International Tower Hill Mines Ltd. (THM): PESTLE Analysis [Nov-2025 Updated]

You need a clear, data-driven look at International Tower Hill Mines Ltd. (THM) right now. The big picture is this: THM is sitting on a massive gold reserve-9.0 million ounces-while the gold price averages around $2,730 per ounce in 2025, which is a huge tailwind. But, their entire valuation depends on permitting and financing a complex, low-grade project in Alaska that faces intense environmental and community scrutiny. We're going to map out the six macro forces-Political, Economic, Sociological, Technological, Legal, and Environmental-that will defintely decide THM's near-term future.

Political Factors: US Domestic Priority and Alaskan Support

The political winds are mostly at International Tower Hill Mines Ltd.'s back right now. US Executive Orders in 2025 are explicitly prioritizing domestic gold and critical mineral production, which is a direct benefit for a US-based project like Livengood. Plus, the US Department of Defense is using the Defense Production Act to boost domestic mineral investment, signaling a long-term strategic interest.

In Alaska, the pro-mining political sentiment is strong, aiming to expedite permitting for resource projects. Still, you have to be a realist: any shift in the US federal administration could easily trigger a regulatory reversal, slowing down or even halting progress. The political environment is favorable, but it's not guaranteed.

Economic Factors: High Gold Price vs. Pre-Revenue Status

The economics for THM are a high-risk, high-reward proposition. They are a pre-revenue development company, so there's no near-term cash flow-it's all about future value. Here's the quick math: the project holds proven and probable gold reserves of 9.0 million ounces, but the original valuation used a $1,680 per ounce gold price assumption.

The massive upside comes from the 2025 gold price forecasts, which average around $2,730 per ounce. That significant difference dramatically increases the project's potential net present value (NPV). Their entire focus for 2025 is on de-risking the asset, with a work program budget of just $3.7 million dedicated to metallurgical and permitting studies. It's a lean budget for a massive undertaking.

Sociological Factors: Local Labor Pool and Persistent Opposition

Sociological factors present a persistent headwind. While the project's proximity to Fairbanks, Alaska, gives them access to an existing local labor pool and infrastructure, community acceptance is not a given. Continued community engagement is a core part of the 2025 plan, but it's a delicate balance.

You have to acknowledge the reality of Alaska: strong local opposition from Indigenous groups and environmental advocates is a constant, persistent risk. THM must carefully manage the local communities' expectations, weighing the promise of job creation against the significant environmental impact of a large-scale open-pit mine. Social license to operate is not optional; it's a prerequisite for capital.

Technological Factors: Antimony Co-Product is the Key

Technology is the key to unlocking the Livengood project's value, especially given its low-grade resource. The critical focus for 2025 is the antimony metallurgical study. This is an assessment of co-product recovery from the 54 massive stibnite veins identified on the property.

If the initial results from the antimony study are encouraging, it could defintely improve the project economics by adding a valuable by-product, essentially turning a waste stream into revenue. The project also relies heavily on advanced 3D geological modeling and data analytics for resource optimization. Simply put, they need to use the most modern, efficient ore processing techniques to make this low-grade resource profitable.

Legal Factors: Complex Permitting and New Ten-Year Certainty

The legal hurdle is complex and time-consuming. The permitting process requires approvals from up to 12 State and Federal agencies, all coordinated through the Application for Permits to Mine in Alaska (APMA) system. That's a lot of moving parts.

A positive development in 2025 is the State of Alaska's change allowing applicants to request APMA durations of up to ten years, which provides much-needed long-term certainty for investors. Still, the risk of ongoing legal challenges remains high, given the history of environmental lawsuits against resource development permits in Alaska. Also, THM must maintain strict compliance with the S-K 1300 Technical Report Summary standards for resource disclosure, which is the baseline for investor trust.

Environmental Factors: Open-Pit Scrutiny and Waste Management

Environmental scrutiny is arguably the biggest non-economic risk. The large-scale open-pit design faces intense scrutiny regarding its potential impact on water quality and wildlife habitat. For 2025, the work includes critical baseline environmental data collection, specifically on hydrology and waste rock geochemistry.

Waste rock and tailings management represent major environmental and engineering challenges that must be solved before financing can be secured. The technological push to recover antimony is actually an environmental strategy, too-it aims to reduce the project's overall environmental footprint of waste by utilizing a co-product. You need to see clear, defensible solutions in the final environmental impact statement (EIS).

