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Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance

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I make these comments to point out that there are a number of tailwinds behind the company, and we are capitalizing on these opportunities while remaining focused on our shareholders and playing to our strengths. I am looking forward to the remaining summer months and the results of the investments we are making in our future.”

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Notes accompanying the financial statements below can be found in the Company’s quarterly report filed this morning with the SEC on EDGAR.

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Qualified person

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IDR’s Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.

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About Idaho Strategic Resources, Inc.

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Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. In addition to gold production, the Company has built a substantial land position in Idaho across multiple commodities, providing significant exploration exposure to gold and rare earth elements – in addition to thorium, copper, and silver. IDR finds itself in a unique position as one of the only publicly traded companies with growing gold production and significant blue-sky potential for discovery and development.

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For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:

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Travis Swallow, Investor Relations & Corporate Development
Email: [email protected]
Phone: (208) 625-9001

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Idaho Strategic Resources, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Six-Month Periods Ended June 30, 2026 and 2025

	June 30, 2026						June 30, 2025
	Three Months			Six Months			Three Months			Six Months

Revenue:
Sales of products, net	$	10,732,335		$	25,214,621		$	9,476,739		$	16,755,275
Total revenue		10,732,335			25,214,621			9,476,739			16,755,275

Costs of Sales:
Cost of sales and other direct production costs		3,854,967			8,058,570			3,459,215			6,490,044
Depreciation and amortization		845,640			1,559,425			541,738			1,091,359
Total costs of sales		4,700,607			9,617,995			4,000,953			7,581,403

Gross profit		6,031,728			15,596,626			5,475,786			9,173,872

Other operating expenses:
Exploration		1,730,879			3,120,228			2,244,761			3,616,194
Management		243,785			433,428			268,214			532,959
Professional services		98,520			279,871			153,260			336,998
General and administrative		295,640			518,667			223,735			460,753
(Gain) loss on sale of equipment		–			(632	)		68,942			308,840
Total other operating expenses		2,368,824			4,351,562			2,958,912			5,255,744

Operating income		3,662,904			11,245,064			2,516,874			3,918,128

Other (income) expense:
Equity (income) loss on investment in Buckskin Gold and Silver, Inc		(1,245	)		(1,077	)		159			(1,187	)
Loss on investment in equity securities and mutual funds		–			304,241			–			–
Timber revenue net of costs		–			(3,209	)		(2,848	)		(6,704	)
Dividend income		(13,233	)		(68,765	)		–			–
Interest income		(677,372	)		(1,069,390	)		(220,409	)		(405,804	)
Total other income		(691,850	)		(838,200	)		(223,098	)		(413,695	)

Income before income taxes		4,354,754			12,083,264			2,739,972			4,331,823
Income tax provision		726,914			2,086,234			–			–

Net income		3,627,840			9,997,030			2,739,972			4,331,823

Net loss attributable to non-controlling interest		(23,756	)		(42,558	)		(27,486	)		(44,614	)
Net income attributable to Idaho Strategic Resources, Inc	$	3,651,596		$	10,039,588		$	2,767,458		$	4,376,437

Net income per common share-basic	$	0.23		$	0.64		$	0.20		$	0.32

Weighted average common share outstanding-basic		15,813,075			15,804,123			14,007,582			13,837,894

Net income per common share-diluted	$	0.23		$	0.63		$	0.20		$	0.31

Weighted average common shares outstanding-diluted		15,983,254			15,979,299			14,134,531			13,939,790

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Idaho Strategic Resources, Inc.
Condensed Consolidated Balance Sheets (Unaudited)

	June 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	8,234,662	$	9,889,765
Investments in US treasury notes		31,770,865		27,679,881
Investment in equity securities		–		4,129,521
Investment in mutual funds		–		3,957,497
Gold sales receivable		2,961,809		3,912,922
Inventories		1,892,670		965,112
Joint venture receivable		11,478		12,760
Other current assets		641,231		799,261
Total current assets		45,512,715		51,346,719

Property, plant and equipment, net of accumulated depreciation		25,214,243		19,503,962
Mineral properties, net of accumulated amortization		20,531,093		15,742,370
Investments in US treasury notes, non-current		32,391,185		27,651,843
Investment in Buckskin Gold and Silver, Inc.		346,159		345,082
Investment in joint venture		435,000		435,000
Reclamation bonds		456,720		355,220
Deposits		5,130,238		858,534
Total assets	$	130,017,353	$	116,238,730

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	2,321,147	$	1,904,589
Accrued payroll and related payroll expenses		539,221		409,212
Notes payable, current portion		831,381		1,029,336
Income taxes payable		48,416		334,446
Total current liabilities		3,740,165		3,677,583

Asset retirement obligations		335,981		325,451
Notes payable, long term		1,293,446		1,302,048
Deferred income tax liabilities		1,486,877		91,700
Total long-term liabilities		3,116,304		1,719,199

Total liabilities		6,856,469		5,396,782

Commitments Note 5		–		–

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding		–		–
Common stock, no par value, 200,000,000 shares authorized; June 30, 2026 – 15,819,065 and December 31, 2025 – 15,705,199 shares issued and outstanding		102,137,120		99,828,021
Retained earnings		18,381,309		8,341,721
Total Idaho Strategic Resources, Inc stockholders’ equity		120,518,429		108,169,742
Non-controlling interest		2,642,455		2,672,206
Total stockholders’ equity		123,160,884		110,841,948

Total liabilities and stockholders’ equity	$	130,017,353	$	116,238,730

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Forward Looking Statements

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This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, IDR’s comments about gold playing a more central role in global central banking, the looming dual-use export controls and domestic sourcing requirements for rare earth elements, the tightening of the global copper market, our understanding of the lower H-vein stopes, the continued high-grade nature of the Jumbo vein, and our development timeline to the Paymaster area. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

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