Exploring International Tower Hill Mines Ltd. (THM) Investor Profile: Who’s Buying and Why?

You're looking at International Tower Hill Mines Ltd. (THM) and wondering why the stock price is up over 226% year-to-date, and who exactly is placing their bets on this pre-production gold explorer. It's a fair question, especially since the company reported a net loss of $2,594,154 for the first half of 2025, a common reality for development-stage miners. The answer is simple: institutional conviction is high, with these professional money managers owning over 54% of the shares outstanding. The big money is focused on the massive, long-term prize-the Livengood Gold Project in Alaska-which holds a proven and probable gold reserve of 9.0 million ounces.

This isn't a retail-driven meme stock; it's a high-conviction play by seasoned funds. For instance, Paulson & Co. Inc. is the largest holder, with a stake of approximately 70.2 million shares valued around $44.4 million in the first quarter of 2025, and they, along with Sprott Inc. and Kopernik Global Investors, LLC, just doubled down. They participated in a March 2025 private placement, injecting another US$3.9 million into the company to fund the $3.7 million work program for the year. That money is specifically advancing the study of antimony recovery, a potential co-product that could significantly boost the project's economics beyond the gold. So, are these smart money players seeing a clear path to unlocking the project's estimated $2.351 billion Net Present Value (NPV(5%))? Let's break down the investor profile and the exact catalyst they are trading on.

Who Invests in International Tower Hill Mines Ltd. (THM) and Why?

If you're looking at International Tower Hill Mines Ltd. (THM), you're looking at a development-stage gold explorer, not a cash-flow-rich producer. This distinction is crucial because it immediately shapes the investor profile: it's a high-conviction, long-term bet on the price of gold and the successful development of a massive asset. The direct takeaway is that institutional money dominates, viewing THM as a deeply discounted call option on the Livengood Gold Project.

Key Investor Types and Ownership Breakdown

The ownership structure of International Tower Hill Mines Ltd. is heavily skewed toward professional money managers, which is typical for a company with a single, large, undeveloped asset. As of the most recent 2025 filings, institutional investors and hedge funds own approximately 66.92% of the outstanding shares. Retail investors, while numerous, collectively hold the remaining significant portion, about 32.5%, with insiders holding a minimal 0.5%. That's a huge institutional footprint for a pre-production company. It means big players are comfortable with the long-horizon risk.

The institutional roster includes some very recognizable names in the resource sector, which speaks volumes about the quality of the underlying asset.

• Hedge Funds: Paulson & Co. Inc. is a major anchor, holding the largest position with a reported value of approximately $44.39 million. Their involvement signals a high-conviction, concentrated bet on the long-term gold thesis.
• Specialist Investment Firms: Sprott Inc., a firm well-known for its expertise in precious metals, is another top holder with a position valued at around $32.43 million. These are not generalists; they understand the mining cycle.
• Mutual Funds/Asset Managers: Firms like Kopernik Global Investors, LLC and Russell Investments Group Ltd. round out the top holders, providing capital that is often more patient than pure hedge fund money.

Here's the quick math on the major institutional concentration:

The Core Investment Motivations: Growth and Valuation

No one is buying International Tower Hill Mines Ltd. for a dividend; the company had a net loss of $1,925,086 for the second quarter of 2025 and is not a revenue-generator. The motivation is pure, high-leverage growth potential.

The entire investment thesis hinges on the Livengood Gold Project in Alaska, which holds a massive reserve of 9.0 million ounces of gold and a total resource of 13.6 million ounces. Investors are betting on three key drivers:

• Commodity Price Upside: The price of gold has been robust, up over 52% year-to-date as of November 2025. This momentum makes the project's economics look increasingly compelling, especially with its low estimated all-in sustaining costs.
• Deep Valuation Discount: The stock trades at a steep discount to its potential. Analysts estimate the Net Present Value (NPV) could be as high as $17.60 per share if the necessary development capital is secured. The current share price is just a fraction of that, offering substantial upside for patient capital.
• Strategic Mineral Potential: The company's 2025 work program, funded in part by a $3.9 million private placement in March 2025, is advancing studies on the co-existing stibnite antimony mineralization. Antimony is a critical and strategic mineral for the U.S., which could add a valuable secondary revenue stream and potentially attract government or strategic partner financing.

