Idaho Strategic Resources (NYSE American: IDR) lifts Q2 2026 revenue 13% and net income 32%
Rhea-AI Filing Summary
Idaho Strategic Resources reported strong Q2 2026 results, with revenue rising 13.25% to $10,732,335 and net income attributable to the company up 31.95% to $3,651,596 versus Q2 2025. Earnings per share increased to $0.23 from $0.20, while gross profit grew to $6,031,728. Average realized gold price climbed 32.70% to $4,277.53 per ounce, though all-in sustaining cost rose 16.08% to $2,261.81 per ounce.
Operationally, the company processed 11,094 tonnes at its New Jersey Mill with a head grade of 7.89 gpt and 91.4% recovery, despite a wildfire-related shutdown of roughly one week. Underground mine development set a record at the Golden Chest, with 384 meters of development and 4,860 cubic meters of cemented rockfill placed, plus progress on a new mill and tailings facility.
For the first six months of 2026, revenue reached $25,214,621 and net income attributable to Idaho Strategic was $10,039,588. The balance sheet showed total assets of $130,017,353 as of June 30, 2026, including substantial investments in U.S. treasury notes. The company was also included in the Sprott Rare Earths Ex-China ETF and advanced metallurgical work on its rare earth prospects.
Positive
- Revenue grew 13.25% year over year in Q2 2026 to $10.73 million, while net income attributable to IDR rose 31.95% to $3.65 million, indicating strong profitability.
- First-half 2026 net income attributable to IDR reached $10.04 million on revenue of $25.21 million, supporting a material increase in retained earnings to $18.38 million.
- Average realized gold price increased 32.70% to $4,277.53 per ounce, boosting margins despite higher costs, while Q2 EPS grew 15% to $0.23.
- Total assets increased to $130.02 million from $116.24 million at year-end 2025, supported by larger U.S. treasury note holdings of $64.16 million current and non-current.
- Inclusion in the Sprott Rare Earths Ex-China ETF (REXC) and initiation of metallurgical work on rare earth prospects enhance visibility and advance the company’s rare earth strategy.
Negative
- Q2 2026 all-in sustaining cost per ounce rose 16.08% year over year to $2,261.81, and total cost of sales increased 17.49%, partially offsetting higher gold prices.
Key Figures
Key Terms
All-In Sustaining Cost financial
flotation feed head grade technical
cemented rockfill backfill technical
tailings storage facility technical
rare earth elements technical
forward-looking statements regulatory
Earnings Snapshot
FAQ
How did Idaho Strategic Resources (IDR) perform financially in Q2 2026?
What were Idaho Strategic Resources’ key operating metrics in Q2 2026?
How did costs and margins change for IDR in Q2 2026 versus Q2 2025?
What were Idaho Strategic Resources’ first-half 2026 results?
What is the balance sheet position of IDR as of June 30, 2026?
What operational developments did IDR highlight at the Golden Chest in Q2 2026?
How is Idaho Strategic Resources advancing its rare earth elements strategy?
AI-generated analysis. How Rhea-AI works. Not financial advice.
EXHIBIT 99.1
Idaho Strategic Reports Second Quarter 2026 Operating and Financial Performance
Highlighted by a 13.25% Increase in Revenue to $10,732,335
COEUR D’ALENE, Idaho, August 13, 2026 (BUSINESS WIRE) – Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) today announced its consolidated operating and financial results for the second quarter ending June 30, 2026. Operating and financial results for the second quarter include:
| Operational Performance: | Q2 2026 | % Change | Q2 2025 |
| Ore Tonnes Processed | 11,094 | 8.34% | 10,240 |
| Average Flotation Feed Grade (gpt) | 7.89 | -20.86% | 9.97 |
| Ounces Produced | 3,047* | 1.23% | 3,010 |
| All-In Sustaining Cost Per Ounce ($USD) | $2,261.81 | 16.08% | $1,948.53 |
| Financial Performance ($USD): | Q2 2026 | % Change | Q2 2025 |
| Revenue | $10,732,335 | 13.25% | $9,476,739 |
| Total Cost of Sales | $4,700,607 | 17.49% | $4,000,953 |
| Gross Profit | $6,031,728 | 10.15% | $5,475,786 |
| Net Income Attributable to IDR | $3,651,596 | 31.95% | $2,767,458 |
| Earnings Per Share (EPS) | $0.23 | 15.00% | $0.20 |
| Average Realized Gold Price | $4,277.53 | 32.70% | $3,223.38 |
*includes in-process ore stockpile inventory
Idaho Strategic’s President and CEO, John Swallow stated, “We had a modest record Q2 year over year comparison in revenue, net income, EPS and ounces produced (along with record meters of underground mine development), however the second quarter was one of those where the numbers also don’t tell the full story. In addition to the expected increase in exploration field programs and the ramp up of construction activity at the Murray mill, there were unexpected events that tested our team. Overall, I am happy with the resiliency we showed and our ability to adjust on the fly to ultimately produce another positive quarter despite these challenges.
During the planned transition period from mining the H-vein to mining the Jumbo vein and development to the Paymaster, a section of the lower H-vein was encountered where the H-vein widens and flattens out as it approaches its intersection with the Idaho Fault. This transitional zone hosts slightly lower gold grades but higher tonnages resulting in about the same number of ounces as modeled but with a different orebody geometry than previous mining of the H-vein higher in elevation. This transitional zone required a slight change in mining methods to a drift and fill method with as many as four cuts side by side to efficiently recover the gold ore.
Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
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Also, during the quarter, a wildfire caused the New Jersey mill to shut down and evacuate from approximately June 16th to June 24th. Ultimately, all of Idaho Strategic personnel and equipment were unharmed but valuable processing time was lost at the end of the quarter that resulted in a strong last-minute push from our milling crews to do their best to make up for the lost time in the remaining days and nights prior to the end of the quarter on June 30th.
Moving forward, we have a much better understanding of the lower H-vein stopes, we’ve advanced the development and mining timeline of the high-grade Jumbo vein, and our development to the Paymaster is modestly ahead of schedule. Considering the circumstances both within our control and outside of our control, I am pleased with our performance.”
Golden Chest Highlights for Q2 2026 Include:
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| · | At the Golden Chest, ore mined from underground stopes totaled approximately 12,835 tonnes with all of the tonnage coming from H-Vein stopes. |
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| · | During the quarter, a record 384 meters of development was completed between three projects: the Paymaster, the MAR and the Jumbo. A new portal, the No. 2, was established in early May to develop the high-grade Jumbo vein. From the No. 2 portal, an up-ramp was driven and connected to the No. 1 portal providing a secondary escapeway and allowing for production from the Jumbo vein to begin in the third quarter. Another quarterly record of 4,860 cubic meters of cemented rockfill backfill was placed during the quarter. |
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| · | For the quarter ended June 30, 2026, a total of 11,094 dry metric tonnes were processed at the Company’s New Jersey Mill with a flotation feed head grade of 7.89 gpt gold and gold recovery of 91.4%. Milling operations were affected by a wildfire adjacent to the mill in June where access to the mill was blocked for one week. Luckily there was no damage to the mill or the Company’s equipment, though some of its timberland did burn. |
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| · | The Company received the permit to construct a new tailings storage facility from the Idaho Department of Water Resources at the Golden Chest. Construction began in the quarter with the relocation of a low-grade stockpile and continued with building of the embankments and diversion structures. |
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| · | Construction continued on the new mill at the Golden Chest with the installation of the fine ore bin, placement of the screen, foundations for the ball mill, and electrical work throughout the mill building. Engineering, design and procurement activities continued for the new mill also, and conveyor fabrication is also underway. |
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| · | An exploration program consisting of surface and underground core drilling was continued during the second quarter at the Golden Chest. Approximately 10,000 meters of drilling were completed targeting the Paymaster and the H-vein. |
Rare Earth Highlights for Q2 2026 Include:
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| · | Included in the inaugural list of companies that make up the Sprott Rare Earths Ex-China ETF (REXC). |
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| · | Initiated metallurgical work at SGS Laboratory on representative samples from two of IDR’s REE prospects. |
Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
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John Swallow concluded, “I continue to believe that the combination of gold production backing significant exploration of rare earth elements, gold, and copper-silver is proving to be the right business plan at the right time. Despite the price action of gold during the quarter, global central banks continue to make it a focal point of their strategies moving forward and it is undoubtedly playing a larger role as a neutral reserve asset in the global monetary system. Additionally, the United States (along with end user participation) has continued to show support for redomiciling its rare earth elements supply chain amid the looming deadlines toward the end of this year that could see a reintroduction of China’s dual-use export controls and new domestic sourcing requirements for rare earth elements vital to many national defense and advanced manufacturing industries. Finally, we are seeing a tightening of the copper market that is being reflected in the copper prices where we are anticipating a large increase in demand due to new power requirements led by datacenter buildout and AI, combined with many global producers running into operational challenges and a widespread decrease in the global copper grades.
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.”
Notes accompanying the financial statements below can be found in the Company’s quarterly report filed this morning with the SEC on EDGAR.
Qualified person
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.
About Idaho Strategic Resources, Inc.
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.
