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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________to ________

COMMISSION FILE NUMBER 000-50033

IRELAND INC.
(Exact name of registrant as specified in its charter)

NEVADA	91-2147049
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
2360 West Horizon Ridge Parkway, Suite 100
Henderson, Nevada	89052
(Address of principal executive offices)	(Zip Code)

(702) 932-0353
(Registrant's telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
[  ] Yes     [X] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
[  ] Yes     [X] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [   ]		Accelerated filer [   ]
Non-accelerated filer [   ]	(Do not check if a smaller reporting company)	Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
[  ] Yes     [X] No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:
As of May 19, 2017 the Registrant had 272,898,347 shares of common stock outstanding.

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PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS.

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders' equity in conformity with generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the six months ended June 30, 2016 are not necessarily indicative of our results for the year ended December 31, 2016.

As used in this Quarterly Report, the terms “we,” “us,” “our,” “Ireland,” and the “Company” mean Ireland Inc. and its subsidiaries, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated.

2

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IRELAND INC.
CONSOLIDATED BALANCE SHEETS

		(Unaudited)
		June 30, 2016			December 31, 2015
ASSETS
Current assets
Cash	$	54,607		$	103,343
Other receivables		2,279			4,177
Prepaid expenses		97,603			299,623
Total current assets		154,489			407,143
Property and equipment, net		910,203			1,077,516
Mineral properties		15,882,179			15,882,179
Reclamation bonds		1,115,076			1,121,184
Deposits		10,262			10,262
Total non-current assets		17,917,720			18,091,141
Total assets	$	18,072,209		$	18,498,284
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	529,054		$	149,622
Accounts payable - related party		502,516			145,168
Accrued payroll and related taxes		131,679			60,010
Convertible notes, net of discount		88,000			-
Due to related party		390,290			23,290
Total current liabilities		1,641,539			378,090
Long-term liabilities
Asset retirement obligation		672,338			672,338
Total long-term liabilities		672,338			672,338
Total liabilities		2,313,877			1,050,428
Commitments and contingencies - Note 9
Stockholders' equity
Common stock, $0.001 par value; 400,000,000 shares authorized,        181,472,875 and 158,697,875 shares, respectively, issued and outstanding		181,471			158,696
Additional paid-in capital		67,392,040			66,406,028
Accumulated deficit		(51,815,179	)		(49,116,868	)
Total stockholders' equity		15,758,332			17,447,856
Total liabilities and stockholders' equity	$	18,072,209		$	18,498,284

See Accompanying Notes to These Consolidated Financial Statements
F-1

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IRELAND INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)

		For the three months ended						For the six months ended
		June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
Revenue	$	-		$	-		$	-		$	-
Operating expenses
Mineral exploration and evaluation expenses		268,287			417,202			530,303			854,119
Mineral exploration and evaluation expenses - related party		141,413			117,869			357,348			228,037
General and administrative		338,212			463,033			1,655,261			897,692
Depreciation		83,656			190,580			167,313			371,074
Total operating expenses		831,568			1,188,684			2,710,225			2,350,922
Loss from operations		(831,568	)		(1,188,684	)		(2,710,225	)		(2,350,922	)
Other income (expense)
Interest income		1,615			5,438			3,326			10,195
Rental income - related party		5,202			5,001			10,404			60,002
Change in derivative liability		-			(2,687,250	)		-			(2,073,300	)
Interest expense		(1,272	)		(243	)		(1,816	)		(772	)
Total other income (expense)		5,545			(2,677,054	)		11,914			(2,003,875	)
Loss before income taxes		(826,023	)		(3,865,738	)		(2,698,311	)		(4,354,797	)
Income tax expense		-			(1,250	)		-			(2,381	)
Net loss	$	(826,023	)	$	(3,866,988	)	$	(2,698,311	)	$	(4,357,178	)
Loss per common share - basic and diluted	$	(0.00	)	$	(0.02	)	$	(0.02	)	$	(0.03	)
Weighted average common shares outstanding - basic and dilutive		181,472,875			155,428,095			174,192,793			153,238,621
Consolidated Statements of Comprehensive Loss
Net loss	$	(826,023	)	$	(3,866,988	)	$	(2,698,311	)	$	(4,357,178	)
Other comprehensive loss
Unrealized loss on investments, net of deferred tax		-			(2,323	)		-			(4,421	)
Total comprehensive loss	$	(826,023	)	$	(3,869,311	)	$	(2,698,311	)	$	(4,361,599	)

See Accompanying Notes to These Consolidated Financial Statements
F-2

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IRELAND INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)

See Accompanying Notes to These Consolidated Financial Statements
F-3

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IRELAND INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

		For the six months ended
		June 30, 2016			June 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(2,698,311	)	$	(4,357,178	)
Adjustments to reconcile loss from operations to net cash used in operating activities:
Depreciation		167,313			371,074
Stock-based compensation		997,162			214,837
Change in derivative liability		-			2,073,300
Deferred income taxes		-			2,381
Changes in operating assets and liabilities:
Other receivables		1,898			-
Prepaid expenses		202,020			150,221
Reclamation bonds and other deposits		6,108			(63	)
Accounts payable and accrued liabilities		808,449			(543,739	)
Net cash used in operating activities		(515,361	)		(2,089,167	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment		-			(291,076	)
Net cash used by investing activities		-			(291,076	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from equity issuances		-			3,810,000
Proceeds from related party		367,000			-
Proceeds from issuance of convertible notes		100,000			-
Financing issuance costs		(375	)		(4,353	)
Net cash provided by financing activities		466,625			3,805,647
NET CHANGE IN CASH		(48,736	)		1,425,404
CASH AT BEGINNING OF PERIOD		103,343			259,495
CASH AT END OF PERIOD	$	54,607		$	1,684,899
SUPPLEMENTAL INFORMATION
Interest paid	$	1,693		$	772
Income taxes paid	$	-		$	-
Non-cash investing and financing activities:
Detachable warrants issued with convertible notes	$	12,000		$	-
Investor warrants issued with non-customary anti-dilution provisions	$	-		$	3,518,000

See Accompanying Notes to These Consolidated Financial Statements
F-4

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.	DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES
	Description of business - Ireland Inc. (the “Company”) is primarily focused on the acquisition and exploration of mining properties and has been in the exploration stage since its formation. The Company has not yet realized any revenues from its planned operations. Upon identification of commercially minable reserves, the Company expects to actively prepare the site for mineral extraction and enter the development stage.
	History - The Company was incorporated on February 20, 2001 under the laws of the State of Nevada under the name Merritt Ventures Corp. On December 19, 2005, the Company changed its name to Ireland Inc.
	Basis of presentation - The financial statements present the consolidated balance sheets, statements of operations and comprehensive loss, stockholders’ equity, and cash flows of the Company. These consolidated financial statements have been prepared without audit in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. All such adjustments are, in the opinion of management, of a normal recurring nature. The results reported in these interim consolidated financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on April 14, 2016.
	Going concern - The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern.
	Since its formation, the Company has incurred cumulative net losses of $51,815,179 as of June 30, 2016. The Company has not commenced its commercial mining and mineral processing operations; rather, it is still in the exploration stage, raising substantial doubt about the Company’s ability to continue as a going concern. The Company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance the Company will be successful in accomplishing its objectives.
	The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company’s plan. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
	Principles of consolidation - The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Columbus Minerals Inc. (“CMI”) (including its wholly- owned single-member LLC subsidiary, Columbus Salt Marsh LLC (“CSM”)). Intercompany accounts and transactions have been eliminated.
	Use of estimates - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring management’s estimates and assumptions include the valuation of stock-based compensation, impairment analysis of long-lived assets, asset retirement obligations and the realizability of deferred tax assets. Actual results could differ from those estimates.

F-5

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.	DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (continued)
	Reclassification – Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. During 2015, the Company’s U.S. Treasury Notes and certificates of deposit were reclassified as reclamation bonds on the consolidated balance sheet. Previously, such investments had been classified as restricted investments held for reclamation bonds. The corresponding reclassifications have also been made to the consolidated statement of cash flows for the six month period ended June 30, 2015. This change in classification does not materially affect previously reported cash flows from operations or from financing activities and had no effect on the previously reported consolidated statement of operations.
	Mineral properties - Costs of acquiring mineral properties are capitalized upon acquisition. Exploration costs and costs to maintain mineral properties are expensed as incurred while the project is in the exploration stage. Development costs and costs to maintain mineral properties are capitalized as incurred while the property is in the development stage. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production basis over the proven and probable reserves.
	Mineral exploration and development costs - Exploration expenditures incurred prior to entering the development stage are expensed and included in mineral exploration and evaluation expenses on the consolidated statements of operations.
	Property and equipment - Property and equipment are stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which range from 3 to 20 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statements of operations.
	Impairment of long-lived assets - The Company reviews and evaluates its long-lived assets for impairment at each balance sheet date due to its planned exploration stage losses and documents such impairment testing. Mineral properties in the exploration stage are monitored for impairment based on factors such as the Company’s continued right to explore the property, exploration reports, drill results, technical reports and continued plans to fund exploration programs on the property.
	The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts.
	The Company's policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value. While the Company incurred losses from operations, these losses have not been in excess of planned expenditures on the specific mineral properties in order to ultimately realize their value.

