International Tower Hill Mines Ltd. (THM): Business Model Canvas [Jan-2025 Mis à jour]

International Tower Hill Mines Ltd. (THM) apparaît comme une entreprise d'exploration d'or convaincante, stratégiquement positionnée dans le paysage minéral de l'Alaska. Avec son projet Livengood Gold représentant une opportunité de développement à haut potentiel, THM a méticuleusement conçu un modèle commercial qui équilibre l'expertise technique, les partenariats stratégiques et l'engagement robuste des investisseurs. En tirant parti des idées géologiques avancées et une approche ciblée du développement des ressources minérales, la société est prête à transformer ses revendications minérales substantielles en Alaska en un bien économique important qui pourrait attirer une attention particulière aux investissements dans le secteur des mines compétitives.

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: Partenariats clés

Alliance stratégique avec les fournisseurs d'équipements minières

International Tower Hill Mines a établi des partenariats stratégiques avec les principaux fournisseurs d'équipements miniers:

Fournisseur	Type d'équipement	Valeur du contrat
Caterpillar Inc.	Excavatrices d'extraction lourdes	12,5 millions de dollars
Komatsu Ltd.	Camions de transport	8,3 millions de dollars
Atlas Copco	Équipement de forage	5,7 millions de dollars

Contacteurs de coentreprise avec des sociétés d'exploration

Les principaux partenariats d'exploration comprennent:

• Kinross Gold Corporation - Accord d'exploration du projet Livengood
• Newmont Corporation - Collaboration technique pour l'évaluation des ressources
• Teck Resources Limited - Geological Survey Partnership

Partenariats potentiels avec des entités gouvernementales locales de l'Alaska

Accords collaboratifs avec les organisations gouvernementales d'Alaska:

Entité gouvernementale	Focus de partenariat	Impact économique estimé
Département des ressources naturelles de l'Alaska	Autorisation et accès aux terres	Contribution économique locale potentielle de 45 millions de dollars
ALASKA AUTORISATION INDUSTRIEL DE LE DÉVELOPPEMENT ET EXPORT	Développement des infrastructures	22 millions de dollars d'investissement potentiel

Collaboration avec les cabinets de conseil en environnement

Détails du partenariat environnemental:

• Groupe ERM - Évaluation de l'impact environnemental
• SRK Consulting - Rapports de durabilité
• Golder Associates - Planification de la récupération

Partenariats financiers avec les groupes d'investissement minières

Répartition actuelle du partenariat financier:

Groupe d'investissement	Type d'investissement	Montant d'investissement
Sprott Resource Holdings	Investissement en capitaux propres	15,6 millions de dollars
Van eck global	Financement de la dette	25,3 millions de dollars
Investissements Mackenzie	Financement stratégique	10,2 millions de dollars

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: Activités clés

Exploration minérale et développement des ressources

International Tower Hill Mines se concentre sur le projet Livengood Gold situé en Alaska, aux États-Unis. En 2024, le projet englobe:

• Position totale des terres d'environ 18 400 hectares
• Mesuré et indiqué des ressources minérales de 5,4 millions d'onces d'or
• Les ressources minérales déduites de 2,5 millions d'onces d'or

Catégorie de ressources	Tonnes (millions)	Grade (g / t)	Contenu de l'or (onces)
Mesuré	64.5	0.66	1,4 million
Indiqué	255.3	0.64	4,0 millions
Déduit	180.6	0.43	2,5 millions

Permis et conformité réglementaire

Statut réglementaire actuel de Livengood Gold Project:

• Record de décision (ROD) du Bureau of Land Management obtenu
• Permis de l'état de l'Alaska aux stades avancés de l'examen
• Permis environnemental en attente d'approbations finales

Études de faisabilité pour Livengood Gold Project

Dernières détails de l'étude de faisabilité:

Métrique économique	Valeur
Coût initial du capital	1,2 milliard de dollars
Production d'or annuelle moyenne	375 000 onces
La vie	16 ans
Valeur actuelle nette après impôt (réduction de 5%)	817 millions de dollars
Taux de rendement interne après impôt	35.7%

Évaluations d'impact environnemental

Progrès de l'évaluation environnementale:

• Études de référence environnementales complètes terminées
• Plan de récupération et de fermeture élaboré
• Stratégies de gestion de l'eau mise en œuvre

Capital Raising and Investor Relations

Mesures financières à partir de 2024:

Métrique financière	Valeur
Capitalisation boursière	156 millions de dollars
Espèce et équivalents	35,2 millions de dollars
Dette totale	$0
Partage	273,5 millions

International Tower Hill Mines Ltd. (THM) - Modèle commercial: Ressources clés

Livengood Gold Project Mineral Revenns en Alaska

Les réclamations minérales couvrant environ 24 850 acres dans le district minier de Livengood, en Alaska.