Investment Strategies: Long-Term Development Bets

The primary strategy here is a classic, long-term value-speculation play. Investors are effectively buying a long-dated option on the development of a world-class gold mine. The company's 2025 budget is modest at approximately $3.7 million, focused on metallurgical studies and permitting, which tells you this is a multi-year effort. International Tower Hill Mines Ltd. (THM): History, Ownership, Mission, How It Works & Makes Money is a development story, not a quick trade.

We see two main strategies at play:

• Patient Value-Development: Major institutional holders are engaged in a long-term holding strategy, often participating in private placements to fund the company's burn rate and maintain their ownership percentage. This shows a commitment to seeing the Livengood project through the permitting and financing gauntlet, which requires approximately $1.93 billion in capital.
• Speculative Growth Trading: A portion of the retail and smaller institutional money is likely short-term trading based on news flow-positive drill results, permitting milestones, or fluctuations in the spot price of gold. This is the more volatile segment, betting on the stock's high sensitivity to gold price movements.

What this estimate hides is the single biggest risk: the massive development funding. Until that $1.93 billion is secured, the stock will remain a speculative bet, even with the huge resource. The institutional investors are defintely betting that the high gold price and the strategic antimony potential will eventually unlock that financing.

Institutional Ownership and Major Shareholders of International Tower Hill Mines Ltd. (THM)

You want to know who is really calling the shots at International Tower Hill Mines Ltd. (THM) and why they're buying in. The direct takeaway is that THM is overwhelmingly controlled by a small, concentrated group of institutional investors-specifically, major gold-focused funds and a single billionaire hedge fund manager-who are actively funding a strategic shift in the company's flagship project.

As of the most recent filings, institutional investors own a commanding stake, holding approximately 66.92% of the company's stock, based on the November 7, 2025, Q3 financial reports. This high concentration means a few major players have significant influence over the company's direction, capital raises, and key decisions regarding the Livengood Gold Project.

Top Institutional Investors and Their Anchor Stakes

The investor profile for International Tower Hill Mines Ltd. isn't a broad list of mutual funds; it's a tight circle of deep-pocketed, gold-centric specialists. This is a classic example of a 'tight float' stock where the liquidity is low and the major shareholders are long-term strategic holders. The top three investors alone account for over half of the company's outstanding shares.

Here's the breakdown of the largest institutional stakes, based on Q2 2025 data:

Paulson & Co. Inc., led by John Paulson, is the definitive anchor shareholder. His firm's position is a massive vote of confidence, having held shares since 2010. To date, Paulson's estimated gain on his THM holdings is around 45.08%, which tells you this isn't a short-term trade; it's a long-haul conviction play on the Livengood asset.

Mapping the Near-Term Trend: Institutional Buying in 2025

The trend in 2025 is a clear sign of institutional accumulation, not liquidation. These sophisticated investors aren't just holding their ground; they're putting fresh capital to work to advance the project. This is the kind of skin-in-the-game commitment you want to see.

The most concrete evidence of this comes from a Q1 2025 financing event:

• Paulson & Co. Inc. increased its stake by an additional 6,040,408 shares in March 2025 alone.
• In March 2025, THM completed a non-brokered private placement (a direct sale of shares to a select group of investors) which raised approximately US$3.9 million.
• This private placement involved the issuance of 8,192,031 common shares at a price of $0.4801 per share, and it was entirely taken up by existing major shareholders: Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC.

When major holders participate in a private placement, it signals a strong belief in management and the asset's future, plus it minimizes dilution risk from a broader public offering. It's a clean one-liner: the biggest owners are still buying.

