THM's Losses Widen 26% Amid Increased Exploration Spend

TL;DR

**THM is burning cash faster than ever, and without new financing, this gold dream is going to hit bedrock.**

AI Summary

INTERNATIONAL TOWER HILL MINES LTD (THM) reported a net loss of $3,326,457 for the nine months ended September 30, 2025, an increase from the $2,644,525 net loss in the same period of 2024, representing a 25.8% wider loss. The company generated no revenue. Total operating expenses rose to $3,218,675 for the nine months ended September 30, 2025, up from $2,759,373 in the prior year, primarily driven by a significant increase in mineral property exploration expenses, which climbed to $1,165,757 from $878,456. Consulting fees also increased to $632,528 from $474,120. Cash and cash equivalents significantly improved to $2,277,809 as of September 30, 2025, from $992,487 at December 31, 2024, largely due to $3,811,090 in cash provided by financing activities, including $3,932,994 from share issuances. Despite the increased cash balance, management believes the company will need to secure additional financing within the next twelve months to maintain operations, raising substantial doubt about its ability to continue as a going concern.

Why It Matters

For investors, THM's widening net loss and reliance on equity financing for operations signal high risk, especially given the 'going concern' doubt. The company's future hinges entirely on the Livengood Gold Project, meaning any delays in permitting or unexpected exploration results could severely impact its viability and shareholder value. Employees and customers are less directly affected by this exploration-stage company, but the broader market for junior gold miners will watch THM's ability to secure strategic alliances or further funding as a bellwether for investor appetite in speculative resource plays.

Risk Assessment

Risk Level: high — The company explicitly states, "management believes that the Company will need to secure additional financing in order to have sufficient financial resources to maintain its operations for the next twelve months. As a result, there is substantial doubt about its ability to continue as a going concern." This, coupled with a net loss of $3,326,457 for the nine months ended September 30, 2025, and no revenue, indicates a high financial risk.

Analyst Insight

Investors should exercise extreme caution and consider this a highly speculative investment. Do not invest unless you are prepared for a total loss, as the company's ability to continue operations is in substantial doubt without further financing or a strategic alliance.

Financial Highlights

debt To Equity

0.01

revenue

$0

operating Margin

N/A

total Assets

$57,859,441

total Debt

$300,438

net Income

-$3,326,457

eps

N/A

gross Margin

N/A

cash Position

$2,277,809

revenue Growth

N/A

Key Numbers

• $3.33M — Net Loss (Increased from $2.64M in 2024, a 25.8% wider loss for the nine months ended September 30, 2025.)
• $2.28M — Cash and Cash Equivalents (Increased from $0.99M at December 31, 2024, primarily due to equity financing.)
• $3.81M — Cash from Financing Activities (Provided for the nine months ended September 30, 2025, essential for current operations.)
• $1.17M — Mineral Property Exploration Expenses (Increased from $0.88M in 2024, reflecting ongoing investment in the Livengood Gold Project.)
• 207,885,473 — Common Shares Outstanding (As of October 31, 2025, indicating dilution from share issuances.)

Key Players & Entities

• INTERNATIONAL TOWER HILL MINES LTD (company) — Registrant and primary entity
• Livengood Gold Project (company) — Company's sole mineral property interest
• SEC (regulator) — Securities and Exchange Commission
• $3,326,457 (dollar_amount) — Net loss for the nine months ended September 30, 2025
• $2,644,525 (dollar_amount) — Net loss for the nine months ended September 30, 2024
• $2,277,809 (dollar_amount) — Cash and cash equivalents as of September 30, 2025
• $992,487 (dollar_amount) — Cash and cash equivalents as of December 31, 2024
• $3,811,090 (dollar_amount) — Cash provided by financing activities for the nine months ended September 30, 2025
• $1,165,757 (dollar_amount) — Mineral property exploration expenses for the nine months ended September 30, 2025
• British Columbia, Canada (person) — Jurisdiction of incorporation and head office location

