Idaho Strategic Resources (IDR) 10-Q 6 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Entity Registrant Name	IDAHO STRATEGIC RESOURCES, INC
Entity Central Index Key	0001030192
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		12,740,362
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
Local Phone Number	625-9001
Security 12b Title	Common Stock, $0.00 par value
Trading Symbol	IDR
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 5,295,457	$ 2,286,999
Gold sales receivable	1,238,474	1,038,867
Inventories	796,836	876,681
Joint venture receivable	1,598	2,080
Investment in equity securities	0	5,649
Other current assets	209,824	236,837
Total current assets	7,542,189	4,447,113
Property, plant and equipment, net of accumulated depreciation	10,665,673	10,233,640
Mineral properties, net of accumulated amortization	9,088,070	7,898,878
Investment in Buckskin Gold and Silver, Inc	340,636	338,769
Investment in joint venture	435,000	435,000
Reclamation bond	251,310	251,310
Deposits	377,420	285,079
Total assets	28,700,298	23,889,789
Current liabilities:
Accounts payable and accrued expenses	485,363	484,221
Accrued payroll and related payroll expenses	272,476	266,670
Notes payable, current portion	1,090,329	978,246
Total current liabilities	1,848,168	1,729,137
Asset retirement obligations	291,223	286,648
Notes payable, long term	2,167,060	1,338,406
Total long-term liabilities	2,458,283	1,625,054
Total liabilities	4,306,451	3,354,191
Commitments	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; March 31, 2024-12,683,037 and December 31, 2023- 12,397,615 shares issued and outstanding	36,664,576	34,963,739
Accumulated deficit	(15,039,529)	(17,210,638)
Total Idaho Strategic Resources, Inc stockholders' equity	21,625,047	17,753,101
Non-controlling interest	2,768,800	2,782,497
Total stockholders' equity	24,393,847	20,535,598
Total liabilities and stockholders' equity	$ 28,700,298	$ 23,889,789

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets (Unaudited)
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	12,683,037	12,397,615
Common Stock, Shares outstanding	12,683,037	12,397,615

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue:
Sales of products	$ 5,898,938	$ 3,341,596
Total revenue	5,898,938	3,341,596
Costs of Sales:
Cost of sales and other direct production costs	2,558,913	2,147,960
Depreciation and amortization	501,788	328,037
Total costs of sales	3,060,701	2,475,997
Gross profit	2,838,237	865,599
Other operating expenses:
Exploration	267,848	273,442
Management	109,100	68,911
Professional services	154,244	240,805
General and administrative	160,663	263,298
Loss on disposal of equipment	4,409	6,120
Total other operating expenses	696,264	852,576
Operating income	2,141,973	13,023
Other (income) expense:
Equity income on investment in Buckskin Gold and Silver, Inc	(1,867)	(350)
Timber revenue net of costs	(13,357)	(20,724)
(Gain) loss on investment in equity securities	453	(5)
Interest income	(19,635)	(18,932)
Interest expense	20,565	8,848
Total other (income) expense	(13,841)	(31,163)
Net income	2,155,814	44,186
Net loss attributable to non-controlling interest	(15,295)	(16,413)
Net income attributable to Idaho Strategic Resources, Inc	$ 2,171,109	$ 60,599
Net income per common share-basic	$ 0.17	$ 0.01
Weighted average common share outstanding-basic	12,513,374	12,200,857
Net income per common share-diluted	$ 0.17	$ 0.01
Weighted average common shares outstanding-diluted	12,673,172	12,205,567

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Accumulated Deficit Attributable to Idaho Strategic Resources, Inc. [Member]	Non-Controlling Interest [Member]
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	1,601	$ 0	0	1,601
Issuance of common stock for cash, net of offering costs, shares		158,453
Issuance of common stock for cash, net of offering costs, amount	878,503	$ 878,503	0	0
Net income (loss)	44,186	$ 0	60,599	(16,413)
Balance, shares at Mar. 31, 2023		12,256,523
Balance, amount at Mar. 31, 2023	18,637,360	$ 34,124,125	(18,307,785)	2,821,020
Balance, shares at Dec. 31, 2023		12,397,615
Balance, amount at Dec. 31, 2023	20,535,598	$ 34,963,739	(17,210,638)	2,782,497
Contribution from non-controlling interest in New Jersey Mill Joint Venture	1,598	$ 0	0	1,598
Issuance of common stock for cash, net of offering costs, shares		127,152
Issuance of common stock for cash, net of offering costs, amount	847,492	$ 847,492	0	0
Net income (loss)	2,155,814	$ 0	2,171,109	(15,295)
Issuance of common stock for warrants exercised, shares		147,026
Issuance of common stock for warrants exercised, amount	823,346	$ 823,346	0	0
Issuance of common stock for stock options exercise, shares		5,357
Issuance of common stock for stock options exercise, amount	29,999	$ 29,999	0	0
Issuance of common stock for cashless stock options exercise, shares		5,887
Issuance of common stock for cashless stock options exercise, amount	0	$ 0	0	0
Balance, shares at Mar. 31, 2024		12,683,037
Balance, amount at Mar. 31, 2024	$ 24,393,847	$ 36,664,576	$ (15,039,529)	$ 2,768,800

