Idaho Strategic Resources recently released its 10-K report. The company explores, develops, and produces gold, silver, and base metal properties in north Idaho, with its main operating assets centered on the Golden Chest Mine and the New Jersey Mill. It also holds rare earth element projects in Idaho’s REE-Th Belt near Salmon and early-stage exploration properties in central Idaho.
In Item 7, management said the company’s plan is to generate positive cash flow, increase gold production, and expand its asset base while keeping corporate overhead in check. The Golden Chest Mine remained the core producing asset in 2025, with ore from the H-Vein supplying most of the mill feed and management saying that ore is expected to remain the primary source in 2026. The company also said it intends to reinvest operating cash flow into Golden Chest, the New Jersey Mill, and nearby exploration, while continuing REE work at Mineral Hill, Lemhi Pass, and Diamond Creek.
At the Golden Chest Mine, Idaho Strategic reported 12,538 ounces of gold contained in concentrates and doré in 2025. It mined 41,840 tonnes of ore from the H-Vein underground at an average grade of 10.14 grams per tonne gold, completed 315 meters of development on the Main Access Ramp, 116 meters of related development for sumps, muck-bays, and escape raises, and about 700 meters of stope access ramps. The New Jersey Mill processed 41,840 dry metric tonnes at the same 10.14 grams per tonne head grade and achieved 93.0% gold recovery. The company also completed 19,362 meters of core drilling at Paymaster, H-Vein, Red Star, Jumbo, and Klondike, with about half of that drilling aimed at converting Paymaster mineral resources to reserves. A drift from the Jumbo Pit portal intercepted the Jumbo vein and returned 25 meters of vein strike length averaging 0.52 meters thick at 85 grams per tonne gold.
On the REE side, the company executed a long-term lease covering about 1,500 acres of in-holdings within its Mineral Hill and Lemhi Pass projects. It said later sampling at the Cardinal prospect returned greater than 17.6% total rare earth elements. Idaho Strategic also signed a memorandum of understanding with Clean Core Thorium Energy to evaluate thorium mining, processing, and fuel fabrication using thorium from Lemhi Pass and CCTE’s ANEEL fuel concept. At Lucky Horseshoe, the company reported discovery of a carbonatite with strong REE mineralization, with initial outcrop samples assaying up to 6.14% total rare earth oxides, including 65% magnet rare earth oxides and 11% SEG oxides. It also launched LiDAR, magnetics, and radiometrics surveys across Mineral Hill and Lemhi Pass, started soil sampling across key prospects, and completed a phase 1 drill program at one Lemhi Pass prospect totaling 2,056 meters.
Revenue from concentrate sales rose 64.6% to $42.4 million in 2025 from $25.8 million in 2024. The company said the increase came from 665 more ounces of gold sold and a higher realized gold price of $3,583.43 per ounce, up from $2,306.86. Gross profit increased to $26.2 million from $13.0 million, lifting gross margin to 61.8% from 50.3%. Net income rose to $16.6 million from $8.8 million. Gold sales receivable increased to $3.9 million at year-end from $1.6 million a year earlier.
Cash cost per ounce increased by $116.80 from 2024, and all-in sustaining cost per ounce increased by $417.74. Excluding exploration, adjusted AISC was $1,494.75 per ounce in 2025 versus $1,256.16 in 2024. Exploration expense increased by $4.7 million in 2025, driven by the expanded drilling program at the Golden Chest. The company also reported non-cash charges of $4.6 million in 2025, including $2.3 million of depreciation and amortization and $1.5 million of stock-based compensation. Following these announcements, the company's shares moved -4.15%, and are now trading at a price of $44.36. For the full picture, make sure to review Idaho Strategic Resources's 10-K report.
