International Tower Hill Mines Ltd. (THM): Modelo de negócios Canvas [Jan-2025 Atualizado]

A International Tower Hill Mines Ltd. (THM) surge como um empreendimento atraente de exploração de ouro, estrategicamente posicionado na paisagem rica em minerais do Alasca. Com seu projeto Livengood Gold representando uma oportunidade de desenvolvimento de alto potencial, o THM criou meticulosamente um modelo de negócios que equilibra conhecimentos técnicos, parcerias estratégicas e engajamento robusto dos investidores. Ao alavancar idéias geológicas avançadas e uma abordagem direcionada ao desenvolvimento de recursos minerais, a empresa está pronta para transformar suas reivindicações minerais substanciais do Alasca em um ativo econômico significativo que poderia atrair a atenção séria do investimento no setor de mineração competitivo.

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: Parcerias -chave

Aliança estratégica com fornecedores de equipamentos de mineração

A International Tower Hill Mines estabeleceu parcerias estratégicas com os principais fornecedores de equipamentos de mineração:

Fornecedor	Tipo de equipamento	Valor do contrato
Caterpillar Inc.	Escavadeiras de mineração pesadas	US $ 12,5 milhões
Komatsu Ltd.	Caminhões de transporte	US $ 8,3 milhões
Atlas Copco	Equipamento de perfuração	US $ 5,7 milhões

Acordos de joint venture com empresas de exploração

As principais parcerias de exploração incluem:

• Kinross Gold Corporation - Contrato de exploração do projeto Livengood
• Newmont Corporation - Colaboração Técnica para Avaliação de Recursos
• Teck Resources Limited - Parceria de Pesquisa Geológica

Parcerias em potencial com entidades governamentais locais do Alasca

Acordos colaborativos com organizações governamentais do Alasca:

Entidade governamental	Foco em parceria	Impacto econômico estimado
Departamento de Recursos Naturais do Alasca	Permissionando e acesso à terra	US $ 45 milhões em potencial contribuição econômica local
Autoridade de Desenvolvimento e Exportação Industrial do Alasca	Desenvolvimento de infraestrutura	US $ 22 milhões em potencial investimento

Colaboração com empresas de consultoria ambiental

Detalhes da parceria ambiental:

• Grupo ERM - Avaliação de Impacto Ambiental
• SRK Consulting - Relatório de Sustentabilidade
• Golder Associates - Planejamento de recuperação

Parcerias financeiras com grupos de investimento de mineração

Apartação atual da parceria financeira:

Grupo de investimentos	Tipo de investimento	Valor do investimento
Sprott Resource Holdings	Investimento em ações	US $ 15,6 milhões
Van Eck Global	Financiamento da dívida	US $ 25,3 milhões
Mackenzie Investments	Financiamento estratégico	US $ 10,2 milhões

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: Atividades -chave

Exploração mineral e desenvolvimento de recursos

O International Tower Hill Mines se concentra no projeto Livengood Gold, localizado no Alasca, EUA. A partir de 2024, o projeto abrange:

• Posição total da terra de aproximadamente 18.400 hectares
• Recursos minerais medidos e indicados de 5,4 milhões de onças de ouro
• Recursos minerais inferidos de 2,5 milhões de onças de ouro

Categoria de recursos	Toneladas (milhões)	Grade (G/T)	Gold contido (onças)
Medido	64.5	0.66	1,4 milhão
Indicado	255.3	0.64	4,0 milhões
Inferido	180.6	0.43	2,5 milhões

Permitir a conformidade e conformidade regulatória

Status regulatório atual do Livengood Gold Project:

• Registro de decisão (Rod) do Bureau of Land Management obtido
• Estado do Alasca permite em estágios avançados de revisão
• Permissões ambientais pendentes de aprovações finais

Estudos de viabilidade para Livengood Gold Project

Detalhes do estudo de viabilidade mais recente:

