Idaho Strategic Resources Insider Boosts Stake; Options Overhang Shrinks

Rhea-AI Filing Summary

Idaho Strategic Resources (IDR) – Form 4 insider activity

Director Kevin G. Shiell executed two cashless option exercises on 18-Jul-2025. He exercised 3,000 options at $5.25 and 7,500 options at $4.75. To fund the exercises, the issuer retained 874 and 1,977 shares, respectively, valued at the prevailing market price of $18.02. Net result: 7,649 common shares were added to Shiell’s direct holdings, which now total 55,516 shares. Derivative holdings fell from 17,500 to 10,000 options as the 10,500 options exercised were removed.

No sale of newly issued shares occurred on the open market; the disposals represent shares withheld for exercise costs. The transactions increase the director’s equity stake and reduce potential option overhang, but do not affect the company’s financial results.

Positive

• Director increased direct ownership by 7,649 shares, raising alignment with shareholders.
• Option overhang reduced by 10,500 contracts, marginally lowering potential future dilution.

Negative

• None.

Insights

Financial Analyst

TL;DR: Director nets 7,649 shares via cashless exercises; signals confidence but limited market impact.

The exercise prices ($4.75–$5.25) are far below the $18.02 reference price, implying options are deep in-the-money. Shiell chose to increase ownership rather than sell, boosting his direct stake ~16%. Because no shares hit the market, dilution is immaterial and treasury share count is unchanged; only option overhang is reduced to 10,000. Insider accumulation generally reads positive, yet the method (cashless) limits cash inflow to the company. Overall impact on valuation or liquidity is negligible, but the alignment of management incentives inches higher.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Shiell Kevin G

(Last) (First) (Middle)

201 N 3RD ST

(Street)

COEUR D'ALENE ID 83814

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Idaho Strategic Resources, Inc. [ IDR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/18/2025	07/18/2025	M		3,000(1)	A	$5.25(1)	50,867	D
Common Stock	07/18/2025	07/18/2025	F		874(1)	D	$18.02(1)	49,993	D
Common Stock	07/18/2025	07/18/2025	M		7,500(2)	A	$4.75(2)	57,493	D
Common Stock	07/18/2025	07/18/2025	F		1,977(2)	D	$18.02(2)	55,516	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$5.25	07/18/2025	07/18/2025	M			3,000(1)	09/06/2022	09/05/2025	Common Stock	3,000	$0	17,500	D
Stock Options	$4.75	07/18/2025	07/18/2025	M			7,500(2)	09/28/2022	09/27/2025	Common Stock	7,500	$0	10,000	D

Explanation of Responses:

1. Reflects 874 stock options retired by issuer at the market price of $18.02 per share less an exercise price of $5.25 per share to fund the cashless exercise of 3,000 stock options owned by the Reporting Person pursuant the the Issuer's 2014 Equity Incentive Plan.

2. Reflects 1,977 stock options retired by issuer at the market price of $18.02 per share less an exercise price of $4.75 per share to fund the cashless exercise of 7,500 stock options owned by the Reporting Person pursuant the the Issuer's 2014 Equity Incentive Plan.

Remarks:

The transactions reported above in Table I reflect the cashless exercise of stock options. The cashless exercise for each set of options is reported in two lines. The first line of the cashless exercise transaction is coded M in column 3 of Table I and reports in column 4 the number of shares issuable upon exercise of the options had cash been paid to exercise the options, together with the exercise price with code A for acquired. The line coded F in column 3 of Table I relates to the same cashless exercise on the preceding line and reports in column 4 the number of shares deducted from the total number of shares issuable to pay for the cashless exercise of such options with code D for disposed. The transactions reported in Table II above, reflect the disposition of the same stock options whose cashless exercise is disclosed in Table I above.

	/s/ Kevin Shiell	07/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

How many Idaho Strategic Resources (IDR) shares did Director Kevin G. Shiell acquire?

He net acquired 7,649 common shares through cashless option exercises.

What is the director’s total IDR shareholding after the transactions?

Kevin G. Shiell now directly owns 55,516 IDR shares.

Were any shares sold into the open market?

No. Disposed shares (2,851) were withheld by the issuer to cover exercise costs; none were sold publicly.

How many options remain outstanding for the director?

Shiell holds 10,000 stock options after exercising 10,500 options.

Does this filing affect IDR’s share count or earnings?

Impact is immaterial; shares withheld come from option conversion, so no meaningful dilution or earnings effect occurs.