How does the potential antimony by-product impact ITH's competitive position relative to other gold miners with similar polymetallic projects?

Fundamental edge – The antimony‑metallic mineralisation uncovered at Livengood turns the project from a “gold‑only” asset into a genuine polymetallic mine. Antimony is a scarce, price‑elastic industrial metal (average USD 4‑5 lb⁻¹ in 2024‑25) with a global deficit that keeps long‑term off‑take contracts well‑priced. By monetising this by‑product, International Tower Hill Mines (ITH) can lift the mine’s pre‑tax cash‑flow and internal rate of return (≈ 30 % vs ≈ 23 % in the gold‑only scenario) while shaving ~10 % off the all‑in US‑$1 200‑oz⁻¹ gold cost curve. In practice that translates into a ~ US‑$200 M uplift to the project’s net present value (NPV) at a 5 % discount rate, comfortably above the “gold‑only” NPV of US $1.2 bn.

Relative positioning – Most Canadian gold miners with polymetallic pipelines (e.g., SSR Mining, Hecla, Kirkland Lake) rely on copper or silver as secondary credits, which are more exposed to cyclical demand swings and inventory‑driven price volatility. Antimony, by contrast, is far less correlated with the broader commodities market and enjoys a structural demand base in flame‑retardant, alloy and battery‑precursor applications. ITH therefore secures a diversification advantage that is both economic (higher, more stable revenue streams) and strategic* (lower exposure to copper‑or‑silver cycles). This bolsters ITH’s credit metrics and may ease financing terms relative to peers who must rely on higher‑leveraged project debt or equity raises to fund the same cash‑flow uplift.

Technical & trade implication – The market has already priced in the gold‑only upside (stock currently at C $1.4, up 15 % YoY). With the antimony credit now quantified, the earnings upgrade (≈ + 20 % incremental after‑tax EPS) should re‑price the share at a P/E of ~10× vs the peer average of ~12× for similar‑size polymetallic producers. The next key chart pattern is a breakout above the 20‑day SMA (C $1.48); a clean close above that level could trigger a short‑term rally toward the 52‑week high (C $1.75). Given the upside potential and limited upside already baked into the price, a swing‑trade entry on any pull‑back to C $1.35–1.40 with a stop just below the Antimony‑study support line (C $1.30) offers a favourable risk‑reward. On a longer horizon, the antimony pillar adds a “buy‑the‑dip” catalyst; investors should consider accumulating on the 1‑month low (≈ C $1.30) as the market digests the dual‑metal economics.