F-6

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.	DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (continued)
	Asset retirement obligation – Future obligations to retire an asset, including site closure, are recorded as a liability at fair value in the period incurred. The fair value determination is based on estimated future cash flows, the current credit-adjusted risk-free interest rate and an estimated inflation factor. The value of the liability is evaluated at least annually or as new information becomes available. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability will be reduced.
	Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised.
	Per share amounts - Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. In computing diluted earnings per share, the weighted average number of shares outstanding is adjusted to reflect the effect of potentially dilutive securities, such as stock options and warrants. Potentially dilutive shares are excluded from the calculation when their inclusion would be anti-dilutive, such as periods when a net loss is reported or when the exercise price of the instrument exceeds its fair market value. 102,342,357 and 98,426,857 stock options and warrants were outstanding at June 30, 2016 and 2015, respectively, but were not considered in the computation of diluted earnings per share as their inclusion would be anti-dilutive.
	Stock-based compensation - Stock-based compensation awards are recognized in the consolidated financial statements based on the grant date fair value of the award which is estimated using the Binomial Lattice option pricing model. The Company believes that this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for the actual exercise behavior of option holders. The compensation cost is recognized over the requisite service period which is generally equal to the vesting period. Upon exercise, shares issued will be newly issued shares from authorized common stock.
	The fair value of performance-based stock option grants is determined on their grant date through use of the Binomial Lattice option pricing model. The total value of the award is recognized over the requisite service period only if management has determined that achievement of the performance condition is probable. The requisite service period is based on management’s estimate of when the performance condition will be met. Changes in the requisite service period or the estimated probability of achievement can materially affect the amount of stock-based compensation recognized in the consolidated financial statements.
	The fair value of market-based stock option grants is determined on their grant date through use of an option pricing model which uses a combination of Monte Carlo simulation and a Trinomial Lattice function. The requisite service period for market-based awards is derived from the model. Achievement of the market condition earlier than estimated can materially affect the amount of stock- based compensation recognized in the consolidated financial statements.
	Income taxes - For interim reporting periods, the Company uses the annualized effective tax rate (“AETR”) method to calculate its income tax provision. Under this method, the AETR is applied to the interim year-to-date pre-tax losses to determine the income tax benefit or expense for the year-to- date period. The income tax benefit or expense for a quarter represents the difference between the year-to-date income tax benefit or expense for the current year-to-date period less such amount for the immediately preceding year-to-date period. Management considers the impact of all known events in its estimation of the Company’s annual operating results and AETR.

F-7

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.	DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT POLICIES (continued)
	The Company follows the liability method of accounting for income taxes. This method recognizes certain temporary differences between the financial reporting basis of liabilities and assets and the related income tax basis for such liabilities and assets. This method generates either a net deferred income tax liability or asset as measured by the statutory tax rates in effect. The effect of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company records a valuation allowance against any portion of those deferred income tax assets when it believes, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax asset will not be realized.
	For acquired properties that do not constitute a business, a deferred income tax liability is recorded on GAAP basis over income tax basis using statutory federal and state rates. The resulting estimated future income tax liability associated with the temporary difference between the acquisition consideration and the tax basis is reflected as an increase in the total purchase price which is then applied to the underlying acquired assets in the absence of there being a goodwill component associated with the acquisition transactions.
	Recent accounting standards - From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. The Company has evaluated all of the recent accounting pronouncements and unless otherwise discussed, believes they will not have a material effect on the consolidated financial statements.
	In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for the Company beginning January 1, 2018, with early application permitted. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements.
	In March 2016, ASU No. 2016-09 was issued related to stock based compensation. The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update to the standard is effective beginning June 1, 2017, with early application permitted. Adoption of the new guidance is currently being evaluated.
	In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is currently being evaluated.
	In August 2014, ASU 2014-15 was issued related to going concern presentation. The new standard requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for interim and annual periods ending after December 15, 2016. Adoption of the new guidance is not expected to have an impact on the consolidated financial position, results of operations or cash flows.

F-8

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

2.	PROPERTY AND EQUIPMENT
	Property and equipment consisted of the following:

	Depreciation expense was $83,656 and $190,580 for quarters ended June 30, 2016 and 2015, respectively and $167,313 and $371,074 for the six month periods ended June 30, 2016 and 2015 respectively.
3.	MINERAL PROPERTIES
	Mineral properties consisted of the following:

Columbus Project – On February 20, 2008, the Company acquired a 100% interest in the Columbus Project by way of merger with Columbus Brine Inc. (“CBI”). Prior to the merger, the Company held a 15% interest in the Columbus Project by satisfying its option agreement requirements. Pursuant to the option assignment agreement, the Company granted and continues to have a 5% net smelter return royalty to NMC, one of the principal stockholders of the Company.

DDB Claims - The Company had a lease agreement for mining claims with the DDB Syndicate. The DDB Syndicate is owned by the Company’s CEO, a former member of the Company’s Board of Directors, former officers and directors of CBI and their relatives and affiliates of NMC. The DDB Claims were located in 2007, prior to any of these related persons’ involvement with the Company. In 2012, the Company exercised its option to purchase the DDB Claims.

Reclamation Bonds - The Company maintains required reclamation bonding with the BLM. As of June 30, 2016 and December 31, 2015, reclamation bonding amounted to $1,115,076 and $1,121,184, respectively.

Asset Retirement Obligation – The asset retirement obligation relates to the Columbus Project and amounted to $672,338 as of June 30, 2016 and December 31, 2015. The estimated costs were discounted using a credit adjusted risk-free interest rates of 3.80% and an inflation rate of 2.83.

F-9

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

4.	DERIVATIVE WARRANT LIABILITY
	At June 30, 2015, the Company had 25,825,000 Special Warrants outstanding. The Special Warrants were convertible through February 28, 2016, at no additional cost to the holder, on a 1:1 basis into units consisting of one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring February 28, 2020. On February 28, 2016, all of the outstanding Special Warrants were automatically converted into units.
	The Special Warrants had anti-dilution provisions, including the provision for the holders to participate in subsequent equity financings at no additional cost by converting the Special Warrants into shares or units offered in a subsequent equity financing for a total subscription price equal to the total subscription price paid for the Special Warrants.
	The Company determined that the anti-dilution provision shielded the Special Warrant holders from the dilutive effects of subsequent equity financings and therefore the economic characteristics and risks of the Special Warrants were not clearly and closely related to the Company’s common stock. Accordingly, the Special Warrants were treated as a derivative liability carried at fair value.
	The change in the fair value of the derivative liability was $(2,687,250) for the quarter ended June 30, 2015 and $(2,073,300) for the six month period ended June 30, 2015. The fair value was estimated using the Binomial Lattice pricing-model, with the following assumptions used for the six month period ended June 30, 2015:

	The expected volatility is based on the historical volatility levels on the Company’s common stock. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the warrants. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement.
5.	CONVERTIBLE NOTES
	In June 2016, the Company entered into convertible note agreements in the amount of $100,000. The notes accrue interest at 10% and mature in June 2017. The notes may be converted into units at a conversion price of $0.20 with each unit consisting of one share of common stock and one warrant exercisable at $0.30 per share for a period of 5 years. At June 30, 2016, the balance due was convertible into 500,000 units. Alternatively, if the Company completes a subsequent equity financing, the lender may convert the notes into common stock or common stock equivalents that the lender would have been entitled to had the lender participated in the subsequent equity financing at an aggregate subscription price equal to 125% of the full amount of the outstanding principal and any accrued but unpaid interest thereon at the date the conversion right is exercised (Alternative Conversion Option).
	The Alternative Conversion Option is an embedded conversion feature which is required to be bifurcated and accounted for under derivative accounting; however, the Company determined that the amount was immaterial.

F-10

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

5.	CONVERTIBLE NOTES (continued)
	As additional consideration, the Company issued 400,000 warrants. The warrants are exercisable at $0.20 per share expiring in June 2021. The note proceeds were allocated between the two elements based on their relative fair values. The fair value of the warrants, in the amount of $12,000 was recorded as a debt discount and will be amortized to interest expense over the term of the notes. The Company used the following assumptions to estimate the fair of the warrants:

The expected volatility is based on the historical volatility levels of the Company’s common stock. The risk-free interest rate is based on the implied yield available on US Treasury zero-coupon issues over equivalent lives of the warrants. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s model. Significant increases or decreases in inputs would result in a significantly lower or higher fair value measurement.

