Idaho Strategic Resources (IDR) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 01, 2023
Cover [Abstract]
Entity Registrant Name	IDAHO STRATEGIC RESOURCES, INC
Entity Central Index Key	0001030192
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		12,256,523
Document Quarterly 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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Cash and cash equivalents	$ 1,971,845	$ 1,638,031
Gold sales receivable	1,127,604	909,997
Inventories	701,493	618,313
Joint venture receivable	1,637	1,926
Investment in equity securities	6,677	0
Other current assets	333,459	192,025
Total current assets	4,142,715	3,360,292
Property, plant and equipment, net of accumulated depreciation	10,554,522	9,923,386
Mineral properties, net of accumulated amortization	7,154,092	6,527,561
Investment in Buckskin Gold and Silver	337,217	334,252
Investment in joint venture	435,000	435,000
Reclamation bond	251,310	327,020
Deposits	25,000	76,110
Total assets	22,899,856	20,983,621
Current liabilities:
Accounts payable and accrued expenses	498,374	579,541
Accrued payroll and related payroll expenses	253,696	179,149
Note payable related parties, current portion	0	12,226
Notes payable, current portion	1,007,101	859,393
Total current liabilities	1,759,171	1,630,309
Asset retirement obligation	274,091	262,217
Note payable related parties, long term	0	62,957
Notes payable, long term	1,511,383	1,315,068
Total long-term liabilities	1,785,474	1,640,242
Total liabilities	3,544,645	3,270,551
Commitments (Note 11)
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; June 30, 2023-12,256,523 and December 31, 2022- 12,098,070 shares issued and outstanding	34,124,125	33,245,622
Accumulated deficit	(17,559,313)	(18,368,384)
Total Idaho Strategic Resources, Inc stockholders' equity	16,564,812	14,877,238
Non-controlling interest	2,790,399	2,835,832
Stockholder'sequity	19,355,211	17,713,070
Total liabilities and stockholders' equity	$ 22,899,856	$ 20,983,621

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Condensed Consolidated Balance Sheets
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares outstanding	0	0
Common Stock, Par Value	$ 0	$ 0
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	12,256,523	12,098,070
Common Stock, Shares outstanding	12,256,523	12,098,070

Condensed Consolidated Statemen

Condensed Consolidated Statements ofIncome statement (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Sales of products	$ 3,301,221	$ 1,745,278	$ 9,879,332	$ 6,148,187
Total revenue	3,301,221	1,745,278	9,879,332	6,148,187
Costs of Sales:
Cost of sales and other direct production costs	1,831,847	1,728,214	6,079,697	5,345,409
Depreciation and amortization	363,442	245,824	1,034,521	717,939
Total costs of sales	2,195,289	1,974,038	7,114,218	6,063,348
Gross profit (loss)	1,105,932	(228,760)	2,765,114	84,839
Other operating expenses:
Exploration	435,439	747,217	916,250	1,530,122
Management	58,998	158,625	183,477	266,998
Professional services	80,856	85,429	444,899	301,446
General and administrative	117,178	603,274	504,241	1,078,563
(Gain) loss on disposal of equipment	0	64,739	(224)	68,641
Total other operating expenses	692,471	1,659,284	2,048,643	3,245,770
Operating income (loss)	413,461	(1,888,044)	716,471	(3,160,931)
Other (income) expense:
Equity income on investment in Buckskin	(1,608)	(542)	(2,965)	(1,213)
Timber revenue net of costs	0	0	(20,724)	0
Gain on forgiveness of SBA loan	0	0	0	(10,000)
Loss on investment in equity securities	1,543	0	4,423	0
Interest income	(23,560)	(322)	(61,253)	(878)
Interest expense	33,103	22,244	52,999	85,902
Total other (income) expense	9,478	21,380	27,520	73,811
Net income (loss)	403,983	(1,909,424)	743,991	(3,234,742)
Net loss attributable to non-controlling interest	(16,696)	(15,005)	(65,080)	(66,123)
Net income (loss) attributable to Idaho Strategic Resources, Inc.	$ 420,679	$ (1,894,419)	$ 809,071	$ (3,168,619)
Net income (loss) per common share-basic	$ 0.03	$ (0.16)	$ 0.07	$ (0.27)
Weighted average common share outstanding-basic	12,256,523	12,032,901	12,238,172	11,677,167
Net income (loss) per common share-diluted	$ 0.03	$ (0.16)	$ 0.07	$ (0.27)
Weighted average common shares outstanding- diluted	12,263,318	12,032,901	12,243,055	11,677,167

