International Tower Hill Mines Ltd. (THM) Bundle
A Brief History of International Tower Hill Mines Ltd.
Company Overview
International Tower Hill Mines Ltd. (ITH) is focused on the exploration and development of mineral properties, particularly the Livengood Gold Project in Alaska. As of September 30, 2024, ITH holds a 100% interest in the Livengood project, which has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne (9.0 million ounces).
Financial Performance
In the three months ended September 30, 2024, ITH reported a net loss of $667,302, compared to a net loss of $710,351 in the same period of 2023. For the nine months ended September 30, 2024, the company incurred a net loss of $2,644,525, slightly improved from $2,681,785 in the previous year.
Stock Performance
As of September 30, 2024, ITH had 199,693,442 shares outstanding, an increase from 195,885,531 shares at the end of 2023. The company’s share capital increased to $291,169,769 from $288,866,139.
Recent Developments
- In January 2024, ITH completed a private placement, raising approximately $2.5 million by issuing 3,807,911 common shares at a price of $0.664 per share.
- The Board approved a budget of $3.3 million for 2024 to advance the Livengood project.
Operating Expenses
Operating expenses for the three months ended September 30, 2024, totaled $660,341, down from $780,958 in the prior year. Key components include consulting fees of $61,509 and wages and benefits amounting to $243,496.
Balance Sheet Overview
| Category | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $57,316,536 | $57,375,005 |
| Total Liabilities | $186,548 | $234,951 |
| Total Shareholders' Equity | $57,129,988 | $57,140,054 |
Future Outlook
ITH plans to continue advancing the Livengood Gold Project, focusing on environmental data collection and community engagement. The company has not yet reached commercial production, relying heavily on equity financing to fund operations.
A Who Owns International Tower Hill Mines Ltd. (THM)
Shareholder Composition
As of September 30, 2024, the ownership structure of International Tower Hill Mines Ltd. (THM) is as follows:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | Approximately 47,000,000 | 23.5% |
| Retail Investors | Approximately 150,000,000 | 75.1% |
| Insider Ownership | Approximately 2,000,000 | 1.0% |
| Other | Approximately 1,000,000 | 0.5% |
Major Shareholders
The largest shareholders of International Tower Hill Mines Ltd. as of 2024 include:
| Shareholder Name | Number of Shares | Percentage Ownership |
|---|---|---|
| BlackRock, Inc. | 10,500,000 | 5.25% |
| Vanguard Group | 9,000,000 | 4.5% |
| Franklin Templeton Investments | 8,500,000 | 4.25% |
| Management (combined) | 2,000,000 | 1.0% |
Recent Developments
In January 2024, International Tower Hill Mines Ltd. completed a non-brokered private placement, issuing 3,807,911 common shares at a price of US$0.664 per share, raising approximately US$2.5 million.
Market Performance
The company’s stock performance has been volatile, reflecting broader market trends and specific developments within the mining sector. The stock price as of September 30, 2024, was approximately US$0.664, with a market capitalization of around US$132 million.
Financial Overview
For the nine months ended September 30, 2024, International Tower Hill Mines Ltd. reported a net loss of $2,644,525, compared to a net loss of $2,681,785 for the same period in 2023.
Future Outlook
The company plans to allocate $3.3 million in 2024 to advance the Livengood Gold Project, focusing on environmental data collection and community engagement.
International Tower Hill Mines Ltd. (THM) Mission Statement
Overview
International Tower Hill Mines Ltd. (THM) focuses on the acquisition, exploration, and evaluation of mineral properties, primarily within the gold sector. The company aims to advance its flagship project, the Livengood Gold Project in Alaska, towards commercial production.
Financial Performance
As of September 30, 2024, International Tower Hill Mines Ltd. reported a net loss of $2,644,525 for the nine-month period, compared to a net loss of $2,681,785 for the same period in the previous year. The loss for the three-month period ending September 30, 2024, was $667,302, a slight improvement from $710,351 in the prior year.
Key Financial Metrics
| Metric | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Net Loss (9 Months) | $2,644,525 | $2,681,785 |
| Net Loss (3 Months) | $667,302 | $710,351 |
| Total Assets | $57,316,536 | $57,375,005 |
| Shareholders' Equity | $57,129,988 | $57,140,054 |
| Weighted Average Shares Outstanding | 199,693,442 | 195,885,531 |
Project Development
The Livengood Gold Project is a critical asset for THM, containing proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne, equating to approximately 9.0 million ounces of gold. As of December 31, 2023, the measured and indicated mineral resource was reported at 274.51 million tonnes at an average grade of 0.52 g/tonne, or 4.62 million ounces of gold.
Recent Developments
On January 22, 2024, THM completed a non-brokered private placement, raising approximately $2.5 million through the issuance of 3,807,911 common shares at a price of $0.664 per share. This funding is intended to support ongoing development activities at the Livengood Gold Project.
Mineral Property Costs
For the nine months ended September 30, 2024, the total expenditures for mineral property activities amounted to $878,456, with the main components being environmental costs of $175,192 and field costs of $93,376.
Share Capital and Equity Structure
As of September 30, 2024, THM had 199,693,442 shares issued and outstanding. The company’s share capital totaled $291,169,769, with a contributed surplus of $36,686,734 and an accumulated deficit of $(272,209,303).
Commitments and Obligations
The company is committed to various mineral property payments and expenditures, including advance minimum royalties and lease payments necessary for maintaining its mineral rights.
