INTERNATIONAL TOWER HILL MINES LTD
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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, 2024 · Filed Nov 7, 2024
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 2024-06-30; filed 2024-08-09.
0001410578-24-001257
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001410578-24-001791
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 46 previous paragraphs and 51 current paragraphs.
25 unchanged; 15 reworded; 8 added; 5 removed; 1 previous and 3 current paragraphs rearranged.
Tables are not compared: 3 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 (8)
Current report
Regulatory expenses were $59,478 for the three months ended September 30, 2024 compared to $71,940 for the three months ended September 30, 2023. The decrease of $12,462 is primarily due to expenses related to the preparation and filing of a shelf registration during the three months ended September 30, 2023.
Current report
Travel expenses were $16,407 for the three months ended September 30, 2024 compared to $27,616 for the three months ended September 30, 2023. The decrease of $11,209 is primarily due to decreased travel.
Current report
Office expenses were $4,882 for the three months ended September 30, 2024 compared to $13,318 for the three months ended September 30, 2023. The decrease of $8,436 is primarily due to lower hardware replacements and supplies.
Current report
Mineral property expenditures were $119,401 for the three months ended September 30, 2024 compared to $105,479 for the three months ended September 30, 2023. The increase of $13,922 was primarily due to decreased land-related legal fees of $10,878, increased fees for Bureau of Land Management of $2,141, and timing variance for environmental baseline activities for an increase of $22,659.
Current report
Nine Months Ended September 30, 2024 compared to Nine Months Ended September 30, 2023
Current report
Travel expenses were $29,104 for the nine months ended September 30, 2024 compared to $41,490 for the nine months ended September 30, 2023. The decrease of $12,386 is primarily due to reduced actual travel.
Current report
Share-based payment charges
Current report
Financing activities during the nine-month period ended September 30, 2023 included share issuance costs of $50,661 related to the preparation of a new Registration Statement on Form S-3.
Removed paragraphs (5)
Previous report
Six Months Ended June 30, 2024 compared to Six Months Ended June 30, 2023
Previous report
Excluding share-based costs of $297,373 and $261,523 for the six months ended June 30, 2024 and June 30, 2023, respectively, consulting fees were $115,238 for the six months ended June 30, 2024 compared to $114,726 for the six months ended June 30, 2023.
Previous report
Mineral property expenditures were $759,055 for the six months ended June 30, 2024, compared to $787,643 for the six months ended June 30, 2023. The decrease of $28,588 was primarily due to decreased legal services of $26,198 and timing variances for environmental activities for a decrease of $6,519 and project-related expenses for an increase of $4,129.
Previous report
Regulatory costs were $94,139 for the six months ended June 30, 2024 compared to $86,176 for the six months ended June 30, 2023. The increase of $7,963 was primarily due to increased EDGAR/SEDAR filing expenses of $3,472, increased Toronto Stock Exchange (“TSX”) listing fees of $2,882, and timing variances for other services for an increase of $1,609.
Previous report
Excluding share-based costs of $4,131 and $3,970 for the six months ended June 30, 2024 and June 30, 2023, respectively, investor relations costs were $37,957 for the six months ended June 30, 2024 compared to $30,841 for the six months ended June 30, 2023. The increase of $7,116 was primarily due to increased utilization of investor relations services.
Reworded paragraphs (15)
Previous wording
The Company had a net loss of $1,431,915 for the three months ended June 30, 2024, compared to a net loss of $1,467,897 for the three months ended June 30, 2023.
Current wording
The Company had a net loss of $667,302 for the three months ended September 30, 2024, compared to a net loss of $710,351 for the three months ended September 30, 2023.
Previous wording
Excluding share-based costs of $296,510 and $260,256 for the three months ended June 30, 2024 and June 30, 2023, respectively, consulting fees were $58,538 for the three months ended June 30, 2024 compared to $58,358 for the three months ended June 30, 2023.
Current wording
Excluding share-based costs of $1,096 and $67,128 for the three months ended September 30, 2024 and September 30, 2023, respectively, consulting fees were $60,413 for the three months ended September 30, 2024 compared to $64,159 for the three months ended September 30, 2023. The decrease of $3,746 is primarily due to decreased consulting services.
