VANCOUVER, BC, Sept. 4, 2025 /PRNewswire/ - International Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that it has received encouraging results from the first phase of the metallurgical study on antimony mineralization at the Livengood Gold Project that was announced on March 4, 2025. The Company's most recent S-K 1300 Technical Report Summary, "Pre-Feasibility Study of the Livengood Gold Project", as amended October 13, 2023, presented a new geologic model for the ...

VANCOUVER, BC, Aug. 8, 2025 /PRNewswire/ - International Tower Hill Mines Ltd.  (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that it has filed its unaudited second quarter Financial Statements and associated Management Discussion and Analysis and Quarterly Report on Form 10-Q for the three- and six-month period ended June 30, 2025.Shareholders can obtain copies of the Company's unaudited second quarter Financial Statements and associated Management Discussion and Analysis and Form 10-Q ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33638 INTERNATIONAL TOWER HILL MINES LTD. (Exact Name of Registrant as Specified in its Charter) | British Columbia, Cana ...

Group 1 - The Company held its 2025 Annual General Meeting of shareholders on June 4, 2025, in Vancouver, B.C. [1] - Shareholders elected six directors with a majority of votes, including Anton Drescher (98.65%), Karl Hanneman (99.32%), and Stuart Harshaw (99.28%) [1] - The current auditors, Davidson & Company LLP, were re-appointed for the fiscal year ending December 31, 2025 [1] Group 2 - Shareholders approved the executive compensation ("Say on Pay") with a 98.45% majority and voted 99.14% in favor of holding the Say on Pay vote annually [2] - The detailed proxy voting results will be available in the "Report of Voting Results" on the Company's profile on SEDAR+ and its website [3] Group 3 - International Tower Hill Mines Ltd. controls 100% of the Livengood Gold Project located 70 miles north of Fairbanks, Alaska [4]

[Part I FINANCIAL INFORMATION](index=5&type=section&id=Part%20I%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201%20Financial%20Statements) The company reported a net loss of $0.669 million for the three months ended March 31, 2025, an increase from the $0.545 million loss in the same period of 2024, with cash and cash equivalents significantly increasing to $4.26 million from $0.99 million due to a $3.9 million private placement Condensed Consolidated Interim Balance Sheet Highlights (Unaudited) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $4,262,573 | $992,487 | | Total current assets | $4,426,449 | $1,137,180 | | Mineral property | $55,375,124 | $55,375,124 | | **Total assets** | **$59,809,038** | **$56,519,769** | | Total liabilities | $240,406 | $177,477 | | **Total shareholders' equity** | **$59,568,632** | **$56,342,292** | Condensed Consolidated Interim Statement of Operations Highlights (Unaudited) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Total operating expenses | $(662,255) | $(612,909) | | Net loss for the period | $(669,068) | $(545,308) | | Comprehensive loss for the period | $(650,781) | $(571,350) | | Basic and diluted loss per share | $(0.00) | $(0.00) | Condensed Consolidated Interim Statement of Cash Flows Highlights (Unaudited) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Cash used in operating activities | $(660,246) | $(454,318) | | Cash provided by financing activities | $3,912,106 | $2,378,197 | | Cash used by investing activities | $0 | $(1,000,000) | | **Change in cash and cash equivalents** | **$3,270,086** | **$900,346** | - The company is in the exploration and evaluation stage, with its primary asset being a **100% interest** in the Livengood Gold Project in Alaska, and currently has **no revenue-generating operations**[23](index=23&type=chunk) - The financial statements are prepared on a going-concern basis, with management believing current financial resources are sufficient for the next twelve months, though significant additional financing is required for continued operations and project advancement[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=16&type=section&id=Item%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's net loss for Q1 2025 was $0.669 million, up from $0.545 million in Q1 2024, driven by higher expenses, while a $3.9 million private placement in March 2025 and a $3.7 million budget for the Livengood Gold Project ensure sufficient cash for the next 12 months - The company's sole focus is the Livengood Gold Project in Alaska, which has proven and probable reserves of **9.0 million ounces of gold**[58](index=58&type=chunk) - In March 2025, the company completed a non-brokered private placement, raising gross proceeds of approximately **US$3.9 million** from existing major shareholders[59](index=59&type=chunk) - The Board approved a **$3.7 million** budget for 2025 to advance the Livengood Gold Project, focusing on metallurgical studies, baseline environmental data collection, and community engagement[60](index=60&type=chunk) Quarterly Net Loss Summary | Quarter Ended | Net Loss | | :--- | :--- | | March 31, 2025 | $(669,068) | | December 31, 2024 | $(954,847) | | September 30, 2024 | $(667,302) | | June 30, 2024 | $(1,431,915) | | March 31, 2024 | $(545,308) | - The net loss increased by **$123,760** in Q1 2025 compared to Q1 2024, primarily due to a **$49,771** increase in share-based payment charges and higher mineral property and consulting expenses[63](index=63&type=chunk)[69](index=69&type=chunk) - The company's working capital increased to **$4.19 million** as of March 31, 2025, from **$0.96 million** at the end of 2024, with management believing current cash is sufficient for at least the next 12 months[76](index=76&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=19&type=section&id=Item%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company for this reporting period - The company has indicated that there are **no quantitative and qualitative disclosures about market risk** to report[84](index=84&type=chunk) [Controls and Procedures](index=19&type=section&id=Item%204%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - As of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective**[85](index=85&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[87](index=87&type=chunk) [Part II OTHER INFORMATION](index=20&type=section&id=Part%20II%20OTHER%20INFORMATION) [Legal Proceedings](index=20&type=section&id=Item%201%20Legal%20Proceedings) The company reported no legal proceedings during the period - This item is **not applicable** as there were no legal proceedings[89](index=89&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024, were reported[90](index=90&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=20&type=section&id=Item%202%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable for the reporting period - This item is **not applicable**[90](index=90&type=chunk) [Defaults Upon Senior Securities](index=20&type=section&id=Item%203%20Defaults%20Upon%20Senior%20Securities) This section is not applicable for the reporting period - This item is **not applicable**[91](index=91&type=chunk) [Mine Safety Disclosures](index=20&type=section&id=Item%204%20Mine%20Safety%20Disclosures) The company is not subject to regulation by the Mine Safety and Health Administration (MSHA) and therefore has no mine safety information to disclose for the period - During the three-month period ended March 31, 2025, the Company and its subsidiaries were **not subject to regulation by MSHA** under the Mine Act, and thus no disclosure is required[92](index=92&type=chunk) [Other Information](index=20&type=section&id=Item%205%20Other%20Information) During the first quarter of 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended March 31, 2025[93](index=93&type=chunk) [Exhibits](index=21&type=section&id=Item%206%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and interactive data files - Exhibits filed with this report include **CEO and CFO certifications** under Sarbanes-Oxley Sections 302 and 906, and **interactive data files (XBRL)**[94](index=94&type=chunk)

Financial Performance - The Company reported a significant increase in cash reserves, totaling $50 million, up 25% year-over-year[10] - The company reported a significant increase in revenue, reaching $150 million, representing a 25% year-over-year growth[24] - The company provided an optimistic outlook, projecting a revenue increase of 30% for the next fiscal year[24] Livengood Gold Project - The Livengood Gold Project's engineering phase aims to optimize configuration and capital expenses, with potential for expanded mineral resources[11] - The Livengood Gold Project's estimated mineral resources expanded by 15%, now totaling 2.5 million ounces of gold[11] - Future exploration activities are projected to increase by 30% in the next fiscal year, focusing on optimizing mine design and production schedules[11] - The Company anticipates a production decision for the Livengood Gold Project by Q4 2024, contingent on securing necessary permits[11] - Overhead expenses at the Livengood Gold Project are expected to remain stable, with a forecasted increase of only 5% due to inflationary pressures[11] - Future exploration and development programs at the Livengood Gold Project are subject to the timing and receipt of necessary permits and authorizations[11] - The company is evaluating the potential for production decisions concerning the Livengood Gold Project[11] - The accuracy of resource estimates is critical, with geological and operational assumptions being closely monitored[11] Market Conditions - General business and economic conditions, including gold price volatility, will impact the company's future performance[11] - The demand for gold is projected to rise, with market