5 unchanged sentences
Any significant Cyber incidents that they become aware of are reported to the board of directors .
−Removed: There were no material cyber security incidents discovered in 2024.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.
+Added: There were no material cyber security incidents discovered in 2025.
+Added: 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.
DESCRIPTION OF PROPERTIES
16 unchanged sentences
(grams gold per tonne)
−Removed: Metallurgical Recovery
+Added: Metallurgical
Proven and Probable Reserves
4 unchanged sentences
(grams gold per tonne)
−Removed: (grams gold per
+Added: (grams gold per tonne)
Metallurgical
39 unchanged sentences
Not Applicable (N/A)
−Removed: Diamond Creek
118 unpatented claims (2,360 acres).
−Removed: Public land administered by USFS, Plan of Operations in place.
−Removed: Rare earth elements, Au
+Added: Public land administered by USFS.
+Added: Plan of Operations required.
+Added: Rare earth elements
+Added: Carbonatite dike, veins
Idaho, Lemhi & Montana, Beaverhead
4 unchanged sentences
Rare earth elements, Thorium
+Added: Carbonatite dike, veins
+Added: Diamond Creek
244 unpatented claims (4,900 acres).
−Removed: Public land administered by USFS.
−Removed: Plan of Operations required.
−Removed: Rare earth elements
+Added: Public land administered by USFS, Plan of Operations in place.
+Added: Rare earth elements, Au
+Added: Replacement carbonatite dike, veins
11 patented claims (220 acres) and 71 unpatented claims (1,420 acres).
7 unchanged sentences
Private land with operating permits from Montana DEQ and USFS.
−Removed: Orogenic gold, veins
New Jersey Mine
23 unchanged sentences
Figure 2 – Aerial Photo of Golden Chest Mine in February 2020
−Removed: 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, and an exploration property located about 1.5 miles east of Murray, Idaho.
+Added: 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).
1 unchanged sentence
IDR is the operator and owns 100% of Golden Chest, LLC (owner of the Golden Chest).
−Removed: Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Calibre Mining Corporation (“Calibre” formerly Marathon Gold Corporation).
+Added: 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.
29 unchanged sentences
IDR was recognized as a “Pollution Prevention Champion” by IDEQ in 2014 for its efforts to reduce pollution at the New Jersey Mill.
−Removed: The Company submitted a permit for an expansion of its existing tailings storage facility (“TSF”) which was approved.
−Removed: The expansion has enough tailings storage capacity for at least two years.
−Removed: The Company is installing items for a tailings filtration circuit at the mill as part of a paste backfill plant at the Golden Chest which would slightly extend the life of the TSF.
−Removed: The Company has also submitted a Closure Plan for its cyanide leach circuit which is under review by IDEQ.
+Added: 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.
+Added: 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.
Permit Requirements
−Removed: The New Jersey Mill has all the required environmental permits to operate currently and into the foreseeable.
+Added: 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.
11 unchanged sentences
RARE EARTH OVERVIEW
−Removed: Idaho Strategic controls and operates three REE properties known as Diamond Creek, Mineral Hill, and Lemhi Pass.
+Added: 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.
1 unchanged sentence
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.
−Removed: 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 magnet, low-carbon technology and national defense technologies, which could see increased demand in the future.
+Added: 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.
−Removed: For more information concerning the Diamond Creek, Mineral Hill, and Lemhi Pass 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.
+Added: 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.
Individual Properties – MATERIAL OPERATING PROPERTIES
2 unchanged sentences
Property and Location
−Removed: The Golden Chest is a gold Production Stage property comprised of an underground mine, an open pit mine, 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 o 37’14” North and Longitude 115 o 49’43” West.
+Added: 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 o 37’14” North and Longitude 115 o 49’43” West.
The Golden Chest includes 34 patented mining claims (449 acres) and 217 unpatented claims (4,300 acres).
2 unchanged sentences
The mine is along Forest Highway 9 and is accessible by several improved dirt roads from the paved highway.
−Removed: A three-phase power line was installed in 2014 and upgraded in 2024, Power supplied by Avista Utilities.
