What changed in this filing

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Item 1. Financial Statements

2025-11-12 compared with 2025-08-07 · 113 added, 113 removed, 356 unchanged (39% of the section changed)

2 unchanged sentences

Condensed Consolidated Balance Sheets (Unaudited)

September 30,

Current assets:

26 unchanged sentences

Common stock, no par value, 200,000,000 shares authorized;

June 30, 2025- 14,058,339 and December 31, 2024- 13,665,058 shares issued and outstanding

September 30, 2025- 15,089,600 and December 31, 2024- 13,665,058 shares issued and outstanding

Accumulated deficit

8 unchanged sentences

Condensed Consolidated Statements of Operations (Unaudited)

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

June 30, 2025

June 30, 2024

For the Three and Nine-Month Periods Ended September 30, 2025 and 2024

September 30, 2025

September 30, 2024

Sales of products

7 unchanged sentences

General and administrative

Loss on disposal of equipment

(Gain) loss on disposal of equipment

Total other operating expenses

1 unchanged sentence

Other (income) expense:

Equity (income) loss on investment in Buckskin Gold and Silver, Inc

Equity income on investment in Buckskin Gold and Silver, Inc

Timber revenue net of costs

11 unchanged sentences

Idaho Strategic Resources, Inc.

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

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

Common Stock Shares

Common Stock Amount

Accumulated Deficit Attributable to Idaho Strategic Resources, Inc

Non-Controlling Interest

Stockholders’ Equity

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

For the Three and Nine-Month Periods Ended September 30, 2025 and 2024

Attributable to

Idaho Strategic

Resources, Inc

Stockholders’

Balance January 1, 2024

6 unchanged sentences

Net income (loss)

Balance March 31, 2024

Balance June 30, 2024

( 12,881,656 )

2 unchanged sentences

Issuance of common stock for warrants exercised

Issuance of common stock for stock options exercise

Issuance of common stock for cashless stock options exercise

Issuance of common stock for stock options exercised

Issuance of common stock for cashless stock options exercised

Net income (loss)

Balance June 30, 2024

Balance September 30, 2024

$ ( 11,295,376 )

3 unchanged sentences

Stock-based compensation

Issuance of common stock for cash, net of offering costs

Issuance of common stock for cashless stock options exercised

Net income (loss)

Balance March 31, 2025

Balance June 30, 2025

( 3,997,516 )

2 unchanged sentences

Issuance of common stock for cash, net of offering costs

Issuance of common stock for cashless stock options exercise

Issuance of common stock for stock options exercised

Issuance of common stock for cashless stock options exercised

Net income (loss)

Balance June 30, 2025

Balance September 30, 2025

$ ( 1,022,958 )

2 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

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

For the Nine-Month Periods Ended September 30, 2025 and 2024

September 30,

Cash flows from operating activities:

5 unchanged sentences

Equity income on investment in Buckskin Gold and Silver, Inc

Write down of reclamation bond

Stock-based compensation

Debt payments made by 3 rd party

Gain from debt payments made by 3 rd party

Amortization of discount on US treasury notes

Change in operating assets and liabilities:

1 unchanged sentence

( 3,102,359 )

Government grant receivable

Joint venture receivable

6 unchanged sentences

( 4,130,159 )

( 1,188,481 )

Deposits on equipment

Proceeds from sale of equipment

Purchase of mineral property

Additions to mineral property

( 1,623,628 )

( 1,126,271 )

Purchase of US treasury notes

1 unchanged sentence

( 7,310,706 )

Maturity of US treasury notes

Proceeds from sale of investment in equity securities

Purchase of reclamation bond

Refund of reclamation bond

Net cash used by investing activities

6 unchanged sentences

Principal payments on notes payable

( 1,195,146 )

Contributions from non-controlling interest

18 unchanged sentences

accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations.

Operating results for the three and six-month periods ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Operating results for the three and nine-month periods ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Management estimates that the effective tax rate expected for the full year ended December 31, 2025 will be 0% due to the Company’s cumulative loss position, historical net operating losses (“NOLs”), and other available evidence related to the Company’s ability to generate taxable income.

Accordingly, there is no income tax provision or benefit for the six month period ended June 30, 2025.

Accordingly, there is no income tax provision or benefit for the nine-month period ended September 30, 2025.

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

8 unchanged sentences

Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer.

The Company obtains the forward metals prices used for each period from Kitco For sales of doré and metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner.

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.

Costs charged by customers include fixed costs per tonne 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.

40 unchanged sentences

The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date.

At June 30, 2025 and December 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis other than its gold sales receivable.

At September 30, 2025 and December 31, 2024, the Company measured its gold sales receivable and investments in US treasury notes, at fair value.

Accounting for Investments in Joint Ventures (“JV”) and Equity Method Investments

10 unchanged sentences

If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period.

At June 30, 2025, and December 31, 2024, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

At September 30, 2025, and December 31, 2024, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

(“Buckskin”) is accounted for using the equity method (Note 11).

