THM

International Tower Hill is not an operating company — it is a single-asset, development-stage bet on the Livengood Gold Project in Alaska. The filing is explicit: the Company 'has not yet begun extraction of mineralization from the deposit or reached commercial production.' That shows up in the financials as five straight years of zero revenue and widening losses (FY2025 net loss -$4.64M, up 28.9% YoY; operating cash flow -$3.63M). Retained earnings of -$278M capture two decades of cash burn with nothing sold. There is no ROE story here (-8.2% is just losses on book equity), no margin trend, no earnings to value — the standard fundamental lenses simply don't apply.

The balance sheet looks pristine on paper — $56.4M equity against just $498K of liabilities (0.01x) — but that is the balance sheet of a holding company sitting on a mineral claim, not a productive business. The real capital story is dilution: shares outstanding rose 25.6% in FY2025 to 261M, and in January 2026 the Company issued another ~53M shares (33.7M public at $2.22 plus 19.5M to Paulson & Co.) for ~$118M gross. That raise re-funds the treasury (FY2025 cash was only $1.35M) but underscores the model: THM survives by repeatedly selling equity to fund studies, drilling and permitting, and holders are diluted each cycle.