Idaho Strategic Resources Inc. (IDR:NYSEAMERICAN) released its Q1 2026 financial and operating results on May 14, 2026. The company maintained its profitability while growing gold production and reinvested some of the profit into near-mine exploration opportunities and capital projects on its Idaho mining site.
Financial highlights are as follows:
- Revenue was up 98.97% at US$14, 482,286 in Q1 2026, compared to US$7,278,536 in Q1 2025
- Total cost of sales was up 37.34% at US$4,917,388 in Q1 2026, compared to US$3,580,450 in Q1 2025.
- Gross profit was up 158.64% at US$9,564,898 in Q1 2026, compared to US$3,698,086 in Q1 2025.
- Net income attributable to IDR was up 297.02% at US$6,387,992 in Q1 2026, compared to US$1,608,979 in Q1 2025.
- Earnings per share (EPS) were up 233.33% at US$0.40 in Q1 2026, compared to US$0.12 in Q1 2025.
- The average realized gold price was up 65.06% at US$4,702.04 in Q1 2026, compared to US$2,8448.74 in Q1 2025.
Operational highlights span several topics, but overall performance highlights are as follows:
- Ore tonnes processed: 11,290 in Q1 2026, compared to 11,337 in Q1 2025.
- Average flotation feed grade (gpt): 9.68 in Q1 2026, compared to 8.67 in Q1 2025.
- Ounces produced: 3,234 in Q1 2026, compared to 2,900 in Q1 2025.
- All-in sustaining cost per ounce: US$1,868.07 in Q1 2026, compared to US$1,430.90 in Q1 2025.
Idaho Strategic’s President and CEO, John Swallow, 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. From increased production to expanded exploration and drilling programs, our business plan is working as designed. In addition to the two drills dedicated to resource conversion and exploration drilling at the Golden Chest, permitting is in place for drill programs this year at two projects in the Murray Gold Belt (Little Baldy and Niagara) and at two of our REE prospects (Lucky Horseshoe at Lemhi Pass and Cardinal at Mineral Hill) near Salmon."
In reference to the company's forward momentum, Swallow continued: "We are one of the few junior mining companies that put a mine into production when our industry was out of favor, so that we could take advantage of opportunities when the tailwinds arrived. To that end, we followed up our acquisition of Hecla's Toboggan landholdings in Q3 2025 with the execution of a long-term lease agreement on the nearby Niagara project during Q1 2026, adding potentially significant copper-silver exposure to the company. Both of these additions were essential to consolidating the Murray Gold Belt District and provides the company with high-quality exploration targets that will last many years into the future."
Other achievements from the start of 2026 are finalizing exploration plans for both Mineral Hill and Lemhi Pass in the upcoming field season, as well as major catalysts for Golden Chest. Idaho Strategic lists Q1 2026 Golden Chest highlights as follows:
- Mined approximately 11,290 tonnes of ore from underground stopes on the H-Vein.
- Completed a total of 193 meters of development in the main access ramp (MAR) and associated workings, including an escapeway/ventilation raise. A record total of 4,008 cubic meters of CRF backfill was placed during the quarter.
- Processed a total of 11,290 dry metric tonnes ("dmt") at the Company’s New Jersey Mill with a flotation feed head grade of 9.68 gpt gold and gold recovery of 92.1%.
- Some long lead items for the Murray Mill were delivered, such as a jaw crusher and a cone crusher, and additional underground mining equipment, including two four-yard LHDs, were delivered to the mine during the first quarter.
- An exploration program consisting of surface and underground core drilling was continued during the first quarter at the Golden Chest. A total of 8,700 meters of drilling was completed at the Golden Chest, targeting the Paymaster, Red Star, Katie-Dora, and the H-vein.
The company has filed its financial statements with the SEC on EDGAR, and further notes are available there.
Idaho Strategic Resources Inc. is an American, Idaho-based mining company that focuses on gold and rare earth elements, as well as thorium, copper, and silver.
Gold is at a Slight Low, Still Projected to Grow
On the morning of Tuesday, May 19, 2026, "Spot gold was trading near US$4,524.10 an ounce, down 0.90%," reported Kitco. The article went on to say, ". . . the 10-year Treasury yield is holding near the 4.6% area after Monday’s Treasury close at 4.61%."
The ongoing conflict between the U.S. and Iran has created uncertainty in the metals market, leading rates to bounce up and down. Continuous threats between the Trump administration and the Iranian government have kept investors nervous, and Kitco said, "The Strait of Hormuz remains the central geopolitical variable for energy, rates, and precious metals. Oil prices pulled back after President Donald Trump paused a planned strike on Iran to allow more time for negotiations, but the waterway is still effectively constrained, and crude remains above $100 a barrel. The current market effect is two-sided for gold: geopolitical risk supports defensive demand, while US$100-plus WTI, Brent above US$110, and gasoline inflation keep yields elevated and reduce the appeal of non-yielding assets."
Others are more confident in gold's future. In April, S&P Global wrote, "Gold is expected to remain volatile but structurally supported, with central bank demand and geopolitical risk helping to establish a price floor above recent correction lows."
Despite the volatility of gold, the sector as a whole is only showing signs of improvement. On May 7, 2026, Brian Taylor of Recycling Today said that the World Bank Group has predicted that overall global metals prices will rise by 17% in 2026, which would mark the first overall market increase since 2022.
Streetwise Ownership Overview*
Idaho Strategic Resources Inc. (IDR:NYSEAMERICAN)
| Date | Old Symbol | Old Shares | New Symbol | New Shares |
|---|---|---|---|---|
| 03/11/22 | NJMC | 1 | IDR | 1 |
| 01/03/22 | NJMCD | 1 | NJMC | 1 |
| 12/06/21 | NJMC | 14 | NJMCD | 1 |
Analyst Sees Incredible Management Team
On May 18, 2026, Mike Niehuser of ROTH Capital Partners reiterated a "Buy" rating, with a US$45 price target, for Idaho Strategic, calling the company "built for all seasons."
"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."
Building New Projects
According to its investor presentation, the company has more than 30,000 meters of drilling planned throughout 2026 and is investing time and resources into building a mill at its Murray project. Further drilling results are forthcoming in the near future.
Ownership & Share Information1
Idaho Strategic has a market cap of US$579.75 million, with 15.81 million shares outstanding. The company's 52-week range is US$12.25-US$54.70.
Institutions own 46.71% of shares, while Management & Insiders own 5.54%. The remaining 47.75% of shares are held by Retail.
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Important Disclosures:
- As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Idaho Strategic Resources Inc.
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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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.
