# EDGAR Filing Document

**Accession Number:** 0001030192
**File Stem:** 0001654954-23-000152
**Filing Date:** 2023-1
**Character Count:** 17726
**Document Hash:** aab59e91ac309c5508a0468fbe6e0d45
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-23-000152.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001654954-23-000152

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20230105

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41320
- **FILM NUMBER:** 23512306

**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="utf-8"?njmc_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported):

January 5, 2023

Commission file number: 000-28837

![njmc_8kimg1.jpg](njmc_8kimg1.jpg)

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| |
|:---|
| **Idaho Strategic Resources, Inc.**  |
| **(Exact Name of Registrant as Specified 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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| | |
|:---|:---|
| **201 N. 3rd Street, Coeur d'Alene, ID** | **83814** |
| (Address of principal executive offices)  | (zip code) |

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Registrant's telephone number, including area code: **<u>(208) 625-9001</u>**

**<u>N/A</u>**

(Former Name or Former Address if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading** <br>**Symbol(s)** | **Name of Each Exchange** <br>**on Which Registered** |
| Common Stock, no par value | IDR | NYSE American |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

Emerging growth company ☐

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

**Item 7.01 Regulation FD Disclosure.** 

The Company issued a press release on January 3, 2023, providing a review of 2022 and objectives for 2023.

A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference. The information in this Current Report on Form 8-K (including the exhibits) is furnished pursuant to Item 7.01 and shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Report that is required to be disclosed solely by Regulation FD.

**Item 9.01. Financial Statements and Exhibits**

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| | |
|:---|:---|
| **d) Exhibits** | **d) Exhibits** |
| [99.1](njmc_ex991.htm) | [Press Release, dated January 3, 2023, entitled "Idaho Strategic Resources Provides 2022 Year in Review, Including Record 4th Quarter Revenue in Excess of $3m"](njmc_ex991.htm) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*The foregoing exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD. |

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2<br>

**SIGNATURES**

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

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| | | |
|:---|:---|:---|
|  | **IDAHO STRATEGIC RESOURCES, INC.** | **IDAHO STRATEGIC RESOURCES, INC.** |
| Date | By: | /s/ John Swallow |
|  | John Swallow | John Swallow |
|  | Its: | President & CEO |
|  | Date: | January 5, 2023 |

---

3<br>

## Exhibit 99.1

**EXHIBIT 99.1**

![](njmc_ex991img3.jpg)

**Idaho Strategic Resources Provides 2022 Year in Review, Including Record 4<sup>th</sup> Quarter Revenue in Excess of $3m** 

COEUR D'ALENE, Idaho, January 3, 2023 (ACCESSWIRE) – Idaho Strategic Resources (NYSE American: IDR) ("IDR" or the "Company") is pleased to provide the following review of 2022 and objectives for 2023.

**Corporate Developments:**

Early in 2022 Idaho Strategic added Rich Beaven to its Board of Directors and completed its up listing onto the New York Stock Exchange American in March. In celebration of IDR's up listing, the company rang the opening bell of the NYSE from underground at the Golden Chest Mine, becoming the first company in history to do so. Following the up listing, Idaho Strategic's management participated in the "Idaho Mining, Critical Minerals, and Water Resources" panel discussion in Boise, ID, appeared as a guest on the Planet MicroCap Due Diligence Podcast, and attended the 18<sup>th</sup> Annual International Rare Earth Elements Conference. The panel, the podcast, and the conference were all indicative of the growing interest in domestic critical minerals, namely rare earth elements, amongst nontraditional stakeholders within the mining industry. IDR's operating history, proven track record of stewardship, and willingness to give all stakeholders a seat-at-the-table has proven to be both appreciated and beneficial (Figure 1).

