Here's a funny thing about billionaire investors: sometimes they do the exact opposite of what you'd expect. While most are busy chasing companies with proven revenue streams and quarterly earnings, John Paulson has quietly built a massive position in something quite different—a gold mining company that doesn't actually mine any gold.
Paulson now owns nearly half of International Tower Hill Mines Ltd. (THM), a development-stage miner that has yet to produce a single ounce of the precious metal. This isn't some small side bet either—it's grown into one of the largest holdings in his entire portfolio. It's essentially a long-term wager on one of North America's biggest undeveloped gold projects, and he's putting serious money behind it.
The Numbers Behind the Bet
According to recent filings, Paulson & Co. owns about 99.6 million shares of International Tower Hill Mines. That's roughly 48% of the company's outstanding shares—yes, nearly half the company. The position is currently valued at about $304 million and accounts for more than 9% of Paulson's equity portfolio.
Here's the really interesting part: Paulson has spent roughly $89 million building this stake over time. Do the math—that means the position has already generated a gain of more than 240%, even though the company hasn't started mining yet. It's a paper gain, sure, but still impressive for what's essentially a pre-revenue development play.
A Decade of Patient Accumulation
This isn't some sudden impulse buy. Paulson's investment dates back more than a decade. His first purchase came in 2013, and he's been steadily adding 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 tell a story of sustained confidence. When an investor keeps buying more of something for over ten years, they're not just making a trade—they're making a statement about their long-term conviction.
What's He Actually Betting On?
International Tower Hill Mines has one main focus: developing the Livengood Gold Project in Alaska. This isn't some small-time operation—it ranks among the largest undeveloped gold deposits in North America. The company is currently in the development phase, working on feasibility studies, permitting, and environmental assessments needed to eventually bring the mine into production.
For regular investors, this stock represents a highly speculative bet. You're essentially buying a piece of paper that says "maybe someday this will be a gold mine." There's no revenue, no production, just potential.
But for Paulson, the strategy appears clear: he's making 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. He's not buying gold today—he's buying the right to mine gold tomorrow, at what he presumably believes is a discount to what that right will be worth in the future.
It's a classic resource play with a twist. Most gold investors buy mining companies that are already producing. Paulson is buying the company that owns the land before the first shovel hits the ground. It's riskier, but the potential payoff—if he's right about the deposit's value and the company's ability to develop it—could be substantial.
The interesting question isn't just whether the gold is there (geological surveys suggest it is), but whether the economics work out. Can they mine it profitably? Can they get through all the regulatory hurdles? Can they finance the development? Paulson seems to think the answer to all these questions is yes, and he's putting nearly half a billion dollars of his portfolio behind that belief.
It's a reminder that sometimes the biggest opportunities aren't in the obvious places. While everyone else is focused on producing mines and quarterly results, Paulson is looking years ahead, betting that today's development project will be tomorrow's gold producer. Whether he's right remains to be seen, but you can't accuse him of following the crowd.
