International Tower Hill Mines (THM) 10-Q10 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	May 01, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-33638
Entity Registrant Name	INTERNATIONAL TOWER HILL MINES LTD
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-0668474
Entity Address, Address Line One	1570 - 200 Burrard Street
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V6C 3L6
City Area Code	604
Local Phone Number	683-6332
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	THM
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		199,693,442
Entity Central Index Key	0001134115
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current
Cash and cash equivalents	$ 2,588,036	$ 1,687,690
Short-term investments	1,000,000	0
Prepaid expenses and other	209,653	304,726
Total current assets	3,797,689	1,992,416
Property and equipment	7,465	7,465
Capitalized acquisition costs	55,375,124	55,375,124
Total assets	59,180,278	57,375,005
Current liabilities
Accounts payable	112,090	92,855
Accrued liabilities	172,477	142,096
Total liabilities	284,567	234,951
Shareholders' equity
Share capital, no par value; unlimited number of authorized shares; 199,693,442 and 195,885,531 shares issued and outstanding at March 31, 2024 December 31, 2023, respectively	291,179,336	288,866,139
Contributed surplus	36,323,675	36,309,865
Accumulated other comprehensive income	1,502,786	1,528,828
Deficit	(270,110,086)	(269,564,778)
Total shareholders' equity	58,895,711	57,140,054
Total liabilities and shareholders' equity	$ 59,180,278	$ 57,375,005

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
Share capital, no par value	$ 0	$ 0
Share capital, shares issued	199,693,442	195,885,531
Share capital, shares outstanding	199,693,442	195,885,531

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses
Consulting fees	$ 57,563	$ 57,635
Insurance	52,876	49,574
Investor relations	9,816	4,071
Mineral property	130,104	145,895
Office	4,475	2,908
Other	4,164	4,222
Professional fees	42,259	41,305
Regulatory	67,450	61,364
Rent	33,796	33,796
Travel	2,114	1,911
Wages and benefits	208,292	115,649
Total operating expenses	(612,909)	(518,330)
Other income (expenses)
Gain (loss) on foreign exchange	38,404	(6,773)
Interest income	29,197	21,566
Total other income	67,601	14,793
Net loss for the period	(545,308)	(503,537)
Other comprehensive income
Exchange difference on translating foreign operations	(26,042)	615
Total other comprehensive income for the period	(26,042)	615
Comprehensive loss for the period	$ (571,350)	$ (502,922)
Basic loss per share	$ 0	$ 0
Diluted loss per share	$ 0	$ 0
Weighted average number of shares outstanding - basic	198,982,074	195,313,184
Weighted average number of shares outstanding - diluted	198,982,074	195,313,184

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Share Capital	Contributed Surplus	Accumulated Other Comprehensive Income	Deficit	Total
Balance at beginning at Dec. 31, 2022	$ 288,484,901	$ 36,275,917	$ 1,500,196	$ (266,166,809)	$ 60,094,205
Balance at beginning (in shares) at Dec. 31, 2022	195,313,184
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Stock-based compensation-options	$ 0	20,268	0	0	20,268
Exchange difference on translating foreign operations	0	0	615	0	615
Net loss	0	0	0	(503,537)	(503,537)
Balance at end at Mar. 31, 2023	$ 288,484,901	36,296,185	1,500,811	(266,670,346)	59,611,551
Balance at end (in shares) at Mar. 31, 2023	195,313,184
Balance at beginning at Dec. 31, 2023	$ 288,866,139	36,309,865	1,528,828	(269,564,778)	$ 57,140,054
Balance at beginning (in shares) at Dec. 31, 2023	195,885,531				195,885,531
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Share issuance	$ 2,528,453	0	0	0	$ 2,528,453
Share issuance (in shares)	3,807,911
Share issuance costs	$ (215,256)	0	0	0	(215,256)
Stock-based compensation-options	0	13,810	0	0	13,810
Exchange difference on translating foreign operations	0	0	(26,042)	0	(26,042)
Net loss	0	0	0	(545,308)	(545,308)
Balance at end at Mar. 31, 2024	$ 291,179,336	$ 36,323,675	$ 1,502,786	$ (270,110,086)	$ 58,895,711
Balance at end (in shares) at Mar. 31, 2024	199,693,442				199,693,442

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Loss for the period	$ (545,308)	$ (503,537)
Add items not affecting cash:
Stock-based compensation-options	13,810	20,268
Changes in non-cash items:
Accounts receivable	(34,598)	(20,971)
Prepaid expenses and other	124,763	2,933
Accounts payable and accrued liabilities	(12,985)	(115,419)
Cash and cash equivalents used in operating activities	(454,318)	(616,726)
Financing Activities
Issuance of shares	2,528,453	0
Share issuance costs	(150,256)	0
Cash and cash equivalents provided by financing activities	2,378,197	0
Investing Activities
Short-term investments	(1,000,000)	0
Cash and cash equivalents used by investing activities	(1,000,000)	0
Effect of foreign exchange on cash	(23,533)	598
Change in cash and cash equivalents	900,346	(616,128)
Cash and cash equivalents, beginning of the period	1,687,690	4,847,429
Cash and cash equivalents, end of the period	2,588,036	4,231,301
Non-cash financing and investing transactions
Share issuance costs in accrued liabilities	$ 65,000	$ 0

