Idaho Strategic Resources (IDR) 10-K 25 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 01, 2024	Jun. 30, 2023
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, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		12,559,878
Entity Public Float			$ 57,230,152
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	false
Entity File Number	001-41320
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
Icfr Auditor Attestation Flag	false
Auditor Name	Assure CPA, LLC
Auditor Location	Spokane, Washington
Auditor Firm Id	444
Local Phone Number	625-9001
Security 12b Title	Common Stock, No par value
Trading Symbol	IDR
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,286,999	$ 1,638,031
Gold sales receivable	1,038,867	909,997
Inventories	876,681	618,313
Joint venture receivable	2,080	1,926
Investment in equity security	5,649	0
Other current assets	236,837	192,025
Total current assets	4,447,113	3,360,292
Property, plant and equipment, net of accumulated depreciation	10,484,457	9,923,386
Mineral properties, net of accumulated amortization	7,648,061	6,527,561
Investment in Buckskin Gold and Silver	338,769	334,252
Investment in joint venture	435,000	435,000
Reclamation bonds	251,310	327,020
Deposits	285,079	76,110
Total assets	23,889,789	20,983,621
Current liabilities:
Accounts payable and accrued expenses	484,221	579,541
Accrued payroll and related payroll expenses	266,670	179,149
Notes payable related parties, current portion	0	12,226
Notes payable, current portion	978,246	859,393
Total current liabilities	1,729,137	1,630,309
Asset retirement obligations	286,648	262,217
Notes payable related parties, long term	0	62,957
Notes payable, long term	1,338,406	1,315,068
Total long-term liabilities	1,625,054	1,640,242
Total liabilities	3,354,191	3,270,551
Commitments and Contingencies (Note 5 and 12)	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; 12,397,615 and 12,098,070 shares issued and outstanding, respectively	34,963,739	33,245,622
Accumulated deficit	(17,210,638)	(18,368,384)
Total Idaho Strategic Resources, Inc. stockholders' equity	17,753,101	14,877,238
Non-controlling interest	2,782,497	2,835,832
Total stockholders' equity	20,535,598	17,713,070
Total liabilities and stockholders' equity	$ 23,889,789	$ 20,983,621

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	12,397,615	12,098,070
Common Stock, Shares outstanding	12,397,615	12,098,070

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Revenue-gold sales	$ 13,656,733	$ 9,580,189
Cost of sales:
Cost of sales and other direct production costs	8,224,994	7,042,185
Depreciation and amortization	1,466,703	984,083
Total cost of sales	9,691,697	8,026,268
Gross profit	3,965,036	1,553,921
Other operating expenses:
Exploration	1,523,221	2,110,137
(Gain) loss on disposal of equipment	(13,026)	68,641
Management	255,579	322,775
Professional services	556,766	375,002
General and administrative	630,126	1,229,603
Total other operating expenses	2,952,666	4,106,158
Income (loss) from operations	1,012,370	(2,552,237)
Other (income) expense:
Gain on forgiveness of SBA loan	0	(10,000)
Equity income on investment in Buckskin Gold and Silver, Inc.	(4,517)	(1,524)
Loss on investment in equity securities	5,451	0
Timber revenue	20,724	0
Interest income	85,491	12,453
Interest expense	44,202	102,832
Total other (income) expense	(61,079)	78,855
Net income (loss)	1,073,449	(2,631,092)
Net loss attributable to non-controlling interest	(84,297)	(95,663)
Net income (loss) attributable to Idaho Strategic Resources, Inc.	$ 1,157,746	$ (2,535,429)
Net income (loss) per common share-basic	$ 0.09	$ (0.22)
Weighted average common shares outstanding-basic	12,254,539	11,783,258
Net income (loss) per common share-diluted	$ 0.09	$ (0.22)
Weighted average common shares outstanding-diluted	12,260,539	11,783,258

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, 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, net of issuance costs, shares		498,799
Issuance of common stock for cash, 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
Contribution from non-controlling interest in New Jersey Mill Joint Venture	30,962	$ 0	0	30,962
Issuance of common stock for cash, net of issuance costs, shares		299,545
Issuance of common stock for cash, net of issuance costs, amount	1,718,117	$ 1,718,117	0	0
Net loss	1,073,449	$ 0	1,157,746	(84,297)
Balance, shares at Dec. 31, 2023		12,397,615
Balance, amount at Dec. 31, 2023	$ 20,535,598	$ 34,963,739	$ (17,210,638)	$ 2,782,497