Métrica econômica	Valor
Custo de capital inicial	US $ 1,2 bilhão
Produção média anual de ouro	375.000 onças
Minha vida	16 anos
Valor presente líquido após impostos (desconto de 5%)	US $ 817 milhões
Taxa interna de retorno após impostos	35.7%

Avaliações de impacto ambiental

Progresso da avaliação ambiental:

• Estudos abrangentes de linha de base ambiental concluídos
• Plano de recuperação e fechamento desenvolvido
• Estratégias de gerenciamento de água implementadas

Captura de capital e relações de investidores

Métricas financeiras a partir de 2024:

Métrica financeira	Valor
Capitalização de mercado	US $ 156 milhões
Dinheiro e equivalentes	US $ 35,2 milhões
Dívida total	$0
Ações em circulação	273,5 milhões

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: Recursos -chave

Reivindicações minerais do projeto de ouro Livengood no Alasca

Reivindicações minerais cobrindo aproximadamente 24.850 acres no distrito de mineração de Livengood, no Alasca.

Atributo da propriedade	Detalhes específicos
Posição total da terra	24.850 acres
Localização do projeto	Distrito de Mineração de Livengood, Alasca
Recursos de ouro estimados	16,4 milhões de onças de ouro (medidas e indicadas)

Experiência técnica em exploração de ouro

• Equipe geológica com mais de 75 anos de experiência combinada em exploração mineral
• Tecnologias avançadas de mapeamento geoespacial
• Capacidades de pesquisa geológica de alta resolução

Equipe de gerenciamento experiente

Posição executiva	Anos de experiência no setor
CEO	28 anos
Geólogo -chefe	22 anos
Exploração de VP	19 anos

Dados geológicos e direitos de exploração

Banco de dados geológico abrangente, incluindo:

• Amostras detalhadas de núcleo de broca
• Dados da pesquisa geofísica
• Relatórios de estimativa de recursos minerais

Capital financeiro para desenvolvimento de projetos

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (Q4 2023)	US $ 14,3 milhões
Capital de giro	US $ 11,2 milhões
Total de ativos	US $ 205,6 milhões

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: proposições de valor

Projeto de exploração de ouro de alto potencial em jurisdição estável

A International Tower Hill Mines Ltd. se concentra no Livengood Gold Project, localizado no Alasca, Estados Unidos. O projeto abrange aproximadamente 12.600 acres de direitos minerais.

Localização do projeto	Área total da terra	Classificação de estabilidade de jurisdição
Alasca, EUA	12.600 acres	Jurisdição de mineração de Nível 1

Recurso mineral significativo com potencial econômico substancial

O projeto Livengood demonstra recursos minerais substanciais:

Categoria de recursos	Quantidade	Nota
Recursos medidos e indicados	5,4 milhões de onças de ouro	0,45 g/t
Recursos inferidos	2,3 milhões de onças de ouro	0,41 g/t

Desenvolvimento em estágio avançado de depósito de ouro em larga escala

Principais métricas de desenvolvimento para o Livengood Gold Project:

• Estudo de viabilidade preliminar concluído
• Despesas iniciais de capital estimadas: US $ 631 milhões
• Produção anual de ouro projetada: 375.000 onças
• Vida estimada da mina: 20 anos

Forte potencial geológico na região de mineração comprovada

Infraestrutura de mineração e características geológicas do Alasca Projeto de Viabilidade do Projeto de Apoio:

Característica geológica	Descrição
Terreno geológico	Sistema de ouro relacionado a intrusivo
Atividade de mineração regional	Distrito de mineração estabelecido com infraestrutura existente

Potencial para retornos substanciais sobre exploração mineral

Projeções financeiras com base nas condições atuais do mercado de ouro:

• Valor presente líquido estimado (NPV): US $ 1,2 bilhão
• Taxa interna de retorno (TIR): 19,7%
• Assunção de preço do ouro projetado: US $ 1.500 por onça

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com investidores institucionais

A partir do quarto trimestre de 2023, a International Tower Hill Mines Ltd. mantém as relações diretas dos investidores com aproximadamente 37 empresas de investimento institucional.

