UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2017 or [  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 000-28837 NEW JERSEY MINING COMPANY (Exact name of registrant as specified in its charter) For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ____________ Commission File No. 000-28837 IDAHO STRATEGIC RESOURCES, INC (Name of small business issuer in its charter) Idaho   82-0490295 (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification No.) (I.R.S. employer identification No.) 201 N. Third Street, Coeur d’Alene, ID 83814 (Address of principal executive offices) (zip code) (208) 625-9001 Registrant’s telephone number, including area code Indicate by check markSecurities registered pursuant to Section 12(g) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.00 par value IDR NYSE American Check whether the registrantissuer (1) has filed all reports required to be filed by Section 13 or 15(D)15(d) of the Securities Exchange Act of 1934 during the precedingpast 12 months (or for such shorter period asthat the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐ Yes [X]  No [  ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Yes [X]  No [  ] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “small“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.Act: Large Accelerated Filer. ☐ Accelerated Filer.      ☐ Non-AcceleratedNon-accelerated Filer. Smaller reporting company      X   .☒ Small Reporting Company ☒ Emerging growth company ___   Emerging Growth Company ☐ IndicateIndicated by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐    No ☒ Yes [  ] No [X] APPLICABLE ONLY TO CORPORATE ISSUERS: On November At August 1, 2017, 111,477,0372022, 11,985,747 shares of the registrant’s common stock were outstanding. NEW JERSEY MINING COMPANYIDAHO STRATEGIC RESOURCES, INC QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBERJUNE 30, 20172022 TABLE OF CONTENTS PART I - FINANCIAL INFORMATION 3 ITEM 1: Consolidated Financial Statements 3 ITEM 2: Management's Discussion and Analysis of Financial Condition and Results of Operations 15 ITEM 3: Quantitative and Qualitative Disclosures about Market Risk 19 ITEM 4: Controls and Procedures 19 PART II - OTHER INFORMATION 20 ITEM 1. Legal Proceedings 20 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds. 20 ITEM 3. Defaults upon Senior Securities 20 ITEM 4. Mine Safety Disclosures 20 ITEM 5. Other Information 20 ITEM 6. Exhibits 21 2 Table of Contents PART I - FINANCIAL INFORMATION PART I-FINANCIAL INFORMATION 3 ItemITEM 1: CONSOLIDATED FINANCIAL STATEMENTS 3 Idaho Strategic Resources, Inc Consolidated Balance Sheets (Unaudited)       June 30, 2022     December 31, 2021   ASSETS             Current assets:             Cash and cash equivalents   $ 3,133,623     $ 1,976,518   Gold sales receivable     734,594       408,187   Inventories     646,302       213,722   Joint venture receivable     2,909       4,442   Other current assets     561,694       334,443   Total current assets     5,079,122       2,937,312                     Property, plant and equipment, net of accumulated depreciation     8,553,696       8,255,961   Mineral properties, net of accumulated amortization     6,319,404       5,843,186   Investment in Buckskin     333,399       332,728   Investment in joint venture     435,000       435,000   Reclamation bond     321,120       103,320   Deposits     140,222       11,694   Total assets   $ 21,181,963     $ 17,919,201                     LIABILITIES AND STOCKHOLDERS’ EQUITY                 Current liabilities:                 Accounts payable and accrued expenses   $ 713,517     $ 647,218   Accrued payroll and related payroll expenses     217,622       174,110   Notes payable related parties, current portion     11,376       10,543   Notes payable, current portion     743,589       664,153   Small Business Administration loan, current portion     1,813       2,469   Total current liabilities     1,687,917       1,498,493                     Asset retirement obligation     254,596       172,348   Notes payable related parties, long term     84,727       106,068   Convertible debt     0       1,950,000   Notes payable, long term     1,106,230       961,748   Small Business Administration loan, long term     160,393       166,742   Total long-term liabilities     1,605,946       3,356,906                     Total liabilities     3,293,863       4,855,399                     Commitments (Note 11)     0       0                     Stockholders’ equity:                 Preferred stock, no par value, 1,000,000 shares authorized; no shares issued or outstanding     0       0   Common stock, no par value, 200,000,000 shares authorized; June 30, 2022-11,985,747 and December 31, 2021- 10,940,969 shares issued and outstanding     32,133,342       26,004,756   Accumulated deficit     (17,107,155 )     (15,832,955 ) Total Idaho Strategic Resources, Inc stockholders’ equity     15,026,187       10,171,801   Non-controlling interest     2,861,913       2,892,001   Total stockholders' equity     17,888,100       13,063,802                     Total liabilities and stockholders’ equity   $ 21,181,963     $ 17,919,201   Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14 Item 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 19 Item 4: CONTROLS AND PROCEDURES 19 PART II - OTHER INFORMATION 20 Item 1. LEGAL PROCEEDINGS 20 Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 20 Item 3. DEFAULTS UPON SENIOR SECURITIES 20 Item 4. MINE SAFETY DISCLOSURES 20 Item 5. OTHER INFORMATION 20 Item 6.EXHIBITS 20 PART I-FINANCIAL INFORMATION Item 1: CONSOLIDATED FINANCIAL STATEMENTS New Jersey Mining Company Consolidated Balance Sheets September 30, 2017and December 31, 2016 ASSETS     September 30, 2017   December 31, 2016     (Unaudited)     Current assets:         Cash and cash equivalents $ 249,263 $ 154,833 Milling receivables   16,950   31,450 Gold sales receivable   378,612   54,319 Concentrate inventory   193,452   175,157 Joint venture receivables   7,727   2,888 Note receivable       58,386 Other current assets   86,593   52,717 Total current assets   932,597   529,750           Property, plant and equipment, net of accumulated depreciation   5,854,845   5,788,362 Mineral properties, net of accumulated amortization   2,104,906   2,046,900 Investment in joint venture   435,000   435,000 Reclamation bond   103,320   58,000 Total assets $ 9,430,668 $ 8,858,012           LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:         Accounts payable $ 313,452 $ 243,123 Accrued payroll and related payroll expenses   36,728   37,861 Notes and interest payable related parties, current portion   207,760   567,580 Notes payable, current portion, net of discount   335,805   623,185 Forward gold contracts, current portion   649,411   845,198 Total current liabilities   1,543,156   2,316,947           Asset retirement obligation   102,142   72,218 Notes and interest payable related parties, long term   697,985   513,715 Notes payable, long term   170,661   268,158 Forward gold contracts, long term   452,486   541,030 Total long term liabilities   1,423,274   1,395,121           Total liabilities   2,966,430   3,712,068           Commitments (Note 2)                   Stockholders’ equity:         Preferred stock, no par value, 1,000,000 shares authorized; no shares issued    or outstanding   -   - Common stock, no par value, 200,000,000 shares authorized; September 30, 2017-108,893,704 shares and December 31, 2016-97,193,704 shares issued and outstanding   15,549,941   14,293,105 Accumulated deficit   (12,207,538)   (12,289,473) Total New Jersey Mining Company stockholders’ equity   3,342,403   2,003,632 Non-controlling interests   3,121,835   3,142,312 Total stockholders' equity   6,464,238   5,145,944           Total liabilities and stockholders’ equity $ 9,430,668 $ 8,858,012 The accompanying notes are an integral part of these consolidated financial statements. New Jersey Mining Company Consolidated Statements of Operations (Unaudited) For the Three and Nine Month Periods Ended September 30, 2017 and 2016     September 30, 2017   September 30, 2016     Three Months   Nine Months   Three Months   Nine Months Revenue:                 Gold Sales $ 1,266,139   3,218,147 $ 45,854 $ 123,518 Milling income           6,500   21,114 Total revenue   1,266,139   3,218,147   52,354   144,632                   Costs and expenses:                 Production   813,785   2,118,138   51,241   146,428 Pre-development expenses   59,769   159,102   199,821   199,821 Exploration   9,220   45,200   37,772   112,829 Depreciation and amortization   40,597   100,588       3,214 Management   35,678   128,317   45,923   102,074 Accounting and legal services   33,232   131,754   32,776   87,766 General and administrative expenses   51,135   192,616   42,520   98,285 Total operating expenses   1,043,416   2,875,715   405,053   750,417 Operating income (loss)   222,723   342,432   (352,699)   (605,785) Other (income) expense:                 Royalties and other income               (200) Timber income           (52,252)   (52,252) Timber expense       5,304       428 Interest income   (7,745)   (8,604)   (1,483)   (4,532) Interest expense   16,070   53,243   20,760   60,837 Change in fair value of forward gold contracts   76,865   218,461   466,783   466,783 Amortization of discount on note payable   8,925   35,200   42,249   67,157 Total other expense   94,115   303,604   476,057   538,221                   Net income (loss)   128,608   38,828   (828,756)   (1,144,006) Net income (loss) attributable to non-controlling interest   (15,799)   (43,107)   9,702   23,311 Net income (loss) attributable to New Jersey Mining Company $ 144,407 $ 81,935 $ (838,458) $ (1,167,317)                   Net income (loss) per common share-basic and diluted $ Nil $ Nil $ Nil $ Nil Weighted average common shares outstanding-basic   108,893,704   105,707,990   94,855,670   94,485,652 Weighted average common shares outstanding-diluted   109,805,242   106,461,364 $ 94,855,670   94,485,652 3 Table of Contents Idaho Strategic Resources, Inc Consolidated Statements of Operations (Unaudited) For the Three and Six-Month Periods Ended       June 30, 2022     June 30, 2021       Three Months     Six Months     Three Months     Six Months                             Revenue:                         Sales of products   $ 2,358,492     $ 4,402,909     $ 2,180,232     $ 3,766,859   Total revenue     2,358,492       4,402,909       2,180,232       3,766,859                                     Costs of Sales:                                 Cost of sales and other direct production costs     2,109,129       3,617,195       1,622,606       3,097,841   Depreciation and amortization     241,906       472,115       195,377       378,173   Total costs of sales     2,351,035       4,089,310       1,817,983       3,476,014   Gross profit     7,457       313,599       362,249       290,845                                     Other operating expenses:                                 Exploration     386,781       782,905       208,170       925,877   Management     53,484       108,373       55,331       256,391   Professional services     136,035       216,018       43,430       166,081   General and administrative     273,977       475,289       136,007       649,842   Loss on disposal of equipment     3,901       3,901       0       0   Total other operating expenses     854,178       1,586,486       442,938       1,998,191   Operating loss     (846,721 )     (1,272,887 )     (80,689 )     (1,707,346 )                                   Other (income) expense:                                 Equity income on investment in Buckskin     (339 )     (670 )     0       0   Timber revenue net of costs     0       0       (735 )     (4,338 ) Gain on forgiveness of SBA loan     (10,000 )     (10,000 )     0       0   Interest income     (31 )     (556 )     (32 )     (123 ) Interest expense     15,898       63,657       60,846       100,287   Total other expense     5,528       52,431       60,079       95,826                                     Net loss     (852,249 )     (1,325,318 )     (140,768 )     (1,803,172 ) Net loss attributable to non-controlling interest     (33,651 )     (51,118 )     (31,580 )     (47,497 ) Net loss attributable to Idaho Strategic Resources, Inc   $ (818,598 )   $ (1,274,200 )   $ (109,188 )   $ (1,755,675 )                                   Net loss per common share-basic and diluted   $ (0.07 )   $ (0.11 )   $ (0.01 )   $ (0.18 )                                   Weighted average common shares outstanding-basic and diluted     11,801,664       11,496,352       9,929,715       9,881,835   The accompanying notes are an integral part of these consolidated financial statements. New Jersey Mining Company Consolidated Statements of Cash Flows (Unaudited) For the Nine Month Periods Ended September 30, 2017 and 2016   September 30,   2017 2016 Cash flows from operating activities:         Net income (loss) $ 38,828 $ (1,144,006) Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:         Depreciation and amortization   100,588   3,214 Amortization of discount on note payable   35,200   67,157 Accretion of asset retirement obligation   6,327   3,968 Stock based compensation   115,836   55,815 Change in fair value of forward gold contracts   218,461   466,783 Change in:         Milling receivables   14,500   (34,632) Joint venture receivables   (4,839)   2,794 Gold sales receivables   (324,293)     Concentrate inventory   (18,295)     Timber receivables       (4,977) Other current assets   (33,876)   (16,250) Accounts payable   70,329   115,477 Accrued payroll and related payroll expense   (1,133)   16,462 Interest payable related parties   14,152   14,479 Net cash provided (used) by operating activities   231,785   (453,716)           Cash flows