International Tower Hill Mines Ltd. (ITH) reported a net loss of $3.6 million for the fiscal year ending December 31, 2024, compared to a net loss of $3.4 million in the previous year. The company's cash and cash equivalents decreased to $992,487 from $1.7 million in 2023. The increase in losses was attributed to higher operating expenses, including a rise in share-based payment charges, which totaled $613,690 in 2024, up from $415,186 in 2023. The company has not generated any revenue from operations as it remains in the development stage with its Livengood Gold Project in Alaska.
The Livengood Gold Project, which ITH fully owns, has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 grams per tonne, equating to approximately 9 million ounces of gold. This represents a significant resource base, but the project has not yet reached commercial production. The company is currently focused on advancing its work program, which includes community engagement and environmental data collection necessary for future permitting. The total capital costs for the project are estimated at $1.93 billion, with an all-in sustaining cost of $1,171 per ounce of gold.
In terms of strategic developments, ITH completed a non-brokered private placement in March 2025, raising approximately $3.9 million by issuing 8,192,031 common shares. This funding is intended for working capital and advancing metallurgical studies related to antimony recovery from the project. The company has also approved a budget of $3.7 million for 2025, which will support ongoing exploration and development activities.
Operationally, ITH has maintained a small workforce, with three employees as of December 31, 2024, supplemented by consultants for specialized tasks. The company has not yet begun extraction of mineralization from the Livengood Gold Project, and its future operations will depend heavily on securing additional financing and the successful completion of permitting processes. The company is exploring potential strategic alliances to support the project's development, particularly in light of the favorable location and substantial resource base.
Looking ahead, ITH acknowledges the need for significant additional financing to continue its operations beyond 2025. The company is actively considering various financing options, including potential partnerships, to ensure it can advance the Livengood Gold Project and meet its operational commitments. The management remains optimistic about the project's potential, particularly in relation to gold price fluctuations, which could significantly impact the project's economic viability.
About INTERNATIONAL TOWER HILL MINES LTD
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