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Accumulated Deficit Attributable to Idaho Strategic Resources, Inc.	Non-Controlling Interest
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	2,828	$ 0	0	360,134
Issuance of common stock for cash, net of offering costs, shares		2,828
Issuance of common stock for cash, net of offering costs, amount	2,701,000	$ 2,701,000	3,572
Issuance of common stock for services, shares		2,701,000
Issuance of common stock for services, amount	0	$ 23,057	32,326	0
Issuance of common stock for warrants exercised, shares		28,981
Issuance of common stock for warrants exercised, amount	392,866	$ 32,326	68,006	0
Issuance of common stock for cashless option exercise, shares		28,981
Issuance of common stock for cashless option exercise, amount	0	$ 68,006	0	0
Conversion of convertible debt to common stock, shares		392,866
Conversion of convertible debt to common stock, amount	0	$ 11,749,579	1,950,000	0
Net loss	138,665	$ 1,950,000	0	(455,602)
Balance, shares at Mar. 31, 2022		(17,467)
Balance, amount at Mar. 31, 2022	(16,288,557)	$ (473,069)	30,756,088	70,919
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
Net income (loss)	(3,234,742)
Balance, shares at Sep. 30, 2022		12,098,070
Balance, amount at Sep. 30, 2022	33,245,622	$ (1,894,419)	(15,005)	(1,909,424)
Balance, shares at Mar. 31, 2022		(17,467)
Balance, amount at Mar. 31, 2022	(16,288,557)	$ (473,069)	30,756,088	70,919
Contribution from non-controlling interest in New Jersey Mill Joint Venture	0	$ 2,877,362	17,344,893	26,584
Issuance of common stock for cash, net of offering costs, shares		138,665
Issuance of common stock for cash, net of offering costs, amount	0	$ 18,202	18,202	980,107
Issuance of common stock for warrants exercised, shares		11,985,747
Issuance of common stock for warrants exercised, amount	0	$ 0	980,107	397,147
Issuance of common stock for cashless option exercise, shares		26,584
Issuance of common stock for cashless option exercise, amount	0	$ 397,147	100,893	0
Net loss	(818,598)	$ 0	0	0
Balance, shares at Jun. 30, 2022		11,430
Balance, amount at Jun. 30, 2022	(17,107,155)	$ (33,651)	(852,249)	32,133,342
Contribution from non-controlling interest in New Jersey Mill Joint Venture	0	$ 2,861,913	17,888,100	12,098,070
Issuance of common stock for warrants exercised, shares		100,893
Issuance of common stock for warrants exercised, amount	565,005	$ 1,682	12,098,070	1,682
Issuance of common stock for cashless option exercise, shares		158,453
Issuance of common stock for cashless option exercise, amount	0	$ 0	0	547,275
Net loss	0	0	0	12,256,523
Options issued to management, directors, and employees	547,275	$ 0	0	565,005
Net income (loss)	(1,909,424)
Balance, shares at Sep. 30, 2022		12,098,070
Balance, amount at Sep. 30, 2022	33,245,622	$ (1,894,419)	(15,005)	(1,909,424)
Balance, shares at Dec. 31, 2022		(19,001,574)
Balance, amount at Dec. 31, 2022	17,713,070	$ 33,245,622	17,092,638	12,256,523
Contribution from non-controlling interest in New Jersey Mill Joint Venture	0	$ (18,368,384)	2,835,832	17,713,070
Issuance of common stock for cash, net of offering costs, shares		158,453
Issuance of common stock for cash, net of offering costs, amount	12,256,523	$ 1,601	1,601	878,503
Net income (loss)	44,186	$ 0	0	878,503
Balance, shares at Mar. 31, 2023		12,256,523
Balance, amount at Mar. 31, 2023	18,637,360	$ 34,124,125	(18,307,785)	2,821,020
Balance, shares at Dec. 31, 2022		(19,001,574)
Balance, amount at Dec. 31, 2022	17,713,070	$ 33,245,622	17,092,638	12,256,523
Net income (loss)	743,991
Balance, shares at Sep. 30, 2023		12,256,523
Balance, amount at Sep. 30, 2023	19,355,211	$ 34,124,125	(17,559,313)	2,790,399
Balance, shares at Mar. 31, 2023		12,256,523
Balance, amount at Mar. 31, 2023	18,637,360	$ 34,124,125	(18,307,785)	2,821,020
Contribution from non-controlling interest in New Jersey Mill Joint Venture	16,409			16,409
Net income (loss)	295,822	$ 0	327,793	(31,971)
Balance, shares at Jun. 30, 2023		12,256,523
Balance, amount at Jun. 30, 2023	18,949,591	$ 34,124,125	(17,979,992)	2,805,458
Contribution from non-controlling interest in New Jersey Mill Joint Venture	1,637	$ 0		1,637
Net income (loss)	403,983		420,679	(16,696)
Balance, shares at Sep. 30, 2023		12,256,523
Balance, amount at Sep. 30, 2023	$ 19,355,211	$ 34,124,125	$ (17,559,313)	$ 2,790,399