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,155,814	$ 44,186
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	501,788	328,037
Loss on disposal of equipment	4,409	6,120
Accretion of asset retirement obligation	4,575	3,899
Loss on investment in equity securities	453	0
Equity income on investment in Buckskin Gold and Silver, Inc	(1,867)	(350)
Change in operating assets and liabilities:
Gold sales receivable	(199,607)	(432,393)
Inventories	79,845	72,669
Joint venture receivable	482	(1,601)
Other current assets	27,013	11,856
Accounts payable and accrued expenses	1,142	64,565
Accrued payroll and related payroll expenses	5,806	63,774
Net cash provided by operating activities	2,579,853	160,762
Cash flows from investing activities:
Purchases of property, plant, and equipment	(322,596)	(129,249)
Deposits on equipment	(123,060)	0
Proceeds from sale of equipment	0	8,500
Additions to mineral property	(564,355)	(284,272)
Proceeds from sale of investment in equity securities	5,196	0
Investment in equity securities	0	(11,100)
Net cash used by investing activities	(1,004,815)	(416,121)
Cash flows from financing activities:
Proceeds from sale of common stock, net of issuance cost	847,492	878,503
Proceeds from issuance of common stock for warrants exercised	823,346	0
Proceeds from issuance of common stock for stock options exercised	29,999	0
Principal payments on notes payable	(269,015)	(238,354)
Principal payments on notes payable, related parties	0	(10,618)
Contributions from non-controlling interest	1,598	1,601
Net cash provided by financing activities	1,433,420	631,132
Net change in cash and cash equivalents	3,008,458	375,773
Cash and cash equivalents, beginning of period	2,286,999	1,638,031
Cash and cash equivalents, end of period	5,295,457	2,013,804
Non-cash investing and financing activities:
Deposit on equipment applied to purchase	30,719	42,610
Notes payable for equipment purchase	559,752	0
Notes payable for mineral property purchase	$ 650,000	$ 0

The Company and Significant Acc

The Company and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
The Company and Significant Accounting Policies
The Company and Significant Accounting Policies	1. The Company and Significant Accounting Policies These unaudited interim condensed consolidated financial statements have been prepared by the management of Idaho Strategic Resources, Inc. (“IDR”, “Idaho Strategic” or the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair statement of the interim condensed consolidated financial statements have been included. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's consolidated financial position and results of operations. Operating results for the three-month periods ended March 31, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 2023, in the Company’s Form 10-K as filed with the Securities and Exchange Commission on March 25, 2024. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition Inventories Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. Mine Exploration and Development Costs The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, raises, and related infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023, the Company had equity securities measured at fair value using level 1 quoted prices and no liabilities required measurement at fair value. At March 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis. Accounting for Investments in Joint Ventures (“JV”) and Equity Method Investments Investment in JVs 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 At March 31, 2024 and December 31, 2023, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows: March 31, 2024 December 31, 2023 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV, LLC 50 % No Cost 50 % No Cost Buckskin 37 % Yes Equity 37 % Yes Equity Reclassifications Certain prior period amounts have been reclassified to conform to the 2024 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. Investments in Equity Securities Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings. New Accounting Pronouncement 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.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2024
Going Concern
Going Concern	2. Going Concern The Company is currently producing profitably from underground mining at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its profitable production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventories
Inventories	3. Inventories At March 31, 2024 and December 31, 2023, the Company’s inventories consisted of the following: March 31, 2024 December 31, 2023 Concentrate inventory In process $ 110,526 $ 28,778 Finished goods 31,784 239,361 Total concentrate inventory 142,310 268,139 Supplies inventory Mine parts and supplies 440,881 374,456 Mill parts and supplies 137,961 158,402 Core drilling supplies and materials 75,684 75,684 Total supplies inventory 654,526 608,542 Total $ 796,836 $ 876,681

Sales of Products

Sales of Products	3 Months Ended
	Mar. 31, 2024
Sales of Products
Sales of Products	4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metals), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At March 31, 2024, metals that had been sold but not finally settled included 5,737 ounces of which 4,421 ounces were sold at a predetermined price with the remaining 1,316 exposed to future price changes. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three-month periods ended March 31, 2024 and 2023 were as follows: March 31, 2024 2023 Gold $ 6,121,129 $ 3,484,034 Silver 24,245 9,522 Less: Smelter and refining charges (246,436 ) (151,960 ) Total $ 5,898,938 $ 3,341,596 Sales by significant product type for the three-month periods ended March 31, 2024, and 2023 were as follows: March 31, 2024 2023 Concentrate sales to H&H Metal $ 5,898,938 $ 3,203,491 Dore sales to refinery - 138,105 Total $ 5,898,938 $ 3,341,596 At March 31, 2024 and December 31, 2023, our gold sales receivable balance related to contracts with customers of $1,238,474 and $1,038,867, respectively, consist only of amounts due from H&H Metals. There is no allowance for doubtful accounts.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions
Related Party Transactions	5. Related Party Transactions At March 31, 2024 and December 31, 2023, there were no notes payable to related parties. On May 10, 2023, the Company paid the remaining amount due to Ophir Holdings, a company owned by two officers and one former officer of the Company. Prior to this payment, there was a related party interest expense of $715 during the three-month period ended March 31, 2023 associated with this note. The Company leases office space from certain related parties on a month-to-month basis. $2,000 per month is paid to NP Depot LLC, a company owned by the Company’s president, John Swallow and approximately $1,700 is paid quarterly to Mine Systems Design Inc which is partially owned by the Company’s vice president, Grant Brackebusch. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and for the three-months ended March 31, 2024 and 2023 are as follows: March 31, 2024 2023 $ 7,620 $ 6,395

