INTERNATIONAL TOWER HILL MINES LTD
For the period ended Mar 31, 2026. Filed May 8, 2026.
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.
Mar 31, 2026 · Filed May 8, 2026
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 2025-09-30; filed 2025-11-07.
0001104659-25-108150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001104659-26-057981
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 49 previous paragraphs and 42 current paragraphs.
19 unchanged; 12 reworded; 11 added; 15 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 4 previous and 3 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 (11)
Current report
Livengood Gold Project
Current report
On January 27, 2026, the Company completed a public offering (the “Public Offering”) of 33,672,000 Common Shares, which included 4,392,000 Common Shares issued pursuant to the full exercise by the underwriters of their option to purchase additional Common Shares in connection with the Public Offering. The Public Offering was priced at a price to the public of $2.22 per Common Share, resulting in gross proceeds of approximately $74.8 million to the Company, before deducting underwriting discounts and estimated offering expenses. Concurrent with the closing of the Public Offering, the Company closed a US$40 million private placement (the “Concurrent Private Placement”) of 18,018,018 Common Shares to affiliates of Paulson, a related party of the Company, at the same offering price, resulting in total gross proceeds from the Public Offering and the Concurrent Private Placement to the Company of approximately $114.8 million. On January 29, 2026, affiliates of Paulson subscribed for an additional 1,501,982 Common Shares as part of the Concurrent Private Placement at the same offering price for additional proceeds of approximately US$3.3 million to the Company, representing a proportional increase to Paulson’s investment to account for the upsize in the Public Offering and exercise of the corresponding underwriters’ option.
Current report
The Company expects to use the net proceeds of the Offering and the Concurrent Private Placement to fund the exploration and development of the Livengood Gold Project, including drilling, metallurgical studies, feasibility studies, technical studies, baseline environmental studies, detailed engineering in support of permitting, permitting, legal support, community engagement, mineral lease and land payments, acquisitions and general corporate purposes.
Current report
The 2026 work program will include obtaining metallurgical samples by core drilling, metallurgical test work, initiating feasibility studies, and advancing ongoing baseline environmental data collection and community engagement. This 2026 work program is anticipated to cost $20-25 million.
Current report
Mineral property expenditures were $254,108 for the three months ended March 31, 2026, compared to $148,487 for the three months ended March 31, 2025. The increase of $105,621 was primarily due to increased activity on the Livengood Gold Project of $53,242 and increased expenses for land-related legal of $48,682 and land claim fees of $3,697.
Current report
Professional fees were $129,535 and $32,242 for the three months ended March 31, 2026 and March 31, 2025, respectively. The increase of $97,293 is due primarily to increased fees for legal of $49,926, recruiting of $25,110, and timing variances for accounting and auditing services of $22,257.
Current report
Excluding share-based costs of $20,419 and $14,265 for the three months ended March 31, 2026 and March 31, 2025, respectively, wages and benefits were $259,060 for the three months ended March 31, 2026 compared to $189,558 for the three months ended March 31, 2025. The increase of $69,502 was primarily due to the Chief Executive Officer salary returning to 100% reflecting the effort needed to advance the Livengood Gold Project through feasibility study and permitting for $50,305 and timing of payroll benefits for $19,197.
Current report
Regulatory fees were $117,246 and $61,731 for the three months ended March 31, 2026 and March 31, 2026, respectively for an increase of $55,515. A higher market capitalization resulted in a $29,571 increase for TSX sustaining fees and a $25,944 increase for regulatory filings fees.
Current report
Insurance costs were $34,744 and $47,011 for the three months ended March 31, 2026 and March 31, 2025, respectively. The decrease of $12,267 is primarily due to an agent change.
Current report
Financing activities during the three-month period ended March 31, 2026 included a public offering pursuant to which the Company issued 33,672,000 common shares of the Company for aggregate gross proceeds, before underwriting expenses and expenses of the offering, of approximately $74.75 million. In connection with the public offering, the Company completed a non-brokered private placement in two tranches pursuant to which it issued an aggregate of 19,520,000 common shares of the Company to an existing major shareholder of the Company, for total proceeds of approximately $43.3 million. Exercise of stock options provided proceeds of $267,795 were received on the issuance of 560,000 common shares and related reallocation of contributed surplus of $128,189.
Current report
Investing activities during the three-month period ended March 31, 2026 comprised solely the transfer of $50.0 million cash to one short-term bank certificate of deposit.
Removed paragraphs (15)
Previous report
Livengood Gold Project Pre-Feasibility Study
Previous report
On March 4, 2025, the Company announced that it had completed a non-brokered private placement (the “Private Placement”) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of approximately US$3.9 million. The Private Placement consisted of 8,192,031 common shares of the Company at a price of US$0.4801 per common share.