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 743,991	$ (3,234,742)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	1,034,521	717,939
Loss (gain) on disposal of equipment	(224)	68,641
Accretion of asset retirement obligation	11,874	11,342
Stock based compensation	0	547,275
Issuance of common stock for services	0	32,326
Gain on forgiveness of SBA loan	0	(10,000)
Loss on investment in equity securities	4,423	0
Equity income on investment in Buckskin	(2,965)	(1,213)
Change in operating assets and liabilities:
Gold sales receivable	(217,607)	(20,568)
Inventories	(83,180)	(394,200)
Joint venture receivable	289	2,760
Other current assets	(141,434)	78,568
Accounts payable and accrued expenses	(81,167)	169,590
Accrued payroll and related payroll expenses	74,547	25,127
Net cash provided (used) by operating activities	1,343,068	(2,007,155)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(467,655)	(1,145,186)
Deposits on equipment	(25,000)	(31,584)
Proceeds from sale of equipment	8,500	0
Purchase of reclamation bonds	0	(222,800)
Refund of reclamation bonds	75,710	0
Additions to mineral property	(645,962)	(451,012)
Purchase of equity securities	(11,100)	0
Net cash used by investing activities	(1,065,507)	(1,787,414)
Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance cost	878,503	3,681,107
Proceeds from exercise of common stock warrants	0	1,030,158
Principal payments on notes payable	(766,714)	(629,322)
Principal payments on notes payable, related parties	(75,183)	(30,916)
Contributions from non-controlling interest	19,647	22,712
Net cash provided by financing activities	56,253	4,073,739
Net change in cash and cash equivalents	333,814	279,170
Cash and cash equivalents, beginning of period	1,638,031	1,976,518
Cash and cash equivalents, end of period	1,971,845	2,255,688
Non-cash investing and financing activities:
Deposit on equipment applied to purchase	76,110	96,000
Notes payable for equipment and land purchase	1,110,737	1,189,056
Conversion of convertible debt to common stock	$ 0	$ 1,950,000

The Company and Significant Acc

The Company and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
The Company and Significant Accounting Policies
Summary of Significant Accounting Policies	1. The Company and Significant Accounting Policies These unaudited interim condensed consolidated financial statements have been prepared by the management of Idaho Strategic Resources, Inc (“IDR”) (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair statement of the interim condensed consolidated financial statements have been included. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations. Operating results for the three and nine-month periods ended September 30, 2023, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2022, in the Company’s Form 10-K as filed with the Securities and Exchange Commission on March 31, 2023. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. Mine Exploration and Development Costs The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At September 30, 2023, the Company had equity securities measured at fair value using level 1 quoted prices and no liabilities required measurement at fair value. At December 31, 2022, the Company had no assets or liabilities that required measurement at fair value on a recurring basis. 1. The Company and Significant Accounting Policies (continued) Accounting for Investments in Joint Ventures and Equity Method Investments Investment in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments At September 30, 2023 and December 31, 2022, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: September 30, 2023 December 31, 2022 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 Inc. 37% Yes Equity 37% Yes Equity Reclassifications Certain prior period amounts have been reclassified to conform to the 2023 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. Investments in Equity Securities Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings. New Accounting Pronouncement Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2023
Equity Option [Member]
Going Concern	2. Going Concern The Company is currently producing from underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its planned production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventories
Inventories	3. Inventories At September 30, 2023 and December 31, 2022, the Company’s inventories consisted of the following: September 30, 2023 December 31, 2022 Concentrate inventory In process $ 157,284 $ 111,741 Finished goods 44,185 111,574 Total concentrate inventory 201,469 223,315 Supplies inventory Mine parts and supplies 278,875 233,465 Mill parts and supplies 143,579 83,963 Core drilling supplies and materials 77,570 77,570 Total supplies inventory 500,024 394,998 Total $ 701,493 $ 618,313

Sales of Products

Sales of Products	9 Months Ended
	Sep. 30, 2023
Sales of Products
Sales of Products	4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metals), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At September 30, 2023, metals that had been sold but not finally settled included 6,512 ounces of which 4,182 ounces were sold at a predetermined price with the remaining 2,330 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 of products by metal type for the three and nine-month periods ended September 30, 2023 and 2022 were as follows: September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Gold $ 3,458,174 $ 10,347,001 $ 1,890,626 $ 6,620,745 Silver 14,283 37,630 3,034 9,992 Less: Smelter and refining charges (171,236 ) (505,299 ) (148,382 ) (482,550 ) Total $ 3,301,221 $ 9,879,332 $ 1,745,278 $ 6,148,187 Sales by significant product type for the three and nine-month periods ended June 30, 2023, and 2022 were as follows: September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Concentrate sales to H&H Metals $ 3,301,221 $ 9,741,227 $ 1,745,278 $ 5,844,571 Dore sales to refinery - 138,105 - 303,616 Total $ 3,301,221 $ 9,879,332 $ 1,745,278 $ 6,148,187 At September 30, 2023 and December 31, 2022, our gold sales receivable balance related to contracts with customers of $1,127,604 and $909,997, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	5. Related Party Transactions At December 31, 2022, the Company had a note payable to Ophir Holdings, a company owned by two officers and one former officer of the Company, with a balance of $75,183 of which $12,226 was due within one year and the remaining $62,957 due thereafter. The Company paid the remaining amount due to Ophir Holdings on May 10, 2023. This payment resulted in a negative net interest charge for the nine-months ended September 30, 2023. Related party interest expense for the three and nine-months ended September 30, 2023 and 2022 is as follows. September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ - $ (2,676 ) $ 924 $ 3,081 The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow and approximately $1,700 is paid quarterly to Mine Systems Design which is partially owned by the Company’s vice president, Grant Brackebusch. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and for the three and nine-months ended September 30, 2023 and 2022 are as follows: September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ 6,120 $ 18,555 $ 6,217 $ 18,651

