INTERNATIONAL TOWER HILL MINES LTD
For the period ended Sep 30, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 7, 2025
THM$1.54+27.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001410578-25-001650
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-07.
0001104659-25-108150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 53 previous paragraphs and 49 current paragraphs.
27 unchanged; 21 reworded; 1 added; 5 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 4 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Removed paragraphs (5)
Previous report
Excluding share-based costs of $59,470 and $45,745 for the three months ended June 30, 2025 and June 30, 2024, respectively, wages and benefits were $228,363 for the three months ended June 30, 2025 compared to $213,808 for the three months ended June 30, 2024. The increase of $14,555 was primarily due to timing of payroll benefits.
Previous report
Regulatory costs were $32,966 and $26,689 for the three months ended June 30, 2025 and June 30, 2024, respectively. The increase of $6,277 was primarily due to timing variances for expenses related to services provided by the Company’s stock transfer agency.
Previous report
Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024
Previous report
Excluding share-based costs of $73,735 and $57,829 for the six months ended June 30, 2025 and June 30, 2024, respectively, wages and benefits were $417,921 and $410,016 for the six months ended June 30, 2025 and June 30, 2024, respectively. The increase of $7,905 was primarily due to timing of payroll benefits.
Previous report
Professional fees were $88,814 and $118,896 for the six months ended June 30, 2025 and June 30, 2024, respectively. The decrease of $30,082 is due primarily to timing variances for audit services for a decrease of $15,723, legal services for a decrease of $13,287, accounting and tax services for a decrease of $1,701, and XBRL services for an increase of $629.
Reworded paragraphs (21)
Previous wording
On March 12, 2025, the Company announced that the Board had approved a 2025 budget of $3.7 million and endorsed the associated 2025 work program to advance the Livengood Gold Project. The 2025 work program will begin metallurgical study of the massive stibnite antimony mineralization, advance the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, and continue community engagement.
Current wording
On March 12, 2025, the Company announced that the Board had approved a 2025 budget of $3.7 million and endorsed the associated 2025 work program to advance the Livengood Gold Project. The 2025 work program includes a metallurgical study of the massive stibnite antimony mineralization, advancing the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, and continuing community engagement. On September 4, 2025, the Company issued a press release providing a progress report on the antimony metallurgy study at the Livengood Gold Project.
Previous wording
The Company had a net loss of $1,925,086 for the three months ended June 30, 2025, compared to a net loss of $1,431,915 for the three months ended June 30, 2024.
Current wording
The Company had a net loss of $732,303 for the three months ended September 30, 2025, compared to a net loss of $667,302 for the three months ended September 30, 2024.
Previous wording
Mineral property expenditures were $801,909 and $628,951 for the three months ended June 30, 2025 and June 30, 2024, respectively. The increase of $172,958 was primarily due to a higher advance minimum royalty payment for an increase of $150,724 and timing variances for land-related legal services for an increase of $32,136, partially offset by a decrease of $9,902 for environmental activities.
Current wording
Mineral property expenditures were $215,361 and $119,401 for the three months ended September 30, 2025 and September 30, 2024, respectively. The increase of $95,960 was primarily due higher field supplies and services for an increase of $57,924 and timing variances for land-related legal services for an increase of $27,853, environmental activities for an increase of $8,942, and land maintenance for an increase of $1,241.
Previous wording
Professional fees were $56,572 and $76,637 for the three months ended June 30, 2025 and June 30, 2024, respectively. The decrease of $20,065 was primarily due to timing variances for legal services for a decrease of $19,868, accounting and tax services for a decrease of $2,503, and XBRL services for an increase of $2,306.
Current wording
Professional fees were $80,021 and $57,398 for the three months ended September 30, 2025 and September 30, 2024, respectively. The increase of $22,623 was primarily due to timing variances for legal services for an increase of $17,425, accounting and tax services for an increase of $7,979, partially offset by XBRL services for a decrease of $2,781.
Previous wording
Travel costs were $2,305 and $10,583 for the three months ended June 30, 2025 and June 30, 2024, respectively. The decrease of $8,278 was primarily due to timing variances of actual travel.
Current wording
Travel costs were $25,427 and $16,407 for the three months ended September 30, 2025 and September 30, 2024, respectively. The increase of $9,020 was primarily due to timing variances of actual travel.
Previous wording
Excluding share - based costs of $382,682 and $296,510 for the three months ended June 30, 2025 and June 30, 2024, respectively, consulting fees were $56,672 for the three months ended June 30, 2025 compared to $58,538 for the three months ended June 30, 2024.
Current wording
Excluding share-based costs of $26,550 and $1,096 for the three months ended September 30, 2025 and September 30, 2024, respectively, consulting fees were $56,580 and $60,413 for the three months ended September 30, 2025 and September 30, 2024, respectively. The decrease of $3,833 was primarily due to decreased consulting services.
