Idaho Strategic Reports Third Quarter 2024 Operating and Financial Performance

Highlighted by an 86.39% Increase in Revenue and a 376.44% Increase in Net Income - IDR Continued its Strong Financial Performance Despite Increased Exploration Expense Leading to the Discovery of the Red Star Vein

COEUR D'ALENE, ID / ACCESSWIRE / November 4, 2024 / Idaho Strategic Resources, Inc. (NYSE American:IDR) ("IDR", "Idaho Strategic" or the "Company") today announced its consolidated operating and financial results for the second quarter ending September 30, 2024. IDR achieved an 86.39% increase in revenue and a 376.44% increase in net income compared to the second quarter of 2023. Key highlights include:

*Adjusted all in sustaining costs excluding exploration expenses were $1,109.79 for the three-month period ending September 30, 2024.

Idaho Strategic's CEO and President, John Swallow stated, "Congrats to our team for another good quarter. We exceeded $6m in revenue and $2m in net income, and every employee shared financially in our ‘win as you go' philosophy. It has become increasingly apparent that our business approach, asset mix and production experience are somewhat of a rarity as we have not suffered from the "bifurcation" so many look to as an explanation instead of the possibility of having yesterday's business plan. Considerable cash (and equivalents) were added to the balance sheet from both operations and through our ATM, and with cash levels at an all-time high I feel that we maintained a disciplined approach toward cash flow, investment, and improving the balance sheet. The opportunity to focus on the balance sheet and our savings account came largely near the end of the quarter, and as we plan for more of the same from operations some debt reduction will be added in Q4. This quarter we had three drills turning, the paste backfill (new mill) building construction, tailings permitting and other work underway. And a few of us spent much of October on the road at shows and conferences (from Toronto to WA DC to Boise). At the mine our geologists are literally buried in core and we should have six total geologists on staff by mid-November to help lighten the load, grow production potential, prepare for MGB and Eastern Star drilling, advance Lemhi Pass and continue to look to the future. Needless to say, there are a lot of moving parts at IDR and the rapid growth is being handled in a logical and straightforward manner. I have long said that not everyone comes along for the ride and sometimes you get surprised by those that run with you toward the storm - and I can say with great confidence that the entire team is engaged, looking ahead and fully turned into the wind. This is what we were built for and we continue to look into asset growth for the near-term, intermediate and over the longer term. Including taking a global view toward planting trees that may not bear fruit for some time. This was the approach and ‘common thread' set of assumptions we began with 10 years ago and see no reason to change, except to leverage what we have learned and focus on the same, but more of it".

Golden Chest Highlights for Q3 2024 Include:

• At the Golden Chest, ore mined from underground stopes totaled approximately 10,500 tonnes with all of the tonnage coming from H-Vein stopes.

• A total of 3,820 cubic meters of cemented rockfill ("CRF") were placed during the quarter which is a new quarterly record. The Main Access Ramp ("MAR") and associated attack ramps were advanced by approximately 154 meters during the quarter.

• For the quarter ended September 30, 2024, a total of 10,470 dry metric tonnes ("dmt") were processed at the Company's New Jersey mill with a flotation feed head grade of 9.32 gpt gold and gold recovery of 93.1%.

• An exploration program consisting of both underground and surface core drilling was continued during the third quarter. Underground drilling was focused on exploring the Klondike area and targeting the newly found Red Star zone and northerly projections of the H-vein. Surface drilling was completed in Butte Gulch and this rig was moved to the northern area of the Golden Chest. A third drill rig was moved to Wesp Gulch to drill down-dip on the Idaho fault and associated veining during the quarter.

Rare Earth Highlights for Q3 2024 Include:

• Attended the Adamas Rare Earth Mines, Magnets and Motors Conference in Toronto, Canada during the quarter.

• Subsequent to quarter end, Idaho Strategic representatives attended the International Rare Earth Elements Conference in Washington DC.

Notes accompanying the financial statements below can be found in the Company's quarterly report filed this morning with the SEC on EDGAR.

Qualified person

IDR's Vice President, Grant A. Brackebusch, P.E. is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release.

About Idaho Strategic Resources, Inc.

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company's business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.

For more information on Idaho Strategic Resources, visit https://idahostrategic.com/presentation/, go to www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development

Email: tswallow@idahostrategic.com
Phone: (208) 625-9001

Idaho Strategic Resources, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Nine-Month Periods Ended September 30, 2024 and 2023