International Tower Hill Mines Ltd. · TSX:ITH
International Tower Hill Mines — Investor Presentation (October 2026)
28 slides from International Tower Hill Mines's investor presentation, October 2026
Slide 1: One of the Largest Undeveloped Gold Assets in the United States
One of the Largest Undeveloped Gold Assets in the United States Advancing Towards Production Corporate Presentation October 2026 Alaska Headquarters Tower Hill Mines, Inc. 506 Gaffney Road, Suite 200 Fairbanks, AK 99701 1-855-428-2825 TSX: ITH TSX: ITH| | NYSE NYSEAmerican: American:THM THM www.ithm
Slide 2: Forward-Looking & Cautionary Statements
Forward-Looking & Cautionary Statements Scientific or technical information contained herein is derived from the Company’s pre-feasibility study (the “PFS”) for its Livengood Gold Project (“Livengood” or the “Project”), which is presented in technical report prepared in compliance with SK-1300 (“202
Slide 3: ITH Investment Thesis
ITH Investment Thesis ▪ Rare Combination of Scale + Jurisdiction + Valuation Asymmetry ▪ 9.0M oz P&P Reserves, 13.6M oz M&I Resources ▪ Strip Ratio 1.2:1 (lowest amongst comparable projects) ▪ Located in Alaska – Tier 1 jurisdiction, #2 gold producing state ▪ Valued at 1% of in-situ reserve value ▪
Slide 4: Livengood Advancement: Last 15 Years
Livengood Advancement: Last 15 Years $6,000 $5,000 Gold Price (US$ / oz) $4,000 Prefeasibility Study $1,680/oz Prefeasibility Study 65ktpd $1,250/oz 9.0Moz (P&P) 53ktpd 9.0Moz (P&P) $3,000 Feasibility Study $1,500/oz 100ktpd 10.1Moz (P&P) $2,000 $1,000 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-2
Slide 5: New Executive Leadership Team
New Executive Leadership Team David Wiens Shane Parrow CEO President and COO ▪ Mining finance, capital markets ▪ Mining operations, engineering and strategic leadership and project development ▪ Prior roles at: ▪ Prior roles at: Source: ITH News Release July 27, 2026 TSX: ITH | NYSE American: THM 5
Slide 6: Management Team
Management Team Track Record of Large Mine Development and Permitting Success Mr. Hanneman has over 40 years of Alaska-based mining industry experience and most recently was COO of ITH. Prior to joining the Company in 2010, he played a key role on the Karl L. Hanneman team that worked to resolve the
Slide 7: ITH: Strong Institutional Backing & Alignment
ITH: Strong Institutional Backing & Alignment US $118 Million financing completed January 2026 39.9% Paulson ____ 12.2% Electrum ____ ____ 7.5% Kopernik 40.2% Public Float TSX: ITH | NYSE American: THM 7 www.ithmines.com
Slide 8: Extremely Large Gold Resource in North America
Extremely Large Gold Resource in North America 15 13.6 11.0 10 9.1 M&I Resources (m oz) 8.3 7.0 5 4.5 0 Eskay Stibnite Greenstone Mt Todd Courageous Livengood (Skeena) (Perpetua) (Equinox) (Victoria Lake (ITH) Gold) (Seabridge) Source: ITH - 2023 Technical Report Summary, All others - Public disclos
Slide 9: Highly Attractive Grade On A Strip Adjusted Basis
Highly Attractive Grade On A Strip Adjusted Basis Head Grade (g/t) + Strip Ratio (Waste: Ore) = Strip-Adjusted (g/t Moved) Rogue 0.64 Stibnite 0.41 Courageous… 2.61 Cerro del Gallo 0.32 Cerro del Gallo 0.39 Eskay Creek 2.60 Richmond Hill 0.44 Richmond Hill 0.32 Goldboro 2.26 KSM 1.05 KSM 0.31 Donlin
Slide 10: Enviable 21 Year Mine Life – 6.4M Oz
2023 Technical Report Supported Enviable 21 Year Mine Life – 6.4M Oz 500,000 400,000 Year 1-5 Avg 388,600 oz/yr LOM Avg 316,900 oz/yr Annual Gold Production (oz) 300,000 200,000 100,000 0 1 5 9 13 17 21 Year Source: 2023 Technical Report Summary TSX: ITH | NYSE American: THM 10 www.ithmines.com
Slide 11: ITH Deeply Discounted: Trading at Only 1% of Gold Reserve Value
ITH Deeply Discounted: Trading at Only 1% of Gold Reserve Value Market Prices ITH as Optionality – Not as a Future Producer Enterprise Value as % of In Situ Value of 45.0% Key: ITH: Early Development/Pre-Permit NovaGold: Late Development/Full Permit 36.3% Perpetua: Financed/In Construction Artemis:
Slide 12: Massive Potential Upside for ITH Shareholders
Massive Potential Upside for ITH Shareholders Multiples to ITH Current Value At Public Comparable Examples Key: ITH: Early Development/Pre-Permit $2,000 NovaGold: Late Development/Full Permit Perpetua: Financed/In Construction $1,634 Artemis: Producing/Single Asset Mine Agnico Eagle: Producing/N. Am
Slide 13: Unparalleled Infrastructure Advantages
Unparalleled Infrastructure Advantages • Adjacent to Year-Round Paved Highway Direct from Fairbanks – Only 70 Miles • Only 50 Miles from Electric Grid Power • Access to Highly Skilled Workforce in Fairbanks • Potential Access to Gas from Alaska Natural Gas Pipeline Could Significantly Lower Energy C
Slide 14: Alaska: Tier One Jurisdiction