Previous wording
Professional fees were $76,637 for the three months ended June 30, 2024 compared to $86,576 for the three months ended June 30, 2023. The decrease of $9,939 was primarily due to decreased legal services of $8,591 and timing variances for accounting and tax services for an increase of $7,968, XBRL services for a decrease of $3,479, Sarbanes-Oxley Act review services for a decrease of $3,412, and audit services for a decrease of $2,425.
Current wording
Professional fees were $57,398 for the three months ended September 30, 2024 compared to $104,196 for the three months ended September 30, 2023. The decrease of $46,798 was primarily due to decreased legal services of $39,098 and timing variances for audit services for an increase of $14,348 and tax services for a decrease of $22,048.
Previous wording
Share-based payment charges for the six-month periods ended June 30, 2024 and 2023 were allocated as follows:
Current wording
Share-based payment charges for the three-month periods ended September 30, 2024 and 2023 were allocated as follows:
Previous wording
The Company had a net loss of $1,977,223 for the six months ended June 30, 2024, compared to a net loss of $1,971,434 for the six months ended June 30, 2023.
Current wording
The Company had a net loss of $2,644,525 for the nine months ended September 30, 2024, compared to a net loss of $2,681,785 for the nine months ended September 30, 2023.
Previous wording
Excluding share-based costs of $57,829 and $55,574 for the six months ended June 30, 2024 and June 30, 2023, respectively, wages and benefits were $410,016 for the six months ended June 30, 2024 compared to $308,842 for the six months ended June 30, 2023. The increase of $101,174 was primarily due to prior year-end payroll accruals reversing of $82,867 and to the timing of payroll benefits of $18,307.
Current wording
Excluding share-based costs of $73,173 and $67,862 for the nine months ended September 30, 2024 and September 30, 2023, respectively, wages and benefits were $638,168 for the nine months ended September 30, 2024 compared to $523,815 for the nine months ended September 30, 2023. The increase of $114,353 was primarily due to prior year-end payroll accruals reversing of $82,867 and to the timing of payroll benefits of $31,486.
Previous wording
Professional fees were $118,896 for the six months ended June 30, 2024 compared to $127,881 for the six months ended June 30, 2023. The decrease of $8,985 was primarily due to decreased legal services of $19,678 and timing variances for accounting and tax services for an increase of $8,399, XBRL services for an increase of $1,595, Sarbanes-Oxley Act review services for an increase of $1,247 and audit services for a decrease of $548.
Current wording
Professional fees were $176,294 for the nine months ended September 30, 2024 compared to $232,077 for the nine months ended September 30, 2023. The decrease of $55,783 was primarily due to decreased legal services of $58,776 and timing variances for accounting and tax services for an increase of $16,434, XBRL services for an increase of $1,531, and audit services for a decrease of $14,972.
Previous wording
Share-based payment charges were $359,333 during the six months ended June 30, 2024 compared to $321,067 during the six months ended June 30, 2023. The increase of $38,266 was mainly the result of the DSUs issued on May 29, 2024 being expensed at $293,242 compared to the DSUs issued on May 23, 2023 being expensed at $257,553 for an increase of $35,689 and stock options for common shares of the Company issued to its employees and consultants vesting during the six months ended June 30, 2024 for an increase of $2,577.
Current wording
Share-based payment charges were $376,869 during the nine months ended September 30, 2024 compared to $401,360 during the nine months ended September 30, 2023. The decrease of $24,491 was mainly the result of the DSUs issued on May 29, 2024 being expensed at $293,242 compared to the DSUs issued on May 23, 2023 being expensed at $257,553 and DSUs issued on July 12, 2023 being expensed at $66,251 for a decrease of $30,562 and stock options for common shares of the Company issued to its employees and consultants vesting during the nine months ended September 30, 2024 for an increase of $6,071.
Previous wording
Other items amounted to total other income of $121,809 during the six-month period ended June 30, 2024, compared to total other income of $5,685 during the six-month period ended June 30, 2023. 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 $64,435 during the six-month period ended June 30, 2024, compared to a loss of $60,616 during the six-month period ended June 30, 2023. The average exchange rate during the six-month period ended June 30, 2024 was C$1 to $0.7361, compared to C$1 to $0.7421 during the six-month period ended June 30, 2023. Interest income was $57,374 for the six-month period ended June 30, 2024, compared to $55,821 for the six-month period ended June 30, 2023. The increase of $1,553 was primarily due to short-term investment certificates being re-invested upon maturity at a higher interest rate. Other income was $Nil for the six-month period ended June 30, 2024, compared to $10,480 for the six-month period ended June 30, 2023.