Throughout 2022 there were several announcements/executive orders/bills proposed to President Biden and the U.S. Government with the goal of showing support for domestic critical mineral production in order to reduce the U.S.' reliance on foreign sources. The most notable of which were the Inflation Reduction Act, the recent expansion of the Defense Production Act, the Thorium Energy Security Act, the 2023 Omnibus Appropriations Bill, and the Industrial Base Policy Consortium. While many of these have been aimed at the processing and permitting of domestic critical minerals, the shift toward domestic mining has begun. IDR continues to advance its Diamond Creek, Roberts, and Lemhi Pass rare earth elements projects and continued expanding its partnerships with local stakeholders like Idaho National Labs, the University of Idaho, and the Idaho Geological Survey to potentially appeal to larger Government programs.

At the closing of 2022, IDR also announced a business combination proposal to Westwater Resources' Stakeholders. For a more comprehensive overview of IDR's offer, please read our press release dated Dec. 22<sup>nd</sup>, 2022. IDR's management continues to believe that the combination of the two companies represents an attractive opportunity for the stakeholders of both. While members of Westwater's management initially responded not in favor of the proposal, Idaho Strategic is a shareholder-focused company and believes that Westwater's shareholders deserve to have a voice with regard to the proposal. IDR's management has evaluated its next steps, beginning with a recent invitation to Westwater's management to engage in further discussion/negotiation.

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814

**Rare Earth Elements Projects:**

Since adding our Diamond Creek and Roberts rare earth elements projects in 2020, they have proven to be transformative additions for the Company and led to IDR's addition of Lemhi Pass in 2022, which is not only the largest known concentration of Thorium resources in U.S., but also a highly prospective rare earth element property as well. It became apparent to us during the year that the prior work and coverage conducted over the area has made 'Lemhi Pass' a more well-known location amongst industry folks and academics. In 2022 IDR completed its inaugural drill program at Diamond Creek despite the Moose Fire doing its best to delay the program by nearly 3 months (see post-fire drill rig photo on IDR website). With the results from our drill program expected to be released early in 2023, IDR has taken a proactive approach by expanding its land position and partnerships within the industry. In addition to conducting one of the few REE drill programs in the country in 2022, Idaho Strategic is now the second largest rare earth elements landholder in the United States and has accumulated much of the land along the Idaho REE-Th Belt, which runs subparallel to the Idaho Cobalt Belt (Figure 2).

Also in 2022, Idaho Strategic announced its partnership in the IGEM Program along with the University of Idaho, Idaho National Labs, the Center for Advanced Energy Studies, and the Idaho Geological Survey in a research program to discover environmentally friendly processes for the separation and extraction of rare earth elements using drill core and surface samples from IDR's Diamond Creek property. The IGEM program is currently underway and is being funded by the Idaho Department of Commerce. In order to support Idaho Strategic's investment in its rare earth projects, the Company purchased a building in Salmon, ID during 2022 in part due to the obvious cost savings over time and to establish a more permanent presence in the community. The property was nicely setup for core cutting, storage, and living and will serve as a great base of operations for future exploration and development work.

**Golden Chest Mine, Murray Gold Belt, and New Jersey Mill:**

Rounding out Idaho Strategic's busy 2022 are the achievements the Company has made at its Golden Chest Mine and the surrounding Murray Gold Belt district. The Company experienced a very high success rate drilling at the Golden Chest Mine in 2022 leading to the further delineation of two ore shoots, the Klondike and the Paymaster, which are adjacent to the Skookum shoot. In September of 2022, the Company drove an exploration drift from the currently producing Skookum shoot into the nearby Klondike shoot to follow-up and confirm vein orientations, sizes, and grades that were discovered with the drill. Once the exploration drift into the Klondike began, IDR shifted the focus of its drilling to the Paymaster shoot for the remainder of 2022. With consistent and favorable results coming from the Paymaster drill program, the Company has plans to begin to drive a similar style exploration drift into the Paymaster shoot during 2023. Because we have the necessary skillsets (and the best miners in the area), it was presented to the team to determine if the Paymaster development under IDR's existing cost structure was feasible. This 'goal' included the completion of ample development ahead of production in the Skookum in order to begin development toward the Paymaster without the need to greatly increase the current level of manpower.

