Here are 1-2 brief analogies for Idaho Strategic Resources (IDR):

• A developing MP Materials, focused on a broader range of US critical minerals.

• Like Lynas Rare Earths, but focused on US domestic critical minerals, including rare earths and uranium.

• Rare Earth Elements (REEs): Extracts and processes critical rare earth elements essential for modern technologies, including magnets, electronics, and electric vehicles.
• Monazite Sands: Mines and concentrates monazite, a rare earth-bearing phosphate mineral, as a primary source for critical rare earth elements.

Idaho Strategic Resources (IDR) sells primarily to other companies (B2B).

The company's current revenue is derived from the sale of refined gold from its Golden Chest Mine. According to its public filings, Idaho Strategic Resources has two major customers for its refined gold, which collectively accounted for 100% of its revenue from gold sales in recent fiscal years.

However, the names of these customer companies are not publicly disclosed by Idaho Strategic Resources. The company states in its filings that these are private entities, and it is subject to confidentiality obligations that prohibit the disclosure of their identities. Therefore, specific names and symbols cannot be provided.

While Idaho Strategic Resources is also actively developing its Bokan-Dotson Ridge Rare Earth Project, this project is currently in the exploration and development phase and is not yet generating revenue from customers.

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John Swallow, CEO/President/Director

John Swallow has served as CEO and President of Idaho Strategic Resources, Inc. since 2018 and Chairman since 2014. As the largest shareholder, he is a successful business owner, c-suite leader, and public company director with over 30 years of experience in the mining industry. He grew up in Northern Idaho, providing him with a historical perspective of the timber and mining industries. Mr. Swallow led the transformation of IDR from a small, OTC-listed company to a NYSE-listed, vertically integrated gold producer with rare earth elements and thorium properties. He is a co-founder and former owner of Timberline Drilling Inc. (TDI), which he helped grow into a successful industry service provider before his exit in 2015. Mr. Swallow has also led fundraising efforts for private and publicly traded companies and advanced private companies to public listings. He holds a B.A. degree in finance from Arizona State University and began his career as a real estate appraiser.

Grant A. Brackebusch, P.E., Director, Chief Financial Officer, Vice President and Principal Accounting Officer

Grant A. Brackebusch is a registered professional mining engineer and a co-founder of Idaho Strategic Resources, Inc. He founded the company on July 18, 1996.

Robert Morgan, Vice President Exploration

Mr. Morgan brings over 21 years of exploration experience to Idaho Strategic Resources, with 19 of those years specifically focused on gold.

Monique Hayes, Corporate Secretary

Monique Hayes is the Corporate Secretary for Idaho Strategic Resources. She has experience taking two other companies to the NYSE, demonstrating her familiarity with the uplisting process.

Travis Swallow, Investor Relations & Corporate Development

Travis Swallow works alongside his father, John Swallow, and is involved in investor relations and corporate development for Idaho Strategic Resources.

The most significant risk to Idaho Strategic Resources is the fluctuation in mineral and commodity prices. The prices of gold and rare earth elements, which are central to IDR's operations and future potential, are inherently volatile. Swings in these commodity prices directly impact the company's revenue, profitability, and overall market sentiment.

Secondly, the company faces substantial exploration and development risks, including project concentration. Idaho Strategic Resources' success is heavily reliant on the continued performance of its Golden Chest Mine and the successful, albeit early-stage, development of its rare earth claims. Exploration activities carry a high degree of risk, and there is no guarantee that commercially viable mineral deposits will be discovered or that necessary permits for future exploration, development, or production will be obtained. Delays or unfavorable exploration results could significantly impact the company's financial performance.

Finally, IDR is exposed to valuation risk due to elevated market expectations. The company's current valuation, characterized by high Price-to-Earnings (P/E) ratios, suggests that the market has priced in significant future growth. If Idaho Strategic Resources' revenue growth slows or if it fails to meet these high profit expectations, investor sentiment could quickly reverse, putting downward pressure on the stock price.

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Idaho Strategic Resources (IDR) operates primarily in the gold and rare earth elements (REE) sectors, with additional involvement in silver and thorium. The addressable markets for their main products and services are sized as follows:

Gold Mining

• Global Market: The global gold mining market was valued at approximately USD 215.49 billion in 2024 and is projected to reach around USD 314.68 billion by 2035, growing at a compound annual growth rate (CAGR) of 3.5%. Other estimates place the 2024 global market size at USD 267.87 billion, projected to reach USD 402.34 billion by 2034 with a CAGR of 3.9%. The market is also projected to exceed USD 250 billion in 2025.
• U.S. Market: North America held a significant share of the global gold mining market, accounting for over 28% of the global revenue with a market size of USD 56.70 billion in 2023.

