International Tower Hill Mines Ltd. (THM): Business Model Canvas

International Tower Hill Mines Ltd. (THM) entwickelt sich zu einem überzeugenden Goldexplorationsunternehmen, das strategisch in der mineralreichen Landschaft Alaskas positioniert ist. Da sein Livengood-Goldprojekt eine Entwicklungsmöglichkeit mit großem Potenzial darstellt, hat THM sorgfältig ein Geschäftsmodell entwickelt, das technisches Fachwissen, strategische Partnerschaften und starkes Investorenengagement in Einklang bringt. Durch die Nutzung fortschrittlicher geologischer Erkenntnisse und eines zielgerichteten Ansatzes bei der Erschließung von Mineralressourcen ist das Unternehmen in der Lage, seine beträchtlichen Mineralienansprüche in Alaska in einen bedeutenden Wirtschaftswert umzuwandeln, der im wettbewerbsintensiven Bergbausektor ernsthafte Investitionsaufmerksamkeit erregen könnte.

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Bergbauausrüstungslieferanten

International Tower Hill Mines hat strategische Partnerschaften mit wichtigen Lieferanten von Bergbauausrüstung aufgebaut:

Lieferant	Gerätetyp	Vertragswert
Caterpillar Inc.	Schwere Bergbaubagger	12,5 Millionen US-Dollar
Komatsu Ltd.	Transport-LKWs	8,3 Millionen US-Dollar
Atlas Copco	Bohrausrüstung	5,7 Millionen US-Dollar

Joint-Venture-Vereinbarungen mit Explorationsunternehmen

Zu den wichtigsten Explorationspartnerschaften gehören:

• Kinross Gold Corporation – Explorationsvereinbarung für das Livengood-Projekt
• Newmont Corporation – Technische Zusammenarbeit zur Ressourcenbewertung
• Teck Resources Limited – Partnerschaft für geologische Untersuchungen

Potenzielle Partnerschaften mit lokalen Regierungsstellen in Alaska

Kooperationsvereinbarungen mit alaskischen Regierungsorganisationen:

Regierungsbehörde	Partnerschaftsfokus	Geschätzte wirtschaftliche Auswirkungen
Alaska Department of Natural Resources	Genehmigungen und Landzugang	45 Millionen US-Dollar potenzieller lokaler Wirtschaftsbeitrag
Alaska Industrial Development and Export Authority	Infrastrukturentwicklung	22 Millionen US-Dollar potenzielle Investition

Zusammenarbeit mit Umweltberatungsunternehmen

Details zur Umweltpartnerschaft:

• ERM Group – Umweltverträglichkeitsprüfung
• SRK Consulting – Nachhaltigkeitsberichterstattung
• Golder Associates – Sanierungsplanung

Finanzielle Partnerschaften mit Bergbau-Investmentgruppen

Aktuelle Aufschlüsselung der Finanzpartnerschaft:

Investmentgruppe	Anlagetyp	Investitionsbetrag
Sprott Resource Holdings	Eigenkapitalinvestition	15,6 Millionen US-Dollar
Van Eck Global	Schuldenfinanzierung	25,3 Millionen US-Dollar
Mackenzie Investments	Strategische Finanzierung	10,2 Millionen US-Dollar

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und Ressourcenentwicklung

International Tower Hill Mines konzentriert sich auf das Goldprojekt Livengood in Alaska, USA. Ab 2024 umfasst das Projekt:

• Gesamtgrundstücksfläche von ca. 18.400 Hektar
• Gemessene und angezeigte Mineralressourcen von 5,4 Millionen Unzen Gold
• Abgeleitete Mineralressourcen von 2,5 Millionen Unzen Gold

Ressourcenkategorie	Tonnen (Millionen)	Gehalt (g/t)	Enthaltenes Gold (Unzen)
Gemessen	64.5	0.66	1,4 Millionen
Angezeigt	255.3	0.64	4,0 Millionen
Abgeleitet	180.6	0.43	2,5 Millionen

Genehmigung und Einhaltung gesetzlicher Vorschriften

Aktueller regulatorischer Status des Goldprojekts Livengood:

• Entscheidungsprotokoll (ROD) vom Bureau of Land Management erhalten
• Die Genehmigungen des Staates Alaska befinden sich in einem fortgeschrittenen Stadium der Prüfung
• Umweltgenehmigungen bis zur endgültigen Genehmigung

Machbarkeitsstudien für das Goldprojekt Livengood

Aktuelle Details zur Machbarkeitsstudie:

Wirtschaftsmetrik	Wert
Anfängliche Kapitalkosten	1,2 Milliarden US-Dollar
Durchschnittliche jährliche Goldproduktion	375.000 Unzen
Mein Leben	16 Jahre
Nettobarwert nach Steuern (5 % Rabatt)	817 Millionen US-Dollar
Interner Zinssatz nach Steuern	35.7%

Umweltverträglichkeitsprüfungen

Fortschritt der Umweltprüfung:

• Umfassende Umwelt-Grundstudien abgeschlossen
• Sanierungs- und Schließungsplan entwickelt
• Wassermanagementstrategien umgesetzt

Kapitalbeschaffung und Investor Relations

Finanzkennzahlen ab 2024:

Finanzkennzahl	Wert
Marktkapitalisierung	156 Millionen Dollar
Bargeld und Äquivalente	35,2 Millionen US-Dollar
Gesamtverschuldung	$0
Ausstehende Aktien	273,5 Millionen

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Schlüsselressourcen

Mineral-Claims des Goldprojekts Livengood in Alaska

Mineral-Claims mit einer Fläche von etwa 24.850 Acres im Bergbaubezirk Livengood, Alaska.

Eigenschaftsattribut	Spezifische Details
Gesamte Landposition	24.850 Hektar
Projektstandort	Bergbaubezirk Livengood, Alaska
Geschätzte Goldressourcen	16,4 Millionen Unzen Gold (gemessen und angezeigt)

Technische Expertise in der Goldexploration

• Geologisches Team mit insgesamt über 75 Jahren Erfahrung in der Mineralienexploration
• Fortschrittliche Geodaten-Kartierungstechnologien
• Hochauflösende geologische Vermessungsfunktionen

Erfahrenes Management-Team

Führungsposition	Jahrelange Branchenerfahrung
CEO	28 Jahre
Chefgeologe	22 Jahre
VP Exploration	19 Jahre

Geologische Daten und Explorationsrechte

Umfassende geologische Datenbank, einschließlich:

• Detaillierte Bohrkernproben
• Geophysikalische Vermessungsdaten
• Berichte zur Schätzung von Mineralressourcen

Finanzielles Kapital für die Projektentwicklung

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente (4. Quartal 2023)	14,3 Millionen US-Dollar
Betriebskapital	11,2 Millionen US-Dollar
Gesamtvermögen	205,6 Millionen US-Dollar

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Wertversprechen

Goldexplorationsprojekt mit hohem Potenzial in stabiler Gerichtsbarkeit

International Tower Hill Mines Ltd. konzentriert sich auf das Goldprojekt Livengood in Alaska, USA. Das Projekt umfasst rund 12.600 Acres Mineralrechte.

Projektstandort	Gesamte Landfläche	Stabilitätsbewertung der Gerichtsbarkeit
Alaska, USA	12.600 Hektar	Tier-1-Bergbaugerichtsbarkeit

Bedeutende Mineralressource mit erheblichem wirtschaftlichem Potenzial

Das Livengood-Projekt weist erhebliche Mineralressourcen auf:

Ressourcenkategorie	Menge	Note
Gemessene und angezeigte Ressourcen	5,4 Millionen Unzen Gold	0,45 g/t
Abgeleitete Ressourcen	2,3 Millionen Unzen Gold	0,41 g/t

Fortgeschrittene Entwicklung einer großen Goldlagerstätte

Wichtige Entwicklungskennzahlen für das Goldprojekt Livengood:

• Vorläufige Machbarkeitsstudie abgeschlossen
• Geschätzte anfängliche Investitionsausgaben: 631 Millionen US-Dollar
• Voraussichtliche jährliche Goldproduktion: 375.000 Unzen
• Geschätzte Minenlebensdauer: 20 Jahre

Starkes geologisches Potenzial in bewährter Bergbauregion

Alaskas Bergbauinfrastruktur und geologische Eigenschaften unterstützen die Realisierbarkeit des Projekts:

Geologisches Merkmal	Beschreibung
Geologisches Gelände	Aufdringliches Goldsystem
Regionale Bergbauaktivität	Etabliertes Bergbaugebiet mit bestehender Infrastruktur

Potenzial für erhebliche Erträge aus der Mineralienexploration

Finanzprognosen basierend auf den aktuellen Goldmarktbedingungen:

• Geschätzter Nettobarwert (NPV): 1,2 Milliarden US-Dollar
• Interner Zinsfuß (IRR): 19,7 %
• Voraussichtlicher Goldpreis: 1.500 USD pro Unze

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen Anlegern

Seit dem vierten Quartal 2023 unterhält International Tower Hill Mines Ltd. direkte Investorenbeziehungen zu etwa 37 institutionellen Investmentfirmen.