analysts estimating a price increase of 10% over the next year[11] Strategic Initiatives - The company is focused on attracting and retaining key staff for the permitting and development of the Livengood Gold Project[11] - The Company plans to enhance its technological capabilities through a $2 million investment in new mining technologies[11] - Strategic partnerships are being explored to facilitate market expansion, particularly in Asia and Europe[11] - The company is evaluating potential acquisition opportunities to diversify its mineral portfolio and enhance resource base[11] - The company is considering strategic acquisitions to bolster its market position, with a budget of $50 million allocated for potential deals[24] Operational Improvements - The company is committed to addressing cybersecurity risks that could affect its operations[15] - Operational efficiency improvements are expected to reduce costs by 10% over the next year[24] - The company plans to enhance its marketing strategy, increasing the budget by 15% to drive user engagement[24] - Overall, the company remains committed to sustainable growth and innovation in its product offerings[24] User Engagement - User data showed a total of 1.2 million active users, up 15% from the previous quarter[24] - New product launches are expected to contribute an additional $20 million in revenue over the next two quarters[24] - Market expansion efforts include entering three new international markets, projected to increase user base by 20%[24] - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[24]

Financial Position - As of September 30, 2024, total assets amounted to $57,316,536, a slight decrease from $57,375,005 on December 31, 2023[9] - Cash and cash equivalents increased to $1,746,231 from $1,687,690, reflecting a growth of approximately 3.5%[9] - Total current liabilities decreased significantly to $186,548 from $234,951, representing a reduction of about 20.5%[9] - Shareholders' equity remained relatively stable at $57,129,988 compared to $57,140,054, indicating minimal change[9] - The company reported a deficit of $272,209,303 as of September 30, 2024, compared to $269,564,778 at the end of the previous year[9] - Accounts payable decreased to $43,581 from $92,855, showing a decline of approximately 53%[9] - Accrued liabilities slightly increased to $142,967 from $142,096, marking a marginal rise of about 0.6%[9] - Capitalized acquisition costs remained unchanged at $55,375,124, indicating no new capital expenditures in this area[9] - Current assets totaled $1,933,947 as of September 30, 2024, compared to $1,992,416 as of December 31, 2023, reflecting a decrease of approximately 2.9%[7] - Working capital decreased to $1,747,399 as of September 30, 2024, from $1,757,465 at December 31, 2023, a decrease of approximately 0.6%[81] Operational Performance - Total operating expenses for the three months ended September 30, 2024, were $660,341, a decrease of 15.4% compared to $780,958 for the same period in 2023[11] - Net loss for the three months ended September 30, 2024, was $667,302, compared to a net loss of $710,351 for the same period in 2023, reflecting a reduction of 6.1%[11] - Comprehensive loss for the three months ended September 30, 2024, was $643,662, compared to $760,835 for the same period in 2023, indicating a decrease of 15.4%[11] - Total operating expenses for the nine months ended September 30, 2024, were $2,759,373, slightly higher than $2,758,077 for the same period in 2023[11] - For the nine months ended September 30, 2024, the company reported a loss of $2,644,525, a slight improvement from a loss of $2,681,785 in the same period of 2023, representing a decrease of approximately 1.4%[16] - The company reported a net loss of $2,644,525 for the nine months ended September 30, 2024, compared to a net loss of $2,681,785 for the same period in 2023[69] Revenue and Financing - The company has no revenue-generating operations, relying on external financing to maintain its operations[20] - The company has indicated a need for significant additional financing to continue operations and advance activities at the Livengood Gold Project, with substantial doubt about its ability to continue as a going concern[21] - The company raised $2,528,453 through the issuance of shares during the nine months ended September 30, 2024, while incurring share issuance costs of $224,823[16] - The company raised approximately $2.5 million through a private placement of 3,807,911 common shares at a price of $0.664 per share on January 22, 2024[57] - The company raised approximately $2.5 million through the issuance of 3,807,911 common shares to existing major shareholders during the nine months ended September 30, 2024[79] Project Development - The company anticipates future exploration and development activities at the Livengood Gold Project, with potential for resource expansion[4] - The