Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe


Idaho Gold Stock Showing Strong Production
Research Report

View Important Disclosures for this Article
Share on Stocktwits


Idaho Strategic Resources Inc. saw record gold production in 2023, according to a Roth MKM research note.

In a January 29, 2024 research note, Roth MKM analyst Mike Niehuser reiterated a Buy rating on Idaho Strategic Resources Inc. (IDR:NYSEAMERICAN) with a US$9 price target. The Idaho-based mining company has seen record gold production at its Golden Chest Mine while advancing rare earth elements exploration across the state.

IDR reported US$3.3 million in revenues in 3Q23 and production of approximately 2,200 ounces of gold. With the transition from open pit to underground mining completed, the company is now processing higher-grade ore, leading to improved recoveries over 91.5%. This boosted gross profit and operating cash flows to fund additional mine development and early-stage exploration.

Niehuser estimates IDR will produce up to 15,000 ounces of gold in 2023 based on strong 4Q performance. By installing a new paste backfill plant to extend tailings capacity, cash costs could fall below US$925 per ounce with all-in sustaining costs of US$1,121 per ounce — considerable improvements over 2022. Expanded production and lower costs could drive earnings to US$0.45 per share in 2024.

"We believe that there is potential to increase earnings in 2024 to US$0.45 per share. We base our valuation on 20x potential 2024 earnings, resulting in a US$9.00 price target (prior US$12),"  Niehuser commented. 

Beyond the core gold mining business, IDR controls over 28 square miles across Idaho's emerging rare earths and thorium district near Salmon. The properties include Diamond Creek, Lemhi Pass, and Mineral Hill, where mapping and sampling programs are underway. Partnerships with government and academic institutions will help advance these early-stage projects.

Want to be the first to know about interesting Gold investment ideas? Sign up to receive the FREE Streetwise Reports' newsletter. Subscribe

Important Disclosures:

  1. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

Disclosures for Roth MKM, Idaho Strategic Resources, January 29, 2024

Regulation Analyst Certification ("Reg AC"): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high degree of risk and may not be suitable for all investors. No part of this report may be reproduced in any form without the express written permission of ROTH. Copyright 2024. Member: FINRA/SIPC.

Want to read more about Gold investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe