What changed in this filing

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Item 1. Financial Statements

2026-08-13 compared with 2026-05-14 · 123 added, 93 removed, 353 unchanged (38% of the section changed)

36 unchanged sentences

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

March 31, 2026- 15,806,301 and December 31, 2025- 15,705,199 shares issued and outstanding

June 30, 2026- 15,819,065 and December 31, 2025- 15,705,199 shares issued and outstanding

Retained earnings

8 unchanged sentences

Condensed Consolidated Statements of Operations (Unaudited)

For the Three-Month Periods Ended March 31, 2026 and 2025

For the Three and Six-Month Periods Ended June 30, 2026 and 2025

June 30, 2026

June 30, 2025

Sales of products, net

16 unchanged sentences

Interest income

( 1,069,390 )

Total other income

10 unchanged sentences

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

For the Three-Month Periods Ended March 31, 2026 and 2025

Earnings (Accumulated

Attributable to

Idaho Strategic Resources, Inc.

Non-Controlling Interest

For the Three and Six-Month Periods Ended June 30, 2026 and 2025

Retained Earnings (Accumulated Deficit) Attributable to Idaho Strategic Resources, Inc.

Non-Controlling

Stockholders’

Balance December 31, 2024

Balance January 1, 2025

$ ( 8,373,953 )

5 unchanged sentences

( 6,764,974 )

Balance December 31, 2025

Contribution from non-controlling interest in New Jersey Mill Joint Venture

Stock-based compensation

Issuance of common stock for cash, net of offering costs

Issuance of common stock for cashless stock options exercise

Net income (loss)

Balance June 30, 2025

$ ( 3,997,516 )

Balance January 1, 2026

Contribution from non-controlling interest in New Jersey Mill Joint Venture

5 unchanged sentences

Balance March 31, 2026

Contribution from non-controlling interest in New Jersey Mill Joint Venture

Stock-based compensation

Issuance of common stock for stock options exercised

Issuance of common stock for cashless stock options exercised

Net income (loss)

Balance June 30, 2026

$ 102,137,120

3 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Three-Month Periods Ended March 31, 2026 and 2025

For the Six-Month Periods Ended June 30, 2026 and 2025

Cash flows from operating activities:

6 unchanged sentences

Stock-based compensation

Amortization of discount on US treasury notes

Deferred tax expense

Amortization of (premium) discount on US treasury notes

Deferred tax provision

Change in operating assets and liabilities:

Gold sales receivable

( 1,062,744 )

Joint venture receivable

12 unchanged sentences

Purchase of mineral property

( 1,404,315 )

Additions to mineral property

( 3,613,831 )

( 1,112,712 )

Purchase of US treasury notes

5 unchanged sentences

Purchase of reclamation bond

Net cash provided (used) by investing activities

Net cash used by investing activities

( 16,415,565 )

( 10,371,422 )

Cash flows from financing activities:

2 unchanged sentences

Principal payments on notes payable

( 1,015,690 )

Contributions from non-controlling interest

Net cash provided (used) by financing activities

Net cash provided by financing activities

Net change in cash and cash equivalents

( 1,655,103 )

Cash and cash equivalents, beginning of period

3 unchanged sentences

Notes payable for equipment purchase

Principal payments on notes payable paid by 3 rd party

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

9 unchanged sentences

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

Operating results for the three-month periods ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.

Operating results for the three and six-month periods ended June 30, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.

Management estimates that the effective tax rate expected for the full year ended December 31, 2026 will be 17.48% now that the Company has worked through its cumulative loss position and historical net operating losses (“NOLs”).

52 unchanged sentences

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

At March 31, 2026 and December 31, 2025, the Company measured its gold sales receivable at fair value.

At June 30, 2026 and December 31, 2025, the Company measured its gold sales receivable at fair value.

At December 31, 2025, the Company measured its investments in equity securities at fair value, and its investments in mutual funds at net asset value (“NAV”).

11 unchanged sentences

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

At March 31, 2026, and December 31, 2025, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

At June 30, 2026, and December 31, 2025, the Company's 37 % common stock holding of Buckskin Gold and Silver, Inc.

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

At March 31, 2026 and December 31, 2025, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows:

March 31, 2026

At June 30, 2026 and December 31, 2025, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows:

June 30, 2026

December 31, 2025

Significant Influence?

Accounting Method

Significant Influence?

Accounting Method

Butte Highlands JV, LLC

Reclassifications

Certain prior period amounts have been reclassified to conform to the 2026 financial statement presentation.

