Current Business Activities

General ITH is a company engaged in the acquisition and development of mineral properties. 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”. The Company has not yet begun extraction of mineralization from the deposit or reached commercial production. 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 a measured and indicated mineral resource, 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.

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. 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, changes in the target grind for the mill, new engineering estimates, and updated cost inputs, all of which significantly de-risk the Project. 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.

2025 Outlook On March 4, 2025, the Company announced that it had completed a non-brokered private placement (the “Private Placement”) to raise gross proceeds of approximately $3.9 million. The Company intends to use the net proceeds for working capital, general administrative purposes, and advancing antimony metallurgical studies.

On March 12, 2025, the Company announced a 2025 budget of $3.7 million and a work program to advance the Livengood Gold Project, including metallurgical studies to evaluate antimony recovery, community engagement, and environmental data collection.

The Company remains open to a strategic alliance to help support the future development of the Project while considering all other appropriate financing options.

Results of Operations

The Company incurred a net loss of $3,599,372 for the year ended December 31, 2024 compared to a net loss of $3,397,969 for the year ended December 31, 2023. The increase in net loss was mainly due to higher share-based payment charges, wages and benefits, and investor relations expenses, partially offset by lower consulting fees, professional fees, travel costs, and office and miscellaneous costs.

The Company had cash and cash equivalents of $992,487 at December 31, 2024 compared to $1,687,690 at December 31, 2023. The decrease in cash was primarily due to operating activities of $2.9 million, partially offset by net financing activities of $2.3 million.

Liquidity and Capital Resources

As of December 31, 2024, the Company had working capital of $959,703. Based on the cash on hand and the proceeds from the recent Private Placement, management believes the Company has sufficient financial resources to maintain its operations for the next twelve months.

However, the Company will require significant additional financing to continue its operations beyond 2025 and to advance the Livengood Gold Project. There is significant uncertainty regarding the Company’s ability to secure additional financing in the current or future equity markets.

Critical Accounting Estimates

The Company’s critical accounting estimates include the assessment of impairment of its mineral property assets and the determination of stock-based compensation expense. The Company evaluates the recoverability of its mineral property assets based on the undiscounted cash flows using the life of mine cash flows from the Livengood Gold Project TRS. The Company uses the Black-Scholes option pricing model and Monte Carlo simulation to determine the fair value of stock-based compensation awards.