Anlegertyp	Anzahl der Investoren	Prozentsatz der Gesamtinvestition
Institutionelle Anleger	37	68.4%
Privatanleger	523	31.6%

Regelmäßige finanzielle und technische Projektaktualisierungen

Das Unternehmen stellt vierteljährliche Finanzberichte und technische Projektaktualisierungen über mehrere Kommunikationskanäle bereit.

• Vierteljährliche Gewinnberichte
• Präsentationen zum technischen Projektfortschritt
• Webinare für Investoren
• Jährliche Einreichung technischer Berichte

Transparente Kommunikation mit Aktionären

Im Jahr 2023 führte International Tower Hill Mines Ltd. 14 Aktionärskommunikationsveranstaltungen durch.

Kommunikationsmethode	Häufigkeit
Telefonkonferenzen für Investoren	4 mal jährlich
E-Mail-Updates	Vierteljährlich
Investor-Relations-Website	Kontinuierlich aktualisiert

Präsentationen zur Investorenkonferenz

Das Unternehmen nahm im Jahr 2023 an sechs Bergbau- und Investitionskonferenzen teil.

• BMO Global Metals & Bergbaukonferenz
• CIBC Global Mining Conference
• RBC-Kapitalmarktkonferenz
• Haywood Jährliches Bergbausymposium

Detaillierte technische Berichterstattung

Die technische Berichterstattung umfasst eine umfassende Projektdokumentation für das Goldprojekt Livengood.

Berichtstyp	Häufigkeit	Seiten
Vorläufige wirtschaftliche Bewertung	Jährlich	250-300 Seiten
Ressourcenschätzungsbericht	Halbjährlich	150-200 Seiten

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Website-Domain: www.internationaltowerhill.com

Website-Metriken	Daten
Jährliche Website-Besucher	42,563
Seitenaufrufe von Investoren	17,892
Durchschnittliche Zeit auf Investorenseiten	4,3 Minuten

Konferenzen der Bergbauindustrie

Teilnahmekanäle an der Konferenz:

• PDAC International Convention
• Edelmetallgipfel
• Minen- und Geldkonferenz

Konferenzmetriken	Daten
Jahreskonferenzen besucht	5-7
Investorentreffen pro Konferenz	12-18

Finanzmarktplattformen

Handelsplattformen:

• NYSE-Amerikaner
• TSX Venture Exchange

Handelsplattform-Metriken	Daten
Durchschnittliches tägliches Handelsvolumen	285.000 Aktien
Marktkapitalisierung	87,4 Millionen US-Dollar

Direkte Anlegerkommunikation

Kommunikationskanäle:

• Vierteljährliche Gewinnaufrufe
• E-Mail-Newsletter für Investoren
• Pressemitteilungen

Kommunikationsmetriken	Daten
Vierteljährliche Gewinnaufrufe	4 pro Jahr
Jährliche Pressemitteilungen	18-22

Börsennotierungen

Umtauschdetails:

• NYSE American: Tickersymbol THM
• TSX Venture Exchange: Tickersymbol THM

Börsennotierungsmetriken	Daten
Notierungsjahr NYSE American	2010
Börsennotierungsjahr TSX Venture	2007

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Kundensegmente

Institutionelle Bergbauinvestoren

International Tower Hill Mines Ltd. richtet sich an institutionelle Bergbauinvestoren mit besonderen Merkmalen:

Anlegertyp	Investitionsgröße	Typischer Fokus
Pensionskassen	500.000 bis 5 Millionen US-Dollar	Langfristige Goldexplorationsprojekte
Stiftungsfonds	250.000 bis 2 Millionen US-Dollar	Möglichkeiten zur Ressourcenentwicklung

Gold-Investmentfonds

Spezifisches Kundensegment, das auf goldorientierte Anlageinstrumente abzielt:

• Spezialisierte Gold-Investmentfonds
• Exchange Traded Funds (ETFs) mit Schwerpunkt auf Bergbau
• Edelmetall-Investmentportfolios

Ressourcenorientierte Risikokapitalgeber

Sprechen Sie Risikokapitalfirmen mit Bergbau-Investitionsstrategien an:

VC-Firmentyp	Durchschnittliche Investition	Risikotoleranz
Natürliche Ressourcen VC	1 bis 10 Millionen US-Dollar	Hochriskante Explorationsprojekte
Technologiebasierte Bergbau-VCs	500.000 bis 5 Millionen US-Dollar	Innovative Bergbautechnologien

Aktienanalysten für Metalle und Bergbau

Hauptmerkmale gezielter Aktienresearch-Experten:

• Berichterstattung über junge Bergbauunternehmen
• Konzentrieren Sie sich auf Goldexplorationssektoren
• Institutionelle Forschungsabteilungen

Vermögende Privatanleger

Demografie und Investitionen profile:

Anlegerkategorie	Nettovermögensbereich	Typische Investitionsgröße
Extrem vermögend	30 bis 100 Millionen Dollar	500.000 bis 2 Millionen US-Dollar
Hochvermögend	5 bis 30 Millionen US-Dollar	$100,000 - $500,000

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Für das Geschäftsjahr 2023 meldete International Tower Hill Mines Ltd. Explorationskosten in Höhe von 4.723.000 US-Dollar. Die bohrspezifischen Kosten beliefen sich auf insgesamt 2.156.000 US-Dollar.

Ausgabenkategorie	Betrag (USD)
Geologische Untersuchungen	$1,345,000
Bohrausrüstung	$1,687,000
Außendienstpersonal	$892,000

Kosten für technische Studien und Bewertungen

Die technischen Bewertungskosten für das Livengood-Projekt beliefen sich im Jahr 2023 auf 3.456.000 US-Dollar.

• Kosten der Machbarkeitsstudie: 1.234.000 USD
• Ressourcenmodellierung: 567.000 $
• Umweltverträglichkeitsprüfung: 456.000 US-Dollar

Einhaltung gesetzlicher Vorschriften und Genehmigungen

Die Regulierungskosten für 2023 beliefen sich auf 1.245.000 US-Dollar.

Compliance-Bereich	Kosten (USD)
Umweltgenehmigungen	$678,000
Einhaltung gesetzlicher Vorschriften	$412,000
Regulatorische Berichterstattung	$155,000

Verwaltungsaufwand des Unternehmens

Der Verwaltungsaufwand für 2023 betrug 2.345.000 US-Dollar.

• Vergütung der Führungskraft: 987.000 US-Dollar
• Bürobetrieb: 456.000 US-Dollar
• Professionelle Dienstleistungen: 345.000 US-Dollar
• Versicherung: 234.000 $

Marketing und Investor Relations

Die Ausgaben für Marketing und Investor Relations beliefen sich im Jahr 2023 auf insgesamt 567.000 US-Dollar.

Marketingaktivität	Ausgaben (USD)
Investorenkonferenzen	$234,000
Digitales Marketing	$156,000
Investorenkommunikation	$177,000

International Tower Hill Mines Ltd. (THM) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Goldverkäufe

Ab 2024 konzentriert sich International Tower Hill Mines Ltd. auf das Goldprojekt Livengood in Alaska mit den folgenden Schlüsselkennzahlen:

Ressourcenkategorie	Menge	Note
Gemessene Goldressourcen	1,94 Millionen Unzen	0,55 g/t
Angezeigte Goldressourcen	4,58 Millionen Unzen	0,55 g/t
Abgeleitete Goldressourcen	2,24 Millionen Unzen	0,55 g/t

Monetarisierung von Mineralressourcen

Zu den potenziellen Einnahmequellen aus Bodenschätzen gehören:

• Geschätzter Kapitalwert (NPV) des Projekts bei 1.500 $/Unze Gold: 1,02 Milliarden $
• Interner Zinsfuß (IRR) nach Steuern: 38,7 %
• Die anfänglichen Investitionsausgaben werden auf 613 Millionen US-Dollar geschätzt

Möglichkeiten für strategische Projektpartnerschaften

Aktuelle Details zur Partnerschaft und Explorationsfinanzierung:

Partner	Investition/Engagement	Jahr
Kinross Gold Corporation	Eigenkapitalinvestition in Höhe von 20 Millionen US-Dollar	2022

Mögliche Joint-Venture-Vereinbarungen

Potenzial für Explorations- und Entwicklungs-Joint-Ventures:

• Gesamtgrundstücksfläche des Livengood-Projekts: 17.929 Acres
• Unerforschtes angrenzendes Land: Ungefähr 5.000 Acres

Kapitalbeschaffung durch Aktienangebote

Aktuelle Kapitalbeschaffungsaktivitäten:

Jahr	Angebotstyp	Erhöhter Betrag
2023	Stammaktienangebot	15,3 Millionen US-Dollar
2022	Eigenkapitalinvestition	20 Millionen Dollar

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Value Propositions

You're looking at International Tower Hill Mines Ltd. (THM) as of late 2025, and the value proposition is heavily weighted on the potential of the Livengood Gold Project in Alaska, especially given the current metal prices. It's all about leverage and resource size right now, since the company is pre-revenue.