from investing activities:         Purchases of property, plant and equipment   (89,458)   (90,838) Purchase of mineral property   (14,522)   (88,842) Proceeds from option payment on property   15,000   10,000 Purchase of investment in joint venture       (225,000) Acquisition of GF&H, net of gain recognized as equity transaction       41,333 Payment received on note receivable   58,386     Purchase of reclamation bond   (45,320)   (58,000) Net cash (used) by investing activities   (75,914)   (411,347)           Cash flows from financing activities:         Sales of common stock and warrants, net of issuance costs   1,041,000     Proceeds from forward gold contracts       1,240,306 Borrowings on notes payable, related parties       475,000 Payments on forward gold contracts in cash   (270,755)     Gold purchased for payments on forward gold contracts   (232,037)     Principal payments on notes payable   (532,577)   (402,838) Principal payments on note payables, related parties   (89,702)   (28,422) Contributions from non-controlling interest   22,630   1,856 Net cash provided (used) by financing activities   (61,441)   1,285,902 Net change in cash and cash equivalents   94,430   420,839 Cash and cash equivalents, beginning of period   154,833   62,275 Cash and cash equivalents, end of period $ 249,263 $ 483,114           Non-cash investing and financing activities         Shares of common stock and warrants issued for payment of note and interest payable, related party $ 100,000     Shares of common stock issued for investment in joint venture     $ 210,000 Shares of common stock issued for acquisition of GF&H     $ 26,364 Note payable for equipment purchase $ 112,500     4 Table of Contents Idaho Strategic Resources, Inc Consolidated Statement of Changes in Stockholders' Equity (Unaudited) For the Three and Six-Month Periods Ended June 30, 2022 and 2021       Common Stock Shares     Common Stock Amount     Accumulated Deficit Attributable to Idaho Strategic Resources, Inc     Non-Controlling Interest     Stockholders’ Equity                                   Balance January 1, 2021     9,826,665     $ 20,986,062     $ (12,672,786 )   $ 2,950,888     $ 11,264,164   Contribution from non-controlling interest in Mill JV     -       0       0       2,469       2,469   Issuance of common stock for services     714       2,300       0       0       2,300   Options issued to management, directors, and employees     -       604,571       0       0       604,571   Options issued for services     -       9,860       0       0       9,860   Issuance of common stock for cashless option exercise     28,196       0       0       0       0   Net loss     -       0       (1,646,487 )     (15,917 )     (1,662,404 ) Balance March 31, 2021     9,855,575     $ 21,602,793     $ (14,319,273 )   $ 2,937,440     $ 10,220,960                                             Contribution from non-controlling interest in Mill JV     -     $ 0     $ 0     $ 17,459     $ 17,459   Issuance of common stock for services     1,071       4,200       0       0       4,200   Issuance of common stock for warrants exercised     19,841       50,000       0       0       50,000   Issuance of common stock for cashless option exercise     3,571       0       0       0       0   Conversion of convertible debt to common stock     291,667       735,000       0       0       735,000   Net loss     -       0       (109,188 )     (31,580 )     (140,768 ) Balance June 30, 2021     10,171,725     $ 22,391,993     $ (14,428,461 )   $ 2,923,319     $ 10,886,851                                             Balance January 1, 2022     10,940,969     $ 26,004,756     $ (15,832,955 )   $ 2,892,001     $ 13,063,802   Contribution from non-controlling interest in Mill JV     -       0       0       2,828       2,828   Issuance of common stock for cash, net of offering costs     360,134       2,701,000       0       0       2,701,000   Issuance of common stock for services     3,572       32,326       0       0       32,326   Issuance of common stock for warrants exercised     23,057       68,006       0       0       68,006   Issuance of common stock for cashless option exercise     28,981       0       0       0       0   Conversion of convertible debt to common stock     392,866       1,950,000       0       0       1,950,000   Net loss     -       0       (455,602 )     (17,467 )     (473,069 ) Balance March 31, 2022     11,749,579     $ 30,756,088     $ (16,288,557 )   $ 2,877,362     $ 17,344,893                                             Contribution from non-controlling interest in Mill JV     -     $ 0     $ 0     $ 18,202     $ 18,202   Issuance of common stock for cash, net of offering costs     138,665       980,107       0       0       980,107   Issuance of common stock for warrants exercised     70,919       397,147       0       0       397,147   Issuance of common stock for cashless option exercise     26,584       0       0       0       0   Net loss     -       0       (818,598 )     (33,651 )     (852,249 ) Balance June 30, 2022     11,985,747     $ 32,133,342     $ (17,107,155 )   $ 2,861,913     $ 17,888,100   The accompanying notes are an integral part of these consolidated financial statements. 5 Table of Contents Idaho Strategic Resources, Inc Consolidated Statements of Cash Flows (Unaudited) For the Six-Month Periods Ended June 30, 2022 and 2021       June 30,       2022     2021   Cash flows from operating activities:             Net loss   $ (1,325,318 )   $ (1,803,172 ) Adjustments to reconcile net loss to net cash used by operating activities:                 Depreciation and amortization     472,115       378,173   Loss on disposal of equipment     3,901       0   Accretion of asset retirement obligation     5,069       5,035   Stock based compensation     -       614,431   Issuance of common stock for services     32,326       6,500   Gain on forgiveness of SBA loan     (10,000 )     0   Equity income on investment in Buckskin     (671 )     0   Change in operating assets and liabilities:                 Gold sales receivable     (326,407 )     1,194   Inventories     (432,580 )     108,896   Joint venture receivable     1,533       1,712   Other current assets     (227,251 )     (35,042 ) Accounts payable and accrued expenses     69,295       (49,864 ) Accrued payroll and related payroll expenses     43,512       9,555   Net cash used by operating activities     (1,694,476 )     (762,582 )                   Cash flows from investing activities:                 Purchases of property, plant, and equipment     (229,763 )     (249,328 ) Deposits on equipment     (32,528 )     (21,829 ) Purchase of reclamation bonds     (217,800 )     0   Additions to mineral property     (408,913 )     (2,063,742 ) Net cash used by investing activities     (889,004 )     (2,334,899 )                   Cash flows from financing activities:                 Proceeds from sale of common stock and warrants net of issuance cost     3,681,107       0   Proceeds from exercise of common stock warrants     465,153       50,000   Principal payments on notes payable     (406,197 )     (249,449 ) Principal payments on notes payable, related parties     (20,508 )     (18,262 ) Issuance of convertible debt     -       1,750,000   Contributions from non-controlling interest     21,030       19,928   Net cash provided by financing activities     3,740,585       1,552,217                     Net change in cash and cash equivalents     1,157,105       (1,545,264 ) Cash and cash equivalents, beginning of period     1,976,518       2,539,945   Cash and cash equivalents, end of period   $ 3,133,623     $ 994,681                     Non-cash investing and financing activities:                                   Deposit on equipment applied to purchase   $ 96,000       0   Notes payable for equipment and land purchase   $ 630,115     $ 1,130,143   Conversion of convertible debt to common stock   $ 1,950,000     $ 735,000   The accompanying notes are an integral part of these consolidated financial statements. 5 6 Table of Contents New Jersey Mining CompanyIdaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 1. The Company and Significant Accounting Policies:Policies These unaudited interim consolidated financial statements have been prepared by the management of New Jersey Mining CompanyIdaho Strategic Resources, Inc (IDR) (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentationstatement of the interim consolidated financial statements have been included. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company's financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company's financial position and results of operations. Operating results for the threethree- and nine monthsix-month periods ended SeptemberJune 30, 20172022, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017.2022. On December 6, 2021, New Jersey Mining Company changed its name to Idaho Strategic Resources Inc. and also finalized a 1 for 14 reverse stock split of its common stock as previously approved by shareholders at a Special Meeting of the Shareholders held on October 6, 2021. On the date of the reverse stock split, every fourteen (14) shares of New Jersey Mining Company were automatically converted into one issued and outstanding share of Idaho Strategic Resources, Inc. common stock without any change in the par value per share. For further information refer to the financial statements and footnotes thereto in the Company’s audited consolidated financial statements for the year ended December 31, 20162021, as filed with the Securities and Exchange Commission. Principles of Consolidation At September 30, 2017 and December 31, 2016, the The consolidated balance sheet includesfinancial statements include the accounts of the Company and its majority-owned subsidiary, the New Jersey Mill Joint Venture (“NJMJV”). The consolidated statements of operations and cash flows for the period ended September 30, 2017 includes the same companies. Intercompany accounts and transactions are eliminated. The portion of entities owned by other investors is presented as non-controlling interests on the consolidated balance sheets and statements of operations. Revenue Recognition Gold Revenue Recognition and Receivables-Sales of gold sold directly to customers are recorded as revenues and receivables upon completion of the performance obligations and transfer of control of the product to the customer. For concentrate sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment at estimated forward prices for the anticipated month of settlement. Due to the time elapsed from shipment to the customer and the final settlement with the customer, prices at which sales of our concentrates will be settled are estimated. Previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement by the customer. For sales of doré and metals from doré, the performance obligation is met, the transaction price is known, and revenue is recognized at the time of transfer of control of the agreed-upon metal quantities to the customer by the refiner. Sales and accounts receivable for concentrate shipments are recorded net of charges by the customer for treatment, refining, smelting losses, and other charges negotiated with the customers. Charges are estimated upon shipment of concentrates based on contractual terms, and actual charges typically do not vary materially from estimates. Costs charged by customers include fixed costs per ton of concentrate and price escalators. Refining, selling, and shipping costs related to sales of doré and metals from doré are recorded to cost of sales as incurred. See Note 4 for more information on our sales of products. Other Revenue Recognition-Revenue from harvest of raw timber is recognized when titlethe performance obligation under a contract and risktransfer of ownershipcontrol of metals or metal bearing concentratethe timber have passed and collection is reasonably assured. Revenue fromboth been completed. Sales of timber found on the saleCompany’s mineral properties are not a part of metals may be subject to adjustment upon final settlement of estimated metal prices, weights and assays, andnormal operations. Inventories Inventories are recorded as adjustments to revenue in the period of final settlement of prices, weights and assays; such adjustments are typically not material in relation to the initial invoice amounts. Revenues from mill operations and custom milling are recognized in the period in which the milling is completed, concentrates are shipped, and collection of payment is deemed probable. Pre-Development Activities Pre-development activities involve cost incurred that may ultimately benefit production, such as underground ramp development, pumping, and open pit development, which are expensed due to the lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses. These costs are charged to operations as incurred. Inventory Inventory is stated at the lower of full cost of production or estimated net realizable value based on current metal prices. Costs consist of mining, transportation, and milling costs including applicable overhead, depreciation, depletion, and amortization relating to the operations. Costs are allocated based on the stage at which the ore is in the production process. Supplies inventory is stated at the lower of cost or estimated net realizable value. 7 Table of Contents Idaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 1. The Company and Significant Accounting Policies (continued) Mine Exploration and Development Costs The Company expenses exploration costs as such in the period they occur. The mine development stage begins once the Company identifies ore reserves which is based on a determination whether an ore body can be economically developed. Expenditures incurred during the development stage are capitalized as deferred development costs and include such costs for drift, ramps, and infrastructure. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency or safety of such assets are also capitalized. The development stage ends when the production stage of ore reserves begins. Amortization of deferred development costs is calculated using the units-of-production method over the expected life of the operation based on the estimated recoverable mineral ounces. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period that are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. 6 New Jersey Mining Company Notes to Consolidated Financial Statements (Unaudited) At SeptemberJune 30, 20172022, and December 31, 2016,2021, the Company determinedhad no assets or liabilities that required measurement at fair value on a recurring basis as follows:basis.   September 30, 2017 December 31, 2016 Fair Value Hierarchy Forward gold contracts-liability (Note 11) $ 1,101,897  $  1,386,228 2 Concentration During the fourth quarter 2016 and through the nine months ended September 30, 2017, the Company has sold all of its gold concentrate product to a concentrate broker, H&H Metals Corp. Reclassifications Certain prior period amounts have been reclassified to conform to the 2017 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. 2. Going Concern The Company’s cash flow is directly related to revenues generated from production and milling activities. The Company has experienced operating losses and negative operating cash flows prior to and during the ramp up of production activities at the Golden Chest Mine. In addition to cash flow from operations, ongoing operations are dependent on the Company’s ability to obtain public equity financing by the issuance of capital and to generate profitable operationsAccounting for Investments in the future. The Company is currently producing from the open-pit at the Golden Chest Mine and began underground operations in early November 2017. In addition, during the first three quarters of 2017, production has generated positive cash flow of $231,785 and planned production for the next 18 months indicates the trend to improve. The Company has also been successful in raising required capital to commence production and fund ongoing operations, completing a forward gold sale of $1.2 million in 2016 and closing private placements of $1.4 million in the first quarter of 2017. The Company also completed a private placement on October 20, 2017 using the proceeds to reduce debt and pay off the remaining balance on the Golden Chest Mine project. As a result of its planned production, equity sales and ability to restructure debt, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months. 3. Related Party Notes Payable At September 30, 2017 and December 31, 2016, the Company had the following notes and interest payable to related parties:     September 30, 2017   December 31, 2016 Mine Systems Design (“MSD”), a company in which our Company’s Vice President owns 10.4%, 12% interest, monthly payments of $4,910 through October 2018 $ 80,729 $ 115,868 John Swallow, Company president, 5% interest, monthly payments of $5,834 with balloon payment of $416,295 in February 2019   465,446   520,010 John Swallow, Company president, 5% interest, principal and interest due February 2019   245,516   341,250 Margaret Bathgate, shareholder, 5% interest, principal and interest due January 2018   100,000   100,000     891,691   1,077,128 Accrued interest payable   14,054   4,167 Total   905,745   1,081,295 Current portion   207,760   567,580 Long term portion $ 697,985 $ 513,715 7 New Jersey Mining Company Notes to Consolidated Financial Statements (Unaudited) Related Party interest expense for the three and nine month periods ending September 30, 2017 and 2016 is as follows: September 30, 2017 September 30, 2016 3 months 9 months 3 months 9 months $ 13,001 $ 41,970 $ 16,806 $ 45,770 During the quarter ended March 31, 2017 in conjunction with a private placement (Note 9), the Company issued 1,000,000 units of its common stock and warrants with a combined value of $100,000 in exchange for $95,734 in principal and $4,266 in accrued interest on a note payable due to John Swallow, the Company’s president. On August 8, 2017, notes with Mr. Swallow were amended to extend the balloon payments on both notes to February 2019. 4. Joint Ventures and Equity Method Investments Investment in Joint Ventures For joint ventures in whichwhere the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of non-controlling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee. For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. For those joint ventures in which there is joint control between the parties, and the Company has significant influence, the equity method is utilized.utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount. The Company periodically assesses its investments in joint ventures for impairment. If management determines that a decline in fair value is other than temporary it will write-down the investment and charge the impairment against operations. Equity Method Investments Investments in companies and joint ventures in which the Company has the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and representation on governing bodies. Under the equity method of accounting, our share of the net earnings or losses of the investee are included in net income (loss) in the consolidated statements of operations. We evaluate equity method investments whenever events or changes in circumstance indicate the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. At SeptemberJune 30, 20172022, and December 31, 2016,2021, the Company's 37% common stock holding of Buckskin Gold and Silver, Inc. is accounted for using the equity method (Note 10). At June 30, 2022 and December 31, 2021, the Company’s percentage ownership and method of accounting for each joint venture and equity method investment is as follows: September 30, 2017 December 31, 2016   June 30, 2022   December 31, 2021   Joint Venture % Ownership Significant Influence? Accounting Method % Ownership Significant Influence? Accounting Method   % Ownership     Significant Influence?   Accounting Method   % Ownership     Significant Influence?   Accounting Method   New Jersey Mill Joint Venture(“NJMJV”) 65% Yes Consolidated 65% Yes Consolidated NJMJV   65 %   Yes   Consolidated   65 %   Yes   Consolidated   Butte Highlands Joint Venture (“BHJV”) 50% No Cost 50% No Cost   50 %   No   Cost   50 %   No   Cost   Buckskin Gold and Silver   37 %   Yes   Equity   37 %   Yes   Equity   Reclassifications Certain prior period amounts have been reclassified to conform to the 2022 financial statement presentation. Reclassifications had no effect on net loss, stockholders’ equity, or cash flows as previously reported. 8 Table of Contents Idaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 1. The Company and Significant Accounting Policies (continued) New Accounting Pronouncement Accounting Standards Updates Adopted-In August 2020, the FASB issued ASU No.2020-06Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The update is to address issues identified as a result of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. The adoption of this update on January 1, 2022, did not have a material impact on our consolidated financial statements. 2. Going Concern The Company is currently producing from both the open-pit and underground at the Golden Chest Mine. In the past, the Company has been successful in raising required capital from sale of common stock, forward gold contracts, and debt. As a result of its planned production, equity sales and potential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months. 3. Inventories At June 30, 2022 and December 31, 2021, the Company’s inventories consisted of the following:     June 30, 2022     December 31, 2021   Concentrate inventory             In process   $ 208,774     $ 41,082   Finished goods     14,125       97,074   Total concentrate inventory     222,899       138,156                     Supplies inventory                 Mine parts and supplies     244,363       54,998   Mill parts and supplies     103,139       20,568   Core drilling supplies and materials     75,901       -   Total supplies inventory     423,403       75,566                     Total   $ 646,302     $ 213,722   The carrying value of inventory is determined each period based on the lower of cost or net realizable value. At June 30, 2022 and December 31, 2021 gold concentrate is carried at cost. 4. Sales of Products Our products consist of both gold flotation concentrates which we sell to a single broker (H&H Metal), and an unrefined gold-silver product known as doré which we sell to a precious metal refinery. At June 30, 2022, metals that had been sold but not final settled thus exposed to future price changes totaled 2,568 ounces of gold. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three and six-month periods ended June 30, 2022, and 2021 were as follows:     June 30, 2022     June 30, 2021       Three Months     Six Months     Three Months     Six Months   Gold   $ 2,547,096     $ 4,730,119     $ 2,296,378     $ 4,010,102   Silver     3,517       6,958       9,103       13,424   Less: Smelter and refining charges     (192,121 )     (334,168 )     (125,249 )     (256,667 ) Total   $ 2,358,492       4,402,909     $ 2,180,232       3,766,859   Sales by significant product type for the three and six-month periods ended June 30, 2022, and 2021 were as follows:     June 30, 2022     June 30, 2021       Three Months     Six Months     Three Months     Six Months   Concentrate sales to H&H Metal   $ 2,054,876     $ 4,099,293     $ 2,180,232     $ 3,690,351   Dore sales to refinery     303,616       303,616       0       76,508   Total   $ 2,358,492     $ 4,402,909     $ 2,180,232     $ 3,766,859   At June 30, 2022 and December 31, 2021, our gold sales receivable balance related to contracts with customers of $734,594 and $408,187, respectively, consist only of amounts due from H&H Metal. There is no allowance for doubtful accounts. 9 Table of Contents Idaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 5. Related Party Transactions At June 30, 2022 and December 31, 2021, the Company had the following note payable to related parties:     June 30, 2022     December 31, 2021   Ophir Holdings LLC, a company owned by two officers of the Company, 3.99% interest, monthly payments of $1,250 with a balloon payment of $76,887 in February 2024.   $ 96,103     $ 116,611   Total     96,103       116,611   Current portion     (11,376 )     (10,543 ) Long term portion   $ 84,727     $ 106,068   As of June 30, 2022 and December 31, 2021, there was no accrued interest payable to related parties. Related party interest expense for the three and six-months ended June 30, 2022 and 2021 is as follows. June 30, 2022     June 30, 2021   Three Months     Six Months     Three Months     Six Months   $ 1,027     $ 2,157     $ 2,133     $ 4,402   The Company leases office space from certain related parties on a month-to-month basis. $1,500 per month is paid to NP Depot, a company owned by the Company’s president, John Swallow. Payments under these short-term lease arrangements are included in general and administrative expenses on the Consolidated Statement of Operations and are as follows: June 30, 2022     June 30, 2021   Three Months     Six Months     Three Months     Six Months   $ 6,217     $ 12,434     $ 6,210     $ 12,427   6. Joint Ventures New Jersey Mill Joint Venture Agreement The Company owns 65% of the New Jersey Mill Joint Venture (JV) and has significant influence in its operations. Thus, the venture is included in the consolidated financial statements along with presentation of the non-controlling interest. At SeptemberJune 30, 20172022 and December 31, 2016,2021, an account receivable existed with Crescent Silver, LLC, the other joint venture participant (“Crescent”), for $7,727$2,909 and $2,888,$4,442, respectively, for shared operating costs as defined in the JV agreement. Crescent’s non-controlling interest in the JV changed from December 31, 2016 to September 30, 2017 as follows: Balance December 31, 2016 $ 3,142,312 Contribution from non-controlling interest   22,630 Net loss attributable to non-controlling interest   (43,107) Balance September 30, 2017 $ 3,121,835 Butte Highlands JV, LLC (“BHJV”) On January 29, 2016, the Company purchased a 50% interest in Butte Highlands JV, LLC (“BHJV”) from Timberline Resources Corporation for $225,000 in cash and 3,000,000 restricted shares of the Company’s common stock valued at $210,000 for a total consideration of $435,000. Highland Mining, LLC (“Highland”) is the other 50% owner and manager of the joint venture. Under the agreement, Highland will fund all future project exploration and mine development costs. The agreement stipulates that Highland is manager of BHJV and will manage BHJV until such time as all mine development costs, less $2 million are distributed to Highland out of the proceeds from future mine production. The Company has determined that because it does not currently have significant influence over the joint venture’s activities, it accounts for its investment on a cost basis. The Company purchased the interest in the BHJV to provide additional opportunities for exploration and development and expand the Company’s mineral property portfolio. 8 New Jersey Mining Company Notes to Consolidated Financial Statements (Unaudited) 5. 7. Earnings per Share For the three month period ending September 30, 2017, stock options of 2,750,000 and warrants of 1,200,000 are included in the calculation of diluted income per share. For the nine month period ended September 30, 2017, stock options of 3,250,000 and warrants of 1,200,000 warrants are included in the calculation of diluted income per share.  