Joint Ventures

Joint Ventures	9 Months Ended
	Sep. 30, 2023
Condensed Consolidated Balance Sheets
Joint Venture Arrangements	6. Joint Ventures New Jersey Mill Joint Venture Agreement The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations. Thus, the venture is included in the consolidated financial statements along with presentation of the non-controlling interest. At September 30, 2023 and December 31, 2022, an account receivable existed with Crescent Silver, LLC, the other joint venture participant (“Crescent”), for $1,637 and $1,926, respectively, for shared operating costs as defined in the JV agreement. Butte Highlands JV, LLC (“BHJV”) On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the joint venture’s activities, it accounts for its investment on a cost basis.

Earing Per Share

Earing Per Share	9 Months Ended
	Sep. 30, 2023
Earing Per Share
Earnings per Share	7. Earnings per Share Net income (loss) per share is computed by dividing the net amount excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the period. 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. Such common stock equivalents are included or excluded from the calculation of diluted net income (loss) per share for each period as follows: September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Incremental shares included in diluted net income (loss) per share Stock options 6,795 4,883 - - Stock purchase warrants - - - - 6,795 4,883 - - Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect: Stock options 321,449 321,449 542,525 542,525 Stock purchase warrants 289,294 289,294 289,294 289,294 610,743 610,743 831,819 831,819

Property Plant and Equipment

Property Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Property Plant and Equipment
Property, Plant and Equipment	8. Property, Plant, and Equipment Property, plant and equipment at September 30, 2023 and December 31, 2022 consisted of the following: September 30, 2023 December 31, 2022 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 (1,381,865 ) (1,249,445 ) Total mill 3,572,557 3,704,977 Building and equipment Buildings 611,382 611,382 Equipment 8,535,801 6,927,474 9,147,183 7,538,856 Less accumulated depreciation (3,169,450 ) (2,324,679 ) Total building and equipment 5,977,733 5,214,177 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 136,762 136,762 Total land 1,004,232 1,004,232 Total $ 10,554,522 $ 9,923,386

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2023
Mineral Properties
Mineral Properties	9. Mineral Properties Mineral properties at September 30, 2023 and December 31, 2022 consisted of the following: September 30, 2023 December 31, 2022 Golden Chest Mineral Property $ 4,141,904 $ 4,088,462 Infrastructure 2,314,548 1,722,028 Total Golden Chest 6,456,452 5,810,490 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 (103,089 ) (83,658 ) Total $ 7,154,092 $ 6,527,561 For the three and nine-month periods ended September 30, 2023 and 2022, interest expense was capitalized in association with the ramp access project at the Golden Chest as follows. September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ 11,107 $ 53,442 $ 11,180 $ 32,097

Investment in Buckskin

Investment in Buckskin	9 Months Ended
	Sep. 30, 2023
Investment in Buckskin
Investment in Buckskin	10. Investment in Buckskin The investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $1,608 and $2,965 for the respective three and nine-month periods ended September 30, 2023, and $542 and $1,213 in 2022 for the respective three and nine-month periods ended September 30, 2022. The Company makes an annual payment of $12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims. As of September 30, 2023, the Company holds 37% of Buckskin’s outstanding shares.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2023
Investment in Buckskin
Notes Payable	11. Notes Payable At September 30, 2023 and December 31, 2022, notes payable are as follows: September 30, 2023 December 31, 2022 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 299,502 $ 306,084 Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 227,279 345,268 Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 65,492 108,904 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 47,711 89,493 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 5,537 10,891 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 1,501 4,130 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 28,710 40,687 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 17,183 23,987 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 47,284 - Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 - 20,660 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 105,994 170,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 81,435 143,812 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 5,844 10,820 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 20,565 33,216 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 - 29,256 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 265,446 407,909 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 - 76,287 Caterpillar AD30 underground truck, 40-month note payable, 8.01% interest rate payable through October 2026, monthly payments of $29,656 969,440 - Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 160,899 163,287 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 57,033 64,648 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 58,895 66,758 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 52,734 58,182 Total notes payable 2,518,484 2,174,461 Due within one year 1,007,101 859,393 Due after one year $ 1,511,383 $ 1,315,068 All notes are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at September 30, 2023 are as follows: 12 months ended September 30, 2024 $ 1,007,101 2025 577,853 2026 399,778 2027 349,131 2028 35,624 2029 6,490 Thereafter 142,507 Total $ 2,518,484

Stockholders Equity

Stockholders Equity	9 Months Ended
	Sep. 30, 2023
Stockholders Equity
Stockholders' Equity	12. Stockholders’ Equity Stock issuance activity The Company closed a private placement in February 2023. Under the private placement, the Company sold 123,365 shares of common stock at $5.50 per share and 35,088 shares of common stock at $5.70 per share for net proceeds of $878,503. No shares were issued in the second or third quarter of 2023. The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 shares of common stock at $7.50 per share for net proceeds of $2,701,000. In the nine-months ended September 30, 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107. In the nine-months ended September 30, 2022 the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. Also, in the nine-months ended September 30, 2022, the Company issued 392,866 shares of the Company’s common stock in exchange for $1,950,000 of debt at $4.96 per share. Stock Purchase Warrants Outstanding In the nine-months ended September 30, 2022, 194,869 shares of common stock were issued in exchange for outstanding warrants for net proceeds of $1,030,158. The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices 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 and September 30, 2023 289,294 $5.60-7.00 These warrants expire as follows: Shares Exercise Price Expiration Date 235,722 $ 5.60 October 15, 2023 53,572 $ 7.00 November 12, 2023 289,294 These outstanding warrants were amended and extended on October 12, 2023, see note 14.