The Strategic Impact of Institutional Backing

The role of these large investors goes far beyond simply supporting the stock price; they are directly influencing the company's strategic path and funding the next phase of the Livengood Gold Project. Their capital directly drives the company's work plan. You can read more about the company's long-term goals here: Mission Statement, Vision, & Core Values of International Tower Hill Mines Ltd. (THM).

Here's the quick math on the impact: the US$3.9 million raised in the March 2025 private placement was earmarked to fund the 2025 work program, which totaled $3.7 million. This funding is specifically focused on advancing the metallurgical study of the massive stibnite (antimony) mineralization at Livengood.

This is a major strategic pivot. While Livengood is known for its gold reserve of 9.0 million ounces, the institutional capital is now driving the exploration of antimony recovery, a critical mineral with grades reaching up to 6.9% in some veins. This is a clear example of active, concentrated ownership directly pushing the company to unlock a new, potentially high-value revenue stream from a critical mineral, not just the gold. This institutional backing provides the financial runway needed to de-risk the project's technical aspects.

Key Investors and Their Impact on International Tower Hill Mines Ltd. (THM)

You need to know who is really driving the bus at International Tower Hill Mines Ltd. (THM), because the ownership structure here is highly concentrated, meaning a few key funds dictate the company's direction and stock movement. The short takeaway is that this is not a retail-driven stock; it is a project-finance play controlled by a handful of large, patient institutional players.

As of late 2025, institutional investors hold a commanding position, owning approximately 66.92% of the company's shares. This high level of institutional ownership, particularly in a development-stage gold explorer focused on the Livengood Gold Project in Alaska, signals a long-term capital commitment to realizing the project's massive resource potential. The concentration of capital is the story here.

The investor profile is dominated by a few heavy hitters, most notably the hedge fund Paulson & Co. Inc., which is a massive player in the gold space. Their involvement is so deep that their holdings are split between institutional and insider classifications.

• Paulson & Co. Inc. is the single largest shareholder, controlling 132.17 million shares as an insider, valued at an estimated $220.72 million in 2025.
• Electrum Strategic Opportunities Fund II L.P. is another major insider, holding 48.66 million shares, representing 23.41% of the company.
• Sprott Inc., a well-known name in precious metals investing, holds an institutional stake of 19.78 million shares, or 9.51%.

To be fair, when the top three shareholders own about 58% of the business, you're looking at a tightly held stock where their collective decisions are paramount. This structure means that a large block sale by just one of these funds could easily trigger a significant, sudden drop in the share price, even if the underlying project fundamentals haven't changed. Conversely, their continued support provides a strong floor of confidence.

The influence of these major investors is direct and highly strategic, going beyond just voting on routine matters. Their capital is essential for a pre-revenue company like International Tower Hill Mines Ltd. (THM), which had working capital of only $2,176,414 as of September 30, 2025. This is a development-stage company, so financing decisions are the strategy.

A concrete example of this influence is the non-brokered private placement completed on March 4, 2025. This move raised gross proceeds of approximately US$3.9 million by issuing 8,192,031 common shares at US$0.4801 per share. The key detail? The placement was taken up entirely by existing institutional shareholders: Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC. This wasn't a broad market raise; it was a targeted capital injection by the owners to fund a specific strategic initiative.

Here's the quick math on their recent commitment:

This capital was specifically earmarked to advance metallurgical studies on the massive stibnite antimony mineralization at the Livengood Gold Project. This shows the major shareholders are directing capital toward unlocking the value of a secondary metal (antimony) to improve the overall project economics, which is defintely an active, hands-on approach to value creation. You can learn more about the company's core asset and history here: International Tower Hill Mines Ltd. (THM): History, Ownership, Mission, How It Works & Makes Money.