Previous report
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 report
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 report
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 report
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 report
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 report
Nine Months Ended September 30, 2025 compared to Nine Months Ended September 30, 2024
Previous report
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 report
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 report
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 report
Share-based payment charges
Previous report
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 report
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 report
Our anticipated expenditures for the year ending December 31, 2025 are approximately $3.7 million, which are expected to be funded from cash on hand. These expenditures include $0.9 million for mineral property leases and mining claim government fees and $2.8 million for general corporate and administrative purposes. Expenditures for mineral property leases and mining claims government fees are anticipated to be approximately $0.9 million in 2026 and $0.9 million in 2027. See Note 8 to the Company’s condensed consolidated interim financial statements included elsewhere in this report for further information regarding the Company’s known contractual obligations.
Reworded paragraphs (12)
Previous 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.
Current wording
The Company had net income of $2,274,143 for the three months ended March 31, 2026, compared to a net loss of $669,068 for the three months ended March 31, 2025.
Previous 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.
Current wording
Excluding share-based costs of $111,440 and $48,297 for the three months ended March 31, 2026 and March 31, 2025, respectively, consulting fees were $56,448 for the three months ended March 31, 2026 compared to $61,747 for the three months ended March 31, 2025. The decrease of $5,299 was primarily due to a decrease in services provided.
Previous wording
Share - based payment charges for the three months ended September 30, 2025 and 2024 were allocated as follows:
Current wording
Share-based payment charges for the three-month periods ended March 31, 2026 and 2025 were allocated as follows:
Previous 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.
Current wording
Share-based payment charges were $133,318 during the three months ended March 31, 2026 compared to $63,581 during the three months ended March 31, 2025. The increase of $69,737 was mainly the result of equity compensation issued or granted to certain directors of the Company on February 9, 2026, as compared to the three months ended March 31, 2025.
Previous 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.
Current wording
Other items amounted to total other income of $3,318,772 during the three-month period ended March 31, 2026 compared to total other expense of $6,813 during the three-month period ended March 31, 2025. 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 $2,683,173 during the three-month period ended March 31, 2026, compared to a loss of $18,107 during the three-month period ended March 31, 2025. The average exchange rate during the three-month period ended March 31, 2026 was C$1 to $0.7290, compared to C$1 to $0.6968 during the three-month period ended March 31, 2025. Interest income was $635,599 for the three-month period ended March 31, 2026, compared to $11,294 for the three-month period ended March 31, 2025. The increase of $624,305 was primarily due to the net proceeds of the Public Offering and the Concurrent Private Placement being invested in short-term certificates of deposit.
Previous 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.
Current wording
As at March 31, 2026, the Company had cash and cash equivalents of $64,689,792 compared to $1,353,333 at December 31, 2025. The increase of approximately $63.3 million resulted mainly from net financing activities of $114.0 million and stock option exercises of $0.3 million partially offset by short-term investments of $50.0 million and operating activities of $1.8 million.
Previous 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.
Current wording
Financing activities during the three-month period ended March 31, 2025 included the Private Placement pursuant to which the Company issued 8,192,031 common shares of the Company to existing major shareholders to raise gross proceeds of approximately $3.9 million.
Previous wording
The Company had no cash flows from investing activities during the nine months ended September 30, 2025 and September 30, 2024.
Current wording
The Company had no cash flows from investing activities during the three-month period ended March 31, 2025.
Previous 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.
Current wording
As at March 31, 2026, the Company had working capital of $114,953,122 compared to working capital of $1,015,182 at December 31, 2025. 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 for it to complete its anticipated 2026 work plan and satisfy its currently anticipated general and administrative costs, through the 2026 fiscal year.
Previous wording
The Company will require significant additional financing to continue its operations (including general and administrative expenses) in connection with advancing activities at the Livengood Gold Project and the development of any mine that may be built at the Livengood Gold Project. There can be no assurance that the Company will be able to obtain the additional financing required on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company’s review of its financing options includes considering a future strategic alliance to assist in further development, permitting and future construction costs, although there can be no assurance that any such strategic alliance will, in fact, be pursued or realized.
Current wording
There is no assurance that the Company will be able to obtain the additional financing required to further advance the Project on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work or the development of the Livengood Gold Project, or unexpected results in connection with the ongoing work or the development of the Livengood Gold Project, could result in the Company being required to raise additional funds to advance the Project.
Previous wording
Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. See “Risk Factors –We will require additional financing to fund exploration and, if warranted, development and production. Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue as a going concern” included in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Current wording
Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the future. See “Risk Factors –We will require additional financing to fund exploration and, if warranted, development and production. Failure to obtain additional financing could have a material adverse effect on our financial condition and results of operation and could cast uncertainty on our ability to continue as a going concern” included in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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 nine months ended September 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, 2025. There have been no significant changes in the Company’s critical accounting estimates during the three months ended March 31, 2026.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Excluding share-based payments, all other operating expense categories reflected only moderate changes period over period.
Previous report — wording carried elsewhere
Share-based payment charges for the nine months ended September 30, 2025 and 2024 were allocated as follows:
Previous report — wording carried elsewhere
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.