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Political factors

US Executive Orders in 2025 prioritize domestic gold and critical mineral production

The political landscape for International Tower Hill Mines Ltd. (THM) is defintely favorable in 2025, driven by a strong federal push for domestic resource security. On March 20, 2025, the administration signed an Executive Order titled, 'Immediate Measures to Increase American Mineral Production.' This order is a game-changer because it explicitly expands the definition of 'critical minerals' to include gold, alongside copper and uranium, for the purpose of this national security initiative.

This policy shift directly benefits a gold-focused developer like International Tower Hill Mines. The Executive Order mandates an accelerated federal permitting process, requiring agencies to submit lists of pending mineral production projects within 10 days of the order and establishing a 15-day review period through a Federal Permitting Dashboard. That's a huge reduction in the typical multi-year timeline for a project like the Livengood Gold Project, which is currently in the engineering optimization phase and anticipates a multi-year Environmental Impact Assessment process.

Pro-mining political sentiment in Alaska aims to expedite permitting for resource projects

Alaska's state and federal representatives are aggressively leveraging the new federal mandate to expedite local resource projects. You are seeing a clear, pro-development alignment between Juneau and Washington D.C. For instance, the administration has taken decisive action to advance the controversial Ambler Mining Road, a 211-mile gravel road that would open access to a remote mining district in northwestern Alaska. This action signals a willingness to cut through regulatory hurdles for strategic Alaskan projects.

Other major Alaskan projects, such as Donlin Gold and Graphite Creek, have been added to the federal Permitting Council's FAST-41 dashboard in 2025, which coordinates federal environmental authorizations to shave roughly 18 months off the permitting timeline. While International Tower Hill Mines' Livengood Gold Project is not yet on this list, the precedent set by these actions creates a strong tailwind for its eventual permitting process, which the company anticipates will take approximately four years once formally commenced. The political will to develop Alaska's vast mineral wealth is now at a multi-decade high.

Risk of regulatory reversal due to shifts in US federal administration policy

Here's the reality check: much of this positive momentum is administrative, not legislative, meaning it can be reversed quickly. Industry leaders, including those in the American Exploration and Mining Association, have noted that the expedited permitting is 'subject to the whims of the next administration.' The Ambler Road project itself is a concrete example of this risk, having been permitted by one administration, blocked by the next, and then reinstated in 2025.

This political volatility creates a timing risk for International Tower Hill Mines. If the company cannot secure its key permits and financing, estimated at $1.93 billion for the Livengood Gold Project, and begin construction within the current political cycle, a future administration could reimpose stricter environmental regulations, delaying the project by years. The company must move fast.

US Department of Defense is utilizing the Defense Production Act to boost domestic mineral investment

The financial backing for this domestic mineral push is substantial, leveraging the Defense Production Act (DPA) to de-risk and fund the supply chain. The DPA is being used to mobilize capital for domestic critical mineral projects, with gold now being considered a strategic resource.

Congress provided significant resources in the One Big Beautiful Bill Act signed on July 4, 2025, earmarking funds that International Tower Hill Mines could potentially tap into:

• $2 billion for the National Defense Stockpile (NDSTF) for critical mineral purchases in fiscal year (FY) 2025.
• $5 billion allocated to the Industrial Base Fund (IBF) to support critical minerals supply chains.
• $500 million directed to the Department of Defense Credit Program Account under the Office of Strategic Capital (OSC) for loans and technical assistance to critical mineral industries.
• $1 billion for DPA financing through September 2027.

The Department of Defense (DOD) is actively deploying this capital. This is a clear opportunity for International Tower Hill Mines to secure a non-dilutive financing component for its massive capital requirement, especially given the Livengood Gold Project's strategic location in Alaska.

Here is a quick summary of the key political factors and financial implications for International Tower Hill Mines:

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Economic factors

THM is a pre-revenue development company with no near-term cash flow.

You need to look at International Tower Hill Mines Ltd. (THM) not as a cash-generating operation, but as a pure asset play. The company is defintely a pre-revenue development entity, meaning it has zero near-term cash flow from mining operations.

This structure means THM's economic viability is entirely tied to its ability to finance and develop the massive Livengood Gold Project in Alaska. So, the key economic risks aren't operational costs today, but the future cost of capital and the market's perception of the project's net present value (NPV).

Here's the quick math on their current financial position: The company's value is a function of its gold resource, minus the estimated capital expenditure (CapEx) and operating expenditure (OpEx) required to get it into production, all discounted back to today.

Gold price forecasts for 2025 average around $2,730 per ounce, significantly increasing project valuation.

The biggest lever for THM's valuation is the price of gold. Honestly, the 2025 forecasts are a game-changer. Consensus estimates from major financial institutions are now pointing to a gold price averaging around $2,730 per ounce for 2025.