Excluded from the diluted earnings per share calculations for both the three and nine months ending September 30, 2017 were 2,725,000 stock options and 6,387,500 warrants. These stock options and warrants were excluded because the exercise prices were greater than the average trading prices of the Company’s common stock for the periods. For the three and nine monthsix-month periods ending Septemberended June 30, 2016, all2022, and 2021, potentially dilutive shares including outstanding stock options (Note 14), warrants (Note 13), and warrantsconvertible debt (Note 15) were excluded from the computation of diluted loss per share asbecause they were anti-dilutive due to net losses forin those periods. For the three and six-month periods would cause their conversionended June 30, 2022 and exercise to have no effect on2021, potentially dilutive common stock equivalents excluded from the calculation of lossdiluted earnings per share.share as their effect would have been anti-dilutive are as follows:     June 30, 2022     June 30, 2021   Stock options     405,384       394,643   Stock purchase warrants     562,263       406,947   Convertible debt     -       432,540   Total     967,647       1,234,130   10 Table of Contents 6.Idaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 8. Property, Plant, and Equipment Property, plant and equipment at SeptemberJune 30, 20172022 and December 31, 20162021 consisted of the following:   September 30, 2017   December 31, 2016   June 30, 2022     December 31, 2021   Mill                   Land $ 225,289 $ 225,289   $ 225,289   $ 225,289   Building   536,193   536,193   536,193   536,193   Equipment   4,192,940   4,192,940     4,192,940       4,192,940     4,954,422   4,954,422   4,954,422   4,954,422   Less accumulated depreciation   (391,895)   (307,302)     (1,173,429 )     (1,085,730 ) Total mill   4,562,527   4,647,120     3,780,993       3,868,692                     Building and equipment at cost   612,155   434,897 Building and equipment           Buildings   337,859   324,075   Equipment     5,374,798       5,042,915     5,712,657   5,366,990   Less accumulated depreciation   (234,446)   (223,264)     (2,217,709 )     (1,847,191 ) Total building and equipment   377,709   211,633     3,494,948       3,519,799                     Land                   Bear Creek   266,934   266,934   266,934   266,934   Little Baldy   47,139   62,139 BOW   230,449   230,449   230,449   230,449   Eastern Star   250,817   250,817   250,817   250,817   Gillig   79,137   79,137   79,137   79,137   Highwater   40,133   40,133   40,133   40,133   Salmon Building     410,285       0   Total land   914,609   929,609     1,277,755       867,470   Total $ 5,854,845 $ 5,788,362   $ 8,553,696     $ 8,255,961   7.An office/warehouse building was purchased in Salmon, Idaho in the second quarter of 2022 for $100,000 in cash and a note payable in the amount of $310,285 for use by the Company as it explores its rare earth properties in the area. 9. Mineral Properties Mineral properties at SeptemberJune 30, 20172022 and December 31, 20162021 consisted of the following:   June 30, 2022     December 31, 2021     September 30, 2017   December 31, 2016 Golden Chest           Mineral Property   $ 1,590,525   $ 1,577,669   Infrastructure     1,441,542       1,056,037   Total Golden Chest   3,032,067   2,633,706   New Jersey $ 215,127 $ 215,127   336,020   248,289   McKinley   250,000   250,000 Golden Chest   1,649,142   1,586,324 Toboggan   5,000   5,000 McKinley-Monarch   200,000   200,000   Butte Potosi   274,440   274,440   Alder Gulch   2,473,066   2,473,066   Park Copper   78,000   78,000   Less accumulated amortization   (14,363)   (9,551)     (74,189 )     (64,315 ) Total $ 2,104,906 $ 2,046,900   $ 6,319,404     $ 5,843,186   For the three and six-month periods ended June 30, 2022 and 2021, interest expense was capitalized in association with the ramp access project at the Golden Chest as follows. 9 June 30, 2022     June 30, 2021   Three Months     Six Months     Three Months     Six Months   $ 7,914     $ 20,917     $ 16,330     $ 26,516   11 Table of Contents New Jersey Mining CompanyIdaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 10. Investment in Buckskin 8. Notes Payable At September 30, 2017 and December 31, 2016, notes payable are as follows:   September 30, 2017 December 31, 2016 Property with shop 36 month note payable, 4.91% interest rate payable monthly, remaining principal of note due in one payment at end of term in June 2019, monthly payments of $474 $ 36,413 $ 39,021 Property 120 month note payable, 11.0% interest rate payable monthly, remaining principal of note due in one payment at end of term in March 2021, collateralized by property, monthly payments of $1,122   93,083   98,559 Tailings pump, 35 month note payable, 17.5% interest rate payable monthly through May of 2018, monthly payments of $3,268, collateralized by equipment   23,542   48,035 Haul Truck, 20 month note payable, 10.0% interest rate payable monthly through May of 2019, monthly payments of 6,020, collateralized by equipment   112,500   - Mineral property, 10 quarterly payments, 0.0% interest rate discounted at 10%, collateralized by property, quarterly payments of $125,000 through May of 2018   250,000   750,000 Total notes payable   515,538   935,615 Due within one year   344,877   664,787 Due after one year $ 170,661 $ 270,828 Future principal payments of debt and related discount amortization at September 30, 2017 are as follows:     Note   Discount   Net 1 year $ 344,877 $ (9,072) $ 335,805 2 years   84,818   -   84,818 3 years   4,260   -   4,260 4 years   81,583   -   81,583 Total $ 515,538 $ (9,072) $ 506,466 9. Stockholders’ Equity TheIn August 2021, the Company began a private placement in the fourth quarter 2016 which ran through the first quarter of 2017. Each unit consisted of twoexchanged 45,940 shares of the Company’s common stock for 22% of Buckskin Gold and one stock purchase warrant with each warrant exercisable for oneSilver Inc. The Company’s closing share price on the date of the Company’s stock at $0.20 through February 2020. As of December 31, 2016, 537,500 units were sold consisting of 1,075,000 shares and 537,500 warrantsagreement (August 18, 2021) was recorded as the cost basis for net proceeds of $92,500 after deducting the 10% commission and other related placement fees.property. In October 2021 the first quarter of 2017Company exchanged an additional 3,200,000 shares and 1,600,000 warrants were sold for net proceeds in 2017 of $291,000 after deducting the 10% commission. At closing of the private placement in March 2017, the total units for the private placement were 2,137,500 units consisting of 4,275,000 shares and 2,137,500 warrants, net proceeds of the private placement in total were $383,500. The Company offered an additional private placement in March of 2017. The private placement was for 4,250,000 units, each unit consisting of two30,358 shares of the Company’s common stock and one stock purchase warrant with each warrant exercisable for onean additional 15% of Buckskin. The Company’s closing share price on the date of the Company’s stock at $0.20 through April 2020. No commissionexchange (October 15, 2021) was paid with this private placement. Proceeds were $750,000recorded as the cost basis for the investment addition. This investment in cashBuckskin is being accounted for using the equity method and resulted in recognition of equity income on the investment of $339 and $671 for the three- and six-month periods ending June 30, 2022. The Company makes an annual payment of $12,000 to Buckskin per a $100,000 payment on a notelease covering 218 acres of patented mining claims. As of June 30, 2022, the Company holds 37% of Buckskin’s outstanding shares. 11. Notes Payable At June 30, 2022 and interestDecember 31, 2021, notes payable to the Company’s president, John Swallow. The Company’s concentrate broker, H&H Metals Corp., who purchases all of the Company’s gold concentrate product, participated in this private placement purchasing 1,250,000 units for $250,000.are as follows:     June 30, 2022     December 31, 2021   Building in Salmon, Idaho, 60-month note payable, 7.00% interest payable monthly through June 2027, monthly payments of $2,500 with a balloon payment of $260,886 in July 2027   $ 310,285     $ 0   Resimin Muki Bolter, 36-month note payable, 7.00% interest payable monthly through January 2025, monthly payments of $827     23,398       0   Paus 2 yrd. LHD, 48-month note payable, 4.78% interest rate payable through September 2024, monthly payments of $5,181     136,994       164,422   Paus 2 yrd. LHD, 60-month note payable, 3.45% interest rate payable through July 2024, monthly payments of $4,847     116,754       143,547   Compressor, 48-month note payable, 5.25% interest rate payable monthly through January 2022, monthly payments of $813     0       410   CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through June 2024, monthly payments of $627     14,360       17,752   CarryAll transport, 36-month note payable, 4.5% interest rate payable monthly through February 2024, monthly payments of $303     5,835       7,501   Atlas Copco loader, 60-month note payable, 10.5% interest rate payable monthly through June 2023, monthly payments of $3,550     40,264       58,866   Sandvik LH203 LHD, 36-month note payable, 4.5% interest payable monthly through May 2027, monthly payments of $10,352     227,707       283,955   Doosan Compressor, 36-month note payable, 6.99% interest payable monthly through July 2024, monthly payments of $602     13,997       17,064   Caterpillar 306 excavator, 48-month note payable, 4.6% interest payable monthly through November 2024, monthly payments of $1,512     41,410       49,421   Caterpillar 938 loader, 60-month note payable, 6.8% interest rate payable monthly through August 2023, monthly payments of $3,751     50,346       70,734   Caterpillar R1600 LHD, 48-month note payable, 4.5% interest rate payable through January 2025, monthly payments of $17,125     500,249       590,535   Caterpillar AD22 underground truck, 48-month note payable, 6.45% interest rate payable through June 2023, monthly payments of $12,979     150,160       221,694   2022 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,152     69,539       0   2016 Dodge Ram, 75-month note payable, 5.99% interest rate payable monthly through June 2028, monthly payments of $1,190     71,808       0   Two CarryAll transports, 36-month note payable, 6.3% interest rate payable monthly through May 2025, monthly payments of $1,515     48,366       0   CarryAll transport, 36-month note payable, 6.3% interest rate payable monthly through June 2025, monthly payments of $866     28,347       0   Total notes payable     1,849,819       1,625,901   Due within one year     743,589       664,153   Due after one year   $ 1,106,230     $ 961,748   12 Table of Contents 10Idaho Strategic Resources, Inc New Jersey Mining Company Notes to Consolidated Financial Statements (Unaudited) 11. Notes Payable (continued) Stock Purchase Warrants Outstanding The activityAll notes are collateralized by the property or equipment purchased in stock purchase warrants isconnection with each note. Future principal payments of notes payable at June 30, 2022 are as follows:     Number of Warrants   Exercise Prices Balance December 31, 2015   10,200,000 $ 0.10-0.20 Issued in connection with private placement   537,500   0.20 Balance December 31, 2016   10,737,500   0.10-0.20 Expired   (9,000,000)   (0.15-0.20) Issued in connection with private placement   5,850,000   0.20 Balance September 30, 2017   7,587,500   0.10-0.20 12 months ended June 30,       2023   $ 743,589   2024     530,561   2025     215,942   2026     34,689   2027     297,825   2028     27,213   Total   $ 1,849,819   These warrants expire as follows:12. Small Business Administration Loan and Grant Shares Exercise Price Expiration Date 1,200,000 $0.10 August 11, 2019 2,137,500 $0.20 February 28, 2020 4,250,000 $0.20 April 30, 2020 10. Stock Options In the fourth quarter of 2016, the Company granted 2,750,000 options to management, directors, consultants, and employees of the Company. Of these options 1,225,000 vested in the fourth quarter of 2016 and the remaining 1,525,000 vest in 2017. The options had a fair value of $268,032 which is being recognized ratably over the vesting period. Compensation costs of $151,143 were recognized in the fourth quarter of 2016. Compensation costs of $33,504 and $100,512 was recognized in the three and nine month periods ended September 30, 2017, respectively. The remaining unrecognized compensation cost of $16,377 is expected to be recognized in the fourth of 2017. In the second quarter of 2017,2020, the Company granted 400,000 optionsreceived a loan of $149,900 pursuant to consultantsthe Small Business Act Section 7(b). The loan which was in the form of a Note dated May 16, 2020, matures May 16, 2050, and employeesbears interest at a rate of 3.75% per annum. Payments of $731 are due monthly and will begin in November 2022. At June 30, 2022, and December 31, 2021 accrued interest on the Company. These options vestloan was $12,306 and $9,311, respectively and is included in the Small Business Administration Loan balance on the consolidated balance sheet. In the second quarter of 2022, it was determined that an additional $10,000 also received in the second quarter of 2018.2020 was a grant that was forgiven as part of the Covid-19 relief program. This $10,000 was recorded as a gain on forgiveness of the SBA loan in the statement of operations during the current quarter. 