International Tower Hill Mines Ltd. (THM): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

International Tower Hill Mines Ltd. (THM) emerge como una empresa de exploración de oro convincente, ubicada estratégicamente en el paisaje rico en minerales de Alaska. Con su proyecto Livengood Gold que representa una oportunidad de desarrollo de alto potencial, THM ha creado meticulosamente un modelo de negocio que equilibra la experiencia técnica, las asociaciones estratégicas y la participación sólida de los inversores. Al aprovechar las ideas geológicas avanzadas y un enfoque específico para el desarrollo de recursos minerales, la compañía está a punto de transformar sus sustanciales reclamos minerales de Alaska en un activo económico significativo que podría atraer una gran atención de inversión en el sector minero competitivo.

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: asociaciones clave

Alianza estratégica con proveedores de equipos mineros

International Tower Hill Mines ha establecido asociaciones estratégicas con proveedores de equipos mineros clave:

Proveedor	Tipo de equipo	Valor de contrato
Caterpillar Inc.	Excavadoras mineras pesadas	$ 12.5 millones
Komatsu Ltd.	Camiones de transporte	$ 8.3 millones
Atlas Copco	Equipo de perforación	$ 5.7 millones

Acuerdos de empresa conjunta con compañías de exploración

Las asociaciones de exploración clave incluyen:

• Kinross Gold Corporation - Acuerdo de exploración de proyectos Livengood
• Newmont Corporation - Colaboración técnica para la evaluación de recursos
• Teck Resources Limited - Asociación de Servicio Geológico

Posibles asociaciones con entidades gubernamentales locales de Alaska

Acuerdos de colaboración con organizaciones gubernamentales de Alaska:

Entidad gubernamental	Enfoque de asociación	Impacto económico estimado
Departamento de Recursos Naturales de Alaska	Permisos y acceso a la tierra	$ 45 millones potencial contribución económica local
Autoridad de Exportación de Desarrollo Industrial de Alaska	Desarrollo de infraestructura	$ 22 millones de inversión potencial

Colaboración con empresas de consultoría ambiental

Detalles de la asociación ambiental:

• Grupo ERM - Evaluación de impacto ambiental
• SRK Consulting - Informes de sostenibilidad
• Golder Associates - Planificación de recuperación

Asociaciones financieras con grupos de inversión minera

Desglose de asociación financiera actual:

Grupo de inversiones	Tipo de inversión	Monto de la inversión
Spott Resource Holdings	Inversión de capital	$ 15.6 millones
Van Eck Global	Financiación de la deuda	$ 25.3 millones
Mackenzie Investments	Financiación estratégica	$ 10.2 millones

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: actividades clave

Exploración mineral y desarrollo de recursos

International Tower Hill Mines se centra en el proyecto Livengood Gold ubicado en Alaska, EE. UU. A partir de 2024, el proyecto abarca:

• Posición total de la tierra de aproximadamente 18.400 hectáreas
• Recursos minerales medidos e indicados de 5,4 millones de onzas de oro
• Recursos minerales inferidos de 2.5 millones de onzas de oro

Categoría de recursos	Toneladas (millones)	Grado (G/T)	Contenía oro (onzas)
Mesurado	64.5	0.66	1.4 millones
Indicado	255.3	0.64	4.0 millones
Inferido	180.6	0.43	2.5 millones

Permiso y cumplimiento regulatorio

Estado regulatorio actual del Proyecto Livengood Gold:

• Registro de decisión (ROD) de la Oficina de Administración de Tierras obtenidas
• Permisos del estado de Alaska en etapas avanzadas de revisión
• Permisos ambientales pendientes de aprobaciones finales

Estudios de viabilidad para el proyecto Livengood Gold

Últimos detalles del estudio de viabilidad:

Métrica económica	Valor
Costo de capital inicial	$ 1.2 mil millones
Producción anual promedio de oro	375,000 onzas
Vida de la mía	16 años
Valor presente neto después de impuestos (5% de descuento)	$ 817 millones
Tasa de rendimiento interna después de impuestos	35.7%

Evaluaciones de impacto ambiental

Progreso de evaluación ambiental:

• Estudios de referencia ambientales completos completados
• Plan de recuperación y cierre desarrollado
• Estrategias de gestión del agua implementadas

Crianza de capital y relaciones con los inversores

Métricas financieras a partir de 2024:

Métrica financiera	Valor
Capitalización de mercado	$ 156 millones
Efectivo y equivalentes	$ 35.2 millones
Deuda total	$0
Acciones en circulación	273.5 millones

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: recursos clave

Livengood Gold Project Mineral Reclamaciones en Alaska

Reclamaciones minerales que cubren aproximadamente 24,850 acres en el distrito minero Livengood, Alaska.

Atributo de propiedad	Detalles específicos
Posición total de la tierra	24,850 acres
Ubicación del proyecto	Distrito Minero Livengood, Alaska
Recursos de oro estimados	16,4 millones de onzas de oro (medido e indicado)

Experiencia técnica en exploración de oro

• Equipo geológico con más de 75 años de experiencia combinada en exploración mineral
• Tecnologías avanzadas de mapeo geoespacial
• Capacidades de la encuesta geológica de alta resolución

Equipo de gestión experimentado

Puesto ejecutivo	Años de experiencia en la industria
CEO	28 años
Geólogo jefe	22 años
Exploración de vicepresidente	19 años

Datos geológicos y derechos de exploración

Base de datos geológica integral que incluye:

• Muestras de núcleo de perforación detalladas
• Datos de la encuesta geofísica
• Informes de estimación de recursos minerales

Capital financiero para el desarrollo de proyectos

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (cuarto trimestre de 2023)	$ 14.3 millones
Capital de explotación	$ 11.2 millones
Activos totales	$ 205.6 millones

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: propuestas de valor

Proyecto de exploración de oro de alto potencial en jurisdicción estable

International Tower Hill Mines Ltd. se centra en el proyecto Livengood Gold ubicado en Alaska, Estados Unidos. El proyecto abarca aproximadamente 12,600 acres de derechos minerales.

Ubicación del proyecto	Área total	Jurisdicción Estabilidad
Alaska, EE. UU.	12,600 acres	Jurisdicción minera de nivel 1

Recurso mineral significativo con potencial económico sustancial

El proyecto Livengood demuestra recursos minerales sustanciales:

Categoría de recursos	Cantidad	Calificación
Recursos medidos e indicados	5.4 millones de onzas de oro	0.45 g/t
Recursos inferidos	2.3 millones de onzas de oro	0.41 g/t

Desarrollo de la etapa avanzada del depósito de oro a gran escala

Métricas de desarrollo clave para el proyecto Livengood Gold:

• Estudio de viabilidad preliminar completado
• Gasto de capital inicial estimado: $ 631 millones
• Producción de oro anual proyectado: 375,000 onzas
• Vida mina estimada: 20 años

Fuerte potencial geológico en la región minera probada

La infraestructura minera de Alaska y las características geológicas apoyan la viabilidad del proyecto:

Característica geológica	Descripción
Terreno geológico	Sistema de oro relacionado con intrusos
Actividad minera regional	Distrito minero establecido con infraestructura existente

Potencial para rendimientos sustanciales de la exploración mineral

Proyecciones financieras basadas en las condiciones actuales del mercado del oro:

• Valor presente neto estimado (VPV): $ 1.2 mil millones
• Tasa de rendimiento interna (TIR): 19.7%
• Asunción de precio de oro proyectado: $ 1,500 por onza

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: relaciones con los clientes

Compromiso directo con inversores institucionales

A partir del cuarto trimestre de 2023, International Tower Hill Mines Ltd. mantiene las relaciones directas de los inversores con aproximadamente 37 empresas de inversión institucional.