The carrying value of the convertible notes, net of discount was comprised of the following at June 30, 2016:

6.	STOCKHOLDERS’ EQUITY
	During the six month period ended June 30, 2016, stockholders’ equity activity consisted of the following:
	Warrants – As further discussed in Note 5, the Company issued $100,000 of convertible notes during the six month period ended June 30, 2016. As additional consideration, the Company issued 400,000 warrants exercisable for one additional share of common stock at $0.20 expiring June 29, 2021.
	Special Warrants – During January and February 2016, a total of 1,750,000 Special Warrants were exercised into units. Additionally, on February 28, 2016, a total of 21,025,000 Special Warrants were automatically converted into units. Each unit consisted of one share of the Company’s common stock and one warrant entitling the holder to purchase one additional share of common stock at a price of $0.40 per share, expiring on February 28, 2020. The Special Warrants were converted into units on a 1:1 basis without the payment of any additional consideration in accordance with the terms of the agreements. As of February 28, 2016, all Special Warrants had been converted into units.
	During the six month period ended June 30, 2015, stockholders’ equity activity consisted of the following:
	2015 Special Warrant offering - The Company sold 19,000,000 2015 Special Warrants at a price of $0.20 for gross proceeds of $3,800,000.
	The 2015 Special Warrants may be converted during their term, at no additional cost to the holder, on a 1:1 basis into units (each a “Unit”) consisting of one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring February 28, 2020.

F-11

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

6.	STOCKHOLDERS’ EQUITY (continued)
	Alternatively, the 2015 Special Warrants provide the holder the right to exchange their 2015 Special Warrants for equal participation in a subsequent equity financing. All 2015 Special Warrants outstanding at February 28, 2016 were automatically convert into Units.
	The 2015 Special Warrants extend for a term ending on the earlier of February 28, 2016 or the date that is one month after the Company completes a Qualified Financing, defined as any financing or number of financings for total gross proceeds of $7,000,000 or more. Total fees related to issuance of the 2015 Special Warrants amounted to $4,353.
	The remaining 8,075,000 outstanding 2014 Special Warrants were exchanged for 2015 Special Warrants.
	Exercise of Special Warrants – 3,425,000 and 1,250,000 of 2014 and 2015 Special Warrants, respectively, were converted into Units consisting of one share of common stock and one warrant exercisable for one additional share of common stock at $0.40, expiring March 29, 2019 and February 28, 2020, respectively.
	Exercise of stock options – The Company received $10,000 from the exercise of 200,000 stock options.
	The following summarizes the exercise price per share and expiration date of the Company’s outstanding warrants issued to investors and vendors to purchase common stock at June 30, 2016:

F-12

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

7.	STOCK-BASED COMPENSATION
	Stock-based compensation includes grants of stock options and purchase warrants to eligible directors, employees and consultants as determined by the Board of Directors.
	Stock option plans - On March 27, 2007, the Board of Directors adopted the 2007 Stock Incentive Plan (the “Plan”). Under the terms of the Plan, options to purchase up to 6,000,000 shares of the Company’s common stock, subject to an increase each quarter equal to 15% of the increase in the total number of outstanding shares during the previous quarter, may be granted to officers, directors, employees and eligible consultants. As of June 30, 2016, the Company had granted 17,396,916 options under the Plan with a weighted average exercise price of $0.46 per option. 13,992,197 options were outstanding as of June 30, 2016.
	Stock warrants - Upon approval from the Board of Directors, the Company grants stock warrants to consultants for services performed.
	Valuation of awards – At June 30, 2016, the Company had options outstanding that vest on three different types of vesting schedules:

	1.	Service-based;
	2.	Performance-based; and
	3.	Market-based.

The Company used the following assumptions to estimate the fair values of the options granted for the six month periods ended:

Inputs used in these models are determined as follows:

	1.	The expected life represents the weighted-average period the awards are expected to remain outstanding and is a derived output of the option pricing models. The expected life is impacted by all of the underlying assumptions and calibration of the Company’s models.
	2.	The requisite service period for market-based stock option awards is a derived output of the hybrid Monte Carlo-Trinomial Lattice model.
	3.	Volatility is based on the average historical volatility levels of a representative peer group or the Company’s common stock depending on the life of the options.
	4.	The risk-free interest rate is based on the implied yield available on U.S. Treasury zero- coupon issues over the equivalent contractual lives of the options.

F-13

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

7.	STOCK-BASED COMPENSATION (continued)
	During the six month period ended June 30, 2016, stock based compensation activity was as follows:

	a)	On March 25, 2016, the Company’s Board of Directors unilaterally determined to amend 3,067,197 stock options by extending their expiration dates. The options were granted at various dates between 2009 and 2015 and have a weighted average exercise price of $0.49 per share. The expiration dates of all of the options were extended to December 31, 2016. In all other respects, the terms and conditions of the options remain the same.
	b)	On February 26, 2016, the Company granted 4,950,000 warrants to consultants exercisable at a price of $0.40 per share for a period expiring on February 28, 2020. The warrants were issued in consideration for services provided. 4,500,000 of the warrants were granted to NMC who is a related party as discussed in Note 11.

During the six month period ended June 30, 2015, stock based compensation activity was as follows:

	a)	On April 1, 2015, the Company granted non-qualified stock options to certain executive officers under the Plan for an aggregate of 400,000 shares of common stock at an exercise price of $0.40 per option. The options vest upon completion of defined events and milestones. The options expire on the fifth anniversary of the date that they vest, but in no event later than the tenth anniversary of the agreement. Each of the options will automatically vest and become exercisable upon the occurrence of a change in control.
	b)	On April 1, 2015, the Company granted non-qualified stock options to certain executive officers under the Plan for an aggregate of 400,000 shares of common stock at an exercise price of $0.40 per option. The options vest upon the Company’s stock price achieving defined targets. The options expire on the fifth anniversary of the date that they vest, but in no event later than the tenth anniversary of the agreement. Each of the options will automatically vest and become exercisable upon the occurrence of a change in control.
	c)	On April 1, 2015, the Company granted non-qualified stock options to the Company’s independent directors and certain executive officers under the Plan for an aggregate of 2,700,000 shares of common stock at an exercise price of $0.40 per option. The options vest 25% each on April 1, 2015, June 30, 2015, September 30, 2015 and December 31, 2015. The options expire on the fifth anniversary of the date that they vest. The options will automatically vest and become exercisable upon the occurrence of a change in control.
	d)	On February 25, 2015, the Company’s Board of Directors unilaterally determined to amend 650,531 stock options by extending their expiration dates. The options were granted at various dates between March 8, 2010 and July 22, 2010 and have a weighted average exercise price of $0.64 per share. The expiration dates of all of the options were extended to December 31, 2015. In all other respects, the terms and conditions of the extended options remain the same.

The total expense related to the granting, vesting and modification of all stock-based compensation awards was $13,749 and $173,211 for the quarters ended June 30, 2016 and 2015, respectively and $997,162 and $214,837 for the six month periods ended June 30, 2016 and 2015, respectively. Such expenses are included in general and administrative expense and mineral exploration and evaluation expense on the consolidated statements of operations.

F-14

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

7.	STOCK-BASED COMPENSATION (continued)
	For the six month period ended June 30, 2015, the Company received $10,000 from the exercise of stock options; the related tax benefit amounted to $13,300 and the intrinsic value was $38,000. For the six month period ended June 30, 2016, no stock options were exercised.
	The following table summarizes the Company’s stock-based compensation activity for the six month period ended June 30, 2016:

Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the quarter ended in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable.

The following table summarizes the changes of the Company’s stock-based compensation awards subject to vesting during the six month period ended June 30, 2016:

						Weighted Average
			Number of			Grant Date
			Shares			Fair Value
	Unvested, December 31, 2015		4,230,000		$	0.27
	Granted		-			-
	Expired		(950,000	)		0.29
	Vested		-			-
	Unvested, June 30, 2016		3,280,000		$	0.26

As of June 30, 2016, there was $18,121 of total unrecognized compensation cost related to unvested stock-based compensation awards. The weighted average period over which this cost will be recognized was approximately 10 months as of June 30, 2016.

