Idaho Strategic Reports 2023 Operating and Financial Performance - Seite 2
- Trenched up to 5% total rare earth elements (REE) at Lemhi Pass - including magnet REE concentrations in excess of 70%.
- Sampled 28.2% and 34.1% total rare earth oxides at the Company's Mineral Hill REE project.
- Added to the Company's Mineral Hill REE landholdings and expanded the strike length of known REE mineralization over 0.5 miles.
- Provided numerous REE samples to collaborative partners from various national laboratories, universities, and government agencies.
Corporate Highlights for 2023 include:
- Achieved the first profitable year in Company history and recorded its fifth consecutive quarter of profitability.
- Announced the addition of Carolyn Turner to the Company's Board of Directors.
2023 Financial Highlights Include the Following:
- Revenue from concentrate sales increased 42.6% to $13,656,733 for the year ending December 31, 2023, compared to $9,580,189 for the comparable period in 2022. The increase was combination of selling 2,001 more ounces of gold during the year, recognizing higher gold prices on concentrate sales, and a shift in the majority of mine production to the H-vein. We anticipate ore from the H-vein to be the primary source of ore for 2024.
- Gross profit for the year ended December 31, 2023 was $3,965,036 compared to a gross profit of $1,553,921 in 2022. This resulted in an increase in gross profit as a percentage of sales to 29.0% in 2023, up from 16.2% in 2022.
- The consolidated net profit (loss) included non-cash charges of $1,470,563 in 2023, compared to $1,633,492 in 2022.
- Net income (loss) attributable to Idaho Strategic Resources, Inc. was $1,157,746 and ($2,535,429) in the years ended December 31, 2023, and 2022, respectively.
- Gold sales receivable increased to $1,038,867 from $909,997 at December 31, 2023 compared to 2022 as a result of increased gold sales.
- The Company saw a decrease in exploration expenses for 2023 largely due to less drilling being done on the Company's gold properties in 2023, as well as capitalizing a portion of the 2023 drilling that was incorporated into the Mineral Reserve. We anticipate an increase in drilling activity in 2024 over 2023, which may result in an increased exploration expense.
- General and administrative costs decreased significantly in 2023 compared to 2022 due to no stock option awards taking place in 2023.
- All in sustaining cost (AISC) for gold production decreased to $1,279.38 in 2023 from $1,689.24 in 2022 as a result of both an increase an improved scheduling and mine sequencing at the Golden Chest mine, as well as higher grade ore being processed from the H-vein.
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Mr. Swallow concluded, "While 2023 proved to be a successful year of impressive growth and marked IDR's pivot into profitable operations, it is now behind us and our excitement for the future is palpable.
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