Idaho Strategic Resources Reports Significant Concentrations of Heavy Rare Earth Elements, Including Yttrium at Its Diamond Creek Project

COEUR D’ALENE, Idaho--(BUSINESS WIRE)--Jul 23, 2026--

Idaho Strategic Resources, Inc. (NYSE American: IDR) (“IDR”, “Idaho Strategic” or the “Company”) is pleased to announce that it has identified significant heavy rare earth elements mineralization, including the increasingly important element yttrium, at its Diamond Creek project.

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Surface sampling has revealed rare earth elements (REE) mineralization at four distinct prospects along a 3.2-kilometer lineament. From north to south, these prospects are known as Contact, Lucky Gem, Simer and Frank Burch. Select samples are shown in Figure 1 and results average approximately 1.8% total rare earth oxides (TREO) with enriched heavy rare earth oxides (HREO) averaging greater than 2,000 ppm, including more than 1,300 ppm yttrium. Of the four distinct prospects mentioned above, the Lucky Gem prospect at Diamond Creek, was trenched and drilled in 2022. A single 32-meter surface trench averaged 1.5% TREO with HREO enrichment averaging approximately 2,300 ppm including 1,600 ppm yttrium. Similarly, Diamond Creek drillhole DC 22-8, also located at the Lucky Gem prospect, intersected 11.3 meters of mineralization averaging 1.5% TREO with more than 2,500 ppm HREO including 1,700 ppm yttrium, reported in drilled thickness.

These results compare quite favorably to many North American peers, where HREO enrichment is less common than light rare earth dominance seen at existing REE mines and development projects. In the context of U.S. dependence on China for refined heavy rare earths—essential for high-temperature magnets in EVs, wind turbines, defense systems, and data centers—Diamond Creek’s mineralization offers the potential for an early-stage domestic pathway to bolster supply chains amid looming fears of reinstated Chinese dual-use export controls and domestic sourcing mandates (see risk score in Figure 2).

Idaho Strategic’s President and CEO, John Swallow commented, “Our interest in additional Diamond Creek exploration is the result of an increasing number of conversations with global end-users who lack a reliable ex-China source of heavy rare earth elements and yttrium. While these groups have always been around, it is only lately that conversations have been driven more by their need for supply chain resiliency (actual supply) rather than financial preferences/sensitivities. In the grand scheme of things, heavy rare earths and yttrium typically are not a huge cost driver of the finished goods that they are a part of, making the potential for a small-scale domestic operation appealing to a price-insensitive customer. While still early-stage and requiring further test work, IDR’s results across its Idaho REE-Th Belt holdings (including Diamond Creek, Lemhi Pass, and Mineral Hill) underscore the strategic potential of Idaho’s REE endowment to meet the growing demand for heavy rare earths and yttrium, reducing geopolitical exposure in critical technologies.”

Yttrium, in particular, stands out as a potential high-value product at Diamond Creek, with concentrations frequently in the 800–2,000 ppm yttrium range. As a key input for superconductors, high-performance alloys, phosphors, and ceramics, yttrium faces similar supply risks as other heavy rare earths. Moving forward, IDR plans to conduct additional exploration fieldwork at Diamond Creek in 2026, further refine mineralogical studies (which show xenotime as the primary yttrium bearing mineral to date), and begin evaluating the potential for a bulk sample of ore from the Lucky Gem prospect. Based on previous work at Lucky Gem, the Company has produced a preliminary geological model suggesting the mineralized zone may contain approximately 20,000 tonnes of material grading 1,600 ppm yttrium, with the potential to substantially grow through additional exploration (Figure 3).

Beyond the mineralogical and HREO grade advantages seen to date at Diamond Creek, the project also benefits from relatively easy access from the town of Salmon, Idaho and the Company’s Salmon field office, located about 30 minutes from the site. Additional benefits include the potential for relatively easy access to ore that outcrops at the surface within a road cut that wouldn’t require drilling and blasting for initial bulk sample extraction. With the 2026 geology field season in Salmon in full swing, Idaho Strategic is looking forward to sharing its results when appropriate.

The early-stage model of mineralization at Lucky Gem is conceptual in nature and based on limited exploration to date. Under S-K 1300 guidelines, it is insufficient to be considered a formal Mineral Resource. Additional drilling, geological modeling, and independent review will be required to determine whether a Mineral Resource can be estimated. Idaho Strategic is not relying on the estimate for economic or development decisions. Results from Idaho Strategic’s planned exploration may be combined with prior exploration results to provide an updated resource estimate in the future.

Qualified Person and QA/QC

IDR's Vice President of Exploration, Robert John Morgan, PG, PLS is a qualified person as such term is defined under S-K 1300 and has reviewed and approved the technical information and data included in this press release, however he has not reviewed and approved the modelled mineralization at the Lucky Gem prospect under S-K 1300 guidelines. Rare earth samples from the Lucky Gem prospect were analyzed by ALS Chemex using Ore Grade Rare Earth Elements and Niobium analysis (ME-MS81h). The Company’s QA/QC program includes certified reference materials to ensure analytical accuracy, with results reviewed by a Qualified Person.