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 2023
Stock Options
Stock Options	13. Stock Options There were no stock options granted during the nine-months ended September 30, 2023. In September 2022, the board granted 165,000 stock options to officers, board members, and employees. These options vested immediately and are exercisable at $5.25 for 3 years. Total stock-based compensation recognized on these options was $505,476 and was recognized in management, professional services, and general administrative expenses in the statement of operations. In September 2022, the board granted an additional 15,000 total stock options, 7,500 each to our independent board members. These options vested immediately and are exercisable at $4.75 for 3 years. Total stock-based compensation recognized on these options was $41,799 and was recognized in management expenses in the statement of operations. Activity in the Company’s stock options is as follows: Number of Options Weighted Average Exercise Prices 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 Forfeited (58,504 ) $ 5.47 Outstanding and exercisable at September 30, 2023 477,449 $ 5.47 At September 30, 2023, outstanding stock options have a weighted average remaining term of approximately 1.07 years and have an intrinsic value of $4,350. There were no stock options exercised during the first nine months of 2023

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Stock Options
Subsequent Events	14. Subsequent Events On October 12, 2023, IDR amended and restated warrants issued in private placements completed in October and November of 2021. The amended and restated warrants extended the exercise period of the warrants for an additional one year. The October 2021 private placement issued warrants gave the holders the right to purchase a total of 235,722 shares of common stock at an exercise price of $5.60 per share. The expiration date of the warrants was extended from October 15, 2023 to October 15, 2024. The November 2021 private placement issued warrants gave the holders the right to purchase a total of 53,572 shares of common stock at an exercise price of $7.00 per share. The expiration date of the warrants was extended from November 12, 2023 to November 12, 2024. There were no other changes in the terms of the warrants.

The Company and Significant A_2

The Company and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
The Company and Significant Accounting Policies
Principles of Consolidation	The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations.
Revenue Recognition	Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition
Inventories	Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value.
Mine Exploration and Development Costs	The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces.
Fair Value Measurements	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At September 30, 2023, the Company had equity securities measured at fair value using level 1 quoted prices and no liabilities required measurement at fair value. At December 31, 2022, the Company had no assets or liabilities that required measurement at fair value on a recurring basis.
Accounting for Investments in Joint Ventures and Equity Method Investments	Investment in Joint Ventures For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments At September 30, 2023 and December 31, 2022, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: September 30, 2023 December 31, 2022 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 Inc. 37% Yes Equity 37% Yes Equity Reclassifications Certain prior period amounts have been reclassified to conform to the 2023 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported.
Investments in Equity Securities	Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.
New Accounting Pronouncement	Accounting standards that have been issued or proposed by the Financial Accounting Standards Board (“FASB”) that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

Summary of Significant Accounti

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Summary of Significant Accounting Policies (Tables)
Schedule of Cost Method Investments	September 30, 2023 December 31, 2022 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 Inc. 37% Yes Equity 37% Yes Equity

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventories
Inventories	September 30, 2023 December 31, 2022 Concentrate inventory In process $ 157,284 $ 111,741 Finished goods 44,185 111,574 Total concentrate inventory 201,469 223,315 Supplies inventory Mine parts and supplies 278,875 233,465 Mill parts and supplies 143,579 83,963 Core drilling supplies and materials 77,570 77,570 Total supplies inventory 500,024 394,998 Total $ 701,493 $ 618,313

Sales of Products (Tables)

Sales of Products (Tables)	9 Months Ended
	Sep. 30, 2023
Sales of Products
Schedule of sales of products by metal	September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Gold $ 3,458,174 $ 10,347,001 $ 1,890,626 $ 6,620,745 Silver 14,283 37,630 3,034 9,992 Less: Smelter and refining charges (171,236 ) (505,299 ) (148,382 ) (482,550 ) Total $ 3,301,221 $ 9,879,332 $ 1,745,278 $ 6,148,187 September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Concentrate sales to H&H Metals $ 3,301,221 $ 9,741,227 $ 1,745,278 $ 5,844,571 Dore sales to refinery - 138,105 - 303,616 Total $ 3,301,221 $ 9,879,332 $ 1,745,278 $ 6,148,187

Related Party Transactions (Tab

Related Party Transactions (Table)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions (table)	September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ - $ (2,676 ) $ 924 $ 3,081
Related Party Transactions accrued interest payable to related parties	September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ 6,120 $ 18,555 $ 6,217 $ 18,651

