ITH Signals 'Develop-Now' Era for Alaska's Livengood with New Leadership

VANCOUVER, BC – July 27, 2026

International Tower Hill Mines Ltd. (TSX: ITH, NYSE American: THM) has signaled a decisive shift from asset stewardship to aggressive development, announcing a significant leadership overhaul designed to finally bring its colossal Livengood Gold Project to life. The appointment of David Wiens as Chief Executive Officer and Shane Parrow as President and Chief Operating Officer is more than a routine executive shuffle; it represents a calculated assembly of talent aimed squarely at conquering the two primary hurdles for any major mining project: capital and construction.

With 13.6 million ounces in gold resources, the Livengood project, located 70 miles north of Fairbanks, has long been one of North America's most promising, yet dormant, mineral assets. This leadership transition, which sees former CEO Karl Hanneman move into a strategic advisory role, indicates the board's belief that the time for patient technical work is transitioning to an urgent need for execution. The company is betting that this new duo possesses the precise toolkit required to navigate the final, formidable stages of feasibility, permitting, and financing.

A Strategic Pivot from Stewardship to Execution

The appointments of Wiens and Parrow represent a clear demarcation in the company's strategy. While outgoing CEO Karl Hanneman was praised for strengthening the project's technical foundation and stakeholder relationships—a crucial phase of de-risking and preservation—the new team is built for the next chapter: building a mine.

Marcelo Kim, Chairman of International Tower Hill, explicitly framed the decision around this strategic pivot. "David brings extensive experience raising mine development capital, structuring project financing and leading public mining companies, while Shane brings deep permitting, mine development and operational experience in Alaska," he stated. "Together, they form a highly complementary leadership team with the experience required to advance Livengood through feasibility, permitting, financing and construction to unlock its full value."

David Wiens is a capital markets veteran, a profile desperately needed for a project with a pre-production capital estimate that has previously run into the billions. His recent tenure as CFO of Asante Gold Corporation is particularly notable, where he led approximately $1 billion in financing transactions that transformed the company into a mid-tier producer. His background as a mining investment banker at institutions like Deutsche Bank further solidifies his credentials as a financial architect capable of structuring the complex, multi-faceted funding package Livengood will require.

Complementing Wiens’ financial acumen is Shane Parrow’s ground-level operational expertise. With nearly 30 years in the industry, Parrow’s most recent role as Vice President & General Manager of Kinross Alaska is directly relevant. He was a key leader in the successful development of the Manh Choh project, which was delivered on time and on budget—a rare feat in the mining world—and began pouring gold in mid-2024. His hands-on experience navigating Alaska's unique operational challenges and regulatory landscape provides critical, jurisdiction-specific credibility.

Unlocking Alaska's Dormant Giant

The Livengood project has remained undeveloped for years due to a combination of factors common to large, low-grade deposits: immense capital requirements, technical complexities in ore processing, and a daunting permitting path. A 2016 pre-feasibility study highlighted the need for low per-tonne operating costs to make the economics work, a challenge the company continues to tackle through metallurgical optimization.

The context, however, has changed. Gold prices are significantly higher than the assumptions used in earlier studies, providing a powerful economic tailwind. Furthermore, International Tower Hill Mines is no longer just waiting for a better market. In January 2026, the company successfully raised US$114 million, providing the financial runway to complete the critical Feasibility Study (FS) that will form the backbone of its project financing efforts. The company awarded contracts for the FS in May, signaling that the technical work is already accelerating.

Parrow's appointment is particularly crucial in this context. His experience at Manh Choh, which involved trucking ore to the existing Fort Knox mill near Fairbanks, demonstrates a practical understanding of Alaskan logistics and infrastructure. The Livengood project already benefits from significant existing advantages, including its location along the paved Elliott Highway and proximity to the Trans-Alaska Pipeline corridor, which offers a potential route for a new power line. Parrow’s track record suggests he is the right operator to leverage these advantages and mitigate the state's inherent challenges.

Skin in the Game: A Signal of Confidence

In a move that speaks louder than any forward-looking statement, incoming CEO David Wiens has committed to a personal investment of US$200,000 in the company's common shares. For investors seeking to understand the conviction of new leadership, this act of "skin in the game" is a powerful alignment of interests. It transforms Wiens from a hired executive into a fellow owner, betting his own capital on the project's success.

This personal investment is bolstered by a significant equity-based compensation structure for both executives. Wiens will receive US$1.65 million in inducement Restricted Share Units (RSUs), while Parrow has been granted 312,500 RSUs. These grants, which vest over three years, tie a substantial portion of their remuneration directly to the long-term performance of the company's stock. This structure incentivizes not just short-term milestones but the sustainable creation of shareholder value, a hallmark of resilient and well-governed enterprises.

The Long Road Through Permitting and Feasibility

Despite the renewed momentum, the path to production remains a marathon, not a sprint. The next major hurdle is navigating Alaska's rigorous and multi-layered permitting process. The project will require a comprehensive Environmental Impact Statement (EIS) under the National Environmental Policy Act (NEPA), a process that can take roughly four years and involves a host of state and federal agencies, from the Bureau of Land Management to the Alaska Department of Natural Resources.

While the company has been collecting baseline environmental data for over a decade, the formal application process represents a significant undertaking that will test the team's ability to manage complex regulatory requirements and stakeholder consultations. Parrow's experience in this domain will be invaluable, but the timeline remains a key variable for investors to watch.

Simultaneously, the ongoing Feasibility Study is working to refine the project's technical and economic parameters. Engineers are evaluating opportunities to enhance gold recoveries and optimize the processing flowsheet, potentially incorporating advanced techniques like pressure oxidation to improve economics. The results of this study will be the definitive blueprint presented to financiers, making its successful completion a critical near-term catalyst.

The installation of Wiens and Parrow is International Tower Hill's unambiguous declaration that it is ready to tackle these final, defining challenges and transform Livengood from a vast resource on paper into a cornerstone asset of the North American gold industry.