International Tower Hill Mines Ltd. · TSX:ITH
International Tower Hill Mines — Investor Presentation (March 2026)
27 slides from International Tower Hill Mines's investor presentation, March 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 March 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.ithmin
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: Investment Thesis
International Tower Hill Mines Investment Thesis ▪ A Rare Combination of Scale, Jurisdiction, and Valuation Asymmetry ▪ 9.0M oz P&P Reserves, 13.6M oz M&I Resources ▪ Strip Ratio 1.2:1 (Lowest amongst comparable large North American projects) ▪ Located in Alaska - #2 gold producing state in the U.S.
Slide 4: 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 5: 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) 7.0 6.0 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 6: Lowest Strip Ratio Amongst Independent Gold-Only Projects in North America
Lowest Strip Ratio Amongst 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 Back River (ITH) (Perpetua) (Equinox) (Argonaut) Lake (B2Gold) (Seabridge) Source: ITH – 2023 Technical Report Summary,
Slide 7: 2023 Technical Report Supported Enviable 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 7 www.ithmines.com
Slide 8: 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
Slide 9: 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 Comparables 40% 37% Construction: ~ 10%-15% Producers: ~ 30%-40%+ Reserves 20% Re-Rating Opportunity Lies 11% In Development Milestone
Slide 10: Massive Potential Upside for ITH Shareholders
Massive Potential Upside for ITH Shareholders Multiples to ITH Current Value At Public Comparable Examples Pre-Financed Financed Potential Future ITH Enterprise Value $20,000 35x $14,801 $15,000 ($m) $10,000 11x $4,644 $5,000 $424 -- ITH Perpetua Agnico Eagle (Pre-Feasibility) (Construction) (Produc
Slide 11: Roadmap to Re-Rating
Roadmap to Re-Rating ▪ Bankable Feasibility Study Enterprise Value as % of In Situ Value of 40% 37% ▪ Permitting Advancement ▪ Financing Strategy ▪ Construction Reserves 20% ▪ Production 11% Each stage historically drives 1% -- step change valuation in ITH Perpetua Agnico Eagle (Pre-Feasibility) (Co
Slide 12: 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 • No Need for a Camp • Access to Highly Skilled Workforce in Fairbanks • Potential Access to Gas from Alaska Natural Gas Pipeline Could Signifi
Slide 13: 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 14: 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 15: 2026 Milestones
2026 Milestones ▪ Selection of Feasibility Study Team ▪ Build Out Development Team ▪ Commence 3,000m Drilling Program To Support Feasibility Study ▪ Preliminary Antimony Results ▪ Additional Field Work To Support Permitting TSX: ITH | NYSE American: THM 15 www.ithmines.com
Slide 16: ITH: Strong Institutional Backing & Alignment
ITH: Strong Institutional Backing & Alignment US $118 Million financing completed January 2026 38.1% Paulson ____ ____ 12.2% Electrum ____ 7.5% Kopernik ____ 4.5% Sprott 37.7% Public Float TSX: ITH | NYSE American: THM 16 www.ithmines.com
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 ▪ $118 M Financing Secured for Feasibility Study and Permitting ▪ Currently Valued at Only 1% of Gold Reserves ▪ Easy Access to Critical Infrastructure ▪ Low Strip Ratio ▪ Exploration Upside ▪ Updating Feasibility Study To
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 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 team that worked to Karl L. Hanneman res
Slide 23: Board of Directors
Board of Directors Partner at Paulson & Co. Inc. since 2011, where he oversees natural resource investments, specializing in gold, base metals, bulk commodities Marcelo Kim and oil & gas. Prior to that, commencing in 2009, he was a generalist analyst covering event arbitrage investment opportunities
Slide 24: Capital Structure & Treasury
Capital Structure & Treasury TSX: ITH - NYSE American: THM (As of January 30, 2026) Issued & Outstanding Shares 261,077,473 Equity Financing & Private Placement $118.1 Million (Gross Proceeds January 2026) Major Shareholders Shares Held % Paulson & Co. Inc. 99,573,038 38.1 Electrum Group LLC 31,918,
Slide 25: Exceptional Value Upside with Higher Gold Prices
Exceptional Value Upside with Higher Gold Prices Based on Financial Model Used in 2023 Update Using $1,680/oz Reserve Pit NPV at 0% ($M) NPV at 5% ($M) $5,102 $2,500 $2,351 Gold Price ($/oz) $2,729 $2,000 $975 $1,741 $1,800 $400 Current Market Cap 23% of NPV (5%) at ITH Mkt Cap ($M) $535 $2,500/oz G
Slide 26: 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) Courageous… 2.61 Cerro del Gallo 0.32 Rogue 0.64 Eskay Creek 2.60 Richmond Hill 0.44 Stibnite 0.41 Goldboro 2.26 KSM 1.05 Cerro del Gallo 0.39 Donlin 2.02 Rogue 1.10 Richmond Hi
Slide 27: EV/In Situ Valuation Analysis
EV/In Situ Valuation Analysis Current Market Valuation Company: ITH Perpetua Agnico Eagle Phase: Pre-Feas Construction Producing Stock Price: $2.05 $26.21 $184.78 Market Cap: $535 $3,257 $93,068 Net Debt: -$111 -$781 -$2,002 Enterprise Value $424 $2,476 $91,066 Reserves (m os): 9.0 4.8 55.4 In Situ
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