IDR · CIK 0001030192
What Idaho Strategic Resources, Inc. told the SEC could break it.
Idaho Strategic Resources' disclosures hinge on a single sales channel for its gold. It sells nearly all its output as flotation concentrate to one buyer, H&H Metals — 98% of gold sales in 2025 — so losing that relationship would be severely disruptive. That dependence carries trade-policy risk because the concentrate is shipped overseas to smelters in South Korea and Japan, where tariffs, sanctions or trade wars could stop H&H or other refiners from buying it. It also faces potential shortages of exploration supplies and equipment from limited sources, and its revenue and reserve economics ride on gold prices, with reserves estimated at a three-year trailing average of $2,040 per ounce.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- H&H Metals = 98% of gold saleshigh
Idaho Strategic sells nearly all its output to one buyer — flotation concentrates sold to H&H Metals were 98% of all gold sales in 2025 (99% in 2024) — so loss of that single customer relationship would be severely disruptive.
“In 2025, flotation concentrates sold to H&H accounted for 98 % ( 99 % in 2024) of all gold sales.”
SEC filing →As of 2026
Regulatory & policy
- gold concentrate shipped to South Korea/Japan smelters — tariff/trade-war exposuremedium
Idaho Strategic ships its gold concentrate overseas to smelters in South Korea and/or Japan; trade wars, sanctions or tariffs could prevent H&H Metals or other international purchasers/refiners from buying its concentrate, forcing it to find new partners and disrupting operations.
“The Company ships its gold concentrate overseas to smelters in South Korea and/or Japan. If trade wars, sanctions or other tariffs are imposed, H&H Metals or other international purchasers or refiners may not be able to purchase the Company's gold concentrates.”
SEC filing →As of 2026
Supplier concentration
- limited sources of exploration supplies, equipment and materialsmedium
Idaho Strategic depends on the availability of raw materials and exploration supplies that may not always be available; competition, tariffs/trade sanctions and limited supply sources could cause shortages of products, equipment or materials and delay operations.
“Competition, the imposition of tariffs and other trade sanctions, and unforeseen limited sources of supplies needed for the Company's proposed exploration work could result in occasional shortages of supplies of certain products, equipment, or materials.”
SEC filing →As of 2026
Commodity & input dependence
- gold price exposure (reserves at $2,040/oz)low
Idaho Strategic's revenue (up 64.6% to $42.4M in 2025) and reserves depend on gold prices; its mineral reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce, so a sustained gold-price decline would impair revenue and reserve economics.
“Mineral Reserves are estimated using a 3-year trailing average gold price of $2,040/troy ounce.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
H&H Metals Corp.
“In 2025, flotation concentrates sold to H&H accounted for 98 % ( 99 % in 2024) of all gold sales.”
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