reclamation liabilities. Estimates are based on experience and various other assumptions that the Company believes are reasonable. Actual results may differ from those estimates.

**<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. The embedded derivative contained in our concentrate sales is adjusted to fair value through earnings each period prior to final settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, prices at which sales of our 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. 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 13 for more information on the sales of products.

*Other Revenue Recognition:*Revenue from harvest of raw timber is recognized when the performance obligation under a contract and transfer of control 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 include concentrate inventory and supplies inventory. Concentrate inventory is valued at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, royalties, 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 first-in, first-out weighted average cost or estimated net realizable value.

**<u>Income Taxes</u>**

Income taxes are recognized in accordance with Accounting Standards Codification 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. The Company's policy is to recognize interest and penalties related to income tax matters in income tax expense.

Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**2. Summary of Significant Accounting Policies (continued)**

**<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 are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2025, the Company's investments in equity securities and mutual funds as well as its gold receivable were measured at fair value. At December 31, 2024, only the Company's gold sales receivable was measured at fair value. Due to the time elapsed from shipment to the customer and the final settlement with the customer, management must estimate the prices at which sales of gold concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. See Note 13 for further information.

**<u>Financial Instruments</u>**

The carrying amounts of financial instruments including cash and cash equivalents, reclamation bond, equity method investments, investments in US treasury notes, and notes payable approximate their fair values.

**<u>Net Income (Loss) Per Share</u>**

Net income (loss) per share is computed by dividing net income (loss) attributable to the Company excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the year. Diluted net income (loss) per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. For the years ended December 31, 2025, and 2024, such common stock equivalents are included in the calculation of diluted net income per share for each period as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Net income | $16631198 | $8753377 |
| Weighted average shares-basic | 14489196 | 13026487 |
| Effect of dilutive potential common shares from stock options | 212150 | 118400 |
| Effect of dilutive potential common shares from warrants | - | 52421 |
| Weighted average shares-diluted | 14701346 | 13197308 |
| Net income per share-basic | $1.15 | $0.68 |
| Net income per share-diluted | $1.14 | $0.67 |

---

**<u>Cash and Cash Equivalents</u>**

The Company considers cash in banks and other deposits with an original maturity of three months or less when purchased to be cash and cash equivalents. These deposit balances may at times exceed federally insured limits. No losses have been recognized because of these balances.

**<u>Property, Plant and Equipment</u>**

Property, plant, and equipment are stated at cost. Depreciation and amortization are based on the estimated useful lives of the assets and are computed using straight-line or units-of-production methods. The expected useful lives of most of the Company's buildings are up to 50 years and equipment life expectancy ranges between 2 and 10 years. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in operations.

**<u>Mineral Properties</u>**

Significant payments related to the acquisition of mineral properties, mineral rights, and mineral leases are capitalized. If a commercially mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on estimated reserves. If no commercially mineable ore body is discovered, or such rights are otherwise determined to have no value, such costs are expensed in the period in which it is determined the property has no future economic value.

Consideration received by the Company pursuant to joint ventures or mineral interest agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**2. Summary of Significant Accounting Policies (continued)**

**<u>Interest Capitalization</u>**

When capital projects are funded within the reporting period for which cash is paid which could have been used for debt reduction an amount equal to a weighted average interest rate of qualifying outstanding debt of the capital project expenditure in interest expense is capitalized.

**<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) we can obtain the benefit and control others' access to it, and (c) the transaction or event giving rise to our 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;

· 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 us 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"). This includes the cost to define proven and probable reserves and measured and indicated resources accessible via the Main Access Ramp ("MAR"). 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.

**<u>Claim Fees</u>**

Unpatented claim fees paid at time of staking are expensed when incurred. Recurring renewal fees which are paid annually are recorded as other current assets and expensed over the course of the year.

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

Certain reclassifications have been made to conform the amounts presented in the December 31, 2024 financial statements to the current presentation. These reclassifications have no effect on the results of operations, stockholders' equity and cash flows as previously reported.

**<u>Impairment of Long-Lived Assets</u>**

The Company evaluates the carrying amounts of its long-lived assets for impairment whenever events and circumstances indicate the carrying value may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. If such events and circumstances exist, estimated undiscounted future net cash flows from each long-lived asset is calculated using estimated future production, three-year average metals prices, operating capital and costs, and reclamations costs. If the carrying value exceeds the undiscounted future net cash flows, estimated discounted future net cash flow is calculated. An impairment loss is recognized when the estimated discounted future cash flows expected to result from the use of an asset are less than the carrying amount of the specific asset group. The Company's estimates of future cash flows are subject to risks and uncertainties. It is reasonably possible that changes in estimates could occur which may affect the expected recoverability of the Company's long-lived assets.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**2. Summary of Significant Accounting Policies (continued)**

**<u>Asset Retirement Obligations and Remediation Costs</u>**

Mineral properties are subject to standards for mine reclamation that have been established by various governmental agencies. Asset retirement obligations are related to the retirement of the mine when a contractual obligation has been established, and a reasonable estimate of fair value can be determined. These obligations are initially measured at fair value with the resulting cost recognized at the present value of estimated reclamation costs. The liability is accreted, and the asset amortized over the life of the related asset. Adjustments are made for changes resulting from either the timing or amount of the original estimate underlying the obligation. Separate from asset retirement obligations, the Company records liability for remediation costs when a reasonable estimate of fair value can be determined. Accrued remediation costs are not discounted.

**<u>Reclamation Bonds</u>**

Various laws and permits require that financial assurances be in place for certain environmental and reclamation obligations and other potential liabilities. In 2024, the Company deposited $5,000 in additional bonds for a mineral lease and received $6,900 of the remaining $7,200 on the Diamond Creek drilling bond from 2022. The final $300 for this bond was written off as an exploration expense during that year. The balance at December 31, 2024 was $249,110. In 2025, the Company deposited $106,110 in additional bonds for drilling and for a mineral lease. The balance at December 31, 2025 is $355,220.

**<u>Stock-Based Compensation</u>**

All transactions in which goods or services are received for the issuance of shares of the Company's common stock or options to purchase shares of common stock are measured at fair value of the equity interest issued. The fair value of common stock awards is determined based upon the closing price of the Company's stock on the date of the award. The Company estimates the fair value of stock-based compensation of options using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them ("expected life"), the estimated volatility of the Company's common stock price over the expected term ("volatility"), the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of the fair value of stock-based compensation. Any forfeitures of stock options are recognized as they occur. If stock options are granted on a vesting schedule, the stock-based compensation is expensed on a graded schedule based on the vesting period of each tranche of stock options.

**<u>Investments in Equity Securities or Mutual Funds</u>**

Investments in equity securities are generally measured at fair value, while investments in mutual funds are generally measured at net asset value ("NAV"). Unrealized gains and losses for equity securities or mutual funds resulting from changes in fair value or NAV, respectively, are recognized in current earnings. If an equity security or mutual fund does not have a readily determinable fair value or NAV, respectively, the Company may elect to measure the investment at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, the Company reassesses whether an investment in equity security or mutual fund without a readily determinable fair value or NAV, respectively, qualifies to be measured at cost less impairment, considers whether impairment indicators exist to evaluate if an investment in an equity security or mutual fund is impaired and, if so, record an impairment loss. Upon sale of an equity security or mutual fund, the realized gain or loss is recognized in current earnings. Dividends received from investments in equity securities or mutual funds are recognized in current earning.

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

The Company holds short- and long-term investments in US 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 accounted for at cost on the acquisition date, adjusted for unamortized purchase premiums and discounts and are amortized using the effective interest method over the stated terms of the securities. Amortization of the premium or discount is included in interest income on the consolidated statement of operations. Interest income is recognized when earned.

**<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 consolidated statement of operations, to assess segment performance and allocate resources. The measure of segment assets is reported on the balance sheet as total consolidated assets.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**2. Summary of Significant Accounting Policies (continued)**

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

*Accounting Standards Updates Adopted*

In December 2023, the FASB issued Accounting Standards Update ("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. As the amendments apply to income tax disclosures only, the Company does not expect adoption to have a material impact on its consolidated financial statements and disclosures. The Company retrospectively adopted the amended tax disclosures in its financial statements for the year ended December 31, 2025.

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 its impact on the 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.

**3. Inventories**

At December 31, 2025 and 2024, inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Total concentrate inventory (finished goods) | $300534 | $334033 |
| Supplies inventory |  |  |
| Mine parts and supplies | 549053 | 475336 |
| Mill parts and supplies | 115525 | 90555 |
| Total supplies inventory | 664578 | 565891 |
| Total | $965112 | $899924 |

---

**4. Property, Plant and Equipment**

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Mine Equipment | 12536011 | 8223596 |
| Accumulated Depreciation | $(4679153) | $(3845349) |
| Total Mine Equipment | 7856858 | 4378247 |
| Mill Equipment | 10415564 | 7580452 |
| Accumulated Depreciation | (3277234) | (2453673) |
| Total Mill Equipment | 7138330 | 5126779 |
| Buildings | 3934123 | 2715931 |
| Accumulated Depreciation | (404052) | (295595) |
| Total Buildings | 3530071 | 2420336 |
| Land | 978703 | 978703 |
| Total | $19503962 | $12904065 |

---

For the years ended December 31, 2025 and 2024, depreciation expense for property, plant, and equipment was as follows:

---

| | |
|:---|:---|
| December 31, 2025 | December 31, 2024 |
| $2110840 | $1835854 |

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**5. Mineral Properties**

Mineral properties at December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Golden Chest |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mineral Property | $5683026 | $5159084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | 9594667 | 4722328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Golden Chest | 15277693 | 9881412 |
| New Jersey | 256768 | 256768 |
| McKinley-Monarch | 200000 | 200000 |
| Potosi | 150385 | 150385 |
| Park Copper/Gold | 78000 | 78000 |
| Eastern Star | 250817 | 250817 |
| Oxford | 40000 | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less accumulated amortization | (511293) | (284033) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $15742370 | $10573349 |

---

During 2025, the Company purchased the Little Baldy property adjacent to the Golden Chest Mine for $300,000.

For the years ended December 31, 2025 and 2024, amortization expense for mineral properties was as follows:

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| | |
|:---|:---|
| December 31, 2025 | December 31, 2024 |
| $227260 | $117534 |

---

For the years ended December 31, 2025 and 2024, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows:

---

| | |
|:---|:---|
| December 31, 2025 | December 31, 2024 |
| $201327 | $98330 |

---

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

The Golden Chest is an underground mine project currently producing for the Company located near Murray, Idaho consisting of 34 patented claims (449 acres) and 217 unpatented claims (4,300 acres). A 2% NSR is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $812,456 and $510,186 was recognized as costs of sales and other direct production costs in the years ended December 31, 2025, and 2024, respectively. The greater Murray Area property package includes an additional 84 patented claims (1,510 acres) and 744 unpatented claims (14,880 acres) which is incorporated in the Golden Chest total.

**<u>New Jersey</u>**

The Coleman property is located at the New Jersey Mine area of interest and consists of 62 acres of patented mining claims, mineral rights to 108 acres of fee land, 80 acres of land for which the Company owns the surface but not the mineral rights, and approximately 130 acres of unpatented mining claims.

**<u>McKinley-Monarch</u>**

The McKinley-Monarch project is located near the town of Lucille, Idaho. The project consists of 28 unpatented claims totaling 560 acres. The Company started exploring the property in 2013.

**<u>Potosi</u>**

In 2018, the Company purchased the Potosi property near the Golden Chest. This property consists of 71 acres of patented mining claims.

**<u>Park Copper/Gold</u>**

In August 2021, the Company paid $78,000 in cash for 91 acres of patented mineral property in Shoshone County referred to as Park Copper/Gold.

**<u>Eastern Star</u>**

In 2014 the Company purchased the Eastern Star property near Elk City, Idaho for $250,817. This property consists of 11 patented claims (220 acres) and 71 unpatented claims (1,420 acres).

**<u>Oxford</u>**

In 2024, the Company purchased unpatented mineral claims for $40,000. The greater Oxford property consists of 26 unpatented claims (537 acres) as well as a state mineral lease on 2,500 acres in Clearwater County, Idaho.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**6. Notes Payable**

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

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mine Equipment<br>Weighted average interest rate of 7.30%, and weighted average remaining term of 2.5 years as of December 31, 2025 | $1581098 | $962384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mill Equipment<br>Weighted average interest rate of 8.05%, and weighted average remaining term of 3.4 years as of December 31, 2025 | 535766 | 540773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings/Land<br>Weighted average interest rate of 7.00%, and weighted average remaining term of 1.4 years as of December 31, 2025 | 214520 | 229582 |
| Total notes payable | 2331384 | 1732739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due within one year | 1029336 | 709381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due after one year | $1302048 | $1023358 |

---

All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at December 31, 2025 are as follows:

---

| | |
|:---|:---|
| 2026 | $1029336 |
| 2027 | 738312 |
| 2028 | 266533 |
| 2029 | 199696 |
| 2030 | 97507 |
| Total | $2331384 |

---

**7. Asset Retirement Obligations**

The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey Mill in 2014 and the Golden Chest in 2016. Activity for the years ended December 31, 2025 and 2024 is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Balance at January 1 | $305409 | $286648 |
| Accretion expense | 20042 | 18761 |
| Balance at December 31 | $325451 | $305409 |

---

**8. Joint Venture Arrangements**

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

In January 2011, the Company and Crescent Silver, LLC ("Crescent") (formerly United Mine Services, Inc.) entered into a JV agreement relating to the New Jersey Mill. To earn a 35 percent interest in the JV, Crescent provided $3.2 million in funding to expand the processing plant to 15 tonnes/hr. The Company is the operator of the JV and charges operating costs to Crescent for milling its ore up to 7,000 tonnes/month, retain a milling capacity of 3,000 tonnes/month, and as the operator of the JV, receive a fee of $2.50/tonne milled. No ore has been milled for Crescent since 2013. As of December 31, 2025 and 2024, an account receivable existed with the NJMJV from Crescent for $12,760 and $2,892, respectively.

**<u>Butte Highlands JV</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 operating agreement, Highland will fund all future project exploration and mine development costs. The Agreement stipulates that Highland is manager of the JV 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 and accounts, it will continue to account for its investment on a cost basis.

**9. Investment in Buckskin**

In August 2021, the Company exchanged 45,940 shares of the Company's common stock for 22% of Buckskin. The Company's closing share price on the date of the agreement (August 18, 2021) was recorded as the cost basis for the investment. In October 2021 the Company exchanged an additional 30,358 shares of the Company's common stock for an additional 15% of Buckskin. The Company's closing share price on the date of the exchange (October 15, 2021) was recorded as the cost basis for the investment addition. This investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $3,646 and $2,667 during the years ended December 31, 2025 and 2024, respectively. The Company makes an annual payment of $12,000 to Buckskin per a lease covering 218 acres of patented mining claims. As of December 31, 2025 and 2024, the Company held 37% of Buckskin's outstanding shares.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**10. Income Taxes**

In the year ended December 31, 2025, the Company recognized a provision for income taxes in the amount of $426,100. The Company did not recognize a provision or (benefit) for income taxes for the year ended December 31, 2024, but the minimum Idaho state tax was paid.

The components of the 2025 tax provision are as follows:

---

| | |
|:---|:---|
| Current | Current |
| Federal | $222250 |
| Idaho state | 112150 |
| Total current income tax provision | 334400 |
| Deferred | Deferred |
| Federal | 76460 |
| Idaho state | 15240 |
| Total deferred income tax provision | 91700 |
| Total income tax provision | $426100 |

---

The significant components of net deferred tax assets at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Deferred tax assets** |  |  |
| Net operating loss carry forwards | $1160300 | $3661000 |
| Mineral properties | 438100 | 201100 |
| Asset retirement obligation | 20500 | 16000 |
| Stock based compensation | 679900 | 629000 |
| Other | 52900 | 26500 |
| Total deferred tax assets | 2351700 | 4533600 |
| Valuation allowance | - | (3176700) |
|  | 2351700 | 1356900 |
| **Deferred tax liabilities** |  |  |
| Property, plant, and equipment | (2443400) | (1356900) |
| Asset retirement obligation | - | - |
| Total deferred tax liabilities | (2443400) | (1356900) |
| **Net deferred tax assets (liabilities)** | $(91700) | $- |

---

At December 31, 2025, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes. There is no valuation allowance necessary as the Company has a net deferred tax liability at December 31, 2025.

At December 31, 2024, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes. As management of the Company could not determine that it was more likely than not that the Company would realize the benefit of the deferred tax assets, a valuation allowance equal to 100% of the net deferred tax asset existed at December 31, 2024.

At December 31, 2025, the Company had net operating loss carry forwards of approximately $5,525,295 for federal purposes, none of which will expire, but utilization is limited to 80% of taxable income in any future year. At December 31, 2025, the Company did not have any net operating loss carry forwards for state purposes.

The income tax provision (benefit) for the years ended December 31, 2025 and 2024 differ from the statutory rate of 21% as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| &nbsp;&nbsp;&nbsp;Provision (benefit) at statutory rate for the period | $3582000 | 21.00% | $1838200 | 21.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Idaho state taxes, net of federal taxes | 714100 | 4.19% | 401000 | 4.60% |
| &nbsp;&nbsp;&nbsp;Taxable grant income |  |  | 106900 | 1.20% |
| &nbsp;&nbsp;&nbsp;Change in state tax rate | (31100) | (0.18%) |  |  |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 265500 | 1.56% |  |  |
| &nbsp;&nbsp;&nbsp;Non-deductible items | 2600 | 0.02% | 3400 | 0.04% |
| &nbsp;&nbsp;&nbsp;Depletion | (1311100) | (7.69%) | (958600) | (10.94%) |
| &nbsp;&nbsp;&nbsp;Change in estimates | 380700 | 2.23% | (60900) | (0.70%) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in valuation allowance | (3176600) | (18.62%) | (1330000) | (15.20%) |
| &nbsp;&nbsp;&nbsp;Total provision (benefit) | $426100 | 2.50% | $- | - |

---

The Company is open to examination of its income tax filings in the United States and state jurisdictions for the 2023 through 2025 tax years. Tax attributes from years prior to that can be adjusted as a result of examinations. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company has reviewed its tax positions and believes it has not taken a position that would not be sustained under examination. During the years ended December 31, 2025 and 2024, there were no material uncertain tax positions taken by the Company.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**11. Equity**

The Company has authorized 200,000,000 shares of no-par common stock at December 31, 2025 and 2024. In addition, the Company has authorized 1,000,000 shares of no-par preferred stock, none of which had been issued at December 31, 2025 or 2024.

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

Transactions in common stock purchase warrants for the years ended December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Number of Warrants | Exercise Prices |
| Balance December 31, 2023 | 289294 | $5.60-7.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (289294) | $5.60-7.00 |
| Balance December 31, 2024 and 2025 | - | $- |

---

**<u>Stock Options</u>**

In May 2023, the 2023 Equity Incentive Compensation Plan was voted on, and approved, by the shareholders of the Company. This plan allows for the issuance of up to 1,225,600 shares of the Company's common stock in the form of stock options (which may be incentive stock options or nonqualified stock options) or other stock-based awards, such as stock appreciation rights, restricted stock, restricted stock units and performance shares.

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 17, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026. The stock-based compensation expense for these options in the current year was $1,505,244. 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 was as follow:

---

| | |
|:---|:---|
| 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% |

---

Transactions in stock options for the years ended December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | Number of Options | Weighted<br>Average<br>Exercise Prices |
| Balance December 31, 2023 | 477449 | $5.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (376590) | $5.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (23859) | $5.51 |
| Balance December 31, 2024 | 77000 | $5.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 400000 | $11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (144625) | $8.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired | (3000) | $5.25 |
| Balance December 31, 2025 | 329375 | $11.50 |

---

At December 31, 2025, the outstanding stock options have an intrinsic value of approximately $9,486,000 ($387,880 in 2024) and have a weighted average remaining term of 2.04 years (0.69 in 2024). The intrinsic value of stock options exercised for cash in the year ended December 31, 2025 was $620,580 ($263,516 in 2024). Cashless options exercised in the year ended December 31, 2025 had an intrinsic value of $1,454,148 ($1,958,047 in 2024). Future stock-based compensation expense will be $138,641 for each of the first and second quarters of 2026, and $59,418 for each of the third and fourth quarters of 2026.

**12. Related Party Transactions**

The Company leases office locations from certain related parties on a month-to-month basis. These related parties are NP Depot, LLC, a company owned by John Swallow, the Company's president, and Mine Systems Design, a company partially owned by Grant Brackebusch, one of the Company's vice presidents. Payments under these month-to-month lease arrangements totaled $30,752 and $30,684 for the years ended December 31, 2025 and 2024, respectively, and are included in general and administrative expenses on the consolidated statement of operations.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**13. Sales of Products**

The Company's products consist of both gold flotation concentrates which in 2025 and 2024 were sold to a broker, H&H Metals Corp. ("H&H"), and an unrefined gold-silver product known as doré which is sold to a precious metal refinery. Revenue is recognized upon the completion of the performance obligations and transfer of control of the product to the customer, and the transaction price can be determined or reasonably estimated.

For gold flotation concentrate sales, the performance obligation is met when the transaction price can be reasonably estimated, and revenue is recognized generally at the time when risk is transferred to H&H based on contractual terms. Based on contractual terms, the Company has determined the performance obligation is met and title is transferred to H&H when the Company receives its first provisional payment on the concentrate because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the concentrate lot and obtained the ability to realize all of the benefits from the product, 3) the concentrate content specifications are known, have been communicated to H&H, and H&H has the significant risks and rewards of ownership to it, 4) it is very unlikely a concentrate will be rejected by H&H upon physical receipt, and 5) the Company has the right to payment for the concentrate. Concentrates lots that have been sold are held at the New Jersey Mill for up to 30 days, until H&H provides shipping instructions.

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 concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur. 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 December 31, 2025, metals that had been sold but not final settled included 6,103 ounces of gold of which 5,089 ounces were sold at a predetermined price with the remaining 1,014 ounces 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.

Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment and other charges negotiated by us with H&H, which represent components of the transaction price. Charges are estimated by the Company upon transfer of risk of the concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by the customer include fixed treatment, refining and costs per ton of concentrate and may include penalty charges for lead and zinc content above a negotiated baseline as well as excessive moisture.

For sales of doré and of 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.

Sales of products by metal for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Gold | $42862748 | $26406937 |
| Silver | 234523 | 121882 |
| Less: Smelter and refining charges | (691018) | (763446) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $42406253 | $25765373 |

---

Sales by significant product type for the years ended December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Concentrate sales to H&H | $41433165 | $25492380 |
| Doré sales to refineries | 973088 | 272993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $42406253 | $25765373 |

---

In 2025, flotation concentrates sold to H&H accounted for 98% (99% in 2024) of all gold sales. The remaining 2% (1% in 2024) was doré sold to a third party. At December 31, 2025 and 2024, the Company's gold sales receivable balance related to contracts with customers of $3,912,922 and $1,578,694, respectively, consist only of amounts due from H&H. There is no allowance for doubtful accounts. The Company has determined its contracts do not include a significant financing component. For doré sales, payment is received at the time the performance obligation is satisfied. Consideration for concentrate sales is variable, and payment is received for a significant portion of the estimated value of concentrate parcels at the time the performance obligation is satisfied.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**14. 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 December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Amortized Cost | Gross<br>Unrealized<br>gains | Gross<br>Unrealized<br>losses | Fair value |
| US treasury notes, current | $27679881 | $241470 | $(48351) | $27873000 |
| US treasury notes, non-current | $27651843 | $554348 | $(106191) | $28100000 |
| Total | $55331724 | $795818 | $(154542) | $55973000 |
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| US treasury notes, current | $7775193 | $34503 | $(3696) | $7806000 |
| US treasury notes, non-current | $7208930 | $86303 | $(14233) | $7281000 |
| Total | $14984123 | $120806 | $(17929) | $15087000 |

---

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

The maturity dates for the US treasury notes as of December 31, 2025 are as follows:

---

| | |
|:---|:---|
| Maturity | Amortized Cost |
| Due within one year | $27679881 |
| Due one year to five years | $27651843 |
| Total | $55331724 |

---

**15. Investments in Equity Securities and Mutual Funds**

The table below provides the components of investments in equity securities and mutual funds at cost and fair value (equity securities) or NAV (mutual funds) at December 31, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 | December 31, 2025 |
|  | Cost | Gross<br>Unrealized<br>gains | Gross<br>Unrealized<br>losses | Realized<br>gains (losses) | Fair value or<br>NAV |
| Equity securities | $4026781 | $194263 | $(91523) | $- | $4129521 |
| Mutual funds | $3950145 | $11493 | $(4141) | $- | $3957497 |
| Total | $7976926 | $205756 | $(95664) | $- | $8087018 |
| December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Equity securities | $- | $- | $- | $- | $- |
| Mutual funds | $- | $- | $- | $- | $- |
| Total | $- | $- | $- | $- | $- |

---

Fair value of investments in equity securities is determined using Level 1 inputs.

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**Idaho Strategic Resources, Inc.**

**Notes to Consolidated Financial Statements**

**16. Subsequent Events**

Subsequent to December 31, 2025:

---

| |
|:---|
| Issued 36,976 shares of common stock for net proceeds of $1,778,817. |
| Issued 17,500 shares of common stock upon the exercise of outstanding stock options for $201,250. |
| Issued 46,626 shares of common stock upon the exercise of 61,375 outstanding stock options in cashless exercises by employees. |

---

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**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

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

At the end of the period covered by this Annual Report on Form 10-K, 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 our disclosure controls and procedures pursuant to Rule 13a-15(e) and Rule 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act"). Based upon that evaluation, it was concluded that the Company's disclosure controls were effective as of the end of the period covered by this report, to ensure that: (i) information required to be disclosed by the Company in the reports that it files under the Exchange Act is recorded, processed, summarized, and reported within required time periods specified by the SEC rules and forms, and (ii) material information required to be disclosed in reports filed under the Exchange Act is accumulated and communicated to management, including the Company's President and Vice President, as appropriate, to allow for accurate and timely decision regarding required disclosure.

**<u>Management's Annual Report on Internal Control over Financial Reporting</u>**

The management of Idaho Strategic is responsible for establishing and maintaining adequate internal control over financial reporting. This internal control system has been designed to provide reasonable assurance to the Company's management and Board of Directors regarding the preparation and fair presentation of the Company's published financial statements.

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

The management of Idaho Strategic has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. To make this assessment, the Company used the criteria for effective internal control over financial reporting described in *Internal Control-Integrated Framework (2013),* issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on management's assessment, it is believed that, as of December 31, 2025, the Company's internal control over financial reporting is effective.

**<u>Changes in Internal Control over Financial Reporting</u>**

There was no material change in internal control over financial reporting (as defined in Rule 15d-15(f) under the Exchange Act) that occurred during the Company's most recent quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

**ITEM 9B. OTHER INFORMATION**

None.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

Not applicable.

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

---

| | | | |
|:---|:---|:---|:---|
| **Name & Address** | **Age** | **Position** | **Term** |
| John Swallow<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 59 | Chief Executive Officer ("CEO"), President, Director & Chairman of the Board | 8/29/2013 to 12/1/2014 and 5/2/2015 to present as President, 1/20/17 to present as CEO, 8/29/2013 to present as Director,<br>7/11/2019 to present as Chairman |
| Grant Brackebusch<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 56 | Chief Financial Officer ("CFO"), Vice President, & Director | 7/18/1996 to present |
| Kevin Shiell<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 68 | Director | 1/10/17 to present |
| Richard Beaven<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 58 | Director | 1/12/2022 to present |
| Carolyn Turner<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 57 | Director | 8/8/2023 to present |
| Robert Morgan<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 58 | Vice President | 1/16/2018 to present |
| Monique Hayes<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 60 | Secretary | 11/20/16 to present |

---

Directors are elected by shareholders at each annual shareholders meeting to hold office until the next annual meeting of shareholders or until their respective successors are elected and qualified.

**<u>Executive Officers and Key Employees</u>**

**John Swallow** was named CEO and President on January 10, 2017. Prior to being named as CEO, Mr. Swallow was appointed as the President and a Director of the Company on August 29, 2013. Mr. Swallow resigned as president in December 2014, and subsequently reappointed as President on May 5, 2015, following the resignation of Mr. Highsmith. Following Mr. Steiner's resignation on July 11, 2019, Mr. Swallow became the Chairman of the Board. Mr. Swallow holds a B.S. in Finance from Arizona State University. Mr. Swallow was the Vice President of Timberline Drilling, Inc. from November 2011 until accepting the role of President with the Company. From September 2009, until November 2011, Mr. Swallow was self-employed. From January 2006 until September 2009, he served as chairman of Timberline Resources Corporation. He brings wide-ranging experience from within the local mineral exploration industry as well as extensive knowledge of the junior equity markets. Mr. Swallow's extensive experience in the drilling industry, his previous roles as a Chairman of a Board and as a Vice President of a corporation qualify him to sit on the Board of the Company.

**Grant Brackebusch, P.E.** has served as the Vice President and a Director of the Company since 1996. He holds a B.S. in Mining Engineering from the University of Idaho. He is registered in Idaho as a Professional Engineer. He has worked for Idaho Strategic since 1996 and worked for Newmont previously. Currently, he supervises the mining operation at the Golden Chest including the operation of the New Jersey Mill. He has experience with permitting, exploration, open pit, and underground mining as well as mineral processing. Mr. Brackebusch's extensive mining background, knowledge of the Company's daily operations, and industry expertise qualifies him to sit on the Board of the Company.

**Kevin Shiell** has more than 30 years of operating and management experience in the mining and mineral processing industries. Mr. Shiell has held executive leadership positions at several public and private mining companies, including General Manager and Vice President of Mine Operations at Stillwater Mining Company, Chief Operating Officer at MGM Gold, various mine supervisory positions at Hecla Mining Company ("Hecla"), President and Director at Gold Road Mining Corporation, and VP of Operations-Idaho for Americas Gold and Silver. Currently Mr. Shiell is Mine Operations Manager at I-80 Gold Corp's Ruby Hill Complex, and serves as an Independent Director at Idaho Strategic Resources, Inc.

**Richard Beaven** joined the Idaho Strategic Board on January 12, 2022. Mr. Beaven is Lead Portfolio Manager and Principal at Signia Capital Management ("Signia"). Signia is a small-cap value asset manager with a largely institutional (pension fund) client base. Prior to co-founding Signia in 2002, Rich was the Assistant Director of Research and a Portfolio Manager for a $2B Pacific Northwest asset management firm. With blue-collar roots, Rich went on to get a BA in business administration from the University of Kentucky and an MBA from Gonzaga University. In addition, he is a Chartered Financial Analyst ("CFA") charter holder and has served as President of the CFA Society of Spokane.

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**Carolyn Turner** was elected to the Company's Board of Directors in August 2023. Ms. Turner is currently the owner and principal of Graham Peak Consulting, LLC in Kingston, ID where she specializes in accounting and finance consulting in the mining and heavy construction industries. Prior to her time at Graham Peak Consulting, Ms. Turner spent over 30 years in the mining industry with companies such as Silver Valley Resources ("ASARCO"), Coeur Mining, and Hecla Mining Corp. Ms. Turner's experience includes mine operations, metals marketing, project development and financing. She previously served as the Treasurer for both Hecla and Coeur Mining where her roles were centered around quarterly and annual budgeting, rolling monthly forecasting, economic modeling, mergers and acquisitions, as well as numerous treasury and audit functions. Ms. Turner's educational background consists of a Bachelor of Science degree in Business Administration Accounting from Montana State University–Billings, followed by a Master of Business Administration from Regis University, Denver. Ms. Turner is a licensed Certified Public Accountant and has served numerous years as an elected trustee on the Kellogg Idaho Joint School District Board.

