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Here are 1-2 brief analogies to describe International Tower Hill Mines (THM):

• A startup Barrick Gold, focused on developing a single, massive gold deposit.
• A biotech company with a blockbuster drug candidate in late-stage clinical trials, but years away from market.

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• Mineral Property Acquisition: The company acquires rights and interests in mineral properties with exploration potential.
• Mineral Exploration: It conducts geological surveys and drilling to discover and delineate gold deposits, specifically at its Livengood project.
• Mineral Property Development: The company undertakes activities to advance its discovered gold projects towards potential mining operations.

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International Tower Hill Mines Ltd. (THM) is a mineral exploration company focused on the acquisition, exploration, and development of mineral properties, specifically the Livengood gold project in Alaska. As an exploration company, it is in the pre-production phase and does not currently produce or sell gold or other mineral products.

Therefore, International Tower Hill Mines Ltd. does not have major customers in the traditional sense, as it is not yet generating revenue from the sale of minerals to other companies or individuals.

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Karl L. Hanneman Chief Executive Officer

Mr. Hanneman was appointed Chief Executive Officer in February 2017 and has over 30 years of Alaska-based mining experience. He was previously the Chief Operating Officer for International Tower Hill Mines, joining the company in May 2010. His experience includes a key role in successfully resolving permitting issues at the Red Dog Mine and serving as Alaska Regional Manager during the initial development and permitting of the Pogo Gold Mine for Teck/Sumitomo. Mr. Hanneman also serves as a director of Usibelli Coal Mine, Inc., a private company, and Northrim BanCorp, Inc., a public bank holding company.

David A. Cross Chief Financial Officer

Mr. Cross was appointed Chief Financial Officer in May 2015. He is a Chartered Professional Accountant with a background in public accounting and financial management, specifically for junior mineral exploration companies. His past experience includes officer, director, and senior management positions, as well as five years at Davidson & Company LLP Chartered Accountants. Mr. Cross is also the CFO of several other junior mineral exploration companies and remains a partner in Cross Davis & Company LLP.

Debbie L. Evans Corporate Controller & Corporate Secretary

Ms. Evans has 20 years of experience in mine controller and mine accounting positions. Before joining International Tower Hill Mines, she served as the Mines Controller for the Kensington Mine operated by Coeur Alaska Inc., Controller at 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.

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International Tower Hill Mines Ltd. (THM) faces several significant risks inherent to its business model as a pre-revenue mineral exploration and development company focused on a single large-scale gold project.

1. Significant Capital Requirements and Funding Risk: The Livengood Gold Project requires substantial capital investment, with initial capital expenditures estimated between $1.84 billion and $1.93 billion to bring the mine into production. As a company generating no revenue, International Tower Hill Mines is reliant on equity financing to fund its operations and advance the project. While recent financing efforts have raised capital, the sheer magnitude of the required investment poses an ongoing challenge, and the project's economics are highly sensitive to the cost of capital and overall funding availability.
2. Permitting and Regulatory Challenges: The successful development of the Livengood Gold Project is subject to obtaining numerous environmental and operating permits from various governmental agencies. The permitting process for large-scale mining projects, particularly in regions like Alaska, can be lengthy, complex, and subject to delays or opposition. Difficulties or delays in securing the necessary permits could significantly impede project development and impact its economic viability.
3. Gold Price Volatility: The economic viability of the Livengood Gold Project is highly sensitive to fluctuations in the market price of gold. Pre-Feasibility Study results have indicated that the project is only marginally viable at certain gold price assumptions, with a relatively low internal rate of return (IRR) at lower gold prices. A sustained decline in gold prices could negatively impact the project's profitability and its ability to attract necessary financing for development.