F-15

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

8.	INCOME TAXES
	Income tax expense and effective tax rates were as follows for the three and six month periods ended June 30, 2016 and 2015:

	The effective tax rates differed from the U.S. statutory rate of 35% primarily due to valuation allowances on the Company’s net deferred tax assets due to the uncertainty of realizing those assets.
	The overall effective income tax rate for the year could be different from the effective tax rate for the six month period ended June 30, 2016. A summary of the Company’s deferred tax assets and liabilities and federal net operating loss carryforward are included in Note 7 “Income Taxes” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
	The Company and its subsidiary file income tax returns in the United States. These tax returns are subject to examination by taxation authorities provided the years remain open under the relevant statutes of limitations, which may result in the payment of income taxes and/or decreases in its net operating losses available for carryforward. The Company has losses from inception to date, and thus all years remain open for examination. While the Company believes that its tax filings do not include uncertain tax positions, the results of potential examinations or the effect of changes in tax law cannot be ascertained at this time. The Company does not have any tax returns currently under examination by the Internal Revenue Service.
9.	COMMITMENTS AND CONTINGENCIES
	Lease obligations – The Company rents office space under an operating lease agreement. The lease expires in August 2017 and provides an option to renew the lease for an additional four years. In the normal course of business, it is expected that this lease will be renewed or replaced by a lease of a similar property. The lease requires for increases in future annual rental payments of 4% per year. Under the lease agreement, the Company is also required to pay monthly operating expenses of approximately $748. Minimum lease commitments are $53,807 and $4,498 for the twelve month periods ending June 30, 2017 and 2018, respectively.
	Rental expense for office space was $15,676 and $14,629 for the quarters ended June 30, 2016 and 2015, respectively and $30,846 and $29,257 for the six month periods ended June 30, 2016 and 2015, respectively.
	Columbus Project – Pursuant to the option assignment agreement dated March 30, 2007, as amended August 8, 2007, the Company granted a 5% net smelter return royalty to NMC, one of the principal stockholders of the Company. The Columbus Project is further discussed in Note 3.
	Stand-by letter of credit – A financial institution has issued a stand-by letter of credit to the BLM for up to $100,000 on behalf of the Company. The stand-by letter of credit was issued to guarantee the Company’s compliance with reclamation bonding requirements. The letter of credit expires on June 24, 2017 and will be automatically renewed for one year periods unless either party elects not to renew. The Company is required to maintain a $100,000 certificate of deposit with the financial institution. The Company is also required to pay an annual fee of 2% of the total value of the letter of credit. As of June 30, 2016, no draws have been made on the letter of credit.

F-16

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

9.	COMMITMENTS AND CONTINGENCIES (continued)
	Consultant bonus – In April 2012, the Company entered into an Agreement for Services (the “Agreement”) with a consulting firm. The Company agreed to pay the firm at their standard rates in exchange for services provided. In addition, the Company agreed to pay bonuses to the firm upon completion of milestones as defined in the Agreement. The bonuses consist of cash payments up to $400,000 and issuance of up to 3,000,000 warrants at a price of $0.90 per share and expiring June 30, 2017. The Agreement does not contain any performance commitments; therefore, the fair value of the warrants will be measured and recognized on the dates that the milestones are reached. As of June 30, 2016, no milestones have been reached for which a bonus was due or paid.
	Registration Rights Agreement - In connection with the November 30, 2012 private placement, the Company entered into a Registration Rights Agreement (“RRA”) with the purchasers. Pursuant to the RRA, the Company agreed to certain demand registration rights. If the Company is not able to comply with the registration requirements, the Company will be required to pay cash penalties equal to 1.0% of the subscription proceeds on the date of such failure, and each month thereafter, up to a maximum of 6% of the subscription proceeds. The maximum penalty amounts to $346,979; however, the RRA also provides that no liquidated damages are payable so long as the securities could be resold using Rule 144. As of June 30, 2016, the Company had incurred and paid cumulative penalties of $5,757. Additionally, as of June 30, 2016, the Company was not in compliance with the registration requirements; however, any penalty is limited to use of the cashless exercise rights to the extent available.
10.	CONCENTRATIONS
	Concentration of activity - The Company currently utilizes a metallurgical consulting firm to perform significant portions of its exploration work programs. A change in the lead metallurgical consulting firm could cause a delay in the progress of the Company’s exploration programs and would cause the Company to incur significant transition expense and may affect operating results adversely.
11.	RELATED PARTY TRANSACTIONS
	DOSA - DOSA is a consulting firm owned by the Company’s CEO. Services provided by NMC are coordinated for the Company by DOSA. No management fees are billed to the Company for these services. Details of these transactions are provided below. The CEO’s salary and reimbursable expenses are also paid to DOSA.
	NMC - NMC is the Company’s largest shareholder. NMC and its affiliates own approximately 23.7% of the Company’s outstanding common stock and is the Company’s lead consultant on technical exploration matters.
	The following table provides details of transactions between the Company and NMC for the three and six month periods ended June 30, 2016 and 2015:

			Three Months			Three Months			Six Months			Six Months
			Ended			Ended			Ended			Ended
			June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015
	Reimbursement of expenses	$	36,413		$	12,869		$	147,348		$	18,037
	Consulting services provided		105,000			105,000			210,000			210,000
	Mineral and exploration expense – related party	$	141,413		$	117,869		$	357,348		$	228,037

F-17

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

11.	RELATED PARTY TRANSACTIONS (continued)
	At June 30, 2016 and December 31, 2015, the Company owed DOSA $502,516 and $145,168, respectively, for NMC fees and reimbursements. During the six month period ended June 30, 2016, NMC advanced the Company $367,000 for working capital purposes. The advances have no formal repayment terms.
	On February 26, 2016, the Company granted 4,500,000 warrants to NMC exercisable at a price of $0.40 per share for a period expiring on February 28, 2020. The warrants were issued in consideration for services provided.
	Pursuant to an option assignment agreement related to the Columbus Project, the Company granted a 5% net smelter return royalty to NMC as further discussed in Note 3.
	Searchlight Minerals Corp. (“SMC”) – The Company leases corporate office space on month-to- month terms to SMC. NMC is a shareholder in both the Company and SMC. Additionally, one of the Company’s consultants is an officer and director of SMC. Total rent income earned was $5,202 and $5,001 for the three month periods ended June 30, 2016 and 2015, respectively and $10,404 and $10,002 for the six month periods ended June 30, 2016 and 2015, respectively. At June 30, 2016, no amounts were due from SMC. At December 31, 2015, $1,734 was due from SMC.
	Cactus Mining – Cactus Mining is an affiliate of NMC. For the six month period ended June 30, 2015, Cactus Mining paid the Company $50,000 for use of onsite laboratory facilities and personnel for the month of March 2015.
	Former officers - Included in due to related parties are amounts due to former officers of the Company. At June 30, 2016 and December 31, 2015, the remaining amount due was $23,290. Also included in due to related parties at June 30, 2016 was $367,000 due to NMC.
12.	SUBSEQUENT EVENTS
	Abandonment of mineral rights - On August 31, 2016, the Company elected not to renew 47% of the existing Columbus Project claims and 67% of the existing DDB claims by declining to pay the Bureau of Land Management (“BLM”) maintenance fees for the abandoned claims. A loss of $7,642,245 was recognized during the quarter ended September 30, 2016.
	Convertible notes – In July 2016, the Company entered into an additional convertible note agreement in the amount of $50,000. The terms are equivalent to the convertible notes issued in June 2016 as discussed in Note 5. In March and April of 2017, all of the convertible notes and accrued interest were converted into shares at a price of $0.064 per share.
	Warrant modifications and inducements – The Company had 43,566,827 outstanding warrants expiring on December 31, 2016. Effective December 27, 2016, the Company reduced the exercise price of each warrant to $0.08 per share and extended the expiration date to January 31, 2017. On January 17, 2017, the warrants were extended to February 17, 2017.
	Additionally, the Company had 35,133,333 outstanding warrants expiring on various dates from March 2019 through July 2021. Effective December 27, 2016, the Company temporarily reduced the exercise price of each warrant to $0.08 per share for a period expiring January 31, 2017 after which, the warrants are exercisable at their original terms. On January 17, 2017, the inducement period was extended to February 17, 2017.
	Proceeds received from warrant exercises included $2,983,774 in cash and settlement of $92,700 of accounts payable.

F-18

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IRELAND INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

12.	SUBSEQUENT EVENTS (continued)
	November warrant modification – The Company had 8,896,901 outstanding warrants expiring on November 30, 2016. Effective November 30, 2016, the warrants were extended to December 31, 2016 and were included in the December warrant extension.
	Stock option modifications and inducements – The Company had 6,167,197 outstanding stock options and warrants expiring on December 31, 2016. Effective December 27, 2016, the Company reduced the exercise price of each award to $0.08 per share and extended the expiration date to January 31, 2017. On January 17, 2017, the inducement period was extended to February 17, 2017.
	Additionally, the Company had 7,600,000 stock options outstanding expiring on various dates from June 2017 through December 2020. Effective December 27, 2016, the Company temporarily reduced the exercise price of each warrant to $0.08 per share for a period expiring January 31, 2017 after which, the options are exercisable at their original terms. On January 17, 2017, the inducement period was extended to February 17, 2017.
	During the quarter ended March 31, 2017, the Company issued 1,100,000 shares of common stock from the exercise of stock options. Proceeds received from stock option exercises included $33,000 in cash and settlement of $25,000 of accounts payable.
	Private placement – On March 29, 2017, the Company completed a private placement offering of 49,369,123 shares of common stock at a price of $0.08 per share. Gross proceeds received from the private placement included $2,044,000 of cash and settlement of $1,905,530 of accounts payable, accrued liabilities and amounts due to a related party. Fees related to the issuance were $902.

