History
International Tower Hill spent years reworking its Livengood gold project after a weak 2013 study, funded by repeated share placements, before a large $75 million offering in January 2026.
2007-2012: Getting listed
International Tower Hill Mines set out to develop gold in Alaska. The American Stock Exchange certified its securities for listing in August 2007, clearing them to trade. In August 2010 the New York Stock Exchange did the same. The record for these years shows listings only. Nothing else is recorded until 2013, and the company had 98,068,638 shares on issue at the end of 2012.
2013-2015: A weak feasibility study
In July 2013 the company released a feasibility study (a detailed check of whether a mine would pay) for its Livengood Gold Project. It assumed 100,000 tons of ore a day for 14 years, producing 8 million ounces, with reserves of 9.6 million ounces plus 454,000 ounces. But even at a gold price of $1,500 an ounce, the project earned only a "minimal positive return", which undercut the investment case.
Funding had to continue. In November 2014 the company raised about CAD 8.4 million from existing institutional shareholders and insiders, selling 18,245,000 shares at CAD 0.46 in a private placement. That lifted the share count to 116,313,638 by the end of 2014.
2016-2020: Rescaling the project
In September 2016 a pre-feasibility study (an earlier-stage, less detailed study) described a smaller Livengood: 52,600 tons a day over 23 years. Capital costs fell 34% to $1.84 billion and all-in sustaining costs (the full cost of producing each ounce) fell 16% to $1,263 an ounce. The company told investors the 2013 study was no longer current and should not be relied upon.
In December 2016 it raised about $22 million from institutional shareholders, selling 45,833,334 shares at $0.48. The money was mainly to complete a final payment of roughly $14.8 million for mining claims in the Livengood area. In March 2018 it raised another $12.0 million by selling 24,000,000 shares at $0.50 to one existing and one new institutional investor. In September 2020 it set up an At-The-Market facility with B. Riley Securities, which let it sell shares into the market as needed.
2021-2026: A better study and a bigger raise
In November 2021 the company released an updated pre-feasibility study: 65,000 tons a day over 21 years, producing 6.4 million ounces from a 13.6 million ounce resource. Capital costs were $1.93 billion and all-in sustaining costs $1,171 an ounce. For the first time it showed a clearly positive after-tax value of $400 million at $1,800 gold.
Funding then came in small steps. In January 2024 the company raised about $2.5 million from Paulson & Co., Sprott Asset Management and Kopernik Global Investors, selling 3,807,911 shares at $0.664. In March 2025 it raised about $3.93 million by selling 8,192,031 shares at $0.4801.
On 27 January 2026 the company raised roughly $75 million in an underwritten public offering led by BMO Capital Markets. It sold 29,280,000 shares at $2.22, plus a fully exercised over-allotment of 4,392,000 shares. It was by far the company's largest raise. At that date International Tower Hill still owned 100% of Livengood.
Written from the 12 story beats below (2007 to 27 Jan 2026), which come from the company's own announcements and filings.