13. Stockholders’ Equity Stock issuance activity In the first quarter of 2021 the Company issued 714 shares of common stock at $3.22 per share for for a total value of $2,300. In the second quarter of 2021 the Company issued 1,071 shares of common stock at $3.92 per share for services provided for a total value of $4,200. The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 units at $7.50 per unit for net proceeds of $2,701,000. Each unit consisted of one share of the Company’s common stock. In the first quarter of 2022, the Company issued 3,572 shares of common stock at $9.05 per share for services provided for a total value of $32,326. In the second quarter of 2022, the Company sold 138,665 shares of common stock for net proceeds of $980,107. Stock Purchase Warrants Outstanding In the second quarter of 2021 19,841 shares were issued in exchange for outstanding warrants for net proceeds of $50,000. In the first quarter of 2022, 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006. In the second quarter of 2022, 70,919 shares were issued in exchange for outstanding warrants for net proceeds of $397,147. The activity in stock purchase warrants is as follows:   Number of Warrants     Exercise Prices   Balance December 31, 2020     426,788     $ 2.52-5.60   Issued     289,294     $ 5.60-7.00   Exercised     (46,615 )   $ 2.52   Balance December 31, 2021     669,467     $ 2.52-7.00   Expired     (13,228 )   $ 2.52   Exercised     (93,976 )   $ 2.52-5.60   Balance June 30, 2022     562,263     $ 5.60-7.00   These warrants expire as follows:   Shares     Exercise Price     Expiration Date         272,969     $ 5.60     August 28, 2022         235,722     $ 5.60     October 14, 2023         53,572     $ 7.00     November 12, 2023         562,263               13 Table of Contents Idaho Strategic Resources, Inc Notes to Consolidated Financial Statements (Unaudited) 14. Stock Options In February 2021, the board granted 283,936 stock options had ato officers, board members, and employees. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $604,571. In March 2021, the Company granted 3,572 stock options to an individual for services rendered to the Company. These options vested immediately and are exercisable at $5.60 for 3 years. Total stock-based compensation recognized on these options was $9,860 during the six months ended June 30, 2021. No options were granted in the second quarter of 2021 or the first six months of 2022. The fair value of $36,777 which is being recognized ratably overstock option awards granted, and the vesting period. Compensation costkey assumptions used in the Black-Scholes valuation model to calculate the fair value of $9,194 and $15,324the options are as follows:     February 11, 2021     March 15, 2021   Fair value   $ 604,572     $ 9,860   Options issued     283,936       3,572   Exercise price   $ 5.60     $ 5.60   Expected term (in years)     3.0       3.0   Risk-free rate     0.19 %     0.33 % Volatility     97.9 %     99.3 % In the first quarter of 2021, 44,643 options were exercised in exchange for 28,196 shares at $5.32 per share in a cashless warrant exercise. In the second quarter of 2021, 7,143 options were exercised in exchange for 3,571 shares at $3.92 per share in a cashless warrant exercise. In the first quarter of 2022, 51,789 options were exercised in exchange for 28,981 shares at an average price of $9.72 per share in a cashless warrant exercise. In the second quarter of 2022, 42,859 options were exercised in exchange for 26,584 shares at an average price of $9.44 per share in a cashless warrant exercise. No stock-based compensation was recognized during the six months ended June 30, 2022. Activity in the three and nine month periods ended September 30, 2017, respectively. The remaining unrecognized compensation cost of $21,453Company’s stock options is expected to be recognized in the remainder of 2017 and the first half of 2018.as follows:     Number of Options     Weighted average exercise prices   Balance December 31, 2020     150,000     $ 1.83   Granted     469,674     $ 5.53   Exercised     (101,786 )   $ 1.87   Forfeited     (10,713 )   $ 5.60   Balance December 31, 2021     507,175     $ 5.25   Exercised     (94,648 )   $ 1.71   Forfeited     (7,143 )   $ 1.96   Balance June 30, 2022     405,384     $ 5.67   Outstanding and exercisable at June 30, 2022     405,384     $ 5.67   Stock based compensation costs are included in management, production, exploration, and general and administrative expenses where applicable.     Number of Options   Exercise Prices Balance January 1, 2016   5,750,000 $ 0.10-0.15    Exercised   (500,000)   0.10 Issued   2,750,000   0.15 Expired   (500,000)   0.11 Balance December 31, 2016   7,500,000 $ 0.10-0.15 Expired   (500,000)   0.10 Issued   400,000   0.15 Balance September 30, 2017   7,400,000 $ 0.10-0.15           Exercisable at September 30, 2017   5,475,000 $ 0.10-0.15 At SeptemberJune 30, 2017, the2022, outstanding stock options have an intrinsic value of approximately $192,500 and have a weighted average remaining term of 2.5 years. 11 New Jersey Mining Company Notes to Consolidated Financial Statements (Unaudited) 11. Forward Gold Contracts On July 13, 2016, the Company entered into a forward gold contract with Ophir Holdings LLC ("Ophir"), a company owned by threeapproximately 2.3 years and an intrinsic value of approximately $919,800. Intrinsic value of the Company’s officers, for net proceeds of $467,500 to fund startup costs at the Golden Chest. The contract callsoptions exercised for the Company to deliver a total of 500 ounces of gold to the purchasers with quarterly payments equivalent to $25,000 in ounces starting February 1, 2017 until all other investors in forward gold contracts are paid in full at which time the quarterly payments will increase to the equivalent of $75,000 in ounces until the remaining balance is paid in full as gold is produced from the Golden Chest Mine and New Jersey Mill. During the first nine months of 2017, the Company paid the equivalent of 60.5 gold ounces to Ophir. At Septembersix-month period ended June 30, 2017, future gold deliveries are 439.5 ounces due.2022, was $255,993. On July 29, 2016, the Company entered into forward gold contracts through GVC Capital LLC (“GVC”) for net proceeds of $772,806 to fund startup costs at the Golden Chest. The agreement calls for the Company to deliver a total of 904 ounces of gold to the purchasers in quarterly payments starting December 1, 2016 for a period of two years as gold is produced from the Golden Chest Mine and New Jersey Mill. During the first nine months of 2017, the Company paid the equivalent of 337.5 gold ounces to GVC. At September 30, 2017, future gold deliveries are 113 ounces due in the remainder of 2017 and 339 ounces due in 2018.15. Convertible Debt The gold to be delivered does not need to be produced from the Golden Chest property. In addition, the counterparties can request cash payment insteadbalance of gold ounces for each quarterly payment. The cash payments are based on average gold prices for the applicable quarter. The contracts are accounted for as derivatives requiring their value to be adjusted to fair value each period end. The change in balance for the forward gold contracts for the nine months ended September 30, 2017 and 2016 is as follows:     2017   2016 Beginning balance $ 1,386,228   - Proceeds from contracts   - $ 1,240,306  Payments:                In cash   (270,755)   -     In gold purchased by the Company   (232,037)   -           Change in fair value   218,461   466,783 Ending balance   1,101,897   1,707,089 Current   649,411   887,943 Long term $ 452,486 $ 819,146 The fair value was calculated using the market approach with Level 2 inputs for forward gold contract rates and a discount rate of 10%. 12. Asset Retirement Obligation The Company has established asset retirement obligations associated with the ultimate closing of its mineral properties where there has been or currently are operations. Activity for the nine months ended September 30, 2017 and the year endedconvertible debt at December 31, 2016 is as follows:   Nine Months Ended Year Ended   September 30, 2017 December 31, 2016           Balance at beginning of period $ 72,218 $ 28,656 Accretion expense   6,327   5,291 Incurred on Golden Chest mining operations   23,597   38,271 Balance at end of period $ 102,142 $ 72,218 12 New Jersey Mining Company Notes2021 consisted of $200,000 convertible to Consolidated Financial Statements (Unaudited) During 2016, the Company established an asset requirement obligation for its Golden Chest mine. At September 30, 2017, management estimated that the cost to reclaim the property based upon disturbance to be $70,087. The estimated reclamation costs were discounted using credit adjusted, risk-free interest rate of 5.0% from the time the obligation was incurred to the time management expects to pay the retirement obligation. 13. Subsequent Events In October 2017, the Company completed a private placement consisting of a total of 1,291,667 units soldCommon shares at a price of $0.24$5.60 per unit, which resulted in gross proceedsshare (35,715 shares) and $1,750,000 convertible to the Company of $250,000 and a debt reduction of $60,000. No commissions will be paid on the sale.  Each unit consisted of twoCommon shares of the Company’s common stock and one common stock purchase warrant exercisable at a price of $0.20 for a period$4.90 per share (357,151 shares). All of 36 months (ending October 20, 2020).  H&H Metals Corp. purchased 1,041,667 units, comprised of 2,083,334this debt was converted to Common shares and 1,041,667 warrants, for a total of $250,000. John Swallow converted $60,000 of debt owed to him and was issued 250,000 units comprised of 500,000 shares and 250,000 warrants. In total,as provided in the Company issued an aggregate of 1,291,667 units, comprised of 2,583,334 common shares and 1,291,667 warrants.respective agreements in March 2022. 14 Table of Contents In October 2017, the Company utilized proceeds of the private placement to pay the remaining debt due on the Golden Chest property of $250,000. ItemITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS When we use the terms "New Jersey Mining Company," the "Company," "we," "us," or "our," we are referring to New Jersey Mining Company (the “Company”) and its subsidiaries, unless the context otherwise requires. Cautionary Statement about Forward-Looking Statements This Quarterly Report on Form 10-Q and the exhibits attached hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. These statements include, but are not limited to, comments regarding: · the establishment and estimates of mineralization; · the grade of mineralization; · anticipated expenditures and costs in our operations; · planned exploration activities and the anticipated outcome of such exploration activities; · plans and anticipated timing for obtaining permits and licenses for our properties; · expected future financing and its anticipated outcome; · anticipated liquidity to meet expected operating costs and capital requirements; · our ability to obtain joint ventures partners and maintain working relationships with our current joint venture partners; · our ability to obtain financing to fund our estimated expenditure and capital requirements; and · factors expected to impact our results of operations. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation: · risks related to our limited operating history; · risks related to our history of losses and our expectation of continued losses; · risks related to our properties being in the exploration or development stage; · risks related our mineral operations being subject to government regulation; · risks related to future legislation and administrative changes to mining laws; · risks related to future legislation regarding climate change; · risks related to our ability to obtain additional capital or joint venture partners; · risks related to land reclamation requirements and costs; · risks related to mineral exploration and development activities being inherently dangerous; · risks related to our insurance coverage for operating risks; · risks related to cost increases for our exploration and development projects; · risks related to a shortage of equipment and supplies adversely affecting our ability to operate; · risks related to mineral estimates; · risks related to the fluctuation of prices for precious and base metals, such as gold and silver; · risks related to the competitive industry of mineral exploration; · risks related to our title and rights in our mineral properties and mill; · risks related to joint venture partners and our contractual obligations therewith; · risks related to potential conflicts of interest with our management; · risks related to our dependence on key management; · risks related to the New Jersey Mill operations, management, and milling capacity; · risks related to our business model; · risks related to evolving corporate governance standards for public companies; and · risks related to our shares of common stock. This list is not exhaustive of the factors that may affect our forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed on March 28, 2016. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated, or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. Plan of Operation New Jersey Mining CompanyIdaho Strategic Resources, Inc is an emerginga gold producer focused on diversifying and building its asset base and cash flows through a portfolio of mineral properties located in historic producing gold districts in Idaho and Montana. The Company’s plan of operation is to generate positive cash flow, while reducing debt and growingincrease its gold production and asset base over time while being mindful of corporate overhead. ManagementThe Company’s management is focused on utilizing its in-house skillsetsskills to identify, acquire and/or develop quality assets that have productionbuild a portfolio of producing mines and resource potential, preferably having considerable prior investmentmilling operations with a primary focus on gold and development.exploration for Rare Earth elements (REE). The Company’s properties include: the Golden Chest Mine (currently in production), the New Jersey Mill (majority ownership interest), and a 50% carried to production interest in the past producing Butte Highlands Mine located in Montana. In addition to its producing and near-term production projects, New Jersey Mining CompanyIdaho Strategic Resources, Inc. has additional gold exploration prospects, including the McKinleyMcKinley-Monarch and Eastern Star located in Central Idaho, and additional holdings near the Golden Chest in the Murray Gold Belt. Recently, the Company added two rare earth element properties in Idaho to its portfolio of exploration properties in an effort to diversify its holdings towards the anticipated demand for these elements in the electrification of motorized vehicles. Highlights duringCOVID-19 Coronavirus Pandemic Response and Impact Following the first nine months of 2017 include: · For the three and nine months ended September 30, 2017 approximately 8,314 and 21,840 tonnes of ore, respectively, from the open pit have been processed though the New Jersey Mill. For the three month period ending September 30, 2017 the average head grade was 4.29 grams per tonne (gpt) gold with average gold recoveries of 83.1% and 952 ounces were recovered. For the nine month period ending September 30, 2017 the average head grade was 4.55 gpt gold with average gold recoveries of 84.6% and 2,700 ounces were recovered. · Dewateringoutbreak of the underground mineCOVID-19 coronavirus global pandemic ("COVID-19") in early 2020, in March 2020 the U.S. Centers for Disease Control issued guidelines to mitigate the spread and installationhealth consequences of permanent mining equipmentCOVID-19. The Company implemented changes to its operations and ventilationbusiness practices to follow the guidelines and minimize physical interaction, including using technology to allow employees to work from home when possible and altering production procedures and schedules, asset maintenance, and limiting discretionary spending. As long as they are required, the operational practices implemented could have an adverse impact on our operating results due to deferred production and revenues or additional costs. The negative impact of COVID-19 remains uncertain, including on overall business and market conditions. There is complete with undergrounduncertainty related to the potential additional impacts COVID-19 could have on our operations scheduled to commenceand financial results for the year. Critical Accounting Estimates We have, besides our estimates of the useful lives of our assets, two critical accounting estimates. The ounces of gold contained in November. · Identified expansion potential of open pit areaour process and concentrate inventory is based on assays taken at the Golden Chest Mine. · Closed private placementstime the ore is processed and the ounces of $1.14 million with participation from management and strategic shareholders including the Company’sgold contained in shipped concentrate broker H&H Metals Corp. · Acquired additional equipment in support of underground operationswhich is based upon assays taken prior to shipment however subject to final assays at the Golden Chest Mine.refinery, these shipments are also subject to the fluctuation in gold prices between our shipment date and estimated and actual final settlement date. Also, the reclamation bond obligation on our balance sheet is based on an estimate of the future cost to recover and remediate our properties as required by our permits upon cessation of our operations and may differ when we cease operations. · Total liabilities reduced $745,638Our concentrate sales sometimes involve variable consideration, as comparedthey can be subject to December 31, 2016. · changes in metals prices between the time of shipment and their final settlement. However, we are able to reasonably estimate the transaction price for the concentrate sales at the time of shipment using forward prices for the estimated month of settlement, and previously recorded sales and accounts receivable are adjusted to estimated settlement metals prices until final settlement for financial reporting purposes. The embedded derivative contained in our concentrate sales is adjusted to fair value through earnings each period prior to final settlement. It is unlikely a significant reversal of revenue for any one concentrate lot will occur. As such, we use the expected value method to price the concentrate until the final settlement date occurs, at which time the final transaction price is known. At June 30, 2022, metals that had been sold but not final settled thus exposed to future price changes totaled 2,568 ounces of gold. The Company has made a varietyreceived provisional payments on the sale of equipment purchasesthese ounces with the remaining amount due reflected in 2017gold sales receivable. The asset retirement obligation and asset on our balance sheet is based on an estimate of the future cost to recover and remediate our properties as required by our permits upon cessation of our operations and may differ when we cease operations. At June 30, 2022 we reviewed our December 31, 2021 estimate that the open pit continuescost of the machine and man hours probable to evolve and preparations are made for underground production. Included in these equipment purchases was a Wagner 14-ton underground haul truck purchased in September 2017 for $125,000 of which $112,500 was financed with a 20 month note payable and $6,020/month payments. Results of Operations There was $1,266,139 and $3,218,147 in revenuebe needed to put our properties in the threecondition required by our permits once we cease operations. As of June 30, 2022 we added $107,000 to our New Jersey Mine and nine-month periods respectively ending SeptemberMill for a tailing impoundment expansion. The June 30, 2017 compared to $52,354 and $144,6322022 estimated costs would be $103,906 for the comparable periods in 2016. The revenue in 2017 was from mining and milling of ore from the Golden Chest Mine whereas minimal activity occurred in the first nine months of 2016. The net income attributable to the Company of $144,407 and $81,935 for the three and nine month periods ending September 30, 2017 compared to the net loss of ($838,458) and ($1,167,317) in the comparable periods of 2016 are a result of operations at the Golden Chest property and $203,600 for the New Jersey millMine and Mill. For purposes of the estimate, we evaluated the expected life in 2017.years and costs that, initially, are comparable to rates that we would incur at the present. We are adding to the liability each year, and amortizing the asset over the estimated life, which decreases our net income in total each year. We make periodic reviews of the remaining life of the mine and other operations, and the estimated remediation costs upon closure, and adjust our account balances accordingly. At this time, we think that an adjustment in our asset recovery obligation is not required, and an adjustment in future periods would not have a material impact in the year of adjustment but would change the amount of the annual accretion and amortization costs charged to our expenses by an undetermined amount. 15 Table of Contents Critical Accounting Policies The Company began ramp up, production, and milling of ore from the Golden Chest property open pit in the fourth quarter of 2016 and continued production throughout the first nine months of 2017.SEC has requested that all registrants address their most critical accounting policies. The Company plans to continue mining the open pit and add production from the underground workings in the fourth quarter of 2017. Gold Sales Gold sales income increased by $1,220,285 and $3,094,629 in the three and nine month periods, respectively of 2017 comparedSEC has indicated that a “critical accounting policy” is one which is both important to the equivalent periods in 2016 as a result processing ore from the Golden Chest Milling Income Milling income decreased in 2017 compared to 2016 as a result of terminationrepresentation of the Skookum lease in September 2015. Production Production costs increased in 2017 compared to 2016 as a result of production at the Golden Chestregistrant’s financial condition and the associated milling. Predevelopment expenses Predevelopment expenses decreased in 2017 compared to 2016 as costs related to pumpingresults and other activities being done in preparation for underground mining which is to commence in the fourth quarter near completion. Exploration Exploration cost decreased in 2017 compared to 2016 as a result the Company’s focus on development in support of production at the Golden Chest. Depreciation Depreciation increased in 2017 compared to 2016 as a result of units of production depreciation calculations as the mill and Golden Chest as production of ore proceeds in 2017. Accounting and Legal Services Accounting and legal services expenses were higher in the nine month periods of 2017 compared to the comparable period of 2017 as a result of increased activity including seeking a listing on the Canadian Stock Exchange and services related to collection of debt owed the company by Premium Exploration. General and Administrative Expenses General and administrative expenses were higher in 2017 compared to the comparable period of 2016 as a result of increased activity. Timber Income No timber was harvested from the Company’s property in 2017. Interest Income Interest income increased in 2017 as compared to 2016requires management’s most difficult, subjective, or complex judgments, often as a result of the collectionneed to make estimates about the effect of debt owedmatters that are inherently uncertain. We base our estimates on past experience and on various other assumptions our management believes to be reasonable under the Company by Premium Exploration.circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results will differ and may differ materially from these estimates under different assumptions or conditions. Additionally, changes in accounting estimates could occur in the future from period to period. Our management has discussed the development and selection of our most critical financial estimates with the Audit and Finance Committee of our Board of Directors. The following paragraphs identify our most critical accounting policies: Change inDetermination of Fair Value of Forward Gold ContractsValues Change in Management determines the fair value of forwarda financial instrument based on the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value is calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities includes consideration of non-performance risk, including the party’s own credit risk. Impairment of Mineral Rights and Properties, Plant and Equipment The Company assesses its mineral rights and properties, plant, and equipment for possible impairment whenever events or changes in circumstances indicate the carrying value of the assets may not be recoverable. Such indicators include changes in the Company’s business plans, changes in precious metal prices and significant downward revisions of estimated mineralization quantities. If the carrying value of an asset exceeds the future undiscounted cash flows expected from the asset, an impairment charge is recorded for the excess of carrying value of the asset over its estimated fair value. Determination as to whether and how much an asset is impaired involves management estimates on highly uncertain matters such as future commodity prices, the effects of inflation and technology improvements on operating expenses, and the outlook for global or regional demand conditions for gold contractsand silver. However, the impairment reviews and calculations are based on assumptions that are consistent with the Company’s business plans and long-term investment decisions. Management does not believe there are impairments present in mineral rights and properties, plant, and equipment. Reclamation and Remediation Obligations Reclamation costs are allocated to expense over the life of the related assets and are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation and remediation costs. Reclamation obligations are based on when the spending for an existing environmental disturbance will occur. We review, on at least an annual basis, the reclamation obligation at each mine site in accordance with guidance for accounting for asset retirement obligations. Reclamation obligations for inactive mines are accrued based on management’s best estimate of the costs expected to be incurred at a site. Such cost estimates include, where applicable, ongoing care, maintenance, and monitoring costs. Changes in estimates at inactive mines are reflected in earnings in the period an estimate is lowerrevised. Accounting for reclamation and remediation obligations requires management to make estimates unique to each mining operation of the future costs we will incur to complete the reclamation and remediation work required to comply with existing laws and regulations. Actual costs incurred in 2017 comparedfuture periods could differ from amounts estimated. Additionally, future changes to 2016environmental laws and regulations could increase the extent of reclamation and remediation work required. Any such increases in future costs could materially impact the amounts charged to earnings for reclamation and remediation. Income Taxes Our income tax expense and deferred tax assets and liabilities reflect management’s best assessment of estimated future taxes to be paid. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating our ability to recover our deferred tax assets, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, we develop assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that we are using to manage the underlying businesses. Valuation allowances are recorded as reserves against net deferred tax assets by the Company when it is determined that net deferred tax assets are not likely to be realized in the foreseeable future. 16 Table of Contents The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations. Income tax positions must meet a resultmore-likely-than-not recognition threshold to be recognized. Highlights during the second quarter of a lower debt balance2022 include: Rare Earth Elements/Thorium · In May the Company announced Idaho Strategic Resources Adds the Lemhi Pass Project – The Largest Known Concentration of Thorium Resources in the United States. The Lemhi Pass District is “listed as the largest concentration of Thorium resources in the United States”, per the U.S. Geological Survey (USGS) and the Idaho Geological Survey (IGS). The addition of this land package not only compliments IDR’s nationally ranked ‘Technology Metals’ Rare Earth Element (REE) holdings; by adding this Thorium land package to its portfolio, the Company’s entrance into the ‘Energy Metals’ sector has been realized and a major U.S. Thorium/REE area is secured. · Also in May, the Company announcedIdaho Strategic Resources Announces Addition of the Lemhi Pass Rare Earth Element Project in Central Idaho. This land package consists of 25 unpatented claims, covering an area of approximately 425 acres in the northeastern part of the Lemhi Pass District. The northeastern portion of Lemhi Pass contains the greatest concentration of veins where the large Lemhi Pass, Bull Moose, and Dan Patch faults either intersect or approach one another. · In June the Company received final approval for its Diamond Creek drill program and announced the purchase of a company office building in Salmon, Idaho. Golden Chest/Murray Gold Belt · At the Golden Chest, ore mined from underground stopes totaled approximately 8,540 tonnes from the 815, 830, and 833 stopes. Development waste tonnage totaled 1,070 tonnes as the Main Access Ramp (MAR) was extended at depth. Additionally, 4,021 cubic meters of backfill was placed during the quarter which was a 40% increase over the first quarter as the mining crews increased the efficiency of the backfill cycle. · Open pit mining was completed in the Klondike pit and another small pit was started on a high-grade hangingwall vein exposure called the Jumbo vein. Average daily mining production on the surface was 816 tonnes per day with about 3,100 tonnes of ore mined during the quarter. · For the quarter ended June 30, 2022, a total of 11,624 dry metric tonnes (dmt) were processed at the Company’s New Jersey mill with a flotation feed head grade of 4.58 grams per tonne (gpt) with gold recovery of 90.1% · The Company drilled 1,700 meters during the quarter in nine holes spread out amongst the Skookum, Golden Chest, and Paymaster Shoots at the Golden Chest mine. Assay results are pending. At the end of the quarter the Company drill rig was moved to the Argus exploration property to drill the first holes ever drilled on the Company’s Murray Gold Belt properties. · In early June, the Company began an exploration crosscut on the 941 Level in the northern end of the Golden Chest mine in an area known as the Klondike. The target of the crosscut the target is one of the vein intercepts in GC 21-207 (11.8 gpt gold over 1.9 meters) previously reported (Idaho Strategic Resources Continues to Drill Gold-Quartz Veins at Klondike and Paymaster December 13, 2021). The crosscut hit the vein in early August and drifting on the vein will commence to determine the grade and continuity of the new vein. Results of Operations Our financial performance during the quarter is summarized below: · The Company had a gross profit of $7,457 and $313,599 in the three- and six-month periods ending June 30, 2022 compared to a gross profit of $362,249 and $290,845 for the comparative periods in. Gross profit decreased in the second quarter of 2022 because of lower gold prices, increased costs of consumables, and a gold inventory adjustment. · Cash costs per ounce and AISC increased for the three-month period but decreased for the six-month periods ended June 30, 2022.The Company increased underground production of higher-grade ore and experienced lower gold prices in the second quarter of 2022 compared to 2021. The AISC per ounce six month decrease in cost was also a result of utilizing the Company’s in house core drilling only in 2022. In 2021 the Company used both in-house drilling and a contract driller for drilling in the Paymaster/Joe Dandy in 2021. 17 Table of Contents · Revenue was $2,358,492 and $4,402,909, respectively for the three and six-month periods ended June 30, 2022, compared to $2,180,232 and $3,766,859 for the comparable periods of 2021. The increase was mostly the result of increased production. · An operating loss of $846,721 and $1,272,887 for the three and six-month periods ended June 30, 2022, compared to an operating loss of $80,689 and $1,707,346 in the comparable periods of 2021. Some of the changes were a result of increased exploration, costs associated with the Company’s NYSE original listing application, a portion of the annual listing fee and legal expenses, fees associated with the Company’s S-3 Registration Statement filed with the SEC, contract core drilling in the Paymaster/Joe Dandy, and expense for stock options granted in the first quarter of 2021. · Net loss of $852,249 and $1,352,318 for the three and six-periods ended June 30, 2022, compared to net loss of $140,768 and 1,803,172 in the comparable periods ended June 30, 2021. The reasons for these changes are the same as those for the operating loss described above. · Exploration costs increased for the three-month period and decreased for the six-month period ending June 30, 2022 compared to 2021 because of increased drilling by the in-house drill, an increase in exploration on the Rare Earth properties in the second quarter of 2022, and the use of contract core drilling for the Paymaster/Joe Dandy in the first quarter of 2021. · Reasons for changes in management, professional services, and general and administrative expenses between the comparable periods in 2022 and 2021 include costs associated with the Company’s NYSE original listing application fee and SEC filings as mentioned above in the second quarter of 2022 and options being granted to management, directors, and employees for a total cost of $604,571 in the first quarter of 2021. · Timber revenue decreased in 2022. No logging on the Company’s property occurred in 2022. · The consolidated net loss for the six-months ended June 30, 2022, and 2021 included non-cash charges as follows: depreciation and amortization of $472,115 ($378,173 in 2021), loss on disposal of equipment of $3,901 (none in 2021), accretion of asset retirement obligation of $5,069 ($5,035 in 2021), stock-based compensation of none in 2022 ($614,431 in 2021), the issuance of common stock for services $32,326 ($6,500 in 2021), gain on forgiveness of SBA loan of $10,000 (none in 2021), and equity income on investment in Buckskin $671 in 2022 (None in 2021). Cash Costs and All-In Sustaining Costs Reconciliation to GAAP-Reconciliation of cost of sales and other direct production costs and depreciation, depletion, and amortization (GAAP) to cash cost per ounce and all-in sustaining costs (AISC) per ounce (non-GAAP). The table below presents reconciliations between the most comparable GAAP measure of cost of sales and other direct production costs and depreciation, depletion, and amortization to the non-GAAP measures of cash cost per ounce and all in sustaining costs per ounce for the Company’s gold production in the three and six-month periods ended June 30, 2022, and 2021. Cash cost per ounce is an important operating measure that requires adjustmentwe utilize to market valuemeasure operating performance. AISC per ounce is an important measure that we utilize to assess net cash flow after costs for pre-development, exploration, reclamation, and sustaining capital. Current GAAP measures used in 2017.the mining industry, such as cost of goods sold do not capture all of the expenditures incurred to discover, develop, and sustain gold production.     2022     2021       Three Months     Six Months     Three Months     Six Months   Cost of sales and other direct production costs and depreciation and amortization   $ 2,351,035     $ 4,089,310     $ 1,817,983     $ 3,476,014   Depreciation and amortization     (241,906 )     (472,115 )     (195,377 )     (378,173 ) Change in concentrate inventory     (40,229 )     (432,580 )     11,936       108,896   Cash Cost   $ 2,068,900     $ 3,184,615     $ 1,634,542     $ 3,206,737   Exploration     386,781       782,905       208,170       925,877   Sustaining capital     165,582       262,291       228,948       278,106   General and administrative     273,977       475,289       136,007       649,842   Less stock-based compensation and other non-cash items     3,885       (30,626 )     (6,736 )     (625,967 ) All in sustaining costs   $ 2,899,125     $ 4,674,474     $ 2,200,931     $ 4,434,595   Divided by ounces produced     1,589       2,730       1,373       2,429   Cash cost per ounce   $ 1,302.01     $ 1,166.53     $ 1,190.49     $ 1,320.19   All in sustaining cost (AISC) per ounce   $ 1,824.50     $ 1,712.26     $ 1,603,.01     $ 1,825.69   18 Table of Contents Financial Condition and Liquidity   For the Periods Ended September 30   For the Six Months Ended June 30,   Net cash provided (used) by:   2017   2016   2022     2021   Operating activities $ 231,785 $ (453,716)   $ (1,694,476 )   $ (762,582 ) Investing activities   (75,914)   (411,347)   (889,004 )   (2,334,899 ) Financing activities   (61,441)   1,285,902     3,740,585       1,552,217   Net change in cash and cash equivalents   94,430   420,839   1,157,105   (1,545,264 ) Cash and cash equivalents, beginning of period   154,833   62,275     1,976,518       2,539,945   Cash and cash equivalents, end of period $ 249,263 $ 483,114   $ 3,133,623     $ 994,681   The Company’s cash flow is directly related to revenues generated from production. The Company has experienced operating losses and negative operating cash flows prior to and during the ramp up of production activities at the Golden Chest Mine. In addition to cash flow from operations, ongoing operations are dependent on the Company’s ability to obtain public equity financing by the issuance of capital and to generate profitable operations in the future. The Company is currently producing from both the open-pit and underground at the Golden Chest Mine and preparing to begin production underground, which is scheduled for November 2017.Mine. In addition, during the first nine months of 2017, production has generated positive cash flow of $231,785 and planned production forpast, the next 18 months indicates the trend to improve. The Company has also been successful in raising required capital to commence production and fund ongoing operations, completing afrom sale of common stock, forward gold sale of $1.2 million in 2016contracts, and closing private placements of $1.4 million in the first quarter of 2017. Subsequent to September 30, 2017 The Company completed a private placement of $310,000 using the proceeds to reduce debt and pay off the remaining balance on the Golden Chest Mine property. debt. As a result of its planned production, equity sales and ability to restructurepotential debt borrowings or restructurings, management believes cash flows from operations and existing cash are sufficient to conduct planned operations and meet contractual obligations for the next 12 months. Changes in Financial Condition The Company maintains an adequate cash balance by increasing entered into a Sales Agreement with Roth Capital Partners, LLC (the “Sales Agents”) dated June 7, 2022 (the “Sales Agreement”), pursuant to which the Company may, from time to time, sell up to $10 million in shares (the “Placement Shares”) of the Company’s common stock through the Sales Agents, acting as the Company’s sales agent and/or decreasing its discretionary expenditures as limited by availabilityprincipal, in a continuous at-the-market offering (the “ATM Offering”). The Company will pay the Sales Agents a commission of cashup to 3.0% of the aggregate gross proceeds the Company receives from operations or from financing activities.all sales of the Company’s common stock under the Sales Agreement. The cash balance at September 30, 2017 was $249,263 comparedPlacement Shares will be offered and sold pursuant to $154,833 at the end of 2016. CashCompany’s shelf registration statement on Form S-3 (Registration No. 333-264647) and Cash Equivalents Cash and cash equivalents increased as of September 30, 2017 compared to December 31, 2016 as a result of cash flows from production as well as equity financingthe related base prospectus included in the first quarter of 2017 Gold Sales Receivable Gold sales receivable increasedregistration statement, as of September 30, 2017 compared to December 31, 2016 as a result of an increase in gold concentrate sales. Note Receivable Note receivable decreased as of September 30, 2017 compared to December 31, 2016 as a result collection of debt owed the Company. Other Current Assets Other current assets increased as of September 30, 2017 compared to December 31, 2016 as a result of prepaid expenses which will be expensed throughout the upcoming year. Accounts Payable The accounts payable balance increased as of September 30, 2017 compared to December 31, 2016 because of increased activity. Reclamation Bond The reclamation