To be fair, this is a massive uplift from the historical assumptions used in the project's economic studies. A higher gold price directly translates to a significantly higher project valuation, even before any new technical work is completed. This increased valuation makes securing the necessary development financing much easier down the road.

What this estimate hides, still, is the volatility. A sustained price above $2,700/oz drastically improves the project's internal rate of return (IRR) and payback period, but any sharp correction would hit the stock hard.

The 2025 work program budget is set at $3.7 million, focused on metallurgical and permitting work.

For the 2025 fiscal year, THM has set its work program budget at $3.7 million. This isn't a huge budget, but it is highly focused on de-risking the project, not just drilling holes.

The money is primarily allocated to two critical areas: metallurgical (met) studies and permitting. Met work is crucial because it optimizes the gold recovery process, which directly impacts future operating costs (OpEx). Better recovery means more gold for the same effort.

The permitting work is an essential non-technical hurdle. Getting those permits in place makes the project more attractive to potential partners or acquirers because it reduces the timeline to production. It's a smart use of limited capital.

• Budget Focus: $3.7 million.
• Primary Goal: De-risk the project.
• Key Activities: Advanced metallurgical testing, environmental baseline studies, permitting applications.

Livengood has proven and probable gold reserves of 9.0 million ounces, based on a $1,680/oz gold price assumption.

The core asset is the Livengood Gold Project, which currently holds proven and probable gold reserves of 9.0 million ounces. This figure is based on a technical study that used a gold price assumption of $1,680 per ounce.

This is a major point: The 9.0 million ounces is a conservative, bankable number. Given the current 2025 gold price forecast of $2,730/oz, the project's total resource base, including measured, indicated, and inferred categories, becomes much more economically viable. The higher price means lower-grade material, previously considered waste, can now be profitably mined.

This reserve base positions Livengood as one of the largest undeveloped gold projects in North America. Its sheer scale is a key economic factor, attracting the attention of major gold producers looking to replenish their reserve pipelines.

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Social factors

Continued community engagement is a core component of the 2025 work plan.

You can see International Tower Hill Mines Ltd.'s (THM) commitment to community relations clearly mapped in their 2025 financial strategy. The company approved a $3.7 million work program for 2025, and a key pillar of this budget is to continue community engagement, alongside critical metallurgical and environmental data collection. This isn't a minor line item; it's a necessary investment to reduce social risk and advance the Livengood Gold Project toward its eventual permitting phase, which is expected to take about four years.

The company maintains a significant local presence, stating that its Alaska Development Team is 100 percent Alaska residents, many of whom live in the Fairbanks area. This local grounding is crucial for building trust, as it translates to a shared understanding of Alaskan values and environmental ethics. They actively engage with local entities, including the Fairbanks Chamber of Commerce and the University of Alaska - Fairbanks School of Mineral Engineering. This isn't just PR; it's a strategic move to build a local support base before the permitting process begins in earnest.

Strong local opposition from Indigenous groups and environmental advocates is a persistent risk in Alaska.

Despite the company's efforts, strong local opposition remains a persistent, high-impact risk for any large-scale resource project in Alaska, especially one that requires a pre-production capital investment of approximately $1.93 billion. While recent 2025 news focuses on other contested projects, the context is clear: Indigenous groups across Alaska, such as those involved in a June 2025 lawsuit against a gold mining operation near Nome, are increasingly using legal and social channels to protect cultural sites and vital salmon habitat.

For the Livengood project, the environmental impact assessment (EIA) process itself is a flashpoint. The nearby community of Minto and other Indigenous communities in the Minto Flats region have historically raised concerns about the project's potential impact on traditional subsistence activities, particularly water quality and wildlife habitat. The use of a conventional carbon-in-leach (CIL) circuit for gold extraction, which involves cyanide, is a specific technical detail that environmental advocates consistently target as a major risk.

The project is located near Fairbanks, Alaska, providing access to a local labor pool and existing infrastructure.

The Livengood Gold Project's location, approximately 70 miles north of Fairbanks along the paved Elliott Highway, is a significant social and economic advantage. This proximity drastically lowers the social and financial cost of development compared to remote Alaskan projects, which often require building entirely new infrastructure and fly-in/fly-out camps. This is a huge competitive edge. The Fairbanks North Star Borough provides a ready-made labor market, with a total labor force of nearly 40,000 workers. The existing paved road and proximity to the power grid (with potential for a 70-80 MW power draw) minimize the need for major new linear infrastructure, which is often the most contentious point with local communities.

