International Tower Hill Mines Announces US$3.9 Million Non-Brokered Private Placement to Advance Livengood Gold Project with Antimony Study
200 Burrard Street
Suite 1570
Vancouver, BC Canada
V6C 3L6
Tel: 604.683.6332
Fax: 604.408.7499
www.ithmines.com
NR25-01 March 4, 2025
International Tower Hill Mines Announces US$3.9 Million
Non-Brokered Private Placement to Advance Livengood Gold Project
with Antimony Study
Vancouver,
British Columbia, March 4 , 2025 – International Tower Hill Mines Ltd. (the “Company”) -
(TSX: ITH)
(NYSE American: THM) today announced that it has completed a non-brokered private
placement (the “Private Placement”) pursuant to which the Company issued common shares to existing major
shareholders to raise gross proceeds of approximately US$3.9 million to be used in part to study the massive
stibnite antimony mineralization at the Livengood Gold Project.
The Private Place
ment consisted of 8,192,031 common shares of the Company, representing approximately
4.1% of the 199.7 million shares issued and outstanding prior to the completion of the Private Placement, at a
price of US$0.4801 per share, the closing price of the Company's common shares on the NYSE American on
February 25, 2025. The Private Placement was taken up by current institutional shareholders of the Company,
Paulson & C
o. Inc., Electrum Strategic Opportunities Fund II L.P. and Kopernik Global Investors, LLC on
behalf of itself and affiliates. The Company intends to use the net proceeds of the Private Placement for
working capital and general corporate purposes, including advancing antimony metallurgical studies.
Following co
mpletion of the Private Placement, the Company has 207,885,473 common shares issued and
outstanding.
The Company’s most recent S-K 1300 Technical Report Summary, “Pre-Feasi bility Study of the Livengood
Gold Project”, as amended October 13, 2023, presented a new geologic model for the Livengood deposit and
detailed gold metallurgical work that allowed th e relationship between gold recovery and antimony
mineraliz
ation to be characterized. During this geological modelling process, 54 veins of massi ve stibnite were
detailed with antimony grades ranging up to 6.9%, as presented in Table 11-8 “Livengood deposit massive
stibnite grade estimates” of the S-K 1300 Technical Report Summar y. 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.
Karl H
anneman, Chief Executive Officer, said “Record gold prices combined with our large gold reserve are
presenting an improving value proposition for our Live ngood Gold Project. In addition, changing world
geopolitics have resulted in increased awareness in the United States of the importance of critical and strategi c
minerals, including antimony, for our national defe nse and economy. The market price of antimony has
increased to
record highs and therefore the significan t occurrence of antimony known to exist within our
Livengoo
d Gold Project now warrants some of our attention. Thus, we intend to use a portion of this financing
to begi
n the evaluation of whether this antimony could be recovered in a way such that the production of
antimony ove
r the long life of the project might add valu e to the project and contribute to the critical and
strategic
mineral needs of the United States. We a ppreciate the support of o ur 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.”
International Tower Hill Mines Ltd. - 2 - March 3, 2025
NR25-01 Continued
The Private Placement complied with the requirements of the Toronto Stock Exchange (“TSX”) and the NYSE
American. The Company relied on the exemption set fo rth 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.
As some of the institutional shareholders qualify as related parties of the Company, the Private Placement was
a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority
Security Holders in Special Transactions (“MI 61-101”). The Company is relying upon exemptions from the
formal valuation and minority shareholder approval re quirements of MI 61-101 on the basis that the fair
market value of the shares issued does not exceed 25% of the Company’s current market capitalization.
The offer and sale of the foregoing securities was made in a transaction not involving a public offering, and
the securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or
applicable state securities laws and have not been and will not be qualified for sale to the public by prospectus
under applicable Canadian securities laws. Accordingly, the securities may not be reoffered or resold in the
United States except pursuant to an effective registra tion statement or an applicable exemption from the
registration requirements of the Securities Act and such applicable state securities laws and in Canada except
pursuant to an exemption from the prospectus requirements of applicable Canadian securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the common
shares issued in the Private Placement, nor shall there be any offer or sale of the common shares issued in the
Private Placement in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking
statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended,
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and “forward-looking information” w ithin the meaning of applicable Canadian securities
laws (collectively, “forward-looking statements”). Such forward-looking statements involve known and
unknown risks, uncertainties, and other factors that could cause the actual results of the Company to be
materially different from historical results or from an y future results expressed or implied by such forward-
looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are
urged to consider statements containing the terms “i ntends,” “estimates,” “may,” “might”, “will,” or other
similar expressions to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of this press release. The forward-looking
statements in this press release, including statements regarding the financing, th e total investment amount
raised in connection with the financing, the use of pr oceeds, and estimates of th e quality and quantity of the
mineral resources at the Livengood Gold Project, including gold and antimony, and potential need for antimony
in the United States, are based upon the Company’s current expectations and involve assumptions that may
never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statem ents as a result of various risks and uncertainties,
including, without limitation: (i) the demand for, and le vel and volatility of the price of, gold, (ii) general
business and economic conditions, (iii) the accuracy of the Company’s resource estimates (including with
respect to size and grade) and the geological, operational and price assumptions on which these are based, (iv)
the timing of the Company’s ability to commence and complete planned work programs at the Livengood Gold
Project, including the antimony study, (v) the Company’s ability to attract and retain key staff, particularly in
connection with the permitting and de velopment of any mine at the Li vengood Gold Project, and (vi) the
Company’s ability to secure the nec essary services and supplies on favorab le terms in connection with its
programs at the Livengood Gold Project and other activities. The foregoing list of important factors that could
cause actual events to differ from expectations should not be construed as exhaustive and should be read in
International Tower Hill Mines Ltd. - 3 - March 3, 2025
NR25-01 Continued
conjunction with statements that are included herein a nd elsewhere, including the risk factors detailed in the
“Forward-Looking Statements,” “Risk Factors” and “M anagement's Discussion and Analysis of Financial
Condition and Results of Operations” sections of th e Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2024, Quarterly Report on Fo rm 10-Q for the quarterly period ended March 31,
2024, the Quarterly Report on Form 10-Q for the quarte rly period ended June 30, 2024, and the Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2024, and other documents that have been
and will be filed by the Company from time to time with the Securities and Exchange Commission and
Canadian securities regulators. All forward-looking statements contained in this press release speak only as of
the date on which they were made. The Company undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on which th ey were made, except as required by
applicable securities laws.
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. has a 100% interest in its Livengood Gold Project located along the paved
Elliott Highway, 70 miles north of Fairbanks, Alaska.
On behalf of
International Tower Hill Mines Ltd.
(signed) Karl L. Hanneman
Chief Executive Officer
Contact Information: Richard Solie, Jr., Manager - Investor Relations
E-mail: [email protected]
Direct line: 907-328-2825 Toll-Free: 1-855-428-2825