FAQ

Risk Factors

• Going Concern Uncertainty [high — financial]: The company reported a net loss of $3,326,457 for the nine months ended September 30, 2025, and generated no revenue. Management explicitly states the belief that additional financing will be required within the next twelve months to maintain operations, raising substantial doubt about the company's ability to continue as a going concern.
• Increasing Exploration Expenses [medium — operational]: Mineral property exploration expenses increased significantly to $1,165,757 for the nine months ended September 30, 2025, up from $878,456 in the prior year. This substantial investment in exploration, while necessary for project advancement, contributes to the overall operating loss and cash burn.
• Reliance on Equity Financing [high — financial]: The company's cash position improved to $2,277,809 as of September 30, 2025, largely due to $3,811,090 in cash provided by financing activities, specifically $3,932,994 from share issuances. This highlights a heavy dependence on external capital raises to fund operations.
• Rising Operating Expenses [medium — financial]: Total operating expenses rose to $3,218,675 for the nine months ended September 30, 2025, from $2,759,373 in the prior year. Key drivers include increased mineral property exploration and consulting fees, indicating rising costs associated with maintaining and advancing the company's projects.
• Dilution from Share Issuances [medium — financial]: The number of common shares outstanding increased to 207,885,473 as of September 30, 2025, from 199,693,442 at December 31, 2024. This indicates significant dilution for existing shareholders due to the equity financing required to sustain operations.

Industry Context

International Tower Hill Mines Ltd. operates in the junior mining sector, which is characterized by high exploration risk and dependence on capital markets for funding. Companies in this space often face challenges in generating revenue until a discovery is proven economically viable and brought into production. The current market for precious metals, particularly gold, influences investor sentiment and the availability of exploration funding.

Regulatory Implications

As a mining exploration company, THM is subject to stringent environmental, social, and governance (ESG) regulations in the jurisdictions where it operates. Compliance with mining laws, permitting processes, and reporting requirements are critical. Failure to adhere to these regulations can lead to significant fines, operational delays, or loss of exploration rights.

What Investors Should Do

1. Monitor future financing activities and dilution.
2. Evaluate the progress and economics of the Livengood Gold Project.
3. Assess management's strategy for achieving profitability and operational sustainability.

Key Dates

• 2025-09-30: Nine Months Ended — Reported a net loss of $3,326,457 and total operating expenses of $3,218,675, with cash and cash equivalents at $2,277,809.
• 2024-09-30: Nine Months Ended — Reported a net loss of $2,644,525 and total operating expenses of $2,759,373.
• 2025-12-31: Fiscal Year End (prior) — Cash and cash equivalents were $992,487.

Glossary

Deficit

The accumulated total of net losses over the company's history, representing a negative retained earnings balance. (Indicates the company has historically incurred more losses than profits, with a deficit of $276,490,607 as of September 30, 2025.)

Contributed surplus

Represents amounts contributed to the company by shareholders in excess of the par value of shares, often from share issuances or other capital transactions. (Shows additional capital contributed by shareholders, totaling $37,482,362 as of September 30, 2025.)

Mineral property

Assets representing the cost of acquiring rights to explore and develop mineral resources. (A significant asset for the company, valued at $55,375,124, reflecting investment in its mining projects like Livengood.)

Going concern

The assumption that a company will continue to operate for the foreseeable future, typically at least 12 months. (Management's statement raises substantial doubt about THM's ability to continue as a going concern, a critical indicator for investors.)

Year-Over-Year Comparison

For the nine months ended September 30, 2025, International Tower Hill Mines Ltd. reported a net loss of $3,326,457, a 25.8% increase from the $2,644,525 loss in the same period of 2024. Total operating expenses also rose to $3,218,675 from $2,759,373, driven primarily by higher mineral property exploration expenses. While cash and cash equivalents significantly improved to $2,277,809 from $992,487, this was largely due to substantial financing activities, underscoring the ongoing financial challenges and the need for further capital.

