International Tower Hill Mines Ltd.

Thank you very much, Ross, and thank you to Mining Forum Americas for the opportunity to present International Tower Hill Mines to you today. For those not familiar, we are a US$700 million market cap NYSE American and TSX Main Board listed company that has the sole purpose of developing the prolific Livengood gold deposit in interior Alaska, USA. I’m David Wiens. I have been the CEO for approximately three weeks, so as weeks turn into months and years, you may hear my delivery of this presentation and the presentation itself by virtue of us rapidly advancing this project change over time. With that in mind, I’d like to jump into the presentation. Forward-looking statements, we’ll take these as read.

All right, International Tower Hill investment thesis. Why should you invest? Well, let’s start with a rare combination of scale, jurisdiction, and valuation asymmetry. Well, what does that mean? Let’s start with the massive proven and probable reserve that we have of 9 million ounces. 14 million ounce resource. We’ve got a low strip ratio of 1.2 to 1, which is the lowest among comparable projects. Located in Alaska, tier one jurisdiction, and number two gold-producing state in the United States. We’re valued at approximately 1% of the $40 billion of in situ gold reserve value that we have.

We have a clear foundation and path towards developing this project. Specifically, we’ve invested $300 million over the last 20 years in drilling studies and baseline work. The last study that we put out in 2023 demonstrated massive leverage to gold price. We’re gonna go through that in the next slide. We are cashed up to execute from the $118 million financing that we raised in January, and that’s from a powerhouse shareholder register that I’m gonna cover in a coming slide. And our strategy is very simple: complete a feasibility study to lock in the final blueprint and advance towards permitting. So what do we offer? Institutional scale gold exposure and optionality valuation, which is a pretty rare combination.

All right. So to set the scene, I quite like this slide because it puts this company and this project into perspective. Chances are those in the audience are not hearing this story for the first time. You probably heard this story five years ago, ten years ago, fifteen years ago, and you may be wondering, “Well, what’s changed? Why should I pay attention now?” So let me start with what has not changed. For the last thirteen years, we’ve had a 9 to 10 million ounce reserve. That has been reconfirmed three times in three separate studies, a feasibility in 2013, a pre-feasibility study in 2017, and another pre-feasibility study in 2021, which was reissued in 2023. There were variances in the scale of the project. We started with a 100,000 ton per day mill in 2013, which moved to 53,000 and then to 65,000 in 2021. Same flow sheet each time.

So why has the project not moved forward? Well, gold has been, as everybody in this room knows, trending between approximately $1,200 per ounce and $2,000 per ounce for a period of about thirteen years, and this project does not demonstrate compelling economics at $1,500 per ounce. However, it has massive upside leverage to gold above those prices. As an example, in the 2023 pre-feasibility study, one of the upside sensitivities in that was at $2,500 per ounce gold, and that demonstrated a $2.5 billion NPV. Obviously, we’re much higher than that now, which is why we’re head down on a feasibility study to lock in the final blueprint for the mine and really show what this thing can do.

All right. So, as I mentioned, I’ve been on the job for three weeks. My partner in crime, who’s in the audience today, is a little bit before me, four weeks before me, Shane Perrill. A little bit about ourselves. I’ve been in mining for about 20 years, roughly split into three seven-year parts. I started in investment banking, spent five years in London, ended at Deutsche Bank’s metals and mining team there. I then spent approximately seven years at SSR Mining. So I joined the company when it was Silver Standard back in 2013, and we grew through acquisition of Marigold and then later of the Seabee Mine to become a very respectable mid-tier gold producer. We met production and cost guidance seven years in a row. I left right before the merger with Alacer, and then for the last seven years, I’ve primarily been in CFO roles. I spent three years at Bunker Hill Mining, a US development asset that some may be familiar with, and then I spent the last three years as CFO of Asante Gold, an emerging mid-tier gold producer in West Africa, targeting 300,000 ounces of production this year, and I helped them raise about $1 billion in financing to restructure their balance sheet and fund their growth initiatives.

Enough about me. Shane Perrill, who’s joined as our President and COO approximately seven weeks ago, brings illustrious history working for Barrick, Kinross, Newmont, Sibanye, and others, building mines. He’s built four mines. He’s run various mines, and we’ve been fortunate to get him, most recently from Kinross, where he was Vice President of Alaska. He was running the Fort Knox mine, which is the closest corollary to the Livengood project that we’re developing, and he also built Manh Choh, and everybody who’s followed Contango knows that that’s been a very big success story. So what are we doing here? We’re marrying up finance, capital markets, and strategic leadership with mining operations, engineering, and project development for a team that is going to rapidly move this project forward.

