Idaho Strategic Resources reported record third‑quarter 2025 results, with revenue climbing 80.09% to $11.08 million and gross profit expanding 135.12% to $7.05 million. Net income attributable to the company rose 66.67% to $2.97 million, giving earnings per share of $0.20—exactly in line with consensus estimates of $0.20 but a $0.01 beat over the Zacks consensus of $0.19. The revenue beat of $2.88 million (or 31% above the $8.20 million consensus) reflects a sharp lift in gold sales driven by higher realized prices and increased throughput.
Production at the Golden Chest Mine and the new Murray Milling facility was robust, with 10,570 dry metric tonnes of ore processed and 3,066 ounces of gold produced. The average realized gold price for the quarter was $3,578.07 per ounce, while the all‑in sustaining cost (AISC) stood at $2,444.06 per ounce. The AISC increase is largely attributable to higher exploration spend, but the company’s cost‑control program kept operating costs from eroding the margin expansion.
Margin expansion to a gross margin of 63.6% from 48.7% the prior year is driven by a combination of higher gold prices and disciplined cost management. While exploration spend pushed AISC higher, the company offset this by improving operational efficiency—evidenced by the completion of 9,082 meters of drilling, the construction of a new flotation mill, a paste backfill system, and a new warehouse/dry building—all of which enhance long‑term production capacity and reduce future operating costs.
Comparing to the second quarter, revenue grew from $9.47 million to $11.08 million, a 54.71% QoQ increase, and net income rose from $2.77 million to $2.97 million. The acceleration in growth underscores the company’s ability to scale production while maintaining profitability, even as it invests heavily in exploration and infrastructure.
Management emphasized that the company’s “production‑backed exploration” model is delivering results. CEO John Swallow said the firm is “on track to deliver its highest level of production and drill the most meters in company history” while building new facilities to reduce contractor costs. He also highlighted the company’s rare‑earth exploration program, noting that recent carbonatite discoveries could open a new revenue stream in the coming years.
The results reinforce Idaho Strategic Resources’ strategy of reinvesting cash flow from gold production into exploration and infrastructure upgrades, positioning the company for sustained growth in a high‑price environment while expanding its resource base and exploring new critical‑minerals opportunities.
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