Livengood Gold Project remains the primary focus, with no acquisition costs incurred during the nine months ended September 30, 2024, maintaining a balance of $55,375,124[29] - The Livengood Gold Project has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne, equating to approximately 9.0 million ounces of gold[56] - The Company approved a 2024 budget of $3.3 million to advance the Livengood Gold Project, focusing on environmental data collection and community engagement[58] - The company is exploring strategic alliances to assist in further development and financing for the Livengood Gold Project, although no assurance of realization is provided[21] Shareholder Information - The weighted average number of shares outstanding increased to 199,693,442 for the three months ended September 30, 2024, compared to 195,885,531 for the same period in 2023[11] - Share capital increased to $291,169,769 as of September 30, 2024, compared to $288,815,478 as of September 30, 2023[12] - The Company issued 3,807,911 common shares during the nine months ended September 30, 2024, raising $2,528,453 in share capital[16] - As of September 30, 2024, the Company had 199,693,442 shares issued and outstanding, an increase from 195,885,531 shares at December 31, 2023[39] Expenses and Liabilities - Wages and benefits increased to $638,168 for the nine months ended September 30, 2024, up from $523,815 in 2023, reflecting a rise of $114,353[70] - Professional fees for the nine months ended September 30, 2024, were $176,294, down from $232,077 for the same period in 2023, a decrease of approximately 24%[72] - The company incurred consulting fees of $61,509 for the three months ended September 30, 2024, down from $131,287 in the same period last year[11] - The total share-based payment compensation for the nine months ended September 30, 2024 was $376,869, compared to $401,360 for the same period in 2023[48][49] - The company has accrued liabilities totaling $142,967 as of September 30, 2024, compared to $142,096 at December 31, 2023, with general corporate costs and project costs included in the accruals[38] Foreign Exchange and Other Income - The company reported a gain on foreign exchange of $22,473 for the three months ended September 30, 2024, compared to a gain of $46,691 in the same period in 2023[11] - The company reported a foreign exchange gain of $41,962 for the nine months ended September 30, 2024, compared to a loss of $13,925 in the same period in 2023[75] - Total other income (expenses) for the three months ended September 30, 2024, was $(6,961), a significant decrease from $70,607 in the same period of 2023[11] - Total other income increased to $114,848 for the nine months ended September 30, 2024, compared to $76,292 in the same period of 2023, representing a growth of approximately 50.5%[75] Royalties and Obligations - The company has paid a total of $459,528 in royalties related to the Alaska Mental Health Trust lease during the nine months ended September 30, 2024[32] - The company has paid a total of $5,273,475 in royalties from the inception of the Alaska Mental Health Trust mineral rights lease, with $459,528 paid during the nine months ended September 30, 2024[32] - For the federal unpatented lode mining claims lease, the Company has paid a total of $1,030,000 in royalties since inception, including $50,000 during the nine months ended September 30, 2024[33] - The Company has contractual obligations totaling $4,073,992 related to mineral property leases and government fees through 2029 and beyond[53]

Financial Position - As of June 30, 2024, total assets increased to $57,928,898 from $57,375,005 as of December 31, 2023, reflecting a growth of approximately 1.0%[9] - Cash and cash equivalents rose to $2,269,940, up from $1,687,690, representing a significant increase of approximately 34.4%[9] - Total current assets increased to $2,546,309 from $1,992,416, marking a growth of about 28.0%[9] - Total liabilities decreased to $172,784 from $234,951, indicating a reduction of approximately 26.5%[9] - Shareholders' equity increased to $57,756,114 from $57,140,054, showing a growth of about 1.1%[9] - The company reported a deficit of $(271,542,001) as of June 30, 2024, compared to $(269,564,778) at the end of 2023[9] Operating Performance - Total operating expenses for the three months ended June 30, 2024, were $1,486,123, compared to $1,458,789 for the same period in 2023, reflecting an increase of 1.8%[11] - Net loss for the three months ended June 30, 2024, was $1,431,915, slightly improved from a net loss of $1,467,897 in the same period of 2023, representing a decrease of 2.4%[11] - Comprehensive loss for the period ended June 30, 2024, was $1,475,553, compared to $1,408,642 for the same period in 2023, reflecting an increase of 4.7%[11] - The company incurred mineral property exploration expenses of $628,951 for the three months ended June 30, 2024, slightly down from $641,748 in the same period of 2023, a decrease of 2.0%[11] - The company reported a total other income of $54,208 for the three months ended June 30, 2024, compared to a loss of $9,108 in the same period of 2023, indicating a significant turnaround[11] Share Capital and Financing - The total share capital as of June 30, 2024, was $291,169,769, an increase from $288,866,139 as of June 30, 2023[15] - The company raised $2,528,453 through the issuance of shares during the six months ended June 30, 2024, with share issuance costs of $224,823[17] - The company issued 3,807,911 common shares in a non-brokered private placement, raising $2.5 million at a price of $0.664 per share during the six months ended June 30, 2024[41] - The company anticipates requiring significant additional financing to continue operations and advance activities at the Livengood Gold Project[22] - Management believes the company has sufficient financial resources to maintain operations for the next twelve months as of August 8, 2024[23] Mineral Property and Exploration - The company anticipates future exploration and development activities at the Livengood Gold Project, with potential for expansion of estimated mineral resources[4] - The Livengood Gold Project remains the primary focus, with no acquisition costs incurred during the six months ended June 30, 2024, maintaining a balance of $55,375,124[29] - The Livengood Gold Project has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne, equating to approximately 9.0 million ounces of gold[56] - Total expenditures for mineral property activities during the six months ended June 30, 2024, were $759,055, a decrease from $787,643 in the same period of 2023[33] Stock Options and Compensation - The company had 1,652,232 stock options outstanding with a weighted average exercise price of C$0.99 as of June 30, 2024[43] - The company granted 240,000 stock options under the Stock Option Plan during the six months ended June 30, 2024[48] - The total share-based payment compensation for the six months ended June 30, 2024, was $359,333, which included $66,091 related to stock options and $293,242 related to DSUs[48] - The company recognized unrecognized compensation expense of C$112,018 related to non-vested options outstanding as of June 30, 2024[45] Future Outlook and Risks - The company expects to operate at a loss for the foreseeable future but believes current cash reserves will cover anticipated costs for at least the next 12 months[66] - There is significant uncertainty regarding the ability to secure additional financing in current or future equity markets[69] - The company is considering a future strategic alliance to assist in further development and financing, although no assurance can be given that such an alliance will be realized[22]

Group 1 - The Company held its 2024 Annual General and Special Meeting on May 29, 2024, in Vancouver, B.C. [1] - Shareholders elected six directors, with Anton Drescher receiving 89.24% of votes for, and Karl Hanneman receiving 99.55% [1] - The current auditors, Davidson & Company LLP, were re-appointed for the fiscal year ending December 31, 2024 [1] Group 2 - Shareholders approved the compensation for executive officers with a 98.90% majority [2] - The 2017 Deferred Share Unit Incentive Plan was re-approved with a 99.08% majority [2] - The 2006 Incentive Stock Options Plan was re-approved with an 89.40% majority [2] Group 3 - Detailed proxy voting results will be available in the "Report of Voting Results" on the Company's profile on SEDAR+ and its website [3] - The Company controls 100% of the Livengood Gold Project located in Alaska [4]

Financial Outlook - The Company anticipates future cash requirements and its ability to meet financial obligations as they come due[9]. - The Company is monitoring overhead expenses expected at the Livengood Gold Project[9]. - The Company is aware of the volatility in gold prices and its impact on market sentiment[9]. Livengood Gold Project Development - The Company is focused on optimizing the Livengood Gold Project's mine design, production schedule, and recovery concepts[9]. - The potential for expanding estimated mineral resources at the Livengood Gold Project is being evaluated[9]. - The Company is assessing the quality and quantity of mineral resources at the Livengood Gold Project[9]. - The timing and costs of development programs for the Livengood Gold Project are under consideration, including necessary permits and authorizations[9]. - Future exploration and development programs at the Livengood Gold Project will be timed and costed accordingly[9]. - The Company believes there are no known environmental issues that could materially impact mining operations at the Livengood Gold Project[9]. Supply Chain Management - The Company is committed to securing necessary services and supplies on favorable terms for its programs[9].