A little bit about the broader team. So I was up in Fairbanks, where we’re based, a couple of weeks ago. Carl Hawneman, the CEO, has been an amazing steward of this asset over the last thirteen years. He’s moving into retirement, but we’re fortunate that he’s agreed to stay on as a strategic advisor. Immense amount of institutional knowledge, but let’s talk a little bit about what he’s accomplished in his career. He permitted Pogo in the early 2000s, one of the other major mines that the town of Fairbanks services. And at Red Dog, he got the EIS extended as well as an expansion of the open pit. So very deep permitting experience within the broader team. Others on the team have worked at Green’s Creek, Kensington, and others. So between the team, we’ve got all the mines covered, and we’re just gonna build from there.

So I used the term earlier, powerhouse shareholder register, and I think that is an appropriate description for what we have here. So the company is 40% held by the Paulson Group. I think everybody is familiar with Paulson and the success that he’s had in the industry. 12% Electrum, 7.5% Copernic, and 40% what we’re calling the public float. We’ve got some very big institutions that came in in January, which is a good segue. We raised $118 million in January, and that has us cashed up for the next number of years to get us through the feasibility study and move us into permitting. And that is with the backstopping of these excellent shareholders, who all stepped up in that raise and wanted more.

Extremely large gold resource in North America. Again, I think appropriate adjective for the 14 million ounces that we’ve got published here. On the reserve, we have a 9 million ounce reserve. The last gold price that was used to determine those reserves was $1,680. So as part of the feasibility study process, I think what investors can look forward to over the next little while here is an update on what that looks like. And as you can imagine, with the gold price of $1,680 used before, there is upside on both the reserve and resource. So we look forward to updating investors on that in due course.

Highly attractive grade on a strip adjusted basis. This is actually an extremely important slide. So Livengood is a large bulk tonnage open pit operation. Nothing is gonna change that. The only question is, is this gonna be something on the order of the 53,000 tons a day that we did in 2017, or is it gonna be more like 100,000 that we did in 2013? So those have been the bookends so far in the technical studies. And we have a grade of 0.65 grams, which works just fine with the volume that we’re looking to move as we progress the feasibility study. But if you combine that with a strip ratio of 1.2, which by the way, as we’re doing pit shell trade-offs during the feasibility study, there’s potential for that to go even lower, we’re looking at a strip adjusted grade of 0.3. So I personally worked at companies and advised clients with nice headline grades of 1.5 to 2.5 grams in an open pit scenario, but they have a strip ratio of ten, fifteen, twenty, which is worse than what we’ve got after adjusting for the very low strip ratio that we have. So that brings us operational stability as we’re doing the mine planning, and it allows us to look forward to some pretty compelling economics as we complete the feasibility study.

All right. So just a snapshot of what the last mine plan looked like in the 2023 study. You can see a life of mine average of 317,000 ounces across 21 years. But I’d like to particularly draw attention to the first few years there. In this plan, and again, this is the 2023 study, and we’re updating it now, as you can see, we harvest approximately 1.2 million ounces just in the first three years and almost 500,000 ounces in the third year alone. So that is when the higher grades and the rock types come into the mine plan that are more amenable to higher recovery. And so that gives us a nice basis to generate cash flow early on.

So as we’re going through the feasibility study planning and we’re looking at the scale of the project, again, this is at 65,000 ton a day. If we were to move that scale up, obviously the bars that you see on the screen are likely to go higher. Do we start smaller, quote-unquote, by having a similar production profile for the first three to four years that you see here and then go bigger? Well, that’s one question we’re asking ourselves. This is a very good problem to have when you’ve got a 9 million plus ounce reserve that you have to figure out how to squeeze into 20 years, and that’s what Shane and I are head down doing over the coming months.

Okay. So we are deeply discounted, trading at approximately 1% of our gold reserve value. And so what this chart shows, the 1.4% that you see on the screen there is essentially our market capitalization of about $650 million, $700 million US relative to the $40 billion plus of in-situ gold reserve value that we have. And so you see others there, NovaGold, Perpetua, Artemis, Agnico Eagle. As we move from the left to the right, these are all companies that have hit various milestones to de-risk and advance their projects. So we’re talking about permitting, we’re talking about financing, we’re talking about construction. And so simply put, our objective is to move from the left to the right by completing our feasibility study, moving into permitting, and then financing, constructing and producing. So we’re super excited about that journey to come.

All right, so this slide essentially is the same as the previous slide, just expressed with a different metric. Here we’re looking at enterprise value to reserves, and you see that we traded about $63 per ounce. NovaGold, same companies as the previous slide, $152. And then you see as you get into finance projects, you can get much, much higher than that. So we are super excited about moving through feasibility, permitting, financing, construction, and ultimately production.