Furthermore, the board of directors reflects this concentrated ownership. At the Annual General Meeting in June 2025, all six director nominees, including Marcelo Kim (a known representative of Paulson & Co. Inc.), were elected with overwhelming support, each receiving over 98% of the votes cast. This level of voting control ensures management's strategic path-which is focused on advancing the Livengood project toward a production decision-remains fully aligned with the majority shareholders' interests.

Market Impact and Investor Sentiment

You need to understand the true conviction of the big players in International Tower Hill Mines Ltd. (THM) to make a smart decision, and the picture right now is complex-a classic gold exploration story of strong institutional belief battling short-term market skepticism.

The core investor sentiment among major shareholders is generally positive and long-term, evidenced by significant institutional accumulation. Over 50 institutions hold a total of roughly 117,720,860 shares, representing an institutional ownership of approximately 66.92% of the float as of the 2025 filings. This high percentage shows a deep, foundational belief in the long-term value of the Livengood Gold Project. Insider sentiment is also strong, with high-impact open-market purchases totaling around $19.4 million over the last year, far outweighing the $3 thousand in insider sales.

Here's the quick math: Institutions are buying, and insiders are buying. That's a good sign.

• Paulson & Co. Inc. is a major holder, suggesting conviction in the gold thesis.
• Sprott Inc., a specialist in precious metals, is also a key investor.
• The institutional accumulation score rose by 196.30%, indicating funds are actively increasing their positions.

Recent Market Reactions and Conflicting Signals

The stock market's near-term reaction to International Tower Hill Mines Ltd. (THM) is a story of volatility and conflicting technical signals, typical for a pre-production gold explorer. While the long-term institutional support is clear, the stock price has seen a significant pullback in the last few weeks of 2025.

The share price was trading at $1.60 per share on November 5, 2025, a substantial increase from $0.54 per share a year earlier (November 6, 2024). However, the stock price dropped to $1.47 by November 21, 2025, falling -11.45% in the preceding 10 days. This recent drop is likely tied to profit-taking and technical resistance, especially since the price fell a steep -46.74% from a pivot top point hit in mid-October 2025.

The short interest data provides a clear counter-narrative to the institutional accumulation, which you need to watch. Short interest has recently increased by a massive 336.06%, suggesting a significant number of investors are betting on a further price decline in the near term. This push-pull between long-term holders and short-term traders creates a volatile environment. The company's market capitalization sits around $334.70 million based on its Q3 2025 filings, which is a key valuation anchor for the Livengood project.

Analyst Perspectives on Key Investors

The impact of major investors on International Tower Hill Mines Ltd.'s (THM) future is less about their trading volume and more about the credibility they lend to the Livengood Gold Project. While the company is covered by 8 analysts, there is a notable lack of consensus earnings and revenue forecasts, which is a critical limitation for a development-stage company.

The consensus technical view is a 'Neutral' outlook in the mid-term, with an equal number of buy and sell signals (four each) based on technical indicators as of November 2025. This neutrality reflects the market waiting for the next major milestone-likely a financing update or a revised economic study.

The presence of specialized funds like Sprott Inc. and Paulson & Co. Inc. is an implicit endorsement of the project's estimated 9 million ounces of gold reserve and 13.6 million ounces of gold resource. Their continued holding signals a belief that the project's economics will improve, especially with the potential for gold prices to increase. The recent filing of the 2025 Third Quarter Financial Results, which showed Net Income (Trailing Twelve Months) of -$4.28 million and $0 in trailing twelve-month revenue, underscores that the company is still a pure exploration and development play, not an operating mine. The market is pricing in the future value of the resource, not current cash flow.

The analyst community is looking for a clear path to project financing, with one recent perspective noting that a 'Bullish Momentum Eases Impatience Over Financing For Livengood.' For more on the company's long-term strategy, you should review their Mission Statement, Vision, & Core Values of International Tower Hill Mines Ltd. (THM).

What this estimate hides is the binary risk: the stock either soars on successful financing and development, or it stalls if the gold price or permitting environment shifts. You defintely need to factor in the development-stage risk.