Paulson funds boost International Tower Hill Mines (THM) stake with new buys

Rhea-AI Filing Summary

Paulson & Co. Inc., as investment manager to certain managed funds, reported additional buying of International Tower Hill Mines Ltd. common shares. On January 28, 2026 the managed funds purchased 9,813,650 shares at $2.22 per share, followed by a purchase of 1,501,982 shares at $2.22 per share on January 29, 2026. After the January 29 transaction, the funds indirectly held 99,573,038 common shares. The filing states that all securities are owned by the funds, and that Paulson & Co. Inc. and John Paulson may be deemed to indirectly beneficially own these securities but do not admit beneficial ownership under the cited securities law provisions.

Insights

Equity ownership and governance analyst

Managed funds advised by Paulson & Co. increased their stake, but the filing is structurally routine.

The disclosure shows managed funds advised by Paulson & Co. Inc. purchasing additional International Tower Hill Mines common shares at $2.22 on two consecutive days, bringing their indirect holdings to 99,573,038 shares. The reporting person is identified as a 10% owner, so this continues a sizeable existing position.

All shares are held by the funds, with Paulson & Co. Inc. and John Paulson described as potential indirect beneficial owners, accompanied by a standard disclaimer under Rule 16a-1(a)(4). The economic and voting details beyond this structure are not expanded here, so the information mainly updates ownership records rather than changing the broader thesis.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PAULSON & CO. INC.

(Last) (First) (Middle)

15 EXCHANGE PLACE

(Street)

JERSEY CITY NJ 07302

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
INTERNATIONAL TOWER HILL MINES LTD [ THM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares, no par value(1)(2)	01/28/2026		P		9,813,650	A	$2.22	98,071,056	I(1)(2)	By Managed Funds
Common Shares, no par value(1)(2)	01/29/2026		P		1,501,982	A	$2.22	99,573,038	I(1)(2)	By Managed Funds

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Paulson & Co. Inc. ("Paulson") is the investment manager of investment funds (the "Funds"). John Paulson is the controlling person of Paulson. All securities reported on this Form 4 are owned by the Funds.

2. (2) Each of Paulson and John Paulson may be deemed to indirectly beneficially own the securities directly owned by the Funds. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Act"), the filing of this Form 4 shall not be deemed an admission by any person reporting on this Form 4 that such person, for purposes of Section 16 of the Act or otherwise, is the beneficial owner of any equity securities covered by this Form 4.

	/s/ Stuart L. Merzer Stuart L. Merzer, General Counsel & Chief Compliance Officer	01/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many International Tower Hill Mines (THM) shares did Paulson-managed funds buy?

Managed funds advised by Paulson & Co. Inc. purchased two blocks of International Tower Hill Mines common shares: 9,813,650 shares on January 28, 2026 and 1,501,982 shares on January 29, 2026. These trades increased the funds’ overall indirect shareholdings.

What price did Paulson-managed funds pay for THM shares in this Form 4 filing?

The managed funds paid $2.22 per share for both reported purchases of International Tower Hill Mines common shares. The same price applies to the 9,813,650 shares bought on January 28, 2026 and the 1,501,982 shares bought on January 29, 2026, according to the filing.

What is the total International Tower Hill Mines stake reported after these transactions?

After the January 29, 2026 purchase, the managed funds advised by Paulson & Co. Inc. indirectly held 99,573,038 International Tower Hill Mines common shares. This figure is reported as the amount of securities beneficially owned following the latest transaction disclosed in the Form 4 filing.

Who is the reporting person in the THM Form 4 and what is their role?

The reporting person is Paulson & Co. Inc., identified as a 10% owner of International Tower Hill Mines Ltd. Paulson acts as investment manager for the managed funds that own the reported shares, while John Paulson is described as the controlling person of Paulson & Co. Inc. in the footnotes.

Are the THM shares owned directly by Paulson & Co. Inc. or by related funds?

The filing states that all securities are owned by the funds managed by Paulson & Co. Inc.. The footnotes explain that Paulson and John Paulson may be deemed to indirectly beneficially own these securities, but they expressly do not admit beneficial ownership for Section 16 purposes.

On what dates did the THM share purchases by Paulson-managed funds occur?

The reported purchases of International Tower Hill Mines common shares occurred on January 28, 2026 and January 29, 2026. Each date corresponds to a separate open-market purchase at $2.22 per share, with the later transaction bringing indirect holdings to 99,573,038 shares.