bond balance increased as of September 30, 2017 compared to December 31, 2016 because an additional reclamation bond was posted with the Idaho Department of Lands for expansion of the Golden Chest open pit reclamation. Notes and Interest Payable Related Parties Notes and interest payable related parties have decreased overall as of September 30, 2017 compared to December 31, 2016 as scheduled payments have been made. Additionally, two notes have been amended resulting in reclassification of current debt to long term. Forward Gold Contracts Forward gold contracts have decreased overall as of September 30, 2017 compared to December 31, 2016 as scheduled payments have been made. Additionally, Ophir Holdings, a related party, has agreed to delay the delivery of gold ounces due to it resulting in reclassification some of the current portion of gold forward contracts to long term. Depreciation Depreciation increased in 2017 compared to 2016 as a result of units of production depreciation calculations as the mill and Golden Chest as production of ore proceeds in 2017. Amortization of Discount on Note Payable Amortization of discount on note payable decreased in 2017 compared to 2016 as a result a lower associated debt balance. Stock Based Compensation Stock based compensation has increased in 2017 compared to 2016 as the Company has implemented its stock based compensation plan. Change in Fair Value of Forward Gold Contracts Change in fair value of forward gold contracts is lower in 2017 compared to 2016 as a result of a lower debt balance that requires adjustment to market value in 2017. Milling Receivable Milling receivable has a positive cash flow in 2017 compared to 2016 as payments have been receivedsupplemented by the Company for past work that was completed. Gold Sales Receivable Gold sales receivable increased in 2017 compared to 2016 as a resultprospectus supplement dated June 7, 2022. As of an increase in gold concentrate sales. Concentrate Inventory Concentrate inventory increased in 2017 compared to 2016 as a result of production in 2017 compared to 2016 where production did not commence until the 4th quarter. Other Current Assets Other current assets increased as of SeptemberJune 30, 2017 compared to 2016 as a result of prepaid expenses which will be expensed throughout the upcoming year. Accrued Payroll and Related Payroll Expense Cash outflows from accrued payroll and related payroll expense have leveled off in 2017 compared to 2016 as a result of more consistent operating activity as the Company continues operations. Purchase of Investment in Joint Venture Cash flow for purchase of investment in joint venture in the first quarter of 2016 were because of the acquisition of the 50% interest in the Butte Highlands JV. Acquisition of GF&H, Net of Gain Recognized as Equity Transaction Acquisition of GF&H, net of gain recognized as equity transaction, was a charge in 2016 related to the acquisition of the GF&H property. Sales of Common Stock and Warrants, Net of Issuance Costs The Company completed two private placements in the first quarter of 2017. Proceeds from Forward Gold Contracts Proceeds from forward gold contracts in 2016 were from the Company entering into those contracts in July of 2016. Borrowings on Notes Payable, Related Parties In 20162022, the Company received funding from related parties to fundnet proceeds on sales of 138,665 shares of common stock under the startupSales Agreement of the Golden Chest production.approximately $980,107 (after deducting $30,532 in commissions and expenses) at a weighted average price of $7.29. Principal Payments on Forward Gold Contracts in Cash and Gold Coins Purchased for Payments on Forward Gold Contracts Payments on forward gold contracts in cash and gold coins purchased for payments on forward gold contracts are new payments for the forward gold contracts entered into in the third quarter of 2016. Principal Payments on Notes Payable Cash outflow for principal payments on notes payable increased in 2017 compared to 2016 as a result of payments on a note payable for the Golden Chest. Principal Payments on Notes Payables Related Party Cash outflow for principal payments on notes payable related party increased in 2017 compared to 2016 as a result of payments on a note payables to the Company’s related parties. ItemITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not required for small reporting companies. Item 4: ITEM 4: CONTROLS AND PROCEDURES Disclosure Controls and Procedures At SeptemberJune 30, 2017,2022, our Vice President who also serves as our Chief Accounting Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), which disclosure controls and procedures are designed to insure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed, summarized, and reported within required time periods specified by the Securities & Exchange Commission rules and forms. Based upon that evaluation, it was concluded that our disclosure controls were effective as of SeptemberJune 30, 2017,2022, to ensure timely reporting with the Securities and Exchange Commission. Specifically, the Company’s corporate governance and disclosure controls and procedures provided reasonable assurance that required reports were timely and accurately reported in our periodic reports filed with the Securities and Exchange Commission. Changes in internal control over financial reporting There was no material change in internal control over financial reporting in the quarter ended SeptemberJune 30, 2017.2022. 19 Table of Contents PART II - OTHER INFORMATION Item 1.   ITEM 1. LEGAL PROCEEDINGS NoneNone. Item 2. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. Neither the constituent instruments defining the rights of the Company’s securities filers nor the rights evidenced by the Company’s outstanding common stock have been modified, limited or qualified. DuringIn the first quarter of 20172021 the Company issued 11,700,000714 shares of unregistered common stock at $0.10$3.22 per share for services provided for a total value of $2,300. Also, in the first quarter of 2021, 44,643 options were exercised in exchange for 28,196 shares at $5.32 per share in a cashless warrant exercise. In the second quarter of 2021 the Company issued 1,071 shares of common stock at $3.92 per share for services provided for a total value of $4,200. 19,841 warrants were exercised at $2.52 per share for $50,000. 291,667 options were exercised at $2.52 per share in exchange for $735,000 of convertible debt. Also, in the second quarter of 2021, 7,143 options were exercised in exchange for 3,571 shares at $3.92 per share in a cashless warrant exercise The Company closed a private placement in February 2022. Under the private placement, the Company sold 360,134 units at $7.50 per unit for net proceeds of $850,000 net$2,701,000. Each unit consisted of commission and brokerage costs as a resultone share of two private placement offerings. Duringthe Company’s common stock. In the first quarter of 20162022 the Company issued 3,000,0003,572 shares of unregistered common stock at $0.07$9.05 per share for a total consideration of $210,000 as a part of the Butte Highlands mineral property purchase. During the third quarter of 2016 the Company issued 175,760 shares of unregistered common stock at $0.15 per shareservices provided for a total considerationvalue of $26,364 as part$32,326. In the first quarter of 2022 23,057 shares were issued in exchange for outstanding warrants for net proceeds of $68,006. In the first quarter of 2022, 51,789 options were exercised in exchange for 28,981 shares at an average price of $9.72 per share in a cashless warrant exercise. In March of 2022 392,866 shares of the paymentCompany’s stock were issued to holders of convertible debt. 35,715 of those shares were issued at rate of $5.60 per share and the remaining 357,151 of those shares were issued at a rate of $4.90 per share in exchange for a total of $1,950,000 in debt. In the acquisitionsecond quarter of 2022, 70,919 shares were issued in exchange for outstanding warrants for net proceeds of $397,147. In the outstandingsecond quarter of 2022, 42,859 options were exercised in exchange for 26,584 shares at an average price of GF&H Company.$9.44 per share in a cashless warrant exercise. The Company relied on the transaction exemption afforded by Section 4(a)(2) of the Securities Act of 1933, as amended, and Regulation D Rule 506(b). The common shares are restricted securities which may not be publicly sold unless registered for resale with the Securities and Exchange Commission or exempt from the registration requirements of the Securities Act of 1933, as amended. Item 3. ITEM 3. DEFAULTS UPON SENIOR SECURITIES The Company has no outstanding senior securities. Item 4. ITEM 4. MINE SAFETY DISCLOSURES Pursuant toThe information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, related assessments and legal actions, and mining-related fatalities. During the quarter ended September 30, 2017, the Company had no citations for a violation of mandatory health or safety standards that could significantly and substantially (S&S citation) contribute to the cause and effect a mine safety or health hazard under sectionItem 104 of Regulation S-K is included in exhibit 95 to this report. ITEM 5. OTHER INFORMATION In January 2022, the Federal Mine SafetyBoard adopted its (a) Code of Business Conduct and Health Act of 1977. There were no legal actions, mining-related fatalities, or similar events in relation to the Company’s United States operations requiring disclosure pursuant to Section 1503(a)Ethics; (b) Charter of the Dodd-Frank Act. Item 5.Audit Committee; (c) Charter of the Compensation Committee; (d) Charter of the Corporate Governance and Nominating Committee; and (e) Whistle Blower Policy. Copies of each are attached hereto as Exhibits 14, 99.1, 99.2, 99.3, and 99.4, respectively.  OTHER INFORMATION None Item 6.  EXHIBITS 20 Number Table of Contents ITEM 6. EXHIBITS Exhibits 3.1 Description Amended and Restated Articles of Incorporation, incorporated by reference to the Company’s Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021 3.13.2 ArticlesAmended and Restated By-laws of Incorporation. Filed as an exhibit to the registrant's registration statement on Form 10 (Commission File No. 000-28837) andIdaho Strategic Resources, Inc., incorporated by reference herein.to the Company’s Form 8-K as filed with the Securities and Exchange Commission on October 27, 2021 3.210.1* Bylaws. Filed as an exhibitVenture Agreement with United Mine Services, Inc. dated January 7, 2011. 10.2*** Consent, Waiver and Assumption of Venture Agreement by Crescent dated February 14, 2014 10.3 Registrant’s Grant of Options to the registrant's registration statement on Form 10 (Commission File No. 000-28837)Directors and Officers dated December 30, 2016, incorporated by reference herein.to the Company’s Form 8-K as filed with the Securities and Exchange Commission on January 4, 2017. 31.110.4 Registrant’s Grant of Options to Employees and Directors of the Company dated October 20, 2021, incorporated by reference to the Company’s Form 8-K as filed with the Securities and Exchange Commission on October 22, 2021. 10.5 Form of Convertible Note Purchase Agreement dated as of February 18, 2020, incorporated by reference to the Company’s 8-K as filed with the Securities and Exchange Commission on February 20, 2020. 10.6 Form of Convertible Promissory Note dated as of February 18, 2020, incorporated by reference to the Company’s 8-K as filed with the Securities and Exchange Commission on February 20, 2020. 10.7 Form of Convertible Note Purchase Agreement dated as of April 14, 2021, incorporated by reference to the Company’s 8-K as filed with the Securities and Exchange Commission on April 19, 2021. 10.8 Form of Convertible Promissory Note dated as of April 14, 2021, incorporated by reference to the Company’s 8-K as filed with the Securities and Exchange Commission on April 19, 2021. 10.9 Sales Agreement, dated June 7, 2022, by and between the Company and Roth Capital Partners, LLC, incorporated by reference to the Company’s 8-K as filed with the Securities and Exchange Commission on June 9, 2022. 23.1***** Consent of Lyons O’Dowd, PLLC 23.2***** Consent of Assure CPA, LLC 31.1**** Certification pursuant to Section 302 of the Sarbanes-Oxley actAct of 2002.* 31.231.2**** Certification pursuant to Section 302 of the Sarbanes-Oxley actAct of 2002.* 32.132.1**** Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* 32.232.2**** Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* 101.INS95**** Mine safety information listed in Section 1503 of the Dodd-Frank Act. 101.INS**** XBRL Instance Document 101.SCH101.SCH**** XBRL Taxonomy Extension Schema Document 101.CAL101.CAL**** XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF101.DEF**** XBRL Taxonomy Extension Definition Linkbase Document 101.LAB101.LAB**** XBRL Taxonomy Extension Label Linkbase Document 101.PRE101.PRE**** XBRL Taxonomy Extension Presentation Linkbase Document _______________ * Filed with the Registrant’s Form 10 on June 4, 2014. ** Filed July 2, 2014 *** Filed March 31, 2015. **** Filed herewith. ***** Filed with the Registrant’s S-3 Registration Statement on May 3, 2022. 21 Table of Contents * as filed herewithSIGNATURES SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. IDAHO STRATEGIC RESOURCES, INC By: /s/ John Swallow John Swallow, its: President and Chief Executive Officer Date August 15, 2022 By: /s/ Grant Brackebusch Grant Brackebusch, its: Vice President and Chief Financial Officer Date:  August 15, 2022 22 NEW JERSEY MINING COMPANY By:   /s/ John Swallow John Swallow, its: President, Chief Executive Officer and Chief Financial Officer Date November 14, 2017 By:   /s/ Grant Brackebusch Grant Brackebusch, its: Vice President Date: November 14, 2017 21