F-19

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ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements.” These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements reflect the current views of management with respect to future events and are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from those described in the forward-looking statements. Such risks and uncertainties include those set forth under the caption “Part II, Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. We advise you to carefully review the reports and documents we file from time to time with the United States Securities and Exchange Commission (the “SEC”), particularly our periodic reports filed with the SEC pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”).

OVERVIEW

We were incorporated on February 20, 2001 under the laws of the State of Nevada. We are an exploration stage mineral exploration company focused on the discovery and extraction of precious metals from mineral deposits in the Southwestern United States.

Our lead project, the “Columbus Project,” is a prospective gold, silver and calcium carbonate property located in Esmeralda County, Nevada. The Columbus Project consists of 138 mineral claims covering approximately 6,778 acres, plus an additional 80 acres of private land, for a total of 6,858 acres including a 380 acre Permitted Mine Area (60-acre mill site and mill facility, 266-acre mine site with 54 acres defined as “undisturbed area”). Our current permits allow us to mine up to 792,000 tons per year to 40 feet in depth for the purpose of extracting precious metals and calcium carbonate from the Permitted Mine Area. In addition, we own 80 acres of land in the southeast quadrant of the project. Our current exploration efforts are focused on the North and South Sand Zones of the Columbus Project.

The discussion provided in this Quarterly Report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2015 filed with the United States Securities and Exchange Commission (the “SEC”) on April 14, 2016, our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on April 11, 2017 and our Quarterly Report on Form 10-Q for the three months ended March 31, 2017, filed with the SEC on May 12, 2017.

PLAN OF OPERATIONS

Our plan of operation for the twelve months ending March 31, 2018 is included with our Quarterly Report on Form 10-Q for the three months ended March 31, 2017, filed with the SEC on May 12, 2017.

CRITICAL ACCOUNTING POLICIES

We have identified certain accounting policies, described below, that are most important to the portrayal of our current financial condition and results of operations. Our significant accounting policies are also disclosed in the notes to our interim consolidated financial statements for the period ended June 30, 2016 included in this Quarterly Report on Form 10-Q.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. By their nature, these estimates are subject to measurement uncertainty and the effect on the financial statements of changes in such estimates in future periods could be significant. Significant areas requiring estimates and assumptions include the valuation of stock-based compensation, impairment analysis of long-lived assets, accrued reclamation and remediation costs and realizability of deferred tax assets and derivative liabilities. Actual results could differ from those estimates.

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Mineral Properties - Costs of acquiring mineral properties are capitalized upon acquisition. Exploration costs and costs to maintain mineral properties are expensed as incurred while the project is in the exploration stage. Development costs and costs to maintain mineral properties are capitalized as incurred while the property is in the development stage. When a property reaches the production stage, the related capitalized costs are amortized using the units-of-production basis over the proven and probable reserves.

Mineral Exploration and Development Costs - Exploration expenditures incurred prior to entering the development stage are expensed and included in “Mineral exploration and evaluation expenses” on the consolidated statements of operations.

Property and Equipment - Property and equipment is stated at cost less accumulated depreciation. Depreciation is principally provided on the straight-line method over the estimated useful lives of the assets, which are generally 3 to 20 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in the consolidated statement of operations.

Impairment of Long-Lived Assets - We review and evaluate our long-lived assets for impairment at each balance sheet date due to our planned exploration stage losses and document such impairment testing. Mineral properties in the exploration stage are monitored for impairment based on factors such as our continued right to explore the property, exploration reports, drill results, technical reports and continued plans to fund exploration programs on the property.

The tests for long-lived assets in the exploration, development or producing stage that have a value beyond proven and probable reserves will be monitored for impairment based on factors such as current market value of the mineral property and results of exploration, future asset utilization, business climate, mineral prices and future undiscounted cash flows expected to result from the use of the related assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated future net undiscounted cash flows expected to be generated by the asset, including evaluating its reserves beyond proven and probable amounts.

Our policy is to record an impairment loss in the period when it is determined that the carrying amount of the asset may not be recoverable either by impairment or by abandonment of the property. The impairment loss is calculated as the amount by which the carrying amount of the assets exceeds its fair value.

Asset Retirement Obligation - Future obligations to retire an asset, including site closure, are recorded as a liability at fair value in the period incurred. The fair value determination is based on estimated future cash flows, the current credit-adjusted risk-free interest rate and an estimated inflation factor. The value of the liability is evaluated at least annually or as new information becomes available. As reclamation work is performed or liabilities are otherwise settled, the recorded amount of the liability will be reduced.

Future reclamation expenditures are difficult to estimate in many circumstances due to the early stage nature of the exploration project, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation technology. Changes in estimates are reflected in the consolidated statement of operations in the period an estimate is revised.

LIQUIDITY AND CAPITAL RESOURCES

Our financial position was as follows at June 30, 2016 and December 31, 2015:

4

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		June 30, 2016			December 31, 2015
Cash	$	54,607		$	103,343
Current liabilities	$	1,641,539		$	378,090
Accrued reclamation costs	$	672,338		$	672,338
Stockholders' equity	$	15,758,332		$	17,447,856

During the six months ended June 30, 2016, our liquidity position was affected by the following:

•	Continued exploration stage losses of $2,698,311 for the six months ended June 30, 2016. Significant non-cash expenses through this period included depreciation of $167,313 and stock- based compensation of $997,162.
•	We were able to defer payments to certain vendors, officers and directors thereby conserving cash but resulting in an increase in accounts payable and accrued liabilities of $808,449.
•	We received gross proceeds of $367,000 from a related party and $100,000 from the issuance of convertible notes to help fund current operations.

Our long term assets at June 30, 2016 include mineral properties of $15,882,179 (December 31, 2015 $15,882,179). Amounts capitalized on our balance sheet for mineral properties reflect the acquisition cost of those properties. These amounts may not be reflective of fair market value, and may not be representative of the amount the Company could realize on a sale of its mineral properties or upon liquidation.

Looking Forward

Our anticipated cash expenditures for the twelve months ending March 31, 2018 is included with our Quarterly Report on Form 10-Q for the three months ended March 31, 2017, filed with the SEC on May 12, 2017.

Certain key factors will affect our future financial and operating results. These include, but are not limited to the following:

•	We have not yet earned any operational revenues since our inception. We may not generate sufficient revenues from our proposed business plan in the future to achieve profitable operations. If we are not able to achieve profitable operations at some point in the future, we eventually may have insufficient working capital to maintain our operations as we presently intend to conduct them or to fund our expansion plans. Our current financial resources may not be sufficient to allow us to meet our anticipated cash expenditures during the next 12 months. We require substantial additional financing in the near term. We do not have any additional financing arrangements in place, and there is no assurance that we will be able to raise financing sufficient to meet our needs or on terms that are acceptable to us.
•	Obtaining additional financing is subject to a number of factors, including the market prices for base and precious metals, investor interest in our mineral projects, and the performance of equity markets in general. These factors may make the timing, amount, terms or conditions of additional financing unavailable to us. If adequate funds are not available or if they are not available on acceptable terms, our ability to fund our business plan could be significantly limited and we may be required to suspend our business operations.

For these reasons, our consolidated financial statements filed herewith include a statement that these factors raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern will be dependent on raising additional capital and the success of our business plan.

RESULTS OF OPERATIONS

Revenue We have not earned any operational revenues since our inception and we do not anticipate earning revenues until our mineral properties enter into commercial production, of which there are no assurances. Our pilot production plant at the Columbus Project is currently being operated for pre-feasibility testing purposes only. We are currently in the exploration stage of our business and we can provide no assurances that we will be able to establish the existence of probable or proved mineral reserves on our properties, or if such reserves are established, that we will be able to enter into commercial production.

5

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Six Month period ended June 30, 2016 and 2015.

Operating Expenses

Mineral exploration and evaluation expenses decreased by 38% to $530,303 during the six month period ended June 30, 2016 from $854,119 during the six month period June 30, 2015. The decrease was due to the elimination of outside consultants given our cash constraints.

Mineral exploration and evaluation expenses – related party increased by 57% to $357,348 for the six month period ended June 30, 2016 from $228,037 for the six month period ended June 30, 2015. The increase is due to increased expense reimbursements to Nanominerals.

General and administrative expenses increased by 84% to $1,655,261 for the six month period ended June 30, 2016 from $897,692 for the six month period ended June 30, 2015. The increase is primarily the result of an increase in the stock based compensation due to granting more awards which were not subject to vesting restrictions in 2016 as compared to 2015.

Other Income (Expenses) decreased by 101% to $11,914 during the six month period ended June 30, 2016 from $(2,003,875) during the six month period ended June 30, 2015. The decrease is due to the automatic conversion of all special warrants issued during fiscal 2015, which expunged the underlying derivative liability.

