Billionaire John Paulson Owns Nearly Half This Gold Miner - Despite Zero Gold Output

Most billionaire investors build large stakes in companies with proven revenue streams. John Paulson is doing the opposite.

The hedge fund manager now owns nearly half of International Tower Hill Mines, Ltd. (AMEX:THM), a development-stage miner that has yet to produce a single ounce of gold. Paulson's position has grown into one of the largest holdings in his portfolio, highlighting a long-term bet on one of North America's biggest undeveloped gold projects.

A Massive Stake In A Pre-Revenue Miner

According to recent filings, Paulson & Co. owns about 99.6 million shares of International Tower Hill Mines. That stake represents roughly 48% of the company's outstanding shares.

The position is currently valued at about $304 million and accounts for more than 9% of Paulson & Co's equity portfolio, making it one of his largest holdings.

The investment has also been profitable so far. Paulson has spent roughly $89 million building the stake over time, meaning the position has generated a gain of more than 240%.

A Decade-Long Accumulation Strategy

Paulson's investment in the company dates back more than a decade.

His first purchase of International Tower Hill Mines shares came in 2013, and he has steadily added to the position through multiple purchases over the years.

Most recently, he increased his stake again in January 2026, buying millions of additional shares in two separate transactions.

The repeated purchases suggest the investor remains confident in the long-term potential of the company's flagship asset.

Betting on Alaska's Livengood Gold Project

International Tower Hill Mines is focused on developing the Livengood Gold Project in Alaska, which ranks among the largest undeveloped gold deposits in North America.

The company currently generates no revenue because the project is still in the development phase, with work centered on feasibility studies, permitting and environmental assessments needed to eventually bring the mine into production.

For investors, that means the stock represents a highly speculative bet on the project’s future value.

For Paulson, however, the strategy appears clear: a long-term wager that one of North America's largest untapped gold resources will eventually be worth far more once the mine moves closer to production.

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