Idaho Strategic Resources (IDR) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Entity Registrant Name	IDAHO STRATEGIC RESOURCES, INC
Entity Central Index Key	0001030192
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		12,098,070
Document Quarterly Report	true
Entity File Number	000-28837
Entity Incorporation State Country Code	ID
Entity Tax Identification Number	82-0490295
Entity Interactive Data Current	Yes
Entity Address Address Line 1	201 N. Third Street
Entity Address City Or Town	Coeur d’Alene
Entity Address State Or Province	ID
Entity Address Postal Zip Code	83814
City Area Code	208
Local Phone Number	625-9001
Security 12b Title	Common Stock, $0.00 par value
Trading Symbol	IDR
Security Exchange Name	NYSEAMER
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,255,688	$ 1,976,518
Gold sales receivable	428,755	408,187
Inventories	607,922	213,722
Joint venture receivable	1,682	4,442
Other current assets	255,875	334,443
Total current assets	3,549,922	2,937,312
Property, plant and equipment, net of accumulated depreciation	9,722,205	8,255,961
Mineral properties, net of accumulated amortization	6,354,304	5,843,186
Investment in Buckskin	333,941	332,728
Investment in joint venture	435,000	435,000
Reclamation bond	326,120	103,320
Deposits	76,110	11,694
Total assets	20,797,602	17,919,201
Current liabilities:
Accounts payable and accrued expenses	812,704	647,218
Accrued payroll and related payroll expenses	199,237	174,110
Notes payable related parties, current portion	11,799	10,543
Notes payable, current portion	897,509	664,153
Small Business Administration loan, current portion	2,465	2,469
Total current liabilities	1,923,714	1,498,493
Asset retirement obligation	258,378	172,348
Notes payable related parties, long term	73,896	106,068
Convertible debt	0	1,950,000
Notes payable, long term	1,288,126	961,748
Small Business Administration loan, long term	160,850	166,742
Total long-term liabilities	1,781,250	3,356,906
Total liabilities	3,704,964	4,855,399
Commitments (Note 11)	0	0
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, no par value, 200,000,000 shares authorized; September 30, 2022-12,098,070 and December 31, 2021- 10,940,969 shares issued and outstanding	33,245,622	26,004,756
Accumulated deficit	(19,001,574)	(15,832,955)
Total Idaho Strategic Resources, Inc stockholders' equity	14,244,048	10,171,801
Non-controlling interest	2,848,590	2,892,001
Total stockholders' equity	17,092,638	13,063,802
Total liabilities and stockholders' equity	$ 20,797,602	$ 17,919,201

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares outstanding	0	0
Common Stock, Par Value	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	12,098,070	10,940,969
Common Stock, Shares outstanding	12,098,070	10,940,969

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Sales of products	$ 1,745,278	$ 2,098,849	$ 6,148,187	$ 5,865,708
Total revenue	1,745,278	2,098,849	6,148,187	5,865,708
Costs of Sales:
Cost of sales and other direct production costs	1,728,214	1,603,785	5,345,409	4,701,626
Depreciation and amortization	245,824	217,054	717,939	595,227
Total costs of sales	1,974,038	1,820,839	6,063,348	5,296,853
Gross profit (loss)	(228,760)	278,010	84,839	568,855
Other operating expenses:
Exploration	747,217	267,644	1,530,122	1,193,520
Management	158,625	56,272	266,998	312,663
Professional services	85,429	39,974	301,446	206,056
General and administrative	603,274	101,430	1,078,563	751,272
Loss on disposal of equipment	64,739	0	68,641	0
Total other operating expenses	1,659,284	465,320	3,245,770	2,463,511
Other (income) expense:
Operating loss	(1,888,044)	(187,310)	(3,160,931)	(1,894,656)
Other (income) expense:
Equity income on investment in Buckskin	(542)	0	(1,213)	0
Timber revenue net of costs	0	0	0	(4,338)
Gain on forgiveness of SBA loan	0	0	(10,000)	0
Interest income	(322)	(7)	(878)	(131)
Interest expense	22,244	50,368	85,902	150,656
Total other (income) expense	21,380	50,361	73,811	146,187
Net loss	(1,909,424)	(237,671)	(3,234,742)	(2,040,843)
Net loss attributable to non-controlling interest	(15,005)	(18,326)	(66,123)	(65,823)
Net loss attributable to Idaho Strategic Resources, Inc	$ (1,894,419)	$ (219,345)	$ (3,168,619)	$ (1,975,020)
Net loss per common share-basic and diluted	$ (0.16)	$ (0.02)	$ (0.27)	$ (0.20)
Weighted average common shares outstanding-basic and diluted	12,032,901	10,228,203	11,677,167	9,998,560

