Project Development Risks: The Livengood Gold Project is still in the pre-feasibility or feasibility stage, and transitioning from exploration to production involves significant technical, operational, and financial risks, including potential cost overruns and construction delays.

Financing and Capital Raising Risks: Developing a large-scale gold mine like Livengood requires substantial capital investment, and THM's ability to secure adequate funding through equity, debt, or partnerships depends on market conditions and the project's perceived economics, risking significant shareholder dilution or project stagnation.

Gold Price Volatility Risks: The economic viability and attractiveness of the Livengood project are highly sensitive to fluctuations in the market price of gold, with sustained lower prices potentially rendering the project uneconomic or difficult to finance.