International Tower Hill Mines Announces US$60 Million Offering of Common Shares and Concurrent US$40 Million Private Placement

On January 22, 2026, International Tower Hill Mines (ITH) announced a major financing package totaling US$100 million. This consists of a US$60 million public offering of common shares and a concurrent US$40 million private placement. * Key Participants: The private placement notably includes participation from existing strategic shareholders, specifically mentioning Paulson & Co. Inc. * Use of Proceeds: Funds are earmarked for the exploration and development of the Livengood Gold Project. Specific activities listed include drilling, metallurgical studies, feasibility studies, baseline environmental studies, and detailed engineering in support of permitting. * Context: This announcement follows a year of rising stock prices (from ~$0.70 to ~$3.30) and preliminary success in antimony metallurgical studies reported in September 2025.

This news is Material - Positive, bordering on a Game Changer, primarily due to the scale of the raise relative to the company's history. * Financial De-risking: For years, ITH has operated on a "caretaker" budget, raising small amounts ($3-4M) annually to keep the lights on. A US$100M raise completely alters the company's posture, providing sufficient capital to likely complete a full Definitive Feasibility Study (DFS) and move significantly through the permitting process without needing to return to the market soon. * Strategic Validation: The participation of Paulson & Co. (historically the largest shareholder) in the US$40M private placement signals strong insider support for the current valuation and the forward strategy, specifically the inclusion of Antimony economics into the project. * Dilution Concern: While positive for the project, this is a massive equity dilution event. At current prices (~$3.30 CAD), a US$100M raise represents a significant increase in the share count (potentially 20-25% dilution depending on pricing discounts). However, raising this capital at multi-year highs is a prudent move by management to minimize damage to existing holders compared to raising at previous lows ($0.70). * Shift in Strategy: The company is moving from "optionality" (waiting for higher gold prices) to "execution" (building the mine).

• Company: International Tower Hill Mines (ITH)
• Flagship Project: Livengood Gold Project, located 70 miles north of Fairbanks, Alaska.
• Infrastructure: The property is accessible by paved highway (Elliott Highway), which is a major advantage over remote projects.
• Resource: Massive endowment. As of the 2023 report, it holds 13.6 million ounces of Measured & Indicated resources.
• The Challenge: Livengood is a high-tonnage, low-grade (avg ~0.6 g/t) deposit. Historically, it required high gold prices ($2,000+) to be economically robust due to high CapEx (~$1.9B estimated previously). The potential addition of an Antimony by-product credit is the new strategic angle being explored to improve economics.