Here are 1-3 brief analogies to describe International Tower Hill Mines (THM):

• It's like **Barrick Gold (GOLD)**, but purely focused on developing one massive, undeveloped gold deposit.
• Think of it as a future **Newmont (NEM)**, entirely dedicated to the pre-production development of a single, giant gold project.

International Tower Hill Mines (THM) focuses on the development of a single major product:

• Gold: A precious metal intended for future extraction and sale from its Livengood Gold Project in Alaska.

International Tower Hill Mines (symbol: THM) is a mineral exploration and development company, primarily focused on advancing its Livengood gold project in Alaska. As an exploration and development company that has not yet reached commercial production, THM does not currently have "customers" in the traditional sense of selling a finished product (like gold or other metals).

Therefore, the question of identifying major customers (whether other companies or individuals) does not directly apply to THM's current business stage. The company is in the process of defining and de-risking its mineral resource with the aim of eventually developing a mine or selling the project.

If THM were to successfully develop its Livengood project into a producing mine, its primary customers would then typically be:

• Metal Refiners: Companies that process raw gold doré or concentrate into pure gold.
• Smelters: Facilities that extract the metal from its ore.
• Precious Metal Traders/Dealers: Companies that buy and sell large quantities of refined precious metals on the global market.

In its current phase, THM's primary "stakeholders" or "audience" who are critical to its operations and future include:

• Investors: Who provide capital for exploration and development activities through equity financing.
• Potential Strategic Partners or Acquirers: Other larger mining companies that might be interested in a joint venture, acquisition of the project, or the entire company once the project's economics are sufficiently de-risked and defined.

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Karl L. Hanneman, Chief Executive Officer & Director

Mr. Hanneman was appointed Chief Executive Officer of International Tower Hill Mines Ltd. on January 31, 2017, having previously served as the Chief Operating Officer for the company. He has over 30 years of Alaska-based mining industry experience, including 12 years with Teck where he held roles such as Alaska Regional Manager for the Pogo mine and Director, Corporate Affairs, Alaska for both the Red Dog and Pogo Mines. Mr. Hanneman also serves as a director of Usibelli Coal Mine, Inc., a private company, and Northrim BanCorp, Inc., a public bank holding company. He holds a B.S. Degree in Mining Engineering from the University of Alaska.

David Cross, Chief Financial Officer & Principal Accounting Officer

Mr. Cross was retained under contract to serve as the Chief Financial Officer of International Tower Hill Mines Ltd. effective May 11, 2015. He is a partner in Cross Davis & Company LLP, Certified General Accountants, which also provides corporate accounting support to the company. His extensive experience includes officer, director, and senior management positions, and he has spent five years at Davidson & Company LLP Chartered Accountants. Mr. Cross also serves as the CFO for several other junior mineral exploration companies. He holds a BCIT diploma in Financial Management and is a Chartered Professional Accountant and Certified General Accountant.

Debbie L. Evans, Corporate Controller & Corporate Secretary

Ms. Evans' responsibilities were expanded to include Corporate Controller for International Tower Hill Mines, in addition to her role as Controller for Tower Hill Mines, Inc., the U.S. operating subsidiary. She has over 20 years of experience in mine controller and mine accounting positions. Before joining International Tower Hill Mines in January 2011, Ms. Evans was the Controller for the Kensington Mine (Coeur Alaska Inc.), the Fort Knox Mine, and Chief Accountant for the East Boulder Mine. She also held senior accounting positions at the Stillwater, Round Mountain, and ASARCO Mines. Ms. Evans has a B.Sc. Business Management Degree from Lewis Clark State College.

Marcelo Kim, Chairman of the Board

Mr. Kim has been a Partner at Paulson & Co. Inc. since 2011, where he is responsible for global natural resource investments with a focus on gold, base metals, bulk commodities, and oil & gas. Paulson & Co. Inc. is a significant shareholder in International Tower Hill Mines Ltd. Prior to 2009, he was a generalist analyst covering event arbitrage investment opportunities across various sectors. Mr. Kim currently serves as Chairman of Perpetua Resources Corp. He earned his BA in Economics from Yale University.

Thomas S. Weng, Lead Independent Director

Mr. Weng brings over 30 years of experience in the financial services sector to the company. He is a Co-Founding Partner with Alta Capital Partners, a financial advisory services provider, a position he has held since February 2011. From 2007 to 2011, Mr. Weng was a Managing Director at Deutsche Bank, heading Equity Capital Markets for Metals and Mining across the Americas and Latin America. His career also includes senior positions at Pacific Partners, Morgan Stanley, and Bear Stearns. Mr. Weng is also a Director of Jaguar Mining Inc. and Hycroft Mining Holding Corp. He graduated cum laude from Boston University with a Bachelor of Arts in Economics.

1. Financing and Capital Expenditure Risk

   International Tower Hill Mines is a pre-revenue company operating at a loss, with its primary asset being the Livengood Gold Project in Alaska. The project requires a substantial initial capital expenditure (CapEx) estimated at US$1.93 billion, as detailed in the 2023 Technical Report Summary. The company relies on external funding through the sale of shares in public offerings and private placements to advance the project. Securing this significant amount of capital remains a key hurdle for the company, and failure to do so could jeopardize the project's development.