**Robert Morgan** has served as the Vice President Exploration of the Company since January 2018. Mr. Morgan has over 22 years of exploration experience, including 20 years focused on gold exploration, of which 12 years were in Northern Idaho and Montana. Mr. Morgan has worked for some of the world's leading gold exploration and mining companies including Newmont and ASARCO throughout the western United States, Alaska, and South America. He is practiced in designing, implementing, and managing large exploration programs for gold, silver, base metals and REEs. His technical work has included geologic mapping, logging of drill holes, compilation, and interpretation of multiple data sets for target identification. Mr. Morgan earned his Bachelor of Science degree in geology from California State University at Chico. He has an extensive environmental background with emphasis on wetlands and water management. Mr. Morgan is a registered Professional Geologist with the State of Idaho and Professional Land Surveyor registered with the State of Montana.

**Monique Hayes** was appointed Corporate Secretary in November 2016. She has over 10 years of investor relations corporate governance experience in the mining industry and over 10 years of communications and brand management experience. Prior to joining Idaho Strategic, Ms. Hayes worked for Hecla, Revett Mining Company and Sterling Mining. Her advertising and communications experience includes working for Publicis Dialog Direct and White Runkle Associates where she worked with national accounts including AT&T Wireless, Bell Atlantic and NordicTrack. Ms. Hayes attended City University where she studied business management, brand strategy and communications.

**<u>Legal Proceedings</u>**

No Director or Officer has been involved in any legal action involving the Company for the past five years.

**<u>Section 16(a) Beneficial Ownership Reporting Compliance</u>**

Under Section 16(a) of the Exchange Act, as amended, and the regulations thereunder, the Company's Directors, Executive Officers and beneficial owners of more than 10% of any registered class of the Company's equity securities are required to file reports of their ownership of the Company's securities and any changes in that ownership with the SEC.

Based on the Company's review of the Forms 3, 4 and 5 filed with the SEC and the copies of such forms received, and written representations from certain reporting persons, the Company believes that during fiscal year ended December 31, 2025, all filing requirements applicable to its officers, directors and greater than 10% percent beneficial owners were complied with.

**<u>Code of Ethics</u>**

The Company adopted a Code of Ethics at a Board of Directors meeting on December 9, 2003, that applies to the Company's executive officers. The Company also adopted a Code of Ethics for all employees at the Board of Directors meeting on February 18, 2008, which is attached hereto as Exhibit 14.

**<u>Board Nomination Procedures</u>**

There have been no material changes to the procedures by which security holders may recommend nominees to the registrant's Board of Directors.

**<u>Audit Committee</u>**

The Audit Committee is comprised of three independent directors, Richard Beaven, Kevin Shiell and Carolyn Turner, and was established in January 2022 by the Board to meet the listing requirements for the NYSE American and for the purpose of overseeing the accounting and financial reporting processes of the Company and audits of the financial statements of the Company. The Audit Committee recommends the appointment of independent public accountants to conduct audits of our financial statements, reviews with the accountants the plan and results of the auditing engagement, approves other professional services provided by the accountants and evaluates the independence of the accountants. The Audit Committee also reviews the scope and adequacy of our system of internal controls and procedures over financial reporting. Each member of the Audit Committee is independent, as independence for audit committee members is defined in the NYSE American listing standards and the applicable rules of the SEC. The Board has determined that Richard Beaven and Carolyn Turner are "audit committee financial experts" as defined by the rules of the SEC. The Audit Committee met four times during the fiscal year ended December 31, 2025.

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**<u>Insider Trading</u>**

The Company adopted an Insider Trading Policy on March 26, 2025, applicable to all directors, executive officers, employees, consultants, contractors, and their household members. The policy prohibits trading in the Company's securities while in possession of material nonpublic information and establishes black-out periods and mandatory pre-clearance procedures for directors and executive officers. It also addresses the prohibition of hedging transactions, short sales, and margin accounts, and includes procedures related to trading windows and the use of Rule 10b5-1 trading plans.

In the fiscal year ended December 31, 2025, no director or officer of the Company adopted or terminated any contract, instruction, written plan, or Rule 10b5-1 trading arrangement for the purchase or sale of the Company's securities.

A copy of the Company's Insider Trading Policy is filed as Exhibit 19 to this Annual Report on Form 10-K, pursuant to Item 601(b)(19) of Regulation S-K.

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**ITEM 11. EXECUTIVE COMPENSATION**

**<u>Compensation of Officers</u>**

A summary of cash and other compensation for John Swallow, the Company's President, CEO and Chairman of the Board, Grant Brackebusch, the Company's CFO and Vice President, and Robert Morgan, the Company's Vice President (together the "Named Executive Officers"), for the two most recent years is as follows:

**<u>Executive Officer Summary Compensation Table</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name & Principal Position | Year | Salary<sup>1</sup><br>($) | Bonus<br>($) | Stock Awards<sup>2</sup><br>($) | Option Awards<sup>2</sup><br>($) | Nonequity Incentive Plan Compensation<br>($) | Nonqualified Deferred Compensation Earnings <br>($) | All Other Compensation<br>($) | Total<br>($) |
| John Swallow | 2025 | 279650 | 53550 |  | 109328 |  |  |  | 442528 |
| President, CEO, & Chairman | 2024 | 208500 | 32000 |  | - |  |  |  | 240500 |
| Grant Brackebusch | 2025 | 279650 | 53550 |  | 109328 |  |  |  | 442528 |
| CFO & Vice President | 2024 | 208500 | 32000 |  | - |  |  |  | 240500 |
| Robert Morgan | 2025 | 200400 | 41750 |  | 61794 |  |  |  | 303944 |
| Vice President | 2024 | 152100 | 25000 |  | - |  |  |  | 177100 |

---

(1) Salary includes fees earned as Directors.

(2) Stock Awards and Options Awards include fees earned as Directors. The Company has valued all Stock Awards granted at fair value as computed in accordance with FASB Accounting Standards Codification Topic 718. The compensation of the Named Executive Officers has been set by disinterested members of the Board of Directors to a level competitive with other mining companies of similar size with similar types of operations. The executive stock compensation is for services as directors.

The Company does not have a retirement plan for its executive officers and there is no agreement, plan or arrangement that provides for payments to executive officers in connection with resignation, retirement, termination, or a change in control of the Company.

**<u>Outstanding Equity Awards at Fiscal Year-end</u>**

As of December 31, 2025, 38,000 stock options were vested and outstanding, and 38,000 stock options were unvested and outstanding to directors Grant Brackebusch, John Swallow, Kevin Shiell, Richard Beaven, and Carolyn Turner.

**<u>Outstanding Equity Awards at Fiscal Year-end Table</u>**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name & Principal Position | Number of Securities Underlying Unexercised Options<br>(#)<br>Exercisable |  | Number of Securities Underlying Unexercised Options<br>(#)<br>Unexercisable |  | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options<br>(#) | Option Exercise Price | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested<br>(#) | Market Value of Shares or Units of Stock that Have Not Vested<br>($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units, or Other Rights That Have Not Vested<br>(#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units, or Other Rights That Have Not Vested<br>($) |
| John Swallow, President, CEO, & Chairman | 11500 | (1) | 11500 | (2) |  | $11.50 | 1/17/2028 |  |  |  |  |
| Grant Brackebusch, CFO & Vice President | 11500 | (1) | 11500 | (2) |  | $11.50 | 1/17/2028 |  |  |  |  |
| Kevin Shiell, Director | 5000 | (1) | 5000 | (2) |  | $11.50 | 1/17/2028 |  |  |  |  |
| Richard Beaven, Director | 5000 | (1) | 5000 | (2) |  | $11.50 | 1/17/2028 |  |  |  |  |
| Carolyn Turner, Director | 5000 | (1) | 5000 | (2) |  | $11.50 | 1/17/2028 |  |  |  |  |

---

(1) Options were granted on January 15, 2025 and 50% vested on 6/30/25 and 50% vested on 12/31/25

(2) Options were granted on January 15, 2025 and 50% vest on 6/30/26 and 50% vest on 12/31/26

---

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**<u>Director Compensation</u>**

**<u>Director Summary Compensation Table</u>**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name & Principal Position | Year | Salary<br>($) | Bonus<br>($) | Stock Awards<br>($) | Option Awards<br>($) | Nonequity Incentive Plan Compensation<br>($) | Nonqualified Deferred Compensation Earnings <br>($) | All Other Compensation<br>($) | Total<br>($) |
| Kevin Shiell | 2025 | 20500 | 10250 |  | 47534 |  |  |  | 78284 |
| Director | 2024 | 17500 | - |  | - |  |  |  | 17500 |
| Richard Beaven | 2025 | 20500 | 10250 |  | 47534 |  |  |  | 78284 |
| Director | 2024 | 17500 | - |  | - |  |  |  | 17500 |
| Carolyn Turner | 2025 | 20500 | 10250 |  | 47534 |  |  |  | 78284 |
| Director | 2024 | 17500 | - |  | - |  |  |  | 17500 |

---

No additional fees are paid for attendance at Board of Directors' meetings, committee membership or committee chairmanship. On occasion, Directors are retained for consulting services unrelated to their duties as Directors. These consulting services are either paid in cash or with unregistered common stock according to the Company's policy for share-based payment of services.

The Company does not have a retirement plan for its Directors and there is no agreement, plan or arrangement that provides for payments to Directors in connection with resignation, retirement, termination or a change in control of the Company.

**<u>Clawback Policy</u>**

The company maintains a Policy for the Recovery of Erroneously Awarded Compensation ("Clawback Policy") applicable to executive compensation in the event of misconduct on the part of executive officer, including any such misconduct that results in a restatement of its financial statements. The Clawback Policy is filed as Exhibit 97.1 to this Form 10-K. There has been no required recovery of erroneously awarded compensation pursuant to the Clawback Policy to date.

---

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**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS**

The following table sets forth information as of March 1, 2026 regarding the shares of Company common stock beneficially owned by: (i) each person known by the Company to own beneficially more than 5% of the Company's common stock; (ii) each Director of the Company; (iii) Named Executive Officers; and (iv) all Directors and the Named Executive Officers of the Company as a group. Except as noted below, each holder has sole voting and investment power with respect to the shares of the Company common stock listed as owned by that person or entity.

**<u>Security Ownership of Certain Beneficial Owners</u>**

---

| | | | |
|:---|:---|:---|:---|
| Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Owner | Percent of Class<sup>(1)</sup> |
| Common | BlackRock, Inc.<br>50 Hudson Yards<br>New York, NY 10001 | 1048456 (a) | 6.53% |
| Common | State Street Corporation<br>One Congress St, Suite 1<br>Boston, MA 02114 | 890401 (b) | 5.55% |
| Common | The Vanguard Group<br>100 Vanguard Blvd<br>Malvern, PA 19355 | 726335 (c) | 4.52% |

---

**<u>Security Ownership of Management</u>**

---

| | | | |
|:---|:---|:---|:---|
| Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Owner | Percent of Class<sup>(1)</sup> |
| Common | John Swallow<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 666090 (d) | 4.15% |
| Common | Grant Brackebusch<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 129052 (e) | 0.80% |
| Common | Kevin Shiell<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 59016 (f) | 0.37% |
| Common | Richard Beaven<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 21183 (g) | 0.13% |
| Common | Carolyn Turner<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 10980 (h) | 0.07% |
| Common | Robert Morgan<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 46796 (i) | 0.29% |
| Common | Monique Hayes<br>c/o 201 N. Third Street<br>Coeur d'Alene, ID 83814 | 15393 (j) | 0.10% |
| Common  | All Directors and Executive Officers as a group (7 individuals) | 948510 (k) | 5.91% |

---

(1) Based upon 15,806,301 outstanding shares of common stock, vested options to purchase 50,500 shares of common stock, and unvested options to purchase 200,000 shares of common stock at March 1, 2026.

a) From the Schedule 13G/A filed on 1/21/26 by the beneficial owner.

b) From the Schedule 13G filed on 2/9/26 by the beneficial owner.

c) From the Schedule 13G filed on 10/30/25 by the beneficial owner.

d) Consists of 654,590 shares of common stock and vested options to purchase 11,500 shares of common stock.

e) Consists of 117,552 shares of common stock and vested options to purchase 11,500 shares of common stock.

f) Consists of 49,016 shares of common stock, vested options to purchase 5,000 shares of common stock and unvested options to purchase 5,000 shares of common stock.

g) Consists of 11,183 shares of common stock, vested options to purchase 5,000 shares of common stock and unvested options to purchase 5,000 shares of common stock.

h) Consists of 980 shares of common stock, vested options to purchase 5,000 shares of common stock and unvested options to purchase 5,000 shares of common stock.

i) Consists of 33,796 shares of common stock, vested options to purchase 6,500 shares of common stock and unvested options to purchase 6,500 shares of common stock.

j) Consists of 8,893 shares of common stock and vested options to purchase 6,500 shares of common stock.

---

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None of the Directors or Officers has the right to acquire any additional securities pursuant to options, warrants, conversion privileges or other rights. No shares are pledged as security.

**<u>Securities Authorized for Issuance under Equity Plans</u>**

In April 2014, the Company established a stock option plan to authorize the granting of stock options to officers and employees. There are no longer any shares available to grant under this plan. In May 2023, a new equity incentive plan was voted on and approved by shareholders to authorize the granting of stock options (or similar equity awards) to officers and employees. The Company occasionally pays for goods or services with unregistered Common Stock and uses the average bid price of the stock, as quoted on the NYSE American, at the time to determine the number of shares to be issued.

**<u>Changes in Control</u>**

None.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

**<u>Certain Relationships and Related Transactions</u>**

None, other than the short-term lease arrangements described in Note 12 to the Consolidated Financial Statements.

**<u>Director Independence</u>**

The Board of Directors has determined that John Swallow and Grant Brackebusch are not independent directors. Kevin Shiell, Richard Beaven, and Carolyn Turner are independent directors pursuant to rules governing companies listed on the NYSE American Exchange.

The independent directors Kevin Shiell, Richard Beaven, and Carolyn Turner each serve as the only three members of the Board of Directors' nominating committee, compensation committee, and audit committee.

**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

**<u>Audit Fees</u>**

The aggregate fees billed for professional services rendered by the Company's principal accountant for the audit of the annual financial statements included in the Company's annual report on Form 10-K for the fiscal years ended December 31, 2025 and December 31, 2024 and the review for the financial statements included in the Company's quarterly reports on Form 10-Q during those fiscal years, were $87,790 and $83,000 respectively.

**<u>Audit Related Fees</u>**

The Company incurred no fees during the last two fiscal years for assurance and related services by the Company's principal accountant that were reasonably related to the performance of the audit or review of the Company's financial statements, and not reported under Audit Fees above.

**<u>Tax Fees</u>**

$10,000 in 2025 and $8,350 in 2024 was paid to the Company's principal accountant for tax compliance, tax advice, and tax planning services.

**<u>All Other Fees</u>**

$3,525 in other fees were incurred during 2025 and $2,550 in 2024 for other services rendered by the Company's principal accountant.

**<u>Audit Committee Pre-Approval Policies</u>**

The Board of Directors has adopted an audit committee pre-approval policy. The audit committee is required to pre-approve the audit and non-audit services performed by the independent auditor to assure that the provision of such services do not impair the auditor's independence.

---

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**PART IV**

**ITEM 15. EXHIBITS**

***Financial Statements***

The following Consolidated Financial Statements of the Corporation are filed as a part of this report:

1. Report of Independent Registered Public Accounting Firm dated March 23, 2026.

2. Consolidated Balance Sheets—December 31, 2025 and 2024.

3. Consolidated Statements of Operations—Years ended December 31, 2025 and 2024.

4. Consolidated Statements of Changes in Stockholders' Equity—Years ended December 31, 2025 and 2024.

5. Consolidated Statements of Cash Flows—Years ended December 31, 2025 and 2024.

6. Notes to Consolidated Financial Statements.

***Exhibits***

---

| | |
|:---|:---|
| Exhibits | Description of Document |
| 3.0 | [Amended and Restated Articles of Incorporation, filed as Exhibit 3.1 to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/articles_ex3z1.htm) |
| 3.1 | [Amended and Restated By-laws of Idaho Strategic Resources, Inc., filed as Exhibit 3.2 to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/0001030192/000105291821000358/bylaws_ex3z2.htm) |
| 4.1 | [Description of Securities, filed under the Description of Common Stock in the Company's Prospectus Supplement to the Registration Statement on Form S-3, as amended, as filed with the Securities and Exchange Commission on June 8, 2022 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000165495422008060/njmc_s3.htm#DESCRIPTIONOFCOMMONSTOCK) |
| 10.1 | [Venture Agreement with United Mine Services, Inc. dated January 7, 2011, filed as Exhibit 10.1 to the Company's Form 10/A (Amendment No. 2) as filed with the Securities and Exchange Commission on June 4, 2014 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000105291814000212/ex101.htm) |
| 10.2 | [Consent, Waiver and Assumption of Venture Agreement by Crescent dated February 14, 2014, filed as Exhibit 10.10 to the Company's Form 10-K, as filed with the Securities and Exchange Commission on March 31, 2015 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000105291815000115/ex1010.htm) |
| 10.3 | [Registrant's 2023 Equity Compensation Plan approved by shareholders on June 12, 2023, included as Appendix B to the Company's Schedule 14A, as filed with the Securities and Exchange Commission on May 15, 2023 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000165495423006552/njmc_def14a.htm#appendix) |
| 10.4 | [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) |
| 10.5 | [Sales Agreement, dated September 29, 2025, by and between the Company and Roth Capital Partners, LLC, incorporated by reference to the Company's 8-K as filed with the Securities and Exchange Commission on October 2, 2025](http://www.sec.gov/Archives/edgar/data/1030192/000165495425011410/idr_ex101.htm). |
| 10.6 | [Sales Agreement, dated October 15, 2025, by and between the Company and Roth Capital Partners, LLC, incorporated by reference to the Company's S-3ASR as filed with the Securities and Exchange Commission on October 16, 2025](http://www.sec.gov/Archives/edgar/data/1030192/000165495425011841/idr_ex12.htm). |
| 14 | [Code of Ethical Conduct, filed as Exhibit 14 to the Company's Form 10, as filed with the Securities and Exchange Commission on February 25, 2014 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000105291814000050/ex14.htm) |
| [19\*](idr_ex19.htm) | [Insider trading policy](idr_ex19.htm) |
| [21\*](idr_ex21.htm) | [Subsidiaries of the Registrant](idr_ex21.htm) |
| [23.1\*](idr_ex231.htm) | [Consent of Assure CPA, LLC.](idr_ex231.htm) |
| [23.2\*](idr_ex232.htm) | [Consent of Qualified Person for Technical Report Summary of Golden Chest Mine.](idr_ex232.htm) |
| [23.3\*](idr_ex233.htm) | [Consent of Qualified Person for Technical Report Summary of Golden Chest Mine.](idr_ex233.htm) |
| [23.4\*](idr_ex234.htm) | [Consent of Qualified Person for Technical Report Summary of Golden Chest Mine.](idr_ex234.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) |
| [96.1\*](idr_ex961.htm) | [Technical Report Summary For the Golden Chest Mine, Idaho, U.S.A.](idr_ex961.htm) |
| [97.1\*](idr_ex971.htm) | [Policy Relating to Recovery of Erroneously Awarded Executive Compensation](idr_ex971.htm) |
| 99.1 | [Registrant's Charter of the Audit Committee, filed as Exhibit 99.1 to the Company's Form 10-Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on May 16, 2022 and incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1030192/000165495422006863/nisri_ex991.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 |
| 104 | Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101). |

---

\* Filed herewith.

\*\* XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

**ITEM 16. FORM 10-K SUMMARY**

None.

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**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.

IDAHO STRATEGIC RESOURCES, INC.

---

| | | |
|:---|:---|:---|
| Date: <u>March 23, 2026</u>  | By | /s/ JOHN SWALLOW |
|  |  | John Swallow, President, Chief Executive Officer |
| Date: <u>March 23, 2026</u>  | By | /s/ GRANT A. BRACKEBUSCH |
|  |  | Grant A. Brackebusch, Vice President, Chief Financial Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| /s/ John Swallow | <u>March 23, 2026</u> |
| John Swallow | Date |
| President, Chief Executive Officer, Director |  |
| (Principal Executive Officer) |  |
| /s/ Grant A. Brackebusch | <u>March 23, 2026</u> |
| Grant A. Brackebusch | Date |
| Vice President, Chief Financial Officer, |  |
| Director (Principal Financial Officer and |  |
| Principal Accounting Officer) |  |
| /s/ Carolyn Turner | <u>March 23, 2026</u> |
| Carolyn Turner | Date |
| Director |  |
| /s/ Kevin Shiell | <u>March 23, 2026</u> |
| Kevin Shiell | Date |
| Director |  |
| /s/ Richard Beaven | <u>March 23, 2026</u> |
| Richard Beaven | Date |
| Director |  |

---

## Ex-19

**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.

**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.

**<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.

**<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:

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| 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. |

---

**<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.

**<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.

**End of Document**

## Ex-21

**EXHIBIT 21**

**Subsidiaries of the Registrant**

The following entities are subsidiaries of Idaho Strategic Resources, Inc. Unless otherwise noted, a subsidiary is owned 100%.

1. Idaho Champion Resources, LLC, an Idaho limited liability company

2. Golden Chest, LLC, an Idaho limited liability company

3. Butte Highlands JV, LLC, an Idaho limited liability company (50%)

4. Murray Gold Belt, LLC, an Idaho limited liability company

## Exhibit 23.1

**EXHIBIT 23.1**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in the Registration Statement Form S-3 as amended (Nos. 333-287401 and 333-290906) of Idaho Strategic Resources, Inc., of our report dated March 23, 2026, relating to the consolidated financial statements which appears in this Form 10-K.

---

| |
|:---|
| /s/ Assure CPA, LLC |
| Spokane, Washington |
| March 23, 2026 |

---

## Exhibit 23.2

**EXHIBIT 23.2**

**Consent of Qualified Person**

In connection with the Idaho Strategic Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 10-K"), the undersigned consents to:

(i) the filing and use of the technical report summary titled "Technical Report Summary For The Golden Chest Mine, Idaho, U.S.A." (the "TRS"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 10-K;

(ii) the incorporation by reference of the TRS in the Registration Statements on Form S-3, as amended (Registration Nos. 333-287401 and 333-290906) (the "Registration Statements"):

(iii) the use of and references to our name, including our status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the TRS, Form 10-K and the Registration Statements; and

(iv) any extracts or summaries of the TRS included or incorporated by reference in the Form 10-K and the Registration Statements, and the use of any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

---

| | |
|:---|:---|
| Dated: March 23, 2026 | Dated: March 23, 2026 |
| By: | /s/ Grant Brackebusch, P.E. |
| Name:  | Grant Brackebusch |

---

## Exhibit 23.3

**EXHIBIT 23.2**

**Consent of Qualified Person**

In connection with the Idaho Strategic Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 10-K"), the undersigned consents to:

(i) the filing and use of the technical report summary titled "Technical Report Summary For The Golden Chest Mine, Idaho, U.S.A." (the "TRS"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 10-K;

(ii) the incorporation by reference of the TRS in the Registration Statements on Form S-3, as amended (Registration Nos. 333-287401 and 333-290906) (the "Registration Statements"):

(iii) the use of and references to our name, including our status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the TRS, Form 10-K and the Registration Statements; and

(iv) any extracts or summaries of the TRS included or incorporated by reference in the Form 10-K and the Registration Statements, and the use of any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

---

| | |
|:---|:---|
| Dated: March 23, 2026 | Dated: March 23, 2026 |
| By: | /s/ Robert John Morgan, PG, PLS. |
| Name:  | Robert John Morgan |

---

## Exhibit 23.4

**EXHIBIT 23.2**

**Consent of Qualified Person**

In connection with the Idaho Strategic Resources, Inc. Annual Report on Form 10-K for the year ended December 31, 2025 and any amendments or supplements and/or exhibits thereto (collectively, the "Form 10-K"), the undersigned consents to:

(i) the filing and use of the technical report summary titled "Technical Report Summary For The Golden Chest Mine, Idaho, U.S.A." (the "TRS"), with an effective date of December 31, 2025, as an exhibit to and referenced in the Form 10-K;

(ii) the incorporation by reference of the TRS in the Registration Statements on Form S-3, as amended (Registration Nos. 333-287401 and 333-290906) (the "Registration Statements"):

(iii) the use of and references to our name, including our status as an expert or "qualified person" (as defined in Subpart 1300 of Regulation S-K promulgated by the Securities and Exchange Commission), in connection with the TRS, Form 10-K and the Registration Statements; and

(iv) any extracts or summaries of the TRS included or incorporated by reference in the Form 10-K and the Registration Statements, and the use of any information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of, and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 10-K and the Registration Statements.

---

| | |
|:---|:---|
| Dated: March 23, 2026 | Dated: March 23, 2026 |
| By: | /s/ Andrew Brackebusch, P.E. |
| Name:  | Andrew Brackebusch |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification**

I, John Swallow, certify that:

(1) I have reviewed this annual report on Form 10-K 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: March 23, 2026 | Date: March 23, 2026 |
| By: | /s/ John Swallow |
|  | John Swallow |
|  | Chief Executive Officer |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification**

I, Grant Brackebusch, certify that:

(1) I have reviewed this annual report on Form 10-K 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: March 23, 2026 | Date: March 23, 2026 |
| By: | /s/ Grant Brackebusch |
|  | Grant Brackebusch |
|  | Chief Financial Officer |

---

## 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 Annual Report of Idaho Strategic Resources Inc., (the "Company") on Form 10-K for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Swallow, Chief Executive Officer 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: March 23, 2026 | Date: March 23, 2026 |
| By: | /s/ John Swallow |
|  | John Swallow |
|  | Chief Executive Officer |

---

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-K.

## 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 Annual Report of Idaho Strategic Resources Inc., (the "Company") on Form 10-K for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Grant Brackebusch, Chief Financial Officer 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: March 23, 2026 | Date: March 23, 2026 |
| By: | /s/ Grant Brackebusch |
|  | Grant Brackebusch |
|  | Chief Financial Officer |

---

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-K.

## 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 year ended December 31, 2025.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $1359 | 0 | no | no | 0 | 0 | 0 |
| New Jersey Mill | 1 | 0 | 0 | 0 | 0 | $1561 | 0 | no | no | 0 | 0 | 0 |

---

## Exhibit 96.1

**EXHIBIT 96.1**

![](idr_ex961img159.jpg)

Technical Report Summary For The Golden Chest Mine, Idaho, USA SK-1300 Report <br>Idaho Strategic Resources, Inc.

Prepared By:

Grant A. Brackebusch, P.E.

Robert J. Morgan PG, PLS

Andrew A. Brackebusch, P.E.

For

Idaho Strategic Resources, Inc.

