ITH(US:THM)2024-11-07 21:04Financial 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]