Idaho Strategic Resources, Inc. (IDR) reported significant financial growth in its 2024 fiscal year, with revenues from gold sales reaching $25.8 million, an increase of 88.7% compared to $13.7 million in 2023. This surge in revenue was primarily driven by a higher volume of gold sold, totaling 11,915 ounces, up from 8,247 ounces the previous year. The company's gross profit also saw a substantial rise, climbing to $12.95 million, which represents a gross profit margin of 50.3%, up from 29.0% in 2023. Net income for the year was reported at $8.75 million, a significant increase from $1.07 million in the prior year.
The company’s operational performance was bolstered by its focus on the high-grade H-Vein at the Golden Chest Mine, where it mined 41,140 tonnes of ore at an average grade of 9.67 grams per tonne (gpt) of gold. The New Jersey Mill processed the ore with a recovery rate of 92.8%. Additionally, IDR completed 10,148 meters of core drilling at the Golden Chest, which contributed to the conversion of mineral resources into reserves, enhancing the mine's economic viability.
Strategically, Idaho Strategic Resources has expanded its exploration efforts into rare earth elements (REE), recognizing the growing demand for these critical minerals. The company holds three REE properties—Diamond Creek, Mineral Hill, and Lemhi Pass—totaling approximately 19,090 acres. In 2024, the company engaged in various exploration activities, including drilling and surface sampling, to advance these projects. The CEO, John Swallow, participated in key industry conferences to promote the company's REE initiatives and establish partnerships aimed at enhancing the U.S. domestic supply chain for critical minerals.
As of December 31, 2024, Idaho Strategic Resources reported total assets of $44 million, a significant increase from $23.9 million in 2023. The company’s working capital stood at $9.46 million, indicating a solid liquidity position. The total number of full-time employees increased to 51, reflecting the company's growth and operational expansion. Looking ahead, IDR aims to continue its focus on increasing gold production while advancing its REE projects, positioning itself to capitalize on the anticipated demand for these minerals in the evolving market landscape.
About Idaho Strategic Resources, Inc.
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