Business
Idaho Strategic Resources Provides Second Quarter 2023 Operating and Financial Results
Achieves 3rd consecutive quarter of profitability and 3rd consecutive quarter of revenue above $3 million COEUR D'ALENE, ID / ACCESSWIRE / August 14, 2023 / Ida
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" Achieves 3rd consecutive quarter of profitability and 3rd consecutive quarter of revenue above $3 million COEUR D'ALENE, ID / ACCESSWIRE / August 14, 2023 / Idaho Strategic Resources, Inc. (NYSE American:IDR) (\"IDR\" or the \"Company\") is pleased to announce its consolidated operating and financial results for the second quarter of 2023 highlighted by $3,236,515 in revenue and $295,822 in net income. Idaho Strategic's President and CEO, John Swallow stated, \"The second quarter of 2023 marked the Company's third consecutive quarter that we achieved revenue above $3 million along with demonstrating positive net income (a claim not all mining companies can share). The benefits of discovering the H-Vein and the revised mine schedule at the Golden Chest combined with the experience and dedication of the folks on the ground is evident. Overall, our strategy to expand the Golden Chest mine and to use the excess cash generated to invest in the Company's future, both on the gold side and on the rare earths side, is advancing nicely. We will continue advancing our rare earth projects in a similar manner - allowing for and nurturing the upside while limiting the potential impact on the Golden Chest (both financially and personnel). And while this strategy has proven to be a balancing act at times, it is working well and remains the best path forward as evidenced by being one of the few mining companies to generate a profit in each of the prior three quarters. The value generated from our current operations not only adds to the bottom line, but it has also allowed for an elevated seat at the table regarding burgeoning strategic relationships and plans. Working with folks at the local, state, and national levels to possibly address our country's challenges within the critical mineral supply chain has been a great motivator for all of us. I have been around this industry a long time and can safely say that the work ahead of us is already substantially more enjoyable than the work it took to get here. And as Rob (and Becky) mentioned the other day after completion of the recent project tours for the Tobacco Root Geologic Society field trip in Salmon… ‘we (IDR) are no longer alone; we've definitely been discovered. And the level of focus on our area and addition of a number of new geologists by the different state and federal agencies to he...