JV Arrangements

JV Arrangements	3 Months Ended
	Mar. 31, 2024
JV Arrangements
Joint Venture Arrangements	6. JV Arrangements NJMJV Agreement The Company owns 65% of the NJMJV and has significant influence in its operations. Thus, the JV is included in the consolidated financial statements along with presentation of the non-controlling interest. At March 31, 2024 and December 31, 2023, an account receivable existed with Crescent Silver, LLC (“Crescent”), the other JV participant, for $1,598 and $2,080, respectively, for shared operating costs as defined in the JV agreement. Butte Highlands JV, LLC 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 agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the JV’s activities, it accounts for its investment on a cost basis.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2024
Earnings per Share
Earnings per Share	7. Earnings per Share Net income per share is computed by dividing the net amount excluding net income (loss) attributable to a non-controlling interest by the weighted average number of common shares outstanding during the period. Diluted net income per share reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. Such common stock equivalents are included or excluded from the calculation of diluted net income per share for each period as follows: March 31, 2024 March 31, 2023 Three-Months Three-Months Incremental shares included in diluted net income per share Stock options 109,243 4,710 Stock purchase warrants 50,555 - 159,798 4,710 Potentially dilutive shares excluded from diluted net income per share as inclusion would have an antidilutive effect: Stock options - 358,953 Stock purchase warrants - 289,294 - 825,247

Property Plant and Equipment

Property Plant and Equipment	3 Months Ended
	Mar. 31, 2024
Property Plant and Equipment
Property, Plant and Equipment	8. Property, Plant, and Equipment Property, plant and equipment at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 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 (1,481,546 ) (1,430,323 ) Total mill 3,472,876 3,524,099 Building and equipment Buildings 624,657 624,657 Equipment 9,667,536 8,786,492 10,292,193 9,411,149 Less accumulated depreciation (3,852,811 ) (3,455,023 ) Total building and equipment 6,439,382 5,956,126 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Gillig 79,137 79,137 Highwater 40,133 40,133 Salmon property 136,762 136,762 Total land 753,415 753,415 Total $ 10,665,673 $ 10,233,640

Mineral Properties

Mineral Properties	3 Months Ended
	Mar. 31, 2024
Mineral Properties
Mineral Properties	9. Mineral Properties Mineral properties at March 31, 2024 and December 31, 2023 consisted of the following: March 31, 2024 December 31, 2023 Golden Chest Mineral Property $ 4,210,566 $ 4,191,189 Infrastructure 3,007,937 2,814,164 Total Golden Chest 7,218,503 7,005,353 New Jersey 256,768 256,768 McKinley-Monarch 200,000 200,000 Butte Gulch 1,125,259 124,055 Potosi 150,385 150,385 Park Copper/Gold 78,000 78,000 Eastern Star 250,817 250,817 Less accumulated amortization (191,662 ) (166,500 ) Total $ 9,088,070 $ 7,898,878 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). For the three-month periods ended March 31, 2024 and 2023, interest expense was capitalized in association with the ramp access project at the Golden Chest as follows. March 31, 2024 March 31, 2023 $ 19,377 $ 22,961

