Credit Suisse, with a neutral rating, says failing a takeover bid, a rising gold price is the company's best bet. A 10% rise in gold can result in an estimated 26% increase to the firms NAV forecast. But really, Credit Suisse is looking for a buyout.

The firm named Kinross Gold ( KGC), AngloGold Ashanti ( AU) and Newmont Mining ( NEM) as possible buyers.

Livengood is 60 miles away from Kinross' Fort Knox mine, which International Tower Hill studied very carefully when prepping its own asset. According to Credit Suisse, Fort Knox will be on its last legs as Livengood ramps up production. "We note, however, that Kinross currently faces significant capex requirements of its own, and as such, a joint venture with Kinross is a more likely scenario."

AngloGold Ashanti is a South African miner desperately looking to diversify away from the country and currently has no exposure to Alaska. "Credit Suisse currently does not cover AngloGold, but we note that the company has a healthy cash reserve and a reasonable debt load."

Newmont is trying to grow its production 35% by 2017 to 7 million ounces and double its reserve base in 10 years. Newmont isn't mining in Alaska currently and "has a strong balance sheet with over $4 billion in cash and a 14% debt to capitalization ratio," according to Credit Suisse.

CEO Richard O'Brien in a recent interview, however, said that Newmont's commitment to their new dividend, which links payout to the gold price, in addition to its exploration profile are enough to keep Newmont's cash busy.

"We see enough in our own portfolio we don't need to do M&A," said O'Brien. "It would be purely opportunistic if we decide to do something."

Newmont, Kinross and AngloGold declined to comment on rumors or speculation around mergers and acquisitions.

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-- Written by Alix Steel in New York.

>To contact the writer of this article, click here: Alix Steel.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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