olivLaw · US equity research
International Tower Hill Mines Ltd. THM
Metal Mining · SIC 1000 · Vertical: Metal Mining (SIC 1000)
International Tower Hill Mines is a mineral development company that holds a 100% interest in the Livengood gold project in Alaska, which has not yet entered production. The company raised capital in January 2026 and began drilling and feasibility work, which matters for whether the gold reserve can become a viable operation.
At the close of 04 Nov 2026, International Tower Hill Mines Ltd. (THM) stock was 1.74 USD (−3.33% on the day), with market capitalisation 455.2 m USD, beta 1.44, 52-week range 1.47–3.61 USD. Latest reported quarter (Q2 2026): net income of -3.4 m USD, diluted EPS -0.01 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.7
- weak (30–45)
- Bollinger (20, 2)
- 1.70 – 2.42
- in the lower half of the band · %B 0.05 · band width 35.0%
- SMA 50 / 200
- 2.35 / 2.42
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.14
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.4% | −1.1% | −27.3 pp | — |
| 3 months | −17.9% | −0.5% | −17.5 pp | — |
| 6 months | −30.7% | +4.4% | −35.1 pp | — |
| Year to date | −6.5% | +12.3% | −18.8 pp | — |
| 1 year | +8.7% | +13.5% | −4.8 pp | −9.4% |
| 3 years | +346.2% | +76.4% | +269.7 pp | +67.8% |
| 5 years | +145.1% | +63.7% | +81.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Net income | -667.3 k | -954.8 k | -669.1 k | -1.9 m | -732.3 k | -1.3 m | 2.3 m | -3.4 m |
| Diluted EPS | 0.00 | -0.00 ≈ | 0.00 | -0.01 | 0.00 | -0.01 ≈ | 0.01 | -0.01 |
| Operating cash flow | -545.6 k ≈ | -691.9 k | -660.2 k | -1.5 m ≈ | -522.6 k ≈ | -935.0 k | 1.8 m | -2.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | unavailable | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -4.2 m | -3.8 m | -4.5 m | -6.0 m | -3.0 m | -3.4 m | -3.6 m | -4.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 56.4 m USD
- Total assets
- 56.9 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -8.2%
- ROA
- -8.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | 0 | 0 | 0 | SEC (XBRL)· 11 Mar 2026verified |
| Depreciation & amortisation | 7.6 k | 367 | 0 | — | — | — | SEC (XBRL)· 08 Mar 2023verified |
| Pre-tax income | -4.5 m | -6.0 m | -3.0 m | -3.4 m | -3.6 m | -4.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | — | — | SEC (XBRL)· 08 Mar 2024verified |
| Net income | -4.5 m | -6.0 m | -3.0 m | -3.4 m | -3.6 m | -4.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Diluted EPS | -0.02 | -0.03 | -0.02 | -0.02 | -0.02 | -0.02 | SEC (XBRL)· 11 Mar 2026verified |
| Weighted average diluted shares | 189.9 m | 194.9 m | 195.2 m | 195.6 m | 199.7 m | 207.9 m | SEC (XBRL)· 11 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 13.0 m | 7.8 m | 4.8 m | 1.7 m | 992.5 k | 1.4 m | SEC (XBRL)· 08 May 2026verified |
| Receivables | — | — | — | — | — | 0 | SEC (XBRL)· 12 Aug 2026verified |
| Current assets | 13.2 m | 7.9 m | 5.0 m | 2.0 m | 1.1 m | 1.5 m | SEC (XBRL)· 11 Mar 2026verified |
| Property, plant & equipment, net | 7.8 k | 7.5 k | 7.5 k | 7.5 k | 7.5 k | 7.5 k | SEC (XBRL)· 11 Mar 2026verified |
| Total assets | 68.6 m | 63.3 m | 60.4 m | 57.4 m | 56.5 m | 56.9 m | SEC (XBRL)· 11 Mar 2026verified |
| Accounts payable | 199.0 k | 259.6 k | 53.5 k | 92.9 k | 38.4 k | 145.9 k | SEC (XBRL)· 11 Mar 2026verified |
| Total liabilities | 493.0 k | 579.9 k | 288.4 k | 235.0 k | 177.5 k | 498.0 k | SEC (XBRL)· 11 Mar 2026verified |
| Equity | 68.1 m † | 62.7 m † | 60.1 m † | 57.1 m † | 56.3 m † | 56.4 m † | SEC (XBRL)· 11 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.9 m | -5.3 m | -2.9 m | -3.2 m | -2.9 m | -3.6 m | SEC (XBRL)· 11 Mar 2026verified |
| Investing cash flow | 0 | — | — | — | — | — | SEC (XBRL)· 10 Mar 2021verified |
| Financing cash flow | 9.8 m | 0 | 290.3 k | 0 | 2.3 m | 3.8 m | SEC (XBRL)· 11 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 0 of at least 6
- score weight coverage: 0.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 455.2 m USD
