International Tower Hill Mines Announces Executive Leadership Transition to Advance Livengood Gold Project
Rhea-AI Summary
International Tower Hill Mines (NYSE American: THM) announced a leadership transition to advance its Livengood Gold Project in Alaska. David Wiens will become Chief Executive Officer and Director effective August 17, 2026, and Shane Parrow has been appointed President, Chief Operating Officer and Director effective July 27, 2026.
According to the company, Livengood hosts 13.6 million ounces of gold resources and is a large undeveloped U.S. gold project. In connection with his appointment, Wiens has agreed to invest US$200,000 in a one-time private placement following his start, subject to customary approvals. Independent directors approved inducement restricted share units: Parrow received 312,500 RSUs, and Wiens will receive US$1.65 million of RSUs based on the 5-day VWAP on his start date, vesting over three years and settleable in cash or shares at the company’s option. Outgoing CEO Karl Hanneman will remain as Strategic Advisor and Director.
Positive
- US$200,000 CEO private placement commitment aligning interests with shareholders
- Large gold resource base of 13.6 million ounces at Livengood project
- Inducement RSUs of up to US$1.65 million for CEO and 312,500 units for President to support retention and alignment
- Continuation of outgoing CEO as Strategic Advisor supports leadership transition continuity
Negative
- Inducement RSUs for new executives may result in future share issuance if settled in stock
- Private placement and equity-linked compensation introduce some potential equity overhang for existing shareholders
AI-generated analysis. How Rhea-AI works. Not financial advice.
David Wiens Appointed Chief Executive Officer and Director and Shane Parrow Appointed President, Chief Operating Officer, and Director
Incoming CEO David Wiens to Invest Through One-Time Private Placement in Connection with Appointment
Karl Hanneman to Continue as Strategic Advisor and Director, supporting a seamless leadership transition
New leadership team combines extensive capital markets, project financing,
Marcelo Kim, Chairman of International Tower Hill, stated: "We are extremely pleased to welcome David and Shane to the leadership team and Board of Directors of International Tower Hill. 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
The Company also announced that Karl Hanneman will transition from his role as Chief Executive Officer and remain with the Company as Strategic Advisor and Director to support the leadership transition and ongoing advancement of the Livengood Gold Project.
Mr. Kim continued: "We would also like to express our sincere gratitude to Karl Hanneman for his outstanding leadership, dedication, and stewardship of the Company. Karl has been instrumental in strengthening the Company's technical foundation, maintaining strong stakeholder relationships, and positioning the Company for the future. We are very pleased that Karl will continue to work closely with the Company as Strategic Advisor and Director to ensure a seamless transition and provide access to his deep knowledge of the project as we advance Livengood into its next phase."
David Wiens brings more than two decades of mining finance, capital markets and strategic leadership experience across the global mining sector. Mr. Wiens most recently served as Chief Financial Officer of Asante Gold Corporation, where he led approximately
In connection with his appointment, Mr. Wiens has agreed to subscribe for
Shane Parrow is a highly experienced mining executive with nearly 30 years of operational, engineering and project development experience across open pit and underground mining operations. Most recently, Mr. Parrow served as Vice President & General Manager of Kinross Alaska, overseeing the Fort Knox and Manh Choh operations. Mr. Parrow played a key leadership role in the successful development and ramp-up of the Manh Choh project, which was delivered on time and on budget while outperforming feasibility expectations. Prior to Kinross, Mr. Parrow held senior operating and project leadership roles at Argonaut Gold, Sibanye-Stillwater, Barrick and Newmont.
Mr. Wiens commented: "I am excited to join International Tower Hill at such an important stage in the evolution of the Company. Livengood is a world-class gold project with significant scale and strategic importance. I look forward to working closely with Shane, the Board and the broader team to advance the project responsibly and create long-term value."
Mr. Parrow added: "Livengood represents one of the most compelling development-stage gold projects in
Mr. Wiens is a CFA Charterholder and holds a Bachelor of Commerce degree from the University of
In connection with their appointment as of officers of the Company, the independent directors of the Company have approved the grant of restricted share units (the "Inducement RSUs") to each of Mr. Wiens and Mr. Parrow. Mr. Parrow has been granted 312,500 Inducement RSUs on the date hereof and Mr. Wiens will receive US
About International Tower Hill Mines Ltd.
International Tower Hill Mines Ltd. is focused on advancing the Livengood Gold Project located along the paved Elliott Highway, 70 miles north of Fairbanks, Alaska. Livengood is one of the largest undeveloped gold projects in the United States and is positioned in a stable mining jurisdiction with significant existing infrastructure advantages.
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.
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.
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SOURCE International Tower Hill Mines Ltd.