Joint Collaboration to Aid Radiant Industries with the Development and Potential Deployment of Kaleidos - A Meltdown-Proof Microreactor Expected to Service Remote Mine Sites
COEUR D'ALENE, ID / ACCESSWIRE / May 8, 2024 / Idaho Strategic Resources, Inc. (NYSE American:IDR) ("IDR", "Idaho Strategic" or the "Company") today announced it has entered into a non-binding memorandum of understanding (MOU) with Radiant Industries, Inc. ("Radiant") to participate in the Kaleidos Frontier Pilot Program designed to aid Radiant in the development and planned deployment of their meltdown-proof portable microreactor, Kaleidos. The agreement establishes a pathway for Idaho Strategic and Radiant to operate one or more of the first five Frontier Kaleidos units at a viable Idaho Strategic site. As part of the agreement, the two companies agree to jointly study the licensing process and timeline, and other business and operations factors relevant to the deployment of a Kaleidos unit.
Mass-producible, transportable by air, sea, road or rail and roughly the size of a shipping container, Radiant's Kaleidos unit is designed to replace diesel generators with clean, cost-effective base-load power in remote and hard-to-reach locations. Cooled by Helium, which cannot become radioactive, Kaleidos can output 1 MWe electric and 1.9 MWt of heat, and operate for an average of 5 years before refueling with TRISO fuel.
Idaho Strategic's President and CEO, John Swallow commented, "When we first met Doug and Tori in November of 2022, their commonsense approach to business resonated with us. I was intrigued by Doug and Radiant's origin story and views on the future of microreactors, remote sites, etc. In short, it was a situation where I wasn't sure of the timing but always felt that our companies would one day work together. And it seems appropriate that officially working together coincides with the noticeable advancement of our country's efforts toward securing domestic critical mineral supply chains and the advancement of IDR's nationally recognized rare earth element properties (and increasing gold production at the Golden Chest). Through IDR's recent work with various government and national laboratory personnel, some of whom also work with Radiant, a common thread has emerged centered around what the future of mining could look like. And while I hold the belief that the future of mining will rhyme with the past, I believe Radiant's Kaleidos reactor addresses a specific pain point faced by many mining operations in a viable and sustainable way."
Radiant's CEO Doug Bernauer added, "Idaho Strategic's work in the mining industry is a perfect case for the value Radiant's safe, portable microreactor provides to industry. Operations like those we saw in 2022 at the Golden Chest not only create valuable economic promise for U.S. domestic mineral production, but they provide important livelihoods to the communities they employ, and those communities are the direct beneficiaries of clean power solutions that enable their work."
As part of the competitive US Department of Energy (DOE) FEEED program, Radiant is building towards a test at Idaho National Laboratory (INL) in 2026, with their first commercial reactors available as soon as 2028. In addition to support from INL and DOE, Radiant has received support from the U.S. Department of Defense.
About Idaho Strategic Resources, Inc.
Idaho Strategic Resources (IDR) is an Idaho-based gold producer which also owns the largest rare earth elements land package in the United States. The Company's business plan was established in anticipation of today's volatile geopolitical and macroeconomic environment. IDR finds itself in a unique position as the only publicly traded company with growing gold production and significant blue-sky potential for rare earth elements exploration and development in one Company.
For more information on Idaho Strategic Resources click here for our corporate presentation, go to www.idahostrategic.com or call:
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001
About Radiant Industries, Inc
Radiant is a clean energy startup building a nuclear microreactor. A climate-friendly alternative to diesel generators, Radiant's Kaleidos 1 MW microreactor will be the world's first portable, zero-emissions power source that works anywhere. We plan to test our development reactor by 2026 and if successful, it will be the first new commercial reactor design to achieve a fueled test in over 50 years. Our microreactor can bring power to remote parts of the world and provide backup or primary power for life-saving applications in hospitals or disaster-relief scenarios.
Media Contacts:
Idaho Strategic Resources, Inc.:
Travis Swallow, Investor Relations & Corporate Development
Email: tswallow@idahostrategic.com
Phone: (208) 625-9001
Radiant Industries, Inc.:
Alison Patch, Communications and Public Relations
Email: alison.patch@radiantnuclear.com
Phone: (949) 616-2504
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, Idaho Strategic Resources' potential to operate one or more Kaleidos reactors, Idaho Strategic's potential to have a location suitable for a Kaleidos reactor, the potential for the Kaleidos reactor to address a need in the mining industry, the potential for Radiant to test the Kaleidos reactor at Idaho National Lab in 2026, and the potential for the Kaleidos reactor to be commercialized in 2028. 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. 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; inability to obtain permits required for future development; 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.
SOURCE: Idaho Strategic Resources, Inc.
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