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 1,073,449	$ (2,631,092)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	1,466,703	984,083
Accretion of asset retirement obligation	15,952	12,691
Stock based compensation	0	547,275
Stock issued for services	0	32,326
(Gain) loss on disposal of equipment	(13,026)	68,641
Loss on investment in equity securities	5,451	0
Equity income on investment in Buckskin Gold and Silver, Inc.	4,517	1,524
Gain on forgiveness of SBA loan	0	(10,000)
Change in operating assets and liabilities:
Gold sales receivable	(128,870)	(501,810)
Inventories	(258,368)	(404,591)
Joint venture receivable	(154)	2,516
Other current assets	(44,812)	142,418
Accounts payable and accrued expenses	(95,320)	(63,062)
Accrued payroll and related payroll expenses	87,521	5,039
Net cash provided (used) by operating activities	2,104,009	(1,817,090)
Cash flows from investing activities:
Purchases of property, plant, and equipment	(772,245)	(1,441,874)
Proceeds from sale of equipment	8,500	0
Deposits on equipment	(285,079)	(76,110)
Additions to mineral properties	(1,118,021)	(626,541)
Purchase of reclamation bonds	0	(223,700)
Refund of reclamation bonds	75,710	0
Purchase of equity securities	(11,100)	0
Net cash used by investing activities	(2,102,235)	(2,368,225)
Cash flows from financing activities:
Sales of common stock and warrants, net of issuance costs	1,718,117	3,681,107
Proceeds from exercise of warrants	0	1,030,158
Principal payments on notes payable	(1,026,702)	(862,503)
Principal payments on notes, related parties	(75,183)	(41,428)
Contributions from non-controlling interest	30,962	39,494
Net cash provided by financing activities	647,194	3,846,828
Net change in cash and cash equivalents	648,968	(338,487)
Cash and cash equivalents, beginning of year	1,638,031	1,976,518
Cash and cash equivalents, end of year	2,286,999	1,638,031
Supplemental disclosure of cash flow information:
Interest paid in cash, net of amount capitalized	44,202	98,218
Non-cash investing and financing activities:
Deposit applied to purchase of equipment and mineral property	76,110	11,694
Notes payable for equipment purchase	1,168,893	1,247,237
Conversion of convertible debt to common stock	$ 0	$ 1,950,000

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Description of Business
Description of Business	1. Description of Business Idaho Strategic was incorporated as an Idaho corporation on July 18, 1996. 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 located in the Murray Gold Belt 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. 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” REE’s. Its business strategy is to grow its asset base and mineral production over time while advancing its REE projects. The Company’s Diamond Creek and Mineral Hill 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, 2023
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 JV (“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 JVs and Equity Method Investments Investment in JVs For JVs where the Company holds more than 50% of the voting interest and has significant influence, the JV 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 JVs in which the Company does not have joint control or significant influence, the cost method is used. For those JVs 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 JVs and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in JVs 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 JVs 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, 2023, the Company’s 37% common stock holding of Buckskin Gold and Silver, Inc. (“Buckskin”) is accounted for using the equity method (Note 9). At December 31, 2023 and 2022, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows: December 31, 2023 December 31, 2022 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV 50 % No Cost 50 % No Cost Buckskin 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 and equity method investments, 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 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, 2023 and 2022, 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, equity method investments, notes payable to related parties, and notes payable approximate their fair values. 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, 2023, and 2022, Such common stock equivalents are included or excluded from the calculation of diluted net income (loss) per share for each period as follows: December 31, 2023 December 31, 2022 Incremental shares included in diluted net income (loss) per share Stock options 6,000 - 6,000 - Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect: Stock options 321,449 535,953 Stock purchase warrants 289,294 289,294 Total 610,743 825,247 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 resources. 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. If such events and circumstances exist, 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. If the carrying value exceeds the undiscounted future net cash flows, estimated discounted future net cash flow is calculated. 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 Bonds Various laws and permits require that financial assurances be in place for certain environmental and reclamation obligations and other potential liabilities. 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 resulting in a balance of $327,020 at December 31, 2022. In 2023, the Company deposited $2,890 in additional bonds for trenching activities at Lemhi Pass, and a partial refund of $78,600 occurred after reclaiming the drill pads from drilling the Diamond Creek project in 2022. The remaining amount on this bond is expected to be refunded after revegetation is established. The balance of reclamation bonds at December 31, 2023 is $251,310. 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. 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. Going Concern The Company is currently profitable and producing from underground at the Golden Chest. This has resulted in a positive cash flow from operations and an increase in working capital. 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 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. 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, 2023
Inventories
Inventories	3. Inventories At December 31, 2023 and 2022, inventories consisted of the following: 2023 2022 Concentrate inventory In process $ 28,778 $ 111,741 Finished goods 239,361 111,574 Total concentrate inventory 268,139 223,315 Supplies inventory Mine parts and supplies 374,456 233,465 Mill parts and supplies 158,402 83,963 Core drilling supplies and materials 75,684 77,570 Total supplies inventory 608,542 394,998 Total $ 876,681 $ 618,313

Property Plant and Equipment

Property Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property Plant and Equipment
Property, Plant and Equipment	4. Property, Plant and Equipment Property, plant and equipment at December 31, 2023 and 2022 consisted of the following: 2023 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 (1,430,323 ) (1,249,445 ) Total mill 3,524,099 3,704,977 Buildings and equipment Buildings 624,657 611,382 Equipment 8,786,492 6,927,474 9,411,149 7,538,856 Less accumulated depreciation (3,455,023 ) (2,324,679 ) Total building and equipment 5,956,126 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 $ 10,484,457 $ 9,923,386

Mineral Properties

Mineral Properties	12 Months Ended
	Dec. 31, 2023
Mineral Properties
Mineral Properties	5 . Mineral Properties Mineral properties at December 31, 2023 and 2022 are as follows: 2023 2022 Golden Chest Mineral Property $ 4,191,189 $ 4,088,462 Infrastructure 2,814,164 1,722,028 Total Golden Chest 7,005,353 5,810,490 New Jersey 256,768 248,289 McKinley-Monarch 200,000 200,000 Butte Gulch 124,055 124,055 Potosi 150,385 150,385 Park Copper/Gold 78,000 78,000 Less accumulated amortization (166,500 ) (83,658 ) Total $ 7,648,061 $ 6,527,561 For the years ended December 31, 2023 and 2022, $102,727 and $48,281, respectively, interest expense was capitalized in Golden Chest mineral property in association with core drilling and the ramp. In February 2024 purchased the surface rights to the Butte Gulch property, see note 15. Golden Chest The Golden Chest is an underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% NSR is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $272,535 and $181,300 was recognized as costs of sales and other direct production costs in the years ended December 31, 2023, and 2022, 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 the Golden Chest. 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% NSR 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 the Golden Chest. This property consists of 71 acres of patented mining claims. Park Copper/Gold 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/Gold.

