Idaho Strategic Resources, Inc. 10-K

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. 21 Table of Contents ITEM 2. DESCRIPTION OF PROPERTIES Note on New SEC Mining Disclosure Rules 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. Figure 1 - Property Location Map 22 Table of Contents 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: Year Ended December 31, 2025 2024 2023 Gold - Ounces produced 12,538 11,915 8,247 Payable ounces sold 11,834 11,169 7,673 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: Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven and Probable Reserves 2023 127,477 6.74 3.2 93 % Proven and Probable Reserves 2024 170,819 8.99 4.0 93 % Proven and Probable Reserves 2025 338,521 6.95 4.0 93 % 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. Classification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2024 859,458 3.24 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured 2025 384,351 4.33 2.0 UG & 1.4 OP 93.0% UG 85% OP Indicated 2025 702,152 3.96 2.0 UG & 1.4 OP 93.0% UG 85% OP Measured + Indicated 2025 1,086,503 4.09 2.0 UG & 1.4 OP 93.0% UG 85% OP Inferred 2025 582,878 2.98 2.0 UG & 1.4 OP 93.0% UG 85% OP 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. 23 Table of Contents The table below summarizes the Company’s production and exploration-stage properties. 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 24 Table of Contents 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 Property Location 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. Property Ownership and Operation 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. 25 Table of Contents Present Condition of Plant & Equipment 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. Permit Requirements 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 Permit Description Reference Idaho Cyanidation Permit for New Jersey Mill #CN-0026-001 Idaho Department of Environmental Quality Tailings Storage Facility New Jersey Mill 94-7509 Idaho Department of Water Resources Air Quality Exemption (Crushing) for New Jersey Mill Idaho Department of Environmental Quality 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. 26 Table of Contents Individual Properties – MATERIAL OPERATING PROPERTIES GOLDEN CHEST MINE Figure 3 - Golden Chest Mine Location Map Property and Location 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). 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. Property Ownership 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. Property History 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) . 27 Table of Contents 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. Present Condition, Work Completed, and Exploration Plans 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. Present Condition of Plant & Equipment 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. Geology & Mineralization 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. 28 Table of Contents The table below summarizes the Company’s Mineral Reserves for the past three years. Classification Year Tonnes Grade (grams gold per tonne) Cut-off (grams gold per tonne) Metallurgical Recovery Proven Reserves 2023 78,935 7.21 3.2 93% Probable Reserves 2023 48,542 5.98 3.2 93% Total Proven and Probable Reserves 2023 127,477 6.74 3.2 93% Proven Reserves 2024 69,520 9.49 4.0 93% Probable Reserves 2024 101,299 8.65 4.0 93% Total Proven and Probable Reserves 2024 170,819 8.99 4.0 93% Proven Reserves 2025 62,648 10.18 4.0 93% Probable Reserves 2025 275,872 6.21 4.0 93% Total Proven and Probable Reserves 2025 338,520 6.95 4.0 93% 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 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 2,580 $/troy ounce In-Stope Cutoff (Mining Cost Sunk) 1.79 Au grams/tonne Go/No-Go (Mining Decision) 4.00 Au grams/tonne 29 Table of Contents 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. Classification Year Tonnes Gold Grade (grams gold per tonne) Cutoff (grams gold per tonne) Metallurgical Recovery Measured 2023 406,605 4.10 2.0 UG & 1.4 OP 93.0% UG & 85% OP Indicated 2023 665,550 4.00 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured + Indicated 2023 1,072,155 4.04 2.0 UG & 1.4 OP 93.0% UG & 85% OP Inferred 2023 743,793 3.23 2.0 UG & 1.4 OP 93.0% UG & 85% OP Measured 2024 374,389 4.16 2.0 UG & 1.4 OP 93% UG & 85% OP Indicated 2024 859,498 3.24 2.0 UG & 1.4 OP 93% UG & 85% OP Measured +Indicated 2024 1,233,887 3.52 2.0 UG & 1.4 OP 93% UG & 85% OP Inferred 2024 823,172 2.82 2.0 UG & 1.4 OP 93% UG & 85% OP Measured 2025 384,351 4.33 2.0 UG & 1.4 OP 93% UG & 85% OP Indicated 2025 702,152 3.96 2.0 UG & 1.4 OP 93% UG & 85% OP Measured +Indicated 2025 1,086,503 4.09 2.0 UG & 1.4 OP 93% UG & 85% OP Inferred 2025 582,878 2.98 2.0 UG & 1.4 OP 93% UG & 85% OP 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. Permit Requirements 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 Permit Description Reference Idaho Surface Mine Reclamation Plan for Golden Chest #S312900 Idaho Department of Lands US EPA Stormwater Pollution Prevention Plan For New Jersey Mill and Golden Chest Mine Multi-Sector General Permit Idaho Shallow Injection Well for Golden Chest #S94X-0026-001 Idaho Department of Water Resources 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. 30 Table of Contents Individual Properties–MATERIAL EXPLORATION PROPERTIES MINERAL HILL Figure 4 – Mineral Hill Project Location Map Overview & History 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 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. 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. Geology and Mineralization 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. 31 Table of Contents Infrastructure and Facilities 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. Present Condition & Recent Activities 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. Quality Control Procedures 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. 32 Table of Contents LEMHI PASS Figure 5 – Lemhi Pass Project Location Map Overview & History 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 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%. 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. 33 Table of Contents Geology and Mineralization 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. Infrastructure and Facilities 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. Present Condition & Recent Activities 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. Quality Control Procedures 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. 34 Table of Contents DIAMOND CREEK Figure 6 – Diamond Creek Project Location Map Overview & History 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. Geology and Mineralization 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. 35 Table of Contents 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. Infrastructure and Facilities 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. Present Condition & Recent Activities 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. Quality Control Procedures 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). 36 Table of Contents 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. 37 Table of Contents PART II