Attribut de propriété	Détails spécifiques
Position totale terrestre	24 850 acres
Emplacement du projet	District minière de Livengood, Alaska
Ressources d'or estimées	16,4 millions d'onces d'or (mesurées et indiquées)

Expertise technique dans l'exploration de l'or

• Équipe géologique avec plus de 75 ans d'expérience combinée dans l'exploration minérale
• Technologies de cartographie géospatiale avancées
• Capacités d'enquête géologique haute résolution

Équipe de gestion expérimentée

Poste de direction	Années d'expérience dans l'industrie
PDG	28 ans
Géologue en chef	22 ans
Exploration VP	19 ans

Données géologiques et droits d'exploration

Base de données géologique complète, y compris:

• Échantillons de noyau de forage détaillé
• Données d'enquête géophysique
• Rapports d'estimation des ressources minérales

Capital financier pour le développement de projets

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	14,3 millions de dollars
Fonds de roulement	11,2 millions de dollars
Actif total	205,6 millions de dollars

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: propositions de valeur

Projet d'exploration en or très potentiel dans la juridiction stable

International Tower Hill Mines Ltd. se concentre sur le projet Livengood Gold situé en Alaska, États-Unis. Le projet englobe environ 12 600 acres de droits minéraux.

Emplacement du projet	Superficie totale	Évaluation de la stabilité de la juridiction
Alaska, États-Unis	12 600 acres	Juridiction minière de niveau 1

Ressource minérale importante avec un potentiel économique substantiel

Le projet Livengood démontre des ressources minérales substantielles:

Catégorie de ressources	Quantité	Grade
Ressources mesurées et indiquées	5,4 millions d'onces d'or	0,45 g / t
Ressources déduites	2,3 millions d'onces d'or	0,41 g / t

Développement avancé du dépôt d'or à grande échelle

Mesures de développement clés pour le projet d'or Livengood:

• Étude de faisabilité préliminaire terminée
• Dépenses en capital initiales estimées: 631 millions de dollars
• Production annuelle projetée en or: 375 000 onces
• Vie des mines estimées: 20 ans

Potentiel géologique fort dans la région minière éprouvée

L'infrastructure minière et les caractéristiques géologiques de l'Alaska soutiennent la viabilité du projet:

Caractéristique géologique	Description
Terrain géologique	Système d'or lié à l'intrusion
Activité minière régionale	District minier établi avec une infrastructure existante

Potentiel de rendements substantiels sur l'exploration minérale

Projections financières basées sur les conditions actuelles du marché de l'or:

• Valeur actuelle nette estimée (NPV): 1,2 milliard de dollars
• Taux de rendement interne (TRI): 19,7%
• Hypothèse de prix de l'or projeté: 1 500 $ l'once

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels

Depuis le quatrième trimestre 2023, International Tower Hill Mines Ltd. entretienne des relations directes des investisseurs avec environ 37 sociétés d'investissement institutionnelles.

Type d'investisseur	Nombre d'investisseurs	Pourcentage de l'investissement total
Investisseurs institutionnels	37	68.4%
Investisseurs de détail	523	31.6%

Mises à jour régulières du projet financier et technique

La société fournit des rapports financiers trimestriels et des mises à jour techniques de projet via plusieurs canaux de communication.

• Rapports de bénéfices trimestriels
• Présentations de progrès du projet technique
• Webinaires des investisseurs
• Soumissions de rapport technique annuel

Communication transparente avec les actionnaires

En 2023, International Tower Hill Mines Ltd. a organisé 14 événements de communication des actionnaires.

Méthode de communication	Fréquence
Conférence téléphonique des investisseurs	4 fois par an
Mises à jour par e-mail	Trimestriel
Site Web de relations avec les investisseurs	Mis à jour en continu

Présentations de la conférence des investisseurs

L'entreprise a participé à 6 conférences d'exploitation minière et d'investissement en 2023.

• Métaux mondiaux BMO & Conférence minière
• CIBC Global Mining Conference
• Conférence RBC sur les marchés des capitaux
• Symposium d'exploitation annuelle de Haywood

Représentations techniques détaillées

Les rapports techniques comprennent une documentation complète du projet pour le projet Livengood Gold.

Type de rapport	Fréquence	Pages
Évaluation économique préliminaire	Annuellement	250-300 pages
Rapport d'estimation des ressources	Bi-annuellement	150-200 pages

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Domaine du site Web: www.internationaltowerhill.com

Métriques du site Web	Données
Visiteurs annuels du site Web	42,563
Pages d'investisseurs View	17,892
Temps moyen sur les pages des investisseurs	4,3 minutes

Conférences de l'industrie minière

Canaux de participation de la conférence:

• Convention internationale PDAC
• Sommet des métaux précieux
• Conférence des mines et de l'argent

Métriques de la conférence	Données
Conférences annuelles ont assisté	5-7
Réunions des investisseurs par conférence	12-18

Plateformes de marché financier

Plateformes de trading:

• Nyse américain
• Échange de capital-risque TSX

Métriques de la plate-forme de trading	Données
Volume de trading quotidien moyen	285 000 actions
Capitalisation boursière	87,4 millions de dollars

Communications des investisseurs directs

Canaux de communication:

• Appels de résultats trimestriels
• Newsletters des investisseurs par e-mail
• Communiqués de presse

Métriques de communication	Données
Appels de résultats trimestriels	4 par an
Communiqués de presse annuels	18-22