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2023
Notes Payable
Notes Payable	6. Notes Payable At December 31, 2023 and 2022, notes payable are as follows: 2023 2022 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 $ 297,230 $ 306,084 Resemin Muki Bolter, 36-month note payable, 7.00% interest rate payable monthly through January 2025, monthly payments of $14,821 186,557 345,268 Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 50,672 108,904 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 33,541 89,493 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 44,447 - CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 3,713 10,891 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 604 4,130 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 24,591 40,687 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 14,843 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 Sandvik LH203 LHD, 36-month note payable, 4.5% interest rate payable monthly through May 2024, monthly payments of $10,352 51,182 170,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest rate payable monthly through August 2025, monthly payments of $4,933 92,948 143,812 Doosan Compressor, 36-month note payable, 6.99% interest rate payable monthly through July 2024, monthly payments of $602 4,126 10,820 Caterpillar 306 excavator, 48-month note payable, 4.6% interest rate payable monthly through November 2024, monthly payments of $1,512 16,251 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 $17,125 216,880 407,909 Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 - 76,287 Caterpillar AD30 haul truck, 40-month note payable, 8.01% interest rate payable monthly through October 2026, monthly payments of $29,656 899,417 - Caterpillar 259D3 skid steer, 36-month note payable, 8.50% interest rate payable monthly through December 2026, monthly payments of $1,836 58,156 - SBA Economic Injury Disaster Loan (“EIDL”) 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 160,123 163,287 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 54,418 64,648 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 56,194 66,758 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 50,759 58,182 Total notes payable 2,316,652 2,174,461 Due within one year 978,246 859,393 Due after one year $ 1,338,406 $ 1,315,068 All notes except the SBA EIDL loan are collateralized by the property or equipment purchased in connection with each note. Future principal payments of notes payable at December 31, 2023 are as follows: 2024 $ 978,246 2025 480,977 2026 369,154 2027 314,161 2028 29,183 2029 3,395 thereafter 141,536 Total $ 2,316,652

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2023
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 in 2016. 2023 2022 Balance at January 1 $ 262,217 $ 172,348 Accretion expense 15,952 12,691 Change in asset retirement obligation estimate 8,479 77,178 Balance at December 31 $ 286,648 $ 262,217 The change in the asset retirement obligations estimate during the year ended December 31, 2022 related to the addition of an 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 property. The change in the asset retirement obligation estimate during the year ended December 31, 2023 related to revised a revision to the estimated start of the reclamation process and an updated reclamation cost estimate.

Joint Venture Arrangements

Joint Venture Arrangements	12 Months Ended
	Dec. 31, 2023
Joint Venture Arrangements
Joint Venture Arrangements	8. Joint Venture Arrangements NJMJV Agreement In January 2011, the Company and Crescent (formerly United Mine Services, Inc.) entered into a JV agreement relating to the New Jersey Mill. To earn a 35 percent interest in the JV, Crescent provided $3.2 million in funding to expand the processing plant to 15 tonnes/hr. The Company is the operator of the JV 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 JV, receive a fee of $2.50/tonne milled. No ore has been milled for Crescent since 2013. As of December 31, 2023 and 2022, an account receivable existed with the NJMJV from Crescent for $2,080 and $1,926, respectively. Butte Highlands JV 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 JV. Under the operating agreement, Highland will fund all future project exploration and mine development costs. The Agreement stipulates that Highland is manager of the JV 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 JV’s activities and accounts, it will continue to account for its investment on a cost basis.