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814

In addition to the Company's favorable production-based drilling at the Golden Chest, Idaho Strategic conducted the first ever drill program on its additional 7,000 acres of contiguous patented and unpatented mining claims that surround the Golden Chest Mine within the Murray Gold Belt. On September 1<sup>st</sup>, 2022, IDR released favorable results from a drill hole in an area of land referred to as the Argus. The results from the Argus drill program help confirm IDR's belief that the Murray Gold Belt has district scale potential and remains as one of the last great undeveloped patented/private land holdings in the western U.S.

Beyond drilling/exploration, Idaho Strategic has advanced its gold production and is currently mining the 821-level underground within the Skookum shoot. Throughout 2022 IDR began its transition from a mix of underground and open pit operations to solely producing from underground. In response to softening gold prices and higher inflation in the second half of 2022, IDR implemented a revised mine plan which prioritized the higher-grade stopes on the North side of the Skookum ore shoot which has worked out favorably so far. Also in 2022, Idaho Strategic completed a ~$600k expansion of its New Jersey Mill tailings storage facility located in Kellogg, ID, providing the company with greater flexibility and timing with regard to building a new mill on-site within the Murray Gold Belt.

Idaho Strategic's President and CEO, John Swallow concluded, "Our track record and dedication to this Company speaks for itself. In addition to the above-mentioned accomplishments including over $3 million in revenue for the fourth quarter, we also improved the balance sheet with our remaining debt largely being for equipment and the building in Salmon. All things considered, 2022 was a great year for the Company (although not without its challenges). Many of the goals we entered the year with were met and/or exceeded and I want to thank all our stakeholders, miners, millwrights, geologists, and drillers for an exceptional year of progress. As with any new year, 2023 will bring about a its own set of challenges and opportunities and I am confident that with the team and culture in-place at IDR we are well equipped to handle it. As always, we are stakeholder focused and the consistent growth in the value of our Company and its contribution to the economy of Idaho has been deliberate and purposeful."

Figure 1

Idaho Strategic's 3-year share performance compared to the VanEck Rare Earth ETF and the VanEck Junior Gold Miner ETF.

![](njmc_ex991img1.jpg)

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814

Figure 2

Idaho's Rare Earth Elements-Thorium Trend (REE-Th) which runs subparallel to the Idaho Cobalt Belt

![](njmc_ex991img2.jpg)

**<u>About Idaho Strategic Resources, Inc.</u>**

Domiciled in Idaho and headquartered in the Panhandle of northern Idaho, Idaho Strategic Resources (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), the largest known concentration of thorium resources in the U.S., and Idaho-based gold production located in an established mining community.

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814

Idaho Strategic Resources maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more "at-risk" Rare Earth Elements (REE's) and Thorium. With over 11,000 acres of Rare Earth Element landholdings, the Company is the second largest REE landholder in the U.S. The Company's Diamond Creek and Roberts REE properties are included the U.S. national REE inventory as listed in USGS, IGS and DOE publications. IDR's Lemhi Pass Thorium-REE Project is recognized by the USGS and IGS as containing the largest concentration of thorium resources in the country. All three projects are located in central Idaho and are participating in the IGEM Program and the USGS Earth MRI program.

The Company produces gold at the Golden Chest Mine located in the Murray Gold Belt (MGB) area of the world-class Coeur d'Alene Mining District, north of the prolific Silver Valley. With over 7,000 acres of patented and unpatented land, the Company has the largest private land position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years.

With an impressive mix of mining and business experience, the folks at IDR maintain a long-standing "We Live Here" approach to corporate culture, land management, and historic preservation. Furthermore, it is our belief that successful operations begin with the heightened responsibility that only local oversight and a community mindset can provide. Its "everyone goes home at night" policy would not be possible without the multi-generational base of local exploration, drilling, mining, milling, and business professionals that reside in and near the communities of the Silver Valley and North Idaho.

For more information on Idaho Strategic Resources click <u>here</u> for our corporate presentation, go to <u>www.idahostrategic.com</u> or call:

Travis Swallow, Investor Relations & Corporate Development

Email: <u>tswallow@idahostrategic.com</u>

Phone: (208) 625-9001

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814

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

Idaho Strategic Resources • 201 N. 3<sup>rd</sup> Street • Coeur d'Alene, Idaho 83814