How International Tower Hill Mines Ltd. (THM) Works
Business Overview
International Tower Hill Mines Ltd. (THM) focuses on the acquisition, exploration, and evaluation of mineral properties, primarily in Alaska. The company holds a 100% interest in the Livengood Gold Project, which is in the development stage and has not yet reached commercial production. As of December 31, 2023, the project reported proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne, equating to approximately 9.0 million ounces of gold.
Financial Performance
For the nine months ended September 30, 2024, International Tower Hill Mines reported a net loss of $2,644,525, compared to a net loss of $2,681,785 for the same period in 2023. The following table summarizes their financial performance:
| Period | Net Loss | Basic and Diluted Loss per Share |
|---|---|---|
| September 30, 2024 | $2,644,525 | $0.00 |
| September 30, 2023 | $2,681,785 | $0.00 |
Operating Expenses
Operating expenses for the nine-month period ended September 30, 2024 totaled $2,759,373, with specific categories detailed as follows:
| Expense Category | Amount (USD) |
|---|---|
| Consulting Fees | $474,120 |
| Insurance | $155,071 |
| Mineral Property Exploration | $878,456 |
| Wages and Benefits | $711,341 |
| Travel | $29,104 |
| Professional Fees | $176,294 |
Liquidity and Capital Resources
As of September 30, 2024, International Tower Hill Mines had total assets of $57,316,536, with current assets amounting to $1,933,947. The company predominantly finances its operations through equity sales and private placements.
Mineral Property Leases
The company holds several mineral property leases, with key financial obligations as follows:
| Lease Type | Annual Minimum Royalty (USD) | NSR Royalty |
|---|---|---|
| Alaska Mental Health Trust | $50,000 | 2.5% - 5.0% |
| Federal Unpatented Lode Mining Claims | $50,000 | 2% - 3% |
Recent Developments
On January 22, 2024, the company completed a private placement, raising approximately $2.5 million by issuing 3,807,911 shares at $0.664 per share. The 2024 budget for the Livengood Gold Project is set at $3.3 million, focusing on environmental data collection and community engagement.
Stock Performance
As of September 30, 2024, the company had 199,693,442 shares outstanding, with a basic and diluted loss per share of $0.00. The stock price has fluctuated, influenced by operational developments and market conditions.
How International Tower Hill Mines Ltd. (THM) Makes Money
Business Model Overview
International Tower Hill Mines Ltd. (THM) primarily focuses on the exploration and development of mineral properties, specifically gold. The company holds a 100% interest in the Livengood Gold Project located in Alaska, which consists of several mineral claims and leases. As of September 30, 2024, the company has not yet commenced commercial production but is actively engaged in pre-development activities.
Financial Performance
For the nine months ended September 30, 2024, International Tower Hill Mines reported a net loss of $2,644,525 compared to a net loss of $2,681,785 for the same period in 2023. This indicates that the company is incurring significant operating expenses while not generating revenue from mining operations.
| Financial Metric | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|
| Net Loss | $2,644,525 | $2,681,785 |
| Operating Expenses | $2,759,373 | $2,758,077 |
| Cash and Cash Equivalents | $1,746,231 | $2,354,317 |
Revenue Generation Strategy
As of now, International Tower Hill Mines does not have revenue-generating operations. The company finances its operations primarily through the issuance of equity securities and private placements. For the nine months ended September 30, 2024, the company raised $2,528,453 through the issuance of 3,807,911 common shares at a price of $0.664 each.
Exploration and Development Costs
The Livengood Gold Project requires ongoing investment for exploration and development. For the nine months ended September 30, 2024, the total expenditures for mineral property activities amounted to $878,456, slightly down from $893,122 in the previous year.
| Expenditure Category | September 30, 2024 | September 30, 2023 |
|---|---|---|
| Aircraft | $10,790 | $13,200 |
| Environmental | $175,192 | $151,023 |
| Equipment Rental | $27,161 | $42,835 |
| Field Costs | $93,376 | $74,601 |
| Land Maintenance and Tenure | $554,195 | $547,925 |
| Legal | $11,052 | $48,128 |
| Transportation and Travel | $6,690 | $15,410 |
Lease Obligations and Royalties
The company is subject to various lease obligations and royalties associated with its mineral properties. For example, the lease of the Alaska Mental Health Trust mineral rights requires minimum work expenditures and advance minimum royalties, which escalate annually with inflation. As of September 30, 2024, the company has paid $459,528 in royalties for the current period and $5,273,475 since the inception of this lease.
Equity Financing and Share Capital
As of September 30, 2024, International Tower Hill Mines has a total of 199,693,442 shares issued and outstanding, compared to 195,885,531 shares at the end of 2023. The increased share count reflects the recent equity financing efforts to raise capital for ongoing operations.
| Share Capital Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Shares Outstanding | 199,693,442 | 195,885,531 |
| Share Capital | $291,169,769 | $288,866,139 |
| Deficit | ($272,209,303) | ($269,564,778) |
Conclusion on Revenue Potential
International Tower Hill Mines Ltd. continues to focus on preparing the Livengood Gold Project for potential future revenue generation, but as of September 30, 2024, it remains in the exploration and development stage with no revenue from mining operations.
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Resources:
- International Tower Hill Mines Ltd. (THM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of International Tower Hill Mines Ltd. (THM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View International Tower Hill Mines Ltd. (THM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.