Idaho Strategic Resources Inc (IDR) is a precious and strategic metals mining company that extracts and processes gold and explores for rare earth elements in Idaho. The company generates revenue by producing a bulk sulfide flotation concentrate at its mill, then selling that concentrate to smelters in South Korea and Asia. IDR operates the Golden Chest Mine as its active gold-producing asset and holds the Diamond Creek Project for rare earth element exploration, where it has conducted surface sampling, geologic mapping, and drilling programs targeting REE mineralization since 2020. The company is capital-intensive, dependent on metals market prices it cannot control, and has disclosed a need for ongoing external funding to advance development and exploration projects. Competitors have greater financial resources and technical facilities, per the FY2025 10-K filed March 23, 2026.

Revenue model

Transactional: IDR sells bulk sulfide flotation concentrate, produced via conventional flotation processing of mined ore, to smelters in South Korea and Asia. Final payment is determined by smelter sampling of the concentrate. Revenue is directly tied to gold recovery rates and prevailing metals market prices.

Products and services

Bulk sulfide flotation concentrate derived from gold-bearing ore at the Golden Chest Mine. Rare earth element exploration at the Diamond Creek Project, which returned drill results including 11.3 meters of 1.3% total rare earth oxide (TREO) from hole DC 22-8, reported November 2022. No rare earth revenue is generated from Diamond Creek as of the filing date.

Customers and end markets

Smelters located in South Korea and Asia purchase the company's flotation concentrate. End markets are gold and rare earth metals commodity markets. No specific customer names or concentration data are disclosed in the filing excerpts.

Value-chain role

Vertically integrated at the mine and mill level: IDR mines ore, crushes and grinds it on-site, separates valuable minerals through flotation, and ships the resulting concentrate to third-party smelters for final processing and payment. The company does not operate downstream refining or retail metal sales.

Geographic exposure

Operations are concentrated in Idaho, United States. The Golden Chest Mine and the Diamond Creek Project are both located in Idaho. The Diamond Creek site is accessible by road for approximately 8 months per year and is staged from a combined shop and office in Salmon, Idaho. Concentrate is sold to smelters in South Korea and Asia.

Source: SEC 10-K, filed 2026-03-23

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