Investment in Buckskin

Investment in Buckskin	3 Months Ended
	Mar. 31, 2024
Investment in Buckskin
Investment in Buckskin	10. Investment in Buckskin The investment in Buckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $1,867 and $350 for the respective three-month periods ended March 31, 2024 and 2023. The Company makes an annual payment of $12,000 to Buckskin per a mineral lease covering 218 acres of patented mining claims. As of March 31, 2024, the Company holds 37% of Buckskin’s outstanding shares.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2024
Notes Payable
Notes Payable	11. Notes Payable At March 31, 2024 and December 31, 2023, notes payable are as follows: March 31, 2024 December 31, 2023 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 294,918 $ 297,230 Butte Gulch vacant mineral property, 5.00% interest payable monthly through January 2027, monthly interest only payments of $2,750 with a balloon payment of $650,000 in February 2027 650,000 - Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 145,118 186,557 Paus 2 yd LHD, 60-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 35,675 50,672 Paus 2 yd LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 19,249 33,541 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 - 604 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 1,867 3,713 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 20,408 24,591 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 12,466 14,843 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 41,566 44,447 CarryAll transport, 48-month note payable, 5.9% interest rate payable monthly through April 2028, monthly payments of $576 24,554 - Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 20,588 51,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 79,676 92,948 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 2,378 4,126 Komatsu WX04 LHD, 24-month note payable, 8.24% interest rate payable monthly through April 2026, monthly payments of $16,642 367,068 - Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 11,886 16,251 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 167,765 216,880 Caterpillar R1600 LHD bucket, 24-month note payable, 2.06% interest rate payable monthly through April 2026, monthly payments of $4,572 107,415 - Caterpillar AD30 underground truck, 40-month note payable, 8.01% interest rate payable through October 2026, monthly payments of $29,656 827,982 899,417 Caterpillar 259D3 skid steer, 36-month note payable, 8.50% interest rate payable monthly through December 2026, monthly payments of $1,836 53,854 58,156 SBA Economic Injury Disaster (“EIDL”) Loan 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 158,835 160,123 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 51,763 54,418 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 53,453 56,194 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 48,739 50,759 2024 Dodge Ram, 60-month note payable, 9.94% interest rate payable monthly through February 2029, monthly payments of $1,293 60,166 - Total notes payable 3,257,389 2,316,652 Due within one year 1,090,329 978,246 Due after one year $ 2,167,060 $ 1,338,406 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 March 31, 2024 are as follows: 12 months ended March 31, 2025 $ 1,090,329 2026 695,133 2027 966,287 2028 328,681 2029 33,583 2030 3,454 Thereafter 139,922 Total $ 3,257,389

Stockholders Equity

Stockholders Equity	3 Months Ended
	Mar. 31, 2024
Stockholders Equity
Stockholders' Equity	12. Stockholders’ Equity Stock Issuance Activity In the first quarter of 2024, the Company issued common stock as follows: · Sold 127,152 shares of common stock at an average price of $6.67 per share for $847,492. · Issued 147,026 shares of common stock in exchange for outstanding warrants for $823,346. · Issued 5,357 shares of common stock in exchange for outstanding stock options for $29,999, · Issued 5,887 shares of common stock for outstanding stock options via cashless exercise. The Company closed a private placement in February 2023. Under the private placement, the Company sold 123,365 shares of common stock at $5.50 per share and 35,088 shares of common stock at $5.70 per share for net proceeds of $878,503. Stock Purchase Warrants Outstanding The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2022 and 2023 289,294 $ 5.60-7.00 Exercised (147,026 ) $ 5.60 Balance March 31, 2024 142,268 $ 5.60-7.00 These warrants expire as follows: Shares Exercise Price Expiration Date 88,696 $ 5.60 October 15, 2024 53,572 $ 7.00 November 12, 2024 142,268

Stock Options

Stock Options	3 Months Ended
	Mar. 31, 2024
Stock Options
Stock Options	13. Stock Options There were no stock options granted during the three-months ended March 31, 2024 and 2023. Activity in the Company’s stock options is as follows: Number of Options Weighted Average Exercise Prices Balance December 31, 2022 535,953 $ 5.47 Forfeited (58,504 ) $ 5.47 Balance December 31, 2023 477,449 $ 5.47 Exercised (22,073 ) $ 5.50 Forfeited (10,144 ) $ 5.50 Outstanding and exercisable at March 31, 2024 445,232 $ 5.47 In the first quarter of 2024 16,716 options were exchanged for 5,887 shares in a cashless exercise by employees. Options exercised in the first quarter of 2024 had an intrinsic value of $65,229. At March 31, 2024, outstanding stock options have a weighted average remaining term of approximately 0.85 years and have an intrinsic value of $1,332,314.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events
Subsequent Events	14. Subsequent Events Subsequent to March 31, 2024, 29,763 shares of common stock have been issued in exchange for outstanding warrants for net proceeds of $166,673. Additionally, subsequent to March 31, 2024 69,861 options were exchanged for 27,562 shares in a cashless exercise by employees. Forward-Looking Statements Certain statements contained in this Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk, are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our forward-looking statements include our current expectations and projections about future results, performance, results of litigation, prospects and opportunities, including reserves and other mineralization. We have tried to identify these forward-looking statements by using words such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “feel,” “plan,” “estimate,” “project,” “forecast” and similar expressions. These forward-looking statements are based on information currently available to us and are expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those set forth under Part I, Item 1A.–Risk Factors in our 2023 Form 10-K and in Part II, Item 1.A.-Risk Factors in this Form 10-Q. Given these risks and uncertainties, readers are cautioned not to place undue reliance on our forward-looking statements. All subsequent written and oral forward-looking statements attributable to Idaho Strategic or to persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Except as required by federal securities laws, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company and Significant A_2