THM must manage expectations in the local communities regarding job creation versus environmental impact.

The core social challenge for International Tower Hill Mines Ltd. is managing the trade-off between the project's massive economic promise and its environmental footprint. The sheer scale of the estimated job creation creates high expectations in the local economy, but this must be weighed against the potential for environmental damage.

Here's the quick math on the project's expected social benefit versus its environmental hurdle:

The company must defintely communicate that the estimated $1.9 billion capital expenditure is contingent on successfully navigating the permitting process, which is where the environmental and social risks converge. If the company fails to secure a social license to operate (SLO) from key stakeholders, the job creation numbers remain theoretical. The focus on baseline environmental data collection in the 2025 work plan is a direct response to this tension; they are investing to de-risk the environmental side of the equation.

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Technological factors

For a low-grade, large-scale gold project like Livengood, technology isn't a nice-to-have; it's the only way to make the economics work. Our analysis shows International Tower Hill Mines Ltd. (THM) is defintely focused on two core technological pillars in 2025: maximizing resource value through co-product recovery and optimizing the mine plan with advanced data analytics to counter the low average gold grade.

Key 2025 focus is the antimony metallurgical study to assess co-product recovery from 54 massive stibnite veins

The most significant technological initiative for International Tower Hill Mines Ltd. in 2025 is the metallurgical study on antimony (a critical mineral) recovery at the Livengood Gold Project. This isn't just a side project; it's a strategic move to turn a potential processing headache-the antimony mineralization-into a valuable revenue stream. The study, which was a key part of the $3.7 million work program approved in March 2025, specifically targets the material within 54 massive stibnite veins identified in the deposit's geological model.

If we can successfully isolate and process this antimony, it materially changes the project's financial profile. You're essentially adding a second commodity to a mine already boasting 9.0 million ounces of proven and probable gold reserves.

Encouraging initial results from the antimony study could significantly improve project economics by adding a valuable by-product

Initial results from the antimony study, announced in September 2025, were highly encouraging. The tests confirmed that the antimony is carried by stibnite and, critically, that the particles are of a floatable size, showing good liberation (separation) at a grind size of p80 250 micron. This technical finding suggests the material has the potential to respond well to flotation, a standard mineral processing technique. The next steps involve further testing at facilities like SGS Vancouver and SGS Lakefield to finalize a viable flowsheet (the sequence of processing steps).

Here's the quick math: Antimony is a critical mineral, so its successful recovery provides a hedge against gold price volatility and boosts the overall net present value (NPV) of the project. What this estimate hides is the complexity of integrating a new circuit into the primary gold process, but the initial data de-risks the technological hurdle considerably.

The project relies on advanced 3D geological modeling and data analytics for resource optimization

Mining a low-grade, bulk-tonnage deposit requires surgical precision, and that's where advanced data analytics comes in. International Tower Hill Mines Ltd. relies on a detailed geologic model, which was updated in the S-K 1300 Technical Report Summary, to guide all resource decisions. The resource is built on a massive dataset of 783 drill holes totaling 717,435 feet of drilling.

The company uses sophisticated geostatistical techniques, specifically Inverse Distance Cubed (ID3) estimation, to interpolate gold mineralization into 10 x 10 x 10-meter blocks. This level of block modeling is crucial for accurate resource estimation and production scheduling. Furthermore, the pit shell limits-the physical boundaries of the mine-are determined using the Lerchs-Grossman© economic algorithm, a powerful optimization tool that mathematically ensures the highest possible total value is extracted from the ore body. That's how you manage a massive, low-grade resource efficiently.

Adoption of modern, more efficient ore processing techniques is critical for the project's low-grade resource

The Livengood Gold Project's primary challenge is its low average grade of 0.65 grams per tonne (gpt) for its proven and probable reserves. To make this viable, the company must use efficient, high-throughput processing. The current plan reduces the initial proposed scale to 65,000 tons of ore per day to maintain the necessary economies of scale.

The processing strategy is designed to handle a wide range of material, with the lowest gold grades scheduled for processing ranging from 0.26 g/t to 0.42 g/t for various rock types, which is very low indeed. The technological focus areas are clear:

• High-Throughput Milling: The selection of a grind size of p80 250 micron is an optimization decision that balances the energy cost of grinding against the gold liberation needed for recovery.
• Flotation Technology: The active study of the antimony flotation process demonstrates a commitment to modern techniques that can recover fine-grained minerals and co-products, which is essential for maximizing value from complex, low-grade ores.
• Scale Optimization: Reducing the daily processing tonnage to 65,000 tons was a strategic technological decision to preserve the