THMHIGH SIGNALFINANCIAL10-K

THM completed a $74.8 million public offering in January 2026 but shows deteriorating cash position and massive current liability increase of 2,821%.

The company raised significant capital through equity offerings but simultaneously experienced a dramatic surge in current liabilities from $516K to $15.1M, suggesting potential liquidity pressures or major operational commitments. The 53 million share issuance (33.7M public + 19.5M private) represents substantial dilution, yet cash decreased 41% and operating cash flow worsened by 26%, indicating rapid cash burn despite the capital raise.

Comparing 2026-03-11 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

Despite raising $74.8 million in January 2026, THM's financial position shows concerning deterioration with cash declining 41% to $992K and current liabilities exploding by 2,821% to $15.1M. Operating cash flow worsened to -$3.6M while net losses increased 29% to -$4.6M, though operating income improved significantly due to reduced impairments. The dramatic liability increase combined with declining cash despite recent capital raising signals potential liquidity stress and rapid cash consumption at this development-stage gold project.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+9244.8%
-$4K→$332K

Capital expenditure jumped 9244.8% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+2820.5%
$516K→$15.1M

Current liabilities surged 2820.5% — significant near-term obligations; verify ability to meet short-term debt.

Total Liabilities
Balance Sheet
+180.6%
$177K→$498K

Liabilities grew 180.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Income
P&L
+96.4%
-$230.1M→-$8.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
-95.6%
$263K→$12K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Cash & Equivalents
Balance Sheet
-41.2%
$1.7M→$992K

Cash declined 41.2% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
+33.1%
$1.1M→$1.5M

Current assets grew 33.1% — improving short-term liquidity or inventory/receivables build.

Net Income
P&L
-28.9%
-$3.6M→-$4.6M

Net income declined 28.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-25.5%
-$2.9M→-$3.6M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-12
ADDED
As of March 3, 2026, the registrant had 261,077,473 Common Shares outstanding.
CAUTIONARY NOTE REGARDING SIMILAR OR ADJACENT MINERAL PROPERTIES This Annual Report on Form 10-K contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine.
The Company currently holds a 100% interest in a development stage project in Alaska referred to as the Livengood Gold Project or the Project .
As of December 31, 2025, the Livengood Gold Project has (i) 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 (ii) measured and indicated mineral resources, 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, in each case as reported in 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.
Livengood Gold Project Developments On January 27, 2026, the Company completed a public offering of 33,672,000 common shares, at an issue price to the public of $2.22 per share, for aggregate gross proceeds, before deducting underwriting discounts and offering expenses, of approximately $74.8 million.
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REMOVED
As of March 3, 2025, the registrant had 207,885,473 Common Shares outstanding.
GLOSSARY OF TERMS The following is a glossary of certain terms that may be used in this report.
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 .
Livengood Gold Project Developments On March 8, 2024, the Company announced that the Board had approved a 2024 work program that focused on community engagement and advancing the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting.
The study utilized a third-party review by Whittle Consulting and BBA Inc.
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