Condended Consolidated Statemen

Condended Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock Share (Member)	Accumulated Deficit Attributable to Idaho Strategic Resources, Inc. [Member]	Non-Controlling Interest [Member]
Balance, shares at Dec. 31, 2020		9,826,665
Balance, amount at Dec. 31, 2020	$ 11,264,164	$ 20,986,062	$ (12,672,786)	$ 2,950,888
Contribution from non-controlling interest in Mill JV	2,469	$ 0	0	2,469
Issuance of common stock for services, shares		714
Issuance of common stock for services, amount	2,300	$ 2,300	0	0
Options issued to management, directors, and employees	604,571	604,571	0	0
Options issued for services	9,860	$ 9,860	0	0
Issuance of common stock for cashless option exercise, shares		28,196
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Net loss	(1,662,404)	$ 0	(1,646,487)	(15,917)
Balance, shares at Mar. 31, 2021		9,855,575
Balance, amount at Mar. 31, 2021	10,220,960	$ 21,602,793	(14,319,273)	2,937,440
Balance, shares at Dec. 31, 2020		9,826,665
Balance, amount at Dec. 31, 2020	11,264,164	$ 20,986,062	(12,672,786)	2,950,888
Net loss	(2,040,843)
Balance, shares at Sep. 30, 2021		10,257,348
Balance, amount at Sep. 30, 2021	10,943,767	$ 22,684,939	(14,647,806)	2,906,634
Balance, shares at Mar. 31, 2021		9,855,575
Balance, amount at Mar. 31, 2021	10,220,960	$ 21,602,793	(14,319,273)	2,937,440
Contribution from non-controlling interest in Mill JV	17,459	$ 0	0	17,459
Issuance of common stock for services, shares		1,071
Issuance of common stock for services, amount	4,200	$ 4,200	0	0
Issuance of common stock for cashless option exercise, shares		3,571
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Net loss	(140,768)	$ 0	(109,188)	(31,580)
Issuance of common stock for warrants exercised, shares		19,841
Issuance of common stock for warrants exercised, amount	50,000	$ 50,000	0	0
Conversion of convertible debt to common stock, shares		291,667
Conversion of convertible debt to common stock, amount	735,000	$ 735,000	0	0
Balance, shares at Jun. 30, 2021		10,171,725
Balance, amount at Jun. 30, 2021	10,886,851	$ 22,391,993	(14,428,461)	2,923,319
Contribution from non-controlling interest in Mill JV	1,641	$ 0	0	1,641
Net loss	(237,671)
Conversion of convertible debt to common stock, shares		39,683
Conversion of convertible debt to common stock, amount	100,000	$ 100,000	0	0
Issuance of common stock for investment in Buckskin, shares		45,940
Issuance of common stock for investment in Buckskin, amount	192,946	$ 192,946	0	0
Net loss	(237,631)	$ 0	(219,345)	(18,326)
Balance, shares at Sep. 30, 2021		10,257,348
Balance, amount at Sep. 30, 2021	10,943,767	$ 22,684,939	(14,647,806)	2,906,634
Balance, shares at Dec. 31, 2021		10,940,969
Balance, amount at Dec. 31, 2021	10,171,801
Balance, amount at Dec. 31, 2021	13,063,802	$ 26,004,756	(15,832,955)	2,892,001
Contribution from non-controlling interest in Mill JV	2,828	$ 0	0	2,828
Issuance of common stock for services, shares		3,572
Issuance of common stock for services, amount	32,326	$ 32,326	0	0
Issuance of common stock for cashless option exercise, shares		28,981
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Net loss	(473,069)	$ 0	(455,602)	(17,467)
Issuance of common stock for warrants exercised, shares		23,057
Issuance of common stock for warrants exercised, amount	68,006	$ 68,006	0	0
Conversion of convertible debt to common stock, shares		392,866
Conversion of convertible debt to common stock, amount	1,950,000	$ 1,950,000	0	0
Issuance of common stock for cash, net of offering costs, shares		360,134
Issuance of common stock for cash, net of offering costs, amount	2,701,000	$ 2,701,000	0	0
Balance, shares at Mar. 31, 2022		11,749,579
Balance, amount at Mar. 31, 2022	17,344,893	$ 30,756,088	(16,288,557)	2,877,362
Balance, shares at Dec. 31, 2021		10,940,969
Balance, amount at Dec. 31, 2021	10,171,801
Balance, amount at Dec. 31, 2021	13,063,802	$ 26,004,756	(15,832,955)	2,892,001
Net loss	(3,234,742)
Balance, shares at Sep. 30, 2022		12,098,070
Balance, amount at Sep. 30, 2022	14,244,048
Balance, amount at Sep. 30, 2022	17,092,638	$ 33,245,622	(19,001,574)	2,848,590
Balance, shares at Mar. 31, 2022		11,749,579
Balance, amount at Mar. 31, 2022	17,344,893	$ 30,756,088	(16,288,557)	2,877,362
Contribution from non-controlling interest in Mill JV	18,202	$ 0	0	18,202
Issuance of common stock for cashless option exercise, shares		26,584
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Net loss	(852,249)	$ 0	(818,598)	(33,651)
Issuance of common stock for warrants exercised, shares		70,919
Issuance of common stock for warrants exercised, amount	397,147	$ 397,147	0	0
Issuance of common stock for cash, net of offering costs, shares		138,665
Issuance of common stock for cash, net of offering costs, amount	980,107	$ 980,107	0	0
Balance, shares at Jun. 30, 2022		11,985,747
Balance, amount at Jun. 30, 2022	17,888,100	$ 32,133,342	(17,107,155)	2,861,913
Contribution from non-controlling interest in Mill JV	1,682	0	0	1,682
Options issued to management, directors, and employees	547,275	$ 547,275	0	0
Issuance of common stock for cashless option exercise, shares		11,430
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Net loss	(1,909,424)	$ 0	(1,894,419)	(15,005)
Issuance of common stock for warrants exercised, shares		100,893
Issuance of common stock for warrants exercised, amount	565,005	$ 565,005	0	0
Balance, shares at Sep. 30, 2022		12,098,070
Balance, amount at Sep. 30, 2022	14,244,048
Balance, amount at Sep. 30, 2022	$ 17,092,638	$ 33,245,622	$ (19,001,574)	$ 2,848,590

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (3,234,742)	$ (2,040,843)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	717,939	595,227
Disposal of equipment	68,641	0
Accretion of asset retirement obligation	11,342	7,476
Stock based compensation	547,275	614,431
Issuance of common stock for services	32,326	6,500
Gain on forgiveness of SBA loan	(10,000)	0
Equity income on investment in Buckskin	(1,213)	0
Change in operating assets and liabilities:
Gold sales receivable	(20,568)	52,654
Inventories	(394,200)	146,431
Joint venture receivable	2,760	2,536
Other current assets	78,568	(107,770)
Accounts payable and other accrued liabilities	169,590	(48,902)
Accrued payroll and related payroll expenses	25,127	14,147
Net cash used by operating activities	(2,007,155)	(758,113)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(1,145,186)	(351,618)
Deposits on equipment	31,584	12,863
Additions to mineral property	(451,012)	(2,346,181)
Purchase of reclamation bonds	(222,800)	0
Net cash used by investing activities	(1,787,414)	(2,684,936)
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering cost	3,681,107	0
Proceeds from common stock warrants	1,030,158	50,000
Principal payments on notes payable	(629,322)	(409,679)
Principal payments on notes payable, related parties	(30,916)	(27,599)
Issuance of convertible debt	0	1,750,000
Contributions from non-controlling interest	22,712	21,569
Net cash provided by financing activities	4,073,739	1,384,291
Net change in cash and cash equivalents	279,170	(2,058,758)
Cash and cash equivalents, beginning of period	1,976,518	2,539,945
Cash and cash equivalents, end of period	2,255,688	481,187
Non-cash investing and financing activities:
Deposit on equipment applied to purchase	96,000	0
Notes payable for land and equipment purchase	1,189,056	1,149,683
Conversion of convertible debt to common stock	1,950,000	835,000
Investment in Buckskin acquired with issuance of common stock	$ 0	$ 192,946

The Company and Significant Acc

The Company and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
The Company and Significant Accounting Policies
Summary of Significant Accounting Policies	1. The Company and Significant Accounting Policies These unaudited interim consolidated financial statements have been prepared by the management of Idaho Strategic Resources, Inc (IDR) (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair statement of the interim consolidated financial statements have been included. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s financial position and results of operations. Operating results for the three and nine-periods ended September 30, 2022, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2022. On December 6, 2021, New Jersey Mining Company changed its name to Idaho Strategic Resources Inc. and also finalized a 1 for 14 reverse stock split of its common stock as previously approved by shareholders at a Special Meeting of the Shareholders held on October 6, 2021. On the date of the reverse stock split, every fourteen (14) shares of New Jersey Mining Company were automatically converted into one issued and outstanding share of Idaho Strategic Resources, Inc. common stock without any change in the par value per share. All disclosure of share information within the financial statements reflects the reverse split. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2021, as filed with the Securities and Exchange Commission. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. Mine Exploration and Development Costs The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At September 30, 2022, and December 31, 2021, the Company had no assets or liabilities that required measurement at fair value on a recurring basis. Accounting for Investments in Joint Ventures and Equity Method Investments Investment in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments At September 30, 2022 and December 31, 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: September 30, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50 % No Cost 50 % No Cost Buckskin Gold and Silver 37 % Yes Equity 37 % Yes Equity Reclassifications Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. New Accounting Pronouncement Accounting Standards Updates Adopted- August 2020, No. 2020 06 470 20 815 40 December 15, 2023 for smaller reporting companies,

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2022
Going Concern
Going Concern	2. Going Concern The Company is currently producing from both the open-pit and underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its planned production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventories
Inventories	3. Inventories At September 30, 2022 and December 31, 2021, the Company’s inventories consisted of the following: September 30, 2022 December 31, 2021 Concentrate inventory In process $ 43,085 $ 41,082 Finished goods 183,480 97,074 Total concentrate inventory 226,565 138,156 Supplies inventory Mine parts and supplies 247,924 54,998 Mill parts and supplies 55,347 20,568 Core drilling supplies and materials 78,086 - Total supplies inventory 381,357 75,566 Total $ 607,922 $ 213,722 The carrying value of inventory is determined each period based on the lower of cost or net realizable value. At September 30, 2022 and December 31, 2021 gold concentrate is carried at cost.

Sales of Products

Sales of Products	9 Months Ended
	Sep. 30, 2022
Sales of Products
Sales of Products	4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At September 30, 2022, metals that had been sold but not final settled thus exposed to future price changes totaled 3,685 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three and nine-month periods ended September 30, 2022 and 2021 were as follows: September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months Gold $ 1,890,626 $ 6,620,745 $ 2,253,431 $ 6,256,461 Silver 3,034 9,992 5,756 20,078 Less: Smelter and refining charges (148,382 ) (482,550 ) (160,338 ) (410,831 ) Total $ 1,745,278 $ 6,148,187 $ 2,098,849 $ 5,865,708 Sales by significant product type for the three and nine-month periods ended September 30, 2022, and 2021 were as follows: September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months Concentrate sales to H&H Metal $ 1,745,278 $ 5,844,571 $ 1,845,547 $ 5,535,899 Dore sales to refinery - 303,616 253,302 329,809 Total $ 1,745,278 $ 6,148,187 $ 2,098,849 $ 5,865,708 At September 30, 2022 and December 31, 2021, our gold sales receivable balance related to contracts with customers of $428,755 and $408,187, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	5. Related Party Transactions At September 30, 2022 and December 31, 2021, the Company had the following note payable to related parties: September 30, 2022 December 31, 2021 Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $68,839 in February 2024 $ 85,695 $ 116,611 Current portion (11,799 ) (10,543 ) Long term portion $ 73,896 $ 106,068 As of September 30, 2022 and December 31, 2021, there was no accrued interest payable to related parties. Related party interest expense for the three and nine-months ended September 30, 2022 and 2021 is as follows. September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 924 $ 3,081 $ 1,994 $ 6,397 The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows: September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 6,217 $ 18,651 $ 6,364 $ 18,791

Joint Ventures

Joint Ventures	9 Months Ended
	Sep. 30, 2022
Joint Ventures
Joint Venture Arrangements	6. Joint Ventures New Jersey Mill Joint Venture Agreement The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations. Thus, the venture is included in the consolidated financial statements along with presentation of the non-controlling interest. At September 30, 2022 and December 31, 2021, an account receivable existed with Crescent Silver, LLC, the other joint venture participant (“Crescent”), for $1,682 and $4,442, respectively, for shared operating costs as defined in the JV agreement. Butte Highlands JV, LLC (“BHJV”) On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the joint venture’s activities, it accounts for its investment on a cost basis.

Earing Per Share

Earing Per Share	9 Months Ended
	Sep. 30, 2022
Joint Ventures
Earnings per Share	7. Earnings per Share For the three and nine-month periods ended September 30, 2022, and 2021, potentially dilutive shares including outstanding stock options (Note 13), warrants (Note 12), and convertible debt (Note 14) were excluded from the computation of diluted loss per share because they were anti-dilutive due to net losses in those periods. For the three and nine-month periods ended September 30, 2022 and 2021, potentially dilutive common stock equivalents excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive are as follows: September 30, 2022 September 30, 2021 Stock options 542,525 394,643 Stock purchase warrants 289,294 406,947 Convertible debt - 392,858 Total 831,819 1,194,448

Property Plant and Equipment

Property Plant and Equipment	9 Months Ended
	Sep. 30, 2022
Property Plant and Equipment
Property, Plant and Equipment	8. Property, Plant, and Equipment Property, plant and equipment at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (1,212,259 ) (1,085,730 ) Total mill 3,742,163 3,868,692 Building and equipment Buildings 337,859 324,075 Equipment 6,464,911 5,042,915 6,802,770 5,366,990 Less accumulated depreciation (2,100,483 ) (1,847,191 ) Total building and equipment 4,702,287 3,519,799 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Salmon Building 410,285 - Total land 1,277,755 867,470 Total $ 9,722,205 $ 8,255,961

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2022
Mineral Properties
Mineral Properties	9. Mineral Properties Mineral properties at September 30, 2022 and December 31, 2021 consisted of the following: September 30, 2022 December 31, 2021 Golden Chest Mineral Property $ 1,599,213 $ 1,577,669 Infrastructure 1,560,192 1,056,037 Total Golden Chest 3,159,405 2,633,706 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 2,473,066 2,473,066 Park Copper 78,000 78,000 Less accumulated amortization (78,896 ) (64,315 ) Total $ 6,354,304 $ 5,843,186 For the three and nine-month periods ended September 30, 2022 and 2021 interest expense was capitalized in association with the ramp access project at the Golden Chest as follows. September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 11,180 $ 32,097 $ 16,029 $ 42,545

Investment in Buckskin

Investment in Buckskin	9 Months Ended
	Sep. 30, 2022
Investment in Buckskin
Investment in Buckskin	10. Investment in Buckskin In August 2021, the Company exchanged 45,940 shares of the Company’s common stock for 22% of Buckskin Gold and Silver Inc. The Company’s closing share price on the date of the agreement (August 18, 2021) was recorded as the cost basis for the property. In October 2021 the Company exchanged an additional 30,358 shares of the Company’s common stock for an additional 15% of Buckskin. The Company’s closing share price on the date of the exchange (October 15, 2021) was recorded as the cost basis for the investment addition. This investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $542 and $1,213 for the three- and nine-month periods ending September 30, 2022. The Company makes an annual payment of $12,000 to Buckskin per a lease covering 218 acres of patented mining claims. As of September 30, 2022, the Company holds 37% of Buckskin’s outstanding shares.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2022
Notes Payable
Notes Payable	11. Notes Payable At September 30, 2022 and December 31, 2021, notes payable are as follows: September 30, 2022 December 31, 2021 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 308,203 $ - Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 383,245 - Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 123,033 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 103,182 143,547 Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 - 410 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 12,634 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 4,987 7,501 Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 30,591 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 199,106 283,955 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 155,991 - Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 12,422 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 37,336 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 39,891 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 454,339 590,535 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 113,521 221,694 Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 163,315 169,211 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 67,112 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 69,302 - Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 44,556 - CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 26,184 - Total notes payable 2,348,950 1,795,112 Due within one year 899,974 666,622 Due after one year $ 1,448,976 $ 1,128,490 All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at September 30, 2022 are as follows: 12 months ended September 30, 2023 $ 899,974 2024 698,639 2025 243,911 2026 38,243 2027 298,577 2028 23,800 Thereafter 145,806 Total $ 2,348,950 In the second quarter of 2020 the Company received a loan of $149,900 pursuant to the Small Business Act Section 7(b). The loan which was in the form of a Note dated May 16, 2020, matures May 16, 2050, and bears interest at a rate of 3.75% per annum. Payments of $731 are due monthly and will begin in November 2022. At September 30, 2022, and December 31, 2021 accrued interest on the loan was $13,415 and $9,311, respectively and is included in the Small Business Administration Loan balance on the consolidated balance sheet. In the second quarter of 2022, it was determined that an additional $10,000 also received in the second quarter of 2020 was a grant that was forgiven as part of the Covid-19 relief program. This $10,000 was recorded as a gain on forgiveness of the SBA loan in the statement of operations during the second quarter of 2022.

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2022
Stockholders Equity
Stockholders' Equity	12. Stockholders’ Equity Stock issuance activity The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 shares at $7.50 per share for net proceeds of $2,701,000. In the second quarter of 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107. In the first nine months of 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. In the first nine months of 2022, the Company issued 392,866 shares of the Company’s common stock in exchange for $1,950,000 of debt at $4.96 per share. In the first nine months of 2021 the Company issued 1,785 shares of the Company’s common stock for services rendered at an average price of $3.64 for a total value of $6,500. In the first nine months of 2021 the Company issued 331,350 shares of the Company’s Stock in exchange for $835,000 of debt at $2.52 per share. The Company issued 45,940 shares of the Company’s common stock for 22% of Buckskin Gold and Silver in August 2021 valued $192,496. Stock Purchase Warrants Outstanding The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2020 426,788 $ 2.52-5.60 Issued 289,294 $ 5.60-7.00 Exercised (46,615 ) $ 2.52 Balance December 31, 2021 669,467 $ 2.52-7.00 Expired (185,304 ) $ 2.52-5.60 Exercised (194,869 ) $ 2.52-5.60 Balance September 30, 2022 289,294 $ 5.60-7.00 These warrants expire as follows: Shares Exercise Price Expiration Date 235,722 $ 5.60 October 14, 2023 53,572 $ 7.00 November 12, 2023 289,294

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 2022
Stockholders Equity
Stock Options	13. Stock Options In September 2022, the board granted 165,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.25 for 3 years. Total stock-based compensation recognized on these options was $505,476 and was recognized in management, professional services, and general administrative expenses in the statement of operations. In September 2022, the board granted an additional 15,000 total stock options, 7,500 each to our independent board members. These options vested immediately and are exercisable at $4.75 for 3 years. Total stock-based compensation recognized on these options was $41,799 and was recognized in management expenses in the statement of operations. In February 2021, the board granted 283,936 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $604,571 and was recognized in management, professional services, and general administrative expenses in the statement of operations. In March 2021, the Company granted 3,572 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $9,860 and was recognized in general administrative expenses in the statement of operations. The fair value of stock option awards granted, and the key assumptions used in the Black-Scholes valuation model to calculate the fair value of the options are as follows: February 11, 2021 March 15, 2021 September 6, 2022 September 28, 2022 Fair value $ 604,572 $ 9,860 $ 505,476 $ 41,799 Options issued 283,936 3,572 165,000 15,000 Exercise price $ 5.60 $ 5.60 $ 5.25 $ 4.75 Expected term (in years) 3.0 3.0 3.0 3.0 Risk-free rate 0.19 % 0.33 % 3.55 % 4.12 % Volatility 97.9 % 99.3 % 89.3 % 89.2 % Activity in the Company’s stock options is as follows: Number of Options Weighted Average Exercise Prices Balance December 31, 2020 150,000 $ 1.83 Granted 469,674 $ 5.53 Exercised (101,786 ) $ 1.87 Forfeited (10,713 ) $ 5.60 Balance December 31, 2021 507,175 $ 5.25 Granted 180,000 $ 5.21 Exercised (116,078 ) $ 4.31 Expired (7,143 $ 1.96 Forfeited (21,429 ) $ 5.60 Balance September 30, 2022 542,525 $ 5.47 Outstanding and exercisable at September 30, 2022 542,525 $ 5.47 At September 30, 2022, outstanding stock options have a weighted average remaining term of approximately 2 years and have no intrinsic value. Intrinsic value of the options exercised for the three and nine-month periods ended September 30, 2022, was $46,500 and $302,493, respectively. Intrinsic value of the options exercised for the nine-month period ended September 30, 2021 was $164,000, none were issued in the three month period ending September 30, 2021.

Convertible Debt

Convertible Debt	9 Months Ended
	Sep. 30, 2022
Convertible Debt
Convertible Debt	14. Convertible Debt The balance of convertible debt at December 31, 2021 consisted of $200,000 convertible to Common shares at a price of $5.60 per share (35,715 shares) and $1,750,000 convertible to Common shares at a price of $4.90 per share (357,151 shares). All of this debt was converted to Common shares as provided in the respective agreements in March 2022

The Company and Significant A_2

The Company and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
The Company and Significant Accounting Policies (Policies)
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations.
Revenue Recognition	Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition
Inventories	Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value.
Mine Exploration and Development Costs	The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces.
Fair Value Measurements	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At September 30, 2022, and December 31, 2021, the Company had no assets or liabilities that required measurement at fair value on a recurring basis.
Accounting for Investments in Joint Ventures and Equity Method Investments	Investment in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments At September 30, 2022 and December 31, 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: September 30, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50 % No Cost 50 % No Cost Buckskin Gold and Silver 37 % Yes Equity 37 % Yes Equity
Reclassifications	Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported.
New Accounting Pronouncement	Accounting Standards Updates Adopted- August 2020, No. 2020 06 470 20 815 40 December 15, 2023 for smaller reporting companies,

Summary of Significant Accounti

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies (Tables)
Schedule of Cost Method Investments	September 30, 2022 December 31, 2021 Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands Joint Venture (“BHJV”) 50 % No Cost 50 % No Cost Buckskin Gold and Silver 37 % Yes Equity 37 % Yes Equity

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies (Tables)
Inventories	September 30, 2022 December 31, 2021 Concentrate inventory In process $ 43,085 $ 41,082 Finished goods 183,480 97,074 Total concentrate inventory 226,565 138,156 Supplies inventory Mine parts and supplies 247,924 54,998 Mill parts and supplies 55,347 20,568 Core drilling supplies and materials 78,086 - Total supplies inventory 381,357 75,566 Total $ 607,922 $ 213,722

Sales of Products (Tables)

Sales of Products (Tables)	9 Months Ended
	Sep. 30, 2022
Sales of Products
Schedule of sales of products by metal	September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months Gold $ 1,890,626 $ 6,620,745 $ 2,253,431 $ 6,256,461 Silver 3,034 9,992 5,756 20,078 Less: Smelter and refining charges (148,382 ) (482,550 ) (160,338 ) (410,831 ) Total $ 1,745,278 $ 6,148,187 $ 2,098,849 $ 5,865,708 Sales by significant product type for the three and nine-month periods ended September 30, 2022, and 2021 were as follows: September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months Concentrate sales to H&H Metal $ 1,745,278 $ 5,844,571 $ 1,845,547 $ 5,535,899 Dore sales to refinery - 303,616 253,302 329,809 Total $ 1,745,278 $ 6,148,187 $ 2,098,849 $ 5,865,708

Related Party Transactions (Tab

Related Party Transactions (Table)	9 Months Ended
	Sep. 30, 2022
Sales of Products
Related Party Transactions (table)	September 30, 2022 December 31, 2021 Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $68,839 in February 2024 $ 85,695 $ 116,611 Current portion (11,799 ) (10,543 ) Long term portion $ 73,896 $ 106,068 September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 924 $ 3,081 $ 1,994 $ 6,397 September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 6,217 $ 18,651 $ 6,364 $ 18,791

Earnings per Share (Table)

Earnings per Share (Table)	9 Months Ended
	Sep. 30, 2022
Sales of Products
Earnings per Share	September 30, 2022 September 30, 2021 Stock options 542,525 394,643 Stock purchase warrants 289,294 406,947 Convertible debt - 392,858 Total 831,819 1,194,448

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Property Plant and Equipment
Property, Plant and Equipment	September 30, 2022 December 31, 2021 Mill Land $ 225,289 $ 225,289 Building 536,193 536,193 Equipment 4,192,940 4,192,940 4,954,422 4,954,422 Less accumulated depreciation (1,212,259 ) (1,085,730 ) Total mill 3,742,163 3,868,692 Building and equipment Buildings 337,859 324,075 Equipment 6,464,911 5,042,915 6,802,770 5,366,990 Less accumulated depreciation (2,100,483 ) (1,847,191 ) Total building and equipment 4,702,287 3,519,799 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Eastern Star 250,817 250,817 Gillig 79,137 79,137 Highwater 40,133 40,133 Salmon Building 410,285 - Total land 1,277,755 867,470 Total $ 9,722,205 $ 8,255,961

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2022
Mineral Properties
Schedule of mineral properties	September 30, 2022 December 31, 2021 Golden Chest Mineral Property $ 1,599,213 $ 1,577,669 Infrastructure 1,560,192 1,056,037 Total Golden Chest 3,159,405 2,633,706 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Potosi 274,440 274,440 Alder Gulch 2,473,066 2,473,066 Park Copper 78,000 78,000 Less accumulated amortization (78,896 ) (64,315 ) Total $ 6,354,304 $ 5,843,186 September 30, 2022 September 30, 2021 Three Months Nine Months Three Months Nine Months $ 11,180 $ 32,097 $ 16,029 $ 42,545

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Payable
Schedule of Debt	September 30, 2022 December 31, 2021 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 308,203 $ - Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 383,245 - Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 123,033 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 103,182 143,547 Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813 - 410 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 12,634 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 4,987 7,501 Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 30,591 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 199,106 283,955 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 155,991 - Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 12,422 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 37,336 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 39,891 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 454,339 590,535 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 113,521 221,694 Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 163,315 169,211 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 67,112 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 69,302 - Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 44,556 - CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 26,184 - Total notes payable 2,348,950 1,795,112 Due within one year 899,974 666,622 Due after one year $ 1,448,976 $ 1,128,490
Schedule of Future principal payments of notes payable	12 months ended September 30, 2023 $ 899,974 2024 698,639 2025 243,911 2026 38,243 2027 298,577 2028 23,800 Thereafter 145,806 Total $ 2,348,950

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders Equity (Tables)
Common Stock Purchase Warrant Transactions	The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2020 426,788 $ 2.52-5.60 Issued 289,294 $ 5.60-7.00 Exercised (46,615 ) $ 2.52 Balance December 31, 2021 669,467 $ 2.52-7.00 Expired (185,304 ) $ 2.52-5.60 Exercised (194,869 ) $ 2.52-5.60 Balance September 30, 2022 289,294 $ 5.60-7.00
Warrant Expirations	These warrants expire as follows: Shares Exercise Price Expiration Date 235,722 $ 5.60 October 14, 2023 53,572 $ 7.00 November 12, 2023 289,294

Stock Options (Table)

Stock Options (Table)	9 Months Ended
	Sep. 30, 2022
Stockholders Equity (Tables)
Fair value of stock options	February 11, 2021 March 15, 2021 September 6, 2022 September 28, 2022 Fair value $ 604,572 $ 9,860 $ 505,476 $ 41,799 Options issued 283,936 3,572 165,000 15,000 Exercise price $ 5.60 $ 5.60 $ 5.25 $ 4.75 Expected term (in years) 3.0 3.0 3.0 3.0 Risk-free rate 0.19 % 0.33 % 3.55 % 4.12 % Volatility 97.9 % 99.3 % 89.3 % 89.2 %
Schedule of Activity in the Company's stock options	Number of Options Weighted Average Exercise Prices Balance December 31, 2020 150,000 $ 1.83 Granted 469,674 $ 5.53 Exercised (101,786 ) $ 1.87 Forfeited (10,713 ) $ 5.60 Balance December 31, 2021 507,175 $ 5.25 Granted 180,000 $ 5.21 Exercised (116,078 ) $ 4.31 Expired (7,143 $ 1.96 Forfeited (21,429 ) $ 5.60 Balance September 30, 2022 542,525 $ 5.47 Outstanding and exercisable at September 30, 2022 542,525 $ 5.47

The Company and Significant A_3

The Company and Significant Accounting Policies (Details)	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Investment Owned, Percent of Net Assets	65%	65%
Investment owned percentage of net assets 2	50%	50%
Investment owned percentage of net assets 3	37%	37%

The Company and Significant A_4

The Company and Significant Accounting Policies (Details Narrative)	9 Months Ended
	Sep. 30, 2022
Condensed Consolidated Balance Sheets
Significant Accounting Policies description	finalized a 1 for 14 reverse stock split of its common
Equity Method Investments description	Company’s 37% common stock holding of Buckskin Gold and Silver

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Total concentrate inventory	$ 226,565	$ 138,156
Total supplies inventory	381,357	75,566
Total	607,922	213,722
Concentrate Inventory
In process	43,085	41,082
Finished Goods
Finished goods	183,480	97,074
Mine Parts And Supplies
Mine parts and supplies	247,924	54,998
Mill Parts And Supplies
Mine parts and supplies	55,347	20,568
Core drilling supplies and materials
Mine parts and supplies	$ 78,086	$ 0

Sales of Products (Details)

Sales of Products (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Gold sales	$ 1,890,626	$ 2,253,431	$ 6,620,745	$ 6,256,461
Silver sales	3,034	5,756	9,992	20,078
Less: Smelter and refining charges	(148,382)	(160,338)	(482,550)	(410,831)
Total	$ 1,745,278	$ 2,098,849	$ 6,148,187	$ 5,865,708	$ 1,586,627

Sales of Products (Details1)

Sales of Products (Details1) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Concentrate sales	$ 1,745,278	$ 1,845,547	$ 5,844,571	$ 5,535,899
Dore sales	0	253,302	303,616	329,809
Total	$ 1,745,278	$ 2,098,849	$ 6,148,187	$ 5,865,708	$ 1,586,627