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

Cash flows were reclassified due to the US treasury notes.

Certain prior period amounts have been reclassified to conform to the current period presentation.

These reclassifications had no effect on previously reported results of operations, stockholders' equity, or the net change in cash.

Within the statement of cash flows for the six months ended June 30, 2025, $ 59,019 was reclassified from investing activities to operating activities to reflect a change in presentation of activity in investments in US treasury notes.

Investments in US Treasury Notes

17 unchanged sentences

Investments in US Treasury Notes

The table below provides the components of investments in US treasury notes held to maturity at amortized cost and fair value at March 31, 2026 and December 31, 2025.

March 31, 2026

The table below provides the components of investments in US treasury notes held to maturity at amortized cost and fair value at June 30, 2026 and December 31, 2025.

June 30, 2026

Amortized Cost

3 unchanged sentences

US Treasury notes, non-current

$ ( 203,086 )

$ ( 258,781 )

December 31, 2025

4 unchanged sentences

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

The maturity dates for the US treasury notes as of March 31, 2026 are as follows:

The maturity dates for the US treasury notes as of June 30, 2026 are as follows:

Amortized Cost

1 unchanged sentence

Due one year to five years

At March 31, 2026 and December 31, 2025, the Company’s inventories consisted of the following:

Concentrate inventory:

At June 30, 2026 and December 31, 2025, the Company’s inventories consisted of the following:

Gold inventory:

Finished goods

Total concentrate inventory

Total gold inventory

Supplies inventory:

7 unchanged sentences

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

At March 31, 2026, gold concentrate that had been sold but not finally settled included 7,819 ounces of gold of which 7,102 ounces were sold at a predetermined price with the remaining 717 exposed to future price changes until prices are locked in based on the month of settlement.

At June 30, 2026, gold concentrate that had been sold but not finally settled included 7,404 ounces of gold of which 6,384 ounces were sold at a predetermined price with the remaining 1,020 exposed to future price changes until prices are locked in based on the month of settlement.

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

Sales of products by metal type for the three-month periods ended March 31, 2026 and 2025 were as follows:

Sales of products by metal type for the three and six-month periods ended June 30, 2026 and 2025 were as follows:

June 30, 2026

June 30, 2025

Smelter and refining charges

Sales by significant product type for the three-month periods ended March 31, 2026, and 2025 were as follows:

Concentrate sales to H&H

Sales by significant product type for the three and six-month periods ended June 30, 2026, and 2025 were as follows:

June 30, 2026

June 30, 2025

Concentrate sales to H&H Metal

Dore sales to refinery

At March 31, 2026 and December 31, 2025, the gold sales receivable balance of $ 3,920,174 , and $ 3,912,922 , respectively, consisted only of amounts due from H&H for concentrates.

There is no allowance for doubtful accounts.

At June 30, 2026 and December 31, 2025, the gold sales receivable balance of $ 2,961,809 , and $ 3,912,922 , respectively, consisted only of amounts due from H&H for concentrates.

Related Party Transactions

2 unchanged sentences

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

Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three-month periods ended March 31, 2026 and 2025 are as follows:

Payments under these short-term lease arrangements are included in general and administrative expenses on the condensed consolidated statement of operations and for the three and six-month periods ended June 30, 2026 and 2025 are as follows:

June 30, 2026

June 30, 2025

JV Arrangements

2 unchanged sentences

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

At March 31, 2026 and December 31, 2025, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 3,796 and $ 12,760 , respectively, for shared operating costs as defined in the JV agreement.

At June 30, 2026 and December 31, 2025, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $ 11,478 and $ 12,760 , respectively, for shared operating costs as defined in the JV agreement.

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

6 unchanged sentences

Earnings per Share

The following table presents the calculation of basic and diluted net income per common share for the three-month periods ended March 31, 2026 and 2025.

The following table presents the calculation of basic and diluted net income per common share for the three and six-month periods ended June 30, 2026 and 2025.