201 North 3<sup>rd</sup> St.

Coeur d'Alene, ID 83814

Effective Date: December 31, 2025

Signature Date: March 20, 2026

**Contents**

---

| | | |
|:---|:---|:---|
| Contents | Contents | 1-1 |
| Tables | Tables | 1-6 |
| Figures | Figures | 1-7 |
| 1.0 | EXECUTIVE SUMMARY | 1-0 |

---

1.1 Summary 1-0

1.1.1 Conclusions 1-0

1.1.2 Recommendations 1-2

1.2 Economic Analysis 1-3

1.2.1 Economic Criteria 1-3

1.2.2 Physical Parameters 1-3

1.2.3 Revenue Parameters 1-3

1.2.4 Operating and Capital Costs 1-3

1.2.5 Taxes and Royalties 1-4

1.2.6 Cash Flow 1-4

1.2.7 Sensitivity 1-4

1.3 Technical Summary 1-4

1.3.1 Property Description 1-4

1.3.2 Land Tenure 1-4

1.3.3 History 1-4

1.3.4 Geologic Setting, Mineralization, and Deposit 1-5

1.3.5 Exploration 1-5

1.3.6 Mineral Resource Estimate 1-5

1.3.7 Mineral Reserve Estimate 1-5

1.3.8 Mining Methods 1-5

1.3.9 Mineral Processing 1-5

1.3.10 Infrastructure 1-5

1.3.11 Market Studies 1-5

1.3.12 Environmental Permitting 1-6

2.0 INTRODUCTION 2-1

2.1 Site Visit 2-1

2.2 Sources of Information 2-1

2.3 List of Abbreviations 2-2

1-1

3.0 PROPERTY DESCRIPTION 3-1

3.1 Location 3-1

3.2 Ownership and Holdings 3-1

3.3 Royalty 3-7

3.4 Permit Requirements 3-7

3.5 Encumbrances and Other Risks 3-7

4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHSYIOGRAPHY 4-1

4.1 Accessibility 4-1

4.2 Climate 4-1

4.3 Local Resources and Infrastructure 4-1

4.4 Physiography and Environment 4-2

5.0 HISTORY 5-1

5.1 Location of District 5-1

5.2 Historic Gold Mining 5-1

5.3 Historical Mineral Resource Estimates 5-2

5.4 New Jersey Mining Company (IDR 2003-2012) 5-2

5.5 Golden Chest LLC (2010-2015) 5-2

5.6 Micon NI 43-101 (2011 and 2012) 5-2

5.7 Juniper Mining Company (2013) 5-3

5.8 Idaho Strategic Resources (2016-Present) 5-3

6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT 6-1

6.1 Regional Geology 6-1

6.1.1 Belt Supergroup 6-1

6.2 Local Geology 6-2

6.2.1 Lithology 6-2

6.2.2 Structure 6-3

6.3 Property Geology 6-5

6.3.1 Lithology 6-5

6.3.2 Structure 6-6

6.4 Mineralization and Alteration 6-7

6.4.1 Vein Types 6-8

6.4.2 Vein Names and Locations 6-9

6.4.3 Lithologic Control of Veins 6-10

1-2

6.4.4 Vein Mineralization 6-11

6.4.5 Wall Rock Alteration 6-12

6.5 Deposit Type 6-13

6.5.1 Orogenic 6-13

6.5.2 Age and Genesis 6-13

7.0 EXPLORATION 7-1

7.1 Drilling 7-2

7.1.1 Vertical Continuity 7-2

7.1.2 Drill Hole Surveys 7-2

7.1.3 Drill Hole Sampling 7-3

7.3 Hydrogeology Data 7-3

8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY 8-1

8.1 Laboratory Accreditation and Certification 8-1

8.2 Sample Quality Assurance and Quality Control (QA/QC) 8-1

8.2.1 Blanks 8-1

8.2.2 Standard – 3 gpt 8-1

8.2.3 Standard – 4 gpt 8-2

8.2.4 Standard – 8 gpt 8-3

8.2.5 Standard—7 gpt 8-3

8.2.6 Standard—9 gpt 8-4

8.3 Sample Preparation 8-5

8.4 Sample Analysis 8-5

8.5 Security 8-5

8.6 QP Comments on Sample Collection, Preparation, QA/QC, Analysis and Security 8-6

9.0 DATA VERIFICATION 9-1

9.1 Database Procedures 9-1

9.2 Validation Procedures 9-1

9.2.1 Micon Historic Database Validation 9-2

9.3 Validation Limitations and QP Comments 9-2

10.0 MINERAL PROCESSING AND METALLURGICAL TESTING 10-1

10.1 New Jersey Mill 100 TPD Metallurgical Testing 10-1

10.2 Resource Development Inc. Metallurgical Testing 10-2

10.3 H-Vein Flotation Testing by Blue Coast Research 10-3

1-3

11.0 MINERAL RESOURCE ESTIMATES 11-1

11.1 Summary 11-1

11.2 Estimation of Veins at the Golden Chest 11-3

11.2.1 General Methodology 11-3

11.2.2 Resource Database 11-4

11.2.3 Geological Modelling 11-4

11.2.4 Exploratory Data Analysis 11-5

11.2.5 Grade Capping 11-7

11.2.6 Compositing 11-9

11.2.7 Geostatistics 11-12

11.2.8 Block Model Geometry 11-13

11.2.9 Search and Interpolation Parameters 11-14

11.2.10 Density 11-15

11.2.11 Classification 11-15

11.2.12 Cut-off Grade 11-17

11.2.13 Validation 11-17

11.2.13.3 Swath Plots (Drift Analysis) 11-19

12.0 MINERAL RESERVE ESTIMATES 12-1

12.1 Summary 12-1

12.2 Conversion to Mineral Reserves 12-3

12.3 Cut-Off Grade 12-4

12.4 Dilution 12-4

12.5 Extraction 12-4

12.6 Reconciliation 12-4

13.0 MINING METHODS 13-1

13.1 Mining Operations – Underground 13-1

13.1.1 Cut-and-fill Method, Skookum Shoot 13-2

13.2 Ground Stability 13-2

13.2.1 Operating Practices 13-3

13.3 Underground Development 13-4

13.3.1 Ground Support 13-4

13.3.2 Development Performance 13-4

13.4 Backfill 13-4

1-4

13.5 Mine Equipment 13-5

13.6 Mine Infrastructure 13-5

13.7 Open Pit Mining Operations 13-6

14.0 PROCESSING AND RECOVERY METHODS 14-1

14.1 Crushing Circuit 14-1

14.2 Grinding Circuit 14-1

14.3 Flotation Circuit 14-1

14.4 Tailings Circuit 14-1

14.5 Mill Production 14-2

14.6 Mill Workforce 14-3

15.0 INFRASTRUCTURE 15-1

15.1 Roads and Logistics 15-1

15.2 Mine Layout 15-2

15.2.1 Waste Rock Storage 15-3

15.2.2 Tailings Disposal 15-3

15.2.3 Power 15-3

16.0 MARKET STUDIES 16-1

16.1 Market Overview 16-1

16.2 Commodity Price Projections 16-1

16.3 Contracts 16-1

17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS 17-1

17.1 Environmental Studies and Permitting 17-1

17.2 Surface Mine Permit 17-1

17.3 Tailings Storage Facility (TSF) Permit 17-2

17.4 Cyanidation Permit 17-2

17.5 Stormwater Permits 17-2

17.6 Community and Social Aspects 17-2

17.7 Comments on Environmental Permitting and Monitoring 17-2

18.0 CAPITAL AND OPERATING COSTS 18-1

18.1 Capital Costs 18-1

18.2 Operating Costs 18-1

1-5

19.0 ECONOMIC ANALYSIS 19-1

19.1 Economic Criteria 19-1

19.1.1 Physicals 19-1

19.1.2 Estimation Parameters 19-1

19.1.3 Taxation and Royalties 19-1

19.2 Cash Flow Analysis 19-1

19.3 Sensitivity Analysis 19-2

20.0 ADJACENT PROPERTIES 20-1

21.0 OTHER RELEVANT DATA AND INFORMATION 21-1

22.0 INTERPRETATION AND CONCLUSIONS 22-1

22.1 Geology and Mineral Resources 22-1

22.2 Mining and Mineral Reserves 22-1

22.3 Mineral Processing 22-2

22.4 Infrastructure 22-2

22.5 Environment 22-2

23.0 RECOMMENDATIONS 23-1

23.1 Geology and Mineral Resources 23-1

23.2 Mining and Mineral Reserves 23-1

23.3 Mineral Processing 23-1

23.4 Infrastructure 23-1

23.5 Environment 23-1

24.0 REFERENCES 24-1

25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT 25-1

26.0 DATE AND SIGNATURE PAGE 26-1

27.0 Appendix 1 General Statistics and Histograms for All Domains 27-1

28.0 Appendix 2 Variography for Golden Chest Domains 28-1

**Tables**

---

| | |
|:---|:---|
| Table 1-1 Golden Chest Projected Production for Four Years | 1-3 |
| Table 2-1 - List of Abbreviations | 2-2 |
| Table 3-1 List of patented claims at the Golden Chest Mine, as of December 31, 2025 | 3-3 |
| Table 3-2 List of patented claims outside the core of the Golden Chest Mine, as of December 31, 2025 | 3-4 |
| Table 3-3 List of Unpatented Claims at the Golden Chest Property | 3-6 |
| Table 3-4 Permit Descriptions | 3-7 |

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1-6

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| | |
|:---|:---|
| Table 4-1 Average Climate for Burke, ID 10km South of Golden Chest | 4-1 |
| Table 6-1 Belt Supergroup Stratigraphy in the Mine Region (modified after Gott 1980) | 6-2 |
| Table 10-1 RDI Flotation Test Results | 10-3 |
| Table 10-2 H-Vein Head Sample Analysis | 10-4 |
| Table 10-3 Select Results of Rougher Flotation Tests | 10-4 |
| Table 11-1 2025 Golden Chest Mine Mineral Resources | 11-1 |
| Table 11-2 Open Pit Resource (Included in the overall resource reported in table 11-1) | 11-2 |
| Table 11-3 Golden Chest 2025 Domains that were estimated | 11-3 |
| Table 11-4 Summary of Samples from the Golden Chest | 11-4 |
| Table 11-5 Block Model Variables and Descriptions | 11-13 |
| Table 11-6 Estimation Parameters | 11-14 |
| Table 11-7 Golden Chest Resource Parameters | 11-16 |
| Table 11-8 Cutoff calculation Inputs and results | 11-17 |
| Table 12-1 Golden Chest Underground Proven and Probable Reserves at December 31st, 2025 | 11-1 |
| Table 12-2 H Vein Portion of the 2025 Reserve | 12-2 |
| Table 12-3 Idaho Vein Domain Portion of the 2025 Reserve | 12-2 |
| Table 12-4 Paymaster Veins Portion of the 2025 Reserve | 12-2 |
| Table 12-5 Jumbo Vein Portion of the 2025 Reserve | 12-3 |
| Table 12-6 Go/No-Go Cut-off Parameters | 12-4 |
| Table 12-7 H-Vein Test Mining Dilution by Stope | 12-4 |
| Table 13-1 Development by Year and Company | 13-4 |
| Table 13-2 Underground Mine Equipment List, Idaho Strategic Resources— | 13-5 |
| Table 13-3 Idaho Pit Summary (August 2016-June 2020) | 13-6 |
| Table 14-1 Mill Production Summary | 14-2 |
| Table 17-1 Environmental Permits | 17-1 |
| Table 18-1 Development Cost Estimates Associated with Reserves | 18-1 |
| Table 18-2 2025 Annual Costs per Tonne and Mine Planning/Reserve Costs Used. | 18-2 |
| Table 19-1 Underground Reserve Scenario Production Summary | 19-1 |
| Table 19-2 Table of Golden Chest Underground Reserve Cash Flows | 19-2 |

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**Figures**

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| | |
|:---|:---|
| Figure 3-1 Golden Chest Mine and New Jersey Mill Location Map | 3-1 |
| Figure 3-2 Patented and unpatented claim locations | 3-2 |
| Figure 6-1 Geologic Provinces of Idaho (Idaho State University 2017) | 6-1 |
| Figure 6-2 Prichard Formation (Tan), Gem Stocks (Pink), Major Fault Lineaments (Blue) and Trout Creek Anticline (Black). | 6-3 |
| Figure 6-3 Regional Geologic Map | 6-4 |
| Figure 6-4 Mine Geologic Map | 6-6 |
| Figure 6-5 Banded Vein Example | 6-8 |
| Figure 6-6 Brecciated Vein Example | 6-9 |
| Figure 6-7 Massive Vein Example | 6-9 |
| Figure 6-8 Vertical Cross-Section of Vein Location | 6-10 |
| Figure 6-9 Gold-Sphalerite-Galena-Pyrite-Quartz Vein from the 941 Level | 6-11 |

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1-7

---

| | |
|:---|:---|
| Figure 6-10 Intrusive Related Orogenic Model (modified after Groves et al. 1998) | 6-14 |
| Figure 7-1 Planview of Golden Chest Drill Traces | 7-1 |
| Figure 8-1 Drill Sampling 3 gpt Standard QA/QC Tracking | 8-1 |
| Figure 8-2 Drill Sampling 4 gpt (4N) Standards Control Chart | 8-2 |
| Figure 8-3 Drill Sampling 4gpt (4M) Standard Control Chart | 8-2 |
| Figure 8-4 Drill Sampling 8 gpt Standards QA/QC Tracking | 8-3 |
| Figure 8-5 Drill Sampling 7 gpt (7J) Standard Control Chart | 8-3 |
| Figure 8-6 Drill Sampling 7gpt (7M) Standard Control Chart | 8-4 |
| Figure 8-7 9 gpt Standard | 8-4 |
| Figure 8-8 Mine Office/Core Shed Building | 8-6 |
| Figure 10-1 Aerial View of New Jersey Mill | 10-1 |
| Figure 10-2 New Jersey Mill 100 TPD Flowsheet | 10-2 |
| Figure 11-1 2025 Vein Shapes with Drill Traces | 11-5 |
| Figure 11-2 Histogram and General Statistics of the H-Vein within the H-Vein Domain | 11-6 |
| Figure 11-3 Histogram and General Statistics of the Paymaster Footwall (Idaho) Vein | 11-6 |
| Figure 11-4 CDF of the H Vein Composite Database | 11-8 |
| Figure 11-5 Histogram of H-Vein Domain Blocks | 11-8 |
| Figure 11-6 CDF and General Statistics of H-Vein Chip Samples | 11-9 |
| Figure 11-7 Cumulative Frequency Chart of Sampling Lengths in the Golden Chest Database | 11-10 |
| Figure 11-8 Histogram of Sample Lengths for the Golden Chest Database | 11-10 |
| Figure 11-9 Histogram of composite lengths for the H-Vein | 11-11 |
| Figure 11-10 Histogram of Paymaster Footwall (Idaho) Composite Lengths | 11-12 |
| Figure 11-11 Idaho Vein variogram model with pair counts. Major and minor axis illustrate ranges in the 55–60-meter range | 11-13 |
| Figure 11-12 Measured Portion of the H Vein Block Model | 11-16 |
| Figure 11-13 Visual Validation Slice of the 2025 Updated H-Vein Model. Composite runs 15 gpt while the nearest block runs 17gpt. | 11-18 |
| Figure 11-14 Comparison of Composite Means versus Block Means by Domain | 11-19 |
| Figure 11-15 Swath Plot of H-Vein. Composites (Red) versus Blocks (Blue) | 11-19 |
| Figure 11-16 Swath Plot of Paymaster Hangingwall Vein. Composites (Red) versus Blocks (Blue) | 11-20 |
| Figure 11-17 Swath Plot of Idaho Vein. Composites (Red) versus Blocks ( | 11-21 |
| Figure 11-18 Swath Plot of Jumbo Vein. Composites (Red) versus Blocks (Blue) | 11-22 |
| Figure 11-19 Swath Plot of Bush Vein. Composites (Red) versus Blocks (Blue) | 11-23 |
| Figure 11-20 Swath Plot of Popcorn Vein. Composites (Red) versus Blocks (Blue) | 11-24 |
| Figure 11-21 Swath Plot of 31 Vein. Composites (Red) versus Blocks (Blue) | 11-25 |
| Figure 11-22 Swath Plot of 37 Vein. Composites (Red) versus Blocks (Blue) | 11-26 |
| Figure 13-1 Map Showing Golden Chest Workings Outline | 13-1 |
| Figure 14-1 New Jersey Mill Flowsheet | 14-2 |
| Figure 15-1 Infrastructure Layout. | 15-2 |
| Figure 19-1 Sensitivity Analysis of Golden Chest Underground Reserves | 19-3 |
| Figure 20-1 Map of Adjacent Properties | 20-1 |
| Figure 27-1 H-Vein Composite Statistics | 27-1 |
| Figure 27-2 Paymaster Hangingwall Vein Composite Statistics | 27-1 |
| Figure 27-3 Paymaster Footwall Vein Composite Statistics | 27-2 |

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1-8

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| | |
|:---|:---|
| Figure 27-4 Paymaster Hangingwall Splay Vein Composite Statistics | 27-3 |
| Figure 27-5 Jumbo Vein Composite Statistics | 27-3 |
| Figure 27-6 Bush Vein Composite Statistics | 27-3 |
| Figure 27-7 Bush Splay Composite Statistics | 27-4 |
| Figure 27-8 31 Vein Composite Statistics | 27-4 |
| Figure 27-9 37 Vein Composite Statistics | 27-5 |
| Figure 27-10 Popcorn Vein Composite Statistics | 27-5 |
| Figure 27-11 Klondike Hangingwall Composite Statistics | 27-6 |
| Figure 28-1 Skookum Area Jumbo Vein Experimental Variogram with Modeled Variogram | 28-1 |
| Figure 28-2 Skookum Area H Vein Experimental Variogram with Modeled Variogram | 28-1 |
| Figure 28-3 Skookum Zone Footwall Domain Experimental Variogram and Modeled Variogram | 28-2 |
| Figure 28-4 Paymaster Area Idaho Vein Experimental Variogram with Modeled Variogrom | 28-2 |
| Figure 28-5 Paymaster Area Jumbo Vein Experimental Variogram with Modeled Variogram | 28-3 |
| Figure 28-6 Klondike Hangingwall Experimental Variogram with Modeled Variogram | 28-3 |
| Figure 28-7 Klondike Zone Popcorn Vein Experimental Variogram with Modeled Variogram | 28-4 |

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1-9

**1.0 EXECUTIVE SUMMARY**

**1.1 Summary**

This Technical Report Summary (TRS) on the Golden Chest Mine, Idaho (Golden Chest, property, or mine) has been prepared for Idaho Strategic Resources, Inc. (IDR) by the Qualified Persons (QP's) Grant A. Brackebusch, P.E., Robert J. Morgan, PG, PLS, and Andrew A. Brackebusch, P.E. All three are employees of IDR. Grant Brackebusch is the Vice President of Operations, Rob Morgan is the Vice President of Exploration, and Andrew Brackebusch is the Mine Engineer.

The purpose of this report is to disclose Mineral Reserves and Mineral Resources at the Golden Chest Mine as of December 31, 2025.

IDR is listed on the NYSE and currently reports Mineral Reserves in its Annual Report on Form 10-K with the United States Securities and Exchange Commission (SEC). This TRS conforms to SEC's Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The Golden Chest Mine is narrow-vein underground gold mine located in Murray, Idaho, which produces approximately 40,000 tonnes of ore annually to feed the New Jersey Mill in Kellogg, Idaho. The Golden Chest has operated continually since 2016. The New Jersey Mill produces a bulk sulfide flotation concentrate which is shipped to overseas smelters.

**1.1.1 Conclusions**

The QP's offer the following interpretations and conclusions by area.

*Geology and Mineral Resources*

· The Company has completed a Mineral Resource Estimate for the year ending December 31, 2025, which has been reviewed and accepted by the QP's. Measured and Indicated Resources at the Golden Chest Mine total 1,086,503 tonnes at a grade of 4.09 grams per tonne (gpt) gold with Inferred Resources totaling 528,878 tonnes at a grade of 2.98 gpt gold. Mineral Resources are exclusive of Mineral Reserves.

· Core sampling is supervised by a professional geologist and sampling procedures meet industry best practices.

· The sample preparation, security, and analytical procedures for core samples were consistent with generally accepted industry best practices.

· The QA/QC procedures for core samples are consistent with generally accepted industry standards. However, a persistent, low bias in assay results was found in the 3 gpt and 4 gpt standard. But in the second half of 2025 it appears that the low bias was no longer present.

· Blanks and standards are now included with round samples from the stope rounds on a weekly basis.

· The QP's review of database validation yielded no deficient procedures or data. The sample database is valid for reserve and resource calculations.

1-0

*Mining and Mineral Reserves*

· The Mineral Reserve estimate has been reviewed by the QP's and found to be in accordance with the definitions for Mineral Reserves in S-K 1300. Mineral Reserves at December 31, 2025, are 338,521 tonnes at an average grade of 6.95 gpt gold using a gold price of $2,580 per troy ounce.

· About two-thirds of the Mineral Reserves are in the Paymaster Veins, with the remainder split nearly equally between the H-Vein and Jumbo Vein.

· Mineral Reserves are prepared by qualified personnel with appropriate supervision using industry-standard mining software.

· The QP's believe the use of a trailing three-year average gold price is appropriate and consistent with generally accepted practices within the mining industry.

· The mining methods in the stopes at the Golden Chest are underhand cut-and-fill utilizing cemented rock fill (CRF), and overhand cut-and-fill utilizing uncemented gob fill.

· The mining methods are appropriate for this type of vein deposit and the ground conditions with average minimum widths of 2.4 m in the H-Vein stopes and an average stope width of 3.0 m in the Paymaster and Jumbo stopes.

· The Mineral Reserve is based on underhand cut-and-fill and overhand cut-and-fill where appropriate.

· Block model planned stope grades in the H-Vein agree well with mill grades observed during the 2025 mill production which was sourced completely from H-Vein Stopes.

· Dilution is accounted for in the Mineral Reserve estimate and extraction is assumed to be 100%.

· The ground support plan with the use of Swellex-bolts in conjunction with cemented rock fill (CRF) has improved geotechnical stope stability of the Idaho Vein. The H-Vein ground conditions are considerably better than the Idaho Vein and require less support.

· The mine uses 1.5 m<sup>3</sup> rubber-tired LHDs along with diesel-hydraulic drill jumbos and two underground dump trucks (22 tonne capacity and 30 tonne capacity).

*Mineral Processing*

· Material is shipped from the Golden Chest Mine in Murray, Idaho to the New Jersey Mill in Kellogg, Idaho for processing using highway dump trucks with pups.

· The New Jersey Mill operates as a bulk flotation plant at a rate of approximately 40,000 tonnes per year to produce a bulk-sulfide concentrate for sale to copper smelters in Asia.

· The mill has processed 372,350 tonnes of material from the Golden Chest open pit and underground and achieved gold recovery of 90.0% with an average concentrate grade of 317 gpt gold.

1-1

· The mill has achieved higher gold recovery of 93% for straight underground material. This is appropriate gold recovery to use for underground Mineral Reserve estimates.

· Previous campaigns of processing material from the Golden Chest at the 100 tpd New Jersey Mill from 2005 to 2009 provided metallurgical testing information at a bulk-sample scale.

· RDI performed metallurgical testing evaluating gravity, flotation, and cyanidation processes using core samples from the Skookum Shoot.

· Blue Coast Research performed flotation test work on H-Vein material that demonstrated slightly higher gold recoveries could be achieved with a finer grind.

· The New Jersey Mill utilizes the novel process of paste tailings disposal and recycles process water to minimize its impact on the environment.

*Infrastructure*

· The Golden Chest Mine is accessible all year round via a paved highway known as Forest Highway 9 and has all the necessary infrastructure to mine at the current rate.

· The local utility (Avista Utilities) has completed an upgrade to the electrical service at the Golden Chest that added 500 kVA to the existing 500 kVA service.

*Environment*

· The Golden Chest Mine and New Jersey Mill have all the necessary environmental permits to operate.

· The Company has posted bonds to cover the cost of reclamation at both the Golden Chest and New Jersey Mill.

· The Company promotes a "We Live Here" philosophy which encourages a commitment to the environment because employees and management all live and recreate in the local area. Local hiring and buying are also encouraged under this philosophy.

**1.1.2 Recommendations**

The QP's offer the following recommendations by area.

*Geology and Mineral Resources*

1. Continue to drill each vein identified at the Golden Chest as all are open to define increased resources.

*Mining and Mineral Reserves*

1. Evaluate other geostatistical methods such as Kriging and try to optimize grade estimation.

2. Complete the construction of a paste backfill system for the potential to reduce operating costs.

3. Attempt to expand Mineral Resources and Reserves with more core drilling targeting the H-Vein, Paymaster Veins, and Klondike – (Red Star) area.

1-2

*Mineral Processing*

1. Consider hiring a metallurgical engineer to manage the mill and metallurgical programs as the scope of the entire operation has increased.

*Infrastructure*

1. Complete the construction to add another 1,000 kVA electrical service to the Golden Chest which would result in a 2,000 kVA service at the property.

*Environment*

1. Consider hiring a full-time environmental professional or environmental contractor as the scope of operations has increased.

**1.2 Economic Analysis**

**1.2.1 Economic Criteria**

IDR completed a six-year cash flow analysis for the Mineral Reserve using current mining rates and only Proven and Probable Reserves to produce a reasonable estimate of future cash flows for the Golden Chest Mine.

**1.2.2 Physical Parameters**

· Total mill feed processed: 338,521 tonnes

· Average processing rate: 130 metric tonnes per shift

*Table 1-1 Golden Chest Projected Production for Four Years*

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| | | | | |
|:---|:---|:---|:---|:---|
| <br> Commodity | <br> Head Grade | <br> Mill % Recovery | <br> Mill Recovered Au (Grams) | <br> Mill Recovered Au (Troy oz) |
| <br> Au | <br> 6.95 | <br> 93 | <br> 2186330 | <br> 70300 |

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**1.2.3 Revenue Parameters**

· Gold price used in the economic analysis is a constant $2,580 per troy ounce representing a 3-year trailing average (2023, 2024, 2025).

· Constant smelter payment factor of 91%

· Constant Net of Smelter Royalty (NSR) of 2%

**1.2.4 Operating and Capital Costs**

· Constant Net of Smelter Royalty (NSR) of 2%

· Ore haulage cost of $16.00 per tonne

· Milling cost of $60.00 per tonne

· Ore mining with fill of $190.00 per tonne

1-3

· Development cost of $60.00 per tonne

· General and Administrative cost of $15.00 per tonne

· Capital costs of $30,860,000 for a new mill and sustaining mine equipment for the reserve life

· Mine life of six years

**1.2.5 Taxes and Royalties**

Idaho Strategic Resources pays property tax in Shoshone County and occasionally a Net Profit Tax to Shoshone County. Some income tax is anticipated to be payable in the next year as IDR has earned significant net income in the last several years.

The current production zone is subject to a 2% NSR royalty payable to Calibre Mining which is included in the estimate. Property taxes and net profit tax paid to Shoshone County are minor compared to the 2% NSR and are negligible in this analysis.

**1.2.6 Cash Flow**

The results of this analysis indicate a positive cash flow of approximately $29,515,000 at the base case. Capital requirements are paid within a year and the positive cash flow indicates economic viability at the base case $2,580 per troy ounce gold price. See Table 19-2 for more details.

**1.2.7 Sensitivity**

The sensitivity analysis found that gold mill recovery, smelter payment factor, gold grade, and gold price are the most sensitive variables in the estimate.

**1.3 Technical Summary**

**1.3.1 Property Description**

The Golden Chest Mine's production operations are located 2.4 km east of Murray, Idaho along Forest Highway 9. The mine is an underground cut-and-fill gold property exploiting a narrow, quartz vein orogenic gold system. The Golden Chest produces about 40,000 tonnes of ore annually utilizing underhand cut-and-fill and overhand cut-and-fill mining methods. The ore is processed at the New Jersey Mill in Kellogg, Idaho to produce a bulk-sulfide concentrate for sale to smelters in Asia. The rest of the project lies immediately northwest, north, and northeast of the town of Murray, ID.

**1.3.2 Land Tenure**

The Company owns 100% of the Golden Chest mine and the core land position is comprised of both patented 182 hectares (449 acres) and unpatented claims 563 hectares (1,390 acres) subject to a 2% Net Smelter Royalty (NSR). The Company owns an additional 425 hectares (1,051 acres) of patented land and 1,178 hectares (2,910 acres) of unpatented claims, immediately north and west of Murray, that are not subject to any NSR.

**1.3.3 History**

The Golden Chest Mine is the oldest lode gold mine in the Coeur d'Alene District. Historic reports indicated estimated production of the Golden Chest at 65,000 ounces of gold produced before 1940. Post 1940 gold production is estimated to be approximately 68,000 ounces with this production occurring after 2004.

1-4

**1.3.4 Geologic Setting, Mineralization, and Deposit**

The Golden Chest property is dominated by lithologies of the Prichard Formation representing the base of the Mesoproterozoic Belt Supergroup. The Prichard is made up of a series of metamorphosed marine basin sediments consisting of siltite, argillite, and quartzite. The Golden Chest is an orogenic gold deposit with mineralization hosted in quartz-gold veins near a major local fault. The primary geological controls to mineralization at the Golden Chest are the Idaho Fault and the Timber King Fault with gold mineralization occurring within 50 meters of fault structures.

**1.3.5 Exploration**

Currently IDR is conducting exploratory core drilling on the property with the aim to increase the Mineral Resource and help define the Mineral Reserve.

**1.3.6 Mineral Resource Estimate**

The Company has completed a Mineral Resource Estimate for the year ending December 31, 2025. Measured and Indicated Resources at the Golden Chest Mine total 1,086,503 tonnes at a grade of 4.09 gpt gold with Inferred resources totaling 582,878 tonnes at a grade of 2.98 gpt gold. Mineral Resources are exclusive of the Mineral Reserves.

**1.3.7 Mineral Reserve Estimate**

Mineral Reserve estimates, prepared by IDR and reviewed and accepted by the QP's, have been classified in accordance with the definitions for Mineral Reserves in S-K 1300 and are estimated to be 338,521 tonnes at a grade of 6.95 gpt gold.

**1.3.8 Mining Methods**

The Golden Chest Mine is accessed by a decline ramp 4.5 m by 4.0 m in cross-section. A northern ramp provides exhaust ventilation and a secondary escapeway. The vein is mined by underhand cut-and-fill utilizing cemented rock fill (CRF) as backfill and overhand cut-and-fill utilizing uncemented gob fill. Ore and waste are transported to the surface via the main ramp with 30-tonne and 22-tonne haul trucks.

**1.3.9 Mineral Processing**

The New Jersey Mill located 3 km east of Kellogg, Idaho has processed material from the Golden Chest since 2016 from both open pit and underground sources at a rate of about 280 tpd for 3.5 days per week. The New Jersey Mill uses a conventional bulk sulfide flotation flowsheet utilizing crushing, grinding, flotation, and paste tailings disposal. Concentrate is shipped to copper smelters in Asia.

**1.3.10 Infrastructure**

The Golden Chest mining operations have been ongoing since 2012 and infrastructure at the site includes 2,000 meters of underground ramp, 1,000 kVA electrical service, a core shed, a mine dry, and a shop building. Year-round access to the mine is provided by Forest Highway 9 which is maintained by Shoshone County.

**1.3.11 Market Studies**

The Golden Chest produces a bulk sulfide concentrate sold to copper smelters in Asia through a concentrate broker and has sold concentrate in this fashion since 2016.

1-5

**1.3.12 Environmental Permitting**

The Golden Chest Mine and New Jersey Mill have all the necessary environmental permits to operate. The New Jersey Mill utilizes a unique tailings disposal method known as paste tailings disposal that allows process water recycling and prevents the discharge of process water to surface waters of the US.

1-6

**2.0 INTRODUCTION**

This Technical Report Summary (TRS) on the Golden Chest Mine (Golden Chest, property, or mine) has been prepared for Idaho Strategic Resources, Inc. (IDR) by the Qualified Persons (QP's) Grant A. Brackebusch, P.E. and Robert J. Morgan, PG, PLS, and Andrew Brackebusch P.E. All three are employees of IDR. Grant Brackebusch is the Vice President of Operations, Robert Morgan is the Vice President of Exploration, and Andrew Brackebusch is the Mine Engineer.

The purpose of this report is to disclose Mineral Reserves and Resources at the Golden Chest Mine as of December 31, 2025.

Idaho Strategic Resources, Inc. (IDR) is listed on the NYSE and currently reports Mineral Reserves and Resources in its Annual Report on Form 10K with the United States Securities and Exchange Commission (SEC). This TRS conforms to SEC's Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

**2.1 Site Visit**

The three QP's are employees of IDR and spend a significant portion of their time at the mine and the mill so a site visit is unnecessary.

**2.2 Sources of Information**

During the preparation of this report discussions were held with the following personnel.

sgfget

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| | |
|:---|:---|
| John Etienne | Chief Geologist, IDR |
| John Ferguson | Company Accountant, IDR |
| Rebecca Goddard | Exploration Geologist, IDR |
| Steve Piurkowsky | Geological Engineer, IDR |
| Josh Faass | Mine Geologist, IDR |
| Clayton La Monica | Mine Geologist, IDR |
| Matt Williams | Golden Chest Mine Foreman, IDR |
| Jared Williams | Golden Chest Mine Foreman, IDR |

---

Other sources of information can be found in Section 24.0 References.

2-1<br>

**2.3 List of Abbreviations**

*Table 2-1 - List of Abbreviations*

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| | |
|:---|:---|
| **Term** | **Abbreviation** |
| Acres | ac |
| Ammonium Nitrate/Fuel Oil | ANFO |
| Bureau of Land Management | BLM |
| Canadian National Instrument 43-101 | NI 43-101 |
| Centimeter | cm |
| Concentrate Leach Plant  | CLP  |
| Cemented Rock Fill  | CRF |
| Cubic meter(s) | m<sup>3</sup> |
| Cubic meters per hour | m<sup>3</sup>/hr |
| Cyanide | CN |
| Meters | m |
| Degrees Celsius | <sup>o</sup>C |
| Direct Current  | DC |
| Environmental Protection Agency | EPA |
| Fire assay | FA |
| Diameter | dia. |
| Global positioning system | GPS |
| Gram(s) | g |
| Grams per tonne | gpt, g/t |
| Grams per tonne of gold | g/t Au |
| Gold | Au |
| Golden Chest Limited Liability Company | GCLLC |
| Golden Chest Mine | "The Mine" |
| Hectare(s) | ha |
| Hour | hr |
| Idaho Department of Environmental Quality  | IDEQ |
| Idaho Strategic Resources, Inc.  | IDR |
| Juniper Mining Company | JMC |
| Kilogram | kg |
| Kilograms per tonne | kg/tonne |
| Kilometer(s) | km |
| Kilowatt | kW |
| Kilowatt Hour | kWh |
| Kilo-Volt-Ampere | kVa |
| Load-Haul-Dump loader | LHD |
| Main Access Ramp | MAR |
| Meter(s) | m |
| Meters above sea level | masl |
| Micron(s) | μm |
| Millimetre(s) | mm |
| Million | M |
| Million years old | Ma |
| Minute(s) | min |

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2-2

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| | |
|:---|:---|
| **Term** | **Abbreviation** |
| Net Smelter Royalty | NSR |
| New Jersey Mill | "The Mill" |
| North American Datum | NAD |
| Ounces per tonne | opt |
| Parts per million | ppm |
| Professional Geologist | PG |
| Professional Land Surveyor | PLS |
| Professional Engineer | PE |
| Quality Assurance | QA |
| Quality Assurance/Quality Control | QA/QC |
| Quality Control | QC |
| Qualified Person | QP |
| Reduced Intrusion-Related Gold System  | RIRGS |
| Rock Storage Site | RSS |
| Second | s |
| Small Mine Development | SMD |
| Sodium cyanide  | NaCN |
| Tailings Storage Facility | TSF |
| Tonne(s) | t |
| Tonnes per Day | tpd |
| Tonnes per hour | t/h |
| United States  | US |
| United States Dollars | USD$ |
| Universal Transverse Mercator | UTM |

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2-3

**3.0 PROPERTY DESCRIPTION**

**3.1 Location**

The Golden Chest Mine (Mine) has an area of 2,346 hectares (ha) (5,800 acres) and is located in Shoshone County, Idaho, United States. The mine is approximately centered at Latitude 47<sup>o</sup>37'14" North and Longitude 115<sup>o</sup>49'43" West (Figure 3-1). The mine is approximately 2.4 kilometers (km) east of the small town of Murray, Idaho and 115 km east of the city of Coeur d' Alene, Idaho.