About Idaho Strategic Resources, Inc.

Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also controls the largest rare earth elements land package in the United States. The Company’s production-backed exploration business plan was established in anticipation of today’s volatile geopolitical and macroeconomic environment. In addition to gold and gold production, the Company has built a substantial land position in Idaho, providing significant exploration exposure to gold and rare earth elements - in addition to thorium, copper, and silver. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for discovery and development in one Company.

For more information on Idaho Strategic Resources, visit www.idahostrategic.com or call:

Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001

Forward Looking Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Often, but not always, forward-looking information can be identified by forward-looking words such as “intends”, “potential”, “believe”, “plans”, “expects”, “may”, “goal’, “assume”, “estimate”, “anticipate”, and “will” or similar words suggesting future outcomes, or other expectations, beliefs, assumptions, intentions, or statements about future events or performance. Forward-looking information includes, but are not limited to, the potential for Diamond Creek to be a viable source of rare earth elements in the future, the potential for Idaho Strategic to advance the project through additional exploration, the potential for continued exploration success, the potential for future conversations with industry participants, the potential for a small-scale domestic project to be preferred by industry end-users, the potential for a bulk sample of mineralization to occur, and the potential for mineralogical studies and processing test work to yield favorable results. Forward-looking information is based on the opinions and estimates of Idaho Strategic Resources as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of IDR to be materially different from those expressed or implied by such forward-looking information. Investors should note that IDR’s claim as the largest rare earth elements landholder in the U.S. is based on the Company’s internal review of publicly available information regarding the rare earth landholdings of select companies within the U.S., which IDR is aware of. Investors are encouraged not to rely on IDR’s claim as the largest rare earth elements landholder in the U.S. while making investment decisions. The forward-looking statement information above, and those following are applicable to both this press release, as well as the links contained within this press release. With respect to the business of Idaho Strategic Resources, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreaks; interpretations or reinterpretations of geologic information; the accuracy of historic estimates; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms; the ability to operate the Company’s projects; and risks associated with the mining industry such as economic factors (including future commodity prices, and energy prices), ground conditions, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward‐looking information is available in Idaho Strategic Resources filings with the SEC on EDGAR. IDR does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Figure 3: Block model of the identified rare earth elements mineralization at Lucky Gem, with a focus on estimated contained yttrium. The block model is based on one 32-meter trench and one drillhole with 16-meter extrapolation. The mineralization starts at surface and outcrops in an existing road cut.

Figure 1: Select IDR surface sampling results along a 3.2-kilometer lineament at Diamond Creek. Prospects identified through surface sampling from north to south are Contact, Lucky Gem, Simer, and Frank Burch.

KYIV, Ukraine (AP) — In the span of a single week, the dismissal of a Ukrainian defense minister set in motion a transformation of the country’s armed forces that replaced the old guard with a new generation of leadership.

Ukrainian President Volodymyr Zelenskyy’s decision to fire his popular defense minister, Mykhailo Fedorov, triggered days of public protest that quickly shifted toward the country's commander-in-chief and highlighted the growing rift over the future of Ukraine’s military.

Demonstrators denounced the commander, Oleksandr Syrskyi, and overwhelmingly rallied behind the departed defense minister, who has emerged as one of the country’s most influential wartime reformers with support from Ukrainians hungry for change. Protesters demanded his reinstatement. Fedorov's dismissal followed months of increasingly bitter disagreements between the two men.

For Zelenskyy, it was the second time in a year that a wartime decision triggered a public backlash, after he moved in mid-2025 to curb the powers of anti-corruption agencies. As he did then, the president appeared to move quickly to contain the political fallout. He dismissed Syrskyi and replaced him with Mykhailo Drapatyi, a disciplined battlefield commander whose reputation was forged in the years following Russia’s first invasion in 2014.

Drapatyi's appointment marked a sharp generational and philosophical break from Syrskyi, who was shaped by Soviet military tradition. But public support continues to coalesce around Fedorov. The protests have further elevated his political standing.

Much of the public’s anger was directed at Syrskyi, who became a symbol of deeper frustrations that had accumulated within the military since Russia's full-scale invasion in 2022.

Drapatyi’s appointment has helped ease some of those concerns. Widely respected by troops and fellow officers, he represents a younger generation of commanders whose credibility was earned on the battlefield rather than inherited through the Soviet military system.

“He enjoys a high level of trust within the military. I think this appointment could boost what is often called morale, that is, strengthen the fighting spirit,” said Oleksandr Musiienko, a military analyst in Kyiv.

The divide between Fedorov and Syrskyi was described by one Western defense official as between “different planets.” The official spoke on the condition of anonymity because they were not authorized to brief journalists.

Fedorov championed a data-driven, technology-led approach to warfare that clashed with Syrskyi’s more traditional ground-forces doctrine. Drapatyi could be a bridge between the two camps, analysts said. Low-profile but highly respected, he has earned the confidence of front-line commanders while embracing many of the reforms championed in Kyiv.

“He has shown an ability to adapt to the realities of modern warfare, to changing battlefield conditions and to shifting and reallocating resources,” Musiienko said.