Investment in Buckskin

Investment in Buckskin	12 Months Ended
	Dec. 31, 2023
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. 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 $4,517 and $1,524 during the years ended December 31, 2023 and 2022, 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, 2023 and 2022, the Company held 37% of Buckskin’s outstanding shares.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Taxes
Income Taxes	10. Income Taxes The Company did not recognize a provision (benefit) for income taxes for the years ended December 31, 2023 and 2022. The significant components of net deferred tax assets at December 31, 2023 and 2022 were as follows: 2023 2022 Deferred tax assets Net operating loss carry forwards $ 5,205,300 $ 5,315,200 Mineral properties 222,300 235,500 Asset retirement obligation 9,100 - Stock based compensation 629,000 629,000 Other 24,500 25,600 Total deferred tax assets 6,090,200 6,205,300 Valuation allowance (4,506,700 ) (4,999,500 ) 1,583,500 1,205,800 Deferred tax liabilities Property, plant, and equipment (1,583,500 ) (1,204,300 ) Asset retirement obligation - (1,500 ) Total deferred tax liabilities (1,583,500 ) (1,205,800 ) Net deferred tax assets $ - $ - At December 31, 2023 and 2022, 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, 2023 and 2022. At December 31, 2023, the Company had net operating loss carry forwards of approximately $20,348,000 for both federal and state purposes, $10,670,000 of which expire between 2023 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, 2023 and 2022 differ from the statutory rate of 21% as follows: 2023 2022 Provision (benefit) at statutory rate for the period $ 225,400 $ (552,500 ) State taxes, net of federal taxes 49,200 (144,000 ) Change in state tax rate - 173,700 Adjustment of prior year tax estimates 218,200 (458,900 ) Increase (decrease) in valuation allowance (492,800 ) 981,700 Total provision (benefit) $ - $ - The Company is open to examination of our income tax filings in the United States and state jurisdictions for the 2021 through 2023 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, 2023
Equity
Equity	11. Equity The Company has authorized 200,000,000 shares of no-par common stock at December 31, 2023 and 2022. In addition, the Company has authorized 1,000,000 shares of no-par preferred stock, none of which had been issued at December 31, 2023 or 2022. S tock Purchase Warrants Outstanding Transactions in common stock purchase warrants for the years ended December 31, 2023 and 2022 are 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 2023 289,294 $5.60-7.00 These warrants expire as follows: Shares Exercise Price Expiration Date 235,722 $ 5.60 October 15, 2024 53,572 $ 7.00 November 12, 2024 289,294 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. Stock Options In April 2014, the Board of Directors of the Company established the 2014 Equity Incentive Compensation 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 May 2023, the 2023 Equity Incentive Compensation Plan was voted on, and approved, by the shareholders of the Company. This plan allows for the issuance of up to 1,225,600 shares of the Company’s common stock in the form of stock options (which may be incentive stock options or nonqualified stock options) or other stock-based awards, such as stock appreciation rights, restricted stock, restricted stock units and performance shares. There were no stock options granted under either plan in 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 ($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. 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: September 6, 2022 September 28, 2022 Fair value $ 505,476 $ 41,799 Options issued 165,000 15,000 Exercise price $ 5.25 $ 4.75 Expected term (in years) 3.0 3.0 Risk-free rate 3.55 % 4.12 % Volatility 89.3 % 89.2 % Transactions in stock options for the years ended December 31, 2023 and 2022 are 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 December 31, 2023 477,449 $ 5.47 At December 31, 2023 and 2022, the outstanding stock options have an intrinsic value of approximately $410,638 ($123,045 in 2022) and have a weighted average remaining term of 0.82 years (1.82 in 2022). No cashless options were exercised in the year ended December 31, 2023, however, cashless options exercised in the year ended December 31, 2022 had an intrinsic value of $677,928.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions
Related Party Transactions	12. Related Party Transactions At December 31, 2022 a note payable at 6% interest was held by Ophir Holdings, LLC (“Ophir”), a company owned by two officers and one former officer of the Company. The note had monthly payments of $3,777 and a balloon payment of the remaining principal due in February 2024. At December 31, 2022, the balance due on the note to Ophir was $75,183 with $12,226 of related party debt payable in 2023 and the remaining $62,957 payable in 2024. Related party interest expense for the year ended December 31, 2022 was $3,901. No interest was accrued at the end of 2022. On May 10, 2023 the Company paid the remaining amount due on the note payable to Ophir of $57,397. The Company leases office locations from certain related parties on a month-to-month basis (not long term). These related parties are NP Depot, a company owned by John Swallow, the Company’s president, and Mine Systems Design, a company partially owned by Grant Brackebusch, one of the Company’s vice presidents. Payments under these month-to-month lease arrangements totaled $25,175 and $24,868 for the years ended December 31, 2023 and 2022, 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, 2023
Sales of Products
Sales of Products	13. Sales of Products Our products consist of both gold flotation concentrates which in 2023 and 2022 we sold to a broker, H&H Metals Corp., 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, 2023, metals that had been sold but not final settled included 5,176 ounces of gold of which 3,320 ounces were sold at a predetermined price with the remaining 1,856 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, 2023 and 2022 were as follows: 2023 2022 Gold $ 14,308,098 $ 10,173,034 Silver 55,747 25,370 Less: Smelter and refining charges (707,112 ) (618,215 ) Total $ 13,656,733 $ 9,580,189 Sales by significant product type for the years ended December 31, 2023 and 2022 were as follows: 2023 2022 Concentrate sales to H&H Metals $ 13,518,628 $ 9,276,573 Doré sales to refineries 138,105 303,616 Total $ 13,656,733 $ 9,580,189 In 2023, flotation concentrates sold to H&H Metals accounted for 99% of all gold sales. The remaining 1% in 2023 was doré sold to a third party. In 2022, flotation concentrates sold to H&H Metals accounted for 97% of all gold sales. The remaining 3% in 2022 was doré sold to a third party. At December 31, 2023 and 2022, our gold sales receivable balance related to contracts with customers of $1,038,867 and $909,997, 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, 2023
Convertible Debt
Convertible Debt	14. Convertible Debt On December 31, 2021 $1,950,000 of convertible notes were outstanding. These notes were converted to 392,866 shares of the Company’s common stock in 2022. Interest expense recognized in 2022 on those notes prior to conversion was $38,521. There was no convertible debt activity during the year ended December 31, 2023.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	15. Subsequent Events In February 2024 the Company purchased the surface rights and subsequently cancelled the NSR from the previous agreement with the seller for a 169-acre parcel known as Butte Gulch adjacent to the Golden Chest. The Company had already owned the mineral rights to this property. The sale price was $1,001,000 of which $351,000 was paid in cash and the remaining $650,000 is payable to the seller (monthly interest only payments of $2,750 at 5% interest, for three years with a balloon payment of $650,000 at the end of the term). In the first quarter of 2024, 147,026 shares of the Company’s common stock were issued in exchange for outstanding warrants at an exercise price of $5.60 for net proceeds of $823,346. In the first quarter of 2024, 127,152 shares of the Company’s common stock were issued at an average price of $6.87 per share for net proceeds of $847,493.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
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 JV (“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 JVs For JVs where the Company holds more than 50% of the voting interest and has significant influence, the JV 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 JVs in which the Company does not have joint control or significant influence, the cost method is used. For those JVs 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 JVs and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in JVs 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 JVs 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, 2023, the Company’s 37% common stock holding of Buckskin Gold and Silver, Inc. (“Buckskin”) is accounted for using the equity method (Note 9). At December 31, 2023 and 2022, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows: December 31, 2023 December 31, 2022 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV 50 % No Cost 50 % No Cost Buckskin 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 and equity method investments, 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 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, 2023 and 2022, 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, equity method investments, notes payable to related parties, and notes payable approximate their fair values.
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, 2023, and 2022, Such common stock equivalents are included or excluded from the calculation of diluted net income (loss) per share for each period as follows: December 31, 2023 December 31, 2022 Incremental shares included in diluted net income (loss) per share Stock options 6,000 - 6,000 - Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect: Stock options 321,449 535,953 Stock purchase warrants 289,294 289,294 Total 610,743 825,247
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 resources.
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. If such events and circumstances exist, 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. If the carrying value exceeds the undiscounted future net cash flows, estimated discounted future net cash flow is calculated. 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. 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 resulting in a balance of $327,020 at December 31, 2022. In 2023, the Company deposited $2,890 in additional bonds for trenching activities at Lemhi Pass, and a partial refund of $78,600 occurred after reclaiming the drill pads from drilling the Diamond Creek project in 2022. The remaining amount on this bond is expected to be refunded after revegetation is established. The balance of reclamation bonds at December 31, 2023 is $251,310.
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.
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.
Going Concern	The Company is currently profitable and producing from underground at the Golden Chest. This has resulted in a positive cash flow from operations and an increase in working capital. 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 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-05, Business Combinations-Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The amendments are effective for all joint venture formations with a formation date on or after January 1, 2025. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. 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, 2023
Summary of Significant Accounting Policies
Schedule of Company's ownership percentage	December 31, 2023 December 31, 2022 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV 50 % No Cost 50 % No Cost Buckskin 37 % Yes Equity 37 % Yes Equity
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	December 31, 2023 December 31, 2022 Incremental shares included in diluted net income (loss) per share Stock options 6,000 - 6,000 - Potentially dilutive shares excluded from diluted net income (loss) per share as inclusion would have an antidilutive effect: Stock options 321,449 535,953 Stock purchase warrants 289,294 289,294 Total 610,743 825,247