GENERAL INFORMATION AND NATURE

GENERAL INFORMATION AND NATURE OF OPERATIONS	3 Months Ended
GENERAL INFORMATION AND NATURE OF OPERATIONS	Mar. 31, 2024
GENERAL INFORMATION AND NATURE OF OPERATIONS
GENERAL INFORMATION AND NATURE OF OPERATIONS	1. GENERAL INFORMATION AND NATURE OF OPERATIONS International Tower Hill Mines Ltd. (“ITH” or the “Company”) is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 1570 – 200 Burrard Street, Vancouver, British Columbia, Canada. International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines (US) LLC (“TH US”) (a Colorado limited liability company), and Livengood Placers, Inc. (“LPI”) (a Nevada corporation). The Company is in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At March 31, 2024 These unaudited condensed consolidated interim financial statements have been prepared on a going-concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. As at March 31, 2024 The Company will require significant additional financing to continue its operations (including general and administrative expenses) in connection with advancing activities at the Livengood Gold Project and the development of any mine that may be built at the Livengood Gold Project. There is no assurance that the Company will make a decision to build a mine at the Livengood Gold Project and, if so, that it will be able to obtain the additional financing required on acceptable terms, if at all. In addition, any significant delays in the issuance of required permits for the ongoing work at the Livengood Gold Project, or unexpected results in connection with the ongoing work, could result in the Company being required to raise additional funds to advance permitting efforts. The Company’s review of its financing options includes considering a future strategic alliance to assist in further development, permitting and future construction costs, although there can be no assurance that any such strategic alliance will, in fact, be pursued or realized. Despite the Company’s success to date in raising significant equity financing to fund its operations, there is significant uncertainty that the Company will be able to secure any additional financing in the current or future equity markets. The amount of funds to be raised and the terms of any proposed equity financing that may be undertaken will be negotiated by management as opportunities to raise funds arise. Specific plans related to the use of proceeds will be devised once financing has been completed and management knows what funds will be available for these purposes. As at May 9, 2024, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2024
BASIS OF PRESENTATION
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of 1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2023 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management, these financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary to present fairly the Company’s financial position at March 31, 2024 March 31, 2024 The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. On May 9,2024, the Board of Directors of the Company (the “Board”) approved these condensed consolidated interim financial statements. All currency amounts are stated in U.S. dollars unless noted otherwise. References to C$ refer to Canadian currency. Basis of consolidation These condensed consolidated interim financial statements include the accounts of ITH and its wholly-owned subsidiaries TH Alaska, TH US, and LPI. All intercompany transactions and balances have been eliminated.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Mar. 31, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of cash and cash equivalents, short-term investments, accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these financial instruments. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the significance of the inputs used in making the measurement. The three levels of the fair value hierarchy are as follows: ● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; ● Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and ● Level 3 – Inputs that are not based on observable market data. There were no financial instruments measured at fair value.

