International Tower Hill Mines Ltd. (THM) Cash Flow Statement
Where THM’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$3.7M
- Capital expenditures
- $0
- Free cash flow
- −$3.7M
- Returned to shareholders
- —
- Change in cash
- $358,974 cash at year-end $1.4M
Cash from operations
−$3.7M
Share buybacks (net)
+$3.9M
Shares issued
+$3.9M
Other financing
−$4.0M
Currency & other
+$176,471
Change in cash
$358,974
Drawn to scale: where the cash came from and how it was used. Hover for values.
THM operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
THM cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.4M2016 | −$3.7M2025 | — | |
| Capital expenditures | $69,3912016 | $02025 | −100.0% | |
| Free cash flow | −$6.4M2016 | −$3.7M2025 | — | |
| Stock-based compensation | $108,5262016 | $360,3402025 | +14.3%/yr | |
| Share buybacks (net) | $02016 | $02025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
THM cash flow by activity
OperatingInvestingFinancingChange in cash
THM net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
THM cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$4.7M | −$3.6M | −$3.4M | −$3.0M | −$6.0M | −$4.5M | −$3.8M | −$4.2M | −$6.4M | −$7.2M |
| Depreciation & amortization | — | — | — | −$2 | $367 | $7,602 | $2,316 | $3,043 | $4,006 | $5,283 |
| Stock-based compensation | $360,340 | $613,690 | $415,186 | $448,474 | $535,117 | $385,531 | $405,857 | $603,818 | $443,556 | $108,526 |
| Change in working capital | $314,238 | $92,140 | −$208,924 | −$303,739 | $107,289 | $236,650 | −$241,399 | $73,494 | $59,634 | −$82,295 |
| Other non-cash items | $349,649 | $0 | $3,762 | $2 | $0 | $0 | $0 | $19,953 | $99,492 | $794,169 |
| Cash from operating activities | −$3.7M | −$2.9M | −$3.2M | −$2.9M | −$5.3M | −$3.9M | −$3.7M | −$3.5M | −$5.8M | −$6.4M |
| Investing activities | ||||||||||
| Capital expenditures | $0 | $0 | $0 | −$4 | $0 | $0 | −$101,692 | −$69,391 | −$69,391 | −$69,391 |
| Investments (net) | — | — | — | — | — | $0 | −$101,692 | $14,519 | $14,519 | $0 |
| Acquisitions & other investing | — | — | — | — | — | $0 | $101,692 | $0 | $0 | $14,519 |
| Cash from investing activities | — | — | — | — | — | $0 | −$101,692 | −$54,872 | −$54,872 | −$54,872 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | $3.9M | $2.5M | $0 | $290,290 | $0 | $9.8M | $64,250 | $12.2M | −$52,646 | $22.0M |
| Net borrowing (repayment) | — | — | — | — | — | — | — | — | −$14.7M | — |
| Shares issued | $3.9M | $2.5M | $0 | $290,290 | $1.1M | $10.3M | $64,254 | $12.2M | $0 | $0 |
| Other financing | −$4.0M | −$2.8M | $290,290 | −$290,290 | −$844,963 | −$10.3M | −$64,250 | −$12.3M | $0 | −$146,731 |
| Cash from financing activities | $3.9M | $2.3M | $290,290 | $290,290 | $290,290 | $9.8M | $64,254 | $12.1M | −$14.7M | $21.9M |
| Summary | ||||||||||
| Net change in cash | $358,974 | −$695,203 | −$3.2M | −$2.9M | −$5.3M | $6.1M | −$3.3M | $8.0M | −$20.2M | $16.0M |
| Cash at end of period | $1.4M | $992,487 | $1.7M | $4.8M | $7.8M | $13.0M | $6.9M | $10.2M | $2.2M | $22.5M |
| Free cash flow | −$3.7M | −$2.9M | −$3.2M | −$2.9M | −$5.3M | −$3.9M | −$3.8M | −$3.6M | −$5.8M | −$6.4M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.3M | $2.3M | −$1.3M | −$732,303 | −$1.9M | −$669,068 | −$954,847 | $2.0M | −$1.4M | −$545,308 | −$716,184 | −$710,351 |
| Depreciation & amortization | $865,942 | — | — | — | — | — | — | — | — | — | — | — |
| Stock-based compensation | $66,303 | $133,318 | $138,967 | $48,826 | $446,400 | $63,581 | $236,821 | −$275,706 | $296,510 | $13,810 | $13,826 | $80,293 |
| Change in working capital | $563,637 | −$591,520 | $237,889 | $160,853 | −$35,151 | −$54,759 | $26,141 | $37,098 | −$113,933 | $77,180 | −$102,193 | $95,128 |
| Other non-cash items | −$195,636 | −$33,348 | $0 | $0 | $0 | $0 | $0 | −$2.3M | $52,747 | $0 | $49,760 | $0 |
| Cash from operating activities | −$2.0M | $1.8M | −$935,020 | −$522,624 | −$1.5M | −$660,246 | −$691,885 | −$545,610 | −$1.2M | −$454,318 | −$754,791 | −$534,930 |
| Investing activities | ||||||||||||
| Capital expenditures | −$4 | −$3 | −$4 | −$4 | −$4 | $0 | −$2 | −$0 | −$0 | $0 | $0 | $0 |
| Investments (net) | $0 | −$50.0M | — | — | $0 | $0 | — | — | — | −$1.0M | — | — |
| Acquisitions & other investing | −$219,633 | $692,590 | — | — | — | — | $10,117 | $10,115 | $985,418 | $0 | — | — |
| Cash from investing activities | −$219,637 | −$49.3M | — | — | — | — | $10,115 | $10,115 | $985,418 | −$1.0M | — | — |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | $3.9M | $3.9M | $3.9M | $3.9M | $2.5M | $2.5M | — | — | — | $0 |
| Shares issued | $0 | $118.4M | $0 | $0 | $0 | $3.9M | $0 | $0 | $0 | $2.5M | $0 | $0 |
| Other financing | $501,775 | −$5.7M | −$3.9M | −$3.9M | −$4.0M | −$4.0M | −$2.5M | −$2.5M | −$56,663 | −$150,256 | $51,483 | −$50,661 |
| Cash from financing activities | $501,775 | $112.6M | −$2,739 | −$3,025 | −$97,991 | $3.9M | $15,276 | −$7,280 | −$56,663 | $2.4M | $51,483 | −$50,661 |
| Summary | ||||||||||||
| Net change in cash | −$4.5M | $63.6M | −$924,476 | −$567,256 | −$1.4M | $3.3M | −$753,744 | −$523,376 | −$315,761 | $900,346 | −$663,978 | −$635,695 |
| Cash at end of period | $60.4M | $64.9M | $1.4M | $2.3M | $2.8M | $4.3M | $992,487 | $1.7M | $2.3M | $2.6M | $1.7M | $2.4M |
| Free cash flow | −$2.0M | $1.8M | −$935,020 | −$522,624 | −$1.5M | −$660,246 | −$691,885 | −$545,610 | −$1.2M | −$454,318 | −$754,791 | −$534,930 |
| Operating cash flow / net income | — | 0.78 | — | — | — | — | — | −0.28 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
THM cash generation
In fiscal 2025 (ended December 31, 2025), International Tower Hill Mines generated -$3.7 million of cash from operations and spent $0 on capital expenditures, leaving free cash flow of -$3.7 million. Cash and equivalents rose by $0.4 million over the year.
Related: THM income statement, THM balance sheet. See the THM stock overview for the latest quote and news.
THM cash flow FAQ
What is International Tower Hill Mines's free cash flow?
International Tower Hill Mines's free cash flow was -$3.7 million in fiscal 2025: -$3.7 million of operating cash flow minus $0 of capital expenditures It was -$2.9 million a year earlier..
How much cash does International Tower Hill Mines generate from operations?
International Tower Hill Mines generated -$3.7 million of cash from operating activities in fiscal 2025.