Unparalleled infrastructure advantages. I got to witness this myself two weeks ago. Specifically, what I’m referring to is I drove with Shane and the team two hours up the paved highway. This is just a regular highway like you’d see anywhere else, and we’re one mile off of that highway. It took us about two hours to drive there, and that was in heavy fog and with a few stops along the way. So what that means, in the last pre-feasibility study, it was assessed that we didn’t need a camp, for example. It means that the town of Fairbanks, which again services Fort Knox as well as the Pogo Mine, will be a great source of labor and suppliers and vendors as we develop the mine. We’re 50 miles from electric grid power and we have potential access to gas from a natural gas pipeline that’s being discussed at the moment. So all of that dramatically lowers our execution risk.

Alaska Tier One Jurisdiction. You can see some of our neighbors, we’ve talked about them, in terms of Fort Knox and Pogo being served by the town of Fairbanks. Red Dog, we talked about that earlier in the context of our outgoing CEO having done an amazing job on the permitting aspect. Livengood, I think, second last bullet you see on the page there, has been designated by the state for mineral development. So this is very important actually, as we have discussions with regulators and politicians in the state. There is collective willpower at the political level for this project to happen, which is obviously very good wind at our back. And obviously, in the context federally of a strongly supportive administration for mining. This is the right time, together with the gold price, for that reason to advance this project.

Just quickly on the feasibility study, essentially we’re confirming two things, scale and flow sheet, and within that there’s all kinds of other aspects. So we talked about the 2013 feas was at 100,000 tons, 2017 pre-feas was at 53, and then we went to 65. What is the right answer within those bookends? That’s what we’re determining as part of the feasibility study. And then on the flow sheet, we’ve had the same flow sheet three times. Gravity CIL works just fine, very simple, allow us to move into permitting very smoothly. However, there are opportunities. With gold at $4,000 plus, does it make sense to look at other recovery rates to move our gold recoveries from 71% life of mine to closer to 90? So we gotta do our job, we gotta tick all those boxes, we gotta look at all those opportunities. What are the trade-offs across financing, across permitting, across economics, across upfront capital? And that’s exactly what we’re focusing on over the next few months.

Just quickly on the consultants that are working with us. These are the same consultants that worked with us in 2017 and did a great job. So BBA is managing the overall process. Hatch has been brought in, who are the experts on metallurgy, NewFields on tailings. RDA has been with us for a number of years on resource, has done a great job. We’ve just finished 3,000 meters of drilling. This is not exploration drilling. This is fresh core drilling to support the met testing, and we’re waiting for the assays back on that and we’ll factor that into our trade-off studies. Building out the development team, and then the field work, which I’ll touch in a couple of minutes, puts us in a very strong position for permitting.

Very quickly on the antimony, I can see I’m running out of time, no surprise. This represents an opportunity, and this ties right back into the core drilling that we just did and the results that we’re waiting back for. You see that we do have antimony in the deposit that comes with high-grade gold. Can we recover that? Can we boost the overall gold recovery up to 90%? That’s a question that we’re gonna be answering over the next few months.

Exploration potential. I’ll keep this one simple. We’re on a 75 square mile land package and the ore body currently comprises about 1 square mile of that. So there’s lots more of what we’ve got, but we’ve got our hands a little bit full at the moment with the 10 million ounces and scheduling those out. So good to know that this project has got a very, very long life ahead of it.

Future permitting. Look, we’ve been doing geochem water sampling and other baseline studies for ten years. We are pretty much ready to draft those permit applications right now after we determine the scale and the flow sheet and the feasibility study. So we’re in an excellent position to move that forward.

All right, last slide, but in fact, I think I’m gonna skip all the way back to the first slide, which says it a little bit better. Why should you invest in International Tower Hill? We have a rare combination of scale, jurisdiction, and valuation asymmetry, massive reserve and resource, low strip ratio, tier one jurisdiction, super cheap, 1% of in-situ reserve value. And most importantly, this company and this project is going to move rapidly forward, leveraging the $300 million that’s been invested so far, the gold price environment, the cash balance that we have, and Shane and the team’s expertise in moving the feasibility study and advancing towards permitting. So we’re excited.

David, thank you very much. Any questions from the audience? Got a minute left, so if I could ask, could you talk me through the permitting side a little more? Yeah. How you’re thinking about how that’s gonna evolve in the next couple of years.

Absolutely, and I think we’ll have a lot more clarity on permitting in about six months from now than we do today, because at that point, we’re gonna have a pretty good view on what the scale and the flow sheet is of the project. Once we have the answer to those two, we’ll be able to start drafting those permit applications. I referenced the very mining-friendly administration here in the US that everybody’s familiar with and that we’re grateful for, and we want to take advantage of that remaining window. So what that means is speed of execution and simplicity as we think about permitting pathways are gonna be very forefront of our mind. Obviously, we’re looking at companies in Idaho right now, companies in Nevada and other states have success in terms of the FAST-41 process. That’s something that we got our eye on, and we’re working with industry experts on that. And so it all come together, and we look forward to updating the market.

Great. Thank you very much, David. Excellent presentation. Thank you.