Idaho Strategic Resources Inc. has reported first-quarter net income of about $1.6 million, or 12 cents per diluted share, a 26% decrease from the year-earlier quarter, when the company posted income of about $2.2 million.

Despite the decrease in earnings, the Coeur d’Alene-based mining company, formerly known as New Jersey Mining Co., brought in nearly $7.3 million in quarterly revenue, the highest in company history.

“This will be the year that the benefits of full implementation of our ‘production-backed exploration’ business plan are felt across almost our entire asset base,” says Idaho Strategic President and CEO John Swallow in a press release.

The record revenue was offset somewhat by increased expenses, particularly an increase in exploration expenses at Idaho Strategic’s Golden Chest Mine, which is located about 45 miles east of the company’s Coeur d’Alene headquarters.

Idaho Strategic (NYSE American: IDR) stock traded at $12.99 per share at the close of the market on May 12, up from a 52-week low of $8.57 and down from a 52-week high of $19.75.