ITH is a company engaged in the acquisition and development of mineral properties.
−Removed: The Company currently holds or has the right to acquire interests in a development stage project in Alaska referred to as the “Livengood Gold Project” or the “Project”.
+Added: The Company currently holds a 100% interest in a development stage project in Alaska referred to as the “Livengood Gold Project” or the “Project”.
The Company has not yet begun extraction of mineralization from the deposit or reached commercial production.
−Removed: The Company has a 100% interest in the Livengood Gold Project, which as of December 31, 2024, has proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne (9.0 million ounces) based on a gold price of $1,680 per ounce and measured and indicated mineral resources, exclusive of mineral reserves, of 274.51 million tonnes at an average grade of 0.52 g/tonne (4.62 million ounces), based on a gold price of $1,650 per ounce, both as reported in the Technical Report Summary (the “TRS”) attached as Exhibit 96.1 to the 2022 Annual Report on Form 10-K/A filed with the SEC on October 17, 2023.
+Added: As of December 31, 2025, the Livengood Gold Project has (i) proven and probable reserves of 430.1 million tonnes at an average grade of 0.65 g/tonne (9.0 million ounces) based on a gold price of $1,680 per ounce and (ii) measured and indicated mineral resources, exclusive of mineral reserves, of 274.51 million tonnes at an average grade of 0.52 g/tonne (4.62 million ounces) based on a gold price of $1,650 per ounce, in each case as reported in the TRS attached as Exhibit 96.1 to the 2022 Annual Report on Form 10-K/A filed with the SEC on October 17, 2023.
A more complete description of the Livengood Gold Project, including detailed presentation of resources and reserves, is set forth in Part I, Item 2.
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Livengood Gold Project Developments
−Removed: On March 8, 2024, the Company announced that the Board had approved a 2024 work program that focused on community engagement and advancing the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting.
+Added: On January 27, 2026, the Company completed a public offering of 33,672,000 common shares, at an issue price to the public of $2.22 per share, for aggregate gross proceeds, before deducting underwriting discounts and offering expenses, of approximately $74.8 million.
+Added: Concurrent with the public offering, the Company completed a private placement of 19,520,000 common shares to affiliates of Paulson & Co.
+Added: (“Paulson”), at the same issue price, for aggregate proceeds of approximately $43.3 million.
+Added: The private placement was completed in two tranches, with 18,018,018 issued to Paulson on January 27, 2026 and an additional 1,501,982 common shares issued to Paulson on January 29, 2026 to reflect an upsizing in the size of the $60 million public offering initially announced by the Company on January 22, 2026.
Livengood Gold Project Technical Report Summary
−Removed: The TRS details a project that would process 65,000 tons per day and produce 6.4 million ounces of gold over 21 years from a gold reserve estimated at 9.0 million ounces at 0.65 g/tonne.
−Removed: The study utilized a third-party review by Whittle Consulting and BBA Inc.
+Added: The TRS details a project that would process 65,000 tons per day and produce 6.4 million ounces of gold over 21 years from a gold reserve estimated at 9.0 million ounces at 0.65 g/t.
+Added: The TRS utilized a third-party review by Whittle Consulting and BBA Inc.
to integrate new interpretations based on an expanded geological database, improved geological modelling, new resource estimation methodology, an optimized mine plan and production schedule, additional detailed metallurgical work at various gold grades and grind sizes, changes in the target grind for the mill, new engineering estimates, and updated cost inputs, all of which significantly de-risk the Project.
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Whittle Enterprise Optimization
−Removed: Prior to beginning the Pre-feasibility Study (“PFS”) for the Livengood Gold Project which is summarized in the TRS, the Company retained Whittle Engineering and BBA Inc.
+Added: Prior to beginning the Pre-feasibility Study (“PFS”) for the Livengood Gold Project that is summarized in the TRS, the Company retained Whittle Engineering and BBA Inc.
to collaborate on an enterprise optimization study (the “Whittle and BBA Study”) to review various technologies and project configurations and to recommend the optimum configuration for the PFS.
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The Company has determined that the mineral resource estimate of August 20, 2021 remains current as of December 31, 2025.
−Removed: On March 4, 2025, the Company announced that it had completed a non-brokered private placement (the “Private Placement”) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of approximately $3.9 million.
−Removed: The Private Placement consisted of 8,192,031 common shares of the Company, representing approximately 4.1% of the 199.7 million common shares issued and outstanding prior to the completion of the Private Placement, at a price of $0.4801 per common share, the closing price of the Company’s common shares on the NYSE American on February 25, 2025.
−Removed: The Private Placement was taken up by current institutional shareholders of the Company, Paulson & Co.
−Removed: Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC itself and affiliates.
−Removed: The Company intends to use the net proceeds of the Private Placement for working capital and general corporate purposes, including advancing antimony metallurgical studies.
−Removed: On March 12, 2025, the Company announced that the Board had approved a 2025 budget of $3.7 million and endorsed the associated 2025 work program to advance the Livengood Gold Project.
−Removed: The 2025 work program will begin metallurgical studies to evaluate whether antimony might be recoverable from the massive stibnite veins contained within the deposit, as well as conducting community engagement and advancing the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting.
−Removed: The Company remains open to a strategic alliance to help support the future development of the Project while considering all other appropriate financing options.
−Removed: The size of the gold resource, the Project’s favorable location, and the Company’s proven team are some of the reasons the Company could potentially attract a strategic partner with a long-term development horizon who understands the Project is highly leveraged to gold prices.
+Added: For 2026, the Company plans to advance metallurgical studies evaluating whether antimony might be recoverable from the massive stibnite veins contained within the deposit, select and engage the technical team to begin the feasibility study, conduct drilling to obtain fresh core for metallurgical test work in support of the feasibility study, as well as conducting community engagement and advancing the baseline environmental data collection in support of the feasibility study and future permitting.
Regulatory, Environmental and Social Matters
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The Company currently has all necessary permits with respect to its currently planned exploration and development activities in Alaska.
−Removed: Although the Company has never had an issue with the timely processing of APMA permits, there can be no assurances that delays in permit approval will not occur.
−Removed: The Board has established a Technical Committee, which has adopted a formal, written charter.
+Added: Although the Company has never had an issue with the timely processing of APMA permits, there can be no assurances that all permits will be obtained on a timely basis or at all.
+Added: The Board has a Technical Committee, which has adopted a formal, written charter.
As set out in its charter, the overall purpose of the Technical Committee is to assist the Board in fulfilling its oversight responsibilities with respect to the Company’s continuing commitment to improving the environment and ensuring that activities are carried out and facilities are operated and maintained in a safe and environmentally sound manner that reflects the Company’s ideals and principles of sustainable development.
−Removed: The primary function of the Technical Committee is to monitor, review and provide oversight with respect to the technical aspects of the Company’s Project as well as monitor policies, standards, and programs relative to health, safety, community relations and environmental-related matters.
+Added: The primary function of the Technical Committee is to monitor, review and provide oversight with respect to the technical aspects of the Project and to monitor policies, standards, and programs relative to health, safety, community relations and environmental-related matters.
The Technical Committee also advises the Board and makes recommendations for the Board’s consideration regarding health, safety, community relations and environmental-related issues.
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Although not set out in a specific policy, the Company strives to be a positive influence in the local communities near the Project, not only by contributing to the welfare of such communities in the vicinity of the Project through donations of money and supplies, as appropriate, but also through hiring local workers when appropriate.
−Removed: The Company considers building and maintaining strong relationships with local communities to be fundamental to its ability to continue to operate in such regions and to assist in the eventual development (if any) of mining operations in such regions, and it attaches considerable importance to commencing and fostering such relationships from the beginning of its involvement in the Project.
+Added: The Company considers building and maintaining strong relationships with local communities to be fundamental to its ability to continue to operate in such regions and to assist in the eventual development (if any) of mining operations in such regions, and has attached considerable importance to commencing and fostering such relationships from the beginning of its involvement in the Project.
Corporate Structure
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Accordingly, these competitors may be able to spend greater amounts on the acquisition, exploration and development of mineral properties.
−Removed: This competition could adversely impact the Company’s ability to finance further exploration and to achieve the financing necessary for the Company to develop its mineral properties.
−Removed: Availability of Raw Materials and Skilled Employees
+Added: This competition could adversely impact the Company’s ability to finance further exploration and to obtain the financing necessary for the Company to develop its mineral properties.
+Added: Availability of Skilled Employees and Raw Materials
All aspects of the Company’s business require specialized skills and knowledge.
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Due to the northern climate, field work on the Livengood Gold Project can be limited due to excessive snow cover and cold temperatures.
−Removed: In general, surface sampling work is limited to May through September and surface drilling from March through November, although some locations afford opportunities for year-round exploration operations and others, such as road-accessible wetland areas, may only be explored while frozen in the winter.
+Added: In general, surface sampling work is limited to May through September and surface drilling is limited to March through November, although some locations afford opportunities for year-round exploration operations and others, such as road-accessible wetland areas, may only be explored while frozen in the winter.
Available Information
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The Company makes available, free of charge, through the “Investors” section of its website, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and all amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC and its Annual Information Form, press releases and material change reports and other reports filed on the System for Electronic Document Analysis and Retrieval (“SEDAR+”).
−Removed: The Company’s SEC filings are available from the SEC’s internet website at www.sec.gov, which contains reports, proxy and information statements and other information regarding issuers that file electronically.
+Added: The Company’s SEC filings are available from the SEC’s internet website at www.sec.gov, which contains reports, proxy and information statements and other information that issuers file electronically.
The Company’s Canadian filings are available from the Canadian Securities Administrators’ internet website at www.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.