+Added: A three-phase power line, supplied by Avista Utilities, was installed in 2014 and upgraded in 2024.
Property Ownership
7 unchanged sentences
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.
−Removed: Production from the Golden Chest and an adjacent Area of Interest is subject a 2% NSR payable to Calibre.
+Added: Production from the Golden Chest and an adjacent Area of Interest is subject to a 2% NSR payable to Equinox.
Property History
9 unchanged sentences
Newmont drilled 35 shallow reverse-circulation and five core holes.
−Removed: In 2010 and 2011, a JV between IDR and Calibre 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) .
+Added: 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) .
In September 2013, the Skookum Shoot portion of the Golden Chest property was leased to Juniper Mining Company (“Juniper”).
7 unchanged sentences
The ore came from stopes on the H-Vein.
−Removed: The MAR was extended at depth during 2024 to the 757 sublevel which required about 215 meters of ramp development including associated sumps, muck-bays, and raises.
−Removed: Additionally, over 600 meters of stope access ramps were completed during the year.
+Added: 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.
+Added: Additionally, 700 meters of stope access ramps were completed during the year.
Current Open-Pit Operations
6 unchanged sentences
During 2025, a total of 19,362 meters of core drilling were completed at the Golden Chest.
−Removed: Most of the meters were drilled in the northern areas of the mine in the Klondike area.
−Removed: A new mineralized zone known as the Red Star was drilled and highlights of that drilling include hole GC 24-258 which intercepted 9.3 meters of 8.2 gpt gold and hole GC 24-265 which intercepted 4.5 meters of 50.9 gpt gold.
−Removed: Drilling also intercepted the H-Vein a significant distance north of the current stopes in hole GC 24-259 which intercepted 1.0 meter of 38.5 gpt gold.
−Removed: Drilling was also completed in the Paymaster area which led to the upgrading of Mineral Resources to Mineral Reserves due to the increased density of drillholes.
−Removed: Plans for 2025 include more drilling in all areas of the Golden Chest, but specifically at the Red Star to help define the geometry of the mineralized area as well as more drilling in the Paymaster area.
+Added: 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.
+Added: Most of the meters drilled (65%) were targeted to help delineate reserves and resources in the Paymaster and H-Vein areas.
+Added: 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.
+Added: 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.
+Added: 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.
Present Condition of Plant & Equipment
2 unchanged sentences
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.
−Removed: In 2024, IDR began construction of a 80’ by 150’ metal building to house a paste backfill plant with room for future infrastructure.
−Removed: The mine electrical service is a three-phase, 500 kilo-volt-ampere (“kVA”) installation supplied by Avista Utilities (“Avista”).
−Removed: Avista began construction of an additional 500 kVA service to the mine in 2024 and is expected to be completed in 2025.
+Added: In 2025, IDR completed the construction of a 80’ by 150’ metal building to house a paste backfill plant.
+Added: 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.
+Added: Permitting is underway for a new TSF located at the Golden Chest to store the tailings produced from the new mill.
+Added: Also, a new warehouse/dry building was nearly complete at the end of December 2025.
+Added: 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.
+Added: 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.
7 unchanged sentences
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.
−Removed: The H-Vein occupies the same type of lithologic contrast as the Idaho Vein and is also associated with a fault, the Timberking Fault.
+Added: 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.
8 unchanged sentences
(grams gold per tonne)
−Removed: Metallurgical Recovery
+Added: Metallurgical
Proven Reserves
12 unchanged sentences
Mineral Reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce.
−Removed: Mineral Reserves are contained within the H-Vein, Paymaster Veins, and the Idaho Vein.
−Removed: The H-Vein and Paymaster Veins make up roughly equal portions of the Reserve tonnage.
−Removed: The Idaho Vein makes up approximately 14% of the Reserve tonnage and 7% of the contained gold.
−Removed: An average mining width of 3 m was used for the Reserves reporting for the Idaho Vein.
−Removed: H-Vein and Paymaster Reserves were diluted to a 2.4 m minimum mining width.
+Added: Mineral Reserves are contained within the H-Vein, Jumbo Vein, Paymaster Veins, and the Idaho Vein.
