International Tower Hill Mines (THM)


Market Price (10/21/2026): $2.1 | Market Cap: $549.4 MilSector: Materials | Industry: Gold

International Tower Hill Mines (THM)


Market Price (10/21/2026): $2.1
Market Cap: $549.4 Mil
Sector: Materials
Industry: Gold

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%

Megatrend and thematic drivers
Megatrends include Global Resource Supply. Themes include Precious Metals Mining.

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -10 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6%

Key risks
THM key risks include [1] financing the massive ~$1.9B capital expenditure required for its single Livengood project and [2] the project's economic viability being highly dependent on elevated gold prices due to its high-cost, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -20%
1 Megatrend and thematic drivers
Megatrends include Global Resource Supply. Themes include Precious Metals Mining.
2 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -10 Mil
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.6%
5 Key risks
THM key risks include [1] financing the massive ~$1.9B capital expenditure required for its single Livengood project and [2] the project's economic viability being highly dependent on elevated gold prices due to its high-cost, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/15/2026

International Tower Hill Mines (THM) stock has gained about 5% since 6/30/2026 because of the following key factors:

1. Advancement of the Livengood Gold Project: International Tower Hill Mines continued to advance its flagship Livengood Gold Project in Alaska since Q2 2026, initiating a feasibility study and an expanded drilling program in 2026 to further characterize the 13.6 million ounces in gold resources and 9.0 million ounces in proven and probable reserves. The company announced the launch of its drilling program in May 2026 and stated it would use its raised capital to support feasibility studies and metallurgical work.

2. New Executive Leadership Appointment: Effective July 27, 2026, International Tower Hill Mines announced a significant executive leadership transition, appointing David Wiens as Chief Executive Officer and Director, and Shane Parrow as President, Chief Operating Officer, and Director. This new leadership team was brought in to leverage their extensive experience in capital markets, project financing, and Alaskan operations to advance the Livengood project through its feasibility, permitting, and development phases.

Show more
Updated on 10/15/2026

International Tower Hill Mines (THM) stock has gained about 5% since 6/30/2026 because of the following key factors:

1. Advancement of the Livengood Gold Project: International Tower Hill Mines continued to advance its flagship Livengood Gold Project in Alaska since Q2 2026, initiating a feasibility study and an expanded drilling program in 2026 to further characterize the 13.6 million ounces in gold resources and 9.0 million ounces in proven and probable reserves. The company announced the launch of its drilling program in May 2026 and stated it would use its raised capital to support feasibility studies and metallurgical work.

2. New Executive Leadership Appointment: Effective July 27, 2026, International Tower Hill Mines announced a significant executive leadership transition, appointing David Wiens as Chief Executive Officer and Director, and Shane Parrow as President, Chief Operating Officer, and Director. This new leadership team was brought in to leverage their extensive experience in capital markets, project financing, and Alaskan operations to advance the Livengood project through its feasibility, permitting, and development phases.

3. Strengthened Financial Position from Equity Financing: The company reported a strengthened balance sheet in its Q2 2026 financial results, filed on August 12, 2026, highlighting $110.1 million in working capital. This robust financial position was largely due to approximately $118.1 million raised through equity financings in the first half of fiscal year 2026 (H1 2026) at $2.22 per share, which management allocated towards an expanded $20-25 million work program for the Livengood Gold Project in 2026.

4. Favorable Gold Price Environment: The macroeconomic backdrop of a supportive gold price environment contributed to the positive sentiment for gold developers like International Tower Hill Mines. Spot gold prices were holding near two-month highs above $4,400 per ounce, with J.P. Morgan forecasting prices averaging $6,000 per ounce by Q4 2026, providing a favorable outlook for the value of the Livengood Gold Project. Gold's average closing price this year was $4,530.32 per ounce.

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Stock Movement Drivers

Fundamental Drivers

The 6.0% change in THM stock from 6/30/2026 to 10/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610202026Change
Stock Price ($)1.992.116.0%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)246262-6.1%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/20/2026
ReturnCorrelation
THM6.0% 
Market (SPY)3.0%32.5%
Sector (XLB)0.8%47.5%

Fundamental Drivers

The -8.3% change in THM stock from 3/31/2026 to 10/20/2026 was primarily driven by a -18.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)331202610202026Change
Stock Price ($)2.302.11-8.3%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)213262-18.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/20/2026
ReturnCorrelation
THM-8.3% 
Market (SPY)18.6%43.5%
Sector (XLB)2.9%50.1%

Fundamental Drivers

The 28.7% change in THM stock from 9/30/2025 to 10/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510202026Change
Stock Price ($)1.642.1128.7%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)208262-20.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/20/2026
ReturnCorrelation
THM28.7% 
Market (SPY)16.4%35.9%
Sector (XLB)15.9%45.0%

Fundamental Drivers

The 499.4% change in THM stock from 9/30/2023 to 10/20/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310202026Change
Stock Price ($)0.352.11499.4%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple∞∞0.0%
Shares Outstanding (Mil)195262-25.3%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/20/2026
ReturnCorrelation
THM499.4% 
Market (SPY)86.1%21.5%
Sector (XLB)37.5%29.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
THM Return-47%-42%38%-22%308%14%54%
Peers Return350%-20%-16%34%184%-5%998%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
THM Win Rate17%33%42%42%83%60% 
Peers Win Rate38%35%47%45%65%44% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
THM Max Drawdown-57%-66%-53%-49%-47%-52% 
Peers Max Drawdown-45%-56%-51%-46%-35%-49% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: NG, SA, PPTA, IAUX, VGZ.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/20/2026 (YTD)

How Low Can It Go

EventTHMS&P 500
2024 Yen Carry Trade Unwind
  % Loss-19.9%-7.8%
  % Gain to Breakeven24.9%8.5%
  Time to Breakeven11 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven26.9%10.5%
  Time to Breakeven11 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.9%-6.7%
  % Gain to Breakeven53.5%7.1%
  Time to Breakeven180 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.1%-24.5%
  % Gain to Breakeven75.8%32.4%
  Time to Breakeven541 days427 days
2020 COVID-19 Crash
  % Loss-34.0%-33.7%
  % Gain to Breakeven51.4%50.9%
  Time to Breakeven55 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-17.8%-19.2%
  % Gain to Breakeven21.6%23.8%
  Time to Breakeven21 days105 days

Compare to NG, SA, PPTA, IAUX, VGZ

In The Past

International Tower Hill Mines's stock fell -5.8% during the 2025 US Tariff Shock. Such a loss loss requires a 6.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTHMS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-21.2%-9.5%
  % Gain to Breakeven26.9%10.5%
  Time to Breakeven11 days24 days
2023 SVB Regional Banking Crisis
  % Loss-34.9%-6.7%
  % Gain to Breakeven53.5%7.1%
  Time to Breakeven180 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.1%-24.5%
  % Gain to Breakeven75.8%32.4%
  Time to Breakeven541 days427 days
2020 COVID-19 Crash
  % Loss-34.0%-33.7%
  % Gain to Breakeven51.4%50.9%
  Time to Breakeven55 days140 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-49.4%-3.7%
  % Gain to Breakeven97.5%3.9%
  Time to Breakeven1254 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-31.9%-12.2%
  % Gain to Breakeven46.9%13.9%
  Time to Breakeven4 days62 days
2014-2016 Oil Price Collapse
  % Loss-72.6%-6.8%
  % Gain to Breakeven264.7%7.3%
  Time to Breakeven105 days15 days
2013 Taper Tantrum
  % Loss-70.3%-0.2%
  % Gain to Breakeven236.7%0.2%
  Time to Breakeven166 days1 days
2008-2009 Global Financial Crisis
  % Loss-56.8%-53.4%
  % Gain to Breakeven131.4%114.4%
  Time to Breakeven88 days1085 days
Summer 2007 Credit Crunch
  % Loss-26.9%-8.6%
  % Gain to Breakeven36.8%9.5%
  Time to Breakeven600 days47 days

Compare to NG, SA, PPTA, IAUX, VGZ

In The Past

International Tower Hill Mines's stock fell -5.8% during the 2025 US Tariff Shock. Such a loss loss requires a 6.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About International Tower Hill Mines (THM)

International Tower Hill Mines Ltd. (THM) is a mineral exploration company primarily focused on the acquisition, exploration, and development of mineral properties. Its flagship asset is the Livengood gold project, a significant land holding covering approximately 19,546 hectares located northwest of Fairbanks, Alaska.