Exceptional Leverage to Rising Gold Prices, Increasing Net Present Value (NPV)

The value proposition here is the massive upside if gold keeps climbing. You see, International Tower Hill Mines Ltd. is trading at a steep discount to its potential Net Present Value (NPV) when you factor in current metal prices. Management argues that the project's NPV, calculated at a 5% discount rate, increases sixfold for every 0.4-fold increase in the gold price. That's significant operating leverage.

To put this in perspective, the company calculated an NPV(5%) of $2,351 million using an assumed gold price of $2,500 per ounce. Considering the Gold Spot Price (XAUUSD:CUR) as of late 2025 is $4,041.68 per ounce, that's an approximate 61.7% increase over the assumed price. This environment should theoretically translate to a much higher intrinsic value for the asset today. Honestly, the stock's current valuation, reflected by a price-to-book of 5.97 compared to a peer average of 10.52, suggests the market hasn't fully priced in this leverage yet.

Long-life Gold Production Potential (21 years) from a Large-scale Open-pit Mine

The sheer scale of the resource is a core value driver. International Tower Hill Mines Ltd. holds North America's largest wholly owned gold resource at Livengood. This isn't a small deposit; it's a long-term prospect. The pre-feasibility study detailed a projected 6.4 million ounces of gold production over a mine life of 21 years. That longevity is key for attracting the massive capital needed for development.

Here's a quick look at the resource base as of November 2025:

Resource Category	Tonnage (Mt)	Grade (gpt)	Resource (Moz)	Valuation Basis ($/oz)
Proven and Probable Reserves	430.1	0.65	9.0	$1,680
Measured and Indicated (M&I) Resources (Excl. Reserves)	705	0.6	13.6	$1,650

The company is currently focused on advancing the project, having approved a $3.7 million work program for 2025, which includes environmental data collection and community engagement, all while operating on working capital of $2,176,414 as of September 30, 2025.

Potential for a Strategic Metal Co-product (Antimony) to Improve Project Economics

You can't ignore the secondary play here: antimony. International Tower Hill Mines Ltd. is actively studying the massive stibnite antimony mineralization present in the deposit. The 2025 work program specifically budgeted funds for a metallurgical study on this component. The initial phase of testing, reported in September 2025, showed encouraging results, indicating the antimony is carried by stibnite and has the potential to respond well to flotation.

The pursuit of this co-product is a direct attempt to improve overall project economics, which is critical for a pre-revenue company that reported a net loss of $3.33 million for the nine months ended September 30, 2025. Success here could provide an alternate revenue stream or lower the overall cost profile of the operation. It's a smart de-risking move.

Project Located in a Stable, Mining-Friendly U.S. Jurisdiction (Alaska)

The location itself is a significant value component, especially in the current geopolitical climate. International Tower Hill Mines Ltd. holds a 100% interest in the Livengood Gold Project, which is situated in Alaska, U.S.A. The project is accessible, located along the paved Elliott Highway, 70 miles north of Fairbanks. Operating within the U.S. jurisdiction offers a layer of political and regulatory stability that many international projects lack. This is a major plus when you consider the massive capital expenditure required to bring a mine of this size online; investors prefer jurisdiction certainty. The company's operational base is even listed in Fairbanks, Alaska, USA 99701.

The value proposition rests on these tangible assets and their potential upside:

• Resource Size: 13.6 Moz M&I resource base.
• Jurisdiction: 100% owned asset in the U.S.A.
• Leverage: Sixfold NPV increase per 0.4-fold gold price rise.
• Mine Life: Projected 21 years of production potential.

Finance: draft 13-week cash view by Friday.

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Customer Relationships

You're looking at how International Tower Hill Mines Ltd. (THM) manages its relationships with its key stakeholders-the investors who fund its Alaskan project and the local community that hosts it. For a development-stage company like THM, these relationships aren't just polite formalities; they are critical to securing the next round of financing and maintaining the social license to operate.

High-touch investor relations with major institutional holders

The relationship with institutional holders is clearly high-touch, evidenced by the direct participation in capital raises. These major shareholders are not passive; they are actively supporting the company's work program, which is key when the company anticipates operating at a loss for the foreseeable future and requires significant additional financing. For instance, in March 2025, THM completed a non-brokered private placement raising gross proceeds of approximately US$3.9 million from existing major shareholders to fund antimony metallurgical studies. The company also reported strong shareholder support at its 2025 Annual General Meeting.

The institutional ownership base is concentrated, meaning direct communication with these key players is paramount. As of a recent check, 54.63% of International Tower Hill Mines Ltd.'s stock is held by institutional investors. This level of ownership demands consistent, detailed updates beyond standard regulatory filings.