Key indicators
Coverage and freshness
Score by group
0% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
INTERNATIONAL TOWER HILL MINES LTD (THM). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 0 USD in 2025; ROE -2.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Metal Mining (SIC 1000) · same industry (4-digit SIC) · compared with 26 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BHPBhp Group Limited | 406.8 bn | 45.2 | 19.5% | 17.6% | −7.9% | +46% / +31% |
| SCCOSouthern Copper Corp | 149.3 bn | 23.0 | 53.2% | 37.3% | +17.4% | +35% / +163% |
| RIORio Tinto PLC | 106.2 bn | 13.9 | 17.0% | 17.3% | +7.4% | +18% / +22% |
| FCXFreeport-McMoRan Inc. | 89.9 bn | 29.2 | 21.8% | 16.2% | +1.8% | +46% / +68% |
| HBMHudbay Minerals Inc. | 8.8 bn | 15.4 | 19.7% | 25.7% | +9.4% | +31% / +388% |
| CLFCleveland-Cliffs Inc. | 7.3 bn | — | -8.5% | -2.4% | −3.0% | −2% / −25% |
| BVNBuenaventura Mining Co Inc | 7.3 bn | 18.1 | 12.6% | 34.9% | +40.1% | +16% / +202% |
| MPMP Materials Corp. | 6.4 bn | — | -4.1% | -19.9% | +10.1% | −42% / +126% |
| EROEro Copper Corp | 3.2 bn | 12.2 | 34.6% | 33.6% | +67.1% | +21% / +150% |
| NEXANexa Resources S.A. | 1.6 bn | 11.9 | 14.6% | 4.4% | +8.5% | +70% / +103% |
| IEIvanhoe Electric Inc. | 1.2 bn | — | -8.4% | -1,138.7% | +11.8% | −46% / −32% |
| USARUSA Rare Earth, Inc. | 1.1 bn | — | -23.6% | -2,159.3% | unavailable | −39% / −20% |
| TMCTMC the metals Co Inc. | 1.0 bn | 4.2 | -1,123.2% | — | unavailable | −67% / +103% |
| USASAmericas Gold And Silver Corporation | 986.9 m | — | -61.6% | -74.1% | +17.7% | −31% / +413% |
| ASMAvino Silver & Gold Mines Ltd. | 769.3 m | 79.0 | 7.0% | 12.2% | +50.8% | −15% / +746% |
| LARLithium Argentina AG | 682.1 m | — | -9.5% | — | +12.9% | −24% / −21% |
| SGMLSigma Lithium Corporation | 626.1 m | — | -67.4% | -45.6% | −27.3% | −50% / −81% |
| GSMFerroglobe PLC | 547.5 m | — | -25.9% | -12.8% | −18.8% | −34% / −49% |
| ALOYRealloys Inc. | 459.5 m | — | -155.8% | -5,144.4% | −5.3% | −5% / +68% |
| THMInternational Tower Hill Mines Ltd | 455.2 m | — | -2.8% | — | unavailable | +9% / +346% |
| LZMLifezone Metals Limited | 336.9 m | — | -16.7% | -1,289.2% | +652.2% | +1% / −60% |
| USAUU.s. Gold Corp. | 186.4 m | — | -55.2% | — | −30.9% | −35% / +239% |
| PZGParamount Gold Nevada Corp. | 83.9 m | — | -46.1% | — | −54.7% | −20% / +146% |
| WWRWestwater Resources, Inc. | 52.5 m | — | -19.1% | — | unavailable | −57% / −33% |
| COPRIdaho Copper Corporation | 25.7 m | — | -187.5% | — | −63.5% | unavailable / unavailable |
1- and 3-year price returns: for THM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
International Tower Hill Mines is a mineral development company that holds a 100% interest in the Livengood gold project in Alaska, which has not yet entered production. The company raised capital in January 2026 and began drilling and feasibility work, which matters for whether the gold reserve can become a viable operation.
SWOT
Strengths
- A single project with significant proven and probable reserves in Alaska, and a strengthened capital base after the January 2026 financing 12.
- An advanced metallurgical and technical study programme, with feasibility contracts awarded to a consortium experienced on the existing project 2.
- Support from a major shareholder that took part in the 2026 private placement 2.
Weaknesses
Opportunities
- If the gold price stays above the assumptions of the prior study, project economics could improve through the new metallurgical testing 2.
- Feasibility studies and new drilling could reduce uncertainty in resource and reserve estimates 2.
- Long-term interest in critical minerals could attract investors to resource projects 1.
Threats
- The gold price could fall, and a prolonged decline could make parts of the resource uneconomic 1.
- Environmental permits could be delayed or refused, and delays could force the company to raise additional funds 1.
