Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) is pleased to announce that one of its participating project proposals submitted to the Department of Energy under Funding Opportunity 3105: Critical Material Innovation, Efficiency, and Alternatives was selected for funding. The announcement by the U.S. Department of Energy on May 19th is a welcomed achievement following the initial proposal submission in December of 2023.
This project brings together key Idaho stakeholders such as the University of Idaho, Idaho National Laboratory, Idaho Geological Survey, and Idaho Strategic Resources to advance the exploration and extraction of Idaho-sourced rare earth elements for potential commercialization of rare earth metals (REMs), using innovative and efficient manufacturing pathways. The project was submitted under Funding Opportunity 3105, Topic Area 3: Next Generation Technologies, which is focused on early-stage, high-impact technologies aimed at transforming how the U.S. extracts processes, separates, recycles, and manufactures critical minerals. Specifically, Topic Area 3 called for project proposals with high ambitions and a low technology readiness level (between 0-4) that were not based on improvements or modifications to existing technologies or methods.
Idaho Strategic’s role in the project is to identify areas within Idaho Strategic’s existing rare earth elements landholdings in central Idaho that are enriched in rare earth elements with a specific focus on neodymium, praseodymium, and dysprosium. Idaho Strategic will then work with members from the University of Idaho to collect a representative sample for downstream workplans including novel separation technologies and potential metallization. Every step of the project is being supported with technical guidance from both Idaho National Laboratory and the Idaho Geological Survey.
Idaho Strategic’s CEO and President, John Swallow stated, “There isn’t a better time to see this caliber of Idaho stakeholders coming together to champion Idaho’s substantial rare earth elements mineral endowment. Everyone involved has a vested interest in Idaho, reshoring our critical minerals industry, and stewarding this project toward success – and that type of alignment is exactly what you need when pursuing an ambitious goal. I want to thank the University of Idaho for taking on the role of project lead and carrying the torch over the past 2.5 years as we waited for the Department of Energy’s decision. This project fits well within our proposed rare earth elements work season during 2026, and we are greatly looking forward to it.”
The maximum amount of funding possible under Topic Area 3 was $1 million of support. The government funding awarded to the project team will be allocated primarily to supporting the downstream work being conducted by the University of Idaho, as project lead, with technical support from Idaho National Laboratory. No direct cost share is required to be provided by Idaho Strategic Resources as the industry partner. To view the official announcement from the Department of Energy, please follow the link and scroll toward the bottom of the page: Funding Announcement.
About Idaho Strategic Resources, Inc.
Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. In addition to gold and gold production, the Company has built a substantial land position in Idaho, providing significant exploration exposure to gold and rare earth elements – in addition to thorium, copper, and silver. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for discovery and development in one Company.
For more information on Idaho Strategic Resources, visit www.idahostrategic.com or call:
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, the potential success at any stage of the proposed project being funded and the potential for the project team to actually receive the announced funds from the government. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
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