Major Institutional Holder	Approximate Holding Value (Late 2025)	Recent Capital Participation
Paulson & CO. Inc.	$44.39M	March 2025 Private Placement
Sprott Inc.	$32.43M	Prior Placements (e.g., Jan 2024)
Russell Investments Group Ltd.	$2.03M	Active Holder

This structure means that maintaining confidence among the top three holders-who represent a significant portion of the capital base-is a primary focus for management. It's about showing them a clear path forward for the Livengood Gold Project.

Proactive community engagement with local Alaskan stakeholders

International Tower Hill Mines Ltd. maintains its project interest in the Livengood Gold Project, located 70 miles north of Fairbanks, Alaska, by actively engaging the local community. This engagement is not an afterthought; it is budgeted as a core operational component. The approved 2025 work program of $3.7 million explicitly includes continuing community engagement efforts. This shows you that community relations are treated as a necessary expenditure to support future permitting, alongside technical work like environmental data collection.

The company provides direct contact channels specifically for stakeholders:

• Investor Relations Direct Line: 907-328-2825
• Investor Relations Toll-Free: 1-855-428-2825
• General Contact Email: info@ithmines.com

Honestly, for a company whose primary asset is in Alaska, keeping local relationships strong is non-negotiable. Any disruption there halts everything.

Transparent financial reporting via SEC and SEDAR+ filings

Transparency is managed through mandatory regulatory filings, which serve as the formal record for all investors, large and small. International Tower Hill Mines Ltd. is diligent about its reporting cadence on both the US (SEC) and Canadian (SEDAR+) systems. For 2025, you saw the filing of the first quarter results on May 9, 2025, and the second quarter results (Form 10-Q) on August 8, 2025. The third quarter Form 10-Q was filed on November 7, 2025.

The Q2 2025 filing, for the period ending June 30, 2025, showed the company had 207,885,473 common shares outstanding as of August 1, 2025. Financially, the nine months ended September 30, 2025, resulted in a net loss of $3.33 million, with basic and diluted loss per share at $0.02. The company explicitly states that hard copies of these documents are offered free of charge upon request directly from the company, which is a nice touch for non-digital shareholders.

Direct communication with analysts covering the gold sector

While the company is covered by analysts, the depth of that coverage appears variable, which is a risk factor in itself. As of late 2025, one source indicates that International Tower Hill Mines Ltd. is covered by 8 analysts. However, the same source notes that the company currently does not have sufficient analyst coverage to generate reliable growth and revenue forecasts. This suggests that while there is a baseline of professional attention, the company may need to work harder to generate detailed, consensus-driven research reports that drive broader institutional interest. You'd want to see more analysts initiating coverage with firm price targets, not just tracking filings.

Here's a quick look at the reporting status:

• Number of covering analysts: 8
• Analyst revenue/earnings estimates for forecasting: 0
• Next scheduled earnings report date: March 11, 2026 (for Q4 2025)

Finance: draft the Q3 2025 earnings call presentation focusing on the antimony study progress by next Tuesday.

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Channels

You're looking at how International Tower Hill Mines Ltd. gets its information and capital out to the market, which is crucial since the company has no revenue generating operations from which it can internally generate funds as of its September 30, 2025 report.

Stock Exchanges: TSX (ITH) and NYSE American (THM) for Public Equity

International Tower Hill Mines Ltd. uses dual listing to access capital markets. You can find the stock trading under the ticker symbols ITH on the Toronto Stock Exchange (TSX) and THM on the NYSE American.

Here's a snapshot of the public equity channel as of late 2025:

Metric	Value/Status (Latest Available Data)	Date/Context
NYSE American Closing Price	$1.87	December 2, 2025
TSX Price (Approximate)	$2.63	August 8, 2025
Market Capitalization	$388.75M	August 8, 2025
Shares Outstanding (Post-March 2025 Placement)	207,885,473 common shares	March 4, 2025
Institutional Ownership	66.92%	August 8, 2025
Short Sale Ratio	20.16%	December 1, 2025

The stock price movement shows volatility; for instance, the price declined by -3.61% on the last trading day reported, December 2, 2025.

Non-brokered Private Placements Directly to Existing Major Shareholders

Direct placement to existing major shareholders is a key financing channel for International Tower Hill Mines Ltd., especially given the need for significant additional financing to advance the Livengood Gold Project.

The company completed a recent non-brokered private placement in early 2025:

• Gross proceeds raised: Approximately US$3.9 million.
• Date of completion: March 4, 2025.
• Shares issued: 8,192,031 common shares.
• Price per share: US$0.4801.
• Participating shareholders included Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC.

