ITH Advances Alaska Gold Giant with $115M War Chest

VANCOUVER, BC – February 23, 2026 – International Tower Hill Mines Ltd. (ITH) is signaling a major shift in strategy for its vast Alaskan gold deposit, moving from a long-held development prospect to an active advancement project. The company announced it will present its updated plans at the prestigious BMO Global Metals, Mining & Critical Minerals Conference this week, a move powered by a recently closed and upsized equity financing of nearly $118 million.

CEO Karl Hanneman is scheduled to take the stage in Hollywood, Florida, on February 25th to outline the new chapter for the Livengood Gold Project. This presentation marks a pivotal moment for the company, as it begins deploying significant capital to push the 13.6 million-ounce gold resource through the crucial stages of a full feasibility study and into the complex world of Alaskan permitting.

A New Chapter Fueled by Capital

The ability to launch this next phase is a direct result of a highly successful financing round that concluded in late January 2026. The company secured a total of $118 million, significantly more than initially planned, through a combination of a $74.8 million common share offering and a $40 million private placement.

Significantly, the private placement was taken up by major shareholder Paulson and Co., the hedge fund led by billionaire John Paulson. The firm further bolstered its position by acquiring an additional $3.3 million in shares, bringing its total ownership stake in ITH to 35%. This substantial investment from a key backer is being interpreted by the market as a powerful vote of confidence in both the project's potential and the management's new strategy to finally unlock its value.

International Tower Hill Mines has been transparent about its intentions for the capital. Approximately $50 million is earmarked for the comprehensive technical and engineering work required for a bankable feasibility study. Another $35 million is allocated specifically for the permitting process and associated community and environmental engagement efforts, a clear acknowledgement of the regulatory hurdles ahead. The remaining funds will be used for general corporate purposes, providing the company with a robust financial cushion as it undertakes this multi-year endeavor.

Unlocking One of North America's Largest Gold Deposits

The Livengood Gold Project is not a new discovery; it is one of the largest and most advanced undeveloped gold deposits in North America. Located just 70 miles north of Fairbanks along the paved Elliott Highway, the project boasts exceptional access to infrastructure, a rarity for large-scale mining projects in Alaska.

The sheer scale of the deposit is its defining feature. The company's most recent technical reports outline a Measured and Indicated resource of 13.6 million ounces of gold. A 2021 Pre-Feasibility Study (PFS) identified a Proven and Probable reserve of 9.0 million ounces. However, developing this resource has long been a challenge due to the high initial capital investment required.

A 2023 amended technical report highlighted this economic sensitivity. It projected a formidable initial capital expenditure of $1.93 billion but also calculated a compelling after-tax net present value (NPV) of $2.35 billion—assuming a gold price of $2,500 per ounce. With gold prices recently reported to have surged past $5,000 per ounce amid global economic uncertainty and strong central bank buying, the project's economics have become dramatically more attractive, likely catalyzing the recent successful financing round.

Strategic Showcase at a Critical Time

ITH's decision to present at the BMO conference is a strategic move to re-introduce the revitalized Livengood project to the global investment community. Celebrating its 35th year, the conference is a premier forum where mining executives connect with institutional investors, analysts, and policymakers. The event's title, which now includes "Critical Minerals," reflects a broader industry shift towards resources essential for the global energy transition.

While gold is primarily a monetary metal and a safe-haven asset, its inclusion at this forum underscores its enduring relevance. For ITH, the platform provides an opportunity to showcase Livengood in a market hungry for large, de-risked assets in stable jurisdictions. Interestingly, the company has also been exploring the recovery of antimony, a designated critical mineral, from the Livengood ore body. Positive metallurgical results announced in late 2025 could add another strategic dimension to the project, aligning it more closely with the conference's evolving theme.

Navigating the Path to Production

With capital secured, the focus for ITH now shifts entirely to execution. The path from a multi-million-ounce resource to a producing mine is long and fraught with challenges, primarily centered on technical validation and regulatory approval. The upcoming feasibility study will refine the engineering, metallurgy, and economic projections laid out in previous studies, providing the detailed blueprint for construction and operation.

Simultaneously, the company will engage in the rigorous and multi-faceted permitting process in Alaska. The $35 million budget for this effort underscores its complexity. The experience of other major projects in the state, including the Donlin Gold project—in which ITH investor Paulson & Co. also holds a major stake—provides a modern roadmap for the environmental and social requirements necessary for securing a social license to operate and ultimate government approval.

The BMO presentation will be the first major public step in this new, aggressive push forward. Investors will be listening intently for details on timelines, key milestones, and the company’s strategy for managing the immense undertaking that lies ahead. After years of careful study and preservation, International Tower Hill Mines is finally making its move to turn the promise of Livengood into a reality.