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Mineral Properties

12 Months Ended

Dec. 31, 2024

5. Mineral Properties

Mineral properties at December 31, 2024 and 2023 are as follows:

	2024			2023
Golden Chest
Mineral Property	$	5,159,084		$	4,108,710
Infrastructure		4,722,328			3,020,698
Total Golden Chest		9,881,412			7,129,408
New Jersey		256,768			256,768
McKinley-Monarch		200,000			200,000
Potosi		150,385			150,385
Park Copper/Gold		78,000			78,000
Eastern Star		250,817			250,817
Oxford		40,000			-
Less accumulated amortization		(284,033	)		(166,500	)
Total	$	10,573,349		$	7,898,878

For the years ended December 31, 2024 and 2023, $98,330 and $102,727, respectively, interest expense was capitalized in Golden Chest mineral property in association with core drilling and the ramp.

Golden Chest

The Golden Chest is an underground mine project currently producing for the Company located near Murray, Idaho consisting of 34 patented claims (449 acres) and 217 unpatented claims (4,300 acres). A 2% NSR is payable on production at certain portions of the Golden Chest to a former joint venture partner. Royalty expense of $510,186 and $272,535 was recognized as costs of sales and other direct production costs in the years ended December 31, 2024, and 2023, respectively. The greater Murray Area property package includes an additional 73 patented claims (1,300 acres) and 83 unpatented claims (1,660 acres) which is incorporated in the Golden Chest total.

New Jersey

The Coleman property is located at the New Jersey Mine area of interest and consists of 62 acres of patented mining claims, mineral rights to 108 acres of fee land, 80 acres of land for which the Company owns the surface but not the mineral rights, and approximately 130 acres of unpatented mining claims.

McKinley-Monarch

The McKinley-Monarch project is located near the town of Lucille, Idaho. The project consists of 28 unpatented claims totaling 560 acres. The Company started exploring the property in 2013.

Potosi

In 2018, the Company purchased the Potosi property near the Golden Chest. This property consists of 71 acres of patented mining claims.

Park Copper/Gold

In August 2021, the Company paid $78,000 in cash for 91 acres of patented mineral property in Shoshone County referred to as Park Copper/Gold.

Eastern Star

In 2014 the Company purchased the Eastern Star property near Elk City, Idaho for $250,817. This property consists of 11 patented claims (220 acres) and 71 unpatented claims (1,420 acres).

Oxford

In 2024, the Company purchased unpatented mineral claims for $40,000. The greater Oxford property consists of 26 unpatented claims (537 acres) as well as a state mineral lease on 2,500 acres in Clearwater County, Idaho.