For many Ukrainians, Syrskyi came to embody the rigid command structures and Soviet-era thinking that Fedorov’s ambitious reforms sought to overhaul. When Fedorov publicly identified Syrskyi as the chief obstacle to those reforms, it brought to light those broader public grievances.

They include the military’s entrenched bureaucracy and Syrskyi’s command style, criticized as overly centralized and prone to micromanagement, alongside constant mobilization challenges.

Syrskyi also came under intense criticism for his association with the 425th Separate Assault Regiment, known as Skelia, which for many Ukrainians became emblematic of the tactics that expended soldiers’ lives for marginal territorial gains.

In addition, the regiment was the focus of a major public scandal after an investigation by the Ukrainian publication Babel reported allegations of systemic abuse, torture in training camps and dozens of noncombat deaths. The allegations triggered an investigation, resulted in the suspension of the regiment's commander and intensified scrutiny of the military’s command culture.

To some lawmakers and analysts, the episode demonstrated that democracy and accountability are alive in Ukraine despite martial law and the suspension of elections. Zelenskyy, they argued, showed he is still responsive to public demand.

Other lawmakers, however, cautioned that the episode could set a troubling precedent by allowing public sentiment, rather than institutional decision-making, to shape appointments to the military’s highest ranks.

Tetiana Shevchuk, a board member of Ukraine’s Anti-Corruption Action Center, said protest is one of the few ways the public can make their voice heard in the absence of elections.

“Frustrations built up to the point where people felt the only way to be heard was to take to the streets. That’s not a healthy precedent, but it should also be a signal to the government to address problems before they reach that stage,” Shevchuk said.

Ukrainian social media quickly filled with memes mocking the president’s apparent search for a new army chief, jokes that underscored the political cost of the episode for Zelenskyy.

Some memes depicted Zelenskyy interviewing absurd candidates, including Jon Snow from the “Game of Thrones” television series, as well as an alien and a dolphin.

Zelenskyy recently weathered a politically damaging corruption investigation involving several of his closest associates, including his former chief of staff, Andriy Yermak, who was dismissed amid mounting public pressure.

The protests were not simply an expression of support for Fedorov, Shevchuk said. They reflected public backing for the reforms he aspired to create.

“Fedorov was pushing the idea that Ukraine had to preserve every soldier’s life and become more efficient than Russia,” Shevchuk said. “Over the past six months, people finally felt Ukraine was gaining an advantage. For the first time in a long time, there was hope that this war was winnable — that we weren't just taking loans while slowly losing territory.”

Then Zelenskyy dismissed him.

Despite Drapatyi’s appointment, the political drama is far from over. Fedorov appears unwilling to accept another government post unless he is reinstated as defense minister, the same demand many protesters continue to make.

Where he goes next, and whether he returns to government at all, could shape the next phase of the saga.

The episode has also elevated the political profile of Fedorov, who was once known primarily as the architect of Ukraine’s digital transformation and subordinate to Zelenskyy. Now he has a broad base of public support.

That inevitably raises questions about his long-term political future.

In just six months as defense minister, Fedorov pursued an ambitious agenda aimed at accelerating Ukraine’s military modernization.

He redirected funds originally earmarked for personnel costs toward long-range strike capabilities, fiber-optic drones, reconnaissance systems and other advanced technologies. He also highlighted expanded drone acquisition, new contracts related to Patriot air-defense systems, successful ballistic missile tests and a sweeping overhaul of military procurement.

Fedorov also proposed overhauling military service contracts to make front-line service more sustainable, including higher pay, expanded leave and greater flexibility for infantry soldiers. The changes resonated with troops.

This story has been updated to correct the spelling of Skelia, a name for the 425th Separate Assault Regiment, and to correct the spelling of the last name of the dismissed commander-in-chief in one instance to Syrskyi.

Associated Press journalist Volodymyr Yurchuk contributed.

In this photo provided by the Ukrainian Presidential Press Office, Ukrainian President Volodymyr Zelenskyy, center, shakes hands with new commander-in-chief of Ukraine's Armed Forces Mykhailo Drapatyi during their meeting in Kyiv, Ukraine, Monday, July 20, 2026. (Ukrainian Presidential Press Office via AP)

In this photo provided by the Ukrainian Presidential Press Office, new commander-in-chief of Ukraine's Armed Forces Mykhailo Drapatyi looks on during his meeting with Ukrainian President Volodymyr Zelenskyy in Kyiv, Ukraine, Monday, July 20, 2026. (Ukrainian Presidential Press Office via AP)

In this photo provided by the Ukrainian Presidential Press Office, from left, acting Minister of Defense Major General Yevhen Khmara, former Commander-in-Chief of the Ukrainian Armed Forces Oleksandr Syrskyi, Ukrainian President Volodymyr Zelenskyy and new commander-in-chief of Ukraine's Armed Forces Mykhailo Drapatyi, pose for a photo during their meeting in Kyiv, Ukraine, Wednesday, July 22, 2026. (Ukrainian Presidential Press Office via AP)