Idaho Strategic Resources CEO John Swallow on Funding Growth Without Dilution

Idaho Strategic Resources President and CEO John Swallow says the company is funding about $8 million of exploration this year from Golden Chest Mine cash flow, while building the roughly $20 million Murray Mill on site for commissioning in the first quarter of 2027. Production will shift into the Paymaster area, where the company will introduce longhole stoping, as it pushes toward 20,000 ounces a year by 2028 from 12,538 ounces in 2025. On rare earths, drilling has wrapped at Lemhi Pass and Mineral Hill with results pending, and the company has turned more attention to yttrium at Diamond Creek after a call from a large chip manufacturer seeking domestic supply.