+Added: An average mining width of 3 m was used for the Reserves reporting for the Jumbo Vein, Paymaster Veins, and Idaho Vein.
+Added: H-Vein Reserves were diluted to a 2.4 m minimum mining width.
Minimum mining width dilution is accounted for in the estimate.
Numbers may not add due to rounding.
−Removed: The 2024 Mineral Reserve increased over the previous year because more drill holes were completed through the H-Vein and Paymaster Veins which resulted in the conversion from Mineral Resources to Mineral Reserves.
+Added: 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.
+Added: 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.
15 unchanged sentences
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.
−Removed: Evaluating equation 1 omitting mining cost yields a value of 3.12 gpt which was rounded to 4.0 gpt for the Mineral Reserves.
+Added: 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.
−Removed: Resources were calculated by the Company starting on December 31, 2022.
−Removed: An historic resource report was completed by a third party in 2012, but it was not an SK-1300 compliant resource.
Classification
(grams gold per tonne)
−Removed: (grams gold per
+Added: (grams gold per tonne)
Metallurgical
+Added: 2.0 UG & 1.4 OP
+Added: 93.0% UG & 85% OP
+Added: 2.0 UG & 1.4 OP
+Added: 93.0% UG & 85% OP
Measured + Indicated
3 unchanged sentences
93.0% UG & 85% OP
+Added: 2.0 UG & 1.4 OP
+Added: 93% UG & 85% OP
+Added: 2.0 UG & 1.4 OP
+Added: 93% UG & 85% OP
Measured +Indicated
40 unchanged sentences
Idaho Department of Water Resources
−Removed: In 2024, MSHA did not issue any citations for Section 104 S&S violations associated with the Golden Chest Mine or New Jersey Mill.
+Added: In 2025, MSHA issued one citation for a Section 104 S&S violation at the New Jersey Mill.
+Added: No S&S citations were issued at the Golden Chest Mine in 2025.
Reference is made to Exhibit 95 to this report.
Individual Properties–MATERIAL EXPLORATION PROPERTIES
−Removed: DIAMOND CREEK
−Removed: Figure 4 – Diamond Creek Project Location Map
−Removed: Overview & History
−Removed: The Diamond Creek Project is a REE Exploration Stage property located approximately 13 kilometers (8 miles) north-northwest of the town of Salmon, Idaho.
−Removed: 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;
−Removed: Township 22N, Range 21E, Sections 1 and 2 (Boise Meridian) and makes up approximately 4,900 acres.
−Removed: The Diamond Creek Project is located in the central portion of the Idaho REE-Th Belt.
−Removed: The Diamond Creek mineral claims are located on public lands managed by the USFS.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: To date, Idaho Strategic has not established any known mineral reserves or resources on the Diamond Creek property.
−Removed: Idaho Strategic initially staked the mining claims comprising the Diamond Creek Project in April 2020 and added claims to the group in January 2023.
−Removed: The unpatented lode claims are wholly owned by IDR and there are no underlying royalties on the unpatented lode claims.
−Removed: The Diamond Creek Project was historically prospected for gold, until the 1950’s when U.S.
−Removed: 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.
−Removed: 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.
−Removed: Diamond Creek is mentioned in numerous reports including a USGS report written in 1979 by M.H.
−Removed: Geology and Mineralization
−Removed: The REE mineralization at Diamond Creek is found in two types:
−Removed: fracture filling and replacement veins/bodies.
−Removed: The replacement bodies are composed of bright and varied oxides.
−Removed: There are at least eight known veins, and they range in width from 0.15 m to 7.6 m in thickness.
−Removed: 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.
−Removed: The known rare earth elements mineralization occurs along a 2-mile stretch of the Diamond Creek Fault.
−Removed: The Project consists of four distinct areas identified from north to south as:
−Removed: Contact, Lucky Gem, Simer, and Frank Burch.
−Removed: Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%.
−Removed: 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.
−Removed: Down-dip extensions of these mineralized veins have never been sufficiently tested.
−Removed: Infrastructure and Facilities
−Removed: The Diamond Creek Project currently does not contain any facilities on-site.
−Removed: 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.
