International Tower Hill Mines: Unlocking Value in Livengood Gold Project with Antimony Study

International Tower Hill Mines Ltd. (ITH) has announced a US$3.9 million non-brokered private placement to advance its Livengood Gold Project with an antimony study. The Company plans to use the net proceeds from the private placement to fund working capital and general corporate purposes, including advancing antimony metallurgical studies. This strategic move comes as the market price of antimony has reached record highs, and the United States has increased its awareness of the importance of critical and strategic minerals for national defense and economy.

The Livengood Gold Project, located approximately 110 km north of Fairbanks, Alaska, contains measured and indicated resources of 525.38 million tonnes grading 0.68 g/t gold for 11.5 million oz. gold. The project has seen several economic studies, with the most recent pre-feasibility study in April 2017 projecting a $1.8-billion initial capex for a mine producing an average of 294,100 oz. gold per year over a 23-year life. However, the project was not economic at the US$1,250 per oz. base case gold price used in the study.

ITH's most recent S-K 1300 Technical Report Summary, as amended October 13, 2023, presented a new geologic model for the Livengood deposit and detailed gold metallurgical work that allowed the relationship between gold recovery and antimony mineralization to be characterized. During this geological modelling process, 54 veins of massive stibnite were detailed with antimony grades ranging up to 6.9%. While the pre-feasibility study detailed the 9.0 million ounce of gold reserve and 6.4 million ounces of gold production projected over 21 years, no metallurgical studies were completed to provide an understanding of whether antimony might be recoverable from the massive stibnite veins.

ITH's CEO, Karl Hanneman, stated that "record gold prices combined with our large gold reserve are presenting an improving value proposition for our Livengood Gold Project. In addition, changing world geopolitics have resulted in increased awareness in the United States of the importance of critical and strategic minerals, including antimony, for our national defense and economy. The market price of antimony has increased to record highs and therefore the significant occurrence of antimony known to exist within our Livengood Gold Project now warrants some of our attention. Thus, we intend to use a portion of this financing to begin the evaluation of whether this antimony could be recovered in a way such that the production of antimony over the long life of the project might add value to the project and contribute to the critical and strategic mineral needs of the United States. We appreciate the support of our major shareholders, who understand that this new opportunity only adds to the potential of our large gold reserve, which is getting more exciting each day."

The private placement was taken up by current institutional shareholders of the Company, Paulson & Co. Inc., Electrum Strategic Opportunities Fund II L.P. and Kopernik Global Investors, LLC on behalf of itself and affiliates. The Company relied on the exemption set forth in section 602.1 of the TSX Company Manual, which provides that the TSX will not apply its standards to certain transactions involving eligible interlisted issuers listed on a recognized exchange, such as the NYSE American.

ITH's strategic focus on the Livengood Gold Project, combined with the favorable market conditions for both gold and antimony, presents an attractive opportunity for investors. The Company's major shareholders have shown their confidence in the project's potential by participating in the private placement, and the Company's plans to evaluate the recoverability of antimony from the massive stibnite veins could add significant value to the project. As the Company continues to advance the Livengood Gold Project, investors should monitor its progress and consider the potential impact of the antimony study on the project's value.