International Tower Hill Mines Ltd (NYSE American: THM) is a gold exploration company focused on advancing a single asset, the Livengood Gold Project, located in Alaska. The company generates no revenue. It funds operations through equity issuances, spending cash on exploration, resource definition drilling, and project holding costs while reporting net losses each quarter. Net losses totaled $4.6 million for the year ended December 31, 2025, compared to $3.6 million for the year ended December 31, 2024, per the 10-K filed March 11, 2026. The Livengood project centers on the Money Knob deposit, which includes the Core Zone, Sunshine Zone, and Tower Zone, defined through extensive RC and diamond drilling campaigns conducted since 2007. THM holds its mineral rights through upland mining leases with the State of Alaska, Department of Natural Resources, Mental Health Trust Land Office, with the most recent addendum effective June 30, 2023. The company is pre-production with no commercial mining operations and no disclosed mineral reserve underpinning a production decision as of the filing date.

Revenue model

No revenue. The company is a pre-production mineral exploration company that funds itself entirely through equity issuances of common shares. Operating costs include consulting fees ($574,499 in FY2025 vs. $519,249 in FY2024) and other general and administrative expenses.

Products and services

Single exploration-stage asset: the Livengood Gold Project in Alaska, centered on the Money Knob deposit comprising the Core Zone, Sunshine Zone, SW Zone, and Tower Zone. Exploration work has included RC drilling and diamond drilling programs, with infill drilling to 50-meter spacing across significant portions of the deposit.

Customers and end markets

No customers. Pre-production exploration company with no sales of minerals or mining output as of the 10-K filed March 11, 2026.

Value-chain role

Early-stage mineral explorer occupying the resource definition and project development stage of the gold mining value chain. Holds upland mining leases with the State of Alaska, Department of Natural Resources, Mental Health Trust Land Office. No processing, refining, or sales activity.

Geographic exposure

Operations concentrated entirely in Alaska, United States. The Livengood Gold Project is the sole material property. The company is incorporated in a non-U.S. jurisdiction based on PFIC-related disclosures referencing non-U.S. financial institution accounts in the 10-K.

Source: SEC 10-K, filed 2026-03-11

Industry: Metal Mining Peers: McEwen Inc