The New Jersey Mill (Mill) is located in Shoshone County, Idaho, United States approximately at Latitude 47<sup>o</sup>31'50" North and Longitude 116<sup>o</sup>04'38" West (Figure 3-1). The Mill is located approximately 21 km south of the town of Murray, Idaho and 3 km east of the city of Kellogg, Idaho.

![](idr_ex961img4.jpg)

*Figure 3-1 Golden Chest Mine and New Jersey Mill Location Map*

**3.2 Ownership and Holdings**

The Golden Chest Mine is composed of patented and unpatented claims (Figure 3-2). The land position consists of 94 patented mining claims (Table 3-1) covering approximately 607 hectares (ha) (1,501 acres) and 217 unpatented claims covering a total of approximately 1,740 ha (3,360 acres).

3-1<br>

![](idr_ex961img5.jpg)

*Figure 3-2 Patented and unpatented claim locations*

The core of the Golden Chest Mine is a contiguous group of 34 patented claims where all modern mining has taken place to date. The Company owns the rights to both the surface and subsurface mineral on all patented claims directly and through it's 100% held subsidiaries Golden Chest LLC (GCLLC), excluding the Joe Dandy Claim where IDR owns only the subsurface mineral rights. As these patented claims are considered private lots, legal access is allowed. Property taxes on patented claims are assessed by Shoshone County each year and IDR has paid the taxes in full. Table 3-1 below lists the patented claims that form the core of the Golden Chest Mine. Table 3-2 lists the patented claims outside of the core of the Golden Chest Site.

3-2

*Table 3-1 List of patented claims at the Golden Chest Mine, as of December 31, 2025*

![](idr_ex961img6.jpg)

3-3

*Table 3-2 List of patented claims outside the core of the Golden Chest Mine, as of December 31, 2025*

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| | | | |
|:---|:---|:---|:---|
| **Claim Name** | **Mineral Survey #** | **Hectares** | **Acres** |
| Dream Gulch | 1196 | 8.17 | 20.2 |
| Niagara | 1306 | 2.59 | 6.4 |
| Grandchamp | 1772 | 7.65 | 18.9 |
| Hornet | 1772 | 5.54 | 13.7 |
| Golden King | 18 | 4.73 | 11.7 |
| Skookum | 19 | 3.84 | 9.5 |
| Grouse | 20 | 6.88 | 17 |
| Chas Long | 778 | 1.58 | 3.9 |
| Dixie | 778 | 1.82 | 4.5 |
| Nelson | 1027 | 1.66 | 4.1 |
| Kennedy | 1027 | 0.97 | 2.4 |
| Accident #2 | 1744 | 7.32 | 18.1 |
| Accident #3 | 1744 | 7.85 | 19.4 |
| No. 1 | 1744 | 7.77 | 19.2 |
| Gilbert | 1744 | 7.00 | 17.3 |
| Shields Fraction | 1744 | 6.84 | 16.9 |
| Confidence | 1744 | 7.97 | 19.7 |
| Highland | 1762 | 39.78 | 98.3 |
| Highland Extension | 1762 | 15.74 | 38.9 |
| New Era | 778 | 0.53 | 1.3 |
| Lots 3,4,5,6 | Former Gov't lots | 1.74 | 4.3 |
| Complete | 1786 | 26.87 | 66.4 |
| Deep Rim | 1157 | 2.59 | 6.4 |
| Wedge | 1157 | 5.95 | 14.7 |
| Minnie Lee | 1157 | 3.04 | 7.5 |
| Ninety Five | 1157 | 2.47 | 6.1 |
| Summit | 1157 | 3.08 | 7.6 |
| Gold Dust | 1744 | 5.71 | 14.1 |
| Bed Rock | 1157 | 5.99 | 14.8 |
| Wolf | 9 | 3.08 | 7.6 |
| Snow Bird | 1738 | 7.69 | 19 |
| McCormick | 1772 | 6.76 | 16.7 |
| Davison Tax Parcel MC0637 |  | 0.77 | 1.9 |
| LeFaivre | 1772 | 5.42 | 13.4 |
| 4th of July | 1739 | 28.21 | 69.7 |
| Dandy | 1739 | 7.53 | 18.6 |
| Burr, Stokes & Bidwell | 1739 | 6.43 | 15.9 |
| Park | 1739 | 6.43 | 15.9 |

---

3-4

---

| | | | |
|:---|:---|:---|:---|
| Cora Amended | 1064 | 1.46 | 3.6 |
| Alder No. 1 | 1769 | 5.42 | 13.4 |
| Big Ledge | 2252 | 6.60 | 16.3 |
| Lady Elgin | 1769 | 3.76 | 9.3 |
| Lucky Dog | 1769 | 7.16 | 17.7 |
| Kentucky | 1769 | 6.84 | 16.9 |
| Blue Bird | 1769 | 2.51 | 6.2 |
| small wedge N of BlueBird | Former Gov't lot | 0.20 | 0.5 |
| Lots 10,11,12 | Former Gov't lots | 15.82 | 39.1 |
| Evans | 1769 | 7.57 | 18.7 |
| Ida | 1769 | 5.87 | 14.5 |
| Vivian | 549 | 6.15 | 15.2 |
| Cahan | 1772 | 3.88 | 9.6 |
| Badger | 894 | 4.05 | 10 |
| Ivy  | 2412 | 3.32 | 8.2 |
| Butte Creek Placer | 1679 | 30.72 | 75.9 |
| Birch  | 1794 | 7.45 | 18.4 |
| Tamarack | 1794 | 4.86 | 12 |
| Chestnut | 1794 | 7.08 | 17.5 |
| Hickory | 1794 | 5.95 | 14.7 |
| Maple | 1794 | 4.13 | 10.2 |
| Blacktail Lode | 2298 | 8.26 | 20.4 |
| Moran Bar Tax Parcel MC0029A |  | 0.44 | 1.092 |
| Total |  | 425.04 | 1050.3 |

---

IDR currently maintains 217 unpatented mining claims covering 1,740 ha (4,300 acres). The claims have been filed with the United States Bureau of Land Management (BLM) agency and at the Shoshone County Courthouse. Annual maintenance fees are paid to the BLM by September 1, and the Golden Chest unpatented claim fees have been paid and are in good standing. The unpatented mining claims are located on parcels of public land from which the claimant owns the mineral rights, however, no surface land ownership is conveyed. The table below lists the unpatented claims owned by IDR and GCLLC for the Golden Chest Project.

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*Table 3-3 List of Unpatented Claims at the Golden Chest Property*

![](idr_ex961img7.jpg)

3-6

**3.3 Royalty**

The Company owns 100% of the Golden Chest mine and the core land position is comprised of both patented (181.7 hectares [449 acres]) and unpatented claims (563 hectares [1,390 acres]) subject to a 2% Net Smelter Royalty (NSR) payable to Calibre Mining on a quarterly basis.

**3.4 Permit Requirements**

The Golden Chest Mine and New Jersey Mill have all the required environmental permits to operate currently and into the foreseeable future. Some permits may require modification if operating conditions change, but typically these changes can be completed without impeding the mining operation. A summary of the permits held by the Company are found in Table 3-4.

*Table 3-4 Permit Descriptions*

![](idr_ex961img8.jpg)

**3.5 Encumbrances and Other Risks**

As mentioned earlier, IDR does not own the surface of the Joe Dandy claim, however the deed for the claim contains language granting the owner of the mineral rights the ability to work and operate on the claim to mine the quartz lode. The Company is not aware of any significant factors or risks that may affect access, title, or the right or ability to perform work on the property.

3-7

**4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHSYIOGRAPHY**

**4.1 Accessibility**

The Golden Chest Mine is accessible year-round via a paved road known as Forest Highway 9 - a distance of 56 kilometers (35 miles) from Kingston, Idaho. At Kingston, Forest Highway 9 merges with US Interstate 90 for easy access to the local communities of Kellogg, Wallace, and Coeur d'Alene.

**4.2 Climate**

The Golden Chest is located in northern Idaho, which has a mountain climate typical for temperate regions in the mid-latitudes that are influenced by both polar and tropical air masses typified by wet, cold winters and short, dry summers.

The nearest climate records are found from Burke, Idaho (1907-1967) which is located approximately 10 km south of the mine at a slightly higher elevation.

*Table 4-1 Average Climate for Burke, ID 10km South of Golden Chest*

![](idr_ex961img9.jpg)

Average annual precipitation is 121.9 cm (48 inches), falling mainly in winter. Average annual snowfall is 616.9 cm (242 inches) and may occur in spring and fall as well as in winter.

During the winter, IDR is able to operate all season by plowing snow from the mine roads and utilizing tire chains on equipment when necessary. Forest Highway 9 is maintained all winter by Shoshone County.

**4.3 Local Resources and Infrastructure**

The Golden Chest Mine benefits from local human resources and services in the towns of Murray, Wallace, and Kellogg, Idaho which are located 2.4 km west, 18 km south, and 24 km southwest respectively of the mine. Wallace, with a population of 1,076 people in the 2020 census, is the county seat of Shoshone County.

The area has a long mining heritage as gold was discovered in Murray in 1882 and mining has continued to the present – mostly south of the Golden Chest in the Silver Valley. Current underground mining in the area is conducted by Hecla at the Lucky Friday Mine and Americas Gold and Silver Corporation at the Galena Mine. These historic and modern mining operations have resulted in an area that is familiar with and is equipped to support the mining industry. Experienced mining personnel and small business support are available.

4-1<br>

**4.4 Physiography and Environment**

The topography of the mine area consists mainly of steep, mountainous terrain, which is primarily covered in mixed coniferous forest, except where recently burned. The mine is characterized by high relief, with elevations ranging from 880 meters above sea level (masl) at the Prichard Creek valley bottom to 1,220 masl on the ridges at the north end of the mine's patented claim group.

The drainage pattern around the mine consists of dendritic perennial and intermittent watercourses that drain generally southwest. The dominant watercourses of the area are the North Fork of the Coeur d' Alene River and Prichard Creek. The area is characterized by incised streams bounded by long steep ridges.

Timber consists mostly of pine, fir, cedar, and hemlock. Elk, deer and moose are the most common large mammals in the area. Other reported mammals in the surrounding area are black bear, wolf, and mountain lion. There are no known protected species within the mine area.

4-2<br>

**5.0 HISTORY**

**5.1 Location of District**

The Golden Chest Mine is the oldest lode gold mine in the Coeur d'Alene District. The area commonly known as the Coeur d'Alene Mining District, has been subdivided for purposes of record and administration into a number of local mining districts. All of these subdivided local mining districts are in Shoshone County, Idaho. The Golden Chest Mine is more specifically located in the Summit Mining District within the Murray Gold Belt region of the greater Coeur d'Alene Mining District.

**5.2 Historic Gold Mining**

The first discovery of gold in the Coeur d'Alene District was made along the South Fork of the Coeur d'Alene River by Thomas Irwin in 1879. A.J. Prichard initiated the first active mining in 1882 when he staked out a number of placer claims for himself and his friends near the present site of Murray. The first lode claim in the district, the Paymaster, was located in September of 1883 and is now part of the Golden Chest.

By the end of 1883 and early in 1884, several mines were developed along Prichard Creek; the Mother Lode, Daddy, and Treasure Box mines on the creek's south side, and the Golden Chest on the north side. By 1885, Murray had a population of about 1,500 with the Golden Chest and its 20-stamp mill employing 25 to 30 men. However, by 1886, with the discovery of the enormous lead-silver deposits at Bunker Hill, the scene of most mining activity had shifted to the South Fork of the Coeur d'Alene River near Kellogg. The Buckskin and King mines, on the Company's land package northwest of Murray, were also active in the 1890's. No gold production records from these two properties are known. The mining of lode quartz-gold veins had essentially ceased by 1910.

Prior to 1910, the Katie-Dora and Klondike Ore Shoots were accessed from the Katie #2, Katie #3, Martin, and Pettit Levels. After consolidation of the properties in 1910, the Idaho #3 level was completed at a lower elevation to access the deeper levels of the Katie-Dora and Klondike zones. Starting in late 1915, the Golden Chest was reopened as a source of tungsten (scheelite) for high-speed steels used in cutting tools designed for armament production in the First World War. The Anchor Mine, on IDR ground north of Murray, was actively producing lead, silver, and zinc during the same time period.

During the Depression, placer mining was considerably revived, and in 1933 and 1934 the Golden Chest was again active. Only a small amount of work was in progress and most of the historic underground gold mining was complete when P. Shenon, of the Idaho Bureau of Mines and Geology, visited the Golden Chest in 1935. Shenon reported that underground maps displayed over 4,000 m of drifts and crosscuts.

Historic reports indicate the estimated production of the Golden Chest at 65,000 ounces of gold produced before 1940. The first documented drilling program on the Golden Chest Mine was conducted between 1969 and 1973 by Golden Chest Incorporated (GCI). Drill tests by GCI included four underground holes and one surface diamond drill hole totaling 385 m. The surface hole intersected an 18 m zone containing multiple, low-grade gold-bearing quartz veins.

Newmont Exploration Limited (NEL) conducted exploration activities including mapping, sampling and drilling between 1987 and 1990. In 1987 and 1988, Newmont completed six core drill holes with depths to 175 m. In 1988 and 1989, an additional 29 reverse-circulation holes, with depths up to 130 m, were completed on the property. Newmont dropped the property in 1990, due to the property not fulfilling their requirements for an open pit resource.

5-1<br>

**5.3 Historical Mineral Resource Estimates**

Newmont Exploration Limited (NEL) evaluated the Golden Chest for bulk mineable potential between 1987 and 1990. Newmont drilled six core holes totaling 734 total meters; and 29 reverse-circulation holes totaling 2,659 total meters. This work resulted in a mineral resource estimate as follows:

· Potential Open Pit Resource: 4,758,852 short tons grading 0.049 ounces per ton (opt) Au for 230,278 ounces of gold at cut-off grade of 0.02 opt Au.

Since these "resources" are historical in nature, they cannot be relied upon. It is unlikely that these resource numbers conform to current SK 1300 criteria or to Society of Mining Metallurgy and Exploration (SME) standards, and most importantly they have not been verified to determine their relevance or reliability. However, they have been included into this section for illustrative purposes only and should not be disclosed out of context.

**5.4 New Jersey Mining Company (IDR 2003-2012)**

IDR leased the Golden Chest in 2003 and began a core drilling program to confirm several of Newmont's favorable drill intercepts. Confirmatory core drilling results led to enough validation to begin a new portal (North Portal) in late 2004. Between 2004 and 2008, a 440 m spiral ramp was developed from the surface down to the historic Idaho #3 Level.

Between 2004 and 2012, small-scale mining by IDR from the North Portal access extracted a total of 8,400 tonnes of material grading 6.90 gpt Au, with a total of 1,705 ounces (oz) of gold recovered.

**5.5 Golden Chest LLC (2010-2015)**

The Golden Chest Limited Liability Company (GCLLC) was formed in December 2010 by a joint venture agreement between IDR and Marathon Gold USA. GCLLC began an intense surface drilling program; drilling 106 core holes in 2011 and 45 core holes in 2012 totaling over 18,000 meters.

**5.6 Micon NI 43-101 (2011 and 2012)**

Marathon Gold Corporation, a Canadian company and parent company to Marathon Gold USA required an independent NI 43-101 Technical Report in order to support regulatory disclosures leading to the "Micon Technical Report on the Initial Resource Estimate at the Golden Chest Property, Idaho, United States, effective date December 31, 2011". Continued work the next year led to the development of an updated, second technical report by Micon in 2012. The updated 2012 NI 43-101 technical report included an overall mineral resource 254,000 oz gold in the Measured and Indicated categories and 223,000 oz gold in the Inferred category @ 0.4 gpt gold cut-off. The Micon 2012 report also included an open pit resource estimate with 4.63-million tonnes grading 1.71 grams per ton (gpt) gold and totaling 223,000 ounces (oz) of gold in the "Measured" and "Indicated" categories.

5-2

**5.7 Juniper Mining Company (2013)**

In September of 2013, Juniper Mining Company leased from GCLLC a section along the Idaho Fault known as the Skookum Shoot. Juniper conducted confirmation drilling, consisting of 18 surface core holes, to verify previous drilling results and by 2014 started construction of the South Portal and associated access ramp. Underground mining, using underhand cut-and-fill method was conducted from November 2014 through September 2015. Juniper accomplished about 1,000 meters of underground development after investing approximately $7 to $9 million. Other work included 889 face chip samples, 729 round samples, and 734 jackleg probe hole cuttings samples. IDR processed the Golden Chest material at its New Jersey Mill during the Juniper Lease, earning cash from milling fees and its share of a 2% net smelter return (NSR) royalty on gold production. Juniper mined 40,840 dry metric tonnes of ore at an average grade of 6.70 gpt gold, resulting in production of approximately 8,000 oz of gold.

In September 2015, Juniper ceased operations and terminated their lease, forfeiting the remaining mineralized material and mine infrastructure returning the property to GCLLC.

**5.8 Idaho Strategic Resources (2016-Present)**

In August 2016, Idaho Strategic Resources (IDR), formerly known as New Jersey Mining Company, began to re-open the mine, starting with open pit mining on the Idaho Vein (Idaho Pit) and de-watering of the underground workings. Through March 2023, open pit mining was coincident with underground mining.

5-3

**6.0 GEOLOGICAL SETTING, MINERALIZATION, AND DEPOSIT**

**6.1 Regional Geology**

The Golden Chest Mine lies within the Northern Thrust Belt geologic province of Idaho (Figure 6-1). The Northern Thrust Belt is characterized by a set of north-west trending thrust faults which cut through the Mesoproterozoic metamorphic and sedimentary rocks of the Belt Supergroup.

![](idr_ex961img73.jpg)

*Figure 6-1 Geologic Provinces of Idaho (Idaho State University 2017)*

**6.1.1 Belt Supergroup**

The Belt Supergroup consists of a thick sequence of marine basin sediments that were deposited 1470-1400 million years ago (Ma). In the mine region, the Belt Supergroup is comprised of four major groups, from oldest to youngest:

1) The Lower Belt Group, which is composed of a single formation (Prichard) with eight members, and is composed of thin to thick bedded argillite, siltite, and quartzite.

2) The Ravalli Group, which is composed of three formations and is dominated by quartzite lithologies.

6-1<br>

3) The Middle Belt Carbonate Group (in the mine area, consists of the Wallace Formation) which is dominated by limestone and dolomitic quartzites.

4) The Missoula Group which consisting of interbedded quartzite and argillite (Table 6-1).

*Table 6-1 Belt Supergroup Stratigraphy in the Mine Region (modified after Gott 1980)*

![](idr_ex961img74.jpg)

Most of the historic production in the Coeur d'Alene Mining District has been from the Ravalli and Lower Belt Groups. The host rock lithology at the Golden Chest is the Prichard Formation of the Lower Belt Group.

**6.2 Local Geology**

**6.2.1 Lithology**

*Prichard Formation* 

The area surrounding Murray, Idaho is dominated by the lithologies of the Prichard Formation (Figure Below) which comprises the Lower Belt Group of the Belt Supergroup. The Prichard Formation is made up of a series of weakly metamorphosed, marine basin sediments consisting of siltite, argillite and quartzite. The sediments were deposited by underwater landslides in an active shelf environment creating turbidite sequences. The turbidites are composed of graded couplets consisting of a dark argillite layer and a light siltite layer. The quartzite beds are often discontinuous lenses that suggest deposition in narrow sub-marine channels. In the Murray area, the total thickness of the Prichard Formation is greater than 2740 m (Hosterman 1956). The entire Prichard Formation has been weakly metamorphosed to lower greenschist facies, which is manifested by the presence of low temperature minerals such as chlorite and a weak schistose texture.

*Gem Stocks*

Locally, the largest group of named igneous intrusives is called the Gem Stocks. The Murray Stocks, discussed in Section 6.3, are a smaller associated subset of the Gem Stocks. The Gem Stocks are zoned, monzonitic to syenitic intrusions. Base and precious metals were mined from veins at stock margins in the late 1800's to mid-1900. The intrusions are small in areal extent but are known from mining to become larger with depth. Age dates for the Gem Stocks vary, but most range in age between 94 to 118 Ma, with a suggested emplacement age of 100 Ma.

6-2

The Gem and Murray stocks precede the emplacement of the Idaho Batholith and represent numerous intrusive events along their northeast-southwest trend. This is evidenced by the most mafic portion of the stocks being at the southwestern end of the string of intrusions, while the most felsic portion is at the northeastern end near Murray. The Bitterroot lobe of the Idaho Batholith was intruded during regional compression in Cretaceous time; (95 to 70 Ma).

![](idr_ex961img75.jpg)

*Figure 6-2 Prichard Formation (Tan), Gem Stocks (Pink), Major Fault Lineaments (Blue) and Trout Creek Anticline (Black).*

**6.2.2 Structure**

*Thompson Pass Fault* 

The Thompson Pass Fault is the largest geologic structure in the Murray area. This fault is considered the northern boundary that defines the Lewis and Clark Line in the region. The Lewis and Clark Line is a zone of nearly vertical normal, reverse and strike-slip faults that represent a fundamental break in the crust along which intermittent movement has occurred from Proterozoic time (2,500 Ma) to the present. The Lewis and Clark Line includes the Thompson Pass Fault as the north boundary, the Osburn Fault in the center, and the Placer Creek Fault as the south boundary. Near the mine, the Thompson Pass Fault strikes northwesterly, has a near vertical dip and strong right-lateral, strike-slip displacement.

6-3

*Trout Creek Anticline*

The Trout Creek Anticline is the next largest structural feature in the Murray area after the Thompson Pass Fault. The northerly-trending Trout Creek Anticline is truncated on its southern end by the Thompson Pass Fault. The Trout Creek Anticline is an asymmetric upright fold, with the eastern limb dipping more steeply than the western limb. The western limb dips west at about 45 degrees. The Golden Chest mine is located on the western limb of the Trout Creek Anticline. The Idaho Fault is the major fault in the mine workings and is conformable to the western limb and has the same dip.

*Murray Peak Fault*

Another major structural feature in the local area is the Murray Peak Fault. This fault is a northerly trending, high-angle reverse fault which primarily dips steeply to the west at 70° to 85°. Like the Trout Creek Anticline, the Murray Peak Fault is truncated at its southern end by the Thompson Pass Fault. The Murray Peak Fault is the dominant feature in the Alder Gulch area of The Project.

![](idr_ex961img76.jpg)

*Figure 6-3 Regional Geologic Map*

6-4

**6.3 Property Geology**

**6.3.1 Lithology**

The Golden Chest mine has five fundamental rock types; three are sedimentary in origin and two are igneous. The sedimentary rocks are composed of siltite, argillite, and quartzite, or any combination of these three rock types. The two types of igneous rocks are both intrusive. They are quartz monzonite and lamprophyre.

*Siltite, Argillite and Quartzite*

The mine host rocks are composed of siltite, argillite and quartzite, which belong to the Prichard Formation of the Lower Belt Group. The nomenclature for the Prichard Formation as used by IDR has been adapted from Cressman (1989). This adaptation of the Prichard describes and divides the rock units into informal members of the formation starting from older to younger, and these members are identified with nomenclatures of A through H (eight members in total). At the mine, the two youngest members of the Prichard are represented, Members G and H.

Member G is characterized by lenses of quartzite interbedded with siltite and argillite. This rock unit forms the footwall of the Idaho Fault. The thickness of Member G can range from 10 to more than 1000 m.

Member H, which lies stratigraphically above Member G, is dominated by dark gray argillites and light gray siltites with minor quartzites. This rock unit forms the hanging wall of the Idaho Fault and hosts the Timber King Fault. Bedding is dominantly planar. The thickness of Member H is from 600 to 750 m.

*Quartz Monzonite* 

The intrusive rocks at the mine are dominantly quartz monzonite, which are related to the Murray Stocks. The Murray Stocks are a subset to the Gem Stocks and share the same Cretaceous age. Surface exposures of quartz monzonite are limited to the southern end of the mine, and in one prospect on the west side of Buckskin Gulch, immediately northwest of Murray. The quartz monzonite is more often seen in drill core as either a sill occupying the Idaho Fault or as a dike in its hanging wall.

The quartz monzonite is composed of approximately 40% quartz, 40% potassium feldspar and 20% plagioclase. It is mostly observed as grey-colored and equigranular, although porphyritic phases are also found in drill core at the southern end of the mine. When porphyritic, the quartz monzonite contains abundant, light pink potassium feldspar phenocrysts. Minor purple fluorite in thin quartz veinlets has been observed in some drill core. Some occurrences of the monzonite contain xenolithic clasts of granitic-looking rock, apparent high-grade metamorphic rocks with garnets, altered sediments, or fragments of vein quartz.

*Lamprophyres* 

There are several generations of lamprophyre dikes and sills. The lamprophyre dikes or sills are usually narrow with widths less than 1 m and are composed of a fine-grained groundmass with visible phenocrysts of black hornblende, biotite, or pyroxene. The lamprophyres commonly occur both above and below the Idaho Fault and may cut across the Idaho Vein, particularly in the Skookum ore shoot. They have also been noted to occur along the margins of the monzonite sill in the south part of the project area.

6-5

![](idr_ex961img77.jpg)

*Figure 6-4 Mine Geologic Map*

Lamprophyre dikes can contain xenoliths of gold-bearing quartz vein material, indicating that at least some of these dikes and sills postdate mineralization. In some stopes in the Skookum Shoot, parts of the mined vein have been cut diagonally by lamprophyre dikes. Marvin et al (1984) indicate ages of 68.8 ± 2.0 Ma to 58.8 ± 1.5 Ma for lamprophyre dikes in the area.

**6.3.2 Structure**

The mine lies at or near the intersection of several structural features including the Thompson Pass Fault, Trout Creek Anticline, Murray Peak Fault and the Idaho Fault. This complexity forms a structural knot that has prepared the ground by providing channels for the hydrothermal fluids required to form the quartz-gold veins.

6-6

*Idaho Fault*

The primary structure at the Golden Chest Mine is the Idaho Fault. The Idaho Fault is interpreted as a moderate-angle, reverse fault that has exploited a lithologic boundary in the Prichard Formation.

The Idaho Fault occurs in the west limb of the Trout Creek Anticline, on a smaller scale secondary (parasitic) fold that plunges to the north-northwest. The strike of the Idaho Fault and the fold axis of the Trout Creek Anticline are sub-parallel (Figure 6-3). Bedding above and below the Idaho Fault may be parallel to it or intersecting at angles, dependent on location along the secondary fold.

Locally the Idaho Fault displays both cataclastic and mylonitic textures, indicating the fault has been active more than once. Multiple parallel gouge zones may occur across a relatively narrow cross-section. Fault slickensides can show dip-slip, strike-slip and oblique-slip movement.

*Timber King Fault*

A fault of secondary importance (compared to the Idaho Fault), the Timber King Fault appears in the hangingwall of the Idaho Fault, with a north-south strike and moderate to steep westerly dip. Bedding above the fault is typically a quartzite member of the Unit H Prichard Formation, with near vertical dips to the west. The footwall of the Timber King Fault is typically occupied by Unit H Prichard argillites and siltites, with dips sub-parallel to the fault plane. The Timber King Fault typical appearance is a thin 1-2 cm thick gray gouge seam, with fault slickensides indicating that at least some movement along the fault has been dip slip. The fault seems to have exploited the lithologic boundary between the quartzite and argillite/siltites of the Prichard Formation.

*Murray Peak Fault*

In the west-central part of the project, the Murray Peak Fault is the primary structure cutting across the geology. This Fault has been described as a north-northwest striking, steeply west-dipping, reverse fault. Relative offset appears to increase to the north of Murray. A persistent, weakly mineralized structure of unknown origin appears to parallel the Murray Peak Fault a short distance to the west.

*Northwest Striking Minor Faults*

Since IDR re-started the mine in 2016, a series of northwest striking, steeply south dipping faults have been identified in both the hanging and footwalls of the Idaho Fault. Relative movement along these faults has been difficult to determine as there are no readily identifiable marker units in the Prichard Formation. These faults have been noted to offset or terminate veins.

*East-West Striking Minor Faults*

In the west-central part of the project, East-West striking faults have been noted in old prospect adits and trenches. These faults are near vertical in dip and can have numerous gouge seams within a broader zone of parallel structures. Relative movement along these faults has been difficult to determine as there are no readily identifiable marker units in the Prichard Formation.

**6.4 Mineralization and Alteration**

The primary geological control to mineralization at the Golden Chest is the Idaho Fault. The Idaho Fault separates the hanging wall (Prichard Formation-Member H) from its footwall (Prichard Formation-Member G). Another geologic control is the Timber King Fault, which in many respects, is similar to the Idaho Fault in how it influenced mineralization.

6-7

The Idaho Fault acted as the conduit for the mineralizing fluids that produced most of the veins at the Golden Chest Mine. The veins can appear to be stratiform to Prichard bedding and conformable to the Idaho Fault and are centered along the Idaho Fault to form a sub-parallel, stacked vein set. The H-Vein is conformable with the Timber King Fault, occurring on both sides of the fault plane. The alteration is generally weak and mostly occurs immediately adjacent to the veins. Silica, chlorite, pyrite, carbonates, and minor sericite are the primary alteration components seen. The Northwest Striking Minor Faults have been seen to influence grade and tonnage in individual veins as they have been mined. The exact mechanism of control has yet to be determined. The East-West Striking Minor Faults seem to be associated with numerous small quartz veins and igneous sills and dikes.

**6.4.1 Vein Types**

There are three main types of quartz-gold veins found at the mine; banded, brecciated and massive. Most of the gold production and best grades come from the banded quartz veins. The banded veins consist of thin, sub-parallel shear surfaces that result from compression. The bands are composed of quartz, fine sulfides and phyllosilicate septa (derived from wall rock). A banded vein example is shown below with visible gold grains circled in red.

![](idr_ex961img78.jpg)

*Figure 6-5 Banded Vein Example*

Many of the veins at the mine are brecciated. Both the breccia clasts and matrix can be mineralized in this vein type. Brecciation events have modified or destroyed the textures of both the banded and massive vein types.

6-8

![](idr_ex961img79.jpg)

*Figure 6-6 Brecciated Vein Example*

Massive quartz veins are characterized by a lack of banding or brecciation. They are also distinguished by a general lack of sulfides. The massive veins can have good gold values, but usually not as rich as the banded or brecciated veins.

![](idr_ex961img80.jpg)

*Figure 6-7 Massive Vein Example*

**6.4.2 Vein Names and Locations**

Most of the veins recognized at the mine are along or near the Idaho Fault. Both the veins and fault dip moderately to the west at approximately 45 degrees, except for the H-Vein, which typically dips 65-75 degrees west. An example vertical cross-section is shown in the figure below.

Veins are found in both the hanging wall and the footwall of the Idaho Fault, and they are concentrated within 100 meters of the fault. Vein density increases with proximity to the Idaho Fault with the most abundant veining occurring within 50 meters of the fault. The historical workings at the mine appear to target veins that are generally within 25 meters of the Idaho Fault.

