ITH(THM) - 2024 Q2 - Quarterly Report

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]