ITH(US:THM)2025-08-08 20:31Financial Performance - Net loss for the three months ended June 30, 2025, was $1.93 million, compared to a loss of $1.43 million for the same period in 2024, indicating a decline of about 35%[16] - The company reported a comprehensive loss of $1.73 million for the three months ended June 30, 2025, compared to a loss of $1.48 million in 2024, an increase of approximately 17%[16] - The company reported a loss of $2,594,154 for the six months ended June 30, 2025, compared to a loss of $1,977,223 for the same period in 2024, representing an increase in loss of approximately 31.2%[19] - The Company reported a net loss of $1,925,086 for the three months ended June 30, 2025, compared to a net loss of $1,431,915 for the same period in 2024, representing an increase of approximately 34.5% in losses year-over-year[63] - For the six months ended June 30, 2025, the net loss was $2,594,154, up from $1,977,223 in the same period of 2024, indicating a year-over-year increase of about 31.2%[72] Assets and Liabilities - Total assets increased to $58.48 million as of June 30, 2025, compared to $56.52 million at December 31, 2024, reflecting a growth of approximately 3%[15] - Total liabilities increased to $191,816 from $177,477, representing an increase of approximately 8%[15] - Shareholders' equity increased to $58.29 million as of June 30, 2025, from $56.34 million at December 31, 2024, an increase of about 3%[15] - Working capital increased to $2,902,972 as of June 30, 2025, compared to $959,703 at December 31, 2024, reflecting improved liquidity[83] Cash and Cash Equivalents - Cash and cash equivalents rose significantly to $2.85 million from $0.99 million, marking an increase of about 187%[15] - Cash and cash equivalents at the end of the period were $2,845,065, up from $992,487 at December 31, 2024, indicating a significant increase of 187.5%[23] - As of June 30, 2025, cash and cash equivalents were $2,845,065, a substantial increase of approximately $1.9 million from $992,487 at December 31, 2024, primarily due to net financing activities[80] Share Issuance and Capital - The company issued 8,192,031 shares, raising $3.93 million in share capital during the first half of 2025[18] - The company raised $3,932,994 through share issuance during the six months ended June 30, 2025, compared to $2,528,453 in the same period of 2024, reflecting a growth of 55.5%[19] - The Company completed a private placement on March 4, 2025, raising gross proceeds of approximately $3.9 million by issuing 8,192,031 common shares at a price of $0.4801 per share[59] - The company issued 8,192,031 common shares in a non-brokered private placement, raising $3,932,994 at a price of $0.4801 per share during the six months ended June 30, 2025[42] Expenditures - Total operating expenses for the six months ended June 30, 2025, were $2.43 million, up from $2.10 million in 2024, reflecting an increase of approximately 16%[16] - Total expenditures for mineral property activities for the six months ended June 30, 2025, were $950,396, an increase of 25.2% from $759,055 in the same period of 2024[33] - Mineral property expenditures increased to $801,909 for the three months ended June 30, 2025, from $628,951 in the same period of 2024, reflecting a rise of approximately 27.5%[64] - The 2025 budget approved by the Board is $3.7 million, aimed at advancing the Livengood Gold Project, which includes metallurgical studies and environmental data collection[60] Project Focus - The company has a 100% interest in the Livengood Gold Project, which remains its primary focus for future development[22] - 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[58] - The company has paid $610,457 in royalties related to the Livengood Gold Project during the six months ended June 30, 2025[35] - The company is required to pay an additional sum of $250,000 upon making a positive production decision, recoverable from production royalties[41] Financial Outlook - The company has no revenue-generating operations and will require significant additional financing to continue its operations and advance activities at the Livengood Gold Project[24] - Management believes the company has sufficient financial resources to maintain operations for the next twelve months as of August 7, 2025[25] - 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[83] - The Company will require significant additional financing to continue operations and advance activities at the Livengood Gold Project[84] Stock Options and Compensation - As of June 30, 2025, the company has 3,642,232 stock options outstanding with a weighted average exercise price of C$0.79 and an intrinsic value of C$1,428,464[44] - The company granted 240,000 stock options and 332,000 Deferred Share Units (DSUs) during the six months ended June 30, 2025, with total share-based payment compensation amounting to $509,981[52] - The company has a total of 3,476,102 DSUs outstanding as of June 30, 2025, with a weighted average exercise price of C$0.88[51] - The weighted average remaining life of options outstanding at June 30, 2025, was 2.1 years[44] - The company has a remaining unrecognized compensation expense of C$350,024 related to non-vested options, expected to be recognized over approximately 1.4 years[47] - Share-based payment charges increased to $446,400 for the three months ended June 30, 2025, from $345,523 in the same period of 2024, marking an increase of approximately 29.1%[70] - Share-based payment charges increased to $509,981 for the six months ended June 30, 2025, up from $359,333 in the same period of 2024, representing a rise of approximately 41.9%[77] Other Financial Information - The Company incurred a foreign exchange loss of $190,324 during the three months ended June 30, 2025, compared to a gain of $26,031 in the same period of 2024[71] - The Company reported a total other expense of $168,365 for the six months ended June 30, 2025, compared to total other income of $121,809 in the same period of 2024, indicating a significant shift in financial performance[78] - There were no cash flows from investing activities during the six months ended June 30, 2025, and June 30, 2024, indicating a lack of investment activity[82] - The average exchange rate during the six months ended June 30, 2025, was C$1 to $0.7098, compared to C$1 to $0.7361 in the same period of 2024, reflecting a change in foreign exchange conditions[78]