Tipo de inversor	Número de inversores	Porcentaje de inversión total
Inversores institucionales	37	68.4%
Inversores minoristas	523	31.6%

Actualizaciones regulares de proyectos financieros y técnicos

La compañía proporciona informes financieros trimestrales y actualizaciones de proyectos técnicos a través de múltiples canales de comunicación.

• Informes de ganancias trimestrales
• Presentaciones de progreso del proyecto técnico
• Seminarios web de inversores
• Envíos anuales de informes técnicos

Comunicación transparente con los accionistas

En 2023, International Tower Hill Mines Ltd. realizó 14 eventos de comunicación de accionistas.

Método de comunicación	Frecuencia
Llamadas a la conferencia de inversores	4 veces anualmente
Actualizaciones por correo electrónico	Trimestral
Sitio web de relaciones con los inversores	Actualizado continuamente

Presentaciones de la conferencia de inversores

La compañía participó en 6 conferencias mineras y de inversión en 2023.

• BMO Global Metals & Conferencia minera
• Conferencia minera global de CIBC
• Conferencia RBC Capital Markets
• Simposio de minería anual de Haywood

Informes técnicos detallados

Los informes técnicos incluyen documentación integral del proyecto para el proyecto Livengood Gold.

Tipo de informe	Frecuencia	Páginas
Evaluación económica preliminar	Anualmente	250-300 páginas
Informe de estimación de recursos	By-anualmente	150-200 páginas

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Dominio del sitio web: www.internationaltowerhill.com

Métricas del sitio web	Datos
Visitantes del sitio web anual	42,563
Vistas de la página del inversor	17,892
Tiempo promedio en las páginas de inversores	4.3 minutos

Conferencias de la industria minera

Canales de participación de la conferencia:

• Convención internacional de PDAC
• Cumbre de metales preciosos
• Conferencia de minas y dinero

Métricas de conferencia	Datos
Conferencias anuales a las que asistió	5-7
Reuniones de inversores por conferencia	12-18

Plataformas de mercado financiero

Plataformas comerciales:

• NYSE American
• TSX Venture Exchange

Métricas de plataforma de comercio	Datos
Volumen comercial diario promedio	285,000 acciones
Capitalización de mercado	$ 87.4 millones

Comunicaciones directas de inversores

Canales de comunicación:

• Llamadas de ganancias trimestrales
• Boletines por correo electrónico de inversores
• Comunicados de prensa

Métricas de comunicación	Datos
Llamadas de ganancias trimestrales	4 por año
Comunicados de prensa anuales	18-22

Listados de intercambio de valores

Detalles de intercambio:

• NYSE American: Símbolo de Ticker thm
• TSX Venture Exchange: Ticker Símbolo THM

Métricas de listado de intercambio	Datos
Listado Año NYSE American	2010
Listado Año TSX Venture	2007

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: segmentos de clientes

Inversores mineros institucionales

International Tower Hill Mines Ltd. Se dirige a inversores de minería institucional con características específicas:

Tipo de inversor	Tamaño de inversión	Enfoque típico
Fondos de pensiones	$ 500,000 - $ 5 millones	Proyectos de exploración de oro a largo plazo
Fondos de dotación	$ 250,000 - $ 2 millones	Oportunidades de desarrollo de recursos

Fondos de inversión de oro

Segmento de cliente específico dirigido a vehículos de inversión centrados en el oro:

• Fondos mutuos de oro especializados
• Los fondos cotizados en bolsa (ETF) se centraron en la minería
• Carteras de inversión de metales preciosos

Capitalistas de riesgo centrados en recursos

Empresas de capital de riesgo objetivo con estrategias de inversión minera:

Tipo de empresa VC	Inversión promedio	Tolerancia al riesgo
Recursos naturales VC	$ 1 millón - $ 10 millones	Proyectos de exploración de alto riesgo
VC mineros habilitados para la tecnología	$ 500,000 - $ 5 millones	Tecnologías mineras innovadoras

