International Tower Hill Mines Ltd.

What they do

ITH is a mineral property acquisition and development company focused solely on the Livengood Gold Project in Alaska, a development-stage project with proven and probable reserves of 430.1 million tonnes at 0.65 g/t gold (9.0 million ounces). The company has not begun extraction or reached commercial production. It is conducting feasibility studies, metallurgical test work, and baseline environmental data collection to advance the project toward a potential production decision.

Revenue drivers

• Livengood Gold Project (development stage) — The company has no revenue; its only asset is the Livengood Gold Project. Potential future revenue would come from gold production, but commercial production has not begun.

Recent performance

For the years ended December 31, 2023, 2024, and 2025, the company reported zero revenue and net income of $3.4 million, $3.6 million, and $4.6 million, respectively, primarily from non-operating items. Operating cash flow was negative in each of those years, at -$3.2 million, -$2.9 million, and -$3.6 million. As of June 30, 2026, the company held cash and equivalents of $60.4 million, total assets of $167.9 million, and total liabilities of $2.4 million. In January 2026, it raised gross proceeds of approximately $114.8 million through a public offering and a private placement with Paulson & Co. affiliates. The company remains pre-revenue and development-focused.

Strategy

ITH is advancing the Livengood Gold Project through a feasibility study, having awarded Phase 1 contracts to a consortium including BBA, Hatch, Newfields, RDA, and JDS in April 2026. The 2026 work program includes core drilling, metallurgical test work, and feasibility studies, with an anticipated cost of $20–25 million. Management is evaluating opportunities to enhance gold recoveries and project economics, particularly given a substantially higher gold price than the $1,680/oz assumption used in the prior study. The company plans to use the January 2026 offering proceeds to fund exploration, development, permitting, and general corporate purposes.

Risks

• Single-project concentration — Livengood is the company's only project; any setback at Livengood would materially harm the business.
• Development financing risk — The company will need to raise substantial additional capital (estimated capital costs of $1.93 billion per the TRS) to develop the project, and financing may not be available on acceptable terms.
• Permitting and regulatory delays — The project requires significant permits and authorizations; delays or denials could halt or postpone development.
• Gold price and economics — The project's viability is sensitive to gold prices; the TRS indicates marginal viability at $1,680/oz, and lower prices could make development uneconomic.

Outlook

Management expects the 2026 work program to cost $20–25 million, focusing on metallurgical samples, test work, and initiating the feasibility study. The company plans to advance environmental baseline data collection and community engagement. The feasibility study is expected to refine project configuration and costs, with the goal of improving economics and positioning for a future production decision.