−Removed: There are numerous well maintained forest service roads which provide access to all four distinct areas of the Project.
−Removed: There is power nearby to the Project including a powerline which runs along U.S.
−Removed: Highway 93 approximately 3 miles from Diamond Creek.
−Removed: 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.
−Removed: Present Condition & Recent Activities
−Removed: To date, Idaho Strategic has conducted surface sampling programs and geologic mapping throughout its ownership of the mineral claims from 2020 to present.
−Removed: 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.
−Removed: 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.
−Removed: The drill results included intervals of 1.1 m from 13.1 m to 14.2 m which returned grades of 2.2% TREO.
−Removed: Also discovered in hole DC 22-8 were significant concentrations of niobium.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Vertical channel samples were taken every 1 meter for the first 20 meters of exposure, then every 2 meters for the last 12 meters.
−Removed: The exposed geology displayed evidence of dynamic fluid movement along shears and fracture zones forming both replacement and fracture-filling type deposits.
−Removed: The results include 32 continuous meters averaging 1.28% TREO, including high values of 2.0% TREO at 8 m and 12 m.
−Removed: In addition to REEs, 12 m niobium mineralization that assayed greater than 0.5% Nb was located between 5 and 16 m.
−Removed: The Company previously obtained all necessary permits to drill the Diamond Creek Project in 2022.
−Removed: After drilling, all reclamation was completed and approved by the USFS.
−Removed: An additional drilling POO has been submitted and approved by the USFS for the 2025 field year.
−Removed: 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.
−Removed: There is no timeline for drill permit approval or projected timing of work.
−Removed: To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic.
−Removed: 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.
−Removed: 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.
−Removed: Quality Control Procedures
−Removed: The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows:
−Removed: 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.
−Removed: The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory.
−Removed: Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to make an informed decision for targeting purposes.
−Removed: The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
−Removed: ALS Minerals utilized Ore Grade REE analysis (ME-MS81h).
−Removed: Drill core samples at Diamond Creek were taken from the drill rig to a secure, Company-owned facility prior to logging by Company geologists.
−Removed: 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.
−Removed: 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).
Figure 4 – Mineral Hill Project Location Map
Overview & History
−Removed: The Mineral Hill Project (formerly Roberts) is a REE Exploration Stage property located approximately 48 kilometers (30 miles) northwest of the town of Salmon, Idaho.
−Removed: Mineral Hill is operated by IDR and consists of 109 unpatented lode mining claims situated in the greater Mineral Hill district in Sections 3,4,9,10,11,13,14,15,16,22,23,24, Township 24 North, Range 19 East and makes up approximately 2,200 acres.
+Added: The Mineral Hill Project is a REE exploration stage property located approximately 48 kilometers (30 miles) northwest of the town of Salmon, Idaho.
+Added: 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.
−Removed: The Mineral Hill mineral claims are located on USPD land, which is managed by the USFS.
+Added: 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.
4 unchanged sentences
Throughout Idaho Strategic’s ownership of the project, the Company has staked additional claims at its discretion based upon exploration conducted to date.
−Removed: The unpatented lode claims are wholly owned by IDR and there are no underlying royalties.
+Added: 109 of the 118 unpatented lode claims are wholly owned by IDR and there are no underlying royalties.
+Added: In 2025, IDR leased 9 additional unpatented lode claims from a private, 3 rd 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.
2 unchanged sentences
Geology and Mineralization
−Removed: The REE mineralization at the Mineral Hill property is associated with a unique group of igneous rocks known as carbonatites.
+Added: 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%.
−Removed: The Mineral Hill property contains two of the eight known carbonatite occurrences within the Mineral Hill District.
+Added: 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;
−Removed: the second occurrence appears to be a smaller carbonatite plug, measuring about 200 meters in diameter.
+Added: the other two occurrences appear to be smaller carbonatite plugs, measuring about 200 meters in diameter.
Infrastructure and Facilities
3 unchanged sentences
Present Condition & Recent Activities
−Removed: From 2020 to present, Idaho Strategic has conducted surface sampling, geophysical surveys and geologic mapping is select areas of its mineral claims.