Sales of Products (Details Narr

Sales of Products (Details Narrative) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Gold sales receivable	$ 428,755	$ 408,187

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Notes payable related parties, long term	$ 73,896	$ 106,068
Ophir Holdings LLC
Notes payable related parties, long term	85,695	116,611
Current portion	(11,799)	(10,543)
Long term portion	$ 73,896	$ 106,068

Related Party Transactions (D_2

Related Party Transactions (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions
Interest expense	$ 924	$ 1,994	$ 3,081	$ 6,397

Related Party Transactions (D_3

Related Party Transactions (Details 2) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Transactions
General and administrative expenses	$ 6,217	$ 6,364	$ 18,651	$ 18,791

Related Party Transactions (D_4

Related Party Transactions (Details Narrative)	9 Months Ended
	Sep. 30, 2022 USD ($)
Related Party Transactions
Monthely rent paid	$ 1,500

Joint Ventures (Details Narrati

Joint Ventures (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
New Jersey Mill
Account receivable existed for shared operating costs	$ 1,682	$ 4,442
Equity Method Investment, Additional Information	The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations.
Butte Highlands JV, LLC
Equity Method Investment, Additional Information	On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000

Earnings per Share (Details)

Earnings per Share (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Earnings per Share (Details)
Stock options	542,525	394,643
Stock purchase warrants	289,294	406,947
Convertible debt		392,858
Total	831,819	1,194,448

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property Plant and Equipment
Mill land	$ 225,289	$ 225,289
Mill building	536,193	536,193
Milling equipment	4,192,940	4,192,940
Mill property and equipment gross	4,954,422	4,954,422
Mill less accumulated depreciation	(1,212,259)	(1,085,730)
Total mill	3,742,163	3,868,692
Buildings and equipment, buildings	337,859	324,075
Buildings and equipment, equipment	6,464,911	5,042,915
Buildings and equipment, Gross	6,802,770	5,366,990
Buildings and equipment, accumulated depreciation	(2,100,483)	(1,847,191)
Total building and equipment	4,702,287	3,519,799
Bear Creek Land	266,934	266,934
BOW Land	230,449	230,449
Eastern Star Land	250,817	250,817
Gillig Land	79,137	79,137
Highwater Land	40,133	40,133
Salmon Building Land	410,285	0
Total Land	1,277,755	867,470
Total	$ 9,722,205	$ 8,255,961

Mineral Properties (Details)

Mineral Properties (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Mineral Properties
Golden Chest Mineral Property	$ 1,599,213	$ 1,577,669
Infrastructure	1,560,192	1,056,037
Total Golden Chest	3,159,405	2,633,706
Mineral Properties 1	248,289	248,289
Mineral Properties 2	200,000	200,000
Mineral Properties 3	274,440	274,440
Mineral Properties 4	2,473,066	2,473,066
Mineral Properties 5	78,000	78,000
Mineral properties amortization	(78,896)	(64,315)
Total	$ 6,354,304	$ 5,843,186

Mineral Properties (Details1)

Mineral Properties (Details1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Mineral Properties
InterestExpense	$ 11,180	$ 16,029	$ 32,097	$ 42,545

Investment in Buckskin (Details

Investment in Buckskin (Details Narrative) - Buckskin - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2021	Sep. 30, 2022	Sep. 30, 2022	Oct. 31, 2021	Aug. 31, 2011
Common stock	45,940
Additional Paid in Capital, Common Stock				30,358
Investment Income		$ 542	$ 1,213
Annual payment			$ 12,000
Percent of common stock		37%	37%
Additional common stock percentage				15%
Ownership interest					22%

Notes Payable (Details)

Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Total notes payable	$ 2,348,950	$ 1,795,112
Due within one year	899,974	666,622
Due after one year	1,448,976	1,128,490
Note Payable through January 2025 [Member]
Total notes payable	383,245	0
Monthly payment	$ 14,821
Interest rate	7%
Note Payable through September 2024 [Member]
Total notes payable	$ 123,033	164,422
Monthly payment	$ 5,181
Interest rate	4.78%
Note Payable through July 2024 [Member]
Total notes payable	$ 103,182	143,547
Monthly payment	$ 4,847
Interest rate	3.45%
Note Payable through January 2022 [Member]
Total notes payable	$ 0	410
Monthly payment	$ 813
Interest rate	5.25%
Note Payable through June 2024 [Member]
Total notes payable	$ 12,634	17,752
Monthly payment	$ 627
Interest rate	4.50%
Note Payable through February 2024 [Member]
Total notes payable	$ 4,987	7,501
Monthly payment	$ 303
Interest rate	4.50%
Note Payable through June 2023 [Member]
Total notes payable	$ 30,591	58,866
Monthly payment	$ 3,550
Interest rate	10.50%
Note Payable through May 2024 [Member]
Total notes payable	$ 199,106	283,955
Monthly payment	$ 10,352
Interest rate	4.50%
Note Payable through July 2024 One [Member]
Total notes payable	$ 12,422	17,064
Monthly payment	$ 602
Interest rate	6.99%
Note Payable through November 2024 [Member]
Total notes payable	$ 37,336	49,421
Monthly payment	$ 1,512
Interest rate	4.60%
Note Payable through August 2023 [Member]
Total notes payable	$ 39,891	70,734
Monthly payment	$ 3,751
Interest rate	6.80%
Note Payable through June 2023 One [Member]
Total notes payable	$ 113,521	221,694
Monthly payment	$ 17,125
Interest rate	6.45%
Note Payable through June 2028 [Member]
Total notes payable	$ 67,112	0
Monthly payment	$ 1,152
Interest rate	5.99%
Note Payable through June 27 [Member]
Total notes payable	$ 308,203	0
Monthly payment	$ 2,500
Interest rate	7%
Note Payable through June 28 One [Member]
Total notes payable	$ 69,302	0
Monthly payment	$ 1,190
Interest rate	5.99%
Note Payable through May,25 [Member]
Total notes payable	$ 44,556	0
Monthly payment	$ 1,515
Interest rate	6.30%
Note Payable through Januaryone 2025 [Member]
Total notes payable	$ 454,339	590,535
Monthly payment	$ 17,125
Interest rate	4.50%
Note Payable through Aug 25 [Member]
Total notes payable	$ 155,991	0
Monthly payment	$ 4,933
Interest rate	6.90%
Note Payable through Dec,54 [Member]
Total notes payable	$ 163,315	169,211
Monthly payment	$ 731
Interest rate	3.75%
Note Payable through Jun 25 [Member]
Total notes payable	$ 26,184	$ 0
Monthly payment	$ 866
Interest rate	6.30%