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

June 30, 2025

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

September 30, 2025

December 31, 2024

Significant Influence?

Accounting Method

Significant Influence?

Accounting Method

Butte Highlands JV, LLC

1 unchanged sentence

Certain prior period amounts have been reclassified to conform to the 2025 financial statement presentation.

Reclassifications had no effect on net income or stockholders’ equity as previously reported.

Reclassifications had no effect on stockholders’ equity as previously reported.

Government grant income was reclassified in prior periods which had an effect on net income.

Cash flows were reclassified due to the US treasury notes.

23 unchanged sentences

Investments in US Treasury Notes

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

June 30, 2025

Amortized Cost

Gross Unrealized gains

Gross Unrealized losses

US Treasury notes, current

(Matures within 1 year)

US Treasury notes, non-current

(Matures in 1-5 years)

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

September 30, 2025

Gross Unrealized

US Treasury notes, current (Matures within 1 year)

US Treasury notes, non-current (Matures in 1-5 years)

December 31, 2024

US Treasury notes, current

(Matures within 1 year)

US Treasury notes, non-current

(Matures in 1-5 years)

US Treasury notes, current (Matures within 1 year)

US Treasury notes, non-current (Matures in 1-5 years)

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

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

June 30, 2025

December 31, 2024

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

September 30,

Concentrate inventory:

8 unchanged sentences

Sales of Products

The Company’s products consist of both gold flotation concentrates which are sold to a single broker (H&H Metals (“H&H”)), and an unrefined gold-silver product known as doré which is sold to a precious metal refinery (Cascade Refining).

At June 30, 2025, gold concentrate that had been sold but not finally settled included 9,244 ounces of gold of which 2,258 ounces were sold at a predetermined price with the remaining 6,986 exposed to future price changes until prices are locked in based on the month of settlement.

The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable.

The Company’s products consist of both gold flotation concentrates which are sold to a single broker (H&H Metals Corp.

(“H&H”)), and an unrefined gold-silver product known as doré which is sold to various precious metals refineries.

At September 30, 2025, gold concentrate that had been sold but not finally settled included 9,533 ounces of gold of which 8,384 ounces were sold at a predetermined price with the remaining 1,149 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 of products by metal type for the three and six-month periods ended June 30, 2025 and 2024 were as follows:

June 30, 2025

June 30, 2024

Sales of products by metal type for the three and nine-month periods ended September 30, 2025 and 2024 were as follows:

September 30, 2025

September 30, 2024

Smelter and refining charges

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

June 30, 2025

June 30, 2024

Concentrate sales to H&H Metal

Dore sales to refinery

At June 30, 2025 and December 31, 2024 the gold sales receivable balance of $ 2,641,438 , and $ 1,578,694 , respectively, consisted only of amounts due from H&H.

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

September 30, 2025

September 30, 2024

Concentrate sales to H&H

Doré sales to refinery

At September 30, 2025 the gold sales receivable balance of $ 4,681,053 consisted of $ 3,707,965 due from H&H for concentrates and $ 973,088 due from Northern Metals Processing for doré.

At December 31, 2024 the gold sales receivable balance of $ 1,578,694 consisted only of amounts due from H&H for concentrates.

There is no allowance for doubtful accounts.

3 unchanged sentences

which is partially owned by the Company’s vice president, Grant Brackebusch.

Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three and six-month periods ended June 30, 2025 and 2024 are as follows:

June 30, 2025

June 30, 2024

Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three and nine-month periods ended September 30, 2025 and 2024 are as follows:

September 30, 2025

September 30, 2024

$ 23,064 $ 7,688 $ 22,996

JV Arrangements

2 unchanged sentences

Thus, the JV is included in the condensed consolidated financial statements along with presentation of the non-controlling interest.

At June 30, 2025 and December 31, 2024, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 1,108 and $ 2,892 , respectively, for shared operating costs as defined in the JV agreement.

At September 30, 2025 and December 31, 2024, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 171 and $ 2,892 , respectively, for shared operating costs as defined in the JV agreement.

This account receivable is included in the condensed consolidated balance sheet as Joint venture receivable.

6 unchanged sentences

Earnings per Share

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

June 30, 2025

June 30, 2024

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

September 30, 2025

September 30, 2024

Weighted average shares-basic

7 unchanged sentences

Property, Plant, and Equipment

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

June 30, 2025

December 31, 2024

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

September 30,

Mine Equipment

10 unchanged sentences

Total Buildings

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

June 30, 2025

June 30, 2024

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

September 30, 2025

September 30, 2024

Mineral Properties

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

June 30, 2025

December 31, 2024

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

September 30,

Mineral Property

4 unchanged sentences

Accumulated Amortization

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

June 30, 2025

June 30, 2024

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

June 30, 2025

June 30, 2024

In the three-month period ended September 30, 2025, the Company purchased the Toboggan property adjacent to the Golden Chest Mine for $ 300,000 .