June 30, 2026

June 30, 2025

Net income attributable to IDR

Weighted average shares-basic

Potentially dilutive common shares from stock options- included

Effect of potentially dilutive common shares from stock options

Weighted average shares-diluted

1 unchanged sentence

Net income per share-diluted

Potentially dilutive common shares from stock options- excluded

Idaho Strategic Resources, Inc

1 unchanged sentence

Property, Plant, and Equipment

Property, plant and equipment at March 31, 2026 and December 31, 2025 consisted of the following:

Property, plant and equipment at June 30, 2026 and December 31, 2025 consisted of the following:

Mine Equipment

1 unchanged sentence

( 5,493,749 )

( 4,679,153 )

Total Mine Equipment

6 unchanged sentences

Total Buildings

For the three-month periods ended March 31, 2026 and 2025, depreciation expense for property, plant, and equipment was as follows:

For the three and six-month periods ended June 30, 2026 and 2025, depreciation expense for property, plant, and equipment was as follows:

June 30, 2026

June 30, 2025

Mineral Properties

Mineral properties at March 31, 2026 and December 31, 2025 consisted of the following:

March 31, 2026

December 31, 2025

Mineral properties at June 30, 2026 and December 31, 2025 consisted of the following:

Mineral Property

5 unchanged sentences

Accumulated Amortization

In the three-month period ended March 31, 2026, the Company purchased the Silver Prospect for $ 202,405 .

For the three-month periods ended March 31, 2026 and 2025, amortization expense for mineral properties was as follows.

For the three-month periods ended March 31, 2026 and 2025, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows.

In the three-month period ended June 30, 2026, the Company purchased property adjacent to the Golden Chest Mine for $ 1,201,910 .

In the six-month period ended June 30, 2026, the Company purchased the Silver Prospect for $ 202,405 .

For the three and six-month periods ended June 30, 2026 and 2025, amortization expense for mineral properties was as follows.

June 30, 2026

June 30, 2025

For the three and six-month periods ended June 30, 2026 and 2025, interest expense was capitalized in association with infrastructure at the Golden Chest Mine as follows.

June 30, 2026

June 30, 2025

Idaho Strategic Resources, Inc

1 unchanged sentence

Notes Payable

At March 31, 2026 and December 31, 2025, notes payable are as follows:

March 31, 2026

December 31, 2025

At June 30, 2026 and December 31, 2025, notes payable are as follows:

Mine Equipment

Weighted average interest rate of 7.28 %, and weighted average remaining term of 2.4 years as of March 31, 2026

Weighted average interest rate of 6.88 %, and weighted average remaining term of 3.6 years as of June 30, 2026

Mill Equipment

Weighted average interest rate of 8.06 %, and weighted average remaining term of 3.2 years as of March 31, 2026

Weighted average interest rate of 8.07 %, and weighted average remaining term of 2.9 years as of June 30, 2026

Buildings/Land

Weighted average interest rate of 7.00 %, and weighted average remaining term of 1.2 years as of March 31, 2026

Weighted average interest rate of 7.00 %, and weighted average remaining term of 0.9 years as of June 30, 2026

Total notes payable

2 unchanged sentences

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

Future principal payments of notes payable at March 31, 2026 are as follows:

Future principal payments of notes payable at June 30, 2026 are as follows:

For the twelve-months ended:

March 31, 2027

March 31, 2028

March 31, 2029

March 31, 2030

March 31, 2031

June 30, 2027

June 30, 2028

June 30, 2029

June 30, 2030

June 30, 2031

Investment in Buckskin

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the loss of $ 168 and income of $ 1,346 for the respective three-month periods ended March 31, 2026 and 2025.

The investment in Buckskin is being accounted for using the equity method and resulted in a change in equity from the income of $ 1,245 and income of $ 1,077 for the respective three and six-month periods ended June 30, 2026 and a loss of $ 159 and income of $ 1,187 for the respective three and six-month periods ended June 30, 2025.

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

As of March 31, 2026 and December 31, 2025, the Company held 37 % of Buckskin’s outstanding shares.

As of June 30, 2026 and December 31, 2025, the Company held 37 % of Buckskin’s outstanding shares.

Stockholders’ Equity

Stock Issuance Activity

In the first three months of 2026, the Company issued common stock as follows:

In the first six months of 2026, the Company issued common stock as follows:

Sold 36,976 shares of common stock at an average price of approximately $ 48.11 per share for net proceeds of $ 1,778,817 .

1 unchanged sentence

Issued 54,890 shares of common stock for exercise of outstanding stock options via cashless exercises by employees.

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

Stock Options

1 unchanged sentence

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

Stock-based compensation expense recognized for the three-month periods ended March 31, 2026 and 2025 was $ 138,641 and $ 495,146 , respectively.

Future expense for this stock option grant will be $138,641 for the second quarter of 2026, and $59,418 for each of the third and fourth quarters of 2026 .