Rare Earth Elements (REE)

• Global Market: The global rare earth elements market was valued at USD 3.39 billion in 2023 and is projected to grow to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2%. Another report estimated the market size at USD 12.44 billion in 2024, with a projection to reach USD 37.06 billion by 2033 at a CAGR of 12.83%. Further estimates show the market at USD 3.95 billion in 2024, projected to reach USD 6.28 billion by 2030 with a CAGR of 8.6%. The market is also expected to rise from US$ 7.2 billion in 2025 to US$ 14.7 billion by 2032, expanding at a CAGR of 10.6%.
• U.S. Market: The U.S. rare earth elements market was valued at USD 85.5 million in 2024 and is expected to grow by 9.5% during 2025–2032, reaching USD 174.8 million by 2032. It is also projected to reach an estimated value of USD 394.39 million by 2032.
• Monazite (a source of REE and Thorium): The global monazite market was valued at USD 56.2 million in 2023 and is poised to grow to USD 70.19 million by 2032, at a CAGR of 2.5%. Other analyses suggest a substantial market estimated at USD 500 million in 2025, expected to reach approximately USD 800 million by 2033 with an assumed CAGR of 7%. Another source indicates a market size of USD 150 million in 2023, projected to grow to USD 270 million by 2032, with a CAGR of 6.7%. The market is expected to reach an estimated USD 0.1 billion by 2031 (USD 100 million) with a CAGR of 2.1% from 2025 to 2031.

Silver Mining

• Global Market: The global silver mining market was valued at USD 19.3 billion, driven by rising demand for silver in industrial applications. It was also valued at USD 19.8 billion in 2023 and is poised to grow to USD 41.95 billion by 2032, growing at a CAGR of 8.7%. Another report projected the market to grow from USD 23.83 billion in 2024 to USD 60.76 billion by 2035.
• U.S. Market: The U.S. is the world's ninth-largest producer of silver in 2023, and its production is expected to rise by a CAGR of 8% between 2023 and 2027. The U.S. accounts for 4% of global production.

Here are 3-5 expected drivers of future revenue growth for Idaho Strategic Resources (IDR) over the next 2-3 years:

1. Sustained Strength in Gold Prices: A primary driver of IDR's recent revenue growth has been a significant increase in realized gold prices. For example, in Q2 2025, a 57.71% increase in realized gold prices to $3,223.38 per ounce was the main factor behind a 54.7% surge in revenue, rather than a substantial increase in production volume. Analysts anticipate that sustained strength in gold prices will continue to support IDR's financial performance into 2026.
2. Increased Gold Production Volume and Efficiency: IDR is actively pursuing a "production-backed exploration business plan" that involves reinvesting cash flow into drilling and exploration activities to expand its gold operations. The company completed 5,819 meters of drilling across multiple projects in Q2 2025 and is executing its largest exploration program ever at the Golden Chest Mine in 2025. Higher gold grades and increased production efficiency from the Golden Chest Mine, particularly from the H-Vein, have contributed to revenue growth in the past and are expected to continue.
3. Advancement and Potential Commercialization of Rare Earth Elements (REE) Projects: Idaho Strategic Resources is strategically positioned in the U.S. Critical Minerals sector with significant rare earth element landholdings, which it believes are the largest in the United States. The company is actively advancing its REE business, evidenced by securing a 1,500-acre lease for rare earth element projects and forming a strategic partnership with Clean Core Thorium Energy. Further exploration and development of its REE properties, such as Lemhi Pass, Diamond Creek, and Mineral Hill, are expected to capitalize on future demand for critical minerals and provide a new revenue stream.
4. Expansion of Gold Holdings: The company's acquisition strategy, such as the purchase of the Toboggan project from Hecla Mining Company in August 2025, expands its holdings by an additional 143.5 acres in the "Murray gold belt region." This region is significant as it also hosts IDR's producing Golden Chest Mine. Such expansions are expected to contribute to future gold exploration and potentially increase production capacity.

Share Issuance

• Idaho Strategic Resources' shares outstanding increased by 9.33% in one year.
• The number of outstanding shares grew from 10.22 million in 2021 to 14.00 million in 2025.
• A 1:14 reverse stock split occurred on December 6, 2021.

Outbound Investments

• In August 2025, Idaho Strategic Resources acquired the Toboggan project from Hecla Mining Company for $300,000 in cash, expanding its holdings in the Murray Gold Belt region.
• The company is focused on expanding its asset base and mineral production, including investments in Rare Earth Element (REE) exploration properties such as Lemhi Pass, Diamond Creek, and Roberts REE properties in Idaho.
• Initial staking of claims at the Lemhi Pass project began in October 2021, with further additions in February 2022 and January 2023.

Capital Expenditures

• Capital expenditures totaled -$7.51 million in the trailing 12 months.
• In Q2 2025, $1.7 million was invested in ongoing gold drilling projects and upgrades to the New Jersey Mill, including a new tailings filter circuit.
• Q1 2025 saw a more than five-fold increase in drilling investment at the Golden Chest Mine compared to the prior year, with $1,371,433 expensed for exploration drilling.