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

September 30, 2025

September 30, 2024

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

September 30, 2025

September 30, 2024

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

Notes Payable

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

June 30, 2025

December 31, 2024

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

September 30,

Mine Equipment

Monthly payments of $ 107,574 and $ 55,803 as of June 30, 2025 and December 31, 2024, respectively

Monthly payments of $ 107,574 and $ 55,803 as of September 30, 2025 and December 31, 2024, respectively

Mill Equipment

Monthly payments of $ 15,621 and $ 11,498 as of June 30, 2025 and December 31, 2024, respectively

Monthly payments of $ 15,621 and $ 11,498 as of September 30, 2025 and December 31, 2024, respectively

Buildings/Land

Monthly payments of $ 2,500 and $ 2,500 as of June 30, 2025 and December 31, 2024, respectively

Monthly payments of $ 2,500 and $ 2,500 as of September 30, 2025 and December 31, 2024, respectively

Total notes payable

2 unchanged sentences

All notes are collateralized by the property or equipment purchased in connection with each note.

Future principal payments of notes payable at June 30, 2025 are as follows:

Future principal payments of notes payable at September 30, 2025 are as follows:

10/1/2025 – 9/30/2026

4 unchanged sentences

Investment in Buckskin

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the loss of $ 159 and income of $ 1,187 for the respective three and six-month periods ended June 30, 2025 and a loss of $ 1,589 and income of $ 278 for the respective three and six-month periods ended June 30, 2024.

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the income of $ 1,189 and $ 2,376 for the respective three and nine-month periods ended September 30, 2025 and income of $ 1,301 and $ 1,579 for the respective three and nine-month periods ended September 30, 2024.

The Company makes an annual payment of $ 12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims.

As of June 30, 2025, the Company holds 37 % of Buckskin’s outstanding shares.

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

As of September 30, 2025, the Company holds 37 % of Buckskin’s outstanding shares.

Stockholders’ Equity

Stock Issuance Activity

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

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

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

Sold 1,337,758 shares of common stock at an average price of approximately $ 20.80 per share for net proceeds of $ 27,823,261 .

Issued 24,500 shares of common stock for outstanding stock options for net proceeds of $ 155,810 .

Issued 62,284 shares of common stock for outstanding stock options via cashless exercises by employees.

Stock Purchase Warrants Outstanding

There was no activity in the Company’s stock purchase warrants since December 31, 2024, therefore there were no stock purchase warrants outstanding at June 30, 2025.

There was no activity in the Company’s stock purchase warrants since December 31, 2024, therefore there were no stock purchase warrants outstanding at September 30, 2025.

Activity in stock purchase warrants is as follows:

Number of Warrants

Exercise Prices

Balance December 31, 2023

$ 5.60 - 7.00

Balance March 31, 2024

$ 5.60 - 7.00

Balance June 30, 2024

1 unchanged sentence

$ 5.60 - 7.00

Balance December 31, 2024 and June 30, 2025

Balance December 31, 2024 and September 30, 2025

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

Stock Options

1 unchanged sentence

These options expire on January 15, 2028, and vest equally on June 30, 2025, December 31, 2025, June 30, 2026 and December 31, 2026.

The stock-based compensation expense recognized for these options for the three and six-month periods ended June 30, 2025 was $ 495,146 and $ 990,292 , respectively.

Future expense for this stock option grant will be $ 257,476 for Q3 and Q4 2025 each, $ 138,641 for Q1 and Q2 2026 each, and $ 59,418 for Q3 and Q4 2026 each.

The stock-based compensation expense recognized for these options for the three and nine-month periods ended September 30, 2025 was $ 257,476 and $ 1,247,768 , respectively.

Future expense for this stock option grant will be $ 257,476 for the fourth quarter of 2025, $ 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.

The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows:

4 unchanged sentences

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

Number of Options

Weighted Average Exercise Prices

Balance December 31, 2024

Outstanding at June 30, 2025

In the three and six-month periods ended June 30, 2025, 14,000 options were exchanged for 9,559 shares, and 20,000 options were exchanged for 13,281 shares, respectively, in cashless exercises by employees.

The intrinsic value of these options was $ 160,355 and $ 211,831 for the three and six-month periods ended June 30, 2025, respectively.

At June 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.25 years and have an intrinsic value of $ 1,084,250 .

Outstanding at September 30, 2025

In the three and nine-month periods ended September 30, 2025, 86,625 options were exchanged for 49,003 shares, and 106,625 options were exchanged for 62,284 shares, respectively, in cashless exercises by employees.

The intrinsic value of all options exercised was $ 1,449,138 and $ 1,660,969 for the three and nine-month periods ended September 30, 2025, respectively.

At September 30, 2025, outstanding stock options have a weighted average remaining term of approximately 2.3 years and have an intrinsic value of $ 7,642,684 .

Subsequent Events

Subsequent to June 30, 2025:

Subsequent to September 30, 2025:

496,000 shares of common stock have been issued for net proceeds of $ 19,498,502 .

12 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements