Idaho Strategic Resources (IDR) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	IDAHO STRATEGIC RESOURCES, INC.
Entity Central Index Key	0001030192
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		12,256,523
Entity Public Float			$ 82,171,827
Document Annual Report	true
Document Transition Report	false
Entity File Number	000-28837
Entity Incorporation State Country Code	ID
Entity Tax Identification Number	82-0490295
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 12g Title	Common Stock, $0.00 par value
Trading Symbol	IDR
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Auditor Location	Spokane, Washington
Auditor Firm Id	444
Auditor Name	Assure CPA, LLC

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,638,031	$ 1,976,518
Gold sales receivable	909,997	408,187
Inventories	618,313	213,722
Joint venture receivable	1,926	4,442
Other current assets	192,025	334,443
Total current assets	3,360,292	2,937,312
Property, plant and equipment, net of accumulated depreciation	9,923,386	8,255,961
Mineral properties, net of accumulated amortization	6,527,561	5,843,186
Investment in Buckskin Gold and Silver	334,252	332,728
Investment in joint venture	435,000	435,000
Reclamation bond	327,020	103,320
Deposits	76,110	11,694
Total assets	20,983,621	17,919,201
Current liabilities:
Accounts payable and accrued expenses	579,541	647,218
Accrued payroll and related payroll expenses	179,149	174,110
Notes payable related parties, current portion	12,226	10,543
Notes payable, current portion	859,393	666,622
Total current liabilities	1,630,309	1,498,493
Asset retirement obligation	262,217	172,348
Notes payable related parties, long term	62,957	106,068
Convertible debt	0	1,950,000
Notes payable, long term	1,315,068	1,128,490
Total long-term liabilities	1,640,242	3,356,906
Total liabilities	3,270,551	4,855,399
Commitments and Contingencies	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; 12,098,070 and 10,940,969 shares issued and outstanding, respectively	33,245,622	26,004,756
Accumulated deficit	(18,368,384)	(15,832,955)
Total Idaho Strategic Resources, Inc. stockholders' equity	14,877,238	10,171,801
Non-controlling interest	2,835,832	2,892,001
Total stockholders' equity	17,713,070	13,063,802
Total liabilities and stockholders' equity	$ 20,983,621	$ 17,919,201

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Revenue-gold sales	$ 9,580,189	$ 7,630,416
Cost of sales:
Cost of sales and other direct production costs	7,042,185	6,328,117
Depreciation and amortization	984,083	814,422
Total cost of sales	8,026,268	7,142,539
Gross profit	1,553,921	487,877
Other operating expenses:
Exploration	2,110,137	1,417,605
Loss on write-off of equipment	68,641	0
Management	322,775	518,011
Professional services	375,002	293,402
General and administrative	1,229,603	1,319,145
Total other operating expenses	4,106,158	3,548,163
Loss from operations	(2,552,237)	(3,060,286)
Other (income) expense:
Gain on forgiveness of SBA loan	(10,000)	0
Equity income on investment in Buckskin	(1,524)	(3,782)
Timber revenue	0	(4,338)
Interest income	(12,453)	(146)
Interest expense	102,832	208,341
Total other expense	78,855	200,075
Net loss	(2,631,092)	(3,260,361)
Net loss attributable to non-controlling interest	(95,663)	(100,192)
Net loss attributable to Idaho Strategic Resources, Inc.	$ (2,535,429)	$ (3,160,169)
Net loss per common share-basic and diluted	$ (0.22)	$ (0.31)
Weighted average common shares outstanding-basic and diluted	11,783,258	10,192,465

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Equity - USD ($)	Total	Common Stock	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 New Jersey Mill Joint Venture	41,305	$ 0	0	41,305
Issuance of common stock for cash and warrants, net of issuance costs, shares		578,579
Issuance of common stock for cash and warrants, net of issuance costs, amount	2,580,000	$ 2,580,000	0	0
Issuance of common stock for services, shares		10,726
Issuance of common stock for services, amount	69,673	$ 69,673	0	0
Issuance of common stock for warrants exercised, shares		46,627
Issuance of common stock for warrants exercised, amount	117,500	$ 117,500	0	0
Issuance of common stock for investment in Buckskin, shares		76,298
Issuance of common stock for investment in Buckskin, amount	328,946	$ 328,946	0	0
Issuance of common stock for cashless option exercise, shares		70,725
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Issuance of options to management, directors, and employees	1,087,575	$ 1,087,575	0	0
Conversion of convertible debt to common stock, shares		331,349
Conversion of convertible debt to common stock, amount	835,000	$ 835,000	0	0
Net loss	(3,260,361)	$ 0	(3,160,169)	(100,192)
Balance, shares at Dec. 31, 2021		10,940,969
Balance, amount at Dec. 31, 2021	13,063,802	$ 26,004,756	(15,832,955)	2,892,001
Contribution from non-controlling interest in New Jersey Mill Joint Venture	39,494	$ 0	0	39,494
Issuance of common stock for cash and warrants, net of issuance costs, shares		498,799
Issuance of common stock for cash and warrants, net of issuance costs, amount	3,681,107	$ 3,681,107	0	0
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 warrants exercised, shares		194,869
Issuance of common stock for warrants exercised, amount	1,030,158	$ 1,030,158	0	0
Issuance of common stock for cashless option exercise, shares		66,995
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	0
Issuance of options to management, directors, and employees	547,275	$ 547,275	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
Net loss	(2,631,092)	$ 0	(2,535,429)	(95,663)
Balance, shares at Dec. 31, 2022		12,098,070
Balance, amount at Dec. 31, 2022	$ 17,713,070	$ 33,245,622	$ (18,368,384)	$ 2,835,832

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (2,631,092)	$ (3,260,361)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation and amortization	984,083	814,422
Accretion of asset retirement obligation	12,691	9,953
Stock based compensation	547,275	1,087,575
Stock issued for services	32,326	69,673
Loss on write-off of equipment	68,641	0
Equity income on investment in Buckskin	(1,524)	(3,782)
Gain on forgiveness of SBA loan	(10,000)	0
Change in operating assets and liabilities:
Gold sales receivable	(501,810)	(143,408)
Inventories	(404,591)	188,815
Joint venture receivable	2,516	(265)
Other current assets	142,418	(110,380)
Accounts payable and accrued expenses	(63,062)	(33,894)
Accrued payroll and related payroll expenses	5,039	30,625
Net cash used by operating activities	(1,817,090)	(1,351,027)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(1,441,874)	(664,645)
Additions to mineral properties	(626,541)	(2,414,607)
Deposit on equipment	(76,110)	(11,694)
Purchase of reclamation bonds	(223,700)	0
Net cash used by investing activities	(2,368,225)	(3,090,946)
Cash flows from financing activities:
Sales of common stock and warrants, net of issuance costs	3,681,107	2,580,000
Proceeds from exercise of warrants	1,030,158	117,500
Principal payments on notes payable	(862,503)	(572,558)
Principal payments on notes, related parties	(41,428)	(37,701)
Issuance of convertible debt	0	1,750,000
Contributions from non-controlling interest	39,494	41,305
Net cash provided by financing activities	3,846,828	3,878,546
Net change in cash and cash equivalents	(338,487)	(563,427)
Cash and cash equivalents, beginning of year	1,976,518	2,539,945
Cash and cash equivalents, end of year	1,638,031	1,976,518
Supplemental disclosure of cash flow information:
Interest paid in cash, net of amount capitalized	98,218	202,122
Non-cash investing and financing activities:
Cash and cash equivalents, end of year	1,638,031	1,976,518
Deposit applied to purchase of equipment and mineral property	11,694	12,863
Notes payable for equipment purchase	1,247,237	1,149,683
Common stock issued for investment in Buckskin	0	328,946
Conversion of convertible debt to common stock	$ 1,950,000	$ 835,000

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2022
Description of Business
Description of Business	1. Description of Business Idaho Strategic Resources, Inc. (“the Company”) was incorporated as an Idaho corporation on July 18, 1996, as New Jersey Mining Company. 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. The Company's primary business is exploring for, developing, and extracting gold, and to a lesser extent, silver, and base metal mineral resources in the Greater Coeur d’Alene Mining District of North Idaho. From an operational perspective, the Company produces gold at the Golden Chest Mine located in the Murray Gold Belt (MGB) area of the world-class Coeur d’Alene Mining District, north of the prolific Silver Valley. With over 7,000 acres of patented and unpatented land, the Company has the largest private land position in the area following its consolidation of the Murray Gold Belt for the first time in over 100-years. The Company also has an expanded focus on identifying and exploring Critical Minerals (Rare Earth Minerals). Its business strategy is to grow its asset base and mineral production over time while advancing its Rare Earth Element projects. In addition to gold and gold production, the Company maintains an important strategic presence in the U.S. Critical Minerals sector, specifically focused on the more “at-risk” Rare Earth Elements (REE’s). The Company’s Diamond Creek and Roberts REE properties are included the U.S. national REE inventory as listed in USGS, IGS and DOE publications. Both projects are in central Idaho and participating in the USGS Earth MRI program, with the Diamond Creek Project also participating in the Idaho Department of Commerce’s IGEM program.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting 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 NJMJV partially owned by another investor is presented as non-controlling interest on the consolidated balance sheets, statements of operations, and statement of changes in stockholders’ equity. Accounting for Investments in Joint Ventures and Equity Method Investments Investment in Joint Ventures For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. 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 Investments in companies and joint ventures in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations. Upon investment, the Company assesses whether a step up in basis of the investee’s net assets has occurred and, if so, adjust our share of net earnings or losses by related depreciation and amortization expense. We evaluate equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. As changes in ownership percentage of our investments occur, the Company assesses whether we can exercise significant influence and account for under the equity method. If our ownership percentage of the company or venture in which we have an investment changes, we recognize a gain or loss on the investment in the period of change. At December 31, 2022, the Company's 37% common stock holding of Buckskin Gold and Silver, Inc. is accounted for using the equity method (Note 9). At December 31, 2022 and 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: December 31, 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 Non-controlling Interest Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s stockholders’ equity and its net income (loss). Non-controlling interests represent non-controlling investor’s initial contribution at the date of the original acquisition, ongoing contributions, and percentage share of earnings since inception. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, depreciation lives and methods, potential impairment of long-lived assets, deferred income taxes, settlement pricing of gold sales, fair value of stock based compensation, estimation of asset retirement obligations and reclamation liabilities. Estimates are based on historical experience and various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates. 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 13 for more information on our sales of products. Other Revenue Recognition- Inventories Inventories include concentrate inventory and supplies inventory. Concentrate inventory is valued at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, royalties, 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 first-in, first-out weighted average cost or estimated net realizable value. Income Taxes Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. 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 are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2022 and 2021, the Company did not have any assets or liabilities that were valued at a fair value measurement other than its gold sales receivable. Due to the time elapsed from shipment to the customer and the final settlement with the customer, management must estimate the prices at which sales of gold concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. See Note 13 for further information. Financial Instruments The carrying amounts of financial instruments including cash and cash equivalents, reclamation bond, notes payable to related parties, and notes payable approximate their fair values. The fair value of the convertible notes payable at December 31, 2021 was $2,922,923 based on the convertible rate and the trading price of the Company’s stock at December 31, 2021. No convertible debt was outstanding on December 31, 2022. Net Income (Loss) Per Share Net income (loss) per share is computed by dividing net income (loss) attributable to the Company excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the year. Diluted net income (loss) per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. For the years ended December 31, 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: December 31, 2022 December 31, 2021 Stock options 535,953 507,175 Stock purchase warrants 289,294 669,467 Convertible debt - 392,866 Total 825,247 1,569,508 Reclassifications Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders' equity, or cash flows as previously reported. Cash and Cash Equivalents The Company considers cash in banks and other deposits with an original maturity of three months or less when purchased to be cash and cash equivalents. These deposit balances may at times exceed federally insured limits. No losses have been recognized because of these balances. Property, Plant and Equipment Property, plant, and equipment are stated at cost. Depreciation and amortization are based on the estimated useful lives of the assets and are computed using straight-line or units-of-production methods. The expected useful lives of most of the Company’s buildings are up to 50 years and equipment life expectancy ranges between 2 and 10 years. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in operations. Mineral Properties Significant payments related to the acquisition of mineral properties, mineral rights, and mineral leases are capitalized. If a commercially mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on estimated reserves. If no commercially mineable ore body is discovered, or such rights are otherwise determined to have no value, such costs are expensed in the period in which it is determined the property has no future economic value. Consideration received by the Company pursuant to joint ventures or mineral interest agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received. Interest Capitalization When capital projects are funded within the reporting period for which cash is paid which could have been used for debt reduction an amount equal to a weighted average interest rate of qualifying outstanding debt of the capital project expenditure in interest expense is capitalized. 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 drifts, 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. Claim Fees Unpatented claim fees paid at time of staking are expensed when incurred. Recurring renewal fees which are paid annually are recorded as other current assets and expensed over the course of the year. Impairment of Long-Lived Assets The Company evaluates the carrying amounts of its long-lived assets for impairment whenever events and circumstances indicate the carrying value may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Estimated undiscounted future net cash flows from each mineral property are calculated using estimated future production, three-year average metals prices, operating capital and costs, and reclamations costs. An impairment loss is recognized when the estimated discounted future cash flows expected to result from the use of an asset are less than the carrying amount of the specific asset group. The Company’s estimates of future cash flows are subject to risks and uncertainties. It is reasonably possible that changes in estimates could occur which may affect the expected recoverability of the Company’s investments in mineral properties. Asset Retirement Obligations and Remediation Costs Mineral properties are subject to standards for mine reclamation that have been established by various governmental agencies. Asset retirement obligations are related to the retirement of the mine when a contractual obligation has been established and a reasonable estimate of fair value can be determined. These obligations are initially measured at fair value with the resulting cost recognized at the present value of estimated reclamation costs The liability is accreted, and the asset amortized over the life of the related asset. Adjustments are made for changes resulting from either the timing or amount of the original estimate underlying the obligation. Separate from asset retirement obligations, the Company records liability for remediation costs when a reasonable estimate of fair value can be determined. Accrued remediation costs are not discounted. Reclamation Bond Various laws and permits require that financial assurances be in place for certain environmental and reclamation obligations and other potential liabilities. At December 31, 2021 the Company had a $103,320 reclamation bond for the Golden Chest Mine. In 2022 the Company added additional bonds of $132,000 associated with milling operations, and an additional $91,700 in bonds for various exploration and drilling projects for a total reclamation bond balance at December 31, 2022 of $327,020. Stock Based Compensation All transactions in which goods or services are received for the issuance of shares of the Company’s common stock or options to purchase shares of common stock are measured at fair value of the equity interest issued. The fair value of common stock awards is determined based upon the closing price of the Company’s stock on the date of the award. The Company estimates the fair value of stock-based compensation of options using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of the fair value of stock-based compensation. Any forfeitures of stock options are recognized as they occur. 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. Recent Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, No. 2020 06 470 20 815 40 December 15, 2023 for smaller reporting companies, Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2022
Inventories
Inventories	3. Inventories At December 31, 2022 and 2021, inventories consisted of the following: 2022 2021 Concentrate inventory In process $ 111,741 $ 41,082 Finished goods 111,574 97,074 Total concentrate inventory 223,315 138,156 Supplies inventory Mine parts and supplies 233,465 54,998 Mill parts and supplies 83,963 20,568 Core drilling supplies and materials 77,570 - Total supplies inventory 394,998 75,566 Total $ 618,313 $ 213,722

Property Plant and Equipment

Property Plant and Equipment	12 Months Ended
	Dec. 31, 2022
Property Plant and Equipment
Property, Plant and Equipment	4. Property, Plant and Equipment Property, plant and equipment at December 31, 2022 and 2021 consisted of the following: 2022 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 (1,249,445 ) (1,085,730 ) Total mill 3,704,977 3,868,692 Buildings and equipment Buildings 611,382 324,075 Equipment 6,927,474 5,042,915 7,538,856 5,366,990 Less accumulated depreciation (2,324,679 ) (1,847,191 ) Total building and equipment 5,214,177 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 property 136,762 - Total land 1,004,232 867,470 Total $ 9,923,386 $ 8,255,961

Mineral Properties

Mineral Properties	12 Months Ended
	Dec. 31, 2022
Mineral Properties
Mineral Properties	5. Mineral Properties Mineral properties at December 31, 2022 and 2021 are as follows: 2022 2021 Golden Chest Mineral Property $ 4,088,462 $ 4,050,735 Infrastructure 1,722,028 1,056,037 Total Golden Chest 5,810,490 5,106,772 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Gulch 124,055 124,055 Potosi 150,385 150,385 Park Copper 78,000 78,000 Less accumulated amortization (83,658 ) (64,315 ) Total $ 6,527,561 $ 5,843,186 For the years ended December 31, 2022 and 2021, $48,281 and $49,273, respectively, of interest expense was capitalized in association with the ramp access project at the Golden Chest. Golden Chest The Golden Chest is an open pit and underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% Net Smelter Royalty is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $181,300 and $151,763 was recognized as costs of sales and other direct production costs in the years ended December 31, 2022, and 2021, respectively. New Jersey The Coleman property is located at the New Jersey Mine area of interest and consists of 62 acres of patented mining claims, mineral rights to 108 acres of fee land, 80 acres of land for which the Company owns the surface but not the mineral rights, and approximately 130 acres of unpatented mining claims. McKinley-Monarch The McKinley-Monarch project is located near the town of Lucille, Idaho. The project consists of 28 unpatented claims totaling 560 acres. The Company started exploring the property in 2013. Butte Gulch In 2018, the Company purchased the Butte Gulch property near its Golden Chest mine. This property consists of 177 acres of patented mining claims some of which include both the surface and mineral rights and some of which include only the mineral rights. There is an underlying 2% net smelter return on all ores mined and shipped from any lode production from the patented claims on the Butte property. Potosi In 2018, the Company purchased the Potosi property near its Golden Chest mine. This property consists of 71 acres of patented mining claims. Park Copper In August 2021, the Company paid $78,000 in cash for 100 acres of patented mineral property in Shoshone County referred to as Park Copper.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2022
Notes Payable
Notes Payable	6. Notes Payable At December 31, 2022 and 2021, notes payable are as follows: 2022 2021 Building in Salmon, Idaho, 60-month note payable, 7.00% interest rate payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 306,084 $ - Resemin Muki Bolter, 36-month note payable, 7.00% interest rate payable monthly through January 2025, monthly payments of $14,821 345,268 - Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 108,904 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 89,493 143,547 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 10,891 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 4,130 7,501 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 40,687 - CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 23,987 - Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 20,660 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest rate payable monthly through May 2024, monthly payments of $10,352 170,182 283,955 Sandvik LH202 LHD, 36-month note payable, 6.9% interest rate payable monthly through August 2025, monthly payments of $4,933 143,812 - Doosan Compressor, 36-month note payable, 6.99% interest rate payable monthly through July 2024, monthly payments of $602 10,820 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest rate payable monthly through November 2024, monthly payments of $1,512 33,216 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 29,256 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 407,909 590,535 Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 76,287 221,694 Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 163,287 169,211 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 64,648 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 66,758 - 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 58,182 - Total notes payable 2,174,461 1,795,112 Due within one year 859,393 666,622 Due after one year $ 1,315,068 $ 1,128,490 All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of debt at December 31, 2022 are as follows: 2023 $ 859,393 2024 654,190 2025 130,164 2026 48,879 2027 307,218 2028 29,163 thereafter 145,454 Total $ 2,174,461 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 began in November 2022. At December 31, 2022 and 2021 accrued interest on the loan was $13,925 and $9,311, respectively and is included in the Small Business Administration Loan balance on the previous page. 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.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligations
Asset Retirement Obligations	7. Asset Retirement Obligations The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently is operations. Obligations were established for the New Jersey mill in 2014 and the Golden Chest mine in 2016. 2022 2021 Balance at January 1 $ 172,348 $ 173,001 Accretion expense 12,691 9,953 Change in asset retirement obligation estimate 77,178 (10,606 ) Balance at December 31 $ 262,217 $ 172,348 The change in the asset retirement obligation estimate during the year ended December 31, 2022 related to the addition of and asset retirement obligation with our New Jersey Mill Tailings expansion and a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties. The change in the asset retirement obligation estimate during the year ended December 31, 2021 related to a revision to the estimated start of the reclamation process to a later date at our Golden Chest properties.

Joint Venture Arrangements

Joint Venture Arrangements	12 Months Ended
	Dec. 31, 2022
Joint Venture Arrangements
Joint Venture Arrangements	8. Joint Venture Arrangements New Jersey Mill Venture Agreement (“NJMJV”) In January 2011, the Company and United Mine Services, Inc. (“UMS”) now Crescent Silver, LLC (Crescent) entered into a joint venture agreement relating to the New Jersey mineral processing plant. To earn a 35 percent interest in the venture, UMS provided $3.2 million funding to expand the processing plant to 15 tonnes/hr. The Company is the operator of the venture and charges operating costs to Crescent for milling its ore up to 7,000 tonnes/month, retain a milling capacity of 3,000 tonnes/month, and as the operator of the venture receive a fee of $2.50/tonne milled. No ore has been milled for Crescent in the last two years. As of December 31, 2022 and 2021, an account receivable existed with the Mill Joint Venture from Crescent for $1,926 and $4,442, respectively. Butte Highlands Joint Venture On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the operating 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 will account for its investment on a cost basis.

Investment in Buckskin

Investment in Buckskin	12 Months Ended
	Dec. 31, 2022
Investment in Buckskin
Investment in Buckskin	9. 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. (“Buckskin”). The Company’s closing share price on the date of the agreement (August 18, 2021) was recorded as the cost basis for the investment. 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 $1,524 and $3,782 during the years ended December 31, 2022 and 2021, respectively. The Company makes an annual payment of $12,000 to Buckskin per a lease covering 218 acres of patented mining claims. As of December 31, 2022, the Company holds 37% of Buckskins outstanding shares.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2022 and 2021. The significant components of net deferred tax assets at December 31, 2022 and 2021 were as follows: 2022 2021 Deferred tax assets Net operating loss carry forward $ 5,315,200 $ 4,796,000 Mineral properties 235,500 241,300 Asset retirement obligation - 4,600 Stock based compensation 629,000 503,400 Other 25,600 16,800 Total deferred tax assets 6,205,300 5,562,100 Valuation allowance (4,999,500 ) (4,017,800 ) 1,205,800 1,544,300 Deferred tax liabilities Property, plant, and equipment (1,204,300 ) (1,544,300 ) Asset retirement obligation (1,500 ) - Total deferred tax liabilities (1,205,800 ) (1,544,300 ) Net deferred tax assets $ - $ - At December 31, 2022 and 2021, the Company had net deferred tax assets principally arising from the net operating loss carryforward for income tax purposes. As management of the Company cannot determine that it is more likely than not that the Company will realize the benefit of the deferred tax assets, a valuation allowance equal to 100% of the net deferred tax asset exists at December 31, 2022 and 2021. At December 31, 2022, the Company had net operating loss carry forwards of approximately $20,778,000 for both federal and state purposes, $11,100,000 of which expire between 2021 through 2037. The remaining balance of $9,678,000 will never expire but its utilization is limited to 80% of taxable income in any future year. The income tax provision (benefit) for the years ended December 31, 2022 and 2021 differ from the statutory rate of 21% as follows: 2022 2021 Provision (benefit) at statutory rate for the period $ (552,500 ) $ (683,600 ) State taxes, net of federal taxes (144,000 ) (178,200 ) Change in state tax rate 173,700 57,000 Adjustment of prior year tax estimates (458,900 ) 73,100 Increase (decrease) in valuation allowance 981,700 731,700 Total provision (benefit) $ - $ - The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2020 through 2022 tax years. Tax attributes from years prior to that can be adjusted as a result of examinations. In the event that the Company is assessed penalties and or interest, penalties will be charged to other operating expense and interest will be charged to interest expense. The Company has reviewed its tax positions and believes it has not taken a position that would not be sustained under examination.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	11. Equity The Company has authorized 200,000,000 shares of no-par common stock at December 31, 2022 and 2021. In addition, the Company has authorized 1,000,000 shares of no-par preferred stock, none of which had been issued at December 31, 2022 or 2021. S tock Purchase Warrants Outstanding Transactions in common stock purchase warrants for the years ended December 31, 2022 and 2021 are 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 December 31, 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 In April 2014, the Board of Directors of the Company established a stock option plan to authorize the granting of stock options to officers and employees. Upon exercise of the options, shares are issued from the available authorized shares of the Company. Options reserved to any one related person on an annual basis may not, upon exercise, exceed 5% and the aggregate number of all options outstanding will not exceed 10% of the issued outstanding common shares in total as calculated at that time. 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 ($64,333), professional services ($27,571), and general and administrative ($413,572) expenses in the consolidated statement of operations. In September 2022, the board granted an additional 15,000 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 consolidated 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 $604,572 and was recognized in management ($147,457), professional services ($44,237), and general and administrative ($412,878) expenses in the consolidated 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. In October 2021 the Company granted 182,166 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 $473,143 and was recognized in management ($92,772), professional services ($27,832), and general and administrative ($352,539) expenses in the consolidated statement of operations. An additional 32 options were recorded in 2021 representing fractional share issuances related to the 1-14 reverse stock split. 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 October 20, 2021 September 6, 2022 September 28, 2022 Fair value $604,572 $9,860 $473,143 $505,476 $41,799 Options issued 283,936 3,572 182,166 165,000 15,000 Exercise price $5.60 $5.60 $5.60 $5.25 $4.75 Expected term (in years) 3.0 3.0 3.0 3.0 3.0 Risk-free rate 0.19% 0.33% 0.70% 3.55% 4.12% Volatility 97.9% 99.3% 96.6% 89.3% 89.2% Transactions in stock options for the years ended December 31, 2022, and 2021 are 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 (28,001 ) $ 5.56 Balance December 31, 2022 535,953 $ 5.47 Outstanding and exercisable at December 31, 2022 535,953 $ 5.47 At December 31, 2022 and 2021, the outstanding stock options have an intrinsic value of approximately $123,045 ($1,108,000 in 2021) and have a weighted average remaining term of 1.82 years (2.2 in 2021). Cashless options exercised in the year ended December 31, 2022 had an intrinsic value of $677,928 ($445,290 in 2021).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	12. Related Party Transactions At December 31, 2022 and 2021, the Company had a note payable to Ophir Holdings, LLC, a company owned by two officers and one former officer of the Company, at 6% interest, with monthly payments of $3,777 and a balloon payment of $60,871 in February 2024 The balance due on the note was $75,183 and $116,611 at December 31, 2022 and 2021, respectively. At December 31, 2022, $12,226 of related party debt is payable in 2023 and the remaining $62,957 is payable in 2024. Related party interest expense for the years ending December 31, 2022 and 2021 was $3,901 and $7,627, respectively. No interest was accrued at the end of either period. The Company leases office space from certain related parties on a month-to-month basis. Payments under these short-term lease arrangements totaled $24,868 and $25,008 for the years ended December 31, 2022 and 2021, respectively, and are included in general and administrative expenses on the consolidated statement of operations.

Sales of Products

Sales of Products	12 Months Ended
	Dec. 31, 2022
Sales of Products
Sales of Products	13. Sales of Products Our products consist of both gold flotation concentrates which in 2021 and 2022 we sold to a broker (H&H Metals), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. Revenue is recognized upon the completion of the performance obligations and transfer of control of the product to the customer, and the transaction price can be determined or reasonably estimated. For gold flotation concentrate sales, the performance obligation is met when the transaction price can be reasonably estimated, and revenue is recognized generally at the time when risk is transferred to H&H Metals based on contractual terms. Based on contractual terms, the Company has determined the performance obligation is met and title is transferred to H&H Metals when the Company receives its first provisional payment on the concentrate because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the concentrate lot and obtained the ability to realize all of the benefits from the product, 3) the concentrate content specifications are known, have been communicated to H&H Metals, and H&H Metals has the significant risks and rewards of ownership to it, 4) it is very unlikely a concentrate will be rejected by H&H Metals upon physical receipt, and 5) we have the right to payment for the concentrate. Concentrates lots that have been sold are held at our mill up to 60 days, until H&H Metals provides shipping instructions. Our concentrate sales sometimes involve variable consideration, as they can be subject to changes in metals prices between the time of shipment and their final settlement. However, we can reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes. The embedded derivative contained in our concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur. As such, we use the expected value method to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At December 31, 2022, metals that had been sold but not final settled included 5,361 ounces of gold of which 2,500 ounces were sold at a predetermined price with the remaining 2,861 ounces exposed to future price changes. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales and accounts receivable for concentrate shipments are recorded net of charges for treatment and other charges negotiated by us with H&H Metals, which represent components of the transaction price. Charges are estimated by us upon transfer of risk of the concentrates based on contractual terms, and actual charges typically do not vary materially from our estimates. Costs charged by the customer include fixed treatment, refining and costs per ton of concentrate and may include penalty charges for lead and zinc content above a negotiated baseline as well as excessive moisture. For sales of doré and of metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer. Sales of products by metal for the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Gold $ 10,173,034 $ 8,156,948 Silver 25,370 24,689 Less: Smelter and refining charges (618,215 ) (551,221 ) Total $ 9,580,189 $ 7,630,416 Sales by significant product type for the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Concentrate sales to H&H Metals $ 9,276,573 $ 7,285,651 Dore’ sales to refineries 303,616 344,765 Total $ 9,580,189 $ 7,630,416 In 2022, floatation concentrates sold to H&H Metals accounted 97% of all gold sales. The remaining 3% in 2022 was doré sold to a third party. In 2021, floatation concentrates sold to H&H Metals accounted 95% of all gold sales. The remaining 5% in 2021was doré sold to a third party. At December 31, 2022 and 2021, our gold sales receivable balance related to contracts with customers of $909,997 and $408,187, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts. We have determined our contracts do not include a significant financing component. For doré sales, payment is received at the time the performance obligation is satisfied. Consideration for concentrate sales is variable, and we receive payment for a significant portion of the estimated value of concentrate parcels at the time the performance obligation is satisfied.

Convertible Debt

Convertible Debt	12 Months Ended
	Dec. 31, 2022
Convertible Debt
Convertible Debt	14. Convertible Debt In July 2020, the Company issued a convertible promissory note for a principal balance of $200,000 which funds were utilized for the purchase of a new jumbo underground drill. The note was collateralized by the drill. The outstanding principal amount of the note bore interest at an annual rate of 6.0% with interest payments due monthly and the unpaid principal due in June 2023. The principal amount of the note was convertible at the option of the note holder into shares of the Company’s common stock at a price of $5.60 per share (35,715 shares) prior to the maturity date of the note. Interest expense for this note was $4,000 and $12,000 for the years ended December 31, 2022 and 2021, respectively. This note was converted to Common shares as provided in the agreement in March 2022. In March 2021, the Company issued convertible promissory notes of $1,750,000 from which funds were utilized for the purchase of an addition to the Golden Chest property. The notes were collateralized by the property as well as other unencumbered real property that the Company currently owns. The outstanding principal amount of the notes bore interest at an annual rate of 8.0% with interest payments due monthly and the principal due in March 2024. The principal amount of the notes was convertible at the option of the note holders into shares of the Company’s common stock at a price of $4.90 per share (357,151 shares) prior to the maturity date of the notes. Interest expense for this note was $34,521 and $109,775 for the years ended December 31, 2022 and 2021, respectively. These notes were converted to Common shares as provided in the agreement in March 2022.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	15. Subsequent Events The Company closed a private placement in February 2023. Under the private placement, the Company sold 123,365 shares at $5.50 per share and 35,088 shares at $5.70 for net proceeds of $878,509.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting 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 NJMJV partially owned by another investor is presented as non-controlling interest on the consolidated balance sheets, statements of operations, and statement of changes in stockholders’ equity.
Accounting for Investments in Joint Ventures and Equity Method Investments	Investment in Joint Ventures For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. 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 Investments in companies and joint ventures in which we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations. Upon investment, the Company assesses whether a step up in basis of the investee’s net assets has occurred and, if so, adjust our share of net earnings or losses by related depreciation and amortization expense. We evaluate equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. As changes in ownership percentage of our investments occur, the Company assesses whether we can exercise significant influence and account for under the equity method. If our ownership percentage of the company or venture in which we have an investment changes, we recognize a gain or loss on the investment in the period of change. At December 31, 2022, the Company's 37% common stock holding of Buckskin Gold and Silver, Inc. is accounted for using the equity method (Note 9). At December 31, 2022 and 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: December 31, 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
Non-controlling Interest	Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company’s stockholders’ equity and its net income (loss). Non-controlling interests represent non-controlling investor’s initial contribution at the date of the original acquisition, ongoing contributions, and percentage share of earnings since inception.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes for items such as mineral reserves, depreciation lives and methods, potential impairment of long-lived assets, deferred income taxes, settlement pricing of gold sales, fair value of stock based compensation, estimation of asset retirement obligations and reclamation liabilities. Estimates are based on historical experience and various other assumptions that the Company believes to be reasonable. Actual results could differ from those estimates.
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 13 for more information on our sales of products. Other Revenue Recognition-
Inventories	Inventories include concentrate inventory and supplies inventory. Concentrate inventory is valued at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, royalties, 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 first-in, first-out weighted average cost or estimated net realizable value.
Income Taxes	Income taxes are recognized in accordance with Accounting Standards Codification (“ASC”) 740 Income Taxes, whereby deferred income tax liabilities or assets at the end of each period are determined using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of these deferred tax assets will not be realized. Uncertain tax positions are evaluated in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.
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 are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2022 and 2021, the Company did not have any assets or liabilities that were valued at a fair value measurement other than its gold sales receivable. Due to the time elapsed from shipment to the customer and the final settlement with the customer, management must estimate the prices at which sales of gold concentrates will be settled. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. See Note 13 for further information.
Financial Instruments	The carrying amounts of financial instruments including cash and cash equivalents, reclamation bond, notes payable to related parties, and notes payable approximate their fair values. The fair value of the convertible notes payable at December 31, 2021 was $2,922,923 based on the convertible rate and the trading price of the Company’s stock at December 31, 2021. No convertible debt was outstanding on December 31, 2022.
Net Income (Loss) Per Share	Net income (loss) per share is computed by dividing net income (loss) attributable to the Company excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the year. Diluted net income (loss) per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. For the years ended December 31, 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: December 31, 2022 December 31, 2021 Stock options 535,953 507,175 Stock purchase warrants 289,294 669,467 Convertible debt - 392,866 Total 825,247 1,569,508
Reclassifications	Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net income (loss), stockholders' equity, or cash flows as previously reported.
Cash and Cash Equivalents	The Company considers cash in banks and other deposits with an original maturity of three months or less when purchased to be cash and cash equivalents. These deposit balances may at times exceed federally insured limits. No losses have been recognized because of these balances.
Property, Plant and Equipment	Property, plant, and equipment are stated at cost. Depreciation and amortization are based on the estimated useful lives of the assets and are computed using straight-line or units-of-production methods. The expected useful lives of most of the Company’s buildings are up to 50 years and equipment life expectancy ranges between 2 and 10 years. When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in operations.
Mineral Properties	Significant payments related to the acquisition of mineral properties, mineral rights, and mineral leases are capitalized. If a commercially mineable ore body is discovered, such costs are amortized when production begins using the units-of-production method based on estimated reserves. If no commercially mineable ore body is discovered, or such rights are otherwise determined to have no value, such costs are expensed in the period in which it is determined the property has no future economic value. Consideration received by the Company pursuant to joint ventures or mineral interest agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received.
Interest Capitalization	When capital projects are funded within the reporting period for which cash is paid which could have been used for debt reduction an amount equal to a weighted average interest rate of qualifying outstanding debt of the capital project expenditure in interest expense is capitalized.
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 drifts, 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.
Claim Fees	Unpatented claim fees paid at time of staking are expensed when incurred. Recurring renewal fees which are paid annually are recorded as other current assets and expensed over the course of the year.
Impairment of Long-Lived Assets	The Company evaluates the carrying amounts of its long-lived assets for impairment whenever events and circumstances indicate the carrying value may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. Estimated undiscounted future net cash flows from each mineral property are calculated using estimated future production, three-year average metals prices, operating capital and costs, and reclamations costs. An impairment loss is recognized when the estimated discounted future cash flows expected to result from the use of an asset are less than the carrying amount of the specific asset group. The Company’s estimates of future cash flows are subject to risks and uncertainties. It is reasonably possible that changes in estimates could occur which may affect the expected recoverability of the Company’s investments in mineral properties.
Asset Retirement Obligations and Remediation Costs	Mineral properties are subject to standards for mine reclamation that have been established by various governmental agencies. Asset retirement obligations are related to the retirement of the mine when a contractual obligation has been established and a reasonable estimate of fair value can be determined. These obligations are initially measured at fair value with the resulting cost recognized at the present value of estimated reclamation costs The liability is accreted, and the asset amortized over the life of the related asset. Adjustments are made for changes resulting from either the timing or amount of the original estimate underlying the obligation. Separate from asset retirement obligations, the Company records liability for remediation costs when a reasonable estimate of fair value can be determined. Accrued remediation costs are not discounted.
Reclamation Bond	Various laws and permits require that financial assurances be in place for certain environmental and reclamation obligations and other potential liabilities. At December 31, 2021 the Company had a $103,320 reclamation bond for the Golden Chest Mine. In 2022 the Company added additional bonds of $132,000 associated with milling operations, and an additional $91,700 in bonds for various exploration and drilling projects for a total reclamation bond balance at December 31, 2022 of $327,020.
Stock Based Compensation	All transactions in which goods or services are received for the issuance of shares of the Company’s common stock or options to purchase shares of common stock are measured at fair value of the equity interest issued. The fair value of common stock awards is determined based upon the closing price of the Company’s stock on the date of the award. The Company estimates the fair value of stock-based compensation of options using the Black-Scholes model, which requires the input of some subjective assumptions. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected life”), the estimated volatility of the Company’s common stock price over the expected term (“volatility”), the risk-free interest rate and the dividend yield. Changes in the subjective assumptions can materially affect the estimate of the fair value of stock-based compensation. Any forfeitures of stock options are recognized as they occur.
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.
Recent Accounting Pronouncements	Accounting Standards Updates Adopted In August 2020, No. 2020 06 470 20 815 40 December 15, 2023 for smaller reporting companies, Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of Company's ownership percentage	December 31, 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
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	December 31, 2022 December 31, 2021 Stock options 535,953 507,175 Stock purchase warrants 289,294 669,467 Convertible debt - 392,866 Total 825,247 1,569,508

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2022
Inventories
Schedule of Inventory, Current	2022 2021 Concentrate inventory In process $ 111,741 $ 41,082 Finished goods 111,574 97,074 Total concentrate inventory 223,315 138,156 Supplies inventory Mine parts and supplies 233,465 54,998 Mill parts and supplies 83,963 20,568 Core drilling supplies and materials 77,570 - Total supplies inventory 394,998 75,566 Total $ 618,313 $ 213,722

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property Plant and Equipment
Property, Plant and Equipment	2022 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 (1,249,445 ) (1,085,730 ) Total mill 3,704,977 3,868,692 Buildings and equipment Buildings 611,382 324,075 Equipment 6,927,474 5,042,915 7,538,856 5,366,990 Less accumulated depreciation (2,324,679 ) (1,847,191 ) Total building and equipment 5,214,177 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 property 136,762 - Total land 1,004,232 867,470 Total $ 9,923,386 $ 8,255,961

Mineral Properties (Tables)

Mineral Properties (Tables)	12 Months Ended
	Dec. 31, 2022
Mineral Properties
Schedule of mineral properties	2022 2021 Golden Chest Mineral Property $ 4,088,462 $ 4,050,735 Infrastructure 1,722,028 1,056,037 Total Golden Chest 5,810,490 5,106,772 New Jersey 248,289 248,289 McKinley-Monarch 200,000 200,000 Butte Gulch 124,055 124,055 Potosi 150,385 150,385 Park Copper 78,000 78,000 Less accumulated amortization (83,658 ) (64,315 ) Total $ 6,527,561 $ 5,843,186

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Notes Payable
Schedule of notes payable	2022 2021 Building in Salmon, Idaho, 60-month note payable, 7.00% interest rate payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 306,084 $ - Resemin Muki Bolter, 36-month note payable, 7.00% interest rate payable monthly through January 2025, monthly payments of $14,821 345,268 - Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 108,904 164,422 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 89,493 143,547 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 10,891 17,752 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 4,130 7,501 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 40,687 - CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 23,987 - Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 20,660 58,866 Sandvik LH203 LHD, 36-month note payable, 4.5% interest rate payable monthly through May 2024, monthly payments of $10,352 170,182 283,955 Sandvik LH202 LHD, 36-month note payable, 6.9% interest rate payable monthly through August 2025, monthly payments of $4,933 143,812 - Doosan Compressor, 36-month note payable, 6.99% interest rate payable monthly through July 2024, monthly payments of $602 10,820 17,064 Caterpillar 306 excavator, 48-month note payable, 4.6% interest rate payable monthly through November 2024, monthly payments of $1,512 33,216 49,421 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 29,256 70,734 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 407,909 590,535 Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 76,287 221,694 Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 163,287 169,211 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 64,648 - 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 66,758 - 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 58,182 - Total notes payable 2,174,461 1,795,112 Due within one year 859,393 666,622 Due after one year $ 1,315,068 $ 1,128,490
Schedule of future principal payment of debt	2023 $ 859,393 2024 654,190 2025 130,164 2026 48,879 2027 307,218 2028 29,163 thereafter 145,454 Total $ 2,174,461

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligations
Schedule of Asset Retirement Obligations	2022 2021 Balance at January 1 $ 172,348 $ 173,001 Accretion expense 12,691 9,953 Change in asset retirement obligation estimate 77,178 (10,606 ) Balance at December 31 $ 262,217 $ 172,348

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of Deferred Tax Assets and Liabilities	2022 2021 Deferred tax assets Net operating loss carry forward $ 5,315,200 $ 4,796,000 Mineral properties 235,500 241,300 Asset retirement obligation - 4,600 Stock based compensation 629,000 503,400 Other 25,600 16,800 Total deferred tax assets 6,205,300 5,562,100 Valuation allowance (4,999,500 ) (4,017,800 ) 1,205,800 1,544,300 Deferred tax liabilities Property, plant, and equipment (1,204,300 ) (1,544,300 ) Asset retirement obligation (1,500 ) - Total deferred tax liabilities (1,205,800 ) (1,544,300 ) Net deferred tax assets $ - $ -
Schedule of income tax provision	2022 2021 Provision (benefit) at statutory rate for the period $ (552,500 ) $ (683,600 ) State taxes, net of federal taxes (144,000 ) (178,200 ) Change in state tax rate 173,700 57,000 Adjustment of prior year tax estimates (458,900 ) 73,100 Increase (decrease) in valuation allowance 981,700 731,700 Total provision (benefit) $ - $ -

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity
Common Stock Purchase Warrant Transactions	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 December 31, 2022 289,294 $5.60-7.00
Warrant Expirations	Shares Exercise Price Expiration Date 235,722 $ 5.60 October 14, 2023 53,572 $ 7.00 November 12, 2023 289,294
fair value of stock option awards granted	February 11, 2021 March 15, 2021 October 20, 2021 September 6, 2022 September 28, 2022 Fair value $604,572 $9,860 $473,143 $505,476 $41,799 Options issued 283,936 3,572 182,166 165,000 15,000 Exercise price $5.60 $5.60 $5.60 $5.25 $4.75 Expected term (in years) 3.0 3.0 3.0 3.0 3.0 Risk-free rate 0.19% 0.33% 0.70% 3.55% 4.12% Volatility 97.9% 99.3% 96.6% 89.3% 89.2%
Share-based Compensation, Stock Options, Activity	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 (28,001 ) $ 5.56 Balance December 31, 2022 535,953 $ 5.47 Outstanding and exercisable at December 31, 2022 535,953 $ 5.47

Sales of Products (Tables)

Sales of Products (Tables)	12 Months Ended
	Dec. 31, 2022
Sales of Products
Schedule of sales of products by metal	2022 2021 Gold $ 10,173,034 $ 8,156,948 Silver 25,370 24,689 Less: Smelter and refining charges (618,215 ) (551,221 ) Total $ 9,580,189 $ 7,630,416
Schedule of sales by significant product type	2022 2021 Concentrate sales to H&H Metals $ 9,276,573 $ 7,285,651 Dore’ sales to refineries 303,616 344,765 Total $ 9,580,189 $ 7,630,416

