ITH(US:THM)2025-11-07 13:00Financial Performance - The net loss for the nine months ended September 30, 2025, was $3,326,457, compared to a net loss of $2,644,525 for the same period in 2024, indicating an increase in loss of about 26%[18]. - The comprehensive loss for the nine months ended September 30, 2025, was $3,153,186, compared to $2,690,565 in 2024, indicating an increase of about 17%[15]. - The Company reported a net loss of $732,303 for the three months ended September 30, 2025, compared to a net loss of $667,302 for the same period in 2024, indicating a year-over-year increase in losses[62]. - The Company expects to operate at a loss for the foreseeable future and will require additional financing to cover anticipated general and administrative costs[80]. Assets and Liabilities - As of September 30, 2025, total assets increased to $57,859,441 from $56,519,769 as of December 31, 2024, representing a growth of approximately 2.4%[14]. - Total liabilities increased to $300,438 from $177,477, reflecting a rise of approximately 69%[14]. - Shareholders' equity increased to $57,559,003 as of September 30, 2025, from $56,342,292 at the end of 2024, representing a growth of about 2.2%[14]. - The Company had a working capital of $2,176,414 as of September 30, 2025, compared to $959,703 at December 31, 2024, indicating improved liquidity[79]. Cash and Cash Equivalents - Cash and cash equivalents rose significantly to $2,277,809, up from $992,487, marking an increase of approximately 129%[18]. - As of September 30, 2025, the company had cash and cash equivalents of $2,277,809, an increase from $992,487 at December 31, 2024, indicating a significant improvement in liquidity[22]. Share Issuance and Compensation - The company issued 8,192,031 shares during the nine months ended September 30, 2025, raising $3,932,994 in share capital[17]. - The company issued 8,192,031 common shares during the nine months ended September 30, 2025, raising $3,932,994 through a non-brokered private placement at a price of $0.4801 per share[42]. - Stock-based compensation for options and DSUs totaled $558,807 for the nine months ended September 30, 2025, compared to $376,869 in 2024, reflecting an increase of approximately 48%[18]. - Share-based payment charges for the nine months ended September 30, 2025, totaled $558,807, an increase of $181,938 compared to $376,869 for the same period in 2024[73]. Mineral Property Activities - The total expenditures for mineral property activities for the nine months ended September 30, 2025 amounted to $1,165,757, compared to $878,456 for the same period in 2024, reflecting a year-over-year increase of approximately 32.7%[32]. - The company has a 100% interest in the Livengood Gold Project, with mineral property costs remaining unchanged at $55,375,124 as of September 30, 2025[30]. - 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[57]. - Mineral property expenditures increased to $215,361 for the three months ended September 30, 2025, up from $119,401 in the same period of 2024, reflecting a rise of approximately 80.5%[63]. Financing and Future Operations - The company anticipates needing 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[24]. - The Company anticipates expenditures of approximately $3.7 million for the year ending December 31, 2025, to be funded from cash on hand[84]. - The company is exploring strategic alliances to assist in further development and financing, although there is no assurance that such alliances will be realized[23]. Internal Controls and Compliance - As of September 30, 2025, the Company's disclosure controls and procedures were deemed effective by the Chief Executive Officer and Chief Financial Officer[88]. - There were no changes in internal control over financial reporting during the quarter ended September 30, 2025, that materially affected the Company's internal control[90]. - The Company and its subsidiaries were not subject to regulation by MSHA under the Mine Act during the nine months ended September 30, 2025[96]. Other Financial Information - The average exchange rate during the three months ended September 30, 2025, was C$1 to $0.7261, compared to C$1 to $0.7332 during the same period in 2024, reflecting a slight strengthening of the U.S. dollar[69]. - The company has unrecognized compensation expense of C$282,780 related to non-vested options, expected to be recognized over approximately 1.2 years[46]. - The weighted average remaining life of options outstanding at September 30, 2025, was 2.0 years[44]. - The expected life of options is 6 years, with an annualized volatility of 78.48% as of September 30, 2025[53]. - The company has contractual obligations totaling $4,808,412 related to mineral property payments due by year, including $165,790 in 2025[55]. - The company has paid a total of $610,457 in minimum royalties related to the Alaska Mental Health Trust lease during the nine months ended September 30, 2025[34]. - As of September 30, 2025, the company had 3,455,000 stock options outstanding with a weighted average exercise price of C$0.79, representing an intrinsic value of C$5,150,800[44]. - During the nine months ended September 30, 2025, the company granted 240,000 stock options and 332,000 Deferred Share Units (DSUs), with total share-based payment compensation amounting to $558,807[51]. - The company has no revenue-generating operations, which limits its ability to internally generate funds[22]. - No director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" during the three months ended September 30, 2025[97]. - The Company has been classified as a "passive foreign investment company" (PFIC) for U.S. federal income tax purposes and expects to maintain this status in the future[87].