Cash flow remains characterized by persistent burn, with the company relying on external financing to offset negative operating cash flows that frequently track net losses, as seen in the 0.71 to 1.05 OCF/NI ratio range.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 |
|---|
| Cash from Operations | -1.19M | -3.7M | -2.89M | -3.19M | -2.9M | -5.34M | -3.89M | -3.66M | -3.49M | -5.83M | -6.36M | -5.34M | -6.84M | -14.82M | -52.4M | -30.62M | -7.03M | -5.34M | -2.11M | -1.4M | -124.36K | -130.31K | -43.61K | -40.68K | -70.35K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -123881.3% | -41456.96% | -1226.84% | -1375.12% |
| Operating CF Growth % | 312.52% | -27.71% | 9.23% | -10.04% | 45.72% | -37.25% | -6.27% | -4.81% | 40.06% | 8.48% | -19.2% | 21.97% | 53.82% | 71.72% | -71.11% | -335.49% | -31.76% | -152.76% | -50.78% | -1026.07% | 4.57% | -198.82% | -7.19% | 42.17% | - |
| Net Income | -1.7M | -4.72M | -3.6M | -3.4M | -3.04M | -5.98M | -4.52M | -3.83M | -4.19M | -6.43M | -7.19M | -4.81M | -7.77M | -9.85M | -56.64M | -43.31M | -9.51M | -13.52M | -2.43M | -8.1M | -115.55K | -96.81K | -179.34K | -42.24K | -100.48K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 367 | 7.6K | 2.32K | 3.04K | 4.01K | 5.28K | 7.05K | 15.78K | 21.8K | 31.66K | 21.83K | 26.99K | 26.99K | 46.27K | 31.46K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 634.19K | 360.34K | 613.69K | 415.19K | 448.47K | 535.12K | 385.53K | 405.86K | 603.82K | 443.56K | 108.53K | 540.47K | 1.29M | 3.56M | 9.21M | 7.65M | 3.33M | 7.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -512.53K | -322.1K | -435.65K | 0 | 0 | 0 | 0 | -100K | -3.08M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 131.47K | 349.65K | 0 | 3.76K | 0 | 512.53K | 322.1K | 435.65K | 19.95K | 99.49K | 794.17K | -580.6K | 15K | -3.74M | -42.02K | -2.37M | -554.84K | 2.4M | 294.41K | 6.74M | 0 | -7.28K | 113.29K | 0 | 32.71K |
| Working Capital Changes | -227.93K | 314.24K | 92.14K | -208.92K | -303.74K | 107.29K | 236.65K | -241.4K | 73.49K | 59.63K | -82.3K | -493.88K | -292.65K | -1.74M | -6.55M | 7.39M | -345.37K | 165.33K | 52.77K | -18.14K | -71.03K | -8.8K | 22.44K | 1.56K | -2.59K |
| Change in Receivables | -570.5K | -45.14K | 5.17K | -23.37K | 5.79K | 18.77K | 94.8K | -15.27K | -99.48K | 4.13K | 40.52K | 115.53K | 44.74K | 393.44K | 174.54K | -283.61K | -31.92K | -47.52K | 0 | 89.55K | -104.91K | -29 | -7.47K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -47.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.97K | -10.82K | 0 | -8.48K | -42.62K | 0 | 0 |
| Cash from Investing | -49.31M | 0 | 0 | 0 | 0 | 0 | 0 | -101.69K | -54.87K | 0 | 0 | 0 | 0 | -30.48K | -2.12M | -25.32M | -36.22M | -11.5M | -10.23M | -5.29M | 14.45K | -15.89K | -23.57K | -27.91K | 24.75K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101.69K | -69.39K | 0 | 0 | 0 | -30.48K | 0 | -2.13M | -25.32M | -36.75M | -11.5M | -10.23M | -5.3M | -3.45K | -73K | -23.57K | -27.91K | -43.35K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 69397.56% | 22411.61% | 841.53% | 847.34% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 0 | 0 | 0 | 30.48K | -30.48K | 3.63K | 0 | 522.88K | 0 | 0 | 9.35K | 17.9K | 19.92K | 0 | 0 | 68.1K |
| Cash from Financing | 112.54M | 3.88M | 2.3M | 0 | 290.29K | 0 | 9.82M | 64.25K | 12.07M | -14.75M | 21.87M | 0 | 7.29M | 0 | 29.21M | 221.12K | 112.35M | 36.34M | 33.89M | 1.23M | 108.99K | 108.99K | 63.75K | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.75K | 0 | 0 |
| Equity Issued (Net) | 112.65M | 3.88M | 2.53M | 0 | 290.29K | 0 | 10.3M | 64.25K | 12.18M | 0 | 22.02M | 0 | 7.32M | 0 | 29.77M | 221.12K | 116.52M | 36.34M | 34.78M | 1.22M | 27.18M | 181.64K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -101.02K | 0 | -224.82K | 0 | 0 | 0 | -480.95K | 0 | -111.38K | -14.75M | -146.74K | 0 | -24.83K | 0 | -554.28K | 0 | -4.16M | 0 | -896.87K | 15.69K | -27.07M | -72.66K | 0 | 0 | 0 |
| Net Change in Cash | 60.64M | 358.97K | -695.2K | -3.16M | -2.93M | -5.27M | 6.11M | -3.29M | 7.98M | -20.22M | 15.97M | -7.03M | -404.13K | -16.25M | -24.54M | -60.05M | 10.4M | 19.84M | -11.11M | 20.48M | -922 | -82.45K | -67.19K | -68.59K | -45.6K |
| Free Cash Flow | -1.19M | -3.7M | -2.89M | -3.19M | -2.9M | -5.34M | -3.89M | -3.76M | -3.56M | -5.83M | -6.36M | -5.34M | -6.87M | -14.82M | -54.53M | -55.94M | -25.9M | -14.23M | -12.34M | -6.7M | -127.81K | -203.31K | -67.18K | -68.59K | -113.7K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -193278.86% | -63868.57% | -2068.37% | -2222.46% |
| FCF Growth % | 61.57% | -27.71% | 9.23% | -10.04% | 45.72% | -37.25% | -3.39% | -5.62% | 38.87% | 8.48% | -19.2% | 22.32% | 53.62% | 72.82% | 2.53% | -116.02% | -81.99% | -15.29% | -84.3% | -5140.12% | 37.14% | -202.62% | 2.05% | 39.68% | - |
| FCF per Share | -0.00 | -0.02 | -0.01 | -0.02 | -0.01 | -0.03 | -0.02 | -0.02 | -0.02 | -0.04 | -0.05 | -0.05 | -0.07 | -0.15 | -0.60 | -0.65 | -0.43 | -0.24 | -0.27 | -0.25 | -0.01 | -0.02 | -0.01 | -0.01 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.70x | 0.80x | 0.84x | 0.94x | 0.95x | 0.89x | 0.84x | 0.90x | 0.83x | 0.91x | 0.89x | 1.11x | 0.88x | 1.50x | 0.93x | 0.71x | 0.42x | 0.60x | 0.87x | 0.17x | 1.08x | 1.35x | 0.45x | 0.23x | 1.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent equity dilution risk
According to quarterly financial data, THM consistently reports negative operating cash flows that track closely with net losses, as evidenced by an OCF/NI ratio that fluctuated between 0.71 and 1.05 over the last ten quarters, confirming the absence of any meaningful cash-generating operational activity.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses or accrual-based distortions that might otherwise mask the underlying cash burn. Investors should interpret this as a pure-play exploration vehicle where every dollar of reported loss translates directly into a reduction of the company's cash reserves.
As reported in recent financial statements, THM has maintained a consistent pattern of negative free cash flow, with the exception of a minor positive outlier in 2026Q1, underscoring the company's total reliance on external capital to fund its ongoing regulatory and administrative project maintenance requirements.
The lack of a sustainable free cash flow trajectory indicates that the Livengood project remains in a perpetual development phase. This trend suggests that the company is not yet capable of self-funding its operations, leaving shareholders exposed to the risk of continued dilution as the project timeline extends.
Based on the provided cash flow statements, working capital changes have been erratic, with a notable $591.5K outflow in 2026Q1, reflecting the unpredictable nature of managing exploration-related liabilities and the lack of a stable operational cycle to smooth out periodic cash requirements.
These fluctuations in working capital appear to be driven by the timing of regulatory filings and project maintenance expenditures rather than commercial activity. The inability to stabilize these outflows warrants further investigation into the company's internal cost controls and the efficiency of its administrative spending.
As indicated by historical filings, stock-based compensation has been utilized as a recurring non-cash expense, peaking at $446.4K in 2025Q2, which effectively masks the true economic cost of maintaining the company's administrative and technical personnel during this extended pre-revenue development period.
While stock-based compensation preserves immediate cash, it represents a significant future dilution risk that is not fully captured in the operating cash flow figures. Analysts should monitor this closely, as the reliance on equity-based incentives may indicate a strategy to conserve cash at the expense of long-term shareholder equity.
Quick answers to the most common questions about buying THM stock.
International Tower Hill Mines Ltd. (THM) generated $-3.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
International Tower Hill Mines Ltd. (THM) reported negative free cash flow of $3.7M in 2025, indicating capital requirements exceeded cash from operations.
International Tower Hill Mines Ltd. (THM) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.