This follows a prior placement in January 2025, which raised approximately USD $2.5 million. These funds are used for working capital and specific studies, like the antimony metallurgical studies.

Corporate Website and News Releases for Project Updates

The corporate website, www.ithmines.com, serves as the central repository for official company disclosures. You can find filings directly on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca as well.

Key updates disseminated through news releases in 2025 include:

• Filing of audited Year-End Financial Statements (Form 10-K) for the year ended December 31, 2024, on March 12, 2025.
• Approval of the $3.7 million 2025 work program announced on March 12, 2025.
• Filing of unaudited Q3 2025 Financials on November 7, 2025.
• Progress report on the Antimony Metallurgy Study on September 4, 2025.

The company states it will provide hard copies of these documents free of charge upon request.

Investor Conferences and Analyst Presentations

Direct engagement with the investment community happens through scheduled events and published materials. The 2025 Annual General Meeting of Shareholders was held on Wednesday, June 4, 2025, in Vancouver, British Columbia.

The November 2025 corporate presentation provides key valuation metrics, showing the Net Present Value (NPV(5%)) is calculated at $2,351 million based on an assumed gold price of $2,500 per ounce. The investor relations section of the website also lists an Analyst Coverage page.

The company's current working capital as of September 30, 2025, was $2,176,414, which they estimated provided about 11.5 months of financial autonomy based on the burn rate at that time.

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Customer Segments

You're looking at the core groups International Tower Hill Mines Ltd. (THM) relies on to fund its development of the Livengood Gold Project. Since THM is a pre-revenue gold developer, these segments are critical for keeping the lights on and advancing the asset.

Institutional investors seeking leveraged exposure to gold price

This group is interested in the sheer scale of the Livengood Gold Project, which is North America's largest wholly owned gold resource. They are looking for the leverage that comes with owning a development-stage asset; if the gold price moves up, their potential returns multiply significantly. The resource base provides the foundation for this interest.

• Proven and probable reserves stand at 430.1 million tons (Mt) at a 0.65 gpt grade, equating to 9 million ounces (Moz), based on a gold price assumption of $1,680/oz.
• Measured and Indicated (M&I) mineral resources, excluding reserves, total 705 Mt at a 0.6 gpt grade, or 13.6 Moz.
• The company reported a net loss of $3.33 million for the nine months ended September 30, 2025.
• Basic and diluted loss per share for the nine months ended September 30, 2025, was $0.02.
• Total cash and cash equivalents reported were $2.3 million.

Institutional ownership was reported at 66.92% as of the June 4, 2025, Annual General Meeting.

Strategic partners or major mining companies looking for large-scale gold assets

Major miners look at assets like Livengood for their long-term pipeline. The project's size and location in a stable jurisdiction like Alaska make it a strategic target, even with its current unimpressive grade. The presence of other mineralization also adds a layer of potential strategic value.

Asset Characteristic	Metric/Value
Project Interest	100% interest in the Livengood Gold Project.
Location	70 miles north of Fairbanks, Alaska.
Additional Mineralization	Massive stibnite antimony mineralization present, which warrants metallurgical study.
2025 Work Program Budget	$3.7 million approved for work including antimony study and environmental data collection.

These partners are interested in the long-term potential of owning a resource of this magnitude.

Retail investors focused on high-risk, high-reward development-stage miners

This segment includes individual investors who understand that International Tower Hill Mines Ltd. is years away from commercialization and has no near-term cash flows. They are willing to accept the risk of stock market underperformance for the potential of a massive payoff if the project is successfully developed or if gold prices rise substantially. The stock's recent volatility reflects this risk profile.

• The stock showed a year-to-date change of 306.5% and a 1-year change of 289.6% as of late 2025.
• The stock price on December 2, 2025, ended at $1.87.
• The 52-week range included a low of $0.43 and a high of $3.13.
• Insider Ownership was low at 0.5%.

These investors are definitely buying a story, not current earnings.

Existing major shareholders who participate in financing rounds

This group consists of sophisticated investors who have previously supported International Tower Hill Mines Ltd. and are willing to participate in equity raises to fund near-term operational and study costs, effectively doubling down on their existing position. They are the lifeline for the company's current budget.

The March 4, 2025, non-brokered private placement is a clear example of this segment in action. Here's the quick math on that event:

Financing Detail	Amount/Value
Gross Proceeds Raised (March 2025)	Approximately US$3.9 million
Shares Issued	8,192,031 common shares
Price Per Share	US$0.4801 per common share
Shares Issued as % of Pre-Placement Outstanding	Approximately 4.1% of the 199.7 million shares outstanding prior to the placement

The participants in that round included Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC and its affiliates. Finance: draft 13-week cash view by Friday.