2. Gold Price Volatility and Project Economics

   The economic viability and profitability of the Livengood Gold Project are highly sensitive to fluctuations in the price of gold. Previous feasibility studies indicated that the project was not economically viable at lower gold prices, for instance, at US$1,250 per ounce or US$1,500 per ounce, due to its high capital costs and relatively low-grade nature. While strong gold prices can improve financing prospects and the project's potential net present value, global commodity price drops and the inherent volatility in small-cap stocks pose ongoing risks.

3. Permitting and Development Risk

   As a company focused on advancing a large gold project, THM is exposed to risks associated with the permitting and development processes. These include challenges in commencing and completing planned work programs, securing necessary services and supplies on favorable terms, and attracting and retaining key staff essential for the permitting and eventual development of a mine at Livengood. Although the Livengood project is located in Alaska, considered a favorable jurisdiction, obtaining the necessary permits for a mine of this scale can be a complex and demanding process, requiring engagement with local communities and adherence to environmental regulations.

The main product of International Tower Hill Mines (THM) is gold, primarily through its Livengood Gold Project in Alaska. While there is ongoing metallurgical study on antimony mineralization, gold is the established primary product with proven and probable reserves.

The addressable markets for gold are as follows:

• Global Gold Market: The global gold market was valued at approximately USD 291.68 billion in 2024. It is projected to reach around USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% from 2025-2030. Another estimate projects the market to reach USD 457.91 billion by 2032.
• North America Gold Mining Market: The North America gold mining market was valued at USD 43.5 billion in 2024. This market is expected to reach USD 63 billion by 2035, growing at a CAGR of 3.42% from 2025 to 2035. The United States holds the largest market share within the North America Gold Mining Market, valued at USD 26.1 billion in 2024.

International Tower Hill Mines (THM) is a mineral exploration company primarily focused on advancing its Livengood Gold Project in Alaska. The company is currently in the project development phase and does not have revenue-generating operations. Therefore, future revenue growth is contingent upon the successful development and eventual production from this significant gold resource.

Here are 3-5 expected drivers of future revenue growth for International Tower Hill Mines over the next 2-3 years:

1. Advancement and Production from the Livengood Gold Project: The primary driver of future revenue growth for International Tower Hill Mines is the successful progression of its Livengood Gold Project through feasibility studies, permitting, and ultimately into commercial production. The company's 2025 work plan is focused on key activities such as metallurgical studies, baseline environmental data collection, and community engagement, all of which are critical steps towards obtaining the necessary permits for future mining operations. The project holds a substantial gold resource, and its development is central to the company's potential to generate revenue.
2. Favorable Gold Price Environment: As a gold-focused development company, International Tower Hill Mines' future revenue potential is highly sensitive to the price of gold. Sustained higher gold prices would significantly enhance the economic viability of the Livengood Gold Project and could lead to increased revenue once the mine is operational. The company's corporate presentations highlight the project's "Exceptional Value Upside with Higher Gold Prices."
3. Successful Monetization of Antimony Mineralization: International Tower Hill Mines is actively conducting metallurgical studies on the antimony mineralization identified at the Livengood Gold Project, with initial results being described as "encouraging." If these studies confirm economic viability, the co-production or separate extraction and sale of antimony could provide an additional revenue stream, diversifying the company's future income beyond solely gold.
4. Optimization of Project Economics and Mine Plan: Ongoing technical work, including detailed metallurgical studies and further environmental and engineering assessments, aims to optimize the Livengood Gold Project's economic parameters. Improvements in processing efficiency, reductions in operating costs, or enhancements to the overall mine plan could lead to a more robust economic profile and, consequently, higher potential future revenues once the project reaches production. The 2021 Pre-Feasibility Study incorporated an optimized mine plan and updated cost inputs, demonstrating the potential for ongoing improvements.

Share Issuance

• International Tower Hill Mines completed a non-brokered private placement on March 4, 2025, issuing 8,192,031 common shares at US$0.4801 per share to existing major shareholders, raising approximately US$3.9 million.
• In January 2024, the company completed a private placement that raised approximately US$2.5 million through the issuance of 3,807,911 common shares to existing major shareholders.

Inbound Investments

• On March 4, 2025, International Tower Hill Mines received approximately US$3.9 million from a non-brokered private placement, with shares issued to existing major shareholders including Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC.
• Paulson & Co. Inc. increased its stake by purchasing an additional 6,040,408 shares, bringing their total ownership to 70,239,388 shares valued at approximately $44,391,000.

Capital Expenditures

• International Tower Hill Mines approved a $3.7 million work program for 2025 at the Livengood Gold Project.
• The 2025 capital expenditures will primarily focus on metallurgical study of stibnite antimony mineralization, advancing baseline environmental data collection for future permitting, and continuing community engagement.
• The company anticipates expenditures of approximately $3.7 million for the year ending December 31, 2025, including $0.9 million for mineral property leases and mining claim government fees, and $2.8 million for general corporate and administrative purposes.