Previous wording
Insurance costs were $65,136 and $51,211 for the three months ended June 30, 2025 and June 30, 2024, respectively. The increase of $13,925 was primarily due to a timing variance due to a change in insurance providers.
Current wording
Insurance costs were $35,697 and $50,984 for the three months ended September 30, 2025 and September 30, 2024, respectively. The decrease of $15,287 was primarily due to a change in insurance providers.
Previous wording
Share-based payment charges were $446,400 during the three months ended June 30, 2025 compared to $345,523 during the three months ended June 30, 2024. The increase of $100,877 was mainly the result of equity compensation issued or granted to certain contractors of the Company on December 2, 2024, as compared to the three months ended June 30, 2024.
Current wording
Share-based payment charges were $48,826 during the three months ended September 30, 2025 compared to $17,536 during the three months ended September 30, 2024. The increase of $31,290 was mainly the result of equity compensation issued or granted to certain contractors of the Company on December 2, 2024, as compared to the three months ended September 30, 2024.
Previous wording
Other items amounted to total other expense of $161,522 during the three months ended June 30, 2025 compared to total other income of $54,208 during the three months ended June 30, 2024. As a result of the impact of exchange rates on certain of the Company’s U.S. dollar cash balances, the Company had a foreign exchange loss of $190,324 during the three months ended June 30, 2025, compared to a gain of $26,031 during the three months ended June 30, 2024. The average exchange rate during the three months ended June 30, 2025 was C$1 to $0.7226, compared to C$1 to $0.7308 during the three months ended June 30, 2024. Interest income was $28,772 for the three months ended June 30, 2025, compared to $28,177 for the three months ended June 30, 2024.
Current wording
Other items amounted to total other income of $60,583 during the three months ended September 30, 2025 compared to total other expense of $6,961 during the three months ended September 30, 2024. As a result of the impact of exchange rates on certain of the Company’s U.S. dollar cash balances, the Company had a foreign exchange gain of $40,071 during the three months ended September 30, 2025, compared to a loss of $22,473 during the three months ended September 30, 2024. The average exchange rate during the three months ended September 30, 2025 was C$1 to $0.7261, compared to C$1 to $0.7332 during the three months ended September 30, 2024. Interest income was $20,512 for the three months ended September 30, 2025, compared to $15,512 for the three months ended September 30, 2024.
Previous wording
The Company had a net loss of $2,594,154 for the six months ended June 30, 2025, compared to a net loss of $1,977,223 for the six months ended June 30, 2024.
Current wording
The Company had a net loss of $3,326,457 for the nine months ended September 30, 2025, compared to a net loss of $2,644,525 for the nine months ended September 30, 2024.
Previous wording
Mineral property expenditures were $950,396 and $759,055 for the six months ended June 30, 2025 and June 30, 2024, respectively. The increase of $191,341 was primarily due to a higher advance minimum royalty payment for an increase of $150,724 and timing variances for land-related legal services for an increase of $26,793 and environmental activities for an increase of $13,824.
Current wording
Mineral property expenditures were $1,165,757 and $878,456 for the nine months ended September 30, 2025 and September 30, 2024, respectively. The increase of $287,301 was primarily due to a higher advance minimum royalty payment for an increase of $151,965 and higher field supplies and services for an increase of $68,206, and timing variances for land-related legal services for an increase of $54,646 and environmental activities for an increase of $12,484.
Previous wording
Excluding share-based costs of $430,979 and $297,373 for the six months ended June 30, 2025 and June 30, 2024, respectively, consulting fees were $118,419 and $115,238 for the six months ended June 30, 2025 and June 30, 2024, respectively. The increase of $3,181 was primarily due to services provided to determine valuation of options granted to certain contractors that vest if certain market conditions are met.
Current wording
Excluding share-based costs of $457,529 and $298,469 for the nine months ended September 30, 2025 and September 30, 2024, respectively, consulting fees were $174,999 and $175,651 for the nine months ended September 30, 2025 and September 30, 2024, respectively. The decrease of $652 was primarily due to decreased consulting services.
Previous wording
Share-based payment charges for the six months ended June 30, 2025 and 2024 were allocated as follows:
Current wording
Share-based payment charges for the nine months ended September 30, 2025 and 2024 were allocated as follows:
Previous wording
Share-based payment charges were $509,981 during the six months ended June 30, 2025 compared to $359,333 during the six months ended June 30, 2024. The increase of $150,648 was mainly the result of equity compensation issued or granted to certain contractors of the Company on December 2, 2024, as compared to the six months ended June 30, 2024.
Current wording
Share-based payment charges were $558,807 during the nine months ended September 30, 2025 compared to $376,869 during the nine months ended September 30, 2024. The increase of $181,938 was mainly the result of equity compensation issued or granted to certain contractors of the Company on December 2, 2024, as compared to the nine months ended September 30, 2024.
Previous wording
Other items amounted to total other expense of $168,365 during the six months ended June 30, 2025 compared to total other income of $121,809 during the six months ended June 30, 2024. As a result of the impact of exchange rates on certain of the Company’s U.S. dollar cash balances, the Company had a foreign exchange loss of $208,431 during the six months ended June 30, 2025, compared to a gain of $64,435 during the six months ended June 30, 2024. The average exchange rate during the six months ended June 30, 2025 was C$1 to $0.7098, compared to C$1 to $0.7361 during the six months ended June 30, 2024. Interest income was $40,066 for the six months ended June 30, 2025, compared to $57,374 for the six months ended June 30, 2024. The decrease of $17,308 was primarily due to short-term investment certificates being invested at a lower interest rate.
Current wording
Other items amounted to total other expense of $101,782 during the nine months ended September 30, 2025 compared to total other income of $114,848 during the nine months ended September 30, 2024. As a result of the impact of exchange rates on certain of the Company’s U.S. dollar cash balances, the Company had a foreign exchange loss of $168,360 during the nine months ended September 30, 2025, compared to a gain of $41,962 during the nine months ended September 30, 2024. The average exchange rate during the nine months ended September 30, 2025 was C$1 to $0.7152, compared to C$1 to $0.7351 during the nine months ended September 30, 2024. Interest income was $60,578 for the nine months ended September 30, 2025, compared to $72,886 for the nine months ended September 30, 2024. The decrease of $12,308 was primarily due to short-term investment certificates being invested at a lower interest rate.
Previous wording
As at June 30, 2025, the Company had cash and cash equivalents of $2,845,065 compared to $992,487 at December 31, 2024. The increase of approximately $1.9 million resulted mainly from net financing activities of $3.8 million, partially offset by operating activities of $1.7 million and negative foreign exchange impact of $0.2 million.
Current wording
As at September 30, 2025, the Company had cash and cash equivalents of $2,277,809 compared to $992,487 at December 31, 2024. The increase of approximately $1.3 million resulted mainly from net financing activities of $3.8 million, partially offset by operating activities of $2.3 million and negative foreign exchange impact of $0.2 million.
Previous wording
Financing activities during the six months ended June 30, 2025 consisted of the Private Placement pursuant to which the Company issued 8,192,031 common shares to existing major shareholders to raise gross proceeds of approximately $3.9 million.
Current wording
Financing activities during the nine months ended September 30, 2025 consisted of the Private Placement pursuant to which the Company issued 8,192,031 common shares to existing major shareholders to raise gross proceeds of approximately $3.9 million.
Previous wording
Financing activities during the six months ended June 30, 2024 consisted of a private placement that closed in January 2024 pursuant to which the Company issued 3,807,911 common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million.
Current wording
Financing activities during the nine months ended September 30, 2024 consisted of a private placement that closed in January 2024 pursuant to which the Company issued 3,807,911 common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million.
Previous wording
The Company had no cash flows from investing activities during the six months ended June 30, 2025 and June 30, 2024.
Current wording
The Company had no cash flows from investing activities during the nine months ended September 30, 2025 and September 30, 2024.
Previous wording
As at June 30, 2025, the Company had working capital of $2,902,972 compared to working capital of $959,703 at December 31, 2024. The Company expects that it will operate at a loss for the foreseeable future but believes the current cash and cash equivalents will be sufficient to cover the anticipated 2025 work plan at the Livengood Gold Project and satisfy its currently anticipated general and administrative costs through at least the next 12 months.
Current wording
As at September 30, 2025, the Company had working capital of $2,176,414 compared to working capital of $959,703 at December 31, 2024. The Company expects that it will operate at a loss for the foreseeable future but believes the current cash and cash equivalents will be sufficient to cover the anticipated 2025 work plan at the Livengood Gold Project. Additional financing will be required to satisfy its currently anticipated general and administrative costs through at least the next 12 months.
Previous wording
For a discussion of the accounting judgments and estimates that the Company’s management has identified as critical in the preparation of the Company’s financial statements, please see “Critical Accounting Estimates” under Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes in the Company’s critical accounting estimates during the six months ended June 30, 2025.
Current wording
For a discussion of the accounting judgments and estimates that the Company’s management has identified as critical in the preparation of the Company’s financial statements, please see “Critical Accounting Estimates” under Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no significant changes in the Company’s critical accounting estimates during the nine months ended September 30, 2025.