Idaho Strategic Resources, Inc. (IDR) reported significant financial growth for the three and nine-month periods ending September 30, 2024, compared to the same periods in 2023. Total revenue for Q3 2024 reached $6.2 million, an increase of 86.4% from $3.3 million in Q3 2023. Year-to-date revenue also saw a substantial rise, totaling $18.2 million, up 84% from $9.9 million in the previous year. This growth was primarily driven by increased gold sales, which amounted to $6.3 million for the quarter and $18.7 million for the nine months, compared to $3.5 million and $10.3 million, respectively, in 2023.
Gross profit for Q3 2024 was reported at $3.0 million, significantly higher than $1.1 million in Q3 2023, reflecting a gross profit margin increase to 48.7% from 33.5%. Year-to-date gross profit also improved to $8.9 million, up from $2.8 million in the prior year. Operating income for Q3 2024 was $1.4 million, compared to $413,461 in Q3 2023, while year-to-date operating income surged to $5.7 million from $716,471.
Net income for Q3 2024 was $2.0 million, a notable increase from $404,000 in Q3 2023. For the nine-month period, net income rose to $6.3 million from $744,000 in the previous year. The net income per share for Q3 2024 was $0.15, compared to $0.03 in Q3 2023.
The company’s total current assets increased to $14.4 million as of September 30, 2024, up from $4.4 million at the end of 2023. Total assets also rose to $40.8 million from $23.9 million. Cash and cash equivalents saw a significant increase to $8.4 million, compared to $2.3 million at the end of 2023.
Strategically, Idaho Strategic Resources made a notable acquisition in February 2024, purchasing surface rights for a 169-acre parcel adjacent to the Golden Chest for $1.0 million. This acquisition was financed through a combination of cash and a long-term note payable. As of September 30, 2024, total notes payable increased to $2.9 million from $2.3 million at the end of 2023.
The company continues to focus on gold production and critical minerals exploration, with ongoing activities in REE exploration across 19,090 acres. The market position is bolstered by a first-mover advantage in Idaho, anticipating increased demand for REE due to the electrification of vehicles.
About Idaho Strategic Resources, Inc.
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