Net Income (Loss). The aforementioned factors resulted in a net loss of $2,698,311 or $0.02 per common share, for the six month period ended June 30, 2016, as compared with a net loss of $4,357,178, or $0.03 per common share, for the six month period ended June 30, 2015.

Three Month period ended June 30, 2016 and 2015.

Operating Expenses

Mineral exploration and evaluation expenses decreased by 36% to $268,287 during the three month period ended June 30, 2016 from $417,202 during the three month period June 30, 2015. The decrease was due to limited utilization of outside consultants given our cash constraints.

Mineral exploration and evaluation expenses – related party increased by 20% to $141,413 for the three month period ended June 30, 2016 from $117,869 for the three month period ended June 30, 2015. The increase is due to increased expense reimbursements to Nanominerals for Q2 2016.

General and administrative expenses decreased by 27% to $338,212 for the three month period ended June 30, 2016 from $463,033 for the three month period ended June 30, 2015. The decrease is the result of not filing a 10-Q in 2016 which reduced accounting, audit, and legal fees and less stock based compensation costs incurred in 2016 due to a reduction in vesting expense.

Other Income (Expenses) decreased by 100% to $5,545 during the three month period ended June 30, 2016 from $(2,677,054) during the three month period ended June 30 2015. The decrease is due to the automatic conversion of all special warrants which expunged the underlying derivative liability.

Net Income (Loss). The aforementioned factors resulted in a net loss of $826,023 or $0.00 per common share, for the three month period ended June 30, 2016, as compared with a net loss of $3,866,988 or $0.02 per common share, for the three month period ended June 30, 2015.

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OFF-BALANCE SHEET ARRANGEMENTS

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

RECENT ACCOUNTING PRONOUNCEMENTS

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) that are adopted by us, as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on our consolidated financial statements upon adoption.

In August 2016, the FASB issued ASU No. 2016-15, which clarifies diversity in practice regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update to the standard is effective for us beginning January 1, 2018, with early application permitted. We are currently evaluating the effect the guidance will have on our consolidated financial statements.

In March 2016, ASU No. 2016-09 was issued related to stock based compensation. The updated guidance changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The update to the standard is effective beginning June 1, 2017, with early application permitted. Adoption of the new guidance is currently being evaluated.

In February 2016, ASU No. 2016-02 was issued related to leases. The new guidance modifies the classification criteria and requires lessees to recognize the assets and liabilities arising from most leases on the balance sheet. This update is effective in fiscal years, including interim periods, beginning after December 15, 2018, and early adoption is permitted. Adoption of the new guidance is currently being evaluated.

In August 2014, ASU 2014-15 was issued related to going concern presentation. The new standard requires management to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern and, if so, disclose that fact. Management will also be required to evaluate and disclose whether its plans alleviate that doubt. The new standard is effective for interim and annual periods ending after December 15, 2016. Adoption of the new guidance is not expected to have an impact on the consolidated financial position, results of operations or cash flows.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not applicable.

ITEM 4.

CONTROLS AND PROCEDURES.

As of June 30, 2016, an evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures. These controls and procedures are based on the definition of disclosure controls and procedures in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934.

Based on that evaluation as of June 30, 2016, our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

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Management, including our CEO and CFO, have concluded that our disclosure controls and procedures provide reasonable assurance that the controls and procedures will meet their desired control objectives. In designing and evaluating our control system, management recognized that any control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. Further, the design of a control system must reflect the fact that there are resource constraints, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, that may affect our operations have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake.

During the fiscal quarter ended June 30, 2016, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS.

None.

ITEM 1A.

RISK FACTORS

The following are some of the important factors that could affect our financial performance or could cause actual results to differ materially from estimates contained in our forward-looking statements. We may encounter risks in addition to those described below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, may also impair or adversely affect our business, financial condition or results of operation.

We will require additional financing to complete our exploration programs for our mineral project.

Our management anticipates that the minimum cash requirements for funding our proposed exploration programs and our continued operations through March 31, 2018 will be approximately $4,493,000. This amount is substantially greater than our existing financial resources. As of March 31, 2017, the date of our most recently available financial statements, we had cash reserves in the amount of approximately $3,364,000. Subsequent to our fiscal year end, we raised approximately $7,084,004 from the exercise of outstanding share purchase warrants, outstanding options granted under our 2007 Stock Option Plan, and the sale of shares in a private placement offering through a combination of cash payments and settlements of outstanding debts. We do not currently have sufficient financial resources to pay for our anticipated expenditures for the next twelve months. We will require substantial financing to maintain our operations and mineral properties and to complete our proposed exploration programs. In addition, actual costs of completing our exploration plans could be greater than anticipated and we may need additional financing sooner than anticipated.

If we are unable to obtain significant financing in the near term, we may not be able to complete our exploration plans and our business could fail. We will scale back our exploration and business plans depending upon our existing financial resources.

Our ability to obtain future financing will be subject to a number of factors, including the variability of market prices for gold and silver, investor interest in our mineral projects, and the performance of equity markets in general. These factors may make the timing, amount, terms or conditions of additional financing unavailable to us. If we are not able to obtain financing when needed or in an amount sufficient to enable us to complete our programs, we may be required to scale back our exploration programs.

Amounts capitalized on our balance sheet may not be reflective of fair market value.

Our long term assets at March 31, 2017 include mineral properties of $8,239,934 (December 31, 2016 - $8,239,934). Amounts capitalized on our balance sheet for mineral properties reflect the acquisition costs of those properties. These amounts may not be reflective of fair market value, and may not be representative of the amount the Company could realize on a sale of its mineral properties or upon liquidation.

If we complete additional financings through the sale of our common stock, our existing stockholders will experience dilution.

The most likely source of future financing presently available to us is through the sale of shares of our common stock. The only other anticipated alternative for the financing of further exploration would be the offering by us of an interest in our mineral properties to be earned by another party or parties carrying out further exploration thereof, which is not presently contemplated. Issuing shares of our common stock, for financing purposes or otherwise, will dilute the interests of our existing stockholders.

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In order to maintain the rights to our mineral properties, we will be required to make annual filings with federal and state regulatory agencies and/or be required to complete assessment work or pay fees in respect of those properties.

In order to maintain the rights to our mineral projects, we will be required to make annual filings and pay fees with federal and state regulatory authorities. Bureau of Land Management (“BLM”) claim maintenance fees for placer mineral claims are currently $155 for every 20 acres, making the claim fee $1,240 per year for a 160 acre association placer claim.

In addition to claim maintenance fees, we may be required by federal and/or state legislation or regulations to complete minimum annual amounts of mineral exploration work on our mineral properties. A failure by us to meet the annual maintenance requirements under federal and state laws could cause our mineral rights to lapse.

Because we are a mineral exploration company, we face a high risk of business failure.

To date, our primary business activities have involved the acquisition of mineral claims and the exploration of these claims. We have not earned any revenues as of the date of this report. Potential investors should be aware of the difficulties normally encountered by exploration stage companies and the high rate of failure of such enterprises. The likelihood of success must be considered in light of the problems, expenses, difficulties, complications and delays encountered in connection with the exploration of the mineral properties that we plan to undertake. These potential problems include, but are not limited to, unanticipated problems relating to exploration, and additional costs and expenses that may exceed current estimates.

Because we anticipate that our operating expenses will increase prior to earning revenues, we may never achieve profitability.

Prior to commencing mineral production, we anticipate that we will incur increased operating expenses without realizing any revenues. We therefore expect to incur significant losses into the foreseeable future. We recognize that if we are unable to generate significant revenues from the exploration of our mineral claims and the production of minerals thereon, if any, we will not be able to earn profits or continue operations. There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we may not be able to ever generate any operating revenues or achieve profitable operations. If we are unsuccessful in addressing these risks, our business will most likely fail.

Because of the inherent dangers involved in mineral exploration, there is a risk that we may incur liability or damages if and when conducting mineral exploration activities.

The search for valuable minerals involves numerous hazards. As a result, when conducting exploration activities we may become subject to liability for such hazards, including pollution, cave-ins and other hazards against which we cannot insure or against which we may elect not to insure. The payment of such liabilities may have a material adverse effect on our financial position.

Because of the speculative nature of exploration of mining properties, there is substantial risk that no commercially exploitable minerals will be found.

We have not yet established proved or probable reserves on the Columbus Project. The search for valuable minerals as a business is extremely risky. Although we have been encouraged by the results of the exploration work conducted by us to date, further exploration work is required before proven or probable reserves can be established, and there are no assurances that we will be able to establish any proven or probable reserves. Exploration for minerals is a speculative venture, necessarily involving substantial risk. The expenditures to be made by us may not result in the discovery of commercial quantities of ore. Problems such as unusual or unexpected formations and other conditions are involved in mineral exploration and often result in unsuccessful exploration efforts. We intend to report the results of our exploration activities promptly after those results have been received and analyzed. However, there is no assurance that the test results reported by us will be indicative of extraction rates throughout our mineral properties.

