INTERNATIONAL TOWER HILL MINES LTD
For the period ended Jun 30, 2025. Filed Aug 8, 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.
Jun 30, 2025 · Filed Aug 8, 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 2025-03-31; filed 2025-05-09.
0001410578-25-001126
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent 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 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 41 previous paragraphs and 53 current paragraphs.
24 unchanged; 15 reworded; 10 added; 2 removed; 0 previous and 4 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 (10)
Current report
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 report
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 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.
Current report
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 report
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 report
Six Months Ended June 30, 2025 compared to Six Months Ended June 30, 2024
Current report
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 report
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 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.
Current report
Share-based payment charges
Removed paragraphs (2)
Previous report
Travel expenses were $7,799 for the three months ended March 31, 2025 compared to $2,114 for the three months ended March 31, 2024. The increase of $5,685 is due primarily due to a timing variance.
Previous report
Investing activities during the three-month period ended March 31, 2024 comprised solely the transfer of $1.0 million cash to one short-term bank certificate of deposit.
Reworded paragraphs (15)
Previous wording
The Company had a net loss of $669,068 for the three months ended March 31, 2025, compared to a net loss of $545,308 for the three months ended March 31, 2024.
Current 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.
Previous wording
Mineral property expenditures were $148,487 for the three months ended March 31, 2025, compared to $130,104 for the three months ended March 31, 2024. The increase of $18,383 was primarily due to timing variances for environmental activities for an increase of $23,726, partially offset by a decrease of $5,343 for legal services.
Current 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.
Previous wording
Excluding share-based costs of $14,265 and $12,084 for the three months ended March 31, 2025 and March 31, 2024, respectively, wages and benefits were $189,558 for the three months ended March 31, 2025 compared to $196,208 for the three months ended March 31, 2024. The decrease of $6,650 was primarily due to timing of payroll benefits.
Current wording
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 wording
Share-based payment charges for the three-month periods ended March 31, 2025 and 2024 were allocated as follows:
Current wording
Share - based payment charges for the three months ended June 30, 2025 and 2024 were allocated as follows:
Previous wording
Share-based payment charges were $63,581 during the three months ended March 31, 2025 compared to $13,810 during the three months ended March 31, 2024. The increase of $49,771 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 March 31, 2024.
Current 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.
Previous wording
Excluding share-based costs of $48,297 and $863 for the three months ended March 31, 2025 and March 31, 2024, respectively, consulting fees were $61,747 for the three months ended March 31, 2025 compared to $56,700 for the three months ended March 31, 2024. The increase of $5,047 was primarily due to services provided to determine valuation of options granted to certain contractors on December 2, 2024 that vest if certain market conditions are met.
Current 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.
Previous wording
Professional fees were $32,242 and $42,259 for the three months ended March 31, 2025 and March 31, 2024, respectively. The decrease of $10,017 is due primarily to a timing variance for audit services for a decrease of $14,921 and reduced XBRL filing services of $1,677 partially offset by increased legal services of $6,581.
Current wording
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.
Previous wording
Other items amounted to total other expense of $6,813 during the three-month period ended March 31, 2025 compared to total other income of $67,601 during the three-month period ended March 31, 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 $18,107 during the three-month period ended March 31, 2025, compared to a gain of $38,404 during the three-month period ended March 31, 2024. The average exchange rate during the three-month period ended March 31, 2025 was C$1 to $0.6968, compared to C$1 to $0.7380 during the three-month period ended March 31, 2024. Interest income was $11,294 for the three-month period ended March 31, 2025, compared to $29,197 for the three-month period ended March 31, 2024. The decrease of $17,903 was primarily due to short-term investment certificates being invested upon maturity at a lower interest rate.
Current 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.
Previous wording
As at March 31, 2025, the Company had cash and cash equivalents of $4,262,573 compared to $992,487 at December 31, 2024. The increase of approximately $3.3 million resulted mainly from net financing activities of $3.9 million partially offset by operating activities of $0.6 million.
Current 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.
Previous 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 to existing major shareholders to raise gross proceeds of approximately $3.9 million.
Current 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.
Previous wording
Financing activities during the three-month period ended March 31, 2024 included 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 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.
Previous wording
The Company had no cash flows from investing activities during the three-month period ended March 31, 2025.
Current wording
The Company had no cash flows from investing activities during the six months ended June 30, 2025 and June 30, 2024.
Previous wording
As at March 31, 2025, the Company had working capital of $4,186,043 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 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.
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, and there is 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
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.
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 three months ended March 31, 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 six months ended June 30, 2025.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
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 report — wording carried from elsewhere
Excluding share-based payments, all other operating expense categories reflected only moderate changes period over period.
Current report — wording carried from elsewhere
Share-based payment charges for the six months ended June 30, 2025 and 2024 were allocated as follows:
Current report — wording carried from elsewhere
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.