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• Global Gold Market: The global gold market size was 4,890.0 tons in 2025 and is projected to grow to 5,118.1 tons in 2026 and 7,424.4 tons by 2034, with a compound annual growth rate (CAGR) of 4.70% during the forecast period. In terms of value, the global gold market was estimated at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a CAGR of 6.51% from 2025 to 2030.
• U.S. Gold Market: The U.S. gold market is expected to reach 343.7 tons in 2026. More broadly, the U.S. precious metal market, in which gold was the largest revenue-generating metal in 2024, generated USD 30,277.7 million in 2024 and is expected to reach USD 48,432.4 million by 2030.
• Alaska Gold Market (Gold & Silver Ore Mining Industry): The market size of the Gold & Silver Ore Mining industry in Alaska is projected to be USD 2.0 billion in 2026. Gold production from Alaska mines in 2024 accounted for approximately USD 2 billion, representing about half of the total value of minerals produced in the state.

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International Tower Hill Mines Ltd. (THM) is a mineral exploration company primarily focused on advancing its Livengood gold project in Alaska. As a pre-revenue development-stage company, its future revenue growth over the next 2-3 years will be driven by key milestones that enhance the project's value and move it closer to production or monetization.

Here are 3-5 expected drivers of future revenue growth for International Tower Hill Mines:

1. Advancement of the Livengood Gold Project through Feasibility and Permitting: International Tower Hill Mines' primary focus and a key driver of future revenue potential is the progression of its Livengood Gold Project through critical development phases, including comprehensive feasibility studies and securing necessary permits. The company recently completed an approximate $115 million financing round in January 2026, with a significant portion allocated to these studies and community engagement efforts to advance the project. Successful completion of these stages will de-risk the project, making it more attractive for further investment and ultimately paving the way for a construction decision and eventual gold production.

2. Successful Development and Monetization of Antimony as a Co-Product: The Livengood deposit contains massive stibnite (antimony) veins, and International Tower Hill Mines has initiated metallurgical studies to determine the economic viability of recovering antimony as a co-product. Positive results from these studies and the potential to establish a recoverable antimony resource could introduce an additional revenue stream, significantly enhancing the overall economics and value proposition of the Livengood project.

3. Securing Substantial Project Financing or Strategic Partnerships: The Livengood Gold Project has an estimated initial capital expenditure of $1.93 billion. Future revenue generation from the mine is contingent on securing this substantial capital. This could involve further significant financing rounds, entering into joint ventures with larger mining companies, or establishing strategic partnerships that provide the necessary funding and expertise to transition the project from development to construction and operation.

4. Favorable Gold Price Environment: While International Tower Hill Mines is currently pre-revenue, the long-term profitability and attractiveness of its Livengood project are highly sensitive to gold prices. A sustained high gold price environment significantly increases the project's net present value (NPV) and internal rate of return (IRR), as illustrated by a pre-feasibility study showing a marginal 5.3% IRR at $1,680/oz gold. Elevated gold prices make the substantial capital investment more appealing, thereby accelerating the path to project development and eventual gold sales revenue.

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International Tower Hill Mines (THM) has made the following capital allocation decisions over the last 3-5 years:

Share Issuance

• In January 2026, the company completed an upsized equity financing, raising approximately US$115 million (upsized to ~$118 million with underwriters' option) through a public offering and a concurrent private placement.
• A non-brokered private placement in March 2025 issued 8,192,031 common shares, generating gross proceeds of approximately US$3.9 million.
• In January 2024, the company issued 3,807,911 common shares through a non-brokered private placement, raising gross proceeds of approximately US$2.5 million.

Inbound Investments

• Paulson & Co. Inc. participated in the January 2026 equity financing with an initial investment of US$40 million and an additional US$3.3 million.
• As of July 2025, Paulson & Co. Inc. was the largest shareholder, holding a 34% stake in International Tower Hill Mines.
• Existing major shareholders participated in private placements in March 2025 and January 2024.

Capital Expenditures

• Capital expenditures are primarily focused on advancing the Livengood Gold Project, encompassing activities such as drilling, metallurgical studies (including antimony recoverability), feasibility studies, and baseline environmental work.
• The approximately US$118 million gross proceeds from the January 2026 equity financings are specifically allocated to these project advancement activities.
• The Technical Report Summary (TRS) for the Livengood Gold Project estimates the initial capital costs for the project at US$1.93 billion.