−Removed: The Mineral Hill Project has two carbonatite prospects with REE mineralization, the “Upper Roberts” and the “Lower Roberts”, which are located about 500 meters apart.
−Removed: The Upper Roberts occurrence outcrops along a northwest strike for greater than 400 meters and demonstrates high-grade REE mineralization in a number of surface samples.
+Added: From 2020 to present, Idaho Strategic has conducted surface sampling, geophysical surveys and geologic mapping on select areas of its mineral claims.
+Added: The Mineral Hill Project has three carbonatite prospects with REE mineralization:
+Added: Roberts, Cardinal, and Lee Buck.
+Added: 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.
5 unchanged sentences
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.
−Removed: Moving forward, Idaho Strategic plans to advance the Mineral Hill Project by developing drill targets aimed at verifying the extent and grade of the two carbonatites that the Company’s geologists have identified and mapped from the surface.
+Added: 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.
7 unchanged sentences
Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes.
−Removed: The samples that Company geologists determined warranted further analysis were sent for assay to ALS Minerals.
−Removed: ALS Minerals utilized Ore Grade REE analysis (ME-MS81h).
+Added: The samples that Company geologists determined warranted further analysis were sent for assay to either ALS Minerals or ActLabs.
+Added: 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.
Figure 5 – Lemhi Pass Project Location Map
2 unchanged sentences
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;
+Added: 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.
−Removed: Additionally, IDR has a mineral lease on 565 acres with the State of Idaho for T19N, Range 25E, Section 16.
+Added: 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.
−Removed: Approximately 407 unpatented lode claims are situated in Idaho, while the remaining 161 unpatented lode claims are situated in Montana.
+Added: 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.
1 unchanged sentence
To date, Idaho Strategic has not established any known reserves on the Lemhi Pass Project.
−Removed: Idaho Strategic initially staked the mining claims comprising the Lemhi Pass Project in October 2021 and have added claims, based upon exploration, to the group in February 2022 and again in January 2023.
−Removed: The unpatented lode claims are wholly owned by IDR and there are no underlying royalties on the unpatented lode claims.
+Added: Idaho Strategic initially staked the mining claims comprising the Lemhi Pass Project in October 2021 and have added claims based upon exploration activities.
+Added: 611 of the 678 unpatented lode claims are wholly owned by IDR and there are no underlying royalties.
+Added: In 2025, IDR leased 67 additional unpatented lode claims from a private, 3 rd 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%.
−Removed: The State of Idaho mineral lease has a minimum annual royalty of $1,000 years 1 through 5;
−Removed: $2,500 years 6 through 20.
+Added: 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.
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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.
−Removed: REE and thorium mineralization at Lemhi Pass is found primarily in the REE mineral monazite.
+Added: 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.
23 unchanged sentences
Idaho Strategic geologists use the assay results to interpret geologic mapping, geophysics and geochemistry to help make an informed decision for targeting purposes.
+Added: The samples that Company geologists determined warranted further analysis were sent for assay to either ALS Minerals or ActLabs.
+Added: 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.
+Added: DIAMOND CREEK
+Added: Figure 6 – Diamond Creek Project Location Map
+Added: Overview & History
+Added: The Diamond Creek Project is a REE exploration stage property located approximately 13 kilometers (8 miles) north-northwest of the town of Salmon, Idaho.
+Added: 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;
+Added: Township 22N, Range 21E, Sections 1 and 2 (Boise Meridian) and makes up approximately 4,900 acres.
+Added: The Diamond Creek Project is located in the central portion of the Idaho REE-Th Belt.
+Added: The Diamond Creek mineral claims are located on public lands managed by the USFS.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: To date, Idaho Strategic has not established any known mineral reserves or resources on the Diamond Creek Project.
+Added: Idaho Strategic initially staked the mining claims comprising the Diamond Creek Project in April 2020 and added claims to the group in January 2023.
+Added: The unpatented lode claims are wholly owned by IDR and there are no underlying royalties on the unpatented lode claims.
+Added: The Diamond Creek Project was historically prospected for gold, until the 1950’s when U.S.
+Added: 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.
+Added: 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.
