Idaho Strategic Resources Reports Strong Q1 2024 Financial Growth

Idaho Strategic Resources, Inc., based in Coeur d'Alene, reported significant gains in its first quarter of 2024, with revenue climbing 76.5% and net income increasing thirty-five-fold compared to the first quarter of 2023. The company processed 10,300 tonnes of ore, despite a 7.6% decrease from the previous year, yielding 3,116 ounces of produced gold, marking an 80.6% increase.

The substantial financial improvement includes a dramatic rise in revenue to $5,898,938 and net income attributable to IDR reaching $2,171,109. This performance starkly contrasts the results from the same period in the previous year, where net income was notably lower at $60,599. The company benefited from higher gold prices and optimized operations, including a significant reduction in all-in sustaining costs per ounce to $1,097.09, a decrease of 28.8% from $1,540.20 in Q1 2023.

Further strategic developments included the acquisition of the Butte Gulch property next to its Golden Chest Mine, expected to support future mining infrastructure, and the investment in components for a new paste backfill system. These initiatives are projected to bring considerable cost savings and operational efficiencies in the forthcoming years.