International Tower Hill Mines (ITH) is a pre-revenue, development-stage gold mining company with a single asset: the Livengood Gold Project in Alaska. ITH holds a 100% interest in Livengood and has not yet begun mining or reached commercial production. The deposit holds proven and probable reserves of 9.0 million ounces of gold, making it one of the larger undeveloped gold deposits in North America. The pre-feasibility study (PFS) envisions a conventional open-pit mine processing 65,000 tons per day over a 21-year mine life, producing 6.4 million ounces of gold, with estimated upfront capital costs of approximately $1.93B. ITH's near-term activities focus on metallurgical studies, environmental baseline work, community engagement, and launching a full feasibility study — all prerequisites for permitting and financing a mine. ITH has no revenue and funds operations entirely through equity capital markets; the company recently raised approximately $118M through a public offering and a private placement to Paulson & Co. ITH operates with just three employees, relying heavily on outside technical consultants. The company's value proposition is heavily dependent on the gold price relative to all-in sustaining costs of $1,171/oz, the ability to finance and build the project, and permitting outcomes in Alaska.