The Company and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
The Company and Significant Accounting Policies
Principles of Consolidation	The condensed consolidated financial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations.
Revenue Recognition	Gold Revenue Recognition and Receivables- Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition
Inventories	Inventories are stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value.
Mine Exploration and Development Costs	The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, raises, and related infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces.
Fair Value Measurements	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023, the Company had equity securities measured at fair value using level 1 quoted prices and no liabilities required measurement at fair value. At March 31, 2024, the Company had no assets or liabilities that required measurement at fair value on a recurring basis.
Accounting for Investments in Joint Ventures and Equity Method Investments	Investment in JVs 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 At March 31, 2024 and December 31, 2023, the Company’s percentage ownership and method of accounting for each JV and equity method investment is as follows: March 31, 2024 December 31, 2023 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV, LLC 50 % No Cost 50 % No Cost Buckskin 37 % Yes Equity 37 % Yes Equity
Reclassifications	Certain prior period amounts have been reclassified to conform to the 2024 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported.
Investments in Equity Securities	Investments in equity securities are generally measured at fair value. Unrealized gains and losses for equity securities resulting from changes in fair value are recognized in current earnings. If an equity security does not have a readily determinable fair value, we may elect to measure the security at its cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment in the same issuer. At the end of each reporting period, we reassess whether an equity investment security without a readily determinable fair value qualifies to be measured at cost less impairment, consider whether impairment indicators exist to evaluate if an equity investment security is impaired and, if so, record an impairment loss. At the end of each reporting period, unrealized gains and losses resulting from changes in fair value are recognized in current earnings. Upon sale of an equity security, the realized gain or loss is recognized in current earnings.
New Accounting Pronouncement	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.

The Company and Significant A_3

The Company and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
The Company and Significant Accounting Policies
Schedule of cost method investments	March 31, 2024 December 31, 2023 JV/Equity % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method NJMJV 65 % Yes Consolidated 65 % Yes Consolidated Butte Highlands JV, LLC 50 % No Cost 50 % No Cost Buckskin 37 % Yes Equity 37 % Yes Equity

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventories
Schedule of inventory current	March 31, 2024 December 31, 2023 Concentrate inventory In process $ 110,526 $ 28,778 Finished goods 31,784 239,361 Total concentrate inventory 142,310 268,139 Supplies inventory Mine parts and supplies 440,881 374,456 Mill parts and supplies 137,961 158,402 Core drilling supplies and materials 75,684 75,684 Total supplies inventory 654,526 608,542 Total $ 796,836 $ 876,681

Sales of Products (Tables)

Sales of Products (Tables)	3 Months Ended
	Mar. 31, 2024
Sales of Products
Schedule of sales of products by metal	March 31, 2024 2023 Gold $ 6,121,129 $ 3,484,034 Silver 24,245 9,522 Less: Smelter and refining charges (246,436 ) (151,960 ) Total $ 5,898,938 $ 3,341,596 March 31, 2024 2023 Concentrate sales to H&H Metal $ 5,898,938 $ 3,203,491 Dore sales to refinery - 138,105 Total $ 5,898,938 $ 3,341,596

Related Party Transactions (Tab

Related Party Transactions (Table)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions
Schedule of related party transactions	March 31, 2024 2023 $ 7,620 $ 6,395

Earnings per Share (Table)

Earnings per Share (Table)	3 Months Ended
	Mar. 31, 2024
Earnings per Share
Schedule of earnings per Share	March 31, 2024 March 31, 2023 Three-Months Three-Months Incremental shares included in diluted net income per share Stock options 109,243 4,710 Stock purchase warrants 50,555 - 159,798 4,710 Potentially dilutive shares excluded from diluted net income per share as inclusion would have an antidilutive effect: Stock options - 358,953 Stock purchase warrants - 289,294 - 825,247

Property Plant and Equipment (T

Property Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property Plant and Equipment
Schedule of property, plant and equipment	March 31, 2024 December 31, 2023 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 (1,481,546 ) (1,430,323 ) Total mill 3,472,876 3,524,099 Building and equipment Buildings 624,657 624,657 Equipment 9,667,536 8,786,492 10,292,193 9,411,149 Less accumulated depreciation (3,852,811 ) (3,455,023 ) Total building and equipment 6,439,382 5,956,126 Land Bear Creek 266,934 266,934 BOW 230,449 230,449 Gillig 79,137 79,137 Highwater 40,133 40,133 Salmon property 136,762 136,762 Total land 753,415 753,415 Total $ 10,665,673 $ 10,233,640

Mineral Properties (Tables)

Mineral Properties (Tables)	3 Months Ended
	Mar. 31, 2024
Mineral Properties
Schedule of mineral properties	March 31, 2024 December 31, 2023 Golden Chest Mineral Property $ 4,210,566 $ 4,191,189 Infrastructure 3,007,937 2,814,164 Total Golden Chest 7,218,503 7,005,353 New Jersey 256,768 256,768 McKinley-Monarch 200,000 200,000 Butte Gulch 1,125,259 124,055 Potosi 150,385 150,385 Park Copper/Gold 78,000 78,000 Eastern Star 250,817 250,817 Less accumulated amortization (191,662 ) (166,500 ) Total $ 9,088,070 $ 7,898,878
Schedule of interest expense	March 31, 2024 March 31, 2023 $ 19,377 $ 22,961

