Billionaire John Paulson Owns Nearly Half of Pre-Revenue Gold Miner

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Billionaire investor John Paulson owns nearly 50% of International Tower Hill Mines, a development-stage gold mining company with no current production. Paulson has accumulated this large stake over the past decade, spending around $89 million to build a position now valued at over $300 million. The investor is betting on the long-term potential of International Tower Hill's flagship Livengood Gold Project in Alaska, which is one of the largest undeveloped gold deposits in North America.

Why it matters

Most billionaire investors typically build large stakes in companies with proven revenue streams, but Paulson is taking the opposite approach by making a speculative long-term bet on a pre-revenue mining company. This highlights Paulson's confidence in the future value of the Livengood Gold Project and his willingness to take on significant risk in pursuit of potentially outsized returns.

The details

According to regulatory filings, Paulson & Co. owns about 99.6 million shares of International Tower Hill Mines, representing roughly 48% of the company's outstanding shares. This massive stake, currently valued at around $304 million, accounts for over 9% of Paulson's equity portfolio. Paulson first invested in the company over a decade ago in 2013 and has steadily added to his position through multiple purchases over the years, including as recently as January 2026.

• Paulson first purchased shares of International Tower Hill Mines in 2013.
• Paulson has steadily increased his stake in the company through multiple purchases over the years.
• Paulson most recently increased his stake in January 2026, buying millions of additional shares in two separate transactions.