Earnings per Share (Table)

Earnings per Share (Table)	9 Months Ended
	Sep. 30, 2023
Earnings per Share (Table)
Earnings per Share	September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months Incremental shares included in diluted net income (loss) per share Stock options 6,795 4,883 - - Stock purchase warrants - - - - 6,795 4,883 - - Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect: Stock options 321,449 321,449 542,525 542,525 Stock purchase warrants 289,294 289,294 289,294 289,294 610,743 610,743 831,819 831,819

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property Plant and Equipment
Property, Plant and Equipment	September 30, 2023 December 31, 2022 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 (1,381,865 ) (1,249,445 ) Total mill 3,572,557 3,704,977 Building and equipment Buildings 611,382 611,382 Equipment 8,535,801 6,927,474 9,147,183 7,538,856 Less accumulated depreciation (3,169,450 ) (2,324,679 ) Total building and equipment 5,977,733 5,214,177 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 136,762 136,762 Total land 1,004,232 1,004,232 Total $ 10,554,522 $ 9,923,386

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2023
Mineral Properties
Schedule of mineral properties	September 30, 2023 December 31, 2022 Golden Chest Mineral Property $ 4,141,904 $ 4,088,462 Infrastructure 2,314,548 1,722,028 Total Golden Chest 6,456,452 5,810,490 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 (103,089 ) (83,658 ) Total $ 7,154,092 $ 6,527,561
Schedule of interest expenses	September 30, 2023 September 30, 2022 Three Months Nine Months Three Months Nine Months $ 11,107 $ 53,442 $ 11,180 $ 32,097

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Investment in Buckskin
Schedule of Debt	September 30, 2023 December 31, 2022 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 299,502 $ 306,084 Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 227,279 345,268 Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 65,492 108,904 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 47,711 89,493 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 5,537 10,891 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 1,501 4,130 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 28,710 40,687 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 17,183 23,987 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 47,284 - Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550 - 20,660 Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 105,994 170,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 81,435 143,812 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 5,844 10,820 Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 20,565 33,216 Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751 - 29,256 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 265,446 407,909 Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979 - 76,287 Caterpillar AD30 underground truck, 40-month note payable, 8.01% interest rate payable through October 2026, monthly payments of $29,656 969,440 - Small Business Administration EIDL 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 160,899 163,287 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 57,033 64,648 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 58,895 66,758 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 52,734 58,182 Total notes payable 2,518,484 2,174,461 Due within one year 1,007,101 859,393 Due after one year $ 1,511,383 $ 1,315,068
Schedule of Future principal payments of notes payable	12 months ended September 30, 2024 $ 1,007,101 2025 577,853 2026 399,778 2027 349,131 2028 35,624 2029 6,490 Thereafter 142,507 Total $ 2,518,484

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Warrant Expirations	These warrants expire as follows: Shares Exercise Price Expiration Date 235,722 $ 5.60 October 15, 2023 53,572 $ 7.00 November 12, 2023 289,294
Equity Option [Member]
Common Stock Purchase Warrant Transactions	The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices 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 and September 30, 2023 289,294 $5.60-7.00

Stock Options (Table)

Stock Options (Table)	9 Months Ended
	Sep. 30, 2023
Stock Options
Fair value of stock options	Number of Options Weighted Average Exercise Prices 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 Forfeited (58,504 ) $ 5.47 Outstanding and exercisable at September 30, 2023 477,449 $ 5.47

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details)	Sep. 30, 2023	Dec. 31, 2022
NJMJV
Investment Owned, Percent of Net Assets	65%	65%
Butte Highlands Joint Venture ("BHJV")
Investment Owned, Percent of Net Assets	50%	50%
Buckskin Gold and Silver Inc.
Investment Owned, Percent of Net Assets	37%	37%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	Sep. 30, 2023	Dec. 31, 2022
Buckskin Gold and Silver Inc.
Investment Owned, Percent of Net Assets	37%	37%

Inventories (Details)

Inventories (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Total concentrate inventory	$ 201,469	$ 223,315
Total supplies inventory	500,024	394,998
Total	701,493	618,313
Concentrate Inventory
In process	157,284	111,741
Finished Goods
Finished goods	44,185	111,574
Mine Parts And Supplies
Mine parts and supplies	278,875	233,465
Mill Parts And Supplies
Mine parts and supplies	143,579	83,963
Core drilling supplies and materials
Mine parts and supplies	$ 77,570	$ 77,570

Sales of Products (Details)

Sales of Products (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales of Products
Gold	$ 3,458,174	$ 1,890,626	$ 10,347,001	$ 6,620,745
Silver	14,283	3,034	37,630	9,992
Smelter and refining charges	(171,236)	(148,382)	(505,299)	(482,550)
Total	$ 3,301,221	$ 1,745,278	$ 9,879,332	$ 6,148,187

Sales of Products (Details 1)

Sales of Products (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales of Products
Concentrate sales to H&H Metal	$ 3,301,221	$ 1,745,278	$ 9,741,227	$ 5,844,571
Dore sales to refinery	0	0	138,105	303,616
Total	$ 3,301,221	$ 1,745,278	$ 9,879,332	$ 6,148,187

