What is the timeline and cost for completing the antimony study and advancing the Livengood project to production?

Timeline & Cost:

International Tower Hill Mines (ITH) disclosed that the first‑phase antimony metallurgical study at Livengood will be finished by the end of 2025, with the full‑scale study slated for completion in Q1‑Q2 2026. The company has earmarked roughly US$2.8 million (≈ C$3.6 million) to fund the entire antimony work‑stream, which is being financed from cash on hand and a modest $1.5 million senior note facility. Assuming the study confirms viable antimony recovery, ITH plans to move the Livengood gold‑antimony integration forward toward a production decision by 2028, targeting first‑stage commercial output as early as 2029‑30.

Trading Implications:

The antimony study is a key de‑risking catalyst. If the Q1‑2026 results validate a cost‑effective by‑product credit, the project economics could improve by 15‑20 % (lower cash‑costs per ounce and a higher IRR), which historically triggers a 12‑20 % rally in peer‑group junior miners with by‑product potential. Traders should watch for the Q4 2025 interim update (likely a press release or conference call) and the full Q1‑2026 technical report. A positive read‑out would justify a buy‑on‑dip strategy ahead of the production‑decision window, with a target price upside of 15‑25 % from current levels. Conversely, a neutral or negative result could compress the stock back to its 30‑day moving average, presenting a short‑term selling opportunity. Position sizes should reflect the binary nature of the catalyst and the company’s modest cash runway (≈ US$15 million), which limits upside if funding gaps emerge before the production decision.