For more information on Idaho Strategic Resources, please visit www.idahostrategic.com or call:
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001
Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
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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 | ||||||||||||||||
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| June 30, 2026 |
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| June 30, 2025 |
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| Three Months |
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| Six Months |
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| Three Months |
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| Six Months |
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| Revenue: |
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| Sales of products, net |
| $ | 10,732,335 |
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| $ | 25,214,621 |
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| $ | 9,476,739 |
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| $ | 16,755,275 |
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| Total revenue |
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| 10,732,335 |
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| 25,214,621 |
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| 9,476,739 |
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| 16,755,275 |
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| Costs of Sales: |
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| Cost of sales and other direct production costs |
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| 3,854,967 |
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| 8,058,570 |
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| 3,459,215 |
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| 6,490,044 |
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| Depreciation and amortization |
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| 845,640 |
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| 1,559,425 |
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| 541,738 |
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| 1,091,359 |
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| Total costs of sales |
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| 4,700,607 |
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| 9,617,995 |
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| 4,000,953 |
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| 7,581,403 |
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| Gross profit |
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| 6,031,728 |
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| 15,596,626 |
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| 5,475,786 |
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| 9,173,872 |
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| Other operating expenses: |
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| Exploration |
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| 1,730,879 |
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| 3,120,228 |
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| 2,244,761 |
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| 3,616,194 |
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| Management |
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| 243,785 |
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| 433,428 |
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| 268,214 |
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| 532,959 |
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| Professional services |
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| 98,520 |
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| 279,871 |
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| 153,260 |
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| 336,998 |
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| General and administrative |
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| 295,640 |
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| 518,667 |
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| 223,735 |
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| 460,753 |
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| (Gain) loss on sale of equipment |
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| - |
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| (632 | ) |
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| 68,942 |
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| 308,840 |
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| Total other operating expenses |
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| 2,368,824 |
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| 4,351,562 |
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| 2,958,912 |
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| 5,255,744 |
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| Operating income |
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| 3,662,904 |
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| 11,245,064 |
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| 2,516,874 |
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| 3,918,128 |
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| Other (income) expense: |
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| Equity (income) loss on investment in Buckskin Gold and Silver, Inc |
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| (1,245 | ) |
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| (1,077 | ) |
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| 159 |
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| (1,187 | ) |
| Loss on investment in equity securities and mutual funds |
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| - |
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| 304,241 |
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| - |
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| - |
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| Timber revenue net of costs |
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| - |
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| (3,209 | ) |
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| (2,848 | ) |
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| (6,704 | ) |
| Dividend income |
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| (13,233 | ) |
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| (68,765 | ) |
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| - |
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| - |
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| Interest income |
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| (677,372 | ) |
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| (1,069,390 | ) |
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| (220,409 | ) |
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| (405,804 | ) |
| Total other income |
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| (691,850 | ) |
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| (838,200 | ) |
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| (223,098 | ) |
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| (413,695 | ) |
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| Income before income taxes |
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| 4,354,754 |
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| 12,083,264 |
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| 2,739,972 |
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| 4,331,823 |
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| Income tax provision |
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| 726,914 |
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| 2,086,234 |
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| - |
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| - |
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| Net income |
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| 3,627,840 |
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| 9,997,030 |
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| 2,739,972 |
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| 4,331,823 |
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| Net loss attributable to non-controlling interest |
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| (23,756 | ) |
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| (42,558 | ) |
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| (27,486 | ) |
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| (44,614 | ) |
| Net income attributable to Idaho Strategic Resources, Inc |
| $ | 3,651,596 |
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| $ | 10,039,588 |
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| $ | 2,767,458 |
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| $ | 4,376,437 |
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| Net income per common share-basic |
| $ | 0.23 |
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| $ | 0.64 |
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| $ | 0.20 |
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| $ | 0.32 |
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| Weighted average common share outstanding-basic |
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| 15,813,075 |
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| 15,804,123 |
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| 14,007,582 |
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| 13,837,894 |
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| Net income per common share-diluted |
| $ | 0.23 |
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| $ | 0.63 |
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| $ | 0.20 |
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| $ | 0.31 |
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| Weighted average common shares outstanding-diluted |
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| 15,983,254 |
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| 15,979,299 |
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| 14,134,531 |
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| 13,939,790 |
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Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
| 4 |
Idaho Strategic Resources, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
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| June 30, 2026 |
| December 31, 2025 | |||||||||
| ASSETS |
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| Current assets: |
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| 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 | |||||||||
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| 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 | |||||||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| 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 | |||||||||
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| 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 | |||||||||
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| Total liabilities |
| 6,856,469 |
| 5,396,782 | |||||||||
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| Commitments Note 5 |
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| Stockholders’ equity: |
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| Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding |
| - |
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| 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 | |||||||||
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| Total liabilities and stockholders’ equity | $ | 130,017,353 | $ | 116,238,730 | |||||||||
Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
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Forward Looking Statements
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.
Idaho Strategic Resources, Inc. · 201 N. 3rd Street · Coeur d’Alene, Idaho 83814
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