Filing Documents

• thm-20250930x10q.htm (10-Q) — 1205KB
• thm-20250930xex31d1.htm (EX-31.1) — 10KB
• thm-20250930xex31d2.htm (EX-31.2) — 10KB
• thm-20250930xex32d1.htm (EX-32.1) — 5KB
• thm-20250930xex32d2.htm (EX-32.2) — 5KB
• thm-20250930x10q002.jpg (GRAPHIC) — 4KB
• 0001104659-25-108150.txt ( ) — 5162KB
• thm-20250930.xsd (EX-101.SCH) — 37KB
• thm-20250930_cal.xml (EX-101.CAL) — 32KB
• thm-20250930_def.xml (EX-101.DEF) — 125KB
• thm-20250930_lab.xml (EX-101.LAB) — 329KB
• thm-20250930_pre.xml (EX-101.PRE) — 217KB
• thm-20250930x10q_htm.xml (XML) — 926KB

Financial Statements

Financial Statements 5 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4

Controls and Procedures

Controls and Procedures 21 Part II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 22 Item 1A

Risk Factors

Risk Factors 22 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3 Defaults Upon Senior Securities 22 Item 4 Mine Safety Disclosures 22 Item 5 Other Information 22 Item 6 Exhibits 23

SIGNATURES

SIGNATURES 24 Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 concerning anticipated results and developments in the operations of International Tower Hill Mines Ltd. ("we," "us," "our," "ITH" or the "Company") in future periods, planned exploration and development activities, the adequacy of the Company's financial resources and other events or conditions that may occur in the future. Forward-looking statements are frequently, but not always, identified by words such as "expects," "anticipates," "believes," "intends," "estimates," "potential," "possible" and similar expressions, or statements that events, conditions or results "will," "may," "could" or "should" (or the negative and grammatical variations of any of these terms) occur or be achieved. These forward-looking statements may include, but are not limited to, statements concerning: the Company's future cash requirements, the Company's ability to meet its financial obligations as they come due, and the Company's ability to raise the necessary funds to continue operations on acceptable terms, if at all; the Company's ability to carry forward and incorporate into future engineering studies of the Livengood Gold Project updated mine design, production schedule and recovery concepts identified during the optimization process; the Company's potential to carry out an engineering phase that will evaluate and optimize the Livengood Gold Project's configuration and capital and operating expenses, including determining the optimum scale for the Livengood Gold Project; the Company's strategies and objectives, both generally and specifically in respect of the Livengood Gold Project; the Company's belief that there are no known environmental issues that are anticipated to materially impact the Company's ability to conduct mining operations at the Livengood Gold Project; the p

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS INTERNATIONAL TOWER HILL MINES LTD. CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS As at September 30, 2025 and December 31, 2024 (Expressed in US Dollars - Unaudited) Note September 30, 2025 December 31, 2024 ASSETS Current Cash and cash equivalents 1 $ 2,277,809 $ 992,487 Prepaid expenses and other 199,043 144,693 Total current assets 2,476,852 1,137,180 Property and equipment 7,465 7,465 Mineral property 4 55,375,124 55,375,124 Total assets $ 57,859,441 $ 56,519,769 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $ 80,018 $ 38,374 Accrued liabilities 5 220,420 139,103 Total liabilities 300,438 177,477 Shareholders' equity Share capital, no par value; unlimited number of authorized shares; 207,885,473 and 199,693,442 shares issued and outstanding at September 30, 2025 December 31, 2024, respectively 6 294,980,859 291,169,769 Contributed surplus 6 37,482,362 36,923,555 Accumulated other comprehensive income 1,586,389 1,413,118 Deficit ( 276,490,607 ) ( 273,164,150 ) Total shareholders' equity 57,559,003 56,342,292 Total liabilities and shareholders' equity $ 57,859,441 $ 56,519,769 General Information and Nature of Operations (Note 1) Commitments (Note 8) The accompanying notes are an integral part of these condensed consolidated interim financial statements. 5 Table of Contents INTERNATIONAL TOWER HILL MINES LTD. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three and Nine Months Ended September 30, 2025 and 2024 (Expressed in US Dollars - Unaudited) Three Months Ended Nine Months Ended Note September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Operating expenses Consulting fees 6 $ 83,130 $ 61,509 $ 632,528 $ 474,120 Insurance 35,697 50,984 147,844 155,071 Investor relations 6 8,830

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