+Added: Diamond Creek is mentioned in numerous reports including a USGS report written in 1979 by M.H.
+Added: Geology and Mineralization
+Added: The REE mineralization at Diamond Creek is found in two types:
+Added: fracture filling and replacement veins/bodies.
+Added: The replacement bodies are composed of bright and varied oxides.
+Added: There are at least eight known veins, and they range in width from 0.15 m to 7.6 m in thickness.
+Added: 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.
+Added: The known rare earth elements mineralization occurs along a 2-mile stretch of the Diamond Creek Fault.
+Added: The project consists of four distinct areas identified from north to south as:
+Added: Contact, Lucky Gem, Simer, and Frank Burch.
+Added: Samples taken by the USGS show total REE oxide contents ranging from 0.59% to 5.5%.
+Added: 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.
+Added: Down-dip extensions of these mineralized veins have never been sufficiently tested.
+Added: Infrastructure and Facilities
+Added: The Diamond Creek Project currently does not contain any facilities on-site.
+Added: 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.
+Added: There are numerous well maintained forest service roads which provide access to all four distinct areas of the project.
+Added: There is power nearby to the project including a powerline which runs along U.S.
+Added: Highway 93 approximately 3 miles from Diamond Creek.
+Added: 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.
+Added: Present Condition & Recent Activities
+Added: To date, Idaho Strategic has conducted surface sampling programs and geologic mapping throughout its ownership of the mineral claims from 2020 to present.
+Added: 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.
+Added: 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.
+Added: The drill results included intervals of 1.1 m from 13.1 m to 14.2 m which returned grades of 2.2% TREO.
+Added: Also discovered in hole DC 22-8 were significant concentrations of niobium.
+Added: 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.
+Added: 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.
+Added: 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.
+Added: Vertical channel samples were taken every 1 meter for the first 20 meters of exposure, then every 2 meters for the last 12 meters.
+Added: The exposed geology displayed evidence of dynamic fluid movement along shears and fracture zones forming both replacement and fracture-filling type deposits.
+Added: The results include 32 continuous meters averaging 1.28% TREO, including high values of 2.0% TREO at 8 m and 12 m.
+Added: In addition to REEs, 12 m niobium mineralization that assayed greater than 0.5% Nb was located between 5 and 16 m.
+Added: The Company previously obtained all necessary permits to drill the Diamond Creek Project in 2022.
+Added: After drilling, all reclamation was completed and approved by the USFS.
+Added: An additional drilling POO has been submitted and approved by the USFS for the 2025 and 2026 field seasons.
+Added: 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.
+Added: To date, there has not been a technical report, feasibility study, or resource estimate conducted by Idaho Strategic.
+Added: 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.
+Added: 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.
+Added: Quality Control Procedures
+Added: The procedures taken to ensure quality and reliability of the Company’s samples and assays are as follows:
+Added: 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.
+Added: The samples are identified by a “one-of-a-kind” label and bagged for secure “chain-of-command” transport to a certified assay laboratory.
+Added: 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).
+Added: Drill core samples at Diamond Creek were taken from the drill rig to a secure, Company-owned facility prior to logging by Company geologists.
+Added: 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.
+Added: 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).
Internal Controls on Exploration and Development Drilling Programs
5 unchanged sentences
Fire assaying is the only method used to quantify gold in core samples and muck samples.
−Removed: Occasionally Atomic Absorption is use for multi-element analysis.
+Added: 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.
2 unchanged sentences
All standards are commercially certified and have been prepared in advance by accredited labs.
−Removed: The QP’s reviewed the results of blank assay and only 2 of 327 samples returned an assay greater than the detection limit for fire assay, 0.060 gpt gold.
+Added: 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.
6 unchanged sentences
The sampling methods meet industry standard practices and are adequate for mineral resource and mineral reserve estimation and mine planning purposes.
−Removed: Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists.Sample collection procedures used meet industry best practices.
+Added: Sampling was conducted by appropriately qualified personnel under direct supervision of appropriately qualified geologists.
+Added: Sample collection procedures used meet industry best practices.
Sample preparation procedures meet industry best practices.
11 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.