6-9

The "Idaho Vein" is the name given to the quartz vein found in the immediate footwall of the Idaho Fault. The "H-Vein" is the name given to the quartz vein found immediately next to the Timber King Fault.

There have been discrepancies in identifying the different veins throughout the years, because the veins pinch, swell, and split along strike. Because of this, the correlating of veins between mining levels or even along strike is difficult.

![](idr_ex961img81.jpg)

*Figure 6-8 Vertical Cross-Section of Vein Location*

**6.4.3 Lithologic Control of Veins**

The two main lithological controls for veining at the Golden Chest are:

· Rheological: brittle-ductile contrast

· Permeability and porosity

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Most of the veins at the mine are preferentially found in areas of rheological contrast. Vein development is at its strongest when brittle units, like quartzite and blocky siltite, are in contact with the more ductile laminated siltite-argillite beds.

The permeability and porosity of the lithologic units at the Golden Chest is largely related to grain size. The fine-grained units act as aquitards to hydrothermal fluids while the coarse, more permeable units accommodate and hold the hydrothermal fluids. The quartzite units of the Prichard Formation are more permeable and porous than the surrounding siltite-argillites and are more susceptible to hosting widespread silica-flooding and silicification.

At the mine, the hanging wall to the Idaho Fault is mainly composed of thinly laminated siltite-argillite, with almost no quartzite beds, and these rocks are not as susceptible to silicification. However, the footwall lithologies of the Idaho Fault are primarily light grey, fine-grained quartzites and blocky siltites and these units are very susceptible to pervasive silicification.

**6.4.4 Vein Mineralization**

Gold mineralization at the Golden Chest is mostly associated with the sulfide minerals pyrite, galena, sphalerite, and chalcopyrite. Less commonly, gold can be found adjacent to arsenopyrite or scheelite. Both the mineralogy of ore and gangue are shown below.

· Ore mineralogy: pyrite, galena, chalcopyrite, sphalerite, arsenopyrite, gold, scheelite, minor covellite, tetrahedrite

· Gangue mineralogy: quartz, chlorite, carbonates, sericite, muscovite, minor feldspar

Commonly, native gold is seen as intergrowths associated with pyrite, galena, sphalerite, and chalcopyrite. Gold mineralization occurs along the grain boundaries or inside clusters of these sulfides.

![](idr_ex961img82.jpg)

*Figure 6-9 Gold-Sphalerite-Galena-Pyrite-Quartz Vein from the 941 Level*

Five petrographic studies have been conducted on vein samples from the Golden Chest Mine. The vein samples in each study were from different locations and do not show the same features. Hausen (1987) was contracted by Newmont to examine some samples of banded quartz vein material. He concluded the sulfides and quartz were epigenetic, or the mineralization is of a later age than the enclosing rocks.

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Twenty-two years later, Gammons (2009) concluded the gold mineralization was late and associated with galena and chalcopyrite, but not sphalerite. Gammons determined the ore minerals as pyrite, galena, sphalerite (with chalcopyrite rims), chalcopyrite, and gold, in order of decreasing abundance. Additionally, he noted that most of the gold grains are in the 50-micron size range, and should be easy to mill or leach since they mostly occur on cracks in pyrite.

A petrographic analysis done by Ross (2010) determined the vein material at the Golden Chest is well-banded due to a combination of multi-phase mineralogical and tectonic layering. She described the banded vein quartz mineralogy as consisting of white to pale grey semi-translucent quartz, with dark septa of altered wall rock and thin sulfide-rich bands. The tectonic layering was described as hairline slip surfaces and stylolitic bands of pyrite and phyllosilicates.

Juniper Mining Company also conducted a mineralogical investigation as part of their metallurgical testing. The study showed the gold to be mostly found in association with pyrite and galena and the majority of gold grain sizes are in the 2-to-10-micron range.

Brown (2019) noted that the gold grains vary in size (< 1 to 100 µm), but typically were easy to identify in polished sections (Brown 2019). He also saw gold having a strong correlation with galena, with the galena and gold often found along fractures and cracks cutting pyrite and milky quartz. Brown also noted gold occurring in grains by itself or with chalcopyrite.

*Scheelite*

Scheelite is found in many areas of the mine and the Golden Chest was a producer of tungsten during World War I. Frequently scheelite can be found with gold as a common subordinate mineral in orogenic gold systems. At the Golden Chest, scheelite is typically found in relatively pure masses within quartz veins.

**6.4.5 Wall Rock Alteration**

The wall rocks at the Golden Chest display weak alteration, which is usually confined to the area proximal to the gold-quartz veins. The alteration is in part dictated by the permeability/porosity of the lithologies. Adjacent to the gold-bearing quartz veins, chlorite/biotite, ankerite, sericite, potassium feldspar and silicic hydrothermal alteration minerals were the alteration minerals noted by Brown (2019). Barren pyrite also occurs in this alteration package. Earthy hematite has also been observed.

Generally, the hanging wall rocks of the Idaho Fault display a lack of widespread alteration, due to the tight impermeable mineralogy of the siltite-argillite units. In most cases, hanging wall alteration is chloritic and is localized within 10 meters (33 feet) of Idaho Fault or the veins. Near the Timber King Fault, silicification has been noted.

Footwall rocks, on the other hand, can display three types of alteration: sericitic, chloritic and silicification. Alteration within the footwall can be widespread and is related to rock permeability and porosity. Areas containing quartzite lithologies are particularly susceptible, and are often subject to pervasive, passive silica flooding.

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The intrusive rocks may show substantial argillic and sericite alteration, especially near faults. Some propylitic alteration has been noted, characterized by veinlets of epidote in the monzonite. Potassic alteration has also been noted in places in the monzonite, particularly near the H-Vein in the lower levels of the mine.

**6.5 Deposit Type**

The Golden Chest deposit is recognized as an "intrusive related" orogenic gold-quartz vein system by IDR geologists. However, recently there has been the suggestion that the Golden Chest deposit type could be a Reduced Intrusion-Related Gold System (RIRGS). The RIRGS deposit classification is already mired in confusion over nomenclature. It should be remembered that each ore deposit has its own specific and unique characteristics and not all deposits exhibit all characteristics of any particular classification. Deposit models are sets of guidelines, not absolute parameters. No one model will describe multiple deposits, one model describes one deposit. That being said, there is considerable overlap between the two deposit model types and the Golden Chest deposit has characteristics of both orogenic and RIRGS model types. This report will continue to use the orogenic deposit classification for the Golden Chest.

**6.5.1 Orogenic**

Before 1998, the term mesothermal was used for orogenic gold-quartz vein systems. Other synonyms for this type of vein are shear-hosted lode gold, low-sulfide gold-quartz veins and California Mother Lode veins. These "mesothermal" or orogenic deposits are associated with regionally metamorphosed terranes of all ages. Some of the largest gold deposits in the world are associated with orogenic vein systems. World class orebodies are generally 2 to 10 kilometers (km) long, 1 km wide, and are mined down-dip to depths of 2 to 3 km. This deposit type is responsible for a significant portion of the world's gold production.

Orogenic vein deposits usually form within fault systems produced by regional compression or transpression (strike-slip movement). These compressional events are often associated with the collision, docking and subduction of exotic terranes. The majority of orogenic gold deposits are located within second- and third-order structures near first-order, deep-crustal fault zones. Ore forms as vein fill along second- and third-order shears and fault structures. Fluid migration along these fault structures is driven by episodes of major pressure fluctuations during seismic events. Gold is usually deposited at crustal levels within and near the brittle-ductile transition zone at depths of 6-12 kilometers, pressures between 1 to 3 kilobars and temperatures from 200° to 400° Celsius.

**6.5.2 Age and Genesis**

The genesis of the gold mineralization at the Golden Chest is interpreted to be related to the movement of mineralizing fluids, derived from cooling plutons, up shear zones. Hershey (1916) also believed that gold mineralization was related to the intrusive events, while the Ag-Pb-Zn mineralization was remobilized and leached from the Prichard Formation.

The North America Cordillera gold veins are often post-Middle Jurassic and appear to form immediately after accretion of oceanic terranes to the continental margin. The Golden Chest may be related to similar gold vein systems in British Columbia where deposits are mainly Middle Jurassic, ~ 165-170 Ma and Late Cretaceous ~ 95 Ma.

Mineralization age estimates are debatable, but it is possible that there was more than one gold mineralizing event. This Report suggests an age of 94 Ma for the gold mineralizing event at the Golden Chest. This age estimate is based on cross-cutting relationships with the quartz monzonite intrusive and coincides with the end of the Murray Stock emplacement and predates the Idaho Batholith activity. A recent (2020) <sup>40</sup>Ar/<sup>39</sup>Ar geochronology study of hydrothermal sericite from the Golden Chest Mine suggested a deposition of sericite around 74.5 ± Ma (Gammons, 2020).

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Intrusive-related orogenic systems are characterized by intrusive rocks emplaced along a fault structure. The figure below, displays the position of the Golden Chest Mine in relation to the intrusive and the Idaho Fault. In the case of the Golden Chest, the gold mineralization is interpreted to be primary mineralization resulting from the felsic igneous intrusive. The Thompson Pass Fault is considered to represent the first-order deep crustal fault with the Idaho Fault being a second-order fault. This association is indicative of intrusive related orogenic systems because the first-order fault provides the deep plumbing, and the second-order faults provide the extensional setting.

Other similarities between intrusive related orogenic deposits and the Golden Chest Mine:

1) Precambrian turbidite host rocks

2) compressional geologic environments with reverse fault movement;

3) strong structural control

4) epigenetic banded veins

5) quartz-dominant vein system with ≤ 3-5% sulfide minerals

6) a general lack of widespread alteration

7) continuity at depth

![](idr_ex961img83.jpg)

*Figure 6-10 Intrusive Related Orogenic Model (modified after Groves et al. 1998)*

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**7.0 EXPLORATION**

For the year 2025, the primary form of exploration work completed on the property was diamond core drilling.

![](idr_ex961img84.jpg)

*Figure 7-1 Planview of Golden Chest Drill Traces*

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**7.1 Drilling**

**7.1.1 Vertical Continuity**

In 2025, 116 core holes, totaling 25,368 m, were drilled from the surface and underground. The geologic targets for the drilling were the H-Vein, Jumbo, Red Star area, and the Paymaster veins at the Golden Chest Mine. Mineral Resources have been updated for the H, Paymaster Hangingwall, Paymaster Footwall, Jumbo, Bush, 31, 37, and Popcorn Veins. No drilling or depletion took place in the Idaho Vein or Idaho Vein footwall. Mineral Reserves and Resources have been updated for the drilling that was completed. More information on Resources and Reserves can be found in sections 11 and 12.

The drilling was carried out by two contractors, Ruen Drilling, of Clark Fork, Idaho, using a Ruen DMW-100, and Dynamic Drilling, Osburn Idaho, using a Sandvik 1000 underground drill and a Sandvik D120 surface drill. The core size drilled was mostly NQ2 (5.08 cm), with HQ (6.35 cm) used on some of the deeper holes. Drilling was fanned from prepared drill pads or underground drill stations.

All holes are cemented from the bottom of the hole to 30 m above any important mineralized zones. Above the cement, the holes are grouted.

The drillers place the core in waxed cardboard boxes which are then stacked on pallets and strapped down prior to transport, then taken by either drillers or geologic staff, to the logging facility, which is located near the mine offices.

Upon receipt of the core at the logging facility, the boxes are laid out in order on the benches. They are then examined to ensure correct block meterage and core orientation. Zones of core loss are noted, and geotechnical logging is conducted. This includes measurement of recovery and rock quality designation (RQD).

Logging is conducted by IDR geologists. Data is digitally captured on notebook computers using Microsoft Excel.

The core is then logged for lithology and mineralogy, as well as sedimentary structures, veins, faults, and other structural features. Following this, a third logging pass is made noting type, style, and intensity of alteration. During the logging process, features of note are marked with colored pencil so as to be visible in the core photos.

The core is then wetted and photographed using a camera and lighting which provides uniform digital images. In addition to the notations on the core for geological information, the sample boundaries and numbers are also marked to allow for easier validation of the assay results using the core photos.

**7.1.2 Drill Hole Surveys**

Hole locations and orientations are marked for the drillers by the supervising geologist. Once the drill is on site and ready to begin drilling, a double check of the rig orientation is made by the supervising geologist. The hole is surveyed using a Single-Shot magnetic and Multi-shot gyro downhole survey tools. The first measurement is made at 30 m depth and every 30 m increment in depth as the hole is drilled

The Single-shot azimuth measurements are based on magnetics, and susceptible to interference from steel objects. Taking a reading 30 m down the hole reduces the chance that the instrument will be influenced by any iron objects on or near surface at the drill site. The Single-shot instrument also records the magnetic field strength which is used to derive average field strength for help in assessing individual orientation readings. If an obviously spurious measurement is recorded, it is discarded and replaced with a second instrument survey reading collected at the same depth. The Multi-shot gyro tool records azimuth and dip changes from the initial setup (based on a rig aligner tool) using gyroscopes, which reduces susceptibility to interference from steel objects or un-usual natural magnetic minerals

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The survey data is recorded on paper and forwarded to the supervising geologist for entry into Microsoft Excel software. The azimuth readings for the Single-shot tool data is adjusted to true degrees by using the calculated Magnetic Declination at the Golden Chest Mine. The surveyed holes are checked on screen using Seequent Leapfrog or Maptek Vulcan software to confirm that they were oriented as planned and in the correct location.

The hole collar locations are picked up by the mine surveyors using a RTK iGAGE-8 base and rover GPS. This is to provide a means for gauging the accuracy of the downhole surveys, and to note any general trends in hole deviation.

**7.1.3 Drill Hole Sampling**

On completion of the logging, the core is marked for sampling. Samples range in length from a minimum of 0.1 m to a maximum of 1.6 m with breaks made based on changes in estimated grade or mineralization style or lithological changes. Tags are placed in the boxes for each sample.

The core marked for sampling is cut in half longitudinally with a standard wet tile saw. The cut pieces are placed back in the core box in their original location and orientation.

Sample tag books are filled out with hole ID, location, from and to information, and a tag is placed in the sample bag. The sampled intervals are recorded in the Microsoft Excel core log and then checked using a validation routine in Seequent Leapfrog or Maptek Vulcan software to confirm that there are no overlaps or accidental gaps. Approximately 540 drill core samples were collected.

Assay Quality Assurance/Quality Control (QA/QC) samples consisting of either a blank or standard inserted into the sample sequence every 10 samples. These are also recorded in the database. The lab, American Analytical Services, Inc., Osburn, Idaho, also conducts internal QA/QC involving duplicate pulps and rejects.

Samples are collected by taking one half of the cut core and placing it into polyester bags which are then put into a vehicle and driven by an IDR employee to American Analytical Services, Inc., Osburn, Idaho. The shipping list is generated in Microsoft Excel and placed with the shipment along with a lab-required Chain of Custody form.

In the QP's opinion, the drilling, core handling, logging, and sampling at Golden Chest is being conducted according to common industry practice, in a manner appropriate for the deposit type and mineralization style.

**7.3 Hydrogeology Data**

Hydrogeology data is not currently collected from the Golden Chest drill holes.

7-3

**8.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY**

**8.1 Laboratory Accreditation and Certification**

The laboratory used by IDR for sample preparation and analyses is:

American Analytical Services, Inc.,

59148 Silver Valley Rd,

Osburn, ID 83849

+1 (208) 752-1034

American Analytical is ISO 17025 Certified for Mineral and Ore Chemical Testing. Fire assaying is the only method used to quantify gold in core samples and round samples. Occasionally, Inductively Coupled Plasma (ICP) is used for multi-element analysis.

American Analytical (AAS) is independent of the parties involved in the Golden Chest Mine.

**8.2 Sample Quality Assurance and Quality Control (QA/QC)**

IDR's QA/QC program has been in place since the GCLCC joint venture in 2011. The QA/QC program consists of inserting blanks and commercially certified standards into the sample stream. A blank or a standard is inserted into the sample sequence at least every 10 samples. All standards are commercially certified and have been prepared in advance by accredited labs.

**8.2.1 Blanks**

The QP's reviewed the results of blank assay and only 3 of 591 samples returned an assay greater than the detection limit for fire assay, < 0.060 gpt gold. These are acceptable results.

**8.2.2 Standard – 3 gpt**

A review of the assay results from the three gram per tonne (3 gpt) gold standard was conducted by the QP's. The results are presented below in Figure 8-1.

![](idr_ex961img85.jpg)

*Figure 8-1 Drill Sampling 3 gpt Standard QA/QC Tracking*

8-1

A review of the 3 gpt standard assay results show an assay bias to the low side as 27.5% of the assays are below three standard deviations (2.69 gpt) and less than 1% of the assays exceed three standard deviations (3.39 gpt). The average assay for the 3 gpt standard is 2.81 gpt. This shows a bias to underestimate grade as the distribution is shifted downward. This standard was replaced by a 4 gpt standard in 2023 due to availability.

**8.2.3 Standard – 4 gpt**

In 2023, a four gram per tonne (4 gpt) standard, CDN-GS-4N, was purchased to replace the 3 gpt standard material as the 3 gpt sample material was no longer available. A total of 93 4 gpt standards were assayed from 2023 through the beginning of 2025. Resultsw from the 4N standards analyzed in 2025 are presented below.

![](idr_ex961img86.jpg)

*Figure 8-2 Drill Sampling 4 gpt (4N) Standards Control Chart*

As shown in the figure above, the assay results rarely exceed the certified value (CV) and the majority of samples are between one and three standard deviations below the CV revealing a low bias similar to the 3 gpt standard dataset. This shows a bias to underestimate grade as the distribution is shifted downward. The data should be monitored to see if the low bias persists. In 2025, a new 4gpt standard, CDN-GS-4M, was introduced to replace the discontinued 4N standard. A total of 91 4M standards were analyzed to present. The results are displayed below.

![](idr_ex961img87.jpg)

*Figure 8-3 Drill Sampling 4gpt (4M) Standard Control Chart*

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**8.2.4 Standard – 8 gpt**

A review of the assay results from the eight gram per tonne (8 gpt) gold standard was conducted by the QP's. The results are presented below.

![](idr_ex961img88.jpg)

*Figure 8-4 Drill Sampling 8 gpt Standards QA/QC Tracking*

The assay results for the 8 gpt standard show good dispersion around the mean with only 13 of 236 results (4.72%) outside of three standard deviations. These are acceptable results.

**8.2.5 Standard—7 gpt**

The QPs reviewed the data for the two seven gram per tonne (7 gpt) standards which replaced the 8 gpt standard in 2022 because of availability. Figure 8-4 displays the assay results of the 7 gpt standard CDN-GS-7J analyzed in 2025. A total of 77 7J standards were assayed from 2022 to mid-2025

![](idr_ex961img155.jpg)

*Figure 8-5 Drill Sampling 7 gpt (7J) Standard Control Chart*

As figure 8-4 illustrates, the assay results trend well below the CV with 34% of the assays falling under 3 standard deviations Again, it appears there is a low bias in the 7J standard. In 2025, a new 7gpt standard, CDN-GS-7M, was introduced to replace the discontinued 7J standard. A total of 49 7M standard were analyzed to present. The results are presented below.

8-3

![](idr_ex961img156.jpg)

*Figure 8-6 Drill Sampling 7gpt (7M) Standard Control Chart*

Similar to the 4M standard, the results from the beginning of 2025 have low precision and the majority of samples fall between 1 and 3 standard deviations below the CV. In October-November of 2025, the pattern changes to higher precision with most samples running between 1 and 2 standard deviations above the CV, indicating a slight high bias.

**8.2.6 Standard—9 gpt**

A review of the assay results from the nine gram per tonne (9 gpt) standard was conducted by the QPs. This standard has been in use since 2024. The average of all samples assayed is 9.08 gpt. There is only limited data, but recent trends show less precision and 3 samples falling below 3 standard deviations from the CV. This standard is used less frequently than the others but will be monitored closely.

![](idr_ex961img91.jpg)

*Figure 8-7 9 gpt Standard* 

8-4

**8.3 Sample Preparation**

Once the geologist has completed their detailed logging they delineate sample intervals, and the core technicians saw the core longitudinally in half with a diamond blade saw, cleaning the blade between sample intervals. The right half of the core is placed in a sample bag. A tag with a unique sample identification (ID) number is placed inside each sample bag before it is sealed. This sample ID number is also written on the outside of the sample bag. This same sample ID is tagged into the core box at the respective interval and the remaining core half is reserved in the core box for future reference. Generally, samples of 1 m in length are taken; however, in areas of particular interest, sample size can be reduced as low as 0.1 m. In zones with anticipated weak mineralization the sample interval can be extended to the maximum distance between run blocks (1.6m). In some cases of poor core recovery, the distance between run blocks can be greater than 1.6 meters. This is a special case and evaluated in areas of known poor recovery on a case-by-case basis, whether or not to sample the material recovered.

**8.4 Sample Analysis**

For all the samples processed by AAS on behalf of GCLLC/IDR, the following methods were used to obtain a fire assay for gold. Samples received at the American Analytical are sorted and coded. They are then placed in the sample drying room and dried at 60°C. After drying, samples are crushed and split in the sample preparation room. After splitting, samples (30 grams each) are sent to the fire assay area and numbered in order. The sample is carefully mixed with the necessary reagents, dominantly litharge, in a fire clay crucible. The mixture is then heated to 760°C for 20 minutes, and finished at temperature 1,038°C, with the entire fusion process lasting sixty minutes. The crucibles are then removed from the assay furnace and the molten slag (lighter material) is carefully poured from the crucible into a mold, leaving a lead button at the base of the mold. The lead button is then placed in a preheated cupel which absorbs the lead when cupelled at 950°C to recover the doré bead containing both gold and silver. The entire doré bead is placed in nitric acid where the silver goes into solution and the gold remains in the bottom of the cup. The gold bead is then weighed to the thousandth of milligram accuracy on a micro-balance.

**8.5 Security**

All drill core is delivered by drilling contactors or occasionally mine staff to the locked and secure Mine Office/Core Shed building daily. Cut core samples are stored within the Core Shed as well. Sample security has relied upon the fact that the samples were always attended or locked in appropriate sample storage areas. Samples remain within the custody of staff up to the moment the samples are delivered to the laboratory at which time AAS assumes custody. Chain of custody procedures include filling out sample submittal forms that are sent to the laboratory with sample shipments to make certain that all samples are received by the laboratory.

All drill core is stored in locked and secure facilities, either the Mine Office/Core Shed building (Figure 8-6) or in locked Connex containers.

8-5

![](idr_ex961img92.jpg)

*Figure 8-8 Mine Office/Core Shed Building*

**8.6 QP Comments on Sample Collection, Preparation, QA/QC, Analysis and Security**

The sampling methods are acceptable, meet industry standard practices, and are adequate for mineral resource and mineral reserve estimation and mine planning purposes, based on the following:

· Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists.

· Sample collection procedures used meet industry best practices.

· Sample preparation procedures meet industry best practices.

· QA/QC results produce acceptable results. However, the low bias in the 3 gpt standard would tend to underestimate gold content – this mainly affects holes drilled prior to 2023. Continued monitoring of the previous and current 4 gpt standard indicates improved performance

· The 7 gpt standard showed improved performance from the most recent samples, going from a low bias with poor precision to a slight high bias with much tighter precision.

· The 9 gpt standard recently trended towards performance issues and should be monitored.

· Security procedures are consistent with industry standards.

8-6

**9.0 DATA VERIFICATION**

**9.1 Database Procedures**

Drilling, chip sampling, and round sampling data are captured and stored using Maptek's Vulcan software and Seequent's Leapfrog. Photographic information is stored in drillhole specific folders on the IDR's mine server which is backed up with a physical copy and stored at a secure location periodically. Drillhole logs are completed using Seequent's MX Deposit software and are only accessible by mine technical staff and timestamped at the last time of change. Geologic interpretation and solid modeling are accomplished using Seequent's Leapfrog. Survey volumes and estimation of Mineral Reserves are accomplished using Maptek's Vulcan, while block modeling is completed in Leapfrog Edge.

On completion of a downhole survey, the data is input into Leapfrog and reviewed in 3D on screen to check for major inconsistencies. On the fly dip and azimuth information is available to the exploration geologists at the drill rig to compare to previous surveys. If a dip and azimuth measurement is in question, the survey at the prescribed hole depth will be taken again.

Core assay results are sent from the lab as PDF certificates and comma-delimited (CSV) files. The certificates are loaded into the database (MX Deposit) and checked for QA/QC issues before being added to the master drill hole database.

As the Golden Chest is an orogenic gold system there is a visual difference between the mineralized quartz and wall rock. The core photos are checked against assays to verify mineralized zones. The Idaho, H-Vein, and Paymaster intercepts can usually be planned to within one to two meters using three-dimensional vein solids.

Once data are checked against core photos and input into Leapfrog, a readout of missing and overlapping intervals can be checked for inconsistencies in the drill hole data input by core logging geologists.

Data is stored on the cloud with MX Deposit and in local copies at the mine site. The master database is backed up to a separate server stored at the corporate office quarterly.

**9.2 Validation Procedures**

For the preparation of this report all the drill hole logs completed in 2025 were checked for inaccuracies. Assay values in the Leapfrog database were checked against the geologist's core logs and then again against the assay sheets from the lab. Further review in Leapfrog found no issues with overlapping segments, invalid depths, or collar/survey issues. The assay database is scrutinized for non-zero and/or negative numbers. Missing intervals (unsampled) and historic unsampled intervals are replaced with 0.0001 ppm Au.

Checking Vulcan for overlapping sample intervals yielded no overlapping portions of the drill hole database along with the other tests performed shown in the figure above.

Visual inspection of vein wireframes and drill holes in three-dimensions yielded similar results. Surveyed mining voids were captured by drill hole traces. Some drill holes have been surveyed by the underground surveying crew in the stopes. The drill hole trace and underground survey points usually align within one to two meters. One note is that data taken by Juniper Mining Company (JMC) in the form of round samples had to be corrected for an inappropriate coordinate system. JMC created a local mine grid inadvertently by truncating Northings and Eastings to exclude the ten-thousands place. This created a mine grid not comparable to the UTM coordinates used by IDR and caused a twisting effect around the arbitrary origin. A correction was applied to JMC data to account for the inappropriate flattening of a UTM zone by truncation.

After evaluating the sampling database for length distributions all sample lengths were valid and followed the sampling protocols and length constraints outlined in the previous TRS reports.

9-1

![](idr_ex961img93.jpg)

*Figure 9-2 Histogram of Sample Lengths in database*

**9.2.1 Micon Historic Database Validation**

Micon carried out data verification as a part of its 2012 Canadian NI 43-101 resource estimation at the Golden Chest. Micon re-analyzed sample pulps from 6 historical holes. New assays showed 99% correlation with previous assays. Micon's database validation consisted of the following steps:

· Checking for any non-conforming assay information such as duplicate samples and missing sample numbers.

· Verifying collar elevations against survey information for each drill hole.

· Verifying collar coordinates against survey information for each drill hole.

· Verifying the dip and azimuth against survey information for each drill hole.

· Comparing the database assays and intervals against the original assay certificates and drill logs.

Micon's comments were, "On the whole the database was found to be in good shape. A few minor adjustments to drill hole collar elevations were made where road cuttings had reduced the elevations by about 2 to 3 m." Micon's drillhole database validation exercise covered holes drilled from 2004 through 2012. These holes are a part of the current resource/reserve estimation. Micon's validation is taken as another indicator that the drill hole database is well managed and validated acceptably.

**9.3 Validation Limitations and QP Comments**

In the opinion of the QPs, the validation exercises undertaken are sufficient to justify the current Resources and Reserves at the Golden Chest by IDR. There is no evidence to date that suggests an issue with the practices in database management at the Golden Chest. The databases are managed in a secure area using modern, commonly used software by trained staff. The staff are experienced in the nuances of narrow vein mining and treat the model with their experience in mind. In the opinion of the QPs, the database is properly maintained and appropriate for use in the estimation of Resources and Reserves.

9-2

**10.0 MINERAL PROCESSING AND METALLURGICAL TESTING**

The New Jersey Mill located 3 km east of Kellogg, Idaho has processed material from the Golden Chest since 2017 from both open pit and underground sources. See Figure 10-1. The New Jersey Mill originally started as 100 tonnes per day (tpd) flotation plant but was expanded to a nameplate capacity of 360 tpd in 2012. For the purposes of this section, the processing of Golden Chest material during the 100 tpd era will be treated as metallurgical testing. A laboratory test program using drill core from the Golden Chest to evaluate gravity, flotation, and cyanidation methods for the recovery of gold is also discussed. Recently a metallurgical test program using H-Vein ore was completed that evaluated two grind sizes grinds and various reagent schemes in an effort to increase gold recovery.

![](idr_ex961img94.jpg)

*Figure 10-1 Aerial View of New Jersey Mill*

**10.1 New Jersey Mill 100 TPD Metallurgical Testing**

During the period from 2005 through 2009, IDR processed just over 8,300 tonnes of material grading 6.9 gpt gold and achieved a gold recovery of 94%. A flowsheet of the 100 tpd mill is shown below in Figure 10-2.

In general, the process included a crushing circuit, a grinding circuit, a flotation circuit, and a tailings disposal circuit. A bulk sulfide concentrate was made using rougher flotation cells followed by a single stage of cleaner cells. A neutral pH was maintained in the flotation circuit. Concentrate grades ranged from 100 gpt to 400 gpt gold depending upon the gold grade of the feed. Concentrates were sold to smelters through a broker and sold directly to Nevada Gold Mines Goldstrike facility in Carlin, Nevada.

10-1<br>

![](idr_ex961img95.jpg)

*Figure 10-2 New Jersey Mill 100 TPD Flowsheet*

The Golden Chest material processed during this time was sourced from underground mining of veins in the Klondike Shoot area, located in the northern portion of the mine. Gold mineralization was associated with structurally controlled faults, quartz veins and silica-flooding. Visible gold was relatively rare and gold mineralization was associated with pyrite, galena, chalcopyrite, and sphalerite. The mineralization had relatively low levels of sulfides, approximately 1% to 5%, and the ore processed was reasonably representative of the mineral deposit.

Deleterious elements in the concentrate were below smelter penalty levels, with arsenic quantities at 1,000 ppm, while lead and zinc were 2,000 ppm each. Iron and sulfur were the primary components of the concentrate at 33% and 38%, respectively. The concentrate is amenable to cyanide leaching.

The Company operated a Concentrate Leach Plant (CLP) and leached total of 78 tonnes (t) of Golden Chest flotation concentrates using an agitated tank leach followed by electrowinning. The head grade of the concentrate was 122 gpt Au and a gold recovery of 86.6% was achieved in the CLP. Low recovery and long leaching times were due to poor agitation in the leach tanks during this testing period. The Company completed a 6-tonne batch test leaching Golden Chest concentrate in 2016 with increased agitation power which resulted in 95% gold recovery in 72 hours.

**10.2 Resource Development Inc. Metallurgical Testing**

Resource Development Inc. (RDI) of Wheat Ridge, Colorado conducted preliminary metallurgical test work on core sample splits from the confirmation drilling in the Skookum Shoot in 2014. The mineralogy of the material from the Skookum Shoot is representative of the typical mineralized material at the Golden Chest. RDI's program consisted of gravity, flotation, and cyanidation tests.

10-2

RDI completed three gravity concentration tests, using 1 kg of material per test. Each test consisted of a different grind size: 48 mesh, 65 mesh and 100 mesh. Overall gold recovery ranged from 31% to 37% with final concentrate grades ranging from 277 to 323 gpt Au.

