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International Tower Hill Mines Ltd. (Canada) (THM) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details about the company's Livengood Gold Project in Alaska, which remains in the development stage. The project has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne, based on a gold price of $1,680 per ounce.
The company reported a net loss of $3,599,372 for the year ended December 31, 2024, compared to a net loss of $3,397,969 for the previous year. The loss is attributed to operating expenses, which include consulting fees, insurance, and mineral property costs.
During the year, the company completed a non-brokered private placement, raising approximately $2.5 million through the issuance of 3,807,911 common shares to existing major shareholders.
The Livengood Gold Project's Technical Report Summary (TRS) outlines a plan to process 65,000 tons per day and produce 6.4 million ounces of gold over 21 years. The TRS estimates the project's capital costs at $1.93 billion, with a net present value of $400 million at a gold price of $1,800 per ounce.
The company is focused on advancing the Livengood Gold Project, with a 2025 budget of $3.7 million approved by the Board. The budget includes metallurgical studies and community engagement activities.
International Tower Hill Mines Ltd. continues to evaluate strategic alliances and financing options to support the development of the Livengood Gold Project. The company acknowledges the need for significant additional financing to advance the project beyond 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Tower Hill Mines Ltd. (Canada) annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.