Substantial Growth in Revenue and Production
Idaho Strategic Resources, Inc. announced a record first-quarter 2026 performance, with a 98.97% increase in revenue to USD 14,482,286 and a net income of USD 6,387,992. This growth reflects the company's strategic focus on expanding gold production and investing in exploration.
The company's geology team is preparing for enhanced exploration in the Murray Gold Belt District and the Idaho Rare Earth Elements-Thorium Belt. Idaho Strategic has also initiated construction on its new Murray Mill, with significant progress on site infrastructure.
John Swallow, President and CEO of Idaho Strategic, stated, "Our goal for the year was to build on a strong 2025 – and as evidenced in our record first quarter results, the team has met these expectations."
Operational and Financial Highlights
In Q1 2026, the company processed 11,290 tonnes of ore with an average flotation feed grade of 9.68 gpt, producing 3,234 ounces of gold. Meanwhile, the all-in sustaining cost per ounce rose to USD 1,868.07, reflecting a focus on quality and efficiency.
Idaho Strategic's gross profit surged to USD 9,564,898, driven by increased production and a higher average realised gold price of USD 4,702.04 per ounce. The company also capitalised USD 960,713 in core drilling expenses, enhancing resource confidence at the Golden Chest.
The company executed a long-term lease on the Niagara copper-silver project, which hosts a historic inferred resource estimated at 150 million pounds of copper and 8.8 million ounces of silver, further expanding its exploration potential in the Murray Gold Belt.
During the quarter, Idaho Strategic focused on its field season plans for 2026, targeting both the Murray Gold Belt District and the Idaho Rare Earth Elements-Thorium Belt. It allocated resources to broaden exploration work, enhancing potential future yields.
The company continued work on its new Murray Mill, completing the paste backfill circuit and starting foundation work for the installation of a new ball mill. This development is expected to increase processing capacity effectively.
Idaho Strategic capitalised approximately USD 960,713 of core drilling at the Golden Chest, which informed mine planning and resource confidence. This strategic move is part of ongoing exploration efforts in the Paymaster area.
Permits for drill programmes are in place for projects at Little Baldy and Niagara in the Murray Gold Belt, as well as at Lucky Horseshoe at Lemhi Pass and Cardinal at Mineral Hill near Salmon. These initiatives demonstrate the company's commitment to expanding its exploration footprint.
Last updated: 15 May 2026, 1:50 am