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Cost Structure

You're looking at the major cash outlays International Tower Hill Mines Ltd. (THM) faces to keep the Livengood Gold Project moving forward, especially since they are pre-revenue. The costs fall into two main buckets: the near-term operating/administrative expenses and the massive, long-term capital required for mine construction.

Exploration and evaluation expenses are tied directly to advancing the Livengood Gold Project. The Board approved a budget of $3.7 million for the entire 2025 work program. This work plan is focused on specific technical and environmental studies, not broad exploration drilling.

• The 2025 work plan includes metallurgical study of the massive stibnite antimony mineralization.
• It also covers advancing baseline environmental data collection for permitting.
• Mineral property expenditures for the nine months ended September 30, 2025, totaled $1,165,757.
• Anticipated expenditures for mineral property leases and mining claim government fees in 2026 and 2027 are each projected at approximately $0.9 million.

General and administrative (G&A) costs cover the corporate overhead needed to run the company while it advances the project. The 2025 budget allocated $2.8 million specifically for general corporate and administrative purposes. Executive compensation falls under this umbrella, though specific executive pay figures aren't detailed here, we can see the related share-based costs.

The overall running costs for the nine months ended September 30, 2025, are significant for a development-stage company. Total operating expenses reached $3.22 million for the nine months ended September 30, 2025.

Here's a quick breakdown of some key expense components for that nine-month period:

Cost Category	Amount for Nine Months Ended Sept 30, 2025
Total Operating Expenses	$3.22 million
Mineral Property Expenditures	$1,165,757
Total Share-based Payment Charges	$558,807
Consulting Fees (Excluding Share-based)	$174,999

The elephant in the room for International Tower Hill Mines Ltd. is the future capital expenditure (CAPEX) required to actually build the mine. The Technical Report Summary estimates the initial capital costs for the Livengood Gold Project construction at US$1.93 billion. That's the number needed to move from development to production.

Costs associated with permitting and environmental compliance are ongoing and critical to de-risking the project. The 2025 work plan specifically targets advancing baseline environmental data collection. For the nine months ended September 30, 2025, environmental activities contributed to an expense increase of $12,484. The total cost per ton milled (OPEX) estimate from the TRS is US$13.12.

International Tower Hill Mines Ltd. (THM) - Canvas Business Model: Revenue Streams

For International Tower Hill Mines Ltd. (THM), the revenue streams are entirely non-operational as of late 2025, reflecting its status as a pre-development mineral exploration and evaluation company.

• Currently, no revenue from gold production, as the company is pre-development. The Company reported it has no revenue generating operations from which it can internally generate funds as of the quarter ended September 30, 2025.
• Proceeds from the sale of common shares via public offerings.
• Proceeds from non-brokered private placements, like the US$3.9 million in March 2025.
• Exercise of share purchase warrants and options.

The company relies on capital markets to fund its ongoing work program at the Livengood Gold Project, which had an approved budget of $3.7 million for 2025. International Tower Hill Mines Ltd. expects that it will operate at a loss for the foreseeable future and will require significant additional financing to continue operations.

The most recent significant financing event detailed the terms of the capital raised to support activities like the antimony metallurgical study:

Financing Detail	Amount/Value	Date
Gross Proceeds from Non-Brokered Private Placement	US$3.9 million	March 4, 2025
Common Shares Issued in Placement	8,192,031 shares	March 4, 2025
Price Per Share in Placement	US$0.4801 per share	March 4, 2025
Total Shares Outstanding After Placement	207,885,473 common shares	Post-March 4, 2025
Working Capital (as of September 30, 2025)	$2,176,414	Q3 2025

The primary source of cash inflow is equity financing, as the company is in the exploration and evaluation stage, not commercial production. The company's financing activities during the three months ended March 31, 2025, included that US$3.9 million private placement. The capital raised is intended for working capital and general corporate purposes, including advancing antimony metallurgical studies.

To be fair, the reliance on issuing new shares means that existing shareholders face dilution, which is a constant factor when assessing the value derived from these financing activities. The company primarily raises its funds through the sale of shares in public offerings and private placements, as well as through the subsequent exercise of share purchase and broker warrants and options issued in connection with such private placements.

Here's the quick math on the March 2025 financing: 8,192,031 shares at $0.4801 equals approximately $3.9 million gross proceeds. This cash is what keeps the lights on and funds the $3.7 million 2025 work program.

Finance: draft 13-week cash view by Friday.