MINERAL PROPERTY

MINERAL PROPERTY	3 Months Ended
MINERAL PROPERTY	Mar. 31, 2024
MINERAL PROPERTY
MINERAL PROPERTY	4. MINERAL PROPERTY The Company did not incur any acquisition costs in respect of the Livengood Gold Project during the three months ended March 31, 2024: Capitalized acquisition costs Amount Balance, December 31, 2023 $ 55,375,124 Acquisition costs — Balance, March 31, 2024 $ 55,375,124 The following table presents costs incurred for mineral property activities for the three months ended March 31, 2024 and 2023: March 31,2024 March 31,2023 Mineral property costs: Environmental $ 35,274 $ 34,273 Equipment rental 9,278 15,164 Field costs 42,214 50,280 Land maintenance and tenure 30,200 30,200 Legal 12,181 11,568 Transportation and travel 957 4,410 Total expenditures for the period $ 130,104 $ 145,895 Livengood Gold Project Property The Livengood property is located in the Tintina gold belt approximately 70 miles (113 kilometers) northwest of Fairbanks, Alaska. The property consists of land leased from the Alaska Mental Health Trust, a number of smaller private mineral leases, Alaska state mining claims purchased or located by the Company and patented ground held by the Company. Details of the leases are as follows: a) A lease of the Alaska Mental Health Trust mineral rights having a term commencing July 1, 2004 and extending 19 years until June 30, 2023, subject to further extensions beyond June 30, 2023 by either (1) commercial production or (2) payment of an annual advance minimum royalty equal to 125% of the amount paid in year 19 and diligent pursuit of development. Both requirements of (2) above have been satisfied through June 30, 2024. The lease requires minimum work expenditures and advance minimum royalties (all of which minimum royalties are recoverable from production royalties) which escalate annually with inflation. A net smelter return (“NSR”) production royalty of between 2.5% and 5.0% (depending upon the price of gold) is payable to the lessor with respect to the lands subject to this lease. In addition, an NSR production royalty of l% is payable to the lessor with respect to the unpatented federal mining claims subject to the lease described in b) below and an NSR production royalty of between 0.5% and 1.0% (depending upon the price of gold) is payable to the lessor with respect to the lands acquired by the Company as a result of the purchase of LPI in December 2011. During the three months ended March 31, 2024 and from the inception of this lease, the Company has paid $ Nil and $4,813,947 , respectively. b) A lease of federal unpatented lode mining claims having an initial term of ten years commencing on April 21, 2003 and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $50,000 on or before each anniversary date for the duration of the lease (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of between 2% and 3% (depending on the price of gold) is payable to the lessors. The Company may purchase 1% of the royalty for $1,000,000 . During the three months ended March 31, 2024 and from the inception of this lease, the Company has paid $ Nil and $980,000 , respectively. c) A lease of patented lode mining claims having an initial term of ten years commencing January 18, 2007, and continuing for so long thereafter as advance minimum royalties are paid. The lease requires an advance minimum royalty of $20,000 on or before each anniversary date through January 18, 2017 and $25,000 on or before each subsequent anniversary (all of which minimum royalties are recoverable from production royalties). An NSR production royalty of 3% is payable to the lessors. The Company may purchase all interests of the lessors in the leased property (including the production royalty) for $1,000,000 (less all minimum and production royalties paid to the date of purchase), of which $500,000 is payable in cash over four years following the closing of the purchase and the balance is payable by way of the 3% NSR production royalty. The Company has acquired a 40% interest in the mining claims subject to the lease, providing the Company with a 40% interest in the lease. The Company paid $15,000 of royalties during the three months ended March 31, 2024 , for a total of $310,000 from the inception of this lease. d) A lease of unpatented federal lode mining and federal unpatented placer claims having an initial term of ten years commencing on March 28, 2007, and continuing for so long thereafter as advance minimum royalties are paid and mining related activities, including exploration, continue on the property or on adjacent properties controlled by the Company. The lease requires an advance minimum royalty of $15,000 on or before each anniversary date for the duration of the lease (all of which minimum royalties are recoverable from production royalties). The Company is required to pay the lessor an additional sum of $250,000 upon making a positive production decision, of which $125,000 is payable within 120 days of the decision and $125,000 is payable within a year of the decision (all of which are recoverable from production royalties). An NSR production royalty of 2% is payable to the lessor. The Company may purchase all of the interest of the lessor in the leased property (including the production royalty) for $1,000,000 . The Company paid $15,000 of royalties during the three months ended March 31, 2024 , for a total of $233,000 from the inception of this lease. Title to mineral properties The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps to verify title to all mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company, there can be no assurance that such title will ultimately be secured.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	3 Months Ended
ACCRUED LIABILITIES	Mar. 31, 2024
ACCRUED LIABILITIES
ACCRUED LIABILITIES	5. ACCRUED LIABILITIES The following table presents the Company’s accrued liabilities balances at March 31, 2024 and December 31, 2023. March 31,2024 December 31, 2023 Accrued liabilities $ 143,563 $ 93,719 Accrued salaries and benefits 28,914 48,377 Total accrued liabilities $ 172,477 $ 142,096 Accrued liabilities at March 31, 2024

SHARE CAPITAL

SHARE CAPITAL	3 Months Ended
SHARE CAPITAL	Mar. 31, 2024
SHARE CAPITAL
SHARE CAPITAL	6. SHARE CAPITAL Authorized The Company’s authorized share capital consists of an unlimited number of common shares without par value. At December 31, 2023 and March 31, 2024 issued outstanding Share issuances During the three months ended March 31, 2024, the Company issued 3,807,911 common shares pursuant to a $2.5 million non-brokered private placement at a price of $0.664 per common share to existing major shareholders of the Company. Stock options The Company adopted an incentive stock option plan in 2006, as amended September 19, 2012, and reapproved by the Company’s shareholders on May 28, 2015, May 30, 2018, and May 25, 2021 (the “Stock Option Plan”). The essential elements of the Stock Option Plan provide that the aggregate number of common shares of the Company that may be issued pursuant to options granted under the Stock Option Plan and any other share-based compensation arrangements may not exceed 10% of the number of issued shares of the Company at the time of the granting of options. Options granted under the Stock Option Plan will have a maximum term of ten years. The exercise price of options granted under the Stock Option Plan shall be fixed in compliance with the applicable provisions of the Toronto Stock Exchange (“TSX”) Company Manual in force at the time of grant and, in any event, shall not be less than the closing price of the Company’s common shares on the TSX on the trading day immediately preceding the day on which the option is granted, or such other price as may be agreed to by the Company and accepted by the TSX. Options granted under the Stock Option Plan vest immediately, unless otherwise determined by the Board at the date of grant. A summary of the options outstanding under the Stock Option Plan as of March 31, 2024 and December 31, 2023 is presented below: Three Months Ended Year Ended March 31, 2024 December 31, 2023 Weighted Weighted Average Aggregate Average Aggregate Number of Exercise Price Intrinsic Value Number of Exercise Price Intrinsic Value Options (C$) (C$) Options (C$) (C$) Balance, beginning of the period 1,787,049 $ 0.92 2,287,049 $ 0.95 Granted — — 240,000 0.63 Exercised — — — — Expired (374,817) 0.61 (740,000) 0.91 Balance, end of the period 1,412,232 $ 1.00 $ 74,162 1,787,049 $ 0.92 $ 93,571 The weighted average remaining life of options outstanding at March 31, 2024 Further details regarding stock options outstanding as at March 31, 2024 and December 31, 2023 are presented below: March 31, 2024 December 31, 2023 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 21, 2024 — — — $ 0.61 374,817 374,817 February 1, 2025 $ 1.35 250,000 250,000 $ 1.35 250,000 250,000 August 8, 2025 $ 0.85 187,232 187,232 $ 0.85 187,232 187,232 May 27, 2026 $ 0.92 255,000 255,000 $ 0.92 255,000 255,000 May 25, 2027 $ 1.31 240,000 240,000 $ 1.31 240,000 240,000 May 24, 2028 $ 0.92 240,000 160,000 $ 0.92 240,000 160,000 May 23, 2029 $ 0.63 240,000 80,000 $ 0.63 240,000 80,000 1,412,232 1,172,232 1,787,049 1,547,049 A summary of the non-vested options as of March 31, 2024 and changes during the three months ended March 31, 2024 is as follows: Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2023 240,000 $ 0.73 Outstanding at March 31, 2024 240,000 $ 0.73 At March 31, 2024 Deferred Share Unit Incentive Plan On April 4, 2017, the Company adopted a Deferred Share Unit Plan (the “DSU Plan”). The DSU Plan was approved by the Company’s shareholders on May 24, 2017 and reapproved by the Company’s shareholders on May 27, 2020 and May 25, 2021. The maximum aggregate number of common shares that may be issued under the DSU Plan and the Stock Option Plan is 10% of the number of issued and outstanding common shares (on a non-diluted basis). There were no DSU grants during the three months ended March 31, 2024. During the year ended December 31, 2023, in accordance with the DSU Plan, the Company granted each of the members of the Board as of May 23, 2023 (other than those directors nominated for election by Paulson & Co. Inc.) 131,746 DSUs for a total of 526,984 DSUs with a grant date fair value (defined as the weighted average of the prices at which the common shares traded on the exchange with the most volume for the five trading days immediately preceding the grant) of C$0.63 per DSU, representing C$83,000 per director or C$332,000 in the aggregate. On July 12, 2023, in accordance with the DSU Plan, the Company granted a new member of the Board 145,614 DSUs with a grant date fair value (defined as the weighted average of the prices at which the common shares traded on the exchange with the most volume for the five days immediately preceding the grant) of C$0.57 per DSU, representing C$83,000. Each DSU entitles the holder to receive one common share in the capital of the Company without the payment of any consideration. The DSUs vest immediately upon grant, but the common shares underlying the DSUs are not deliverable to the grantee until the grantee is no longer serving on the Board. DSUs outstanding as at March 31, 2024 and December 31, 2023 are as follows: Three Months Ended Year Ended March 31, 2024 December 31, 2023 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,702,612 $ 0.83 2,602,361 $ 0.89 Issued — — 672,598 $ 0.62 Delivered — — (572,347) $ 0.87 Balance, end of the period 2,702,612 $ 0.83 2,702,612 $ 0.83 Share-based payments During the three months ended March 31, 2024, there were no stock options granted under the Stock Option Plan and no DSUs granted for common shares of the Company under the DSU Plan. Share-based payment compensation for the three months ended March 31, 2024 totaled $13,810 related to stock options. Of the total expense for the period ended March 31, 2024, $863 was included in consulting fees, $863 was included in investor relations, and $12,084 was included in wages and benefits in the statement of operations and comprehensive loss. During the three months ended March 31, 2023, there were no stock options granted under the Stock Option Plan and no DSUs granted for common shares of the Company under the DSU Plan. Share-based payment compensation for the three months ended March 31, 2023 totaled$20,268 related to stock options. Of the total expense for the period ended March 31, 2023, $1,267 was included in consulting fees, $1,267 was included in investor relations, and $17,734 was included in wages and benefits in the statement of operations and comprehensive loss.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
SEGMENT AND GEOGRAPHIC INFORMATION	Mar. 31, 2024
SEGMENT AND GEOGRAPHIC INFORMATION
SEGMENT AND GEOGRAPHIC INFORMATION	7. SEGMENT AND GEOGRAPHIC INFORMATION The Company operates in a single reportable segment, being the exploration and development of mineral properties. The following tables present selected financial information by geographic location: Canada United States Total March 31, 2024 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 3,406,706 390,983 3,797,689 Total assets $ 3,414,171 $ 55,766,107 $ 59,180,278 December 31, 2023 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 1,512,431 479,985 1,992,416 Total assets $ 1,519,896 $ 55,855,109 $ 57,375,005 Three Months Ended March 31, 2024 March 31, 2023 Net loss for the period – Canada $ (133,090) $ (186,558) Net loss for the period – United States (412,218) (316,979) Net loss for the period $ (545,308) $ (503,537)

COMMITMENTS

COMMITMENTS	3 Months Ended
COMMITMENTS	Mar. 31, 2024
COMMITMENTS
COMMITMENTS	8. COMMITMENTS The following table discloses the Company’s contractual obligations as of March 31, 2024, including future anticipated mineral property payments. Under the terms of the Company’s mineral property purchase agreements, mineral leases and unpatented mineral claims, the Company is required to make certain scheduled acquisition payments, incur certain levels of expenditures, make lease or advance royalty payments, make payments to government authorities and incur assessment work expenditures (as summarized in the table below) in order to maintain and preserve the Company’s interests in the related mineral properties. If the Company is unable or unwilling to make any such payments or incur any such expenditure, it is likely that the Company would lose or forfeit its rights to acquire or hold the related mineral properties. The following table assumes that the Company retains the rights to all of its current mineral properties, but does not exercise any lease purchase or royalty buyout options: Payments Due by Year 2024 2025 2026 2027 2028 2029 and beyond Total Mineral Property Leases (1) $ 509,528 $ 545,272 $ 551,088 $ 556,977 $ 562,939 $ 568,976 $ 3,294,780 Mining Claim Government Fees 206,215 206,215 206,215 206,215 206,215 206,215 1,237,290 Total $ 715,743 $ 751,487 $ 757,303 $ 763,192 $ 769,154 $ 775,191 $ 4,532,070 1. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

MINERAL PROPERTY (Tables)

MINERAL PROPERTY (Tables)	3 Months Ended
MINERAL PROPERTY (Tables)	Mar. 31, 2024
MINERAL PROPERTY
Schedule of activity related to the mineral property	Capitalized acquisition costs Amount Balance, December 31, 2023 $ 55,375,124 Acquisition costs — Balance, March 31, 2024 $ 55,375,124
Schedule of costs incurred for mineral property activities	March 31,2024 March 31,2023 Mineral property costs: Environmental $ 35,274 $ 34,273 Equipment rental 9,278 15,164 Field costs 42,214 50,280 Land maintenance and tenure 30,200 30,200 Legal 12,181 11,568 Transportation and travel 957 4,410 Total expenditures for the period $ 130,104 $ 145,895

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	3 Months Ended
ACCRUED LIABILITIES (Tables)	Mar. 31, 2024
ACCRUED LIABILITIES
Schedule of accrued liabilities	March 31,2024 December 31, 2023 Accrued liabilities $ 143,563 $ 93,719 Accrued salaries and benefits 28,914 48,377 Total accrued liabilities $ 172,477 $ 142,096

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	3 Months Ended
SHARE CAPITAL (Tables)	Mar. 31, 2024
SHARE CAPITAL
Schedule of stock option granted	Three Months Ended Year Ended March 31, 2024 December 31, 2023 Weighted Weighted Average Aggregate Average Aggregate Number of Exercise Price Intrinsic Value Number of Exercise Price Intrinsic Value Options (C$) (C$) Options (C$) (C$) Balance, beginning of the period 1,787,049 $ 0.92 2,287,049 $ 0.95 Granted — — 240,000 0.63 Exercised — — — — Expired (374,817) 0.61 (740,000) 0.91 Balance, end of the period 1,412,232 $ 1.00 $ 74,162 1,787,049 $ 0.92 $ 93,571
Schedule of stock options outstanding	March 31, 2024 December 31, 2023 Exercise Number of Exercise Number of Expiry Date Price (C$) Options Exercisable Price (C$) Options Exercisable March 21, 2024 — — — $ 0.61 374,817 374,817 February 1, 2025 $ 1.35 250,000 250,000 $ 1.35 250,000 250,000 August 8, 2025 $ 0.85 187,232 187,232 $ 0.85 187,232 187,232 May 27, 2026 $ 0.92 255,000 255,000 $ 0.92 255,000 255,000 May 25, 2027 $ 1.31 240,000 240,000 $ 1.31 240,000 240,000 May 24, 2028 $ 0.92 240,000 160,000 $ 0.92 240,000 160,000 May 23, 2029 $ 0.63 240,000 80,000 $ 0.63 240,000 80,000 1,412,232 1,172,232 1,787,049 1,547,049
Schedule of non-vested share activity	Weighted average Number of grant-date fair value Non-vested options: options (C$) Outstanding at December 31, 2023 240,000 $ 0.73 Outstanding at March 31, 2024 240,000 $ 0.73
Schedule of deferred share units outstanding	Three Months Ended Year Ended March 31, 2024 December 31, 2023 Weighted Average Weighted Number of Exercise Price Number of Average Exercise Units (C$) Units Price (C$) Balance, beginning of the period 2,702,612 $ 0.83 2,602,361 $ 0.89 Issued — — 672,598 $ 0.62 Delivered — — (572,347) $ 0.87 Balance, end of the period 2,702,612 $ 0.83 2,702,612 $ 0.83

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	Mar. 31, 2024
SEGMENT AND GEOGRAPHIC INFORMATION
Schedule of financial information by geographic location	Canada United States Total March 31, 2024 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 3,406,706 390,983 3,797,689 Total assets $ 3,414,171 $ 55,766,107 $ 59,180,278 December 31, 2023 Capitalized acquisition costs $ — $ 55,375,124 $ 55,375,124 Property and equipment 7,465 — 7,465 Current assets 1,512,431 479,985 1,992,416 Total assets $ 1,519,896 $ 55,855,109 $ 57,375,005 Three Months Ended March 31, 2024 March 31, 2023 Net loss for the period – Canada $ (133,090) $ (186,558) Net loss for the period – United States (412,218) (316,979) Net loss for the period $ (545,308) $ (503,537)

COMMITMENTS (Tables)

COMMITMENTS (Tables)	3 Months Ended
COMMITMENTS (Tables)	Mar. 31, 2024
COMMITMENTS
Schedule of current mineral properties	Payments Due by Year 2024 2025 2026 2027 2028 2029 and beyond Total Mineral Property Leases (1) $ 509,528 $ 545,272 $ 551,088 $ 556,977 $ 562,939 $ 568,976 $ 3,294,780 Mining Claim Government Fees 206,215 206,215 206,215 206,215 206,215 206,215 1,237,290 Total $ 715,743 $ 751,487 $ 757,303 $ 763,192 $ 769,154 $ 775,191 $ 4,532,070 1. Does not include required work expenditures, as it is assumed that the required expenditure level is significantly below the level of work that will actually be carried out by the Company. Does not include potential royalties that may be payable (other than annual minimum royalty payments). See Note 4.

GENERAL INFORMATION AND NATUR_2

GENERAL INFORMATION AND NATURE OF OPERATIONS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
GENERAL INFORMATION AND NATURE OF OPERATIONS
Cash and cash equivalents	$ 2,588,036	$ 1,687,690
Livengood Gold Project
GENERAL INFORMATION AND NATURE OF OPERATIONS
Noncontrolling interest ownership percentage by parent	100%

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	Mar. 31, 2024 USD ($)
FAIR VALUE OF FINANCIAL INSTRUMENTS
Assets measured at fair value	$ 0

MINERAL PROPERTY (Details)

MINERAL PROPERTY (Details)	3 Months Ended
MINERAL PROPERTY (Details)	Mar. 31, 2024 USD ($)
MINERAL PROPERTY
Balance, at the beginning of the period	$ 55,375,124
Additions	0
Balance, at the end of the period	$ 55,375,124

MINERAL PROPERTY - Costs incurr

MINERAL PROPERTY - Costs incurred for mineral property activities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Mineral property costs:
Environmental	$ 35,274	$ 34,273
Equipment rental	9,278	15,164
Field costs	42,214	50,280
Land maintenance and tenure	30,200	30,200
Legal	12,181	11,568
Transportation and travel	957	4,410
Total expenditures for the period	$ 130,104	$ 145,895

MINERAL PROPERTY - Additional I

MINERAL PROPERTY - Additional Information (Details) - Livengood Property - USD ($)			3 Months Ended
	Jul. 01, 2004	Apr. 21, 2003	Mar. 31, 2024	Jan. 18, 2017	Mar. 28, 2007	Jan. 18, 2007
Alaska Mental Health Trust Mineral Rights
MINERAL PROPERTY
Less renewal term			19 years
Minimum royalty payment percentage			125%
Lessor, operating lease, term of contract			19 years
Mining properties lease operating expense	$ 4,813,947		$ 0
Alaska Mental Health Trust Mineral Rights \| Maximum
MINERAL PROPERTY
Minimum royalty percentage			5%
Alaska Mental Health Trust Mineral Rights \| Maximum \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			1%
Alaska Mental Health Trust Mineral Rights \| Minimum
MINERAL PROPERTY
Minimum royalty percentage			2.50%
Alaska Mental Health Trust Mineral Rights \| Minimum \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			0.50%
Federal Unpatented Lode Mining Claims
MINERAL PROPERTY
Lessor, operating lease, term of contract		10 years
Mining properties lease operating expense		$ 980,000	$ 0
Federal Unpatented Lode Mining Claims \| Production Royalty
MINERAL PROPERTY
Portion of royalty to be purchased by the entity			1%
Payments for royalties			$ 1,000,000
Federal Unpatented Lode Mining Claims \| Maximum \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			3%
Federal Unpatented Lode Mining Claims \| Minimum \| Advance Royalties
MINERAL PROPERTY
Advance royalties			$ 50,000
Federal Unpatented Lode Mining Claims \| Minimum \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			2%
Patented Lode Claims
MINERAL PROPERTY
Lessor, operating lease, term of contract						10 years
Mining properties lease operating expense			$ 310,000
Advance royalties			$ 15,000
Percentage of mining claims acquired subject to lease			40%
Percentage of leasehold interest			40%
Patented Lode Claims \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			3%
Payments for royalties			$ 1,000,000
Net smelter return base for payments to acquire royalty interests in mining properties			3%
Portion of cash payments payable to acquire royalty interests in mining properties			$ 500,000
Payments term following the closing of purchase			4 years
Patented Lode Claims \| Minimum \| Advance Royalties \| On Or Before Each Anniversary
MINERAL PROPERTY
Advance royalties				$ 20,000
Patented Lode Claims \| Minimum \| Advance Royalties \| On Or Before Each Subsequent Anniversary
MINERAL PROPERTY
Advance royalties			$ 25,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims
MINERAL PROPERTY
Lessor, operating lease, term of contract					10 years
Mining properties lease operating expense			233,000
Advance royalties			15,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims \| On Or Before Each Anniversary
MINERAL PROPERTY
Advance royalties			$ 15,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims \| Production Royalty
MINERAL PROPERTY
Minimum royalty percentage			2%
Payments for royalties			$ 1,000,000
Amount payable to lessor on positive production decision			250,000
Portion of amount payable to lessor on positive production decision within prescribed period of decision			125,000
Balance portion of payments to acquire royalty interests in mining properties payable by way of net smelter return			$ 125,000
Unpatented Federal Lode Mining And Federal Unpatented Placer Claims \| Maximum
MINERAL PROPERTY
Prescribed period from decision on positive production for payment of first half amount payable to lessor			120 days

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ACCRUED LIABILITIES
Accrued liabilities	$ 143,563	$ 93,719
Accrued salaries and benefits	28,914	48,377
Total accrued liabilities	$ 172,477	$ 142,096

ACCRUED LIABILITIES - Additiona

ACCRUED LIABILITIES - Additional Information (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ACCRUED LIABILITIES
Accrued general corporate costs	$ 97,235	$ 65,791
Accrued project costs	$ 46,328	$ 27,928

SHARE CAPITAL - Stock Option Pl

SHARE CAPITAL - Stock Option Plan (Details) - Stock Options - CAD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Options
Balance, beginning of the year	1,787,049	2,287,049	2,287,049
Granted	0	0	240,000
Expired	(374,817)		(740,000)
Balance, end of the year	1,412,232		1,787,049
Weighted Average Exercise Price
Balance, beginning of the period	$ 0.92	$ 0.95	$ 0.95
Granted			0.63
Expired	0.61		0.91
Balance, end of the period	$ 1		$ 0.92
Aggregate Intrinsic Value
Balance, end of the period	$ 74,162		$ 93,571

SHARE CAPITAL - Stock options o

SHARE CAPITAL - Stock options outstanding (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
SHARE CAPITAL
Number of Options (in shares)	1,412,232	1,787,049
Exercisable (in shares)	1,172,232	1,547,049
Exercise Price March 21, 2024 $ 0.61
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)		$ 0.61
Number of Options (in shares)		374,817
Exercisable (in shares)		374,817
Exercise Price February 1, 2025 $ 1.35
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 1.35	$ 1.35
Number of Options (in shares)	250,000	250,000
Exercisable (in shares)	250,000	250,000
Exercise Price August 8, 2025 $ 0.85
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 0.85	$ 0.85
Number of Options (in shares)	187,232	187,232
Exercisable (in shares)	187,232	187,232
Exercise Price May 27, 2026 $ 0.92
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 0.92	$ 0.92
Number of Options (in shares)	255,000	255,000
Exercisable (in shares)	255,000	255,000
Exercise Price May 25, 2027 $ 1.31
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 1.31	$ 1.31
Number of Options (in shares)	240,000	240,000
Exercisable (in shares)	240,000	240,000
Exercise Price May 24, 2028 $ 0.92
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 0.92	$ 0.92
Number of Options (in shares)	240,000	240,000
Exercisable (in shares)	160,000	160,000
Exercise Price May 23, 2029 $ 0.63
SHARE CAPITAL
Exercise Price (in Canadian dollars per share)	$ 0.63	$ 0.63
Number of Options (in shares)	240,000	240,000
Exercisable (in shares)	80,000	80,000

SHARE CAPITAL - Non-vested opti

SHARE CAPITAL - Non-vested options (Details)	Mar. 31, 2024 $ / shares shares
Number of options
Balance, beginning of the year (in shares) \| shares	240,000
Balance, end of the year (in shares) \| shares	240,000
Weighted average grant-date fair value
Balance, beginning of the year (in Canadian dollars per share) \| $ / shares	$ 0.73
Balance, end of the year (in Canadian dollars per share) \| $ / shares	$ 0.73

SHARE CAPITAL - DSUs outstandin

SHARE CAPITAL - DSUs outstanding (Details) - Deferred Share Unit Incentive Plan - $ / shares		3 Months Ended		12 Months Ended
	Jul. 12, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
SHARE CAPITAL
Balance, beginning of the period		2,702,612	2,602,361	2,602,361
Issued	145,614	0	0	672,598
Delivered				(572,347)
Balance, end of the period		2,702,612		2,702,612
Balance, beginning of the period (in Canadian dollars per share)		$ 0.83	$ 0.89	$ 0.89
Issued (in Canadian dollars per share)	$ 0.57			0.62
Delivered (in Canadian dollars per share)				0.87
Balance, end of the period (in Canadian dollars per share)		$ 0.83		$ 0.83

SHARE CAPITAL - Additional Info

SHARE CAPITAL - Additional Information (Details)		3 Months Ended		12 Months Ended
SHARE CAPITAL - Additional Information (Details)	Jul. 12, 2023 CAD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 CAD ($) $ / shares shares	Mar. 31, 2024 CAD ($) shares	Dec. 31, 2022 shares
SHARE CAPITAL
Common stock, shares, issued \| shares				195,885,531	199,693,442
Common stock, shares, outstanding \| shares				195,885,531	199,693,442
Net proceeds		$ 2,528,453	$ 0
Share based compensation arrangement by share based payment award percentage of shares authorized					10%
Weighted average remaining outstanding (in years)		2 years 9 months 18 days
Unrecognized compensation expense					$ 27,639
Weighted-average remaining period		9 months 18 days
Stock Options
SHARE CAPITAL
Stock option granted \| shares		0	0	240,000
Allocated share-based compensation expense		$ 13,810	$ 20,268
Plan 2006
SHARE CAPITAL
Share based compensation arrangement by share based payment award shares authorized percentage					10%
Deferred Share Unit Incentive Plan
SHARE CAPITAL
Weighted average granted value per share \| $ / shares	$ 0.57			$ 0.62
Grant value per director	$ 83,000
Issued \| shares	145,614	0	0	672,598
Deferred Share Unit Incentive Plan \| Non-Paulson Directors
SHARE CAPITAL
Number of shares obligation \| shares				131,746
Weighted average granted value per share \| $ / shares				$ 0.63
Grant value per director				$ 83,000
Aggregate value				$ 332,000
Deferred Share Unit Incentive Plan \| Paulson
SHARE CAPITAL
Issued \| shares				526,984
Private Placement
SHARE CAPITAL
At-The-Market offering (in shares) \| shares		3,807,911
Net proceeds		$ 2,500,000
Share price \| $ / shares		$ 0.664
Common stock
SHARE CAPITAL
Common stock, shares, issued \| shares			195,313,184	195,885,531	199,693,442	195,313,184
At-The-Market offering (in shares) \| shares		3,807,911
Consulting Fees Expenses
SHARE CAPITAL
Allocated share-based compensation expense		$ 863	$ 1,267
Wages And Benefits Expenses
SHARE CAPITAL
Allocated share-based compensation expense		12,084	17,734
Investor Relations Expenses
SHARE CAPITAL
Allocated share-based compensation expense		$ 863	$ 1,267

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($)	3 Months Ended
SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
SEGMENT AND GEOGRAPHIC INFORMATION
Capitalized acquisition costs	$ 55,375,124		$ 55,375,124
Property and equipment	7,465		7,465
Current assets	3,797,689		1,992,416
Total assets	59,180,278		57,375,005
Net loss for the period	(545,308)	$ (503,537)
Canada
SEGMENT AND GEOGRAPHIC INFORMATION
Capitalized acquisition costs	0		0
Property and equipment	7,465		7,465
Current assets	3,406,706		1,512,431
Total assets	3,414,171		1,519,896
Net loss for the period	(133,090)	(186,558)
United States
SEGMENT AND GEOGRAPHIC INFORMATION
Capitalized acquisition costs	55,375,124		55,375,124
Property and equipment	0		0
Current assets	390,983		479,985
Total assets	55,766,107		$ 55,855,109
Net loss for the period	$ (412,218)	$ (316,979)

COMMITMENTS (Details)

COMMITMENTS (Details)	Mar. 31, 2024 USD ($)
COMMITMENTS
2024	$ 715,743
2025	751,487
2026	757,303
2027	763,192
2028	769,154
2029 and beyond	775,191
Total	4,532,070
Mineral Property Leases
COMMITMENTS
2024	509,528
2025	545,272
2026	551,088
2027	556,977
2028	562,939
2029 and beyond	568,976
Total	3,294,780
Mining Claim Government Fees
COMMITMENTS
2024	206,215
2025	206,215
2026	206,215
2027	206,215
2028	206,215
2029 and beyond	206,215
Total	$ 1,237,290