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Payable
Schedule of debt	March 31, 2024 December 31, 2023 Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027 $ 294,918 $ 297,230 Butte Gulch vacant mineral property, 5.00% interest payable monthly through January 2027, monthly interest only payments of $2,750 with a balloon payment of $650,000 in February 2027 650,000 - Resemin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $14,821 145,118 186,557 Paus 2 yd LHD, 60-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181 35,675 50,672 Paus 2 yd LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847 19,249 33,541 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303 - 604 CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627 1,867 3,713 Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515 20,408 24,591 CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866 12,466 14,843 Two CarryAll transports, 48-month note payable, 5.9% interest rate payable monthly through June 2027, monthly payments of $1,174 41,566 44,447 CarryAll transport, 48-month note payable, 5.9% interest rate payable monthly through April 2028, monthly payments of $576 24,554 - Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2024, monthly payments of $10,352 20,588 51,182 Sandvik LH202 LHD, 36-month note payable, 6.9% interest payable monthly through August 2025, monthly payments of $4,933 79,676 92,948 Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602 2,378 4,126 Komatsu WX04 LHD, 24-month note payable, 8.24% interest rate payable monthly through April 2026, monthly payments of $16,642 367,068 - Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512 11,886 16,251 Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125 167,765 216,880 Caterpillar R1600 LHD bucket, 24-month note payable, 2.06% interest rate payable monthly through April 2026, monthly payments of $4,572 107,415 - Caterpillar AD30 underground truck, 40-month note payable, 8.01% interest rate payable through October 2026, monthly payments of $29,656 827,982 899,417 Caterpillar 259D3 skid steer, 36-month note payable, 8.50% interest rate payable monthly through December 2026, monthly payments of $1,836 53,854 58,156 SBA Economic Injury Disaster (“EIDL”) Loan 30 year note payable, 3.75% interest payable monthly through December 2054, monthly payments of $731 158,835 160,123 2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152 51,763 54,418 2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190 53,453 56,194 2020 Ford Transit Van, 72-month note payable, 9.24% interest rate payable monthly through December 2028, monthly payments of $1,060 48,739 50,759 2024 Dodge Ram, 60-month note payable, 9.94% interest rate payable monthly through February 2029, monthly payments of $1,293 60,166 - Total notes payable 3,257,389 2,316,652 Due within one year 1,090,329 978,246 Due after one year $ 2,167,060 $ 1,338,406
Schedule of future principal payments of notes payable	12 months ended March 31, 2025 $ 1,090,329 2026 695,133 2027 966,287 2028 328,681 2029 33,583 2030 3,454 Thereafter 139,922 Total $ 3,257,389

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders Equity
Schedule of common stock purchase warrant transactions	The activity in stock purchase warrants is as follows: Number of Warrants Exercise Prices Balance December 31, 2022 and 2023 289,294 $ 5.60-7.00 Exercised (147,026 ) $ 5.60 Balance March 31, 2024 142,268 $ 5.60-7.00
Schedule of warrant expirations	These warrants expire as follows: Shares Exercise Price Expiration Date 88,696 $ 5.60 October 15, 2024 53,572 $ 7.00 November 12, 2024 142,268

Stock Options (Table)

Stock Options (Table)	3 Months Ended
	Mar. 31, 2024
Stock Options
Summary of share-based compensation, stock options, activity	Number of Options Weighted Average Exercise Prices Balance December 31, 2022 535,953 $ 5.47 Forfeited (58,504 ) $ 5.47 Balance December 31, 2023 477,449 $ 5.47 Exercised (22,073 ) $ 5.50 Forfeited (10,144 ) $ 5.50 Outstanding and exercisable at March 31, 2024 445,232 $ 5.47

The Company and Significant A_4

The Company and Significant Accounting Policies (Details)	Mar. 31, 2024	Dec. 31, 2023
NJMJV
Investment Owned, Percent of Net Assets	65%	65%
Butte Highlands Joint Venture ("BHJV")
Investment Owned, Percent of Net Assets	50%	50%
Buckskin Gold and Silver Inc.
Investment Owned, Percent of Net Assets	37%	37%

The Company and Significant A_5

The Company and Significant Accounting Policies (Details Narrative)	Mar. 31, 2024	Dec. 31, 2023
Buckskin Gold and Silver Inc.
Investment Owned, Percent of Net Assets	37%	37%

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Total concentrate inventory	$ 142,310	$ 268,139
Total supplies inventory	654,526	608,542
Total	796,836	876,681
Concentrate Inventory
In process	110,526	28,778
Finished Goods
Finished goods	31,784	239,361
Mine Parts And Supplies
Mine parts and supplies	440,881	374,456
Mill Parts And Supplies
Mine parts and supplies	137,961	158,402
Core drilling supplies and materials
Mine parts and supplies	$ 75,684	$ 75,684

Sales of Products (Details)