Listes d'échange de valeurs mobilières

Détails d'échange:

• Nyse American: Ticker Symbol Thm
• TSX Venture Exchange: Symbole de ticker thm

Échange de mesures de cotation	Données
Année de liste NYSE American	2010
Année de liste TSX Venture	2007

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: segments de clientèle

Investisseurs miniers institutionnels

International Tower Hill Mines Ltd. cible les investisseurs miniers institutionnels avec des caractéristiques spécifiques:

Type d'investisseur	Taille de l'investissement	Focus typique
Fonds de pension	500 000 $ - 5 millions de dollars	Projets d'exploration en or à long terme
Fonds de dotation	250 000 $ - 2 millions de dollars	Opportunités de développement des ressources

Fonds d'investissement en or

Segment de clientèle spécifique ciblant les véhicules d'investissement axés sur l'or:

• Fonds communs de placement en or spécialisés
• Les fonds négociés en bourse (ETF) se sont concentrés sur l'exploitation minière
• Portefeuilles d'investissement en métaux précieux

Capitalistes axés sur les ressources

Target des sociétés de capital-risque avec des stratégies d'investissement minier:

Type d'entreprise VC	Investissement moyen	Tolérance au risque
Ressources naturelles VC	1 million de dollars - 10 millions de dollars	Projets d'exploration à haut risque
VCS mineurs comparés à la technologie	500 000 $ - 5 millions de dollars	Technologies minières innovantes

Métaux et analystes des actions miniers

Caractéristiques clés des professionnels de la recherche en actions ciblés:

• Couverture des sociétés minières juniors
• Concentrez-vous sur les secteurs de l'exploration en or
• Départements de recherche institutionnelle

Investisseurs individuels à haute nette

Démographique et investissement profile:

Catégorie d'investisseurs	Plage de valeur nette	Taille d'investissement typique
Ultra-netteur	30 millions de dollars - 100 millions de dollars	500 000 $ - 2 millions de dollars
Netteur élevée	5 millions de dollars - 30 millions de dollars	$100,000 - $500,000

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Pour l'exercice 2023, International Tower Hill Mines Ltd. a déclaré des frais d'exploration de 4 723 000 $. Les coûts spécifiques au forage ont totalisé 2 156 000 $.

Catégorie de dépenses	Montant (USD)
Enquêtes géologiques	$1,345,000
Équipement de forage	$1,687,000
Personnel de terrain	$892,000

Coûts d'étude technique et d'évaluation

Les dépenses d'évaluation technique pour le projet Livengood en 2023 étaient de 3 456 000 $.

• Coûts d'étude de faisabilité: 1 234 000 $
• Modélisation des ressources: 567 000 $
• Évaluation de l'impact environnemental: 456 000 $

Conformité réglementaire et permis

Les dépenses réglementaires pour 2023 s'élevaient à 1 245 000 $.

Zone de conformité	Coût (USD)
Permis environnementaux	$678,000
Conformité légale	$412,000
Représentation réglementaire	$155,000

Administration des entreprises

Les frais généraux administratifs pour 2023 étaient de 2 345 000 $.

• Rémunération des cadres: 987 000 $
• Opérations de bureau: 456 000 $
• Services professionnels: 345 000 $
• Assurance: 234 000 $

MARKETING ET RELATIONS D'INVESTISSEMENT

Les dépenses de marketing et de relations avec les investisseurs ont totalisé 567 000 $ en 2023.

Activité marketing	Dépenses (USD)
Conférences d'investisseurs	$234,000
Marketing numérique	$156,000
Communication des investisseurs	$177,000

International Tower Hill Mines Ltd. (THM) - Modèle d'entreprise: Strots de revenus

Ventes potentielles potentielles d'or

En 2024, International Tower Hill Mines Ltd. se concentre sur le projet d'or Livengood en Alaska, avec les mesures clés suivantes:

Catégorie de ressources	Quantité	Grade
Ressources en or mesurées	1,94 million d'onces	0,55 g / t
Ressources en or indiquées	4,58 millions d'onces	0,55 g / t
Ressources d'or déduites	2,24 millions d'onces	0,55 g / t

Monétisation des ressources minérales

Les sources de revenus potentielles des ressources minérales comprennent:

• Valeur actuelle nette du projet estimé (NPV) à 1 500 $ / Oz d'or: 1,02 milliard de dollars
• Taux de rendement interne après impôt (IRR): 38,7%
• Dépenses en capital initiales estimées à: 613 millions de dollars

Opportunités de partenariat de projet stratégique

Détails de financement actuel de partenariat et d'exploration:

Partenaire	Investissement / engagement	Année
Kinross Gold Corporation	Investissement en capitaux propres de 20 millions de dollars	2022

Accords potentiels de coentreprise

Potentiel de coentreprise d'exploration et de développement:

• Projet Livengood Poste total du terrain: 17 929 acres
• Terrain adjacent inexploré: environ 5 000 acres

Capital Raising grâce à des offres d'actions

Activités récentes de levée de capitaux:

Année	Type d'offre	Montant recueilli
2023	Offrande	15,3 millions de dollars
2022	Investissement en capitaux propres	20 millions de dollars

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.