Current wording
Other items amounted to total other income of $114,848 during the nine-month period ended September 30, 2024, compared to total other income of $76,292 during the nine-month period ended September 30, 2023. 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 $41,962 during the nine-month period ended September 30, 2024, compared to a loss of $13,925 during the nine-month period ended September 30, 2023. The average exchange rate during the nine-month period ended September 30, 2024 was C$1 to $0.7351, compared to C$1 to $0.7432 during the nine-month period ended September 30, 2023. Interest income was $72,886 for the nine-month period ended September 30, 2024, compared to $79,737 for the nine-month period ended September 30, 2023. The decrease of $6,851 was primarily due to short-term investment certificates being re-invested upon maturity at a lower interest rate. Other income was $Nil for the nine-month period ended September 30, 2024, compared to $10,480 for the nine-month period ended September 30, 2023.
Previous wording
As at June 30, 2024, the Company had cash and cash equivalents of $2,269,940 compared to $1,687,690 at December 31, 2023. The increase of approximately $0.6 million resulted mainly from net financing activities of $2.3 million and a positive foreign exchange impact of $0.1 million partially offset by operating activities of $1.8 million.
Current wording
As at September 30, 2024, the Company had cash and cash equivalents of $1,746,231 compared to $1,687,690 at December 31, 2023. The increase of approximately $0.1 million resulted mainly from net financing activities of $2.3 million partially offset by operating activities of $2.2 million.
Previous wording
Financing activities during the six-month period ended June 30, 2024 included the Private Placement, 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-month period ended September 30, 2024 included the Private Placement, 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-month periods ended June 30, 2024 and June 30, 2023.
Current wording
The Company had no cash flows from investing activities during the nine-month periods ended September 30, 2024 and September 30, 2023.
Previous wording
As at June 30, 2024, the Company had working capital of $2,373,525 compared to working capital of $1,757,465 at December 31, 2023. 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 2024 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, 2024, the Company had working capital of $1,747,399 compared to working capital of $1,757,465 at December 31, 2023. 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 2024 work plan at the Livengood Gold Project and that 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, 2023. There have been no significant changes in the Company’s critical accounting estimates during the six months ended June 30, 2024.
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, 2023. There have been no significant changes in the Company’s critical accounting estimates during the nine months ended September 30, 2024.
Previous wording
The Company believes that it has been a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes in recent years and expects to continue to be a PFIC in the future. Current and prospective U.S. shareholders should consult their tax advisors as to the tax consequences of PFIC classification and the U.S. federal tax treatment of PFICs. Additional information on this matter is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part II. Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Certain U.S. Federal Income Tax Considerations for U.S. Holders.”
Current wording
The Company believes that it has been a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes in recent years and expects to continue to be a PFIC in the future. Current and prospective U.S. shareholders should consult with their tax advisors as to the tax consequences of PFIC classification and the U.S. federal tax treatment of PFICs. Additional information on this matter is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part II. Item 5. “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities - Certain U.S. Federal Income Tax Considerations for U.S. Holders.”
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Share-based payment charges were $17,536 during the three months ended September 30, 2024 compared to $80,293 during the three months ended September 30, 2023. The decrease of $62,757 was mainly the result of the DSUs issued on July 12, 2023 being expensed for a decrease of $66,251 and stock options for common shares of the Company issued to its employees and consultants vesting during the three months ended September 30, 2024 for an increase of $3,494.
Current report — wording carried from elsewhere
Other items amounted to total other expense of $6,961 during the three-month period ended September 30, 2024, compared to total other income of $70,607 during the three-month period ended September 30, 2023. 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 $22,473 during the three-month period ended September 30, 2024, compared to a gain of $46,691 during the three-month period ended September 30, 2023. The average exchange rate during the three-month period ended September 30, 2024 was C$1 to $0.7332, compared to C$1 to $0.7457 during the three-month period ended September 30, 2023. Interest income was $15,512 for the three-month period ended September 30, 2024, compared to $23,916 for the three-month period ended September 30, 2023. The decrease of $8,404 was primarily due to short-term investment certificates being re-invested upon maturity at a lower interest rate.
Current report — wording carried from elsewhere
Share-based payment charges for the nine-month periods ended September 30, 2024 and 2023 were allocated as follows:
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The Company had no cash flows from financing activities during the six-month period ended June 30, 2023.