Sales of Products (Details Narr

Sales of Products (Details Narrative) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Sales of Products
Gold sales receivable	$ 1,127,604	$ 909,997

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transactions
Related party - Interest expense	$ 0	$ 924	$ 2,676	$ 3,081

Related Party Transactions (D_2

Related Party Transactions (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
General and administrative expenses	$ 117,178	$ 603,274	$ 504,241	$ 1,078,563
Grant Brackebusch
General and administrative expenses	$ 6,120	$ 6,217	$ 18,555	$ 18,651

Related Party Transactions (D_3

Related Party Transactions (Details Narrative)	9 Months Ended
	Sep. 30, 2023 USD ($)
Quarterly rent paid	$ 1,700
Monthely rent paid	1,500
Ophi rHoldings Member
Quarterly rent paid	75,183
Monthely rent paid	12,226
Remaining Balance	$ 62,957

Joint Ventures (Details Narrati

Joint Ventures (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 29, 2016	Sep. 30, 2023	Dec. 31, 2022
Butte Highlands JV, LLC
Ownership rate	50%
Equity Method Investment, Additional Information		the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”)
Total coonsideration	$ 435,000
Development costs	$ 2,000,000
New Jersey Mill
Equity Method Investment, Additional Information		The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations
Joint venture		$ 1,637	$ 1,926

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock options	6,795	0	4,883	0
Total	6,795	0	4,883	0
Antidilutive Effect
Stock options	321,449	542,525	321,449	542,525
Stock purchase warrants	289,294	289,294	289,294	289,294
Total	610,743	831,819	610,743	831,819

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Property Plant and Equipment
Land	$ 225,289	$ 225,289
Building	536,193	536,193
Equipment	4,192,940	4,192,940
Property and equipment gross	4,954,422	4,954,422
Less accumulated depreciation	(1,381,865)	(1,249,445)
Total mill	3,572,557	3,704,977
Buildings and equipment, buildings	611,382	611,382
Buildings and equipment, equipment	8,535,801	6,927,474
Buildings and equipment, Gross	9,147,183	7,538,856
Buildings and equipment, accumulated depreciation	(3,169,450)	(2,324,679)
Total building and equipment	5,977,733	5,214,177
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	136,762
Total Land	1,004,232	1,004,232
Total	$ 10,554,522	$ 9,923,386

Mineral Properties (Details)

Mineral Properties (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Mineral Properties
Golden Chest Mineral Property	$ 4,141,904	$ 4,088,462
Infrastructure	2,314,548	1,722,028
Total Golden Chest	6,456,452	5,810,490
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	(103,089)	(83,658)
Total	$ 7,154,092	$ 6,527,561

Mineral Properties (Details 1)

Mineral Properties (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Mineral Properties
Interest Expense	$ 11,107	$ 11,180	$ 53,442	$ 32,097

Investment in Buckskin (Details

Investment in Buckskin (Details Narrative) - Buckskin - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment Income	$ 1,608	$ 542	$ 2,965	$ 1,213
Annual payment			$ 12,000
Percent of common stock	37%		37%

Notes Payable (Details)

Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Total notes payable	$ 2,518,484	$ 2,174,461
Due within one year	1,007,101	859,393
Due after one year	1,511,383	1,315,068
Note Payable through June 2027 [Member]
Total notes payable	299,502	306,084
Monthly payment	2,500
Ballon payment	$ 260,886
Interest rate	7%
Note Payable through January 2025 [Member]
Total notes payable	$ 227,279	345,268
Monthly payment	$ 14,821
Interest rate	7%
Note Payable through October 2024 [Member]
Total notes payable	$ 65,492	108,904
Monthly payment	$ 5,181
Interest rate	4.78%
Note Payable through July 2024 [Member]
Total notes payable	$ 47,711	89,493
Monthly payment	$ 4,847
Interest rate	3.45%
Note Payable through June 2024 [Member]
Total notes payable	$ 5,537	10,891
Monthly payment	$ 627
Interest rate	4.50%
Note Payable through February 2024 [Member]
Total notes payable	$ 1,501	4,130
Monthly payment	$ 303
Interest rate	4.50%
Note Payable through May 2025 [Member]
Total notes payable	$ 28,710	40,687
Monthly payment	$ 1,515
Interest rate	6.30%
Note Payable through June 2025 [Member]
Total notes payable	$ 17,183	23,987
Monthly payment	$ 866
Interest rate	6.30%
Note Payable through June 2023 [Member]
Total notes payable	$ 0	20,660
Monthly payment	$ 3,550
Interest rate	10.50%
Note Payable through May 2024 [Member]
Total notes payable	$ 105,994	170,182
Monthly payment	$ 10,352
Interest rate	4.50%
Note Payable through August 2025 [Member]
Total notes payable	$ 81,435	143,812
Monthly payment	$ 4,933
Interest rate	6.90%
Note Payable through December 2028 [Member]
Total notes payable	$ 54,666	58,182
Monthly payment	$ 1,060
Interest rate	9.24%
Note Payable through May 2026 [Member]
Total notes payable	$ 47,284	0
Monthly payment	$ 1,174
Interest rate	8.01%
Note Payable through October 2026 [Member]
Total notes payable	$ 969,440	0
Monthly payment	$ 29,656
Interest rate	8.01%
Two Note Payable through July 2024 [Member]
Total notes payable	$ 5,844	10,820
Monthly payment	$ 602
Interest rate	6.99%
Note Payable through November 2024 [Member]
Total notes payable	$ 20,565	33,216
Monthly payment	$ 1,512
Interest rate	4.60%
Note Payable through August 2023 [Member]
Total notes payable	$ 0	29,256
Monthly payment	$ 3,751
Interest rate	6.80%
Two Note Payable through January 2025 [Member]
Total notes payable	$ 265,446	407,909
Monthly payment	$ 17,125
Interest rate	4.50%
Two Note Payable through June 2023 [Member]
Total notes payable	$ 0	76,287
Monthly payment	$ 12,979
Interest rate	6.45%
Note Payable through December 2054 [Member]
Total notes payable	$ 160,899	163,287
Monthly payment	$ 731
Interest rate	3.75%
Note Payable through June 2028 [Member]
Total notes payable	$ 57,033	64,648
Monthly payment	$ 1,152
Interest rate	5.99%
Two Note Payable through June 2028 [Member]
Total notes payable	$ 61,555	$ 66,758
Monthly payment	$ 1,190
Interest rate	5.99%

