International Tower Hill Mines Announces Appointment of Feasibility Study Team and Launch of Feasibility Study Drilling Program

Rhea-AI Summary

International Tower Hill Mines (NYSE American: THM) awarded Phase 1 Livengood Gold Project feasibility study contracts to a consortium led by BBA, with Hatch, Newfields, RDA and JDS participating. An associated PQ core drilling program has started within the 13.6 million ounce measured and indicated resource, including 9.0 million ounces of proven and probable reserves.

The fresh core will support metallurgical testwork to assess processing options, including gravity/CIL and pressure oxidation, and to develop trade-off studies, engineering, and an execution plan and budget for the full feasibility study and permitting support.

AI-generated analysis. Not financial advice.

Positive

• Phase 1 feasibility study contracts awarded for Livengood Gold Project
• Feasibility support drilling commenced with two PQ core rigs mobilized
• Drilling targets 13.6 Moz measured and indicated, including 9.0 Moz reserves
• Fresh core supports metallurgical testing for process optimization and economics
• Evaluation of alternative processing technologies, including potential POX options
• Consortium includes prior Livengood study co-authors plus added POX expertise from Hatch

Negative

• None.

News Market Reaction – THM

-1.76%

3 alerts

-1.76% News Effect

+2.3% Peak Tracked

-3.7% Trough Tracked

-$13M Valuation Impact

$711.65M Market Cap

0.1x Rel. Volume

On the day this news was published, THM declined 1.76%, reflecting a mild negative market reaction. Argus tracked a peak move of +2.3% during that session. Argus tracked a trough of -3.7% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $13M from the company's valuation, bringing the market cap to $711.65M at that time.

Data tracked by StockTitan Argus on the day of publication.

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VANCOUVER, BC, May 13, 2026 /PRNewswire/ - International Tower Hill Mines Ltd. (the "Company") - (TSX: ITH) (NYSE American: THM) today announced that the Company has awarded Livengood Gold Project Feasibility Study Phase 1 contracts to a consortium comprised of BBA Consultants USA LP, ("BBA"), Hatch Ltd, ("Hatch"), Newfields Mining Design and Technical Services LLC ("Newfields"), Resource Development Associates, Inc. ("RDA"), and JDS Energy and Mining Inc. ("JDS").

The Company is also pleased to announce that core drilling to support the feasibility study has commenced. See Figure 1.

Alloy Drilling Inc, an Alaska-based drilling contractor with operations throughout the western United States, has mobilized two rigs to Livengood and has begun drilling its initial large-diameter PQ core holes within the 13.6 million ounce measured and indicated resource, which includes the 9.0 million ounce proven and probably gold reserve. The drilling program is designed to provide representative fresh ore samples for advanced metallurgical testing and process optimization work.

The metallurgical testwork on this fresh core will focus on evaluating opportunities to enhance gold recoveries and overall project economics in the context of a substantially higher gold price than the $1,680 per ounce assumption utilized in the Company's prior study. The prior study selected gravity/CIL as the preferred processing option at the time but previous screening test work has demonstrated the potential for significant recovery improvements from some Livengood ore through the application of pressure oxidation ("POX"). With current gold prices significantly above prior study assumptions, the Company believes a comprehensive evaluation of alternative processing technologies and associated trade-off studies are warranted to determine whether additional value can be unlocked from the Project. See Figure 2.

Phase 1 of the Feasibility Study will: (1) Ensure that the planned metallurgical test work provides the detail necessary to support the upcoming tradeoff studies and detailed engineering; (2) Review and validate existing technical data, including the detailed geotechnical and hydrogeological site work completed in support of the 2013 Feasibility Study, and identify any material data gaps; and (3) Develop a comprehensive execution plan and budget for completion of the Feasibility Study ("FS"), and begin detailed engineering in support of permitting.

BBA, Newfields, JDS and RDA each bring industry leading expertise and Livengood Gold Project experience as co-authors of the Company's 2017 and 2023 Pre-Feasibility Studies. Hatch has been added to the team to provide additional expertise in POX processing, metallurgical optimization and trade-off studies. The parties will collaborate across technical disciplines where appropriate, with BBA leading overall integration and coordination of the FS deliverables.

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" within 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 any 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 "intends," "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 estimates of the quality and quantity of the mineral resources at the Livengood Gold Project, including gold and antimony, and the potential for production at the Livengood Gold Project 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 statements as a result of various risks and uncertainties, including, without limitation: (i) the demand for, and level 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 feasibility study, (v) the Company's ability to attract and retain key staff, particularly in connection with the permitting and development of any mine at the Livengood Gold Project, and (vi) the Company's ability to secure the necessary services and supplies on favorable 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 conjunction with statements that are included herein and elsewhere, including the risk factors detailed in the "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 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 they 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

This news release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

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SOURCE International Tower Hill Mines Ltd.

FAQ

What did International Tower Hill Mines (THM) announce on May 13, 2026 about the Livengood feasibility study?

International Tower Hill Mines announced awarding Phase 1 Livengood Gold Project feasibility study contracts and the start of support drilling. According to the company, a consortium led by BBA will integrate technical work, while new PQ core drilling supplies ore for metallurgical and engineering studies.

Which firms are included in the Phase 1 feasibility study team for International Tower Hill Mines (THM)?

The Phase 1 feasibility consortium includes BBA, Hatch, Newfields, RDA and JDS. According to the company, BBA leads overall integration, while Hatch contributes pressure oxidation, metallurgical optimization and trade-off expertise alongside partners experienced in earlier Livengood pre-feasibility studies.

What drilling program has International Tower Hill Mines (THM) started for the Livengood feasibility study?

International Tower Hill Mines has begun large-diameter PQ core drilling at Livengood using two rigs. According to the company, Alloy Drilling is operating within the 13.6 million ounce measured and indicated resource, including 9.0 million ounces of proven and probable gold reserves, to provide fresh ore samples.

How will metallurgical testwork support International Tower Hill Mines (THM) Livengood feasibility study?

Metallurgical testwork will use fresh core to evaluate ways to improve gold recoveries and project economics. According to the company, studies will compare gravity/CIL with alternatives such as pressure oxidation and feed upcoming trade-off analyses and detailed engineering for the Livengood feasibility study.

What are the main objectives of Phase 1 of the Livengood feasibility study for THM?

Phase 1 aims to design metallurgical testwork, validate technical data, and plan full feasibility execution. According to the company, it will review geotechnical and hydrogeological data, identify material gaps, and prepare a detailed execution plan and budget, initiating engineering work to support permitting.

How does the gold price assumption affect International Tower Hill Mines (THM) Livengood feasibility work?

The company is reassessing processing options in light of gold prices above the previous $1,680 per ounce assumption. According to the company, higher prices justify comprehensive evaluations of alternative technologies and trade-off studies to determine whether Livengood’s value can be further optimized.