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The Company has not yet begun extraction of mineralization from the deposit or reached commercial production.
−Removed: The Company has a 100% interest in its Livengood Gold Project, which as of December 31, 2021 , has a measured and indicated mineral resource of 704.5 million tonnes at an average grade of 0.60 g/tonne (13.62 million ounces).
−Removed: As reported in the Technical Report Summary attached as Exhibit 96.1 to this Annual Report on Form 10-K, a portion of the mineral resources at the Project have been converted into 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.
+Added: The Company has a 100% interest in the Livengood Gold Project, which as of December 31, 2022, has a measured and indicated mineral resource of 704.5 million tonnes at an average grade of 0.60 g/tonne (13.62 million ounces).
+Added: As reported in the Technical Report Summary (the “TRS”) attached as Exhibit 96.1 to this Annual Report on Form 10-K, a portion of the mineral resources at the Project have been converted into 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.
A more complete description of the Livengood Gold Project, including detailed presentation of resources and reserves, and the current activities is set forth in Part I, Item 2 and Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Annual Report on Form 10-K.
−Removed: From 2006 to 2008, the Company focused primarily on the acquisition and exploration of mineral properties in Alaska and Nevada by acquiring through staking, purchase, lease or option (primarily from AngloGold Ashanti (U.S.A.) Exploration Inc.
+Added: Prior to 2008, the Company focused primarily on the acquisition and exploration of mineral properties in Alaska and Nevada by acquiring through staking, purchase, lease or option (primarily from AngloGold Ashanti (U.S.A.) Exploration Inc.
(“AngloGold”) in a transaction which closed on August 4, 2006) interests in a number of mineral properties in Alaska (Livengood Gold Project, Terra, LMS, BMP, Chisna, Coffee Dome, West Tanana, Gilles, West Pogo, Caribou, Blackshell and South Estelle) and Nevada (North Bullfrog and Painted Hills) that it believed had the potential to host large precious or base metal deposits.
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Livengood Gold Project Developments
−Removed: On January 12, 2021, the Company announced that the Board had approved a 2021 budget of $5.6 million and endorsed the associated 2021 work program to advance the Livengood Gold Project.
−Removed: The key element of the 2021 work program was the completion of the Pre-Feasibility Study (the “PFS”) for the Livengood Gold Project.
−Removed: The work program also advanced the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, as well as community engagement.
−Removed: Livengood Gold Project Pre-Feasibility Study
−Removed: On November 4, 2021, the Company announced the results of the PFS for the Livengood Gold Project which are summarized in the Technical Report Summary.
+Added: On March 9, 2022, the Company announced that the Board had approved a 2022 budget of $3.2 million.
+Added: The 2022 work program advanced the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, as well as advanced community engagement.
+Added: Livengood Gold Project Technical Report Summary
+Added: On November 4, 2021, the Company announced the results of the Pre-feasibility Study for the Livengood Gold Project which are summarized in the TRS.
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 resource estimated at 13.6 million ounces at 0.60 g/tonne.
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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.
−Removed: The TRS has estimated the capital costs of the Project at US$1.93 billion, the total cost per ton milled at US$13.12, the all-in sustaining costs at US$1,171 per ounce, and net present value (5%) at US$1,800/oz of US$400 million.
+Added: The TRS has estimated the capital costs of the Project at $1.93 billion, the total cost per ton milled at $13.12, the all-in sustaining costs at $1,171 per ounce, and net present value (5%) at $1,800/oz of $400 million.
The Project configuration evaluated in the TRS is a conventional, owner-operated surface mine that would utilize large-scale mining equipment in a blast/load/haul operation.
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Tailings technologies reviewed included conventional tailings and pressure filtered tailings.
−Removed: The Whittle and BBA Study determined that the gravity/CIL plant at p80 250 micron with conventional tailings provided the highest net present value, which is the configuration detailed in the TRS.
−Removed: The TRS was prepared by independent third-party consultants.
−Removed: The Company cautions that the PFS which is summarized in the TRS is preliminary in nature, and is based on technical and economic assumptions which are expected to be further refined and evaluated in a full feasibility study which may be completed in the future.
−Removed: The TRS is based on a mineral resource estimate effective as of August 20, 2021 using a different mineral resource model than used in the April 2017 Report.
+Added: The Whittle and BBA Study determined that the gravity/CIL plant at p80 250 micron with conventional tailings provided the highest net present value, which is the configuration detailed in the PFS.
+Added: The PFS was prepared by independent third-party consultants.
+Added: The Company cautions that the PFS is preliminary in nature, and is based on technical and economic assumptions which will be further refined and evaluated in a full feasibility study.
+Added: The PFS is based on an updated Project mineral resource estimate effective as of August 20, 2021 using a different mineral resource model than used in the April 2017 Report.
The Company has determined that the mineral resource estimate of August 20, 2021 remains current as of December 31, 2022.
−Removed: COVID-19 Pandemic
−Removed: In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic.
−Removed: This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn.
−Removed: While it is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak, including as a result of the emergence of variant strains of the virus and ongoing vaccination efforts, and its ultimate effects on the Company’s business, results of operations or ability to raise funds at this time, as of the date of this Annual Report on Form 10-K, the COVID-19 pandemic has not had any material adverse effects on the Company.
On March 8, 2023, the Company announced that the Board had approved a 2023 budget of $3.3 million and endorsed the associated 2023 work program to advance the Livengood Gold Project.
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The permitting process for significant disturbances generally requires 30 days for processing and all work must be bonded.
−Removed: The Company currently has all necessary permits with respect to its currently planned
−Removed: exploration activities in Alaska.
+Added: The Company currently has all necessary permits with respect to its currently planned exploration activities in Alaska.
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: ITH has established a Technical Committee, which has adopted a formal, written charter.
+Added: The Board has established 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.
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The Technical Committee also advises the Board and makes recommendations for the Board’s consideration regarding health, safety, community relations and environmental-related issues.
+Added: For further information regarding the regulations that may have a material impact on our business, see “Risk Factors - Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations .”
Although not set out in a specific policy, the Company strives to be a positive influence in the local communities where its mineral projects are located, not only by contributing to the welfare of such communities through donations of money and supplies, as appropriate, but also through hiring local workers to assist in ongoing exploration programs when appropriate.
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ITH maintains an internet website at www.ithmines.com.
−Removed: 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 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).
+Added: 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).
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.
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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.