Description of Business (Detail

Description of Business (Details Narrative)	12 Months Ended
	Dec. 31, 2022
Description of Business
Entity Incorporation, Date	July 18, 1996

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
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%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Stock options	535,953	507,175
Stock purchase warrants	289,294	669,467
Convertible debt	0	392,866
Total	825,247	1,569,508

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Reclamation bond	$ 132,000	$ 103,320
Total Reclamation bond	$ 327,020
Significant Accounting Policies description	largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized
Plant and Equipment description	buildings are up to 50 years and equipment life expectancy ranges between 2 and 10 years
Convertible notes payable		$ 2,922,923

Inventories (Details)

Inventories (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Total concentrate inventory	$ 223,315	$ 138,156
Total supplies inventory	394,998	75,566
Total	618,313	213,722
Concentrate Inventory
In process	111,741	41,082
Finished Goods
Finished goods	111,574	97,074
Mine Parts And Supplies
Mine parts and supplies	233,465	54,998
Mill Parts And Supplies
Mine parts and supplies	83,963	20,568
Core drilling supplies and materials
Mine parts and supplies	$ 77,570	$ 0

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	Dec. 31, 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	(1,249,445)	(1,085,730)
Total mill	3,704,977	3,868,692
Buildings and equipment, buildings	611,382	324,075
Buildings and equipment, equipment	6,927,474	5,042,915
Buildings and equipment, Gross	7,538,856	5,366,990
Buildings and equipment, accumulated depreciation	(2,324,679)	(1,847,191)
Total building and equipment	5,214,177	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	136,762	0
Total Land	1,004,232	867,470
Total	$ 9,923,386	$ 8,255,961

Mineral Properties (Details)

Mineral Properties (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Mineral Properties
Golden Chest Mineral Property	$ 4,088,462	$ 4,050,735
Infrastructure	1,722,028	1,056,037
Total Golden Chest	5,810,490	5,106,772
Mineral Properties 1	248,289	248,289
Mineral Properties 2	200,000	200,000
Mineral Properties 3	124,055	124,055
Mineral Properties 4	150,385	150,385
Mineral Properties 5	78,000	78,000
Mineral properties amortization	(83,658)	(64,315)
Total	$ 6,527,561	$ 5,843,186

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest expense	$ 48,281	$ 49,273
Mckinley
Mineral property description	The McKinley-Monarch project is located near the town of Lucille, Idaho. The project consists of 28 unpatented claims totaling 560 acres. The Company started exploring the property in 2013
Park Copper
Mineral property description	In August 2021, the Company paid $78,000 in cash for 100 acres of patented mineral property in Shoshone County referred to as Park Copper
Golden Chest
Mineral property description	The Golden Chest is an open pit and underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% Net Smelter Royalty is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $181,300 and $151,763 was recognized as costs of sales and other direct production costs in the years ended December 31, 2022, and 2021, respectively.
Butte Gulch
Mineral property description	In 2018, the Company purchased the Butte Gulch property near its Golden Chest mine. This property consists of 177 acres of patented mining claims some of which include both the surface and mineral rights and some of which include only the mineral rights. There is an underlying 2% net smelter return on all ores mined and shipped from any lode production from the patented claims on the Butte property
Potosi
Mineral property description	In 2018, the Company purchased the Potosi property near its Golden Chest mine. This property consists of 71 acres of patented mining claims
New Jersey
Mineral property description	The Coleman property is located at the New Jersey Mine area of interest and consists of 62 acres of patented mining claims, mineral rights to 108 acres of fee land, 80 acres of land for which the Company owns the surface but not the mineral rights, and approximately 130 acres of unpatented mining claims

Notes Payable (Details)

Notes Payable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total notes payable	$ 2,174,461	$ 1,795,112
Due within one year	859,393	666,622
Due after one year	1,315,068	1,128,490
Note Payable through June 2027 [Member]
Total notes payable	306,084	0
Monthly payment	2,500
Ballon payment	$ 260,886
Interest rate	7%
Note Payable through January 2025 [Member]
Total notes payable	$ 345,268	0
Monthly payment	$ 14,821
Interest rate	7%
Note Payable through October 2024 [Member]
Total notes payable	$ 108,904	164,422
Monthly payment	$ 5,181
Interest rate	4.78%
Note Payable through July 2024 [Member]
Total notes payable	$ 89,493	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	$ 10,891	17,752
Monthly payment	$ 627
Interest rate	4.50%
Note Payable through February 2024 [Member]
Total notes payable	$ 4,130	7,501
Monthly payment	$ 303
Interest rate	4.50%
Note Payable through May 2025 [Member]
Total notes payable	$ 40,687	0
Monthly payment	$ 1,515
Interest rate	6.30%
Note Payable through June 2023 [Member]
Total notes payable	$ 20,660	58,866
Monthly payment	$ 3,550
Interest rate	10.50%
Note Payable through June 2025 [Member]
Total notes payable	$ 23,987	0
Monthly payment	$ 866
Interest rate	6.30%
Note Payable through May 2024 [Member]
Total notes payable	$ 170,182	283,955
Monthly payment	$ 10,352
Interest rate	4.50%
Note Payable through August 2025 [Member]
Total notes payable	$ 143,812	0
Monthly payment	$ 4,933
Interest rate	6.90%
Two Note Payable through July 2024 [Member]
Total notes payable	$ 10,820	17,064
Monthly payment	$ 602
Interest rate	6.99%
Note Payable through November 2024 [Member]
Total notes payable	$ 33,216	49,421
Monthly payment	$ 1,512
Interest rate	4.60%
Note Payable through August 2023 [Member]
Total notes payable	$ 29,256	70,734
Monthly payment	$ 3,751
Interest rate	6.80%
Two Note Payable through January 2025 [Member]
Total notes payable	$ 407,909	590,535
Monthly payment	$ 17,125
Interest rate	4.50%
Two Note Payable through June 2023 [Member]
Total notes payable	$ 76,287	221,694
Monthly payment	$ 12,979
Interest rate	6.45%
Note Payable through December 2054 [Member]
Total notes payable	$ 163,287	169,211
Monthly payment	$ 731
Interest rate	3.75%
Note Payable through June 2028 [Member]
Total notes payable	$ 64,648	0
Monthly payment	$ 1,152
Interest rate	5.99%
Two Note Payable through June 2028 [Member]
Total notes payable	$ 66,758	0
Monthly payment	$ 1,190
Interest rate	5.99%
Note Payable through December 2028 [Member]
Total notes payable	$ 58,182	$ 0
Monthly payment	$ 1,060
Interest rate	9.24%

Notes Payable (Details 1)

Notes Payable (Details 1)	Dec. 31, 2022 USD ($)
Notes Payable
2023	$ 859,393
2024	654,190
2025	130,164
2026	48,879
2027	307,218
2028	29,163
Thereafter	145,454
Total	$ 2,174,461

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - SBA loan - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2022	May 16, 2020	Dec. 31, 2022	Dec. 31, 2021
Additional grant on Forgiveness			$ 10,000
Proceeds from Loans		$ 149,900
Gain on forgiveness			10,000
Payments	$ 731
Accrued interest			$ 13,925	$ 9,311
Interest rate		3.75%

Asset Retirement Obligation Sch

Asset Retirement Obligation Schedule of Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Beginning balance	$ 172,348	$ 173,001
Accretion Expense	12,691	9,953
Change in asset retirement obligation estimate	77,178	(10,606)
Ending balance	$ 262,217	$ 172,348