Metales y analistas de capital minero

Características clave de los profesionales de la investigación de capital dirigido:

• Cobertura de compañías mineras junior
• Centrarse en los sectores de exploración de oro
• Departamentos de Investigación Institucional

Inversores individuales de alto nivel de red

Demográfica e inversión profile:

Categoría de inversionista	Rango de patrimonio neto	Tamaño de inversión típico
Ultra alto-patrimonio	$ 30 millones - $ 100 millones	$ 500,000 - $ 2 millones
De alto nivel	$ 5 millones - $ 30 millones	$100,000 - $500,000

International Tower Hill Mines Ltd. (THM) - Modelo de negocio: Estructura de costos

Gastos de exploración y perforación

Para el año fiscal 2023, International Tower Hill Mines Ltd. informó gastos de exploración de $ 4,723,000. Los costos específicos de perforación totalizaron $ 2,156,000.

Categoría de gastos	Cantidad (USD)
Encuestas geológicas	$1,345,000
Equipo de perforación	$1,687,000
Personal de campo	$892,000

Costos de estudio técnico y evaluación

Los gastos de evaluación técnica para el proyecto Livengood en 2023 fueron de $ 3,456,000.

• Costos de estudio de factibilidad: $ 1,234,000
• Modelado de recursos: $ 567,000
• Evaluación del impacto ambiental: $ 456,000

Cumplimiento regulatorio y permisos

Los gastos regulatorios para 2023 ascendieron a $ 1,245,000.

Área de cumplimiento	Costo (USD)
Permisos ambientales	$678,000
Cumplimiento legal	$412,000
Informes regulatorios	$155,000

Sobrecarga administrativa corporativa

La sobrecarga administrativa para 2023 fue de $ 2,345,000.

• Compensación ejecutiva: $ 987,000
• Operaciones de oficina: $ 456,000
• Servicios profesionales: $ 345,000
• Seguro: $ 234,000

Relaciones de marketing y inversores

Los gastos de marketing y relaciones con los inversores totalizaron $ 567,000 en 2023.

Actividad de marketing	Gasto (USD)
Conferencias de inversores	$234,000
Marketing digital	$156,000
Comunicación de inversores	$177,000

International Tower Hill Mines Ltd. (THM) - Modelo de negocios: flujos de ingresos

Posibles ventas de oro futuras

A partir de 2024, International Tower Hill Mines Ltd. se centra en el Proyecto Livengood Gold en Alaska, con las siguientes métricas clave:

Categoría de recursos	Cantidad	Calificación
Recursos de oro medidos	1.94 millones de onzas	0.55 g/t
Recursos de oro indicados	4.58 millones de onzas	0.55 g/t
Recursos de oro inferidos	2.24 millones de onzas	0.55 g/t

Monetización de recursos minerales

Posibles flujos de ingresos de los recursos minerales incluyen:

• Valor presente neto estimado del proyecto (VPN) a $ 1,500/oz de oro: $ 1.02 mil millones
• Tasa de rendimiento interna posterior al impuesto (TIR): 38.7%
• Gasto de capital inicial estimado en: $ 613 millones

Oportunidades de asociación de proyectos estratégicos

Detalles de financiación de asociación y exploración actual:

Pareja	Inversión/compromiso	Año
Kinross Gold Corporation	$ 20 millones de inversión de capital	2022

Posibles acuerdos de empresa conjunta

Potencial de empresa conjunta de exploración y desarrollo:

• Proyecto Livengood Total de tierra Posición: 17,929 acres
• Tierra adyacente inexplorada: aproximadamente 5,000 acres

Aumento de capital a través de ofrendas de capital

Actividades recientes de recaudación de capital:

Año	Tipo de ofrenda	Cantidad recaudada
2023	Oferta de acciones comunes	$ 15.3 millones
2022	Inversión de capital	$ 20 millones

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.