Notes Payable (Details 1)

Notes Payable (Details 1)	Sep. 30, 2023 USD ($)
Investment in Buckskin
2024	$ 1,007,101
2025	577,853
2026	399,778
2027	349,131
2028	35,624
2029	6,490
Thereafter	142,507
Total	$ 2,518,484

Stockholders Equity (Details)

Stockholders Equity (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Ending balance	$ 0
Beginning balance	$ 2.52
Warrant [Member]
Beginning balance | shares	669,467
Warrants Expired | shares	(185,304)
Warrants Exercised | shares	(194,869)
Ending balance | shares	289,294
Warrant [Member] | Minimum [Member]
Ending balance	$ 5.60
Beginning balance	2.52
Warrants expired	2.52
Warrants Exercised	2.52
Warrant [Member] | Maximum [Member]
Ending balance	7
Beginning balance	7
Warrants expired	5.60
Warrants Exercised	$ 5.60

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Exercise price	$ 0	$ 2.52
Warrant [Member]
Number of shares	289,294	669,467
Warrant [Member] | Minimum [Member]
Exercise price	$ 5.60	$ 2.52
Warrant [Member] | Maximum [Member]
Exercise price	$ 7	$ 7
Warrant [Member] | Exercise Price 5.60 [Member]
Number of shares	235,722
Exercise price	$ 5.60
Warrant expiration date	Oct. 15, 2023
Warrant [Member] | Exercise Price 7.00 [Member]
Number of shares	53,572
Exercise price	$ 7
Warrant expiration date	Nov. 12, 2023

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Private placement unit sold	360,134	123,365
Private placement unit, per share	$ 7.50	$ 5.50
Net Proceeds	$ 2,701,000	$ 878,503
Common stock issued			392,866
Common Stock, per share			$ 4.96
Service providing cost			$ 1,950,000
Stock issuance Activity [Member]
Private placement unit sold		35,088
Private placement unit, per share		$ 5.70
Stock Issuance Activity [Member] | First Quarter [Member]
Common stock issued			3,572
Common Stock, per share			$ 9.05
Service providing cost			$ 32,326
Common stock shares sold		138,665	194,869
Common stock for net proceeds		980,107	1,030,158

Stock Options (Details )

Stock Options (Details ) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Equity Option [Member]
Beginning balance	535,953	507,175
Stock Options Granted		(180,000)
Stock Options Exercised		(116,078)
Expired		(7,143)
Stock Options Forfeited	(58,504)	(28,001)
Ending balance	477,449	535,953
Weighted Average Exercise Prices [Member]
Beginning balance	$ 5.47	$ 5.25
Exercise price granted		5.21
Exercise price exercised		4.31
Exercise Price Expired		1.96
Exercise price forfeited	5.47	5.56
Ending balance	$ 5.47	$ 5.47

Stock Options (Details Narrativ

Stock Options (Details Narrative) - USD ($)		1 Months Ended		9 Months Ended
	Sep. 06, 2022	Sep. 28, 2022	Oct. 20, 2021	Sep. 30, 2023	Sep. 30, 2022
Intrinsic value				$ 4,350
Weighted average remaining term				1 year 25 days
Stock-based compensation recognized				$ 0	$ 547,275
Expected term (in years)			3
Stock Options [Member]
Stock-based compensation recognized	$ 505,476	$ 41,799
Options issued	165,000	15,000
Exercise price	$ 5.25	$ 4.75
Expected term (in years)	3

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	1 Months Ended		9 Months Ended
	Nov. 30, 2021	Oct. 31, 2021	Sep. 30, 2022
Common stock per shares			$ 4.96
Private Placement [Member]
Common stock shares purchase	53,572	235,722
Common stock per shares	$ 7	$ 5.60