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As a result of the public’s lack of familiarity with the assaying methods used by us to analyze samples taken from the sand and clay zones of the Columbus Project, we may occasionally encounter resistance to the reliability of our grade estimates for the Columbus Project. Although we use proven assaying methods, only report extracted and weighed gold and silver and have instituted rigorous testing to ensure the reliability of our exploration results, we may face resistance in the future, which could negatively impact our business, our ability to obtain future financing, and our stock price.

Contrary to popular belief, pyrometallurgical and hydrometallurgical tests on a rock sample do not determine the amount of gold or silver present in a sample. Instead, these tests report the amount of gold or silver that is extracted from the sample by the analytical method used. We have engaged in extensive research and testing to determine the best pyrometallurgical and hydrometallurgical methods for extracting gold and silver from the sands and clays present at the Columbus Project. Our research has indicated that caustic fusion (head ore, concentrates) and thiosulphate or cyanide leaching (concentrates) are effective pyrometallurgical and hydrometallurgical methods for extracting gold and silver from the Columbus Project. The pyrometallurgical and hydrometallurgical methods that were chosen by us result in the actual physical extraction of gold and silver from the tested samples.

Caustic fusion is a standard pyrometallurgical method that uses fluxes melted at low temperature to dissolve the sample rock and liberate the contained minerals or metals for subsequent extraction and analysis. Caustic fusion was developed in South Africa over 100 years ago and was first used to liberate diamonds from their refractory kimberlites. It has since been used to quantify other minerals/metals in rocks by analyzing the fused product. Caustic fusion has proven to be a very effective method for extracting gold and silver from the refractory minerals (organics, silicates) in the sand and clay at Columbus, and has been confirmed by extracting comparable precious metal values from bulk leach tests (+/- 1 ton samples).

Fire assaying is the most common pyrometallurgical method used for extracting gold and silver from rock. Fire assaying relies on the use of standardized chemical fluxes to reduce the melting point of the minerals entombing the gold and silver so that they can be liberated and then collected in a lead “button” and examined. Although this process works well for extracting gold entombed in sulfides (e.g. pyrite) and silica, such as that found in Carlin-type gold deposits, the chemical fluxes used in fire assaying methods are ineffective at liberating the gold and silver from refractory minerals (organics and silicates (Fe-Mg-Al-Si-Ox)) as are found at the Columbus Project. As a result, in our tests, fire assaying has shown to be ineffective at extracting commercial values of gold and silver from the sand and clay from the Columbus Project. Similarly, aqua regia digestion has also proven to be ineffective at extracting gold and silver from the sands and clays at Columbus.

To ensure the reliability of our results, we have instituted rigorous QA/QC protocols, including blind random sampling, and the inclusion of blanks, standards and duplicates. To further ensure reliability, we measure only the actual amount of gold and silver physically extracted from our test samples when reporting assay results. We also have extracted gold and silver from large samples (+/- 200-3,000 lbs.) by thiosulphate leaching, with the extraction results being comparable to caustic fusion assay results on the same samples, thereby confirming the reliability of the caustic fusion process. However, because caustic fusion is not commonly used and understood for gold and silver assaying, and because gold and silver in the sands and clays at Columbus cannot be confirmed by metal-in-hand extraction using fire assay or aqua regia digestion, we may encounter some resistance to our analytical methods and assay results, which could negatively impact our business, our ability to obtain additional financing, and our stock price.

Even if we establish proven or probable reserves on our mineral claims, we may not be able to successfully reach commercial production.

We anticipate using a low cost, high volume surface dredge operation to mine the Columbus Project. Our pre-feasibility program for the Columbus Project is designed to test and optimize our planned mining process for the Columbus Project. There is no assurance that this pre-feasibility program will result in a decision to enter into commercial production.

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In addition, expanding our production facilities to accommodate commercial operations is expected to require substantially more financial resources than what we currently have available to us. There is a risk that we will not be able to obtain such financing if and when needed.

Although we have installed the leach circuit of the onsite pilot production module for the Columbus Project, there is no assurance that this project is commercially feasible.

We have begun testing and optimizing the onsite pilot production module at the Columbus Project. This pilot production module is part of our pre-feasibility study for the Columbus Project and is designed to evaluate the commercial viability of the Columbus Project. There is no assurance that the results of our pre-feasibility program will result in a decision to enter into commercial production.

Even if we can successfully reach commercial production, any change to mining laws or regulations or levy of additional taxes in the future may make our planned production process nonviable economically.

Several bills have been introduced by the U.S. federal government that would levy resource taxes on mineral exploration companies. Any levy of additional taxes would have an adverse effect on our business. In addition, laws and regulations governing the exploration of mineral properties and the mining process are subject to change. Changes to mining laws and regulations that would have the effect of increasing the cost of mineral exploration and mining activities would adversely impact our business.

We are subject to compliance with government regulations. The costs of complying with these regulations may change without notice, and may increase the anticipated cost of our exploration programs.

There are several government regulations that materially restrict the exploration of minerals. We will be required to obtain work permits, post bonds and perform remediation work for any physical disturbance to the land in order to comply with these laws. While our planned exploration program budgets for regulatory compliance, there is a risk that new regulations could increase our costs of doing business and prevent us from carrying out our exploration program.

In addition, if our applications for permits from the relevant regulatory bodies are denied, we may not be able to proceed with our exploration programs.

If we decide to pursue commercial production, we may be subject to an environmental review process that may delay or prohibit commercial production.

Our planned method for mining the Columbus Project is not expected to generate any significant long term environmental impact. However, we have not yet had a comprehensive environmental review conducted on our planned mining operations for the Columbus Project.

Compliance with an environmental review process may be costly and may delay commercial production. Furthermore, there is the possibility that we would not be able to proceed with commercial production upon completion of the environmental review process if government authorities do not approve our mine or if the costs of compliance with government regulation adversely affected the commercial viability of the proposed mine.

The market for our common stock is limited and investors may have difficulty selling their stock.

Our shares are currently traded on the over the counter market, with quotations entered for our common stock on the OTC Pink marketplace tier under the symbol “IRLD.” However, the volume of trading in our common stock is currently limited. As a result, holders of our common stock may have difficulty selling their shares.

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Because our common stock is a penny stock, stockholders may be further limited in their ability to sell their shares.

Our shares constitute a penny stock under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are expected to remain classified as a penny stock for the foreseeable future. Classification as a penny stock makes it more difficult for a broker-dealer to sell the stock into a secondary market, which makes it more difficult for a purchaser to liquidate his or her investment. Any broker-dealer engaged by the purchaser for the purpose of selling his or her shares will be subject to Rules 15g-2 through 15g-9 of the Exchange Act. Rather than having to comply with these rules, some broker-dealers will refuse to attempt to sell a penny stock.

No assurance that forward-looking assessments will be realized.

Our ability to accomplish our objectives and whether or not we are financially successful is dependent upon numerous factors, each of which could have a material effect on the results obtained. Some of these factors are in the discretion and control of management and others are beyond management’s control. The assumptions and hypotheses used in preparing any forward-looking assessments contained herein are considered reasonable by management. There can be no assurance, however, that any projections or assessments contained herein or otherwise made by management will be realized or achieved at any level.

If we are, or were, a U.S. real property holding corporation, non-U.S. holders of our common stock or other security convertible into our common stock could be subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of such security.

If we are or ever have been a U.S. real property holding corporation (a “USRPHC”) under the Foreign Investment Real Property Tax Act of 1980, as amended (“FIRPTA”) and applicable United States Treasury regulations (collectively, the “FIRPTA Rules”), unless an exception applies, certain non-U.S. investors in our common stock (or options or warrants for our common stock) would be subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of shares of our common stock (or such options or warrants), and such non-U.S. investor would be required to file a United States federal income tax return. In addition, the purchaser of such common stock, option or warrant would be required to withhold from the purchase price an amount equal to 10% of the purchase price and remit such amount to the U.S. Internal Revenue Service.

We have not conducted a formal analysis of whether we are or have ever been a USRPHC. However, we believe that we may be a USRPHC. In general, under the FIRPTA Rules, a company is a USRPHC if its interests in U.S. real property comprise at least 50% of the fair market value of its assets. If we are or were a USRPHC, so long as our common stock is “regularly traded on an established securities market” (as defined under the FIRPTA Rules), a non-U.S. holder who, actually or constructively, holds or held no more than 5% of our common stock is not subject to U.S. federal income tax on the gain from the sale, exchange or other disposition of our common stock under FIRPTA. In addition, other interests in equity of a USRPHC may qualify for this exception if, on the date such interest was acquired, such interests had a fair market value no greater than the fair market value on that date of 5% of our common stock. Any of our common stockholders (or owners of options or warrants for our common stock) that are non-U.S. persons should consult their tax advisors to determine the consequences of investing in our common stock (or options or warrants).

