International Tower Hill Mines Ltd. (TSX: ITH, NYSE American: THM) filed its audited year‑end financial statements and management discussion and analysis for the year ended December 31 2025. The filing, which includes the company’s Form 10‑K, is available on SEDAR, the SEC’s EDGAR system, and the company’s website.
The company reported a net loss of $4,638,333 for 2025, up from a $3,599,372 loss in 2024. Cash and cash equivalents rose to $1,353,333 from $992,487 at the end of 2024, a result of a $118 million equity financing completed in January 2026. The loss increase reflects higher development costs and the absence of revenue, while the cash increase is driven by the capital raise rather than operational performance.
International Tower Hill Mines’ sole asset is the Livengood Gold Project in Alaska. The project holds proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne (9.0 million ounces) based on a $1,680/oz gold price, and measured and indicated resources of 274.51 million tonnes at 0.52 g/tonne (4.62 million ounces). The project is designed for a 65,000‑ton‑per‑day operation, with an anticipated output of 6.4 million ounces over a 21‑year mine life. Net present value at a 5 % discount rate is estimated at $400 million at a $1,800/oz price, and the internal rate of return is 5.3 % at a $1,680/oz price, indicating marginal viability. Initial capital is projected at $1.93 billion, with all‑in sustaining costs of $1,171 per ounce.
Management stated that the $118 million financing is sufficient to sustain operations for the next twelve months. The company remains in a development stage with no production yet, and its focus is on advancing feasibility studies, metallurgical testing, environmental assessments, and permitting. The company acknowledges ongoing permitting, environmental, community, and technical risks, which are headwinds that could delay progress. The financing provides a buffer to continue these activities while the company seeks to improve the project’s economics and secure a viable path to production.
The filing underscores that International Tower Hill Mines is still building its project and managing cash burn. While the net loss widened, the cash position strengthened, and the company’s recent capital raise positions it to navigate the next year of development. Investors should view the 2025 results as a snapshot of a development‑stage company that is investing heavily in a marginally viable gold project, with the primary focus on securing the necessary permits, technical validation, and financial resources to move toward production.
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