- Rising material and energy costs could affect the development budget and project returns 1.
Risks
- Dependence on one projecthigh
All of the company's value depends on Livengood, so any technical, permitting or financing problem affects the whole business 1.
- Future financinghigh
Developing the project needs additional capital, and access to funding could be harder if markets weaken 1.
- Resource uncertaintymedium
Resource and reserve estimates rest on interpretations and assumptions, and actual results could differ materially 1.
- Gold pricehigh
Project economics are sensitive to the gold price, and a decline could make the project uneconomic 1.
- Permitting and environmentmedium
The permitting process in Alaska is subject to strict requirements, and there is no assurance that all permits will be obtained on time 1.
Investment thesis
What would need to be true (bull case)
- If new metallurgical tests and feasibility studies confirm the economics at a higher gold price, the project could become more attractive 2.
- The January 2026 financing provides a more comfortable level of capital for the planned 2026 work programme 2.
- Large reserves, if they remain confirmed, could support a long-life surface mining operation 1.
What would break the thesis
- The company has no revenue and losses continue, so the project could stay in development for a long period 1.
- Project economics were marginal at earlier assumptions, and capital costs could rise with market conditions 1.
- If permits or financing are delayed, the company could need to raise additional funds on less favourable terms 1.
What to watch
- Results of drilling and metallurgical tests on fresh core2026
- Progress of the feasibility study and the 20-25 million dollar work programme2026
- Development of the permitting process and environmental studiesnext 10-K
- Use of the January 2026 financing proceeds and any need for further capitalQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
International Tower Hill Mines Ltd. is engaged in acquiring and developing mineral properties, with one main project, the Livengood Gold Project in Alaska. According to the 10-K, the project has proven and probable reserves of 9.0 million ounces of gold 1, and the company has not yet begun extraction or commercial production 1. The head office is in Vancouver, Canada, and the company had three employees at December 31, 2025 1.
In 2026 the company closed a public offering and a concurrent private placement with total gross proceeds of approximately 114.8 million dollars 2, to be used for drilling, metallurgy, feasibility, environmental studies and permitting. The company has no revenue from operations, and any future revenue is uncertain 1.
Segments
Livengood Gold Project
The company's only asset, at the development stage, with proven and probable reserves of 9.0 million ounces of gold 1 and measured and indicated resources of 4.62 million ounces 1. 2026 activity centres on drilling and feasibility studies, with the annual work programme estimated at 20-25 million dollars 2.
Other activities and structure
The company also holds Alaskan mineral properties through wholly owned subsidiaries, but the main activity remains the Livengood project, with no other revenue-generating operations 1.
Market context
The market for development-stage gold projects depends on the metal price and financing conditions. According to the report, the price assumption in the prior study was 1,680 dollars per ounce 1, while long-term demand for critical minerals exists but short-term sentiment remains cautious 1.
According to the quarterly report, the company is about to test fresh core metallurgically in a context where the gold price is substantially higher than the 1,680 dollar assumption 2, which could change the project economics.
Trends
- Gold pricemixed
Project returns are marginal at the price assumed in the study, and a sustained rise in the gold price could improve the economics if prices stay high for long enough 1.
- Capital marketsheadwind
Access to capital for new mining projects is mixed, and investors scrutinise projects closely because of past price volatility, which could make future financing harder 1.
- Demand for critical mineralstailwind
Long-term demand for critical minerals linked to the energy transition supports interest in resource projects, although short-term sentiment remains cautious 1.
- Costs and supply chainsheadwind
Capital and operating costs can rise with steel, fuel and electricity prices and with tariffs, which could affect profitability if a production decision is made 1.
Competitive position
The company competes with other mineral exploration and development companies for financing, technical expertise and mineral properties. According to the report, many competitors have greater financial and technical resources, allowing them to spend more on acquisition and development 1.
Competition could affect the company's ability to finance continued exploration and development, and a project of Livengood's size must attract capital alongside larger competitors 1.
- Other mineral exploration and development companies
Competitors are not named in the source but are described as having greater financial and technical resources 1.
- Gold project development companies
Compete for the same sources of capital and for mineral properties, as described in the annual report 1.
- Companies with engineering and technical capacity
Compete for skilled personnel and for specialists in geology and feasibility work 1.
- Companies with greater access to financing
Can allocate more capital to acquisition and development, which may reduce the company's access to funding 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report12 Aug 2026
- Current report31 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Quarterly report08 May 2026
- Proxy statement08 Apr 2026
- Current report07 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Annual report11 Mar 2026
- Current report13 Feb 2026Departure or appointment of officers · Financial statements and exhibits
- Current report27 Jan 2026Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report07 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / International Tower Hill Mines Ltd. · 11 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / International Tower Hill Mines Ltd. · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.