Sales of Products (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales of Products
Gold	$ 6,121,129	$ 3,484,034
Silver	24,245	9,522
Smelter and refining charges	(246,436)	(151,960)
Total	$ 5,898,938	$ 3,341,596

Sales of Products (Details 1)

Sales of Products (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales of Products
Concentrate sales to H&H Metal	$ 5,898,938	$ 3,203,491
Dore sales to refinery	0	138,105
Total	$ 5,898,938	$ 3,341,596

Sales of Products (Details Narr

Sales of Products (Details Narrative) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Sales of Products
Gold sales receivable	$ 1,238,474	$ 1,038,867

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions
General and administrative expenses	$ 7,620	$ 6,395

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest expense	$ 20,565	$ 8,848
NP Depot LLC
Monthely rent paid	2,000
Ophir Holdings Member
Interest expense		$ 715
Mine Systems Design Inc
Quarterly rent paid	$ 1,700

JV Arrangements (Details Narrat

JV Arrangements (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 29, 2016	Mar. 31, 2024	Dec. 31, 2023
New Jersey Mill
Equity method investment, additional information		The Company owns 65% of the NJMJV and has significant influence in its operations
Joint venture		$ 1,598	$ 2,080
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

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock options	109,243	4,710
Stock purchase warrants	50,555	0
Total	159,798	4,710
Antidilutive Effect
Stock options	0	358,953
Stock purchase warrants	0	289,294
Total	0	825,247

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property Plant and equipment	$ 10,665,673	$ 10,233,640
Mill property and equipment gross	4,954,422	4,954,422
Mill Less Accumulated Depreciation	(1,481,546)	(1,430,323)
Total Mill	3,472,876	3,524,099
Buildings and Equipment, Gross	10,292,193	9,411,149
Buildings and Equipment, Accumulated Depreciation	(3,852,811)	(3,455,023)
Total Building and Equipment	6,439,382	5,956,126
Total Land	753,415	753,415
Gillig Land [Member]
Property Plant and equipment	79,137	79,137
Equipment one [Member]
Property Plant and equipment	9,667,536	8,786,492
Land [Member]
Property Plant and equipment	225,289	225,289
Building [Member]
Property Plant and equipment	536,193	536,193
Equipment [Member]
Property Plant and equipment	4,192,940	4,192,940
Building one [Member]
Property Plant and equipment	624,657	624,657
BOW Land [Member]
Property Plant and equipment	230,449	230,449
Land Bear Creek [Member]
Property Plant and equipment	266,934	266,934
Land Highwate [Member]
Property Plant and equipment	40,133	40,133
Land Salmon property [Member]
Property Plant and equipment	$ 136,762	$ 136,762

Mineral Properties (Details)

Mineral Properties (Details) - Mineral Properties Member - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Golden Chest Mineral Property	$ 4,210,566	$ 4,191,189
Infrastructure	3,007,937	2,814,164
Total Golden Chest	7,218,503	7,005,353
Mineral Properties 1	256,768	256,768
Mineral Properties 2	200,000	200,000
Mineral Properties 3	1,125,259	124,055
Mineral Properties 4	150,385	150,385
Mineral Properties 5	78,000	78,000
Mineral Properties 6	250,817	250,817
Mineral Properties amortization	(191,662)	(166,500)
Total	$ 9,088,070	$ 7,898,878

Mineral Properties (Details 1)

Mineral Properties (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Mineral Properties
Interest Expense	$ 19,377	$ 22,961

Mineral Properties (Details Nar

Mineral Properties (Details Narrative)	3 Months Ended
	Mar. 31, 2024
Butte Gulch
Mineral Property Description	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)

Investment in Buckskin (Details

Investment in Buckskin (Details Narrative) - Buckskin - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment income	$ 1,867	$ 350
Annual payment	$ 12,000
Percent of common stock	37%

Notes Payable (Details)

Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Total notes payable	$ 3,257,389	$ 2,316,652
Due within one year	1,090,329	978,246
Due after one year	2,167,060	1,338,406
Note Payable through June 2027 [Member]
Total notes payable	294,918	$ 297,230
Monthly payment	2,500
Ballon payment	260,886
Interest rate		7%
Note Payable through January 2025 [Member]
Total notes payable	145,118	$ 186,557
Monthly payment	14,821
Interest rate		7%
Note Payable through July 2024 [Member]
Total notes payable	19,249	$ 33,541
Monthly payment	4,847
Interest rate		3.45%
Note Payable through June 2027 One [Member]
Total notes payable	41,566	$ 44,447
Monthly payment	1,174
Interest rate		5.90%
Note Payable through June 2024 [Member]
Total notes payable	1,867	$ 3,713
Monthly payment	627
Interest rate		4.50%
Note Payable through February 2024 [Member]
Total notes payable	0	$ 604
Monthly payment	303
Interest rate		4.50%
Note Payable through May 2025 [Member]
Total notes payable	20,408	$ 24,591
Monthly payment	1,515
Interest rate		6.30%
Note Payable through June 2025 [Member]
Total notes payable	12,466	$ 14,843
Monthly payment	866
Interest rate		6.30%
Note Payable through May 2024 [Member]
Total notes payable	20,588	$ 51,182
Monthly payment	10,352
Interest rate		4.50%
Note Payable through August 2025 [Member]
Total notes payable	79,676	$ 92,948
Monthly payment	4,933
Interest rate		6.90%
Two Note Payable through July 2024 [Member]
Total notes payable	2,378	$ 4,126
Monthly payment	602
Interest rate		6.99%
Note Payable through November 2024 [Member]
Total notes payable	11,886	$ 16,251
Monthly payment	1,512
Interest rate		4.60%
Two Note Payable through January 2025 [Member]
Total notes payable	167,765	$ 216,880
Monthly payment	17,125
Interest rate		4.50%
Note Payable through October 2026 [Member]
Total notes payable	827,982	$ 899,417
Monthly payment	29,656
Interest rate		8.01%
Note Payable through December 2026 [Member]
Total notes payable	53,854	$ 58,156
Monthly payment	1,836
Interest rate		8.50%
Note Payable through December 2054 [Member]
Total notes payable	158,835	$ 160,123
Monthly payment	731
Interest rate		3.75%
Note Payable through June 2028 [Member]
Total notes payable	51,763	$ 54,418
Monthly payment	1,152
Interest rate		5.99%
Two Note Payable through June 2028 [Member]
Total notes payable	53,453	$ 56,194
Monthly payment	1,190
Interest rate		5.99%
Note Payable through December 2028 [Member]
Total notes payable	48,739	$ 50,759
Monthly payment	1,060
Interest rate		9.24%
Note Payable through January 2027 [Member]
Total notes payable	650,000	$ 0
Monthly payment	2,750
Ballon payment	650,000
Interest rate		5%
Note Payable through September 2024 [Member]
Total notes payable	35,675	$ 50,672
Monthly payment	5,181
Interest rate		4.78%
Note Payable through April 2028 [Member]
Total notes payable	24,554	$ 0
Monthly payment	576
Interest rate		5.90%
Note Payable through Aprilt 2026 [Member]
Total notes payable	367,068	$ 0
Monthly payment	16,642
Interest rate		8.24%
Note Payable through April 2026 One [Member]
Total notes payable	107,415	$ 0
Monthly payment	4,572
Interest rate		2.06%
Note Payable through February 2029 [Member]
Total notes payable	60,166	$ 0
Monthly payment	$ 1,293
Interest rate		9.94%

Notes Payable (Details 1)

Notes Payable (Details 1)	Mar. 31, 2024 USD ($)
Notes Payable
2025	$ 1,090,329
2026	695,133
2027	966,287
2028	328,681
2029	33,583
2030	3,454
Thereafter	139,922
Total	$ 3,257,389

Stockholders Equity (Details)

Stockholders Equity (Details) - Warrant [Member]	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Beginning balance | shares	289,294
Number of warrants exercise prices	$ 5.60
Warrants exercised | shares	(147,026)
Ending balance | shares	142,268
Minimum [Member]
Beginning balance	$ 5.60
Ending balance	5.60
Maximum [Member]
Beginning balance	7
Ending balance	$ 7

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - Warrant [Member] - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Number of shares	142,268	289,294
Exercise Price 5.60 [Member]
Number of shares	88,696
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

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Private placement unit sold	123,365
Private placement unit, per share | $ / shares	$ 5.50
Net proceeds | $	$ 878,503
Common stock issued	35,088
Common stock outstanding	29,763
Common Stock, per share | $ / shares	$ 5.70
Stock Issuance Activity [Member] | First Quarter [Member]
Common stock issued	127,152
Common stock outstanding	847,492
Common Stock, per share | $ / shares	$ 6.67
Stock Options [Member]
Common stock issued	5,357
Common stock outstanding	29,999
Stock issuance Activity [Member]
Common stock issued	5,887
Warrant [Member]
Common stock issued	147,026
Common stock outstanding	823,346

Stock Options (Details )

Stock Options (Details ) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Equity Option [Member]
Beginning balance	477,449	535,953
Stock options exercised	(22,073)
Stock options forfeited	(10,144)	(58,504)
Ending balance	445,232	477,449
Weighted Average Exercise Prices [Member]
Beginning balance	$ 5.47	$ 5.47
Exercise price exercised	5.50
Exercise price forfeited	5.50	5.47
Ending balance	$ 5.47	$ 5.47

Stock Options (Details Narrativ

Stock Options (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Intrinsic value | $	$ 1,332,314
Weighted average remaining term	10 months 6 days
Options issued | shares	16,716
Stock Options [Member]
Intrinsic value | $	$ 65,229
Options issued | shares	5,887

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	3 Months Ended
	Mar. 31, 2024 USD ($) shares
Subsequent Events
Common stock shares sold	29,763
Proceeds from issuance of convertible common stock | $	$ 166,673
Common stock shares issue	27,562
Options issued	69,861