# EDGAR Filing Document

**Accession Number:** 0001134115
**File Stem:** 0001013594-26-000088
**Filing Date:** 2026-1
**Character Count:** 9306
**Document Hash:** 4fb3e09d63b2eeed707be1d344c7aa6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001013594-26-000088.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001013594-26-000088

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERNATIONAL TOWER HILL MINES LTD
- **CENTRAL INDEX KEY:** 0001134115
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-82583
- **FILM NUMBER:** 26567542

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BURRARD STREET
- **STREET 2:** SUITE 1570
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3L6
- **BUSINESS PHONE:** 604-683-6332

**MAIL ADDRESS:**
- **STREET 1:** 200 BURRARD STREET
- **STREET 2:** SUITE 1570
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6C 3L6
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAULSON & CO. INC.
- **CENTRAL INDEX KEY:** 0001035674

**ORGANIZATION NAME:**
- **EIN:** 133796759
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302
- **BUSINESS PHONE:** 212-956-2221

**MAIL ADDRESS:**
- **STREET 1:** 15 EXCHANGE PLACE
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAULSON & CO INC
- **DATE OF NAME CHANGE:** 19970313

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**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.**<br>500 Fifth Avenue<br>New York NY 10110<br>(212) 986-6000

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

**01/27/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **46050R102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**PAULSON & CO. INC.** | Name of reporting person<br>**PAULSON & CO. INC.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**88257406.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**88257406.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**88257406.00** | Aggregate amount beneficially owned by each reporting person<br>**88257406.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**34%** | Percent of class represented by amount in Row (11)<br>**34%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Comment for 7, 9, and 11: See Note 1 to Item 5 below. The 88,257,406 Common Shares (as defined below) exclude the 1,501,982 Additional Shares (as defined in Item 6) issuable upon the closing of the Upsize Subscription Agreement (as defined in Item 6), which closing remains subject to customary closing conditions outside the control of the Reporting Person, including applicable stock exchange approvals.

**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, A1, V6C 3L6

The following constitutes Amendment No 5 ("Amendment No. 5") 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, and Amendment No.4 filed on March 5, 2025, "Schedule 13D") .  This Amendment No. 5 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 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended to incorporate by reference the disclosure set forth below in Item 6.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The aggregate percentage of Common Stock reported owned by the Reporting Person is based upon 259,575,491 shares of Common Stock issued and outstanding, as reported by the Issuer to be outstanding after the closing of the Public Offering and Concurrent Private Placement pursuant to the Issuer's Prospectus Supplement filed with the SEC on January 26, 2026. As of the date hereof, the Reporting Person may be deemed to have beneficially owned approximately 34% of the outstanding Common Stock.

**(b)**
Number of shares of Common Stock as to which Paulson has:

	(i) Sole power to vote or direct the vote: 88,257,406 (see Note 1).

	(ii) Shared power to vote or direct the vote: 0

	(iii) Sole power to dispose or direct the disposition: 88,257,406 (see Note 1).

	(iv) Shared power to dispose or direct the disposition: 0

**(c)**
On January 27, 2026, the Reporting Person acquired from the Issuer, in a private placement, 18,018,018 shares of Common Stock at a price of $2.22 per share.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Pursuant to the Investor Rights Agreement dated December 28, 2016 (the "IRA"), between the Reporting Person and the Issuer, the Reporting Person has the right to participate pro rata in any equity offering by the Issuer. On January 21, 2026, the Issuer entered into a subscription agreement (the "Subscription Agreement") with the Reporting Person pursuant to which the Reporting Person fully exercised its participation right with respect to the Issuer's concurrent public offering (the "Offering") and agreed to purchase 18,018,018 Common Shares at the Offering Price, for an aggregate purchase price of approximately $40.0 million, contingent on the consummation of the Offering (the "Concurrent Private Placement"). The Subscription Agreement contains customary representations and warranties of the parties, and indemnification obligations of the Issuer.

On January 27, 2026, after the closing of the Offering, the Reporting Person and the Issuer entered into an additional subscription agreement (the "Upsize Subscription Agreement"), pursuant to which the Reporting Person agreed to purchase an additional 1,501,982 Common Shares (the "Additional Shares") at the Offering Price, for additional proceeds of $3.3 million to the Issuer, representing a proportional increase to the Reporting Person's investment to account for the upsize in the Offering and exercise of the corresponding Option (together with the Concurrent Private Placement, the "Private Placement"). The issuance of the Additional Shares will be subject to customary closing conditions, including applicable stock exchange approvals.

The foregoing descriptions of the Subscription Agreement and the Upsize Subscription Agreement do not purport to be complete and are qualified in their entirety by reference to the Subscription Agreement and the Upsize Subscription Agreement, copies of which are filed as Exhibits 10.1 and 10.2 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 27, 2026, which are incorporated herein by reference.

### 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.

**Reporting Person:** PAULSON & CO. INC.

**Signature:** /s/ Stuart L. Merzer

**Name/Title:** Stuart L. Merzer, General Counsel & Chief Compliance Officer

**Date:** 01/27/2026