RDI completed seven flotation tests, using 1 kg of material per test. The tests consisted of rougher flotation only with no cleaner flotation tests. The samples were ground in a rod mill at 50% solids to produce three different grind sizes (P<sub>80</sub>): 65, 100 and 150 mesh. Flotation reagents and retention times were also varied as part of the testing. Results of the flotation tests are presented in the table below.

*Table 10-1 RDI Flotation Test Results*

![](idr_ex961img96.jpg)

The highest recovery test consisted of a 9-minute flotation time, the finest grind (150 mesh) and used the reagent Aeroflot 208.

RDI also completed three cyanide bottle roll tests on whole ore, using 1 kg of whole ore from core sample rejects. Each sample was ground in a laboratory rod mill at 40% solids and the target grind size was varied in each test. The three grind sizes (P<sub>80</sub>) were 65 mesh, 100 mesh and 200 mesh. The leach time was fixed at 72 hours and solution samples were taken for gold assay at 6, 24, 48 and 72 hours.

Gold recovery ranged from 85.9% to 94.4% in the three tests with the 100-mesh test achieving the best recovery in 48 hours and the lowest recovery was the 200-mesh grind. Cyanide consumption ranged from 0.30 kg/tonne to 1.57 kg/tonne with the finest grind of 200 mesh consuming the most cyanide. RDI reported the Golden Chest material was, "very amenable to cyanide leaching" and that a nominal 100 mesh grind was ideal.

**10.3 H-Vein Flotation Testing by Blue Coast Research**

In early 2024, approximately 100 kg of crushed ore mined from the H-Vein was collected from the ball mill feed belt over the course of a week and sent to Blue Coast Research for a metallurgical testwork program. The purpose of the program was to evaluate the conditions of the current processing scheme and test alternatives such as reagent scheme and grind for increased gold recovery.

10-3

The sample was composited and the head sample analysis results are in the table below.

*Table 10-2 H-Vein Head Sample Analysis*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Sample Name | Au (gpt) | Ag (gpt) | Fe (%) | Si (%) | S (%) |
| IDR H-Vein<br> Crushed Ore | 8.22 | 3.65 | 3.01 | 30.74 | 1.14% |

---

Eight rougher flotation tests were completed with the first three using the existing New Jersey Mill reagent scheme to establish a baseline. The remaining rougher flotation tests evaluated different flotation reagents and modifiers such as lime addition to increase pH. While some of the tests showed improved concentrate grades, none reduced the rougher tails gold grade below the baseline test grade of 0.6 g/t Au. The rougher flotation tests found that a finer grind has the most influence on reducing tails grade, hence increasing gold recovery. Select results from the rougher tests are summarized in the following table.

*Table 10-3 Select Results of Rougher Flotation Tests*

---

| | | | |
|:---|:---|:---|:---|
| Test Number | Scheme | Rougher Au Recovery (%) | Rougher Au Grade (gpt) |
| F1 | Baseline NJ Mill  | 93.4% | 90.1 |
| F2 | Baseline 150 μm | 93.2% | 71.7 |
| F3 | Baseline 75 μm | 94.5% | 68.2 |
| F4 | High pH (> 11) | 92.4% | 71.0 |
| F6 | Aerophine 3418A & PAX | 91.9% | 121.0 |

---

Conclusions from the Blue Coast testwork program are summarized below.

Mineralogical analysis showed:

· The primary sulphide mineral present was pyrite.

· The pyrite was well liberated.

Flotation testwork showed that:

· A finer primary grind size was the most significant influence on reducing the rougher tails grade.

· With a primary grind size of 80% passing 75 μm the rougher tails grade was reduced to 0.5 gpt gold.

· Very high grade gold concentrates (804 gpt gold) could be produced with the use of a selective gold collector (Aerofloat 6697), however recovery was reduced. The lower recovery is due to an increased selectivity against pyrite, however fine gold associated with pyrite grains was not collected resulting in the reduced recovery.

· The current PAX & Aero 208 reagent scheme with dilution cleaning is sufficient to produce concentrates meeting the target of >250 gpt gold.

10-4

**11.0 MINERAL RESOURCE ESTIMATES**

**11.1 Summary**

Table 11-1 lists the Mineral Resource estimate for the Golden Chest mine. Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300. Open pit optimization was carried out to define resources that could potentially be economic in a surface operation, but not an underground operation. The open pit resources are included in the summary table 11-1 and are split out in 11-2 to illustrate this potential surface resource on its own. Table 11-1 is a tabulation of all of the estimation domains outlined in the estimation process. More information on the domains can be found in section 11.0.

*Table 11-1 2025 Golden Chest Mine Mineral Resources*

---

| | | | |
|:---|:---|:---|:---|
| **Measured** | **Measured** | **Measured** | **Measured** |
| **Tonnage** | **Au Grams** | **Au gpt** | **Au Troy Oz.** |
| **384351** | **1665762** | **4.33** | **53555** |
| **Indicated** | **Indicated** | **Indicated** | **Indicated** |
| **Tonnage** | **Au Grams** | **Au gpt** | **Au Troy Oz.** |
| **702152** | **2779000** | **3.96** | **89347** |
| **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** | **Measured + Indicated** |
| **Tonnage** | **Au Grams** | **Au gpt** | **Au Troy Oz.** |
| **1086503** | **4444762** | **4.09** | **142902** |
| **Inferred** | **Inferred** | **Inferred** | **Inferred** |
| **Tonnage** | **Au Grams** | **Au gpt** | **Au Troy Oz.** |
| **582878** | **1739014** | **2.98** | **55911** |
| **Totaled Measured, Indicated, Inferred** | **Totaled Measured, Indicated, Inferred** | **Totaled Measured, Indicated, Inferred** | **Totaled Measured, Indicated, Inferred** |
| **Tonnage** | **Au Grams** | **Au gpt** | **Au Troy Oz.** |
| **1669381** | **6183776** | **3.70** | **198813** |

---

11-1<br>

*Table 11-2 Open Pit Resource (Included in the overall resource reported in table 11-1)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skookum OP Resource** | **Skookum OP Resource** | **Skookum OP Resource** | **Skookum OP Resource** | **Skookum OP Resource** |
|  | **Tonnes** | **Au Grams** | **Au gpt** | **Au Troy Oz** |
| **Measured** | 70477 | 245779 | 3.49 | 7902 |
| **Indicated** | 29121 | 98190 | 3.37 | 3157 |
| **Inferred** | 18102 | 71907 | 3.97 | 2312 |
| **M+I** | 99598 | 343969 | 3.45 | 11059 |
| **Total** | 117700 | 415876 | 3.53 | 13371 |

---

Notes:

1. Classification of Mineral Resources is in accordance with the S-K classification system.

2. Mineral Resources were estimated by IDR staff and reviewed and accepted by the QP's.

3. Mineral Resources are exclusive of Mineral Reserves

4. Mineral Resources are not Mineral Reserves, and do not have demonstrated economic viability.

5. Revenues produced at the Golden Chest are subject to a 2% NSR Royalty.

6. Bulk density was calculated based on laboratory testing of representative vein samples and applied to the vein shapes.

7. Mineral Resources are estimated using a 2 gram per tonne (gpt) cut-off grade for each of the zones underground. The surface portion of the resource was optimized using Vulcan pit optimizer with open pit mining costs from the operation and results in a surface resource with a cut-off grade of 1.4 gpt.

8. Cutoff values used were calculated using the three-year trailing average gold price of $2,580 USD/Troy Oz and adjusted by IDR staff based on mining experience and a reasonable operating margin.

9. Numbers may not add due to rounding.

The QP's are of the opinion that with consideration of the recommendations summarized in Sections 1.0 and 23.0 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

11-2

**11.2 Estimation of Veins at the Golden Chest**

**11.2.1 General Methodology**

Twelve individual veins were modeled and one other domain, not associated with veins was modelled. Each of these individual domains are listed below in table 11-3.

*Table 11-3 Golden Chest 2025 Domains that were estimated*

---

| |
|:---|
| **Domain Name** |
| Paymaster Footwall Vein |
| Paymaster Hangingwall Vein |
| Paymaster Hangingwall Splay |
| H Vein |
| Jumbo Vein |
| Bush Vein |
| Bush Splay |
| Klondike Hangingwall |
| 31 Vein |
| 37 Vein |
| Popcorn Vein |
| Popcorn Hangingwall Splay |
| Idaho Vein |

---

Surface resources were not re-estimated during this 2024 update. No drilling or mining of this zone provided additional information or depleted it. Updates were made to the Idaho vein, H-Vein, Paymaster Veins, Jumbo and Bush Veins, 31 Vein, 37 Vein, Klondike Hangingwall zone, and Popcorn Veins.

Grades were assigned to blocks in each individual model by inverse distance squared (ID2) weighting. Blocks within the vein domains were constrained by vein wireframe solids.

Because of the narrow and high-grade nature of majority of the veins at the Golden Chest (observed 0.1 m to 3+m) compositing was constrained to the shapes of the vein solids. This method was chosen to limit geostatistical influences from other domains that would not be representative of the narrow veins. This necessitated thinner blocks to accurately represent the vein volume and tonnage. Sub-blocked models were created in Leapfrog Edge with the model grid aligned to the strike and dip of the veins. These models have variable Z-dimensions and fixed X-Y dimensions. For the H-Vein and hanging wall veins, parent blocks of 10 m x 10 m x 10 m were created with 2 m x 2m x variable thickness in the Z-dimension, down to 0.1m. For the Idaho and Paymaster veins, a larger 20 m x 20 m x 20 m parent block scheme with a 4 m x 4m x variable Z sub-blocking scheme was used to account for wider drillhole spacing. This sub blocking scheme allowed strike and dip changes to be accurately modeled as well as areas where the vein necked down to its observed minimum of 0.1 m. All sub-block grades were assigned by the estimation of the parent block to honor the resolution of the drillhole spacing. The dilution added to the estimated resource and reserve models was accomplished by utilizing the Vulcan add-on of the Alford Mining Systems (AMS) Stope Optimiser. By allowing the stope optimization to add zero grade value material to the minimum mining widths achievable, a diluted grade for the Golden Chest Resource and Reserve was attained.

Wireframes were completed using Leapfrog Geo. Idaho Strategic geologists coded each vein intercept in the drillhole database and solids were created using the coded database. Wireframes were then used for estimation in Leapfrog Edge. Leapfrog and Vulcan are both off-the-shelf mining software packages that are common to the mining industry.

The Golden Chest veins were composited strictly by wireframe volume. The expected mining dilution of the veins geometry was added by using the AMS stope optimization. The minimum mining width used to define Resources was 2.4 meters.

11-3

The Mineral Resources reported here are derived from block model estimates as of December 31, 2025. Mineral Resources are reported exclusive of Mineral Reserves.

**11.2.2 Resource Database**

The Golden Chest drill-hole database consists of 485 diamond and RC drill holes. Of the total holes 29 are RC and 456 are core holes. The cut-off date for the resource database was all core holes drilled in 2025 and H-Vein/Jumbo vein chip samples through December 31, 2025

Because the H-Vein model is constrained by the wireframe muck samples were not used in its estimation. It was also found through mining and milling experience during 2023 that by calculating the expected grade of a given round using chip samples of the vein and measured heading width, a more accurate estimate of the mill feed grade could be achieved. The sampling database used in estimation included 950 chip samples that were taken by company geologists. The chip samples were placed in space by the distance recorded by the geologist of the face the sample was taken from. A horizontal line was placed at the appropriate face distance and this was the representation of the vein chip sample in space. This results in a composite value representing the grade of the vein wireframe at the appropriate location. This width information was also used to inform the vein wireframe along with drillhole intercepts.

*Table 11-4 Summary of Samples from the Golden Chest*

---

| | | | |
|:---|:---|:---|:---|
| **Sample Type** | **Number of Samples** | **Average Sample Length (m)** | **Total Length (m)** |
| Core Holes | 22877 | 1.2 | 74595 |
| RC Holes | 1743 | 1.6 | 2660 |
| H vein Chip Samples | 933 | 0.7 | 684 |
| Jumbo Vein Chip Samples | 17 | 0.5 | 8 |

---

**11.2.3 Geological Modelling**

There are twelve distinct veins modelled at the Golden Chest. They are narrow structures generally striking between 5 degrees NNE and 30 degrees NNE. The dips are generally 35-45 degrees to the west with the exception being the H-Vein in the hangingwall of the Idaho Fault which dips 72-75 degrees to the west. Mineral Resources are reported as the sum of the potentially economically viable areas for each of these domains based on stope optimizer acceptable minimum widths, engineer's judgement on overall tonnage that would be potentially economic, the geologic understanding, and data spacing requirements defined in this report.

A solid model for each of these veins was created using Leapfrog Geo and Edge was used for block modelling. The block model extents were selected to aid in modelling veins by their distance into the hangingwall or footwall of the Idaho Fault. The figure below shows the H-Vein and Idaho Vein models which were updated with the 2025 drilling information.

11-4

![](idr_ex961img97.jpg)

*Figure 11-1 2025 Vein Shapes with Drill Traces*

**11.2.4 Exploratory Data Analysis**

Core, RC, and chip samples from the H-Vein and Jumbo vein were used for estimation. In the remainder of the vein domains there is no chip sample data, therefore RC and core drilling samples were used exclusively in the veins other than the H-Vein and Jumbo.

The figures below show raw statistics and histograms for the Skookum area H-Vein and Paymaster (Idaho) domains. Statistics and graphs for the other domains can be found in Appendix 1.

11-5

![](idr_ex961img98.jpg)

*Figure 11-2 Histogram and General Statistics of the H-Vein within the H-Vein Domain*

![](idr_ex961img157.jpg)

*Figure 11-3 Histogram and General Statistics of the Paymaster Footwall (Idaho) Vein*

11-6

![](idr_ex961img158.jpg)

*Figure 11-4 Histogram and General Statistics of the Paymaster Hangingwall Vein*

**11.2.5 Grade Capping**

Evaluating the cumulative frequency plot for the H-Vein showed a definitive flattening after a 60 gpt grade. This higher capping number is reasonable given that the H-Vein was modeled as the vein domain only, and external dilution when mining was accounted for using the stope optimizer. A capping value of 60 gpt was chosen for all estimated blocks which is also supported by vein chip sampling where approximately 92% of sampled vein chips fall below 60 gpt.

11-7

![](idr_ex961img101.jpg)

*Figure 11-4 CDF of the H Vein Composite Database*

![](idr_ex961img102.jpg)

*Figure 11-5 Histogram of H-Vein Domain Blocks* 

11-8

![](idr_ex961img103.jpg)

*Figure 11-6 CDF and General Statistics of H-Vein Chip Samples* 

**11.2.6 Compositing**

Compositing is necessary to place the sampling information on the same level of support, i.e. lengths. Sample lengths in the Golden Chest database ranged from 0.03 to 4.7 meters. Although a minimum sample size protocol of 3 m below contacts of interest is in place, core loggers may break the 3 m of continuous sampling around areas of interest into smaller sections if different zones of interest are identified. The cumulative frequency chart below shows that approximately 99% of the samples fall between 0.1 m and 2 m as 0.1 m is the minimum length sample after minimum sampling protocols were established.

11-9

![](idr_ex961img104.jpg)

*Figure 11-7 Cumulative Frequency Chart of Sampling Lengths in the Golden Chest Database*

![](idr_ex961img105.jpg)

*Figure 11-8 Histogram of Sample Lengths for the Golden Chest Database*

11-10

Veins at the Golden Chest are relatively narrow and vary in width along the dip and strike of the vein. Compositing for the vein domains estimated in 2025 was carried out on the basis of the vein shapes. A single composite value that represented the length weighted average grade of all samples from a given drill hole was created. All assay data outside of the vein domains was composited at 3 m run length composites.

![](idr_ex961img106.jpg)

*Figure 11-9 Histogram of composite lengths for the H-Vein* 

11-11

![](idr_ex961img107.jpg)

*Figure 11-10 Histogram of Paymaster Footwall (Idaho) Composite Lengths*

**11.2.7 Geostatistics**

Variogram analysis from the 2023 Technical Report Summary (TRS) was used in the search radius definition of this report as no significant new geostatistical trends were apparent. Search parameters for the estimation were derived through variogram analyses of each domain. It was generally found that at a range of 55 m to 60 m in each of the domains the sill was reached. It was therefore decided to estimate the blocks in two passes which essentially resulted in estimating what would become Measured and Indicated resources first, and then to leave those blocks out of a second estimation pass with increased search radius to estimate inferred blocks. Each of the variograms showed generally the same ranges up-dip and along strike for each of the domains investigated. The width of the search ellipse was set at 6 m, or approximately two times the horizontal mining width to include samples in areas where the vein changed dip or strike significantly for a short period and then resumed the average dip and strike. The Nugget was estimated from downhole variograms. The results for the Idaho Vein experimental and model variograms are shown below. The remaining domain variograms can be found in Appendix 2. Each of the variograms is oriented in the plane of the vein and rotated to the plane of least variability within the domain along that plane. It was noted that in the majority of the vein domains the ellipsoid could be reasonably considered valid as a 50 m range around a given data point in the plane of the vein.

11-12

![](idr_ex961img108.jpg)

*Figure 11-11 Idaho Vein variogram model with pair counts. Major and minor axis illustrate ranges in the 55–60-meter range*

**11.2.8 Block Model Geometry**

The Golden Chest Block Models were created in Seequent's Leapfrog Edge which is an off-the-shelf mining software. All of the models were rotated to approximate the plane of each vein and utilize a variable Z-dimension-sub blocking scheme. This rotation was undertaken to limit the overall number of blocks by more accurately approximating the geometry. This helped with computing requirements required to accurately calculate the volumes of these narrow veins. Block model grade was estimated into the parent blocks to avoid unrealistic grade resolution based on the drill hole spacing. Maximum parent block size varied by domain but was based on ½ the average in plane drillhole spacing. This was decided to be a reasonable resolution of each of the vein shapes.

*Table 11-5 Block Model Variables and Descriptions*

---

| | |
|:---|:---|
| **Block Model Variables** | **Block Model Variables** |
| **Variable** | **Description** |
| **air** | Value of 1 for blocks above topography, used in pit optimization |
| **aniavgdist** | Anisotropic average distance to samples used to estimate a block |
| **anidist** | Anisotropic distance to the closest sample used to estimate a block |
| **auid2** | ID2 estimated Gold Grade |
| **awtavgdist** | Anisotropic weighted average distance to samples |
| **cartavgdist** | Cartesian average distance to samples |
| **cwtavgdist** | Cartesian weighted average distance to samples |
| **density** | Rock density |
| **dhnum** | Number of drill holes used to estimate a block |

---

11-13

---

| | |
|:---|:---|
| **indicated** | indicated category |
| **inferred** | inferred category |
| **klgg0-5** | processing scenarios for open pit optimization |
| **measured** | measured category |
| **pass1** | Estimated on the first pass |
| **pass2** | Estimated on the second pass |
| **passcount** | number of passes |
| **pit22** | Optimal pit at 2022 inputs |
| **pit220-225** | Nested pits at varying revenue factors (gold prices) |
| **sampdist** | Distance to the nearest sample |
| **sampgrade** | Grade of the nearest sample |
| **volume** | Volume of a block |
| **xcentre** | Easting of the block centroid |
| **xlength** | Length of a block in the Easting direction |
| **xworld** | Easting in world coordinates |
| **ycentre** | Northing of the block centroid |
| **ylength** | Length of a block in the Northing direction |
| **yworld** | Northing in world coordinates |
| **zcentre** | Elevation of the block centroid |
| **zlength** | Length of a block in the vertical direction |
| **zworld** | Elevation in world coordinates |

---

**11.2.9 Search and Interpolation Parameters**

Gold grades are estimated into blocks using the Inverse Distance Squared weighting method (ID2). The grade interpolation was carried out in two passes of increasing search radius. Search ellipsoids are oriented in a best-fit method in the plane of each vein domain. To mitigate the potential bias of high-grade distant samples in the H-Vein domain, a restriction was placed on the model to limit the area of influence of high-grade samples (>80 gpt) and limit their effect to a 12.5 m radius. For the very high grade and nuggety Jumbo vein, a higher restriction of 150 gpt and a tighter restriction radius of 7.5m was used. For the H, Idaho, and Paymaster Hangingwall vein domains the search parameters remained the same as supported by geostatistical analysis with a 50m search radius for the first pass. For the smaller vein domains with less data like the Jumbo and Bush, a tighter radius of 30m was used for the first pass.

*Table 11-6 Estimation Parameters*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pass** | **Min Samples** | **Max Samples** | **Max. Samples per Drillhole** | **Min. Drillhole** | **Max. Drillhole** |
| 1 | 2 | 10 | 2 | 2 | 10 |
| 2 | 2 | 10 | 2 | 2 | 10 |

---

11-14

The minimum number of drillholes constraint was used to estimate only those blocks which would fall into the Inferred category as the lowest confidence blocks. A majority of the Inferred blocks were estimated in Pass 2 while the majority of Measured and Indicated blocks were estimated in Pass 1.

**11.2.10 Density**

A rock density of 2.65 tonnes per meter cubed was used for the entire block model which was derived from samples taken over the life of the project by various geotechnical and geochemical laboratories.

**11.2.11 Classification**

SK-1300 Mineral Resources and Mineral Reserves must be classified according to the definitions of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). The definitions for Mineral Resources, Reserves, and their respective classifications are as follows.

**1.** **Mineral Resource-** A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

**2.** **Measured Mineral Resource-** A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Mineral Reserve or to a Probable Mineral Reserve.

**3.** **Indicated Mineral Resource-** An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve.

**4.** **Inferred Mineral Resource-** An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Idaho Strategic personnel believe that by limiting the first pass radius to 50 m, which is based on the variogram range, and only estimating blocks where two drill holes are within the search radius, combined with limiting blocks to the created vein wireframes, the Golden Chest resource represents a conservative model which utilizes modern industry best practices to reach a reasonable estimate of resources at the Golden Chest. Golden Chest Resources are classified in the table below.

11-15

---

| | |
|:---|:---|
| **Golden Chest Resource Classification** | **Golden Chest Resource Classification** |
| **Measured** | 3 drillholes within 25 meters of the block used in the estimation |
| **Indicated** | 2 drillholes within 50 meters of the block used in the estimation |
| **Inferred** | 2 drillholes used in the estimation, distance to drill holes up to 150 meters |

---

*Table 11-7 Golden Chest Resource Parameters*

![](idr_ex961img109.jpg)

*Figure 11-12 Measured Portion of the H Vein Block Model*

11-16

The resource classification is in line with historic classifications completed at the Golden Chest and is considered reasonable based on Idaho Strategic Resources mining experience. Isolated Islands of the resource that are Measured or Indicated were evaluated for downgrading. After a grade shell review, it was found that these islands fell below the 2 gram per tonne cutoff and were already excluded from the reported resource model or were geologically continually mineralized areas that had sufficient drilling information to justify the classification.

**11.2.12 Cut-off Grade** 

Cut-off grades for the Golden Chest Resource were calculated using the 2025 mining costs at the Golden Chest and first principle estimates for operations moving forward for both underground and surface operations. The surface mining cutoff was not recalculated from the previous TRS report.

---

| | | |
|:---|:---|:---|
| **Surface Mining Cut-off** | **Surface Mining Cut-off** | **Surface Mining Cut-off** |
| **Variable** | **Value** | **Unit** |
| Waste Mining | 3.25 | $/tonne |
| Ore Mining | 4.15 | $/tonne |
| Mill Haul Cost | 15.0 | $/ore tonne |
| Milling Cost | 38 | $/ore tonne |
| G&A | 6 | $/tonne |
| Metallurgical Recovery | 85 | % |
| Smelter Recovery (Payment) | 89 | % |
| Royalty | 2 | % |
| Gold Price | 1850 | $/troy ounce |
| In-Pit Cutoff (Mining Cost Sunk) | 1.43 | Au grams/tonne |
| PushBack Cutoff (Mining Decision) | 2.02 | Au grams/tonne |
| **Underground Mining Cut-off** | **Underground Mining Cut-off** | **Underground Mining Cut-off** |
| **Variable** | **Value** | **Unit** |
| Mining Cost \*G&A included | 155 | $/tonne |
| Backfill Cost | 50 | $/tonne |
| Mill Haul Cost | 16 | $/ore tonne |
| Milling Cost | 60 | $/ore tonne |
| Metallurgical Recovery | 93 | % |
| Smelter Recovery (Payment | 91 | % |
| Royalty | 2 | % |
| Gold Price | 2580 | $/troy ounce |
| In-Stope Cutoff (Mining Cost Sunk) | 1.83 | Au grams/tonne |
| Go/No-Go (Mining Decision) | 4.08 | Au grams/tonne |

---

*Table 11-8 Cutoff calculation Inputs and results*

**11.2.13 Validation**

Block models were validated using the following methods:

Block models were validated using the following methods:

· Visual inspection of block model versus composites as a section view

· Comparison of composite and block means

· Swath plots (Drift Analysis)

11-17

**11.2.13.1 Visual Inspection of Block Model vs. Composites**

Visual inspection of the block model was carried out by cutting sections of the finalized model and geologic shapes and comparing block grades near to composite values and their respective values using a color scale. An example section is shown in the figure below.

![](idr_ex961img160.jpg)

*Figure 11-13 Visual Validation Slice of the 2025 Updated H-Vein Model. Composite runs 15 gpt while the nearest block runs 17gpt.*

Visual validation showed reasonable agreement between composite values and blocks where the data was dense enough to project blocks.

**11.2.13.2 Comparison of Composite and Block Means**

The comparison of the block mean grades versus composite mean grades showed the anticipated smoothing effect that is common to an inverse distance estimation method for most domains. No domains show a block mean higher than the composite mean. Block models in the measured and indicated resource areas and reserve areas show slightly lower block grades than composite grade as is the typical case and is a conservative factor of the inverse distance method. The two domains with conspicuously high composite bias, the H-Vein and Jumbo vein, both have highly clustered high-grade data from chip samples that skew the average composite. An area of future work would be to evaluate the usefulness of other geostatistical estimation methods such as kriging and declustering

11-18

![](idr_ex961img161.jpg)

*Figure 11-14 Comparison of Composite Means versus Block Means by Domain*

**11.2.13.3 Swath Plots (Drift Analysis)**

Swath plots were created for each of the modeled domains to compare block model grades by location to composite grades. The ID2 estimation tends to "smooth" or potentially underestimate grade in some areas of the deposit. In other areas the block model smooths the lower composite grades at a location to slightly higher grades. The underestimation of block grades compared to composite values is viewed to be more prominent as the average distance that the block model curve is below the composite peaks is larger than the distance the block model curve is above the composite lows, see figure 11-15 below. This is especially true for the areas that receive the reserve designation or the areas that have higher class resource designations. In areas where geologic uncertainty is higher it is possible to have higher block grades than composite grades. This indicates that more drilling or bulk sampling is required. This is supported generally by comparison of mean grades of composites and blocks. This is considered an area of further work and presents an opportunity for fine tuning the model.

![](idr_ex961img162.jpg)

*Figure 11-15 Swath Plot of H-Vein. Composites (Red) versus Blocks (Blue)*

11-19

![](idr_ex961img163.jpg)

*Figure 11-16 Swath Plot of Paymaster Hangingwall Vein. Composites (Red) versus Blocks (Blue)*

11-20

![](idr_ex961img164.jpg)

*Figure 11-17 Swath Plot of Idaho Vein. Composites (Red) versus Blocks (*

11-21

![](idr_ex961img165.jpg)

*Figure 11-18 Swath Plot of Jumbo Vein. Composites (Red) versus Blocks (Blue)*

11-22

![](idr_ex961img166.jpg)

*Figure 11-19 Swath Plot of Bush Vein. Composites (Red) versus Blocks (Blue)*

11-23

![](idr_ex961img167.jpg)

*Figure 11-20 Swath Plot of Popcorn Vein. Composites (Red) versus Blocks (Blue)*

11-24

![](idr_ex961img168.jpg)

*Figure 11-21 Swath Plot of 31 Vein. Composites (Red) versus Blocks (Blue)*

11-25

![](idr_ex961img169.jpg)

*Figure 11-22 Swath Plot of 37 Vein. Composites (Red) versus Blocks (Blue)*

The QP's have reviewed the methodology used to calculate Mineral Resources and believe the Company's estimate of Mineral Resources is acceptable and complies with SK-1300.

11-26

**12.0 MINERAL RESERVE ESTIMATES**

**12.1 Summary**

The current Mineral Reserve estimates prepared by Idaho Strategic personnel and reviewed by the QP's are reported as of December 31, 2025. Reserves are reported for the H-Vein, Idaho Vein, Paymaster Footwall , Paymaster Hangingwall, and Jumbo Veins. Tables below show the combined Reserve, and then each mining block independently. Exploration and pre-production studies will be carried out to evaluate the potential inclusion of other areas in the Mineral Reserve. The QP's have reviewed the Mineral Reserve calculation methodology and believe the Company's estimates are in accordance with industry-standard practices and comply with SK-1300.

*Table 12-1 Golden Chest Underground Proven and Probable Reserves at December 31<sup>st</sup>, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Golden Chest Reserves (H, Idaho, Jumbo, and Paymaster Veins Combined)** | **Golden Chest Reserves (H, Idaho, Jumbo, and Paymaster Veins Combined)** | **Golden Chest Reserves (H, Idaho, Jumbo, and Paymaster Veins Combined)** | **Golden Chest Reserves (H, Idaho, Jumbo, and Paymaster Veins Combined)** | **Golden Chest Reserves (H, Idaho, Jumbo, and Paymaster Veins Combined)** |
| **Proven** | **Proven** | **Proven** | **Proven** | **Proven** |
| **All Domains** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
|  | 62648 | 10.18 | 637889 | 20509 |
| **Probable** | **Probable** | **Probable** | **Probable** | **Probable** |
| **All Domains** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
|  | 275872 | 6.21 | 1713575 | 55093 |
| **Total Proven and Probable** | 338521 | 6.95 | 2351474 | 75602 |

---

Notes:

1. Classification of Mineral Reserves is in accordance with S-K 1300 classification system.

2. Mineral Reserves were estimated by Idaho Strategic Resources and reviewed and accepted by the QP's.

3. Mineral Reserves are 100% attributable to Idaho Strategic Resources.

4. Mineral Reserves are estimated at a cutoff of 4.0 Au PPM (grams/tonne).

5. Mineral Reserves are estimated using a 3-year trailing average gold price of $2,580/troy ounce.

6. Mineral Reserves are contained within the H-Vein, Jumbo Vein, Paymaster Veins, and the Idaho Vein.

7. An average mining width of 3 m was used for the Reserves reporting for the Idaho Vein, Paymaster Veins, and Jumbo Vein.