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Schedule of Inventory, Current	2023 2022 Concentrate inventory In process $ 28,778 $ 111,741 Finished goods 239,361 111,574 Total concentrate inventory 268,139 223,315 Supplies inventory Mine parts and supplies 374,456 233,465 Mill parts and supplies 158,402 83,963 Core drilling supplies and materials 75,684 77,570 Total supplies inventory 608,542 394,998 Total $ 876,681 $ 618,313

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property Plant and Equipment
Property, Plant and Equipment	2023 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 (1,430,323 ) (1,249,445 ) Total mill 3,524,099 3,704,977 Buildings and equipment Buildings 624,657 611,382 Equipment 8,786,492 6,927,474 9,411,149 7,538,856 Less accumulated depreciation (3,455,023 ) (2,324,679 ) Total building and equipment 5,956,126 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 $ 10,484,457 $ 9,923,386

Mineral Properties (Tables)

Mineral Properties (Tables)	12 Months Ended
	Dec. 31, 2023
Mineral Properties
Schedule of mineral properties	2023 2022 Golden Chest Mineral Property $ 4,191,189 $ 4,088,462 Infrastructure 2,814,164 1,722,028 Total Golden Chest 7,005,353 5,810,490 New Jersey 256,768 248,289 McKinley-Monarch 200,000 200,000 Butte Gulch 124,055 124,055 Potosi 150,385 150,385 Park Copper/Gold 78,000 78,000 Less accumulated amortization (166,500 ) (83,658 ) Total $ 7,648,061 $ 6,527,561

Notes Payable (Tables)

Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2023
Notes Payable
Schedule of notes payable	2023 2022 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 $ 297,230 $ 306,084 Resemin Muki Bolter, 36-month note payable, 7.00% interest rate payable monthly through January 2025, monthly payments of $14,821 186,557 345,268 Paus 2 yrd. LHD, 60-month note payable, 4.78% interest rate payable through October 2024, monthly payments of $5,181 50,672 108,904 Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 33,541 89,493 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 44,447 - CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 3,713 10,891 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 604 4,130 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 24,591 40,687 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 14,843 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 Sandvik LH203 LHD, 36-month note payable, 4.5% interest rate payable monthly through May 2024, monthly payments of $10,352 51,182 170,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest rate payable monthly through August 2025, monthly payments of $4,933 92,948 143,812 Doosan Compressor, 36-month note payable, 6.99% interest rate payable monthly through July 2024, monthly payments of $602 4,126 10,820 Caterpillar 306 excavator, 48-month note payable, 4.6% interest rate payable monthly through November 2024, monthly payments of $1,512 16,251 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 $17,125 216,880 407,909 Caterpillar AD22 haul truck, 48-month note payable, 6.45% interest rate payable monthly through June 2023, monthly payments of $12,979 - 76,287 Caterpillar AD30 haul truck, 40-month note payable, 8.01% interest rate payable monthly through October 2026, monthly payments of $29,656 899,417 - Caterpillar 259D3 skid steer, 36-month note payable, 8.50% interest rate payable monthly through December 2026, monthly payments of $1,836 58,156 - SBA Economic Injury Disaster Loan (“EIDL”) 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 160,123 163,287 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 54,418 64,648 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 56,194 66,758 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 50,759 58,182 Total notes payable 2,316,652 2,174,461 Due within one year 978,246 859,393 Due after one year $ 1,338,406 $ 1,315,068
Schedule of future principal payment of debt	2024 $ 978,246 2025 480,977 2026 369,154 2027 314,161 2028 29,183 2029 3,395 thereafter 141,536 Total $ 2,316,652

