Idaho Strategic Resources (IDR) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased 89.3% year-over-year to $6.1M, driven by higher gold production and prices.

• Net income for Q2 2024 rose to $2.16M from $0.30M in Q2 2023, a 558.3% increase; six-month net income reached $4.33M, nearly four times 2023's total.

• Gross profit margin improved to 50.2% in Q2 2024 from 24.5% in Q2 2023.

• Operational focus included underground and surface drilling, infrastructure upgrades, and staff expansion.

• Gold production is expected to remain stable for the rest of 2024 as mining continues on the H-Vein.

Financial highlights

• Six-month revenue increased 82.8% year-over-year to $12.02M.

• Operating income for Q2 2024 was $2.10M, up from $0.29M in Q2 2023; six-month operating income was $4.24M.

• Cash cost per ounce for Q2 2024 was $904.67; AISC per ounce was $1,319.40, up 17.66% year-over-year.

• Cash provided by operations for the first half of 2024 was $5.2M, up from $1.1M in 2023.

• Cash and cash equivalents at June 30, 2024 were $1.8M.

Outlook and guidance

• Management expects gold production to remain at current levels for the remainder of 2024.

• Continued drilling at Golden Chest, Butte Gulch, and Eastern Star, with infrastructure and power upgrades underway.

• Anticipates further exploration and operational benefits from new paste backfill system.

• Cash flows from operations and existing cash are expected to cover planned operations and obligations for the next 12 months.