8. H-Vein Reserves were diluted to a 2.4 m minimum mining width.

9. Minimum mining width dilution is accounted for in the estimate.

10. Numbers may not add due to rounding.

12-1<br>

*Table 12-2 H Vein Portion of the 2025 Reserve*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **H Vein Reserves** | **H Vein Reserves** | **H Vein Reserves** | **H Vein Reserves** | **H Vein Reserves** |
| **Proven** | **Proven** | **Proven** | **Proven** | **Proven** |
|  | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **Unmined Levels From 868 to 697** | 28496 | 8.97 | 255515 | 8215 |
| **Probable** | **Probable** | **Probable** | **Probable** | **Probable** |
| **Unmined Levels from 868 to 697** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
|  | 11201 | 10.95 | 122609 | 3942 |
| **Totals Proven and Probable** | 39697 | 9.53 | 378124 | 12157 |

---

*Table 12-3 Idaho Vein Domain Portion of the 2025 Reserve*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Idaho Vein Reserve** | **Idaho Vein Reserve** | **Idaho Vein Reserve** | **Idaho Vein Reserve** | **Idaho Vein Reserve** |
| **Proven** | **Proven** | **Proven** | **Proven** | **Proven** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **800ID thru 773 ID** | 5603 | 2.56 | 14352 | 461 |
| **888ID Sublevel** | 7150 | 3.92 | 28028 | 901 |
| **Blowout Zone** | 4056 | 5.38 | 21821 | 702 |
| **Probable** | **Probable** | **Probable** | **Probable** | **Probable** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **800ID thru 773 ID** | 7718 | 5.92 | 45691 | 1469 |
| **Totals Proven and Probable** | 24528 | 4.48 | 109892 | 3533 |

---

*Table 12-4 Paymaster Veins Portion of the 2025 Reserve*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Paymaster Reserves** | **Paymaster Reserves** | **Paymaster Reserves** | **Paymaster Reserves** | **Paymaster Reserves** |
| **Proven** | **Proven** | **Proven** | **Proven** | **Proven** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **812 thru 674** | 0 | 0.00 | 0 | 0 |
| **Probable** | **Probable** | **Probable** | **Probable** | **Probable** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **812 thru 674** | 251700 | 5.93 | 1492327 | 47979 |
| **Totals Proven and Probable** | 251700 | 5.93 | 1492327 | 47979 |

---

12-2

*Table 12-5 Jumbo Vein Portion of the 2025 Reserve*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Jumbo Reserve** | **Jumbo Reserve** | **Jumbo Reserve** | **Jumbo Reserve** | **Jumbo Reserve** |
| **Proven** | **Proven** | **Proven** | **Proven** | **Proven** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **1092 Thru 1044** | 17343 | 18.35 | 318183 | 10230 |
| **Probable** | **Probable** | **Probable** | **Probable** | **Probable** |
| **Levels** | **Tonnes** | **Au gpt** | **Au Grams** | **Au Troy Oz** |
| **1092 thru 1044** | 5253 | 10.08 | 52948 | 1702 |
| **Totals Proven and Probable** | 22596 | 16.42 | 371131 | 11932 |

---

**12.2 Conversion to Mineral Reserves**

The mining method evaluated in this estimate is the Underhand Cut-and-fill method. Minimum dimensions vary by stope and are discussed in more detail in Section 13.

To evaluate the conversion of Mineral Resources to Mineral Reserves, grade shells are made around potentially economic extraction areas. Stope Optimiser is run on each of the vein domains with a minimum width corresponding to the planned minimum width achievable in each domain. After the 4 gpt Stope Optimiser run is completed, mining shapes are drawn by company engineers to take into account internal waste and development constraints. The engineered drawings also take into account more detailed cross section shapes than are achieved using Stope Optimiser. All the designed stopes had to conform to the 4.0 gpt go/no-go cutoff.

When the stope design was completed, development accesses, muck bays, escape ways, and all other necessary development were designed for the defined stoping blocks. An economic analysis was undertaken considering the necessary development and the stopes that showed a positive addition of cash flow to the mine plan were accepted into the Mineral Reserve.

**12.3 Cut-Off Grade**

Two cut-off grades are used for stope planning, the go/no-go cut-off and the in-stope cut-off. The go/no-go cut-off represents any material that has the potential to be mined but does not have to be mined as part of the operational plan. The go/no-go cut-off is used for initial stope planning as any given stope or sublevel does not have to be mined and should only be mined if it is economic. The go/no-go cut-off is equation is presented in Equation 1.

*Equation 1 Go/No-Go Cut-off*

![](idr_ex961img120.jpg)

12-3

---

| | | |
|:---|:---|:---|
| **Underground Mining Cut-off** | **Underground Mining Cut-off** | **Underground Mining Cut-off** |
| **Variable** | **Value** | **Unit** |
| Mining Cost \*G&A included | 155 | $/tonne |
| Backfill Cost | 50 | $/tonne |
| Mill Haul Cost | 16 | $/ore tonne |
| Milling Cost | 60 | $/ore tonne |
| Metallurgical Recovery | 93 | % |
| Smelter Recovery (Payment | 93 | % |
| Royalty | 2 | % |
| Gold Price | 2580 | $/troy ounce |
| In-Stope Cutoff (Mining Cost Sunk) | 1.79 | Au grams/tonne |
| Go/No-Go (Mining Decision) | 4.00 | Au grams/tonne |

---

*Table 12-6 Go/No-Go Cut-off Parameters*

The General and Administrative (G&A) costs are included in the mining cost in Table 12-5. This formula yields a value of 4.005 gpt for the cut-off 2025 reserves as a conservative measure considering the company policy of using the 3-year trailing average gold price.

The in-stope cut-off is used when material in a defined stope must be mined to reach higher grades. In this scenario the mining cost is considered sunk and is omitted from Equation 1 as the cost was incurred regardless of the ore/waste determination at the face. Evaluating Equation 1 omitting mining cost yields a value of 1.79 gpt which was rounded up to 2.0 gpt.

**12.4 Dilution**

Dilution is accounted for by utilizing Stope Optimiser as the minimum selectable width in the orebody. Vein domains are composited within the vein domain resulting in a single composite within the vein. Areas outside the vein are composited on a 3-meter run length basis to estimate the grade of the material outside the vein shapes. Where the grade outside the vein shapes is unknown the grade of the material outside the vein shape is assumed to be half of the detection limit which is 0.030 gpt.

*Table 12-7 H-Vein Test Mining Dilution by Stope*

![](idr_ex961img170.jpg)

This method provides a reasonable estimation of the stope dilution to be expected. Minimum mining widths were chosen from the test mining data available from the H-Vein during 2023 and 2024 production mining. This method was further supported by the 2023 planned stopes and 2024 actual production. Planned mining for 2023 was 40,900 tonnes at 9.1 grams per tonne for contained gold grams of 372,639 mined. Actual mill production was 41,140 tonnes at 9.65 grams per tonne for a contained grams amount of 397,165 representing a 6% difference between planned grams and milled grams. The 2025 production and planned tonnages and ounces showed a similar acceptable correlation with grams mined varying from grams planned by 5% and tonnages delivered to the mill varying less than 1%.

**12.5 Extraction**

The extraction rate for this mining method assumes 100% based on the fully diluted model, and the cutting of each planned stope to its design dimensions. This has shown reasonable correlation from modeled to mined results and is a common value for the underhand cut-and-fill mining method.

**12.6 Reconciliation**

Reconciliation between modeled and milled grams showed an acceptable agreement. Planned mined contained grams and contained mill feed grams varied by 6% in 2024. In 2025 planned mined grams varied from mill feed grams by 5%. This trend continues to support the resource estimation workflow is valid. Planned tonnes were within 0.3% of milled tonnes.

12-4

**13.0 MINING METHODS**

![](idr_ex961img171.jpg)

*Figure 13-1 Map Showing Golden Chest Workings Outline*

**13.1 Mining Operations – Underground**

The Idaho and H Veins have been mined successfully using the Underhand Cut-and-fill method since 2015 when Juniper Mining Company leased the property and mined the Idaho Vein. Juniper Mining Company contracted Small Mines Development (SMD) to drive the main access ramp (MAR) and to mine during the lease period.

The Golden Chest is a ramp access mine that was developed as a modern rubber-tire operation. All material is transported to the surface via two underground haul trucks and occasionally a 4.6 m<sup>3</sup> load-haul-dump underground loader (LHD). Stope rounds are transported to bays using 1.5 m<sup>3</sup> LHD's. Drilling advance of stope rounds is accomplished with two Tamrock Quasar single boom jumbo drills. An electric over hydraulic twin boom jumbo drill and small section (2.7 m by 2.7 m) bolting machine are in operation to further increase operational efficiencies. An electric single boom jumbo was put into service in 2025 and is the primary stoping production jumbo. The main ramp has a width and height of 4 m by 4.6 m respectively. All ventilation/secondary escape raises are mined 3 m by 3 m. Stope dimensions vary between and Idaho Vein, Paymaster, Jumbo, and H Veins. Idaho, Paymaster, and Jumbo Vein planned dimensions are 3 m high by 3 m wide, H-Vein planned dimensions are 3m high by 2.4 m wide. In some cases, portions of veins can be mined narrower. Average as-built H-Vein stopes are 2.4 m wide.

13-1<br>

As of December 2025, the majority of the planned underground tonnage will be mined from the H-Vein, Paymaster, and Jumbo Reserves. The expansion of the Paymaster Reserve and addition of the Jumbo Reserve are the biggest impacts to the 2025 TRS report. Reserves grew from 170,819 tonnes containing 49,362 troy ounces to 338,521 tonnes containing 75,602 troy ounces. This accounts for the depletion of approximately 13,000 troy ounces in the H Vein reserves from mining in 2025. General mine design parameters are as follows:

· Minimum stope cut-off grade to make a mining decision (go/no-go cut-off) is 4.0 gpt.

· In-stope cut-off is 2.0 gpt.

· Underground Yearly Production Target 2025: 40,000-60,000 ore tonnes.

· 3 Underground crews work 7 days on and 7 days off 11 hours per day 365 days per year with an additional crew working a 4 day per week 11 hour night shift.

· Mill crews work two twelve hour shifts 4 days per week year-round.

· Attack ramp access to the orebody is a 30 m minimum distance from the vein to be mined.

· MAR dimensions: 4 m wide by 4.6 m tall.

· Sublevel spacing: 12 m.

· Stope dimensions: 3 m height by (2.4m to 3m) width

· Minimum mining width: 2.4 m

· Ventilation drift/raise dimensions: 3 m by 3 m.

The current reserves at the Golden Chest represent a mine life approximately 5.5 years of milling throughput. The Paymaster Vein upgrade to Reserve was the largest change to the mine plan for 2025. From a grade and ounces contained standpoint the addition of the Jumbo Reserve from exploration drifting was a material increase in ounces to the overall Reserve.

**13.1.1 Cut-and-fill Method, Skookum Shoot**

The cut-and-fill method is the dominant mining method at the Golden Chest. Sublevels are accessed from the MAR which is designed to be at least 30 m from the Idaho Fault. Each sublevel consists of 4 stopes that are generally 3 m wide and 3 m high that are accessed via attack ramps that are oriented perpendicular to the strike of the vein being mined. The primary cut on a sublevel starts with the highest in elevation and proceeds underhand until the sublevel is mined out. To maintain stope vertical spacing an overhand cut, or pillar cut, is occasionally taken between cement rock filled (CRF) stopes (i.e., CRF above and below). The stope accesses are designed to split the strike length of the reserve block in half as nearly as possible given ramp design constraints. After a level is mined out, CRF is placed in the mined-out stope via LHD and truck and allowed to cure until sufficient strength is achieved to resume mining beneath. Each round taken has a round sample taken by miners and stope faces are systematically sampled by ore control geologists. Planned stopes would undergo the same systematic chip sampling. The round sample is taken by digging into the muck pile with a 2-yard mucker and sampling periodically up the muck pile face in three separate portions. Face chip samples are taken by company ore control geologists. Material routing decisions are made with both chip and muck samples.

**13.2 Ground Stability**

The Idaho Vein is directly associated with the Idaho Fault that bounds Units G and H of the Prichard formation at the Golden Chest. The Idaho Vein lies directly below the Idaho Fault which varies in thickness from 0.1 m to 0.5 m. The Idaho Fault and the adjacent faulted zone are a driving parameter in ground support design. Idaho Strategic Resources plans stope support standards and design considerations based on known fault thicknesses and mining experience. Each stope is designated a type and supported accordingly utilizing Swellex and Split-Set bolts of varying lengths according to ground conditions. Welded wire mesh, 2.7 m support mats, and CRF are also utilized as primary and secondary ground support depending on stope design. Bolt QA/QC consists of regular bolt pull testing to confirm manufacturer specifications and installation practice adherence. As a progressive approach to ground support a mechanized bolter designed for openings as small as 2.7 m is in use. This should increase employee safety and improve support installation efficiency. A larger bolter has been ordered which will increase efficiency in the larger MAR headings.

13-2

The H-Vein has a competent quartzite hangingwall in most places and the steeper dip is advantageous in ground support design. The Golden Chest stope bolting standard considers the H-Vein a "Type 3" ground which is currently the most competent classification of a stope. The H-Vein is supported by Split-Set bolts and 2.7 m support mats, and welded wire mesh where necessary. Swellex bolts are used at discretion where they are deemed appropriate by the mining and technical staff.

The Paymaster Footwall Vein is beneath a competent monzonite sill which is considered Type 3 ground for planning purposes as the massive competent monzonite does not have the faulting and crushed rock associated with the Idaho Fault. The Paymaster Hangingwall vein is considered Type 1 ground for planning purposes. The Hangingwall vein is directly beneath the argillite unit of the Prichard. This was taken as a conservative approach as the faulting and crushed zone is not as apparent as the Idaho Vein. It is possible that after test mining a plan to classify the Paymaster Hangingwall vein as Type 1 or Type 2 will be undertaken. Jumbo Vein ground support is planned as Type 3 Ground as it's distance from the Idaho Fault is greater than 6 m and conditions have been verified by exploratory drifting.

The MAR is excavated in the competent quartzite of Prichard Unit G and effectively supported with the use of Split-Set bolts of varying lengths and Swellex inflatable bolts where necessary. The MAR utilizes welded wire mesh to increase safety on the skin of the opening. The bolter mentioned previously is also available for use in the MAR to improve employee safety and increase bolt installation efficiency.

**13.2.1 Operating Practices**

Idaho Strategic Resources implements the following practices to ensure that its support practices are in line with industry practices and practical knowledge gained from historic mining:

· Minimize stope mining time and fill time.

· Maintaining a minimum distance of 30 m from the MAR to Idaho Fault for long term stability.

· Utilize CRF and underhand method wherever possible to improve stability of individual cuts.

· Utilization of Swellex bolts in hangingwall of stopes where bond strength is a critical parameter.

· Proactive long Swellex support in areas with long spans to ensure long-term stability.

· Minimize Idaho Fault exposure by leaving an ore remnant along the hangingwall in stopes.

· Minimize Idaho Fault exposure by adherence to stope height and level design.

The Golden Chest ground support measures are the result of extensive experience at the Golden Chest and careful planning of stope design requirements. The typical stope sizes and the utilization of underhand cut-and-fill reflect conservative, commonly accepted design principles that take into account the nature of the specific ground at the Golden Chest.

13-3

**13.3 Underground Development**

The Golden Chest has two portals to access underground workings in the H and Paymaster areas. The main haulage for material out of the mine is the South Portal. The South Portal also serves as the ventilation intake. It was driven in 2015. The North Portal was driven in 2004 and serves as the mine's ventilation exhaust. An exploratory portal was driven in 2023 in the Jumbo Pit and will serve as the secondary escape for the Jumbo Reserve.

Development openings are designed to meet equipment and ventilation requirements with potential future production in mind. All main haulage ramps have dimensions of 4 m wide by 4.6 m tall. The North Ramp is the secondary escape/ventilation exhaust and is 3 m wide by 3 m tall. It is accessible to secondary equipment via the North Portal.

Planned Paymaster stopes would be accessed via two underground openings that tie back into the MAR. This would allow for one-way haulage traffic and utilize the existing two openings to the surface. Minor changes in the ventilation circuit would be required. An air door would be added to the Paymaster access ramp to divert fresh air to the Paymaster working headings. Jumbo vein ventilation will be supported by a small 30 hp ventilation fan as the total planned development ramp is short at only 190 meters.

**13.3.1 Ground Support**

Both the North and South Ramps are driven in Unit G of the Prichard formation which is a massive quartzite with favorable tunneling conditions. Ground support is carried out using Split-Set bolts and welded wire mesh. Proactive, extra-length support in the form of single run or connectable Swellex bolts is carried out at intersections and in other larger span areas to promote long-term stability. The planned Paymaster ramp would be driven in Unit G of the Prichard formation just at the current ramp is. The Jumbo ramp will be driven in Unit H of the Prichard formation, but far enough away from the Idaho fault to avoid complications from the fault material.

**13.3.2 Development Performance**

Initial mining by IDR took advantage of completed development done by Juniper Mining Company. IDR has hired the necessary development crews and acquired the necessary equipment to complete the needed development during 2025. IDR is on track to complete development in the planned time frame for 2026.

*Table 13-1 Development by Year and Company*

![](idr_ex961img172.jpg)

**13.4 Backfill**

IDR has utilized Cemented Rock Fill (CRF) at the Golden Chest to provide geotechnical stability and enable efficient extraction of the orebody. The CRF is mixed at the company's on-site surface plant and placed underground with underground trucks and LHD's. QA/QC of the CRF is completed on at least a daily basis and more regularly if weather conditions change. QA/QC consists of cement grout pulp density determinations by the operator using a Marcy Scale, slump cone tests, and CRF unconfined compressive strength (UCS) testing is done on site as well. The automated CRF plant allows for a consistent product with QA/QC oversight from plant operators. The UCS results of specific days are tested at 7 and 28 days and tracked to ensure long term quality for backfill. Independent UCS testing results of Golden Chest CRF have yielded similar strength results to the on-site UCS testing.

13-4

**13.5 Mine Equipment**

The mine equipment fleet has been expanded in the previous years to allow for expanded production. At this time there is a sufficient fleet of equipment on-site and the necessary maintenance crews to care for it. Major equipment is summarized below.

*Table 13-2 Underground Mine Equipment List, Idaho Strategic Resources—*

![](idr_ex961img173.jpg)

**13.6 Mine Infrastructure**

Mine Infrastructure is contained entirely on IDR patented mining claims at the Golden Chest. The majority of the infrastructure is immediately below the South Portal entrance to the mine. The construction of a paste plant building was completed in 2024 and an additional 500 kVA 3-phase service was installed at the paste plant. The mine infrastructure includes a total of 1000 kVA 3-phase service that is distributed in 2 locations at 500 kVA each. North and South ramps, ore bin, backfill plant, mine offices, paste plant building, and a mine shop. All milling infrastructure is located offsite at the New Jersey Mill in Kellogg, Idaho. A planned utility upgrade is planned for 2026 which will bring total installed power up to 2,000 kVA.

13-5

**13.7 Open Pit Mining Operations**

Three small open pits have been mined at the Golden Chest. There are no open pit Reserves at the Golden Chest. The largest of the mined pits was the Idaho Pit. The Idaho Pit was mined in 34 months from August 2016 to June 2020. All the material from this campaign of Golden Chest mining was shipped to the New Jersey mill in Kellogg, Idaho for processing using primarily flotation to produce a bulk sulfide concentrate that was marketed to Japan and South Korea. Occasional gold dore' was produced from cleanouts of the ball mill liners where gold tends to collect. Mill statistics for this Idaho Pit campaign are summarized below.

*Table 13-3 Idaho Pit Summary (August 2016-June 2020)*

![](idr_ex961img174.jpg)

13-6

**14.0 PROCESSING AND RECOVERY METHODS**

The New Jersey Mill located 3 km east of Kellogg, Idaho has processed material from the Golden Chest since 2017 from both open pit and underground sources. The New Jersey Mill uses a conventional bulk sulfide flotation flowsheet utilizing crushing, grinding, flotation, and paste tailings disposal. The flowsheet is depicted below in Figure 14-1.

**14.1 Crushing Circuit**

Ore is delivered from the Golden Chest to the stockpile pad at the New Jersey Mill by truck and pup trailers with an average payload of 30 dry metric tonnes. The ore is stockpiled with a 3 m<sup>3</sup> front-end loader and fed to belt feeder that conveys the material to a jaw crusher where it's crushed to pass about 10 cm. The material is then fed to a screen equipped with 1.25 cm openings. The fine material passes into the fine ore bin and the oversize material is conveyed back to a Metso HP 100 cone crusher for further crushing. Discharge from the cone crusher is fed back onto the screen feed belt so all material discharged into the fine ore bin must pass 1.25 cm.

**14.2 Grinding Circuit**

Ore is discharged from the fine ore bin at a rate of about 12 tonnes per hour by a conveyor that feeds a 2.5 m by 4.0 m ball mill. Lime is added on the ball mill feed conveyor to increase the pH to 10.0 in the flotation circuit. Water and a flotation collector reagent are added to the ball mill feed. The ball mill discharges into a sump where more water is added before the slurry is pumped to a hydro-cyclone that controls the grind achieved by the ball mill. Cyclone overflow is delivered to the flotation circuit and coarse particles report to the cyclone underflow which is routed back to the ball mill for regrinding.

**14.3 Flotation Circuit**

Cyclone overflow is piped to a trash screen at the head end of the rougher flotation circuit. Flotation reagents including Aerofloat 208, potassium amyl xanthate, and MIBC are introduced into the rougher feed. Rougher flotation consists of a single Wemco 144 cell followed by in series by the scavenger cells which are bank of five Wemco 66D cells. All rougher concentrate and scavenger concentrate reports to the cleaner circuit which consists of two banks of three Wemco 40 cells operated in series. Concentrate from the second bank of cleaner cells is the final concentrate. The concentrate is thickened and pumped to a plate-and-frame filter press where it's dried to about 6% moisture and dropped into 2-tonne supersacks ready for delivery to copper smelters in Asia.

**14.4 Tailings Circuit**

Tailings from the scavenger circuit is pumped to two 4-meter diameter deep cone thickeners (DCT) operated in parallel. Flocculant is added to the feed to promote settlement of solids. The pulp density of the feed is approximately 32% solids and the underflow from the DCT's ranges from 60% to 66% solids. Underflow is pumped using peristaltic hose pumps into the hopper of a positive displacement piston pump which generates enough pressure to deliver the paste tailings to the tailings storage facility (TSF). Clear overflow water is piped to a storage tank and recycled back through the process. Makeup water for the process is sourced from a groundwater well adjacent to the mill. The Company received a "Pollution Prevention Champion" award from the Idaho Department of Environmental Quality for its paste tailings process because of the water savings compared to conventional tailings disposal. Water is not discharged from the TSF to surface waters of the USA, but land applied to the TSF footprint.

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![](idr_ex961img175.jpg)

*Figure 14-1 New Jersey Mill Flowsheet*

**14.5 Mill Production**

Mill production and recovery for the period from 2016 through December 31, 2024, are summarized in the table below. During this period only material from the Golden Chest was processed. The material was mined from a combination of open pits and the underground mine. Approximately 48% of the mill feed was from the open pit source and the remainder from the underground.

*Table 14-1 Mill Production Summary*

---

| | |
|:---|:---|
| Parameter | Value |
| Tonnes Processed (dry metric tonnes) | 372350 |
| Head Grade (gpt Au) | 5.54 |
| Tailings Grade | 0.516 |
| Concentrate Grade | 317 |
| Tonnes Concentrate (dry metric tonnes) | 5909 |
| Gold Recovery | 90.8% |

---

Gold recovery was lower for open pit material because the sulfides were partially oxidized which reduces recovery in the flotation circuit. The QP's have observed that unoxidized, underground material has exhibited an average gold recovery of 93% and believe this is an appropriate recovery to use for resource and reserve calculations for underground mining.

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**14.6 Mill Workforce**

The mill workforce is comprised of two crusher operators and eight mill operators for a total workforce of 11 individuals. The mill currently operates on a four-day week so milling capacity could be increased by adding personnel to get to a seven-day week.

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**15.0 INFRASTRUCTURE**

The Golden Chest mining operations have been ongoing since 2012 and infrastructure at the site has been well developed to this point. Infrastructure includes a core shed, mine dry, paste plant building, and a shop building situated on the dump of the Old No. 3 Level. In 2024 a new steel-framed building 80 feet wide by 150 feet long was built on the dump of the North Portal. This building will initially house the paste backfill plant but was built large enough to house a new flotation mill of similar size to the existing New Jersey Mill. See Figure 15-1. Year-round access to the mine is provided by Forest Highway 9 which is maintained by Shoshone County. Mine water supply is provided from historic underground workings and power is provided by an overhead transmission line from Wallace with a total service capacity to the mine of 1,000 kVA. In 2026, a planned upgrade of the transmission line will increase the total available power at the mine to 2,000 kVA.

**15.1 Roads and Logistics**

The Golden Chest is approximately 64 km (40 mi) from Kellogg, Idaho via paved roads maintained by the State of Idaho and Shoshone County. On site access to the mine is provided by a network of dirt and gravel roads that IDR maintains. The on-site roads are graded yearly or as necessary and designed for year-round use. Snow maintenance on site is completed by a contractor and IDR employees.

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**15.2 Mine Layout**

![](idr_ex961img181.jpg)

*Figure 15-1 Infrastructure Layout.*

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**15.2.1 Waste Rock Storage**

The Golden Chest has two areas for development rock storage. The Rock Storage Site (RSS) and the Idaho Pit. The Rock Storage Site was designed for Idaho Pit waste rock and has been undergoing concurrent reclamation. Reclamation includes regrading to a 2:1 slope and revegetation with natural flora. Approximately 3,000 trees were planted on the RSS in 2022. Recontoured slopes are seeded with grasses and local shrubbery as well.

Development rock not used for CRF is placed into the mined-out Idaho Pit which also reduces water seepage into historic underground workings.

**15.2.2 Tailings Disposal**

Paste tailings facilities are located at the New Jersey Mill in Kellogg, Idaho. The Golden Chest was recognized in 2015 by the Idaho Department of Environmental Quality as a Pollution Prevention Champion with an associated award for the paste tailings technology. Associated details about tailings infrastructure can be found in Section 14 of this report.

**15.2.3 Power**

The Golden Chest is serviced by Avista grid power in an amount not to exceed 1,000 kVA. This expansion from 500 kVA was completed in 2025. A planned expansion to 2,000 kVA is planned for 2026.

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**16.0 MARKET STUDIES**

**16.1 Market Overview**

The Golden Chest ore is milled at the New Jersey Mill in Kellogg, Idaho to produce a bulk-sulfide flotation concentrate which is primarily composed of iron sulfide (pyrite). The flotation concentrate usually contains about 250 gpt gold and 80 gpt silver, and the Company is paid for both metals, though silver is a minor component of sales. On occasion the ball mill will be cleaned out and a gold-gravity concentrate will be reduced to a dore' bullion and sold to a US-based gold refinery.

The annual global gold supply is about 160 million ounces, so the Company is a minor producer of gold on a global scale. The Company's flotation concentrate is typically shipped to copper smelters in Asia where the pyrite helps fuel the smelting process and is also desirable because of its high gold content. Most marketing effort is spent finding a smelter that finds the concentrate suitable for its process and will buy it. The Company has contracted with a concentrate broker, H&H Metals Corp., to facilitate the marketing of its flotation concentrate since 2016.

**16.2 Commodity Price Projections**

The Company uses a trailing three-year average gold price to calculate Mineral Reserves and Resources. For the Mineral Reserves and Resources at the year ending December 31, 2025, the Company used a gold price of $2,580 per troy ounce. Silver is ignored in the reserve calculations. The Company's QP's believe the use of a three-year trailing average gold price is reasonable for the 2025 Mineral Reserves and Resources given current world economic trends and gold market fundamentals.

**16.3 Contracts**

As mentioned above, a concentrate broker, H&H Metals Corp. (H&H), is contracted with the Company to facilitate concentrate sales to smelters in Asia, primarily. H&H is an unaffiliated party and provides a provisional payment equal to 90% of the expected net smelter return once 10 wet metric tonnes of concentrate are produced and sampled. A final settlement is made once the concentrate has been delivered to the smelter, sampled, and assays have been traded between the parties. The H&H contract deducts fees for treatment charges, refining fees, transportation, and sampling costs. Additionally, penalties may be assessed for lead and zinc over 2% individually, and excessive moisture greater than 10% by weight.

On occasion, the Company may enter hedging contracts to lock in the gold price on flotation concentrate produced and for which it has received a provisional payment. H&H provides the hedging as part of their service to the Company.

IDR employees perform the mining and mill duties, but the Company also contracts with a local general contractor for ore haulage to the New Jersey mill, and other associated earthwork. This contracted work is usually performed for an hourly rate competitive with local market conditions.

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**17.0 ENVIRONMENTAL STUDIES, PERMITTING, AND PLANS, NEGOTIATIONS, OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS**

**17.1 Environmental Studies and Permitting**

The Golden Chest Mine and New Jersey Mill are both located on private land and although no comprehensive baseline environmental impact study has been completed, all the required permits to operate have been obtained and are detailed below. Each permit application addresses the potential environmental impact of the operation, has plans for monitoring, and presents a reclamation or closure plan. A summary of the permits held by the Company for mining at the Golden Chest are summarized in the table below.

*Table 17-1 Environmental Permits*

![](idr_ex961img184.jpg)

**17.2 Surface Mine Permit**

The Golden Chest has a surface mining permit and reclamation plan from the Idaho Department of Lands (IDL) to allow operating an open pit mine. The plan presents a design for a rock storage site, addresses open pit slope stability, water monitoring activity, and Best Management Practices (BMP's) to control runoff and mitigate the impact of the surface mining operation. The reclamation plan includes re-sloping the waste rock site to a 2 to 1 slope, placing a topsoil cover and reseeding. Mitigation plans for potential acid rock drainage are also included and a post-closure monitoring period of five years is part of the plan. A cash bond of $103,000 which is the estimated reclamation cost was posted with IDL. Water is monitored for pH and metals at five different surface monitoring sites and three ground monitoring wells on a quarterly basis under a Quality Assurance Project Plan (QAPP) and results are submitted to the Idaho Department of Environmental Quality (IDEQ).

Surface disturbance associated with the underground mine is permitted under the surface mining plan and discharge water from the underground is land applied under an exemption from permitting by the IDEQ or pumped to the shallow injection well site permitted with the Idaho Department of Water Resources (IDWR).

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**17.3 Tailings Storage Facility (TSF) Permit**

The New Jersey Mill utilizes a unique tailings disposal technique known as paste tailing disposal which recycles process water and minimizes water stored in the TSF by thickening tailings and discharging to the TSF at high pulp densities. This greatly simplifies the permitting as there is no discharge of water to surface waters of the US.

An engineered plan for the expansion of the existing New Jersey Mill TSF was completed by a third-party engineering firm and submitted to the Idaho Department of Water Resources (IDWR) in 2021. IDWR approved the plans for construction in 2022. The TSF expansion plan has a downstream buttress to increase post-earthquake stability. A cash bond of $117,000 was posted with the IDWR which is the estimated reclamation cost. A post closure plan calls for capping the tailings with clean fill and seeding with grass and conifer trees. A five-year post closure monitoring period is part of the TSF expansion plan.

**17.4 Cyanidation Permit**

The New Jersey Mill holds an Idaho cyanidation permit from the IDEQ that was originally planned for a concentrate leach circuit. Approximately 130 tonnes of concentrate were leached before the Company decided to submit a closure plan to the IDEQ since the process was deemed unnecessary. Estimated closure costs related to the cyanidation plan are $25,000 which was posted with the IDEQ in the form of a certificate of deposit. The closure plan is currently under review by the IDEQ and a water monitoring program that includes monitoring three groundwater wells and three surface water sites will continue for five years past the closure date of the TSF.

**17.5 Stormwater Permits**

Both the mine and the mill hold US EPA Multi-Sector General Stormwater Permits. A series of BMP's such as straw wattles, silt fences, sumps, and ditches are used to mitigate erosion and the impact of stormwater runoff from the mine and mill. BMP's are monitored quarterly concurrent with water sampling.