Stock-based compensation expense recognized for the three and six-month periods ended June 30, 2026 was $ 138,641 and $ 277,282 , respectively and $ 495,146 and $ 990,292 for the three and six-month periods ended June 30, 2025, respectively.

Future expense for this stock option grant will be $59,418 for each of the third and fourth quarters of 2026 .

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

Number of Options

Weighted Average Exercise Prices

Weighted Average

Exercise Prices

Balance December 31, 2024

Balance December 31, 2025

Outstanding at March 31, 2026

Vested at March 31, 2026

In the first quarter of 2026, 61,375 options were exchanged for 46,626 shares in cashless exercises, and 17,500 options were exercised for cash.

The intrinsic value of all options exercised was $ 2,829,788 .

At March 31, 2026, outstanding stock options have a weighted average remaining term of approximately 1.8 years and have an intrinsic value of $ 5,165,310 .

Vested stock options at March 31, 2026 have an intrinsic value of $ 1,041,310 .

Investments in Equity Securities and Mutual Funds

During the three-months ended March 31, 2026, the Company sold its investments in equity securities and mutual funds, resulting in a realized loss for the period of $ 194,149 .

There was also an unrealized gain of $ 110,092 from the prior period that was adjusted to $ 0 upon the sale of the investments.

Subsequent to March 31, 2026, the Company reinvested these funds into US treasury notes.

Outstanding at June 30, 2026

Vested at June 30, 2026

In the three and six-month periods ended June 30, 2026, 11,875 options were exchanged for 8,264 shares, and 73,250 options were exchanged for 54,890 shares, respectively, in cashless exercises.

4,500 options and 22,000 options were exercised in exchange for cash in the three and six-month periods ended June 30, 2026, respectively.

The intrinsic value of all options exercised was $ 465,010 and $ 3,294,798 for the three and six-month periods ended June 30, 2026, respectively.

At June 30, 2026, outstanding stock options have a weighted average remaining term of approximately 1.5 years and have an intrinsic value of $ 4,975,156 .

Vested stock options at June 30, 2026 have an intrinsic value of $ 2,850,156 .

Idaho Strategic Resources, Inc

Notes to Condensed Consolidated Financial Statements (Unaudited)

For the quarter ended March 31, 2026, the Company recognized a provision for income taxes in the amount of $ 1,359,320 .

The Company did not recognize a provision or (benefit) for income taxes for the quarter ended March 31, 2025.

The components of the tax provision for the three-months ended March 31, 2026 and 2025 are as follows:

March 31, 2026

March 31, 2025

For the three and six-month periods ended June 30, 2026, the Company recognized a provision for income taxes in the amount of $ 726,914 and $ 2,086,234 , respectively.

The Company did not recognize a provision or (benefit) for income taxes for the three and six-month periods ended June 30, 2025.

The components of the tax provision for the three and six-month periods ended June 30, 2026 and 2025 are as follows:

June 30, 2026

June 30, 2025

Total current income tax provision

1 unchanged sentence

Total income tax provision

The income tax provision for the three-months ended March 31, 2026 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of the percentage depletion calculation and usage of net operating loss carryforwards.

For the three-months ended March 31, 2026, the annual effective tax rate method was used to calculate the tax provision.

The effective tax rate for the three-months ended March 31, 2026 was 17.48 % compared to 0 % in 2025.

The income tax provision for the three and six-month periods ended June 30, 2026 varies from the amounts that would have resulted from applying the statutory tax rates to pre-tax income or loss due primarily to the impact of the percentage depletion calculation and usage of net operating loss carryforwards.

For the three and six-month periods ended June 30, 2026, the annual effective tax rate method was used to calculate the tax provision.

The effective tax rate for the three and six-month periods ended June 30, 2026 was 17.48 % compared to 0 % in 2025.

Tax effects of significant, unusual or infrequent items are recognized as discrete items in the periods they occur.

None were recognized in the first quarter of 2026.

There were no federal or state income taxes paid in the first quarter of 2026.

Subsequent Events

Subsequent to March 31, 2026:

Issued 3,000 shares of common stock upon the exercise of outstanding stock options for $ 34,500 .

Issued 3,585 shares of common stock upon the exercise of 5,000 outstanding stock options in cashless exercises.

Invested approximately $ 8 million of cash into US treasury notes.

None were recognized in the three and six-month periods ended June 30, 2026.

Federal and state tax payments made during the three and six-month periods ended June 30, 2026 and 2025 are as follows:

June 30, 2026

June 30, 2025

Total income tax payments

Forward-Looking Statements

9 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements