Paulson & Co. (THM) boosts International Tower Hill Mines stake to 39.9% via $12.6M block buy

Rhea-AI Filing Summary

Paulson & Co. Inc. filed Amendment No. 7 to its Schedule 13D on International Tower Hill Mines Ltd., reporting an increased stake after a new share purchase. On April 16, 2026, funds managed by Paulson bought 4,913,665 common shares in a block trade for about $12.6 million at $2.56 per share. Paulson now reports beneficial ownership of 104,486,703 common shares, representing 39.9% of the company’s outstanding stock, based on 261,637,473 shares outstanding as of April 8, 2026. Paulson notes the shares are owned by its funds, and it disclaims pecuniary ownership except for Schedule 13D purposes.

Insights

Equity ownership & activism analyst

Paulson-managed funds lift their stake in International Tower Hill Mines to 39.9% via a sizable block trade.

Paulson & Co. Inc. reports beneficial ownership of 104,486,703 common shares, or 39.9% of International Tower Hill Mines, based on 261,637,473 shares outstanding as of April 8, 2026. The position is held across funds that Paulson advises.

On April 16, 2026, Paulson-managed funds acquired 4,913,665 shares in a block trade at $2.56 per share, for about $12.6 million. This increases an already large stake that has been updated repeatedly through prior Schedule 13D amendments.

Because Paulson furnishes investment advice to the funds and disclaims pecuniary ownership outside Section 13(d) calculations, the filing mainly signals a higher reported ownership level rather than a change in control status. Future company disclosures may clarify any governance or strategic implications of this large holding.

Key Figures

New shares purchased: 4,913,665 shares Purchase price: $2.56 per share Total consideration: Approximately $12.6 million +3 more

6 metrics

New shares purchased 4,913,665 shares Common shares acquired in block trade on April 16, 2026

Purchase price $2.56 per share Price paid for THM common shares on April 16, 2026

Total consideration Approximately $12.6 million Amount paid by Paulson-managed funds for 4,913,665 shares

Shares beneficially owned 104,486,703 shares THM common shares beneficially owned by Paulson as of filing

Ownership percentage 39.9% Portion of THM outstanding common shares reported owned

Shares outstanding 261,637,473 shares THM common shares outstanding as of April 8, 2026

Key Terms

Schedule 13D, beneficially owned, block trade, pecuniary interest, +1 more

5 terms

Schedule 13D regulatory

"constitutes Amendment No. 7 ("Amendment No.7") to the previously filed"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

beneficially owned financial

"Aggregate amount beneficially owned by each reporting person 104,486,703.00"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

block trade financial

"On April 16, 2026, the Reporting Person acquired an additional 4,913,665 Common Shares in a block trade."

A block trade is a large, privately arranged sale or purchase of a company's shares or bonds between big investors, often negotiated to avoid upsetting the public market price. Think of it like selling a truckload of goods directly to one buyer instead of unloading it on a busy street — it moves a lot of supply at once and can signal shifting demand, affect immediate liquidity, and influence short-term stock prices.

pecuniary interest financial

"The pecuniary interest of all securities reported in this Schedule is owned by the Funds."

investment advice financial

"Paulson furnishes investment advice to and manages the Funds."

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

INTERNATIONAL TOWER HILL MINES LTD

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

46050R102

(CUSIP Number)

Christopher P. Davis, Esq.
500 Fifth Avenue,
New York, NY, 10110
(212) 986-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 46050R102

1

Name of reporting person

PAULSON & CO. INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 104,486,703.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 104,486,703.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

104,486,703.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

39.9 %

14

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person:

Comment for 7, 9, and 11: See Note 1 to Item 5 below.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, no par value
(b)	Name of Issuer: INTERNATIONAL TOWER HILL MINES LTD
(c)	Address of Issuer's Principal Executive Offices: 200 BURRARD STREET, SUITE 1570, VANCOUVER, BRITISH COLUMBIA, CANADA , V6C 3L6.
Item 1 Comment: The following constitutes Amendment No. 7 ("Amendment No.7") to the Schedule 13D previously filed by the undersigned with respect to International Tower Hill Mines Ltd. on December 30, 2016 (as amended and supplemented by Amendment No. 1 filed on March 16, 2018, Amendment No. 2 filed on September 4, 2020, Amendment No. 3 filed on January 22, 2024, Amendment No.4 filed on March 5, 2025, Amendment No.5 filed on January 27, 2026, and Amendment No. 6 filed on January 30, 2026 "Schedule 13D"). This Amendment No.7 amends the Schedule 13D as specifically set forth herein. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 is hereby amended to add the following: The consideration for the purchase of 4,913,665 Common Shares on April 16, 2026 reported herein by the Reporting Person was derived from available capital of the Funds managed by Paulson, and a total of approximately $12.6 million was paid to acquire such securities.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended to add the following: On April 16, 2026, the Reporting Person acquired an additional 4,913,665 Common Shares in a block trade.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Common Stock reported owned by the Reporting Person is based upon 261,637,473 shares of Common Stock outstanding as of April 8, 2026, as disclosed in the Issuer's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on April 8, 2026.
(b)	Number of shares of Common Stock as to which Paulson has: (i) Sole power to vote or direct the vote: 104,486,703 (see Note 1). (ii) Shared power to vote or direct the vote: 0 (iii) Sole power to dispose or direct the disposition: 104,486,703 (see Note 1). (iv) Shared power to dispose or direct the disposition: 0
(c)	On April 16, 2026, the Reporting Person acquired in a block trade 4,913,665 shares of Common Stock at a price of $2.56 per share.
(d)	See Note 1. Note 1: Paulson furnishes investment advice to and manages the Funds. In its role as investment advisor, or manager, as the case may be, Paulson possesses voting and investment power over the securities of the Issuer described in this Schedule 13D that are owned by the Funds. The pecuniary interest of all securities reported in this Schedule is owned by the Funds. Except for the purpose of determining beneficial ownership under Section 13(d) of the Securities Exchange Act of 1934, as amended, Paulson disclaims beneficial ownership of all securities reported in this Schedule 13D. For reporting purposes, the aggregate amount of Common Stock deemed to be beneficially owned by the Reporting Person is calculated based on an aggregate of 104,486,703 shares of Common Stock beneficially held by the Reporting Person as of the date hereof.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAULSON & CO. INC.

Signature:	/s/ Stuart L. Merzer
Name/Title:	Stuart L. Merzer, General Counsel & Chief Compliance Officer
Date:	04/20/2026

FAQ

How many International Tower Hill Mines (THM) shares does Paulson & Co. now report owning?

Paulson & Co. reports beneficial ownership of 104,486,703 common shares of International Tower Hill Mines. This figure is based on a total of 261,637,473 shares outstanding as of April 8, 2026, and represents 39.9% of the company’s outstanding stock.

What new International Tower Hill Mines (THM) shares did Paulson-managed funds purchase?

On April 16, 2026, funds managed by Paulson acquired 4,913,665 common shares of International Tower Hill Mines. The shares were bought in a block trade at $2.56 per share, with total consideration of approximately $12.6 million derived from available fund capital.

What percentage of International Tower Hill Mines (THM) does Paulson’s stake represent?

Paulson & Co. reports that its funds beneficially own 39.9% of International Tower Hill Mines’ common shares. This percentage is calculated using 261,637,473 shares outstanding as of April 8, 2026, as disclosed in the company’s definitive proxy statement.

How is Paulson’s interest in International Tower Hill Mines (THM) held and reported?

Paulson furnishes investment advice to and manages various funds that own the THM shares. The filing states Paulson has voting and investment power over 104,486,703 shares but disclaims pecuniary ownership of these securities except for determining beneficial ownership under Section 13(d).

What transaction triggered Amendment No. 7 to Paulson’s Schedule 13D on THM?

Amendment No. 7 reflects Paulson-managed funds’ purchase of 4,913,665 THM common shares on April 16, 2026. The shares were acquired in a block trade at $2.56 per share, for about $12.6 million, increasing the reported beneficial stake to 39.9%.

Does Paulson disclose any special agreements regarding International Tower Hill Mines (THM) shares?

The filing states that there are no contracts, arrangements, understandings or relationships with respect to THM securities under the relevant item. It also notes Paulson’s role as investment advisor to the funds and its disclaimer of pecuniary ownership beyond Section 13(d) reporting.