We have not held an annual meeting for the election of directors since our incorporation.

Pursuant to the provisions of the Nevada Revised Statutes (the “NRS”), directors are to be elected at the annual meeting of the stockholders. Pursuant to the NRS and our bylaws, our board of directors is granted the authority to fix the date, time and place for annual stockholder meetings. However, no date, time or place has yet been fixed by our board for the holding of an annual stockholder meeting. Pursuant to the NRS and our bylaws, each of our directors holds office after the expiration of his term until a successor is elected and qualified, or until the director resigns or is removed. Under the provisions of the NRS, if an election of our directors has not been made by our stockholders within 18 months of the last such election, then an application may be made to the Nevada district court by stockholders holding a minimum of 15% of our outstanding stockholder voting power for an order for the election of directors in the manner provided in the NRS.

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FOR ALL OF THE AFORESAID REASONS AND OTHERS SET-FORTH AND NOT SET-FORTH HEREIN, AN INVESTMENT IN OUR SECURITIES INVOLVES A CERTAIN DEGREE OF RISK. ANY PERSON CONSIDERING TO INVEST IN OUR SECURITIES SHOULD BE AWARE OF THESE AND OTHER FACTORS SET-FORTH IN THIS REPORT AND IN THE OTHER REPORTS AND DOCUMENTS THAT WE FILE FROM TIME TO TIME WITH THE SEC AND SHOULD CONSULT WITH HIS/HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT IN OUR SECURITIES. AN INVESTMENT IN OUR SECURITIES SHOULD ONLY BE ACQUIRED BY PERSONS WHO CAN AFFORD TO LOSE THEIR TOTAL INVESTMENT.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4.

MINE SAFETY DISCLOSURES.

The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95-1 to this Report on Form 10-Q.

ITEM 5.

OTHER INFORMATION.

None.

ITEM 6.

EXHIBITS.

The following exhibits are either provided with this Quarterly Report or are incorporated herein by reference:

Exhibit
Number		Description of Exhibit
3.1		Articles of Incorporation.(1)
3.2		Certificate of Amendment to Articles - Name Change from Merritt Ventures Corp. to Ireland Inc.(2)
3.3		Certificate of Change – 4-for-1 Stock Split.(3)
3.4		Bylaws.(1)
4.1		Form of Warrant.(14)
10.1		2007 Stock Incentive Plan.(4)
10.2		Consulting Agreement between the Company and RJ Falkner & Company, Inc. dated for reference as of November 5, 2007.(5)
10.3		Consultant Non-Qualified Stock Option Agreement between the Company and R. Jerry Falkner dated effective as of November 5, 2007.(5)
10.4		Management Employment Agreement for David Z. Strickler, Jr.(13)
10.5		Non-Qualified Stock Option Agreement for Douglas D.G. Birnie.(8)
10.6		Non-Qualified Stock Option Agreement for Robert D. McDougal.(8)
10.7		Non-Qualified Stock Option Agreement for Michael A. Steele.(8)

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Exhibit
Number		Description of Exhibit
10.8		Non-Qualified Stock Option Agreement for Mark H. Brennan.(8)
10.9		Non-Qualified Stock Option Agreement for David Z. Strickler, Jr.(9)
10.10		Non-Qualified Stock Option Agreement dated April 8, 2011 for Mark H. Brennan.(10)
10.11		Amended and Restated Option Agreement dated July 20, 2011 between Sierra Mineral Management Inc. and Ireland Inc.(11)
10.12		Non-Qualified Stock Option Agreement for Douglas D.G. Birnie.(12)
10.13		Non-Qualified Stock Option Agreement for Robert D. McDougal.(12)
10.14		Non-Qualified Stock Option Agreement for David Z. Strickler, Jr.(12)
10.15		Form of Securities Purchase Agreement.(14)
10.16		Form of Registration Rights Agreement.(14)
10.17		Non-Qualified Stock Option Agreement effective February 15, 2013 for Douglas D.G. Birnie.(15)
10.18		Non-Qualified Stock Option Agreement effective February 15, 2013 for Robert D. McDougal.(15)
10.19		Non-Qualified Stock Option Agreement effective February 15, 2013 for David Z. Strickler, Jr.(15)
10.20		Non-Qualified Stock Option Agreement effective February 15, 2013 for Mark H. Brennan.(15)
10.21		Non-Qualified Stock Option Agreement effective April 16, 2013 for Steven A. Klein.(16)
10.22		Non-Qualified Stock Option Agreement effective January 17, 2014 for Douglas D.G. Birnie.(18)
10.23		Non-Qualified Stock Option Agreement effective January 17, 2014 for Robert D. McDougal.(18)
10.24		Non-Qualified Stock Option Agreement effective January 17, 2014 for David Z. Strickler, Jr.(18)
10.25		Non-Qualified Stock Option Agreement effective January 17, 2014 for Mark H. Brennan.(18)
10.26		Non-Qualified Stock Option Agreement effective January 17, 2014 for Steven A. Klein. (18)
10.27		Form of Special Warrant Subscription Agreement.(17)
10.28		Nanominerals Subscription Agreement.(17)
10.29		Termination and Mutual Release Agreement dated August 27, 2014 between the Company and Sierra Mineral Management Inc.(19)
10.30		Form of Special Warrant Subscription Agreement.(21)
10.31		Non-Qualified Stock Option Agreement effective April 1, 2015 for Douglas D.G. Birnie.(22)
10.32		Non-Qualified Stock Option Agreement effective April 1, 2015 for Robert D. McDougal. (22)
10.33		Non-Qualified Stock Option Agreement effective April 1, 2015 for David Z. Strickler, Jr. (22)
10.34		Non-Qualified Stock Option Agreement effective April 1, 2015 for Mark H. Brennan. (22)
10.35		Non-Qualified Stock Option Agreement effective April 1, 2015 for Steven A. Klein. (22)
14.1		Code of Ethics.(7)
21.1		List of Subsidiaries.(9)
31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
95.1		Mine Safety Disclosures.
99.1		Columbus Project Claims Summary.(20)
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.LAB		XBRL Taxonomy Extension Label Linkbase.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase.

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Notes:

(1)	Filed as an exhibit to our Registration Statement on Form SB-2 originally filed April 18, 2002, as amended.
(2)	Filed as an exhibit to our Annual Report on Form 10-KSB for the year ended December 31, 2005 filed April 12, 2006.
(3)	Filed as an exhibit to our Current Report on Form 8-K filed April 30, 2007.
(4)	Filed as an exhibit to our Annual Report on Form 10-KSB for the year ended December 31, 2006 filed April 5, 2007.
(5)	Filed as an exhibit to our Current Report on Form 8-K filed November 9, 2007.
(6)	Filed as an exhibit to our Annual Report on Form 10-KSB for the year ended December 31, 2003 filed September 28, 2004.
(7)	Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2009 filed April 15, 2010.
(8)	Filed as an exhibit to our Current Report on Form 8-K filed July 28, 2010.
(9)	Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2010 filed March 30, 2011.
(10)	Filed as an exhibit to our Current Report on Form 8-K filed April 13, 2011.
(11)	Filed as an exhibit to our Quarterly Report on Form 10-Q for the period ended June 30, 2011 filed August 19, 2011.
(12)	Filed as an exhibit to our Current Report on Form 8-K filed August 26, 2011.
(13)	Filed as an exhibit to our original Annual Report on Form 10-K for the year ended December 31, 2011 filed March 30, 2012.
(14)	Filed as an exhibit to our Current Report on Form 8-K filed December 6, 2012.
(15)	Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2012, filed April 15, 2013.
(16)	Filed as an exhibit to our Post-Effective Amendment No. 1 on Form S-1/A filed April 19, 2013.
(17)	Filed as an exhibit to our Current Report on Form 8-K filed March 28, 2014.
(18)	Filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2013, filed March 31, 2014.
(19)	Filed as an exhibit to our Current Report on Form 8-K filed September 4, 2014.
(20)	Filed as an exhibit to our Quarterly Report on Form 10-Q for the period ended September 30, 2014 filed November 19, 2014.
(21)	Filed as an exhibit to our Current Report on Form 8-K filed March 4, 2015.
(22)	Filed as an exhibit to our Quarterly Report on Form 10-Q filed May 15, 2015.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

				IRELAND INC.
Date:	May 26, 2017		By:	/s/ Douglas D.G. Birnie
				DOUGLAS D.G. BIRNIE
				Chief Executive Officer, President and Secretary
				(Principal Executive Officer)
Date:	May 26, 2017		By:	/s/ David Z. Strickler, Jr.
				DAVID Z. STRICKLER, JR.
				Chief Operating Officer, Interim Chief Financial Officer
				and Interim Treasurer
				(Principal Financial Officer and Principal Accounting Officer)

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