On May 18, 2026, ROTH Capital Partners Managing Director and Senior Research Analyst Mike Niehuser reiterated a Buy rating and US$45 per share price target on Idaho Strategic Resources Inc. (IDR:NYSEAMERICAN), implying upside of approximately 18% from the May 15 closing price of US$38.19, following the company's first-quarter results that showcased consistent production, strong margins, and a strengthening balance sheet.
In the report, titled "IDR: A Gold Producer for All Seasons," Niehuser characterized IDR as a company "built for all seasons and not one to 'time the gold cycle.'" He noted that disciplined operations combined with rising gold prices have enabled the company to build cash balances while internally funding a new mill to reduce operating costs, derisk operations, and increase ongoing exploration and development.
First-Quarter Performance
For 1Q26, IDR reported record revenues of approximately US$14.5 million, achieved by mining 11,290 tonnes at a head grade of 9.68 grams per tonne (g/t) gold and an average gold sales price of US$4,702 per ounce. With recoveries of 92.1%, the company produced 3,234 ounces at cash costs of only US$1,190 per ounce and all-in sustaining costs (AISC) of US$1,868 per ounce. Having exhausted its net-operating loss carryforward and now capitalizing exploration quarterly, IDR reported after-tax earnings of US$0.40 per share for the quarter.
Funding Expansion and Exploration
IDR has optimized facilities at the Golden Chest Mine and commenced backfilling tailings, while funding most of the capital costs for its new 400 tonnes per day (tpd) Murray Mill. Construction is expected to be completed by year-end 2026, with commissioning in 1Q27. When the new mill comes online, IDR expects to reduce annual costs by approximately US$1.3 million through lower transportation of gold material, tailings handling, and electric power costs. After these investments, the company increased cash, short-term, and long-term investments to approximately US$76.5 million, with positive working capital of approximately US$50.3 million at the end of 1Q26.
Production and Resource Expansion
The Golden Chest Mine has an orogenic gold resource of over 250,000 ounces and is open to expansion, with at least six other nearby targets, all on patented land. IDR is targeting production of approximately 15,000 ounces in 2026 and 17,000 ounces in 2027. Average grade from production in 2025 ranged from 8.67 to 11.98 g/t gold. The company is also consolidating the Murray Gold Belt District and the Idaho REE-Thorium Belt near Salmon, Idaho, having increased its number of geologists, deployed two drill rigs in Murray, and planning to add two drills in Salmon.
Strategic Acquisitions and Exploration Upside
Niehuser highlighted IDR's philosophy of "Can't look at it if you don't own it," noting the company believes Idaho is under-explored and absorbed overlooked opportunities by consolidating patented claims around Murray, staking the Idaho REE-Thorium Belt, and acquiring the Toboggan and Niagara projects. The Little Baldy target, reacquired through the Toboggan acquisition in July 2025, has a historic non-compliant inferred gold resource of approximately 50,000 ounces with grades ranging from 4.0 to 6.0 g/t gold. The Niagara Project, leased in March 2026, is a copper-silver target in the upper Revett Formation. IDR has permits and plans to drill both projects in 2026.
Rare Earth and Thorium Projects
IDR believes it is the largest landholder of prospective rare earth element (REE) projects and the largest thorium anomaly in the U.S. The REE-Thorium Belt has a strike length of over 70 kilometers near Salmon, Idaho. The Lemhi Pass Project contains 12,000 acres of unpatented mineral claims, the Mineral Hill Project contains 2,500 acres, and the Diamond Creek Project contains 4,500 acres, with samples up to 5.0% total rare earth oxides (TREO).
Risks
Factors that could impede IDR from achieving the price target include declining gold prices, scheduling and operating risk including employee safety and exploration risk, the inability to identify additional gold mineralized material ahead of production, execution of optimization initiatives, and access to additional capital. The company is also subject to standard political risk, commodity price risk, operational and technical risk, and market risk inherent to natural resource companies.
Analyst's Outlook
Niehuser based his valuation on an estimated 14,925 ounces of gold production over the next twelve months, projecting 2026 earnings of US$1.59 per share. Applying a 25x earnings multiple yields an implied value of US$39.73 per share, and adding cash and investments of US$4.85 per share supports the US$45 price target. The valuation does not include IDR's REE/CE/Thorium early-stage assets, which Niehuser speculates could be valued at approximately US$73 million, or US$4.62 per share, nor does it include exploration upside in the Murray Gold Belt or the recent gold-copper-silver acquisitions.
"We believe that, on a per-capita basis, IDR has one of the best management teams in the sector," Niehuser wrote. "Also, IDR possibly has the highest financial liquidity relative to ounces of gold produced. These metrics in combination with other characteristics described in this report make IDR stand out among its peers."
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
Disclosures for Roth Capital Partners, Idaho Strategic Resources, May 18:
Within the last twelve months, ROTH Capital Partners, or an affiliate to ROTH Capital Partners, has received compensation for investment banking services from Idaho Strategic Resources and Hecla Mining Company. ROTH makes a market in shares of Idaho Strategic Resources and Hecla Mining Company and as such, buys and sells from customers on a principal basis.
Our rating system attempts to incorporate industry, company and/or overall market risk and volatility. Consequently, at any given point in time, our investment rating on a stock and its implied price movement may not correspond to the stated 12-month price target. Ratings System Definitions - ROTH Capital employs a rating system based on the following: Buy: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return of at least 10% over the next 12 months. Neutral: A rating, which at the time it is instituted and or reiterated, that indicates an expectation of a total return between negative 10% and 10% over the next 12 months. Sell: A rating, which at the time it is instituted and or reiterated, that indicates an expectation that the price will depreciate by more than 10% over the next 12 months. Under Review [UR]: A rating, which at the time it is instituted and or reiterated, indicates the temporary removal of the prior rating, price target and estimates for the security. Prior rating, price target and estimates should no longer be relied upon for UR-rated securities. Not Covered [NC]: ROTH Capital does not publish research or have an opinion about this security. ROTH Capital Partners, LLC and its affiliates expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2026. Member: FINRA/SIPC.