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Asset Retirement Obligations
Schedule of Asset Retirement Obligations	2023 2022 Balance at January 1 $ 262,217 $ 172,348 Accretion expense 15,952 12,691 Change in asset retirement obligation estimate 8,479 77,178 Balance at December 31 $ 286,648 $ 262,217

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Taxes
Schedule of Deferred Tax Assets and Liabilities	2023 2022 Deferred tax assets Net operating loss carry forwards $ 5,205,300 $ 5,315,200 Mineral properties 222,300 235,500 Asset retirement obligation 9,100 - Stock based compensation 629,000 629,000 Other 24,500 25,600 Total deferred tax assets 6,090,200 6,205,300 Valuation allowance (4,506,700 ) (4,999,500 ) 1,583,500 1,205,800 Deferred tax liabilities Property, plant, and equipment (1,583,500 ) (1,204,300 ) Asset retirement obligation - (1,500 ) Total deferred tax liabilities (1,583,500 ) (1,205,800 ) Net deferred tax assets $ - $ -
Schedule of income tax provision	2023 2022 Provision (benefit) at statutory rate for the period $ 225,400 $ (552,500 ) State taxes, net of federal taxes 49,200 (144,000 ) Change in state tax rate - 173,700 Adjustment of prior year tax estimates 218,200 (458,900 ) Increase (decrease) in valuation allowance (492,800 ) 981,700 Total provision (benefit) $ - $ -

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity
Summary of common stock purchase warrant transactions	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 2023 289,294 $5.60-7.00
Summary of warrant Expirations	Shares Exercise Price Expiration Date 235,722 $ 5.60 October 15, 2024 53,572 $ 7.00 November 12, 2024 289,294
Summary of fair value of stock option awards granted	September 6, 2022 September 28, 2022 Fair value $ 505,476 $ 41,799 Options issued 165,000 15,000 Exercise price $ 5.25 $ 4.75 Expected term (in years) 3.0 3.0 Risk-free rate 3.55 % 4.12 % Volatility 89.3 % 89.2 %
Summary of share-based Compensation, Stock Options, Activity	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 December 31, 2023 477,449 $ 5.47

Sales of Products (Tables)

Sales of Products (Tables)	12 Months Ended
	Dec. 31, 2023
Sales of Products
Schedule of sales of products by metal	2023 2022 Gold $ 14,308,098 $ 10,173,034 Silver 55,747 25,370 Less: Smelter and refining charges (707,112 ) (618,215 ) Total $ 13,656,733 $ 9,580,189
Schedule of sales by significant product type	2023 2022 Concentrate sales to H&H Metals $ 13,518,628 $ 9,276,573 Doré sales to refineries 138,105 303,616 Total $ 13,656,733 $ 9,580,189

Description of Business (Detail

Description of Business (Details Narrative)	12 Months Ended
	Dec. 31, 2023
Description of Business
Entity Incorporation, Date	July 18, 1996

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details)	Dec. 31, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Stock options	321,449	535,953
Stock purchase warrants	289,294	289,294
Total	610,743	825,247
Incremental shares
Stock options	6,000	0
Total	6,000	0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Reclamation bond		$ 132,000
Description of additional reclamation bond	the Company deposited $2,890 in additional bonds for trenching activities at Lemhi Pass, and a partial refund of $78,600 occurred after reclaiming the drill pads from drilling the Diamond Creek project in 2022
Total Reclamation bond	$ 251,310	$ 327,020
Income tax 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

Inventories (Details)

Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Total concentrate inventory	$ 268,139	$ 223,315
Total supplies inventory	608,542	394,998
Total	876,681	618,313
Concentrate Inventory
In process	28,778	111,741
Finished Goods
Finished goods	239,361	111,574
Mine Parts And Supplies
Mine parts and supplies	374,456	233,465
Mill Parts And Supplies
Mine parts and supplies	158,402	83,963
Core drilling supplies and materials
Mine parts and supplies	$ 75,684	$ 77,570

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
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	(1,430,323)	(1,249,445)
Total mill	3,524,099	3,704,977
Buildings and equipment, buildings	624,657	611,382
Buildings and equipment, equipment	8,786,492	6,927,474
Buildings and equipment, Gross	9,411,149	7,538,856
Buildings and equipment, accumulated depreciation	(3,455,023)	(2,324,679)
Total building and equipment	5,956,126	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	$ 10,484,457	$ 9,923,386

Mineral Properties (Details)

Mineral Properties (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Mineral Properties
Golden Chest Mineral Property	$ 4,191,189	$ 4,088,462
Infrastructure	2,814,164	1,722,028
Total Golden Chest	7,005,353	5,810,490
Mineral Properties 1	256,768	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	(166,500)	(83,658)
Total	$ 7,648,061	$ 6,527,561

