International Tower Hill Mines Ltd. Reports Slight Improvement in Net Loss, Focuses on Livengood Gold Project

International Tower Hill Mines Ltd. (ITH) reported its financial results for the nine months ended September 30, 2024, highlighting a net loss of $2.6 million, a slight improvement from a net loss of $2.7 million during the same period in 2023. For the third quarter alone, the company recorded a net loss of $667,302, compared to a loss of $710,351 in Q3 2023. The comprehensive loss for the nine-month period was $2.7 million, compared to $2.7 million in the prior year.

As of September 30, 2024, ITH had cash and cash equivalents of $1.7 million, an increase from $1.7 million at the end of 2023. This increase was primarily due to net financing activities of $2.3 million, which included the issuance of 3.8 million common shares for approximately $2.5 million through a private placement. The company’s total current assets decreased slightly to $1.9 million from $2.0 million at the end of 2023, while total assets also saw a minor decline to $57.3 million.

Operating expenses for the third quarter were $660,341, down from $780,958 in Q3 2023, reflecting reduced consulting, professional, and regulatory expenses. For the nine-month period, operating expenses were $2.8 million, slightly higher than the $2.8 million reported in the same period last year. The company’s total liabilities decreased to $186,548 from $234,951 at the end of 2023, while total shareholders’ equity was $57.1 million, down from $57.8 million year-over-year.

ITH continues to focus on its Livengood Gold Project in Alaska, which has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne. The company incurred costs of $459,528 for mineral property activities during the nine months ended September 30, 2024, bringing total costs incurred since inception to $5.3 million. The company anticipates expenditures of approximately $3.3 million for the year ending December 31, 2024, primarily for mineral property leases and general corporate purposes.

Management has expressed concerns regarding the company’s ability to continue as a going concern without securing additional financing within the next twelve months. The company has no revenue-generating operations and relies on financing through equity securities to fund its activities.