**17.6 Community and Social Aspects**

As stated on the Company's website, "Idaho Strategic Resources' corporate philosophy is a direct reflection of the personal motivations and individual belief systems of our employees and preferred contractors. We live, work, and raise families in the extended communities where we operate, thus we have a deep-seated desire to protect our neighborhoods and environment for future generations. We are committed to preserving the best elements of our history while remaining open to opportunities to restore and protect our environment. Idaho Strategic Resources promotes a policy of "We Live Here" when it comes to relationships with the community." The Company's hiring practice of employing local employees where a low turnover rate is observed and procuring supplies and services from local vendors demonstrates the Company's commitment to the local community in the opinion of the QP.

**17.7 Comments on Environmental Permitting and Monitoring**

The QP's believe the Company's operations are adequate and in compliance with the appropriate environmental regulations. Current permitting and monitoring tasks are handled by the engineering and geology staff. The scope of operations has increased enough that hiring an environmental professional is recommended.

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**18.0 CAPITAL AND OPERATING COSTS**

**18.1 Capital Costs**

Capital costs for the Golden Chest are comprised of development costs for the Main Access Ramp (MAR), capital for mining equipment, and mill capital. All dollar amounts are presented in U.S. dollars (USD).

This development consists of the Main Access Ramp (MAR) meterage/tonnage, attack ramps, ventilation raises, and ancillary development (sumps, muck bays, laydowns, etc.). If specific equipment or infrastructure is required to reach a stope block, then it is included in the capital for that specific block. Development costs for the 2025 Reserve are shown below, this arrangement represents the current reserve schedule for the H-Vein, Idaho Vein, Jumbo Vein, and Paymaster Vein. The schedule may change as more reserves or other targets are identified. This schedule is provided only to estimate the capital and operating costs associated with the current reserve as of December 31, 2025.

*Table 18-1 Development Cost Estimates Associated with Reserves*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total** | **Unit** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** |
| **MAR Tonnes** | 172655 | Tonnes | 29030 | 42213 | 37117 | 35921 | 17447 | 10927 |
| **Attack Ramp Tonnes** | 189165 | Tonnes | 30790 | 26290 | 24097 | 45337 | 42278 | 20374 |
| **MAR Cost** | $10359297 | USD | $1741800 | $2532788 | $2227006 | $2155277 | $1046819 | $655607 |
| **Attack Ramp Cost** | $11349927 | USD | $1847400 | $1577406 | $1445811 | $2720202 | $2536662 | $1222446 |

---

Capital costs are estimated based on the long-range design necessary to develop the entire 2025 Reserve. The development costs are derived from actual costs from mining and are considered to be within plus or minus (+/-) 15%.

Some development may have already occurred, and some levels may be left idle depending on management's mining decisions. The purpose of attributing development costs to the reserve block is to illustrate the economic prospects of the reserve block to pay back its attributable development.

Mine capital costs are estimated at $20,500,000 for the life of the 2025 reserve. The bulk of the project capital ($10,000,000) is spent in the first year. This represents mill construction and mine upgrades to efficiently extract the current reserve. The required equipment to develop the 2025 Reserve is in place. This approach is conservative in that it assumes that no new reserve tonnes are identified, although new reserves have been identified in prior years.

**18.2 Operating Costs**

Operating costs used for the definition of reserves at year end 2025 are based on the previous year's calculated costs per tonne with adjustments for the projected year's mill feed source. Operating costs for the Golden Chest are based on actual cost information from the mining operation and represent accuracies of +/-10%. A table of operating costs is shown below.

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*Table 18-2 2025 Annual Costs per Tonne and Mine Planning/Reserve Costs Used.*

![](idr_ex961img185.jpg)

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**19.0 ECONOMIC ANALYSIS**

**19.1 Economic Criteria**

Underground Mineral Reserves represent approximately 6 years of mill feed at the New Jersey Mill/Golden Chest Mill. Additional Reserves may or may not be defined by future mining and drilling operations. For this economic analysis only the currently defined Reserves are included. The 2025 Reserve was evaluated on a yearly basis including estimated capital costs for economic viability.

**19.1.1 Physicals**

· Total mill feed processed: 338,521 tonnes

· Average processing rate: 175 tonnes per shift

*Table 19-1 Underground Reserve Scenario Production Summary*

---

| | | | |
|:---|:---|:---|:---|
| Commodity | Head Grade (gpt) | Mill % Recovery | Mill Recovered Au Troy Oz. |
|  Au | 6.95 | 93 | 70300 |

---

**19.1.2 Estimation Parameters**

· Gold price used in the economic analysis is a constant $2,580 per troy ounce representing a 3-year trailing average (2025, 2024,2023).

· Constant smelter payment factor of 91%

· Constant Net of Smelter Royalty (NSR) of 2%

· Constant Ore haulage cost of $16.00 per tonne

· Constant milling cost of $60.00 per tonne

· Constant ore mining with fill of $190.00 per tonne

· Constant G&A cost of $15.00 per tonne

· Constant development cost of $60.00 per tonne

· Reserve life of six years

· Capital costs of $20,500,000 for the six-year period including mill construction, ramp development, and sustaining capital.

**19.1.3 Taxation and Royalties**

Idaho Strategic Resources pays property tax in Shoshone County and occasionally a Net Profit Tax to Shoshone County. Federal and state income tax is anticipated to be paid in 2026. For the purpose of demonstrating economic viability, income taxes are ignored in this analysis.

The current production zone is subject to a 2% NSR royalty payable to Calibre Mining Corp. which is included in the estimate. Property taxes and net profit taxes paid to Shoshone County are minor compared to the 2% NSR and are neglected in this analysis.

**19.2 Cash Flow Analysis**

Cash flow analysis of the Golden Chest Mineral Reserves is presented below. The cash flow considers mill feed, grade, and tonnes, as well as associated operating and capital costs discussed in previous sections. A 10% discount rate was applied for a net present value (NPV) analysis. A 10% discount rate was chosen as the company feels that this is an appropriate discount rate given the inherent uncertainty of any underground mining operation. The schedule mines the reserve in all vein domains while balancing mill feed tonnes and metallurgically recovered ounces as much is possible.

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The results of this analysis indicate a positive cash flow of approximately $29,515,000 over 4 years at the base case. Capital requirements are paid within the year and the positive cash flow indicates economic viability at the base case $2,580 per troy ounce gold price. The NPV at a 10% discount rate is approximately $21,550,000 over the six-year project period.

*Table 19-2 Table of Golden Chest Underground Reserve Cash Flows*

![](idr_ex961img186.jpg)

**19.3 Sensitivity Analysis**

The Golden Chest underground reserve's annual cash flow was evaluated for its sensitivity to the following variables.

· Metal grade

· Metal recovery

· Metal price

· Operating costs

· Capital costs

19-2

![](idr_ex961img187.jpg)

*Figure 19-1 Sensitivity Analysis of Golden Chest Underground Reserves*

All relationships between a single variable and the cash flow are linear and can be interpolated further to estimate further variances from the base case.

The sensitivity analysis illustrates a commonly found sensitivity to metal prices and recoveries. Milling recovery, smelter payment, grade, and gold price show an exact relationship with each other, and are the most sensitive variables in the estimate. The Operating Costs are the second most sensitive variable.

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**20.0 ADJACENT PROPERTIES**

Like other long lived mining districts, there are abundant patented and unpatented claims in the area. Two notable, large claim groups; the Mother Lode and Butte Gulch, are immediately adjacent to the mine. IDR patented and unpatented land, adjacent patented land and historic mining prospects are shown in Figure 20-1.

The Mother Lode claim block consists of 6 patented claims and 26 unpatented claims. The claim block is currently owned by Mother Lode Gold Mines, Inc. (William Campbell, Spokane, Washington, USA). The Mother Lode claim block lies on the south side of Prichard Creek, and to the southwest of the mine. When Newmont Exploration Limited was exploring at the Golden Chest (1987-1990), they had extended their mine boundary to include the Mother Lode property due to it containing similar geology. Some drilling was completed before the Mother Lode was returned to its owner. Total historical gold production from the Mother Lode mine is unknown, but is probably greater than 25,000 oz (Shenon, 1938). Most of this production occurred before 1917.

The Butte Gulch patented claim group adjoins the east side of the mine. The Butte Gulch property was part of the Golden Chest land package until the early 1990's, when it was divided. In 2019, IDR purchased the mineral rights to the Butte Gulch patented claim group. The surface rights of the Butte Gulch property were purchased in 2024. Butte Gulch was placer mined during the original Murray gold rush and has been reworked several times since, with the latest work occurring in the 2020's.

![](idr_ex961img188.jpg)

*Figure 20-1 Map of Adjacent Properties*

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**21.0 OTHER RELEVANT DATA AND INFORMATION**

No additional information or explanation is necessary to make this TRS understandable and not misleading.

21-1

**22.0 INTERPRETATION AND CONCLUSIONS**

The QP's offer the following interpretations and conclusions by area.

**22.1 Geology and Mineral Resources**

· The Company has completed a Mineral Resource Estimate for the year ending December 31, 2025 and the QP's have reviewed the estimate and find it to be consistent SK-1300. Measured and Indicated Resources at the Golden Chest Mine total 1,086,503 tonnes at a grade of 4.09 gpt gold with Inferred resources totaling 582,878 tonnes at a grade of 2.98 gpt gold. The Mineral Resources are exclusive of the Mineral Reserves <u>.</u> 

· Core sampling is supervised by professional geologist and sampling procedures meet industry best practices.

· The sample preparation, security, and analytical procedures for core samples were consistent with generally accepted industry best practices.

· The QA/QC procedures for core samples are consistent with generally accepted industry standards. However, a persistent, low bias in assay results was found in the 3 gpt standard and 4 4 gpt standard. But in the second half of 2025 it appears that the low bias was no longer present.

· Blanks and standards are currently included with round samples from the stope rounds on a weekly basis.

· The QP's review of database validation yielded no deficient procedures or data. The sample database is valid for reserve and resource calculations.

**22.2 Mining and Mineral Reserves**

· The Mineral Reserve estimate of has been reviewed by the QP's and found to be in accordance with the definitions for Mineral Reserves in S-K 1300. Mineral Reserves at December 31, 2025 are 338,521 tonnes at an average grade of 6.95 gpt gold using a gold price of $2,580 per troy ounce.

· About two-thirds of the Mineral Reserves are in the Paymaster Veins, with the remainder split nearly equally between the H-Vein and Jumbo Vein.

· Mineral Reserves are prepared by qualified personnel with appropriate supervision using industry-standard mining software.

· The QP's believe the use of a trailing three-year average gold price is appropriate and consistent with generally accepted practices within the mining industry.

· The mining methods at the Golden Chest are underhand cut-and-fill utilizing cemented rock fill (CRF) and overhand cut-and-fill using gob (waste) fill where appropriate in the stopes.

· The mining method is appropriate for this type of vein deposit and the ground conditions with minimum widths of 2.5 m in the H-Vein and Paymaster Veins while an average stope width of 3.0 m is utilized in Paymaster and Jumbo stopes.

· The Mineral Reserve is based on the underhand cut-and-fill, and the overhand cut-and-fill mining methods.

· Dilution is accounted for in the Mineral Reserve estimate and extraction is assumed to be 100%.

· The ground support plan with the use of Swellex-bolts in conjunction with CRF in the Idaho Vein has improved geotechnical stope stability.

· The mine uses 1.5 m<sup>3</sup> rubber-tired LHDs along with diesel-hydraulic drill jumbos, a 22-tonne haul truck, and a 30-tonne haul truck.

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**22.3 Mineral Processing**

· Material is shipped from the Golden Chest Mine in Murray, Idaho to the New Jersey Mill in Kellogg, Idaho for processing using highway dump trucks with pups.

· The New Jersey Mill operates as a bulk flotation plant at a rate of approximately 40,000 tonnes per year to produce a bulk-sulfide concentrate for sale to copper smelters in Asia.

· The mill has processed nearly 372,350 tonnes of material from the Golden Chest open pit and underground and achieved gold recovery of 90.8% with an average concentrate grade of 317 gpt gold.

· The mill has achieved higher gold recovery of 93% for straight underground material, the Idaho and H-Veins. This is an appropriate gold recovery to use for underground Mineral Reserve estimates.

· Previous campaigns of processing material from the Golden Chest at the 100 tpd New Jersey Milling from 2005 to 2009 provided metallurgical testing information at a bulk-sample scale.

· RDI performed metallurgical testing evaluating gravity, flotation, and cyanidation processes using core samples from the Skookum Shoot.

· Blue Coast Research performed flotation test work that demonstrated slightly higher gold recoveries could be achieved with a finer grind.

· The New Jersey Mill utilizes the novel process of paste tailings disposal and recycles process water to minimize its impact on the environment.

**22.4 Infrastructure**

· The Golden Chest Mine is accessible all year round via a paved highway known as Forest Highway 9 and has all the necessary infrastructure to mine at the current rate.

· An expansion to provide another 1,000 kVA was substantially advanced in 2025.

**22.5 Environment**

· The Golden Chest Mine and New Jersey Mill have all the necessary environmental permits to operate.

· The Company has posted bonds to cover the cost of reclamation at both the Golden Chest and New Jersey Mill.

· The Company promotes a "We Live Here" philosophy which encourages a commitment to the environment because employees and management all live and recreate in the local area. Local hiring and buying are also encouraged under this philosophy.

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**23.0 RECOMMENDATIONS**

The QP's offer the following recommendations by area.

**23.1 Geology and Mineral Resources**

1. Continue to drill each vein identified at the Golden Chest as all are open to define increased resources.

**23.2 Mining and Mineral Reserves**

1. Evaluate other geostatistical methods such as Kriging and try to optimize grade estimation.

2. Complete the construction of a paste backfill system for the potential to reduce operating costs.

3. Attempt to expand Mineral Resources and Reserves with more core drilling targeting the H-Vein, Paymaster Veins, and the Klondike (Red Star) area.

**23.3 Mineral Processing**

1. Consider hiring a metallurgical engineer to manage the mill and metallurgical programs as the scope of the entire operation has increased.

**23.4 Infrastructure**

1. Complete the construction to add another 1,000 kVA electrical service to the Golden Chest which would result in a 2,000 kVA service at the property.

**23.5 Environment**

1. Consider hiring a full-time environmental professional or environmental contractor as the scope of operations has increased.

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**24.0 REFERENCES**

Ash, C., and Alldrick, D., 1996: Au-quartz Veins, in Selected British Columbia Mineral Deposit Profiles, Volume 2 - Metallic Deposits, Lefebure, D.V. and Hõy, T, Editors, British Columbia Ministry of Employment and Investment, Open File 1996-13, pages 53-56.

Brown, Alexander, 2019, The Geology and Geochemistry of the Golden Chest Gold Deposit, Murray, Idaho: unpublished Master Thesis, Montana Tech, Butte, MT, 135 p

Chavez, J., 1990, Newmont Exploration Limited, Golden Chest Mine: Exploration Summary.

Cressman, E.R., 1989, Reconnaissance Stratigraphy of Prichard Formation (Middle Proterozoic) and the Early Development of the Belt Basin, Washington, Idaho, and Montana. U.S. Geological Survey Professional Paper 1490, 80 p.

Gammons, C., 2009. Professor, Dept. of Geological Engineering. Montana Tech of The University of Montana. E-mail communication.

Gammons, C., 2020, <sup>40</sup>Ar/<sup>39</sup>Ar Geochronology of Golden Chest Hydrothermal Sericite; Dept of Geological Engineering, Montana Tech of the University of Montana, in conjunction with the New Mexico Geochronological Research Laboratory. Internal Report NMGRL-IR-1173B

Goldbarb, R.J., Baker, Timothy, Dubé, Benoît, Groves, D.I., Hart, C.J.R., and Gosselin, Patrice, 2005, Distribution, Character, and Genesis of Gold Deposits in Metamorphic Terrances: Economic Geology 100th Anniversary Volume, pp. 407-450

Gott, G.B., and Cathrall, J.B., 1980, Geochemical-Exploration Studies in the Coeur d'Alene District, Idaho and Montana: U.S. Geological Survey Professional Paper 1116, 63 p.

Groves, D.I., Goldfarb, R.J., Gebre-Mariam, M., Hagemann, S.G., and Robert, F., 1998, Orogenic gold deposits: A proposed classification in the context of their crustal distribution and relationship to other gold deposit types: Ore Geology Reviews 13, p.7-27, published by Elsevier Science B.V.

Hart, C.J.R., 2005, Classifying, Distinguishing and Exploring for Intrusion-Related Gold Systems. Canadian Institute of Mining – Geological Society "The Gangue" Issue 87, October 2005.

Hausen, 1987, Newmont Golden Chest petrographic work, private report.

Hershey, O. H., 1916, Origin and distribution of ore in the Coeur d'Alene: Mineral Science Press, book 21, shelf, 7.

Hobbs, S.W., Griggs, A.B., Wallace, R.E., and Campbell, A.B., 1965, Geology of the Coeur d' Alene district, Shoshone County, Idaho: U.S. Geological Survey Professional Paper 478, 139 p.

Hosterman, J.W., 1956, Geology of the Murray Area, Shoshone County, Idaho: U.S. Geological Survey Bulletin 1027-P, p. 725-748.

Idaho State University, 2017, Digital Geology of Idaho: http://geology.isu.edu/Digital_Geology_Idaho/

Keenan, Chester, J., 1916, Preliminary Report, May 5, 1916. unpublished report.

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Lewis, R.S., T.H. Kiilsgaard, E.H. Bennett, and W.E. Hall, 1987, Lithologic and chemical characteristics of the central and southeastern part of the southern lobe of the Idaho Batholith, in T.B. Vallier and H.C. Brooks, editors, Geology of the Blue Mountains Region of Oregon, Idaho, and Washington: The Idaho Batholith and its Border Zone: US Geological Survey Professional Paper 1436, p. 151-196.

Lindgren, W., 1933. Mineral Deposits. McGraw Hill, New York and London, 930 p.

Marvin, R.F., Zartman, R.E., Obradovich, J.D., and Harrison, J.E., 1984, Geochronometric and lead isotope data on samples from the Wallace 1 x 2 quadrangle, Montana and Idaho: U.S. Geological Survey Miscellaneous Field Studies Map MF-1354-G, 1 plate.

McLachin, R., 2016, Geological Society of America (GSA) poster at 68th annual meeting, GSA Rocky Mountain Section, Moscow, Idaho, May, 2016. https://gsa.confex.com/gsa/2016RM/webprogram/Paper276190.html.

Mitchell, V.E., Reed, S.L., and Larsen, J, 2021, Digital Geology of Idaho website, https://digitalgeology.aws.cose.isu.edu/Digital_Geology_Idaho/Module7/mod7.htm

Mulholland, P., 2015, Juniper Mining Company, , final Mine report.

Murahwi, C., San Martin, A. J., and Gowans, R., 2011: Technical Report on the Initial Resource Estimate for the Golden Chest Property, Idaho, United States, effective date December 31, 2011.

Murahwi, C., San Martin, A. J., and Gowans, R., 2012: Golden Chest Property, Idaho, United States 43-101F1 Technical Report, effective date December 31, 2012.

Pertzel, B., 2017, Intrusion-related Gold Systems. Pertzel, Tahan & Associates PTY http://www.mrt.tas.gov.au/mrtdoc/tasxplor/download/14_6803/EL402008_201312_03_Appendix.pdf.

Randall, T., 2014, Metallurgical Testing of Juniper Samples, Golden Chest Mine-Idaho. Resource Development Incorporated (RDI), Wheat Ridge, CO.

Ross, Katherina, 2010, in Rhys, David, 2010, Review of structural setting and potential of gold prospects on the Toboggan Mine, Idaho. Newmont Exploration private report

Rowe, J.E., 1908, The Coeur d'Alene Mining District, Idaho, The Mining World, December 5, 1908.

Ransome, Frederick L. and Calkins, Frank C., 1908, Geology and Ore Deposits of the Coeur d 'Alene District, Idaho, USGS Professional Paper 62.

Schalck, D.K., 1989, The geology and alteration of the Gem stocks, Shoshone County, Idaho, in V.E. Chamberlain, R.M. Breckenridge, and Bill Bonichsen, editors, Guidebook to the Geology of Northern and Western Idaho and Surrounding Area: Idaho Geological Survey Bulletin 28, p. 125-135.

Shenon, P.J., 1938, Geology and Ore Deposits Near Murray, Idaho. Idaho Bureau of Mines and Geology Pamphlet 47, 44 p.

Sillitoe, R.H. 1991, Intrusion-related gold deposits. In: Foster, R.P. (ed.), Metallogeny and Exploration of Gold. Blackie and Sons, Glasgow, p. 165-209.

24-2

**25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT**

This TRS has been prepared by the QP's for IDR. The QP's are employees of IDR, and they are Grant A. Brackebusch, P.E. (Vice President – Operations), Robert J. Morgan, PG PLS (Vice President – Exploration), and Andrew A. Brackebusch, P.E. (Mine Engineer).

The information, conclusions, opinions, and estimates contained herein are based on

· Information available to the QP's at the time of the writing of this TRS,

· Assumptions, conditions, and qualifications as set forth in this TRS,

· And data, reports provided by IDR and third-party sources.

The QP's relied on information provided by IDR's legal counsel regarding the mineral rights on the Joe Dandy patented claim. The QP's consider this reasonable as the legal counsel is an attorney with experience with mining law.

The QP's relied on tax information from the Company's tax accountant regarding the size of a tax loss carryover for the Company so that taxes can be ignored on the economic analysis of Mineral Reserves. The QP's consider this reasonable at the tax accountant has experience in tax preparation.

The QP's believe they have taken the steps, in their professional opinion, to assure the information used to prepare this report is valid.

25-1<br>

**26.0 DATE AND SIGNATURE PAGE**

This report titled "Technical Report Summary on the Golden Chest Mine, Idaho" with an effective date of December 31, 2024, was prepared and signed by:

<u>Grant A. Brackebusch, P.E.</u>

<u>Vice President - Operations, Idaho Strategic Resources, Inc.</u>

<u>Dated: March 20, 2026</u>

![](idr_ex961img189.jpg)

<u>Robert J. Morgan, PG, PLS</u>

<u>Vice President – Exploration, Idaho Strategic Resources, Inc.</u> 

<u>Dated: March 20, 2026</u>

![](idr_ex961img190.jpg)

<u>Andrew A. Brackebusch, P.E.</u>

<u>Mine Engineer—Golden Chest Mine, Idaho Strategic Resources, Inc.</u>

<u>Dated: March 20, 2026</u>

![](idr_ex961img191.jpg)

26-1<br>

**27.0 Appendix 1 General Statistics and Histograms for All Domains**

![](idr_ex961img192.jpg)

*Figure 27-1 H-Vein Composite Statistics*

![](idr_ex961img193.jpg)

*Figure 27-2 Paymaster Hangingwall Vein Composite Statistics*

27-1

![](idr_ex961img194.jpg)

*Figure 27-3 Paymaster Footwall Vein Composite Statistics*

![](idr_ex961img195.jpg)

*Figure 27-4 Paymaster Hangingwall Splay Vein Composite Statistics*

27-2

![](idr_ex961img196.jpg)

*Figure 27-5 Jumbo Vein Composite Statistics*

![](idr_ex961img197.jpg)

*Figure 27-6 Bush Vein Composite Statistics*

27-3

![](idr_ex961img198.jpg)

*Figure 27-7 Bush Splay Composite Statistics*

![](idr_ex961img199.jpg)

*Figure 27-8 31 Vein Composite Statistics*

27-4

![](idr_ex961img200.jpg)

*Figure 27-9 37 Vein Composite Statistics*

![](idr_ex961img201.jpg)

*Figure 27-10 Popcorn Vein Composite Statistics*

27-5

![](idr_ex961img202.jpg)

*Figure 27-11 Klondike Hangingwall Composite Statistics*

27-6

**28.0 Appendix 2 Variography for Golden Chest Domains**

![](idr_ex961img203.jpg)

*Figure 28-1 Skookum Area Jumbo Vein Experimental Variogram with Modeled Variogram*

![](idr_ex961img204.jpg)

*Figure 28-2 Skookum Area H Vein Experimental Variogram with Modeled Variogram*

28-1

![](idr_ex961img205.jpg)

*Figure 28-3 Skookum Zone Footwall Domain Experimental Variogram and Modeled Variogram*

![](idr_ex961img206.jpg)

*Figure 28-4 Paymaster Area Idaho Vein Experimental Variogram with Modeled Variogrom*

28-2

![](idr_ex961img207.jpg)

*Figure 28-5 Paymaster Area Jumbo Vein Experimental Variogram with Modeled Variogram*

![](idr_ex961img208.jpg)

*Figure 28-6 Klondike Hangingwall Experimental Variogram with Modeled Variogram*

28-3

![](idr_ex961img209.jpg)

*Figure 28-7 Klondike Zone Popcorn Vein Experimental Variogram with Modeled Variogram*

28-4

## Exhibit 97.1

&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBIT 97.1**

**IDAHO STRATEGIC RESOURCES, INC.**

**POLICY FOR THE**

**RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

**A. OVERVIEW**

In accordance with the applicable rules of The New York Stock Exchange Listed Company Manual (the ***"NYSE Rules"***), Section 10D and Rule 10D-1 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***") ("***Rule 10D-1***"), the Board of Directors (the "***Board***") of Idaho Strategic Resources, Inc. (the "***Company***") has adopted this Policy (the "***Policy***") to provide for the recovery of erroneously awarded Incentive-based Compensation from Executive Officers. All capitalized terms used and not otherwise defined herein shall have the meanings set forth in Section H, below.

**B. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event of an Accounting Restatement, the Company will reasonably promptly recover the Erroneously Awarded Compensation Received in accordance with NYSE Rules and Rule 10D-1 as follows:

(i) After an Accounting Restatement, the Compensation Committee (if composed entirely of independent directors, or in the absence of such a committee, a majority of independent directors serving on the Board) (the "  ***Committee***") shall determine the amount of any Erroneously Awarded Compensation Received by each Executive Officer and shall promptly notify each Executive Officer with a written notice containing the amount of any Erroneously Awarded Compensation and a demand for repayment or return of such compensation, as applicable.

(a) For Incentive-based Compensation based on (or derived from) the Company's stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in the applicable Accounting Restatement:

i. The amount to be repaid or returned shall be determined by the Committee based on a reasonable estimate of the effect of the Accounting Restatement on the Company's stock price or total shareholder return upon which the Incentive-based Compensation was Received; and

ii. The Company shall maintain documentation of the determination of such reasonable estimate and provide the relevant documentation as required to the NYSE.

(ii) The Committee shall have discretion to determine the appropriate means of recovering Erroneously Awarded Compensation based on the particular facts and circumstances. Notwithstanding the foregoing, except as set forth in Section B(2) below, in no event may the Company accept an amount that is less than the amount of Erroneously Awarded Compensation in satisfaction of an Executive Officer's obligations hereunder.

(iii) To the extent that the Executive Officer has already reimbursed the Company for any Erroneously Awarded Compensation Received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of Erroneously Awarded Compensation that is subject to recovery under this Policy.

(iv) To the extent that an Executive Officer fails to repay all Erroneously Awarded Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such Erroneously Awarded Compensation from the applicable Executive Officer. The applicable Executive Officer shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such Erroneously Awarded Compensation in accordance with the immediately preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding anything herein to the contrary, the Company shall not be required to take the actions contemplated by Section B(1) above if the Committee (which, as specified above, is composed entirely of independent directors or in the absence of such a committee, a majority of the independent directors serving on the Board) determines that recovery would be impracticable *and* any of the following [two][three] conditions are met:

(i) The Committee has determined that the direct expenses paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered. Before making this determination, the Company must make a reasonable attempt to recover the Erroneously Awarded Compensation, documented such attempt(s) and provided such documentation to the NYSE;

(ii) Recovery would violate home country law where that law was adopted prior to November 28, 2022, provided that, before determining that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on violation of home country law, the Company has obtained an opinion of home country counsel, acceptable to the NYSE, that recovery would result in such a violation and a copy of the opinion is provided to NYSE; or

(iii) Recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of Section 401(a)(13) or Section 411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder.

**C. DISCLOSURE REQUIREMENTS**

The Company shall file all disclosures with respect to this Policy required by applicable U.S. Securities and Exchange Commission ("***SEC***") filings and rules.

**D. PROHIBITION OF INDEMNIFICATION**

The Company shall not be permitted to insure or indemnify any Executive Officer against (i) the loss of any Erroneously Awarded Compensation that is repaid, returned or recovered pursuant to the terms of this Policy, or (ii) any claims relating to the Company's enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to an Executive Officer from the application of this Policy or that waives the Company's right to recovery of any Erroneously Awarded Compensation, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy).

**E. ADMINISTRATION AND INTERPRETATION**

This Policy shall be administered by the Committee, and any determinations made by the Committee shall be final and binding on all affected individuals.

The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company's compliance with NYSE Rules, Section 10D, Rule 10D-1, and any other applicable law, regulation, rule or interpretation of the SEC or NYSE promulgated or issued in connection therewith.

**F. AMENDMENT; TERMINATION**

The Committee may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. Notwithstanding anything in this Section F to the contrary, no amendment or termination of this Policy shall be effective if such amendment or termination would (after taking into account any actions taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or NYSE rule.

**G. OTHER RECOVERY RIGHTS**

This Policy shall be binding and enforceable against all Executive Officers and, to the extent required by applicable law or guidance from the SEC or NYSE, their beneficiaries, heirs, executors, administrators or other legal representatives. The Committee intends that this Policy will be applied to the fullest extent required by applicable law. Any employment agreement, equity award agreement, compensatory plan or any other agreement or arrangement with an Executive Officer shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by the Executive Officer to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law, regulation or rule or pursuant to the terms of any policy of the Company or any provision in any employment agreement, equity award agreement, compensatory plan, agreement or other arrangement.

**H. DEFINITIONS**

For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) "***Accounting Restatement***" means an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a "Big R" restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a "little r" restatement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) "***Clawback Eligible Incentive Compensation***" means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable NYSE rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) "***Clawback Period***" means, with respect to any Accounting Restatement, the three completed fiscal years of the Company immediately preceding the Restatement Date (as defined below), and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) "***Erroneously Awarded Compensation***" means, with respect to each Executive Officer in connection with an Accounting Restatement, the amount of Clawback Eligible Incentive Compensation that exceeds the amount of Incentive-based Compensation that otherwise would have been Received had it been determined based on the restated amounts, computed without regard to any taxes paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) "***Executive Officer***" means each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act. For the avoidance of doubt, the identification of an executive officer for purposes of this Policy shall include each executive officer who is or was identified pursuant to Item 401(b) of Regulation S-K or Item 6.A of Form 20-F, as applicable, as well as the principal financial officer and principal accounting officer (or, if there is no principal accounting officer, the controller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) "***Financial Reporting Measures***" means measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and all other measures that are derived wholly or in part from such measures. Stock price and total shareholder return (and any measures that are derived wholly or in part from stock price or total shareholder return) shall, for purposes of this Policy, be considered Financial Reporting Measures. For the avoidance of doubt, a Financial Reporting Measure need not be presented in the Company's financial statements or included in a filing with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) "***Incentive-based Compensation***" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) "***NYSE***" means the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) "***Received***" means, with respect to any Incentive-based Compensation, actual or deemed receipt, and Incentive-based Compensation shall be deemed received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the Incentive-based Compensation to the Executive Officer occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) "***Restatement Date***" means the earlier to occur of (i) the date the Board, a committee of the Board or the officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare an Accounting Restatement.

Effective as of December 1, 2023