Mineral Properties (Details Nar

Mineral Properties (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
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
Butte Gulch
Mineral property description	In 2018, the Company purchased the Butte Gulch property near the Golden Chest. 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% NSR 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 the Golden Chest. This property consists of 71 acres of patented mining claims
Golden Chest
Interest expense	$ 102,727	$ 48,281
Mineral property description	The Golden Chest is an underground mine project currently producing for the Company located near Murray, Idaho consisting of 86 patented and 217 unpatented mining claims. A 2% NSR is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $272,535 and $181,300 was recognized as costs of sales and other direct production costs in the years ended December 31, 2023, and 2022
Park Copper/Gold
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/Gold
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, 2023	Dec. 31, 2022
Total notes payable	$ 2,316,652	$ 2,174,461
Due within one year	978,246	859,393
Due after one year	1,338,406	1,315,068
Note Payable through June 2027 [Member]
Total notes payable	297,230	306,084
Monthly payment	2,500
Ballon payment	$ 260,886
Interest rate	7%
Note Payable through January 2025 [Member]
Total notes payable	$ 186,557	345,268
Monthly payment	$ 14,821
Interest rate	7%
Note Payable through October 2024 [Member]
Total notes payable	$ 50,672	108,904
Monthly payment	$ 5,181
Interest rate	4.78%
Note Payable through July 2024 [Member]
Total notes payable	$ 33,541	89,493
Monthly payment	$ 4,847
Interest rate	3.45%
Note Payable through June 2024 [Member]
Total notes payable	$ 3,713	10,891
Monthly payment	$ 627
Interest rate	4.50%
Note Payable through February 2024 [Member]
Total notes payable	$ 604	4,130
Monthly payment	$ 303
Interest rate	4.50%
Note Payable through May 2025 [Member]
Total notes payable	$ 24,591	40,687
Monthly payment	$ 1,515
Interest rate	6.30%
Note Payable through June 2025 [Member]
Total notes payable	$ 14,843	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	$ 51,182	170,182
Monthly payment	$ 10,352
Interest rate	4.50%
Note Payable through August 2025 [Member]
Total notes payable	$ 92,948	143,812
Monthly payment	$ 4,933
Interest rate	6.90%
Two Note Payable through July 2024 [Member]
Total notes payable	$ 4,126	10,820
Monthly payment	$ 602
Interest rate	6.99%
Note Payable through November 2024 [Member]
Total notes payable	$ 16,251	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	$ 216,880	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	$ 160,123	163,287
Monthly payment	$ 731
Interest rate	3.75%
Note Payable through June 2028 [Member]
Total notes payable	$ 54,418	64,648
Monthly payment	$ 1,152
Interest rate	5.99%
Two Note Payable through June 2028 [Member]
Total notes payable	$ 56,194	66,758
Monthly payment	$ 1,190
Interest rate	5.99%
Note Payable through December 2028 [Member]
Total notes payable	$ 50,759	58,182
Monthly payment	$ 1,060
Interest rate	9.24%
Note Payable through October 2026 [Member]
Total notes payable	$ 899,417	0
Monthly payment	$ 29,656
Interest rate	8.01%
Note Payable through December 2026 [Member]
Total notes payable	$ 58,156	0
Monthly payment	$ 1,836
Interest rate	8.50%
Note Payable through June 2027 One [Member]
Total notes payable	$ 44,447	$ 0
Monthly payment	$ 1,174
Interest rate	5.90%

Notes Payable (Details 1)

Notes Payable (Details 1)	Dec. 31, 2023 USD ($)
Notes Payable
2024	$ 978,246
2025	480,977
2026	369,154
2027	314,161
2028	29,183
2029	3,395
Thereafter	141,536
Total	$ 2,316,652

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligations
Beginning balance	$ 262,217	$ 172,348
Accretion Expense	15,952	12,691
Change in asset retirement obligation estimate	8,479	77,178
Ending balance	$ 286,648	$ 262,217

Joint Ventures (Details Narrati

Joint Ventures (Details Narrative)	1 Months Ended	12 Months Ended
	Jan. 29, 2016 USD ($)	Dec. 31, 2023 USD ($) $ / mmtu	Dec. 31, 2022 USD ($)	Jan. 31, 2011
New Jersey Mill
Ownership rate				35%
Equity Method Investment, Additional Information		The Company is the operator of the JV 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 JV, receive a fee of $2.50/tonne milled
Funding to expand the processing plant		$ 3,200,000
Joint venture		$ 2,080	$ 1,926
Fees per tonne | $ / mmtu		2.50
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 consideration	$ 435,000
Development costs	$ 2,000,000

Investment in Buckskin (Details

Investment in Buckskin (Details Narrative) - Buckskin - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Oct. 31, 2021	Aug. 31, 2021
Additional Paid in Capital, Common Stock			$ 30,358
Investment Income	$ 4,517	$ 1,524
Annual payment	$ 12,000
Percent of common stock	37%	37%
Additional common stock percentage			15%
Exchanged common stock				45,940
Ownership interest				22%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating loss carryforward	$ 5,205,300	$ 5,315,200
Mineral Properties	222,300	235,500
Asset retirement obligation	9,100	0
Stock based compensation	629,000	629,000
Other	24,500	25,600
Total deferred tax assets	6,090,200	6,205,300
Valuation allowance	(4,506,700)	(4,999,500)
Deferred tax assets net	1,583,500	1,205,800
Deferred tax liabilities
Property, plant, and equipment	(1,583,500)	(1,204,300)
Asset retirement obligation	0	(1,500)
Total deferred tax liabilities	(1,583,500)	(1,205,800)
Net deferred tax assets	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Provision (benefit) at statutory rate for the period	$ 225,400	$ (552,500)
State taxes, net of federal taxes	49,200	(144,000)
Change in state tax rate	0	173,700
Adjustment of prior year tax estimates	218,200	(458,900)
Increase (decrease) in valuation allowance	(492,800)	981,700
Total provision (benefit)	$ 0	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Operating Loss Carryforwards expirable	$ 10,670,000
Operating Loss Carryforwards	20,348,000
Operating loss carryforwards never expire	$ 9,678,000
Percent of taxable income	80%
Statutory rate	21%	21%
Percent of deferred tax asset	100%	100%

Equity (Details)

Equity (Details) - Warrant [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Beginning balance	289,294	669,467
Warrants Expired	0	(185,304)
Warrants Exercised	0	(194,869)
Ending balance	289,294	289,294
Minimum [Member]
Beginning balance	$ 5.60	$ 2.52
Warrants expired		2.52
Warrants Exercised		2.52
Ending balance	5.60	5.60
Maximum [Member]
Beginning balance	7	7
Warrants expired		5.60
Warrants Exercised		5.60
Ending balance	$ 7	$ 7

Equity (Details 1)

Equity (Details 1) - Warrant [Member] - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of shares	289,294	289,294	669,467
Exercise Price 5.60 [Member]
Number of shares	235,722
Exercise price	$ 5.60
Warrant expiration date	Oct. 15, 2024
Exercise Price 7.00 [Member]
Number of shares	53,572
Exercise price	$ 7
Warrant expiration date	Nov. 12, 2024

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			$ 41,799
Options issued	165,000	3,572	283,936	15,000	182,166
Exercise price	$ 5.25			$ 4.75
Expected term (in years)	3.0			3.0
Risk-free rate	3.55%			4.12%
Expected volatility	89.30%			89.20%

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, 2023	Dec. 31, 2022
Stock Options Granted	165,000	3,572	283,936	15,000	182,166
Equity Option [Member]
Beginning balance						535,953	507,175
Stock Options Granted							180,000
Warrants Exercised							(116,078)
Warrants Expired							(7,143)
Stock Options Forfeited						(58,504)	(28,001)
Ending balance						477,449	535,953
Outstanding and exercisable						477,449
Weighted Average Exercise Prices [Member]
Beginning balance						$ 5.47	$ 5.25
Exercise price Granted							5.21
Exercise price exercised							4.31
ExerdisePriceExpired							1.96
Exercise price forfeited						5.47	5.56
Ending balance						5.47	$ 5.47
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	May 31, 2023	Sep. 28, 2022	Oct. 20, 2021	Dec. 31, 2023	Dec. 31, 2022
Professional services							$ 556,766	$ 375,002
Common Shares Authorized							200,000,000	200,000,000
General and administrative							$ 630,126	$ 1,229,603
Management							255,579	322,775
Stock-based compensation recognized							0	547,275
Intrinsic value							$ 0	$ 677,928
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				$ 4.75
Expected term (in years)	3.0				3.0
Intrinsic Value Outstanding							$ 410,638	$ 123,045
Weighted average remaining term							9 months 25 days	1 year 9 months 25 days
Stock Options [Member]
Common stock shares issued				1,225,600
Professional services							$ 27,571
General and administrative							413,572
Management							$ 64,333
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				3

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Short-term lease arrangements	$ 25,175	$ 24,868
Ophir Holdings LLC
Interest Expense Related Party		$ 3,901
Officer Interest		6%
Notes payable related parties, long term		$ 75,183
Monthly Payments		3,777
Related party debt payable		12,226
Payment of remaining debt amount	$ 57,397
Related party debt remaining		$ 62,957

Sales of Products (Details)

Sales of Products (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales of Products
Gold sales	$ 14,308,098	$ 10,173,034
Silver sales	55,747	25,370
Smelter and refining charges	(707,112)	(618,215)
Total	$ 13,656,733	$ 9,580,189

Sales of Products (Details 1)

Sales of Products (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales of Products
Concentrate sales	$ 13,518,628	$ 9,276,573
Dore sales	138,105	303,616
Total	$ 13,656,733	$ 9,580,189

Sales of Products (Details Narr

Sales of Products (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Sales of Products
Gold sales receivable	$ 1,038,867	$ 909,997
Concentrates sold to H&H Metals Corp	99%	97%
Concentrates sold to third party	1%	3%

Convertible Debt (Details Narra

Convertible Debt (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible Debt
Outstanding convertible notes		$ 1,950,000
Interest expense debt	$ 38,521
Convertible common stock issued	392,866

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Dec. 31, 2022
Convertible common stock issued			392,866
Subsequent Event [Member]
Description of purchasing surface rights	the Company purchased the surface rights and subsequently cancelled the NSR from the previous agreement with the seller for a 169-acre parcel known as Butte Gulch adjacent to the Golden Chest. The Company had already owned the mineral rights to this property. The sale price was $1,001,000 of which $351,000 was paid in cash and the remaining $650,000 is payable to the seller (monthly interest only payments of $2,750 at 5% interest, for three years with a balloon payment of $650,000 at the end of the term)
Exercise price		$ 5.60
Convertible common stock issued		147,026
Proceeds from issuance of convertible common stock		$ 823,346
Common stock shares issued		127,152
Average price		$ 6.87
Proceeds from issuance of common stock		$ 847,493