Joint Ventures (Details Narrati

Joint Ventures (Details Narrative) - USD ($)	1 Months Ended
	Jan. 29, 2016	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2011
Joint venture receivable		$ 7,000	$ 3,000
New Jersey Mill
Ownership rate				35%
Funding provide to expand				$ 320,000
Joint venture receivable		$ 1,926	$ 4,442
Fess receive per tonne			$ 2.50
Butte Highlands JV, LLC
Ownership rate	50%
Total coonsideration	$ 435,000
Development costs	$ 2,000,000

Investment in Buckskin (Details

Investment in Buckskin (Details Narrative) - Buckskin - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Aug. 31, 2021
Additional Paid in Capital, Common Stock			$ 30,358
Investment Income	$ 1,524	$ 3,782
Annual payment	$ 12,000
Percent of common stock		37%
Additional common stock percentage			15%
Exchanged common stock				45,940
Ownership interest				22%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Net operating loss carryforward	$ 5,315,200	$ 4,796,000
Mineral Properties	235,500	241,300
Asset retirement obligation	0	4,600
Stock based compensation	629,000	503,400
Other	25,600	16,800
Total deferred tax assets	6,205,300	5,562,100
Valuation allowance	(4,999,500)	(4,017,800)
Deferred tax assets net	1,205,800	1,544,300
Deferred tax liabilities
Property, plant, and equipment	(1,204,300)	(1,544,300)
Asset retirement obligation	1,500	0
Total deferred tax liabilities	(1,205,800)	(1,544,300)
Net deferred tax assets	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Provision (benefit) at statutory rate for the period	$ (552,500)	$ (683,600)
State taxes, net of federal taxes	(144,000)	(178,200)
Change in rate reconciliation	173,700	57,000
Adjustment of prior year tax estimates	(458,900)	73,100
Increase (decrease) in valuation allowance	981,700	731,700
Total provision (benefit)	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Operating Loss Carryforwards expirable	$ 11,100,000
Operating Loss Carryforwards	20,778,000
Operating loss carryforwards never expire	$ 9,678,000
Percent of taxable income	80%
Statutory rate	21%	21%
Percent of deferred tax asset	100%

Equity (Details)

Equity (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 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
Maximum [Member]
Beginning balance	$ 7	$ 5.60
Warrants issued		7
Warrants expired	5.60
Warrants Exercised	5.60	2.52
Ending balance	7	7
Minimum [Member]
Beginning balance	2.52	2.52
Warrants issued		5.60
Warrants expired	2.52
Warrants Exercised	2.52	0
Ending balance	$ 5.60	$ 2.52

Equity (Details 1)

Equity (Details 1) - Warrant [Member] - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of shares	289,294	669,467	426,788
Exercise Price 7.00 [Member]
Number of shares	53,572
Exercise price	$ 7
Warrant expiration date	Nov. 12, 2023
Exercise Price 5.60 [Member]
Number of shares	235,722
Exercise price	$ 5.60
Warrant expiration date	Oct. 14, 2023

Equity (Details 2)

Equity (Details 2) - USD ($)				1 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 28, 2022	Oct. 20, 2021
Equity
Fair value options	$ 505,476	$ 9,860	$ 604,572	$ 41,799	$ 473,143
Options issued	165,000	3,572	283,936	15,000	182,166
Exercise price	$ 5.25	$ 5.60	$ 5.60	$ 4.75	$ 5.60
Expected term (in years)	3.0	3.0	3.0	3.0	3.0
Risk-free rate	3.55%	0.33%	0.19%	4.12%	0.70%
Expected volatility	89.30%	99.30%	97.90%	89.20%	96.60%

Equity (Details 3)

Equity (Details 3) - $ / shares				1 Months Ended		12 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 28, 2022	Oct. 20, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock Options Granted	165,000	3,572	283,936	15,000	182,166
Equity Option [Member]
Beginning balance						507,175	150,000
Stock Options Granted						180,000	469,674
Warrants Exercised						(116,078)	(101,786)
Warrants Expired						(7,143)
Stock Options Forfeited						(28,001)	(10,713)
Ending balance						535,953	507,175
Outstanding and exercisable						535,953
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						5.56	5.60
Ending balance						5.47	$ 5.25
Excercise price exercisable						$ 5.47

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)				1 Months Ended		12 Months Ended
	Sep. 06, 2022	Mar. 15, 2021	Feb. 11, 2021	Sep. 28, 2022	Oct. 20, 2021	Dec. 31, 2022	Dec. 31, 2021
Professional services						$ 375,002	$ 293,402
Common Shares Authorized						200,000,000	200,000,000
General and administrative						$ 1,229,603	$ 1,319,145
Management						322,775	518,011
Stock-based compensation recognized						547,275	1,087,575
Intrinsic value						$ 677,928	$ 445,290
Preferred Shares Authorized						1,000,000	1,000,000
Options issued	165,000	3,572	283,936	15,000	182,166
Exercise price	$ 5.25	$ 5.60	$ 5.60	$ 4.75	$ 5.60
Expected term (in years)	3.0	3.0	3.0	3.0	3.0
Intrinsic Value Outstanding						$ 123,045	$ 1,108,000
Weighted average remaining term						1 year 9 months 25 days	2 years 2 months 12 days
Stock Options [Member]
Professional services						$ 27,571
General and administrative						413,572
Management						$ 64,333
Stock-based compensation recognized	$ 505,476	$ 9,860	$ 604,572	$ 41,799	$ 473,143
Options issued	165,000	3,572	283,936	15,000	182,166
Exercise price	$ 5.25	$ 5.60	$ 5.60	$ 4.75	$ 5.60
Expected term (in years)	3	3	3	3	3

Related Party Transactions Rela

Related Party Transactions Related Party expense (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Convertible debt offering related party	$ 25,000
Short-term lease arrangements	24,868	$ 25,008
Notes payable related parties, long term	62,957	106,068	$ 117,234
Ophir Holdings LLC
Interest Expense Related Party	$ 3,901	7,627
Officer Interest	6%
Notes payable related parties, long term	$ 75,183	$ 116,611	$ 154,312
Monthly Payments	3,777
Balloon Payment	60,871
Related party debt payable	12,226
Related party debt remaining	$ 62,957

Sales of Products (Details)

Sales of Products (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Sales of Products
Gold sales	$ 10,173,034	$ 8,156,948
Silver sales	25,370	24,689
Smelter and refining charges	618,215	(551,221)
Total	$ 9,580,189	$ 7,630,416

Sales of Products (Details1)

Sales of Products (Details1) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Sales of Products
Concentrate sales	$ 9,276,573	$ 7,285,651
Dore sales	303,616	344,765
Total	$ 9,580,189	$ 7,630,416

Sales of Products (Details Narr

Sales of Products (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Sales of Products
Gold sales receivable	$ 909,997	$ 408,187
Concentrates sold to H&H Metals Corp	95%	3%
Concentrates sold to third party	97%	5%

Convertible Debt (Details Narra

Convertible Debt (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Notes Payble	$ 2,174,461	$ 1,795,112
Interest expense	$ 48,281	49,273
Promissory note 2
Notes Payble		1,750,000
Shares contingently issuable	357,151
Interest expense	$ 34,521	109,775
Common stock at a price	$ 4.90
Promissory note 1
Notes Payble	$ 200,000
Shares contingently issuable	35,715
Interest expense	$ 4,000	$ 12,000
Common stock at a price	$ 5.60

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member]	1 Months Ended
	Feb. 28, 2023 USD ($) $ / shares shares
Common stock shares sold | shares	123,365
Common stock per shares | $ / shares	$ 5.50
Net proceeds | $	$ 878,509
Shares | shares	35,088
Stock per price | $ / shares	$ 5.70