Notes Payable Schedule of Futur

Notes Payable Schedule of Future of Principle Payment of Debt (Details)	Sep. 30, 2022 USD ($)
Condensed Consolidated Balance Sheets
2023	$ 899,974
2024	698,639
2025	243,911
2026	38,243
2027	298,577
2028	23,800
Thereafter	145,806
Total	$ 2,348,950

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - SBA loan - USD ($)	1 Months Ended	9 Months Ended	12 Months Ended
	May 16, 2020	Sep. 30, 2022	Dec. 31, 2021
Additional grant on Forgiveness		$ 10,000
Proceeds from Loans	$ 149,900
Gain on forgiveness		10,000
Payments	$ 731
Accrued interest on the remaining		$ 13,415	$ 9,311
Bears interest	3.75%

Stockholders Equity (Details)

Stockholders Equity (Details) - Warrant [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Beginning balance	669,467	426,788
Warrants issued		289,294
Warrants Expired	185,304
Warrants Exercised	194,869	46,615
Ending balance	289,294	669,467
Minimum [Member]
Beginning balance	$ 2.52	$ 2.52
Warrants issued		5.60
Warrants expired	2.52
Warrants Exercised	2.52	2.52
Ending balance	5.60	2.52
Maximum [Member]
Beginning balance	7	5.60
Warrants issued		7
Warrants expired	5.60
Warrants Exercised	5.60	2.52
Ending balance	$ 7	$ 7

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - $ / shares	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Total no of shares	289,294
Warrant [Member]
Number of shares		669,467	426,788
Warrant [Member] | Exercise Price One 5.60 [Member]
Number of shares	235,722
Exercise price	$ 5.60
Warrant expiration date	Oct. 14, 2023
Warrant [Member] | Exercise Price 7.00 [Member]
Number of shares	53,572
Exercise price	$ 7
Warrant expiration date	Nov. 12, 2023

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Description of Buckskin Gold and Silver	The Company issued 45,940 shares of the Company’s common stock for 22% of Buckskin Gold and Silver in August 2021 valued $192,496
Private placement unit sold	360,134
Private placement unit, per share	$ 7.50
Net Proceeds	$ 2,701,000
Stock issuance Activity [Member] | Second Quarter [Member]
Net Proceeds	$ 980,107
Common stock issued	392,866	331,350
Common Stock, per share	$ 4.96	$ 2.52
Debt in exchange of common stock	$ 1,950,000	$ 835,000
Common stock sold	138,665
First Quarter [Member] | Stock Issuance Activity [Member]
Common stock issued	3,572	1,785
Common Stock, per share	$ 9.05	$ 3.64
Service providing cost	$ 32,326	$ 6,500

Stock Options (Details)

Stock Options (Details) - $ / shares				1 Months Ended				9 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 30, 2022	Sep. 28, 2022	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2022
Condensed Consolidated Balance Sheets
Fair value options	505,476	9,860	604,572		41,799
Options issued	165,000	3,572	283,936		15,000
Exercise price	$ 5.25	$ 5.60	$ 5.60	$ 5.25	$ 4.75	$ 5.60	$ 5.60	$ 4.75
Expected term (in years)	3.0	3.0	3.0		3.0
Risk-free rate	3.55%	0.33%	0.19%		4.12%
Expected volatility	89.30%	99.30%	97.90%		89.20%

Stock Options (Details 1)

Stock Options (Details 1) - $ / shares				1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 28, 2022	Sep. 30, 2022	Dec. 31, 2021
Stock Options Granted	165,000	3,572	283,936	15,000
Equity Option [Member]
Beginning balance					507,175	150,000
Stock Options Granted					180,000	469,674
Stock Options Exercised					116,078	101,786
Expiredshare					(7,143)
Stock Options Forfeited					(21,429)	(10,713)
Ending balance					542,525	507,175
Ending balance exercisable					542,525
Weighted Average Exercise Prices [Member]
Beginning balance					$ 5.25	$ 1.83
Exercise price Granted					5.21	5.53
Exercise price exercised					4.31	1.87
ExerdisePriceExpired					1.96
Exercise price forfeited					5.60	5.60
Ending balance					5.47	$ 5.25
Excercise price exercisable					$ 5.47

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)				1 Months Ended				3 Months Ended	9 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 30, 2022	Sep. 28, 2022	Mar. 31, 2021	Feb. 28, 2021	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Stock Options (Details Narrative)
Granted Stock Option				165,000						164,000
Option exercised								$ 46,500	$ 302,493
Option exercised									$ 7,500
Granted Stock Option						3,572	283,936		15,000
Exercise price per share	$ 5.25	$ 5.60	$ 5.60	$ 5.25	$ 4.75	$ 5.60	$ 5.60		$ 4.75
stock-based compensation recognized				$ 505,476		$ 9,860	$ 604,571		$ 41,799
Weighted average remaining term				3 years		3 years	3 years		3 years

Convertible Debt (Details Narra

Convertible Debt (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Notes Payble	$ 2,348,950	$ 1,795,112
Promissory note 1
Notes Payble		$ 200,000
Shares contingently issuable		35,715
Common stock at a price		$ 5.60
Promissory note 2
Notes Payble		$ 1,750,000
Shares contingently issuable	357,151
Common stock at a price	$ 4.90