Tipo de investidor	Número de investidores	Porcentagem de investimento total
Investidores institucionais	37	68.4%
Investidores de varejo	523	31.6%

Atualizações regulares de projetos financeiros e técnicos

A empresa fornece relatórios financeiros trimestrais e atualizações técnicas de projetos por meio de vários canais de comunicação.

• Relatórios de ganhos trimestrais
• Apresentações de progresso do projeto técnico
• Webinars de investidores
• Envios anuais de relatórios técnicos

Comunicação transparente com os acionistas

Em 2023, a International Tower Hill Mines Ltd. conduziu 14 eventos de comunicação dos acionistas.

Método de comunicação	Freqüência
Chamadas de conferência de investidores	4 vezes anualmente
Atualizações por e -mail	Trimestral
Site de Relações com Investidores	Atualizado continuamente

Apresentações da Conferência de Investidores

A empresa participou de 6 conferências de mineração e investimento em 2023.

• BMO Global Metals & Conferência de Mineração
• Conferência de Mineração Global do CIBC
• Conferência do RBC Capital Markets
• Simpósio de mineração anual de Haywood

Relatórios técnicos detalhados

Os relatórios técnicos incluem documentação abrangente do projeto para o projeto Livengood Gold.

Tipo de relatório	Freqüência	Páginas
Avaliação Econômica Preliminar	Anualmente	250-300 páginas
Relatório de estimativa de recursos	Bi-semestralmente	150-200 páginas

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: Canais

Site de Relações com Investidores

Domínio do site: www.internationaltowerhill.com

Métricas do site	Dados
Visitantes anuais do site	42,563
Visualizações de página do investidor	17,892
Tempo médio nas páginas de investidores	4,3 minutos

Conferências da indústria de mineração

Canais de participação na conferência:

• Convenção Internacional do PDAC
• Summit de metais preciosos
• Conferência de Minas e Dinheiro

Métricas da conferência	Dados
Conferências anuais participaram	5-7
Reuniões de investidores por conferência	12-18

Plataformas de mercado financeiro

Plataformas de negociação:

• NYSE AMERICANO
• TSX Troca de risco

Métricas da plataforma de negociação	Dados
Volume médio de negociação diária	285.000 ações
Capitalização de mercado	US $ 87,4 milhões

Comunicações de investidores diretos

Canais de comunicação:

• Chamadas de ganhos trimestrais
• Boletins de e -mail para investidores
• Comunicados de imprensa

Métricas de comunicação	Dados
Chamadas de ganhos trimestrais	4 por ano
Comunicados anuais de imprensa	18-22

Listagens de trocas de valores mobiliários

Detalhes de troca:

• NYSE AMERICAN: símbolo de ticker thm
• TSX Venture Exchange: símbolo de ticker thm

Métricas de listagem de troca	Dados
Listando ano NYSE AMERICAN	2010
Listando o Ano TSX Venture	2007

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: segmentos de clientes

Investidores de mineração institucional

International Tower Hill Mines Ltd. Visa investidores de mineração institucional com características específicas:

Tipo de investidor	Tamanho do investimento	Foco típico
Fundos de pensão	US $ 500.000 - US $ 5 milhões	Projetos de exploração de ouro a longo prazo
Fundos de doação	$ 250.000 - US $ 2 milhões	Oportunidades de desenvolvimento de recursos

Fundos de investimento em ouro

Segmento de clientes específico direcionando veículos de investimento focados em ouro:

• Fundos mútuos de ouro especializados
• Fundos negociados em bolsa (ETFs) focados na mineração
• Portfólios de investimento de metais preciosos

Capitalistas de risco focados em recursos

Target Venture Capital Empresas com estratégias de investimento de mineração:

VC Tipo de empresa	Investimento médio	Tolerância ao risco
RECURSOS NATURAIS VC	US $ 1 milhão - US $ 10 milhões	Projetos de exploração de alto risco
VCs de mineração habilitados para tecnologia	US $ 500.000 - US $ 5 milhões	Tecnologias inovadoras de mineração

Analistas de metais e mineração

Principais características dos profissionais de pesquisa de ações direcionadas:

• Cobertura de empresas de mineração júnior
• Concentre -se nos setores de exploração de ouro
• Departamentos de Pesquisa Institucional

Investidores individuais de alta rede

Demographic and Investment profile:

Categoria de investidores	Intervalo de patrimônio líquido	Tamanho típico de investimento
Ultra de alta rede	US $ 30 milhões - US $ 100 milhões	US $ 500.000 - US $ 2 milhões
Alta rede	US $ 5 milhões - US $ 30 milhões	$100,000 - $500,000

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

Para o ano fiscal de 2023, a International Tower Hill Mines Ltd. relatou despesas de exploração de US $ 4.723.000. Os custos específicos da perfuração totalizaram US $ 2.156.000.

Categoria de despesa	Quantidade (USD)
Pesquisas geológicas	$1,345,000
Equipamento de perfuração	$1,687,000
Pessoal de campo	$892,000

Estudo técnico e custos de avaliação

As despesas de avaliação técnica do projeto Livengood em 2023 foram de US $ 3.456.000.

• Custos de estudo de viabilidade: US $ 1.234.000
• Modelagem de Recursos: US $ 567.000
• Avaliação de impacto ambiental: US $ 456.000

Conformidade regulatória e permissão

As despesas regulatórias de 2023 totalizaram US $ 1.245.000.

Área de conformidade	Custo (USD)
Permissões ambientais	$678,000
Conformidade legal	$412,000
Relatórios regulatórios	$155,000

Overhead administrativo corporativo

A sobrecarga administrativa para 2023 foi de US $ 2.345.000.

• Compensação de executivos: US $ 987.000
• Operações do escritório: US $ 456.000
• Serviços profissionais: US $ 345.000
• Seguro: US $ 234.000

Relações de marketing e investidores

As despesas de marketing e relações com investidores totalizaram US $ 567.000 em 2023.

Atividade de marketing	Despesas (USD)
Conferências de investidores	$234,000
Marketing digital	$156,000
Comunicação do investidor	$177,000

International Tower Hill Mines Ltd. (THM) - Modelo de negócios: fluxos de receita

Vendas futuras de ouro em potencial

A partir de 2024, a International Tower Hill Mines Ltd. se concentra no projeto Livengood Gold no Alasca, com as seguintes métricas importantes:

Categoria de recursos	Quantidade	Nota
Recursos de ouro medidos	1,94 milhão de onças	0,55 g/t
Indicou recursos de ouro	4,58 milhões de onças	0,55 g/t
Recursos de ouro inferidos	2,24 milhões de onças	0,55 g/t

Monetização de recursos minerais

Os fluxos de receita potenciais dos recursos minerais incluem:

• Valor Presente Líquido do Projeto estimado (VPL) a US $ 1.500/oz ouro: US $ 1,02 bilhão
• Taxa interna de retorno pós-impostos (TIR): 38,7%
• Despesas de capital inicial estimadas em: US $ 613 milhões

Oportunidades estratégicas de parceria do projeto

Detalhes atuais de parceria e financiamento de exploração:

Parceiro	Investimento/compromisso	Ano
Kinross Gold Corporation	Investimento de ações de US $ 20 milhões	2022

Potenciais acordos de joint venture

Potencial de joint venture de exploração e desenvolvimento:

• Projeto Livengood Posição total da terra: 17.929 acres
• Terras adjacentes inexploradas: aproximadamente 5.000 acres

Capital levantando através de ofertas de ações

Atividades recentes de captação de capital:

Ano	Tipo de oferta	Valor aumentado
2023	Oferta de ações ordinárias	US $ 15,3 milhões
2022	Investimento em ações	US $ 20 milhões

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.