Alaska: Tier One Jurisdiction Numerous Mines in Operation • Red Dog (Teck/NANA), Fort Knox (Kinross), Pogo (Northern Star), Manh Choh (Kinross/Contango), Kensington (Coeur), Greens Creek (Hecla), Usibelli (UCM) Second Largest Gold Producing State in USA Alaska Resource Development Priority for Admin
Slide 15: Optimization Underway to Unlock Value
Optimization Underway to Unlock Value ▪ Complete Bankable Feasibility Study ▪ Optimize Recovery Rate ▪ Different Oxidation Methods (POX, Albion) ▪ Antimony Segregation & Potential Recovery ▪ Optimize Throughput Rate ▪ Prior Plan Envisaged 65,000 tons/day ▪ Update Reserves & Resources ▪ Prior Reserve
Slide 16: 2026 Milestones
2026 Milestones (1) ▪ Feasibility Study Team Selected – Phase 1 ▪ BBA Consultants USA LP ▪ Hatch Ltd ▪ Newfields Mining Design and Technical Services LLC ▪ Resource Development Associates, Inc. ▪ JDS Energy and Mining Inc. ▪ Commenced (1) 3,000m Drilling Program To Support Feasibility Study (2) ▪ Bu
Slide 17: Exploring For Potential Antimony By Product
Exploring For Potential Antimony By Product ▪ Antimony deportment work completed at AMTEL ▪ Additional test work underway at SGS Lakefield TSX: ITH | NYSE American: THM 17 www.ithmines.com
Slide 18: Excellent Exploration Potential
Excellent Exploration Potential Defined Exploration Potential Exists at Depth and SW of Existing Resource Current Resource Covers 1 Square Mile of the Company’s Expansive 75 Square Mile Land Package TSX: ITH | NYSE American: THM 18 www.ithmines.com
Slide 19: Preparing For Future Permitting
Preparing For Future Permitting ▪ Rock Characterization ▪ Geohydrology ▪ Surface Water & Hydrology ▪ Meteorology ▪ Air Quality ▪ Wetlands & Vegetation ▪ Aquatic Studies ▪ Cultural Resources ▪ Noise Studies ▪ Wildlife & Habitat Studies TSX: ITH | NYSE American: THM 19 www.ithmines.com
Slide 20: ITH: A Premier American Gold Play
ITH: A Premier American Gold Play ▪ Tier One Scale in a Tier One Jurisdiction ▪ $118M Financing Secured for Feasibility Study and Permitting ▪ Currently Valued at Only 1% of Gold Reserves / $64 Per Reserve Ounce ▪ Easy Access to Critical Infrastructure ▪ Low Strip Ratio ▪ Exploration Upside ▪ Updati
Slide 21: Appendix
APPENDIX TSX: ITH | NYSE American: THM 21 www.ithmines.com
Slide 22: Alaskan Management Team
Alaskan Management Team Track Record of Large Mine Development and Permitting Success David Wiens brings more than two decades of mining finance, capital markets and strategic leadership experience across the global mining sector. Mr. Wiens most recently served as Chief Financial Officer of Asante G
Slide 23: Alaskan Management Team (cont’d)
Alaskan Management Team (cont’d) Track Record of Large Mine Development and Permitting Success Ms. Evans has 35 years of experience in the mine controller and mine accounting positions. Prior to joining ITH, Ms. Evans was the Mine Controller for Kinross’s Fort Knox Mine and for the Kensington Debbie
Slide 24: Board of Directors
Board of Directors (in addition to management directors) Partner at Paulson & Co. Inc. since 2011, where he oversees natural resource investments, specializing in Marcelo Kim gold, base metals, bulk commodities and oil & gas. Prior to that, commencing in 2009, he was a generalist analyst covering ev
Slide 25: Capital Structure & Treasury
Capital Structure & Treasury TSX: ITH - NYSE American: THM (As of June 30, 2026) Issued & Outstanding Shares 261,637,473 Working Capital $110.1 Million Major Shareholders Shares Held % Paulson & Co. Inc. 104,486,703 (1) 39.9 Electrum Group LLC 31,918,825 (2) 12.2 Kopernik and affiliates 19,638,891 (
Slide 26: Livengood Asset: Tier-One Scale in a Tier-One Jurisdiction
Livengood Asset Tier-One Scale in a Tier-One Jurisdiction ▪ 13.6m Ounces Measured & Indicated Resources at $1,650/oz (705m Tonnes, Avg. Grade 0.60 g/t, variable cut- off grades) ▪ 9.0m Ounces Proven & Probable Reserves at $1,680/oz (430m Tonnes, Avg. Grade 0.65 g/t, variable cut-off grades) ▪ 776 Dr
Slide 27: Lowest Strip Ratio Among Independent Gold-Only Projects in North America
Lowest Strip Ratio Among Independent Gold- Only Projects in North America 10.5 10 7.6 Life-of-Mine Strip Ratio 5 4.8 3.9 2.5 1.2 0 Livengood Stibnite Greenstone Magino Courageous Lake Back River (ITH) (Perpetua) (Equinox) (Argonaut) (Seabridge) (B2Gold) Source: ITH – 2023 Technical Report Summary, A
Slide 28: PFS Completed at Conservative Gold Prices
PFS Completed at Conservative Gold Prices 2023 Technical Study: ▪ Reserves calculated at $1,680/oz ▪ LOM AISC: ~ $1,171/oz ▪ Initial CAPEX: ~ $1.93 billion ▪ 388,600 oz average annual production first 5 years ▪ 6.4M oz gold production over 21-year mine life at 65,000 tpd throughput The study showed
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