ITH(THM) - 2025 Q1 - Quarterly Report

Part I FINANCIAL INFORMATION Financial Statements 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] - 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][25][26] Management's Discussion and Analysis of Financial Condition and Results of Operations 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] - 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] - 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] 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][69] - 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] Quantitative and Qualitative Disclosures About Market Risk 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] Controls and Procedures 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] - 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] Part II OTHER INFORMATION Legal Proceedings The company reported no legal proceedings during the period - This item is not applicable as there were no legal proceedings[89] Risk Factors 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] Unregistered Sales of Equity Securities and Use of Proceeds This section is not applicable for the reporting period - This item is not applicable[90] Defaults Upon Senior Securities This section is not applicable for the reporting period - This item is not applicable[91] Mine Safety Disclosures 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] Other Information 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] Exhibits 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]