The company's core business revolves around identifying and proving up economically viable gold deposits. While currently in the exploration and development phase, its main "product" will ultimately be gold, extracted from the Livengood project once it progresses to a potential mining operation. This involves extensive geological surveying, drilling, and resource modeling to assess the project's potential.

As an exploration and development company, International Tower Hill Mines primarily serves the market of investors seeking exposure to the precious metals sector, particularly gold. These investors typically participate in the company's growth story as it works to advance its Livengood project towards potential production or strategic partnership, ultimately aiming to capitalize on future gold market prices.

AI Analysis | Feedback

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Here are 1-2 brief analogies to describe International Tower Hill Mines (THM):

  • A startup Barrick Gold, focused on developing a single, massive gold deposit.
  • A biotech company with a blockbuster drug candidate in late-stage clinical trials, but years away from market.
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AI Analysis | Feedback

  • Mineral Property Acquisition: The company acquires rights and interests in mineral properties with exploration potential.
  • Mineral Exploration: It conducts geological surveys and drilling to discover and delineate gold deposits, specifically at its Livengood project.
  • Mineral Property Development: The company undertakes activities to advance its discovered gold projects towards potential mining operations.

AI Analysis | Feedback

International Tower Hill Mines Ltd. (THM) is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties, specifically the Livengood gold project in Alaska. As an exploration company, it is in the pre-production phase and does not currently produce or sell gold or other mineral products.

Therefore, International Tower Hill Mines Ltd. does not have major customers in the traditional sense, as it is not yet generating revenue from the sale of minerals to other companies or individuals.

AI Analysis | Feedback

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Karl L. Hanneman Chief Executive Officer

Mr. Hanneman was appointed Chief Executive Officer in February 2017 and has over 30 years of Alaska-based mining experience. He was previously the Chief Operating Officer for International Tower Hill Mines, joining the company in May 2010. His experience includes a key role in successfully resolving permitting issues at the Red Dog Mine and serving as Alaska Regional Manager during the initial development and permitting of the Pogo Gold Mine for Teck/Sumitomo. Mr. Hanneman also serves as a director of Usibelli Coal Mine, Inc., a private company, and Northrim BanCorp, Inc., a public bank holding company.

David A. Cross Chief Financial Officer

Mr. Cross was appointed Chief Financial Officer in May 2015. He is a Chartered Professional Accountant with a background in public accounting and financial management, specifically for junior mineral exploration companies. His past experience includes officer, director, and senior management positions, as well as five years at Davidson & Company LLP Chartered Accountants. Mr. Cross is also the CFO of several other junior mineral exploration companies and remains a partner in Cross Davis & Company LLP.

Debbie L. Evans Corporate Controller & Corporate Secretary

Ms. Evans has 20 years of experience in mine controller and mine accounting positions. Before joining International Tower Hill Mines, she served as the Mines Controller for the Kensington Mine operated by Coeur Alaska Inc., Controller at the Fort Knox Mine, and Chief Accountant for the East Boulder Mine. She also held senior accounting positions at the Stillwater, Round Mountain, and ASARCO Mines.

AI Analysis | Feedback

International Tower Hill Mines Ltd. (THM) faces several significant risks inherent to its business model as a pre-revenue mineral exploration and development company focused on a single large-scale gold project.

  1. Significant Capital Requirements and Funding Risk: The Livengood Gold Project requires substantial capital investment, with initial capital expenditures estimated between $1.84 billion and $1.93 billion to bring the mine into production. As a company generating no revenue, International Tower Hill Mines is reliant on equity financing to fund its operations and advance the project. While recent financing efforts have raised capital, the sheer magnitude of the required investment poses an ongoing challenge, and the project's economics are highly sensitive to the cost of capital and overall funding availability.
  2. Permitting and Regulatory Challenges: The successful development of the Livengood Gold Project is subject to obtaining numerous environmental and operating permits from various governmental agencies. The permitting process for large-scale mining projects, particularly in regions like Alaska, can be lengthy, complex, and subject to delays or opposition. Difficulties or delays in securing the necessary permits could significantly impede project development and impact its economic viability.
  3. Gold Price Volatility: The economic viability of the Livengood Gold Project is highly sensitive to fluctuations in the market price of gold. Pre-Feasibility Study results have indicated that the project is only marginally viable at certain gold price assumptions, with a relatively low internal rate of return (IRR) at lower gold prices. A sustained decline in gold prices could negatively impact the project's profitability and its ability to attract necessary financing for development.

AI Analysis | Feedback

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AI Analysis | Feedback

International Tower Hill Mines Ltd. (THM) is a mineral exploration company primarily focused on the Livengood gold project in Alaska. Therefore, its main addressable market is the gold market. The addressable market sizes for gold are as follows:
  • Global Gold Market: The global gold market size was 4,890.0 tons in 2025 and is projected to grow to 5,118.1 tons in 2026 and 7,424.4 tons by 2034, with a compound annual growth rate (CAGR) of 4.70% during the forecast period. In terms of value, the global gold market was estimated at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% from 2025 to 2030.
  • U.S. Gold Market: The U.S. gold market is expected to reach 343.7 tons in 2026. More broadly, the U.S. precious metal market, in which gold was the largest revenue-generating metal in 2024, generated USD 30,277.7 million in 2024 and is expected to reach USD 48,432.4 million by 2030.
  • Alaska Gold Market (Gold & Silver Ore Mining Industry): The market size of the Gold & Silver Ore Mining industry in Alaska is projected to be USD 2.0 billion in 2026. Gold production from Alaska mines in 2024 accounted for approximately USD 2 billion, representing about half of the total value of minerals produced in the state.

AI Analysis | Feedback

International Tower Hill Mines Ltd. (THM) is a mineral exploration company primarily focused on advancing its Livengood gold project in Alaska. As a pre-revenue development-stage company, its future revenue growth over the next 2-3 years will be driven by key milestones that enhance the project's value and move it closer to production or monetization.

Here are 3-5 expected drivers of future revenue growth for International Tower Hill Mines:

  1. Advancement of the Livengood Gold Project through Feasibility and Permitting: International Tower Hill Mines' primary focus and a key driver of future revenue potential is the progression of its Livengood Gold Project through critical development phases, including comprehensive feasibility studies and securing necessary permits. The company recently completed an approximate $115 million financing round in January 2026, with a significant portion allocated to these studies and community engagement efforts to advance the project. Successful completion of these stages will de-risk the project, making it more attractive for further investment and ultimately paving the way for a construction decision and eventual gold production.

  2. Successful Development and Monetization of Antimony as a Co-Product: The Livengood deposit contains massive stibnite (antimony) veins, and International Tower Hill Mines has initiated metallurgical studies to determine the economic viability of recovering antimony as a co-product. Positive results from these studies and the potential to establish a recoverable antimony resource could introduce an additional revenue stream, significantly enhancing the overall economics and value proposition of the Livengood project.

  3. Securing Substantial Project Financing or Strategic Partnerships: The Livengood Gold Project has an estimated initial capital expenditure of $1.93 billion. Future revenue generation from the mine is contingent on securing this substantial capital. This could involve further significant financing rounds, entering into joint ventures with larger mining companies, or establishing strategic partnerships that provide the necessary funding and expertise to transition the project from development to construction and operation.

  4. Favorable Gold Price Environment: While International Tower Hill Mines is currently pre-revenue, the long-term profitability and attractiveness of its Livengood project are highly sensitive to gold prices. A sustained high gold price environment significantly increases the project's net present value (NPV) and internal rate of return (IRR), as illustrated by a pre-feasibility study showing a marginal 5.3% IRR at $1,680/oz gold. Elevated gold prices make the substantial capital investment more appealing, thereby accelerating the path to project development and eventual gold sales revenue.

AI Analysis | Feedback

International Tower Hill Mines (THM) has made the following capital allocation decisions over the last 3-5 years:

Share Issuance

  • In January 2026, the company completed an upsized equity financing, raising approximately US$115 million (upsized to ~$118 million with underwriters' option) through a public offering and a concurrent private placement.
  • A non-brokered private placement in March 2025 issued 8,192,031 common shares, generating gross proceeds of approximately US$3.9 million.
  • In January 2024, the company issued 3,807,911 common shares through a non-brokered private placement, raising gross proceeds of approximately US$2.5 million.

Inbound Investments

  • Paulson & Co. Inc. participated in the January 2026 equity financing with an initial investment of US$40 million and an additional US$3.3 million.
  • As of July 2025, Paulson & Co. Inc. was the largest shareholder, holding a 34% stake in International Tower Hill Mines.
  • Existing major shareholders participated in private placements in March 2025 and January 2024.

Capital Expenditures

  • Capital expenditures are primarily focused on advancing the Livengood Gold Project, encompassing activities such as drilling, metallurgical studies (including antimony recoverability), feasibility studies, and baseline environmental work.
  • The approximately US$118 million gross proceeds from the January 2026 equity financings are specifically allocated to these project advancement activities.
  • The Technical Report Summary (TRS) for the Livengood Gold Project estimates the initial capital costs for the project at US$1.93 billion.

Peer Outperformance in Gold

THM has outperformed 65% of its 34 Gold peers over 5Y. Gold ranks 3rd of 15 industries in Materials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Gold constituents that THM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
55%
of 40 industry peers · -0.5% return
3Y
87%
of 39 industry peers · 391.8% return
5Y
65%
of 34 industry peers · 164.6% return
No Gold peer with a comparable growth profile has beaten THM by more than 20pp over 5Y.
Median price return by industry across the Materials sector, ranked by 5Y. Gold is THM's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Copper 7 45.6%124.7%141.0% SCCO 280% · TGB 249% · HBM 221%
Steel 14 22.4%47.5%140.3% STLD 304% · HCC 264% · RS 203%
Gold ← 35 -2.2%173.1%120.6% IAG 517% · OGC 395% · KGC 311%
Silver 6 21.7%260.7%108.6% AYA 251% · HL 166% · SVM 128%
Aluminum 3 5.5%164.4%60.4% CENX 109% · KALU 60% · AA -18%
Construction Materials 6 -21.2%26.0%41.9% USLM 359% · CRH 89% · VMC 47%
Metal, Glass & Plastic Containers 11 -4.1%7.0%4.8% GEF 48% · SLGN 7% · ATR 5%
Paper & Plastic Packaging Products & Materials 7 15.1%15.4%-4.6% PKG 104% · CCK 14% · SON 0%
Diversified Metals & Mining 23 -65.2%-17.8%-9.1% USAR 33658% · MTRN 243% · MP 8%
Diversified Chemicals 3 6.8%0.5%-18.2% CBT 52% · ASH -18%
Specialty Chemicals 41 10.1%7.6%-21.1% NEU 159% · ESI 70% · SXT 56%
Commodity Chemicals 13 -1.1%-25.5%-34.8% HWKN 259% · MEOH 44% · DOW -33%
Precious Metals & Minerals 8 -20.2%153.0%-45.4% PPTA 280%
Fertilizers & Agricultural Chemicals 10 -45.3%-54.9%-61.6% CF 117% · NTR 14% · MOS -52%
Paper Products 4 -33.8%-55.8%-75.5%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

THMNGSAPPTAIAUXVGZMedian
NameInternat.Novagold.Seabridg.Perpetua.i-80 GoldVista Go. 
Mkt Price2.106.5025.8218.701.502.724.61
Mkt Cap0.52.92.82.31.30.41.8
Rev LTM000013000
Op Inc LTM-10-38-24-258-120-11-31
FCF LTM-2-21-175-226-186-8-98
FCF 3Y Avg-3-14-162-95-120-7-55
CFO LTM-2-21-18-180-144-7-20
CFO 3Y Avg-3-14-16-79-100-7-15

Growth & Margins

THMNGSAPPTAIAUXVGZMedian
NameInternat.Novagold.Seabridg.Perpetua.i-80 GoldVista Go. 
Rev Chg LTM----69.7%-69.7%
Rev Chg 3Y Avg----45.1%-45.1%
Rev Chg Q-----12.5%--12.5%
QoQ Delta Rev Chg LTM-----2.6%--2.6%
Op Inc Chg LTM-146.5%-64.6%-13.7%-999.5%-56.8%-17.7%-60.7%
Op Inc Chg 3Y Avg-55.7%-26.1%-2.9%-343.7%-21.5%-17.3%-23.8%
Op Mgn LTM-----91.9%--91.9%
Op Mgn 3Y Avg-----126.5%--126.5%
QoQ Delta Op Mgn LTM-----13.9%--13.9%
CFO/Rev LTM-----110.9%--110.9%
CFO/Rev 3Y Avg-----119.6%--119.6%
FCF/Rev LTM-----142.9%--142.9%
FCF/Rev 3Y Avg-----142.2%--142.2%

Valuation

THMNGSAPPTAIAUXVGZMedian
NameInternat.Novagold.Seabridg.Perpetua.i-80 GoldVista Go. 
Mkt Cap0.52.92.82.31.30.41.8
P/S----9.9-9.9
P/Op Inc-54.1-74.8-113.7-9.1-10.8-37.2-45.6
P/EBIT-54.1-36.751.6-9.1-5.6-37.2-22.9
P/E-174.2-30.879.8-10.1-5.0-46.5-20.4
P/CFO-319.9-136.1-151.0-13.0-9.0-55.0-95.5
Total Yield-0.6%-3.3%1.3%-9.9%-19.9%-2.2%-2.7%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-1.7%-0.6%-10.2%-6.6%-20.4%-6.3%-6.4%
D/E0.00.10.20.00.30.00.0
Net D/E-0.2-0.10.2-0.2-0.0-0.1-0.1

Returns

THMNGSAPPTAIAUXVGZMedian
NameInternat.Novagold.Seabridg.Perpetua.i-80 GoldVista Go. 
1M Rtn-19.2%-10.6%-16.6%-19.6%-16.2%20.4%-16.4%
3M Rtn-1.9%15.5%-2.0%0.4%11.1%61.9%5.8%
6M Rtn-16.7%-30.8%-16.0%-38.4%-5.7%31.4%-16.3%
12M Rtn-0.9%-35.7%-2.9%-31.4%37.6%38.8%-1.9%
3Y Rtn389.5%70.2%123.2%408.0%-5.1%647.3%256.3%
1M Excs Rtn-18.8%-10.3%-15.1%-19.7%-12.4%0.6%-13.8%
3M Excs Rtn-4.0%2.5%-7.6%-1.1%3.5%54.2%0.7%
6M Excs Rtn-25.1%-39.2%-24.5%-46.8%-14.0%23.0%-24.8%
12M Excs Rtn-9.9%-46.9%-16.5%-41.1%28.0%22.4%-13.2%
3Y Excs Rtn348.4%-5.4%48.7%321.7%-85.6%558.0%185.2%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Exploration and development of mineral properties5757576063
Total5757576063


Price Behavior

Price Behavior
Market Price$2.11 
Market Cap ($ Bil)0.6 
First Trading Date02/23/2007 
Distance from 52W High-41.6% 
   50 Days200 Days
DMA Price$2.52$2.43
DMA Trendupup
Distance from DMA-16.4%-13.3%
 3M1YR
Volatility82.3%88.2%
Downside Capture204.32292.59
Upside Capture188.83256.57
Correlation (S&P 500)32.2%43.0%
THM Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta2.592.622.562.932.721.23
Up Beta0.031.322.582.352.791.49
Down Beta14.6015.798.236.213.601.02
Up Capture167%303%208%252%552%346%
Bmk +ve Days6162766132424
Stock +ve Days9212958116355
Down Capture168%-57%65%212%160%98%
Bmk -ve Days16263760120328
Stock -ve Days11193161123377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with THM
THM5.5%88.2%0.45-
Sector ETF (XLB)18.2%17.8%0.7848.2%
Equity (SPY)16.8%12.7%0.9341.1%
Gold (GLD)-2.9%29.3%-0.1070.4%
Commodities (DBC)52.5%20.7%1.9316.0%
Real Estate (VNQ)5.1%13.8%0.1110.2%
Bitcoin (BTCUSD)-23.7%43.6%-0.5038.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with THM
THM20.3%83.7%0.58-
Sector ETF (XLB)6.7%19.1%0.2426.4%
Equity (SPY)13.6%17.1%0.6119.2%
Gold (GLD)18.1%18.9%0.7745.4%
Commodities (DBC)9.7%19.5%0.3815.2%
Real Estate (VNQ)1.4%18.9%-0.0312.4%
Bitcoin (BTCUSD)7.7%51.7%0.3319.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with THM
THM11.0%79.2%0.48-
Sector ETF (XLB)10.2%20.7%0.4317.7%
Equity (SPY)15.3%17.9%0.7212.7%
Gold (GLD)12.1%16.4%0.6042.7%
Commodities (DBC)8.2%18.1%0.3714.1%
Real Estate (VNQ)5.2%20.7%0.2111.8%
Bitcoin (BTCUSD)62.9%66.2%1.0312.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9302026
Short Interest: Shares Quantity3.1 Mil
Short Interest: % Change Since 915202610.7%
Average Daily Volume0.9 Mil
Days-to-Cover Short Interest3.3 days
Basic Shares Quantity261.6 Mil
Short % of Basic Shares1.2%

Earnings Returns History

Updated 6/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/08/202610-Q
12/31/202503/11/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/08/202410-K
09/30/202311/08/202310-Q
06/30/202308/07/202310-Q
03/31/202305/05/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/12/202610-Q
03/31/202605/08/202610-Q
12/31/202503/11/202610-K
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/12/202510-K
09/30/202411/07/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/08/202410-K
09/30/202311/08/202310-Q
06/30/202308/07/202310-Q
03/31/202305/05/202310-Q
12/31/202203/08/202310-K
09/30/202211/10/202210-Q
06/30/202208/05/202210-Q
03/31/202205/12/202210-Q
12/31/202103/09/202210-K
09/30/202111/12/202110-Q
06/30/202108/06/202110-Q
03/31/202105/07/202110-Q
12/31/202003/10/202110-K
09/30/202011/06/202010-Q
06/30/202008/10/202010-Q
03/31/202005/08/202010-Q
12/31/201903/10/202010-K
09/30/201911/07/201910-Q

Insider Activity

Updated 9/18/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wiens, David VictorChief Executive OfficerDirectBuy91820262.3983,682200,0001,634,872Form
2Paulson, & CO Inc Managed FundsBuy42020262.564,913,66512,578,982267,485,960Form
3Electrum, Global Holdings LP DirectBuy12920262.223,153,1537,000,0007,000,000Form
4Paulson, & CO Inc Managed FundsBuy12720262.2218,018,01840,000,000195,931,441Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wiens, David VictorChief Executive OfficerDirectBuy91820262.3983,682200,0001,634,872Form
2Paulson, & CO Inc Managed FundsBuy42020262.564,913,66512,578,982267,485,960Form
3Electrum, Global Holdings LP DirectBuy12920262.223,153,1537,000,0007,000,000Form
4Paulson, & CO Inc Managed FundsBuy12720262.2218,018,01840,000,000195,931,441Form

Investor Activity (13F)

Updated Oct 21, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paulson & Co. Inc.$229.0 Mil7.4%9ADD +41.8%13F
Electrum Group LLC$73.4 Mil6.8%8ADD +11.0%13F
Kopernik Global Investors, LLC$40.6 Mil2.8%27ADD +22.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paulson & Co. Inc.$229.0 Mil7.4%9ADD +41.8%13F
Kopernik Global Investors, LLC$40.6 Mil2.8%27ADD +22.2%13F
Electrum Group LLC$73.4 Mil6.8%8ADD +11.0%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Paulson & Co. Inc.$229.0 Mil7.4%9ADD +41.8%13F
Electrum Group LLC$73.4 Mil6.8%8ADD +11.0%13F
Kopernik Global Investors, LLC$40.6 Mil2.8%27ADD +22.2%13F
Core Cache Last Updated: 10/20/2026