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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 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).
−Removed: 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.
−Removed: 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.
+Added: The Company has a 100% interest in the Livengood Gold Project, which as of December 31, 2023, 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: A more complete description of the Livengood Gold Project, including detailed presentation of resources and reserves, is set forth in Part I, Item 2.
+Added: Properties of this Annual Report on Form 10-K.
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.
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Livengood Gold Project Developments
−Removed: On March 9, 2022, the Company announced that the Board had approved a 2022 budget of $3.2 million.
−Removed: 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: On March 8, 2023, the Company announced that the Board had approved a 2023 work program that 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.
Livengood Gold Project Technical Report Summary
−Removed: 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.
−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 resource estimated at 13.6 million ounces at 0.60 g/tonne.
+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/tonne.
The study utilized a third-party review by Whittle Consulting and BBA Inc.
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Whittle Enterprise Optimization
−Removed: Prior to beginning the PFS, the Company retained Whittle Engineering and BBA Inc.
+Added: 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.
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 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.
−Removed: The PFS was prepared by independent third-party consultants.
−Removed: 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.
−Removed: 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.
+Added: The TRS was prepared by independent third-party consultants.
+Added: The Company cautions that the TRS 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 TRS is based on an updated Project mineral resource estimate effective as of August 20, 2021.
The Company has determined that the mineral resource estimate of August 20, 2021 remains current as of December 31, 2023.
+Added: On January 22, 2024, 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 $2.5 million.
+Added: The Private Placement consisted of 3,807,911 common shares of the Company, representing approximately 1.9% of the 195.9 million common shares issued and outstanding prior to the completion of the Private Placement, at a price of $0.664 per common share, the closing price of the Company’s common shares on the NYSE American on January 12, 2024.
+Added: The Private Placement was taken up by current institutional shareholders of the Company, Paulson & Co.
+Added: Inc., Sprott Asset Management USA, Inc., and Kopernik Global Investors, LLC on behalf of Heptagon plc Kopernik Global All - Cap Equity Fund.
+Added: The Company intends to use the net proceeds of the Private Placement for general working capital purposes.
On March 8, 2024, the Company announced that the Board had approved a 2024 budget of $3.3 million and endorsed the associated 2024 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 exploration activities in Alaska.
+Added: The Company currently has all necessary permits with respect to its currently planned exploration and development 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.
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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 projects 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 Company’s Project as well as 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.
+Added: The Technical Committee took no formal action during the year ended December 31, 2023, as there were no material developments concerning the technical aspects of, or programs relative to health, safety, community relations and environmental - related matters relating to, the Livengood Gold Project.
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 .”
−Removed: 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.
−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 any particular area.
+Added: 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.
+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 it attaches considerable importance to commencing and fostering such relationships from the beginning of its involvement in the Project.
Corporate Structure
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ITH has been transitioned under, and is now governed by, the Business Corporations Act (British Columbia).
−Removed: ITH has three material subsidiaries:
+Added: ITH has three subsidiaries:
● Tower Hill Mines, Inc.
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Many of the companies with whom the Company competes have greater financial and technical resources.
−Removed: Accordingly, these competitors may be able to spend greater amounts on the acquisition, exploration and development of mineral properties.
+Added: Accordingly, these competitors may be able to spend greater amounts on the acquisition,
+Added: exploration and development of mineral properties.
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.
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All of the raw materials the Company requires to carry on its business are readily available through normal supply or business contracting channels in Canada and the United States.
−Removed: Since commencing exploration activities at the Livengood Gold Project in mid-2006, the Company has been able to secure the appropriate personnel, equipment and supplies required to conduct its contemplated programs.
+Added: Since commencing activities at the Livengood Gold Project in mid-2006, the Company has been able to secure the appropriate personnel, equipment and supplies required to conduct its contemplated programs.
The Company does not believe that it will experience any shortages of required personnel, equipment or supplies in the foreseeable future.
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The Company also uses consultants with specific skills to assist with various aspects of project evaluation, engineering, community engagement and investor relations, and corporate governance.
−Removed: As the Company’s mineral exploration activity takes place in Alaska, its business is seasonal.
−Removed: Due to the northern climate, exploration work on the Livengood Gold Project can be limited due to excessive snow cover and cold temperatures.
+Added: The Company has a benefit program in place, including medical and dental benefits and basic life insurance, which applies to all permanent employees.
+Added: As the Company’s mineral exploration and development activity takes place in Alaska, some of its business is seasonal.
+Added: Due to the northern climate, field work on the Livengood Gold Project can be limited due to excessive snow cover and cold temperatures.
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.
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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.
−Removed: The Company’s SEDAR filings are available from the Canadian Securities Administrators’ internet website at www.sedar.com under the Company’s profile.
+Added: The Company’s Canadian filings are available from the Canadian Securities Administrators’ internet website at www.
+Added: sedarplus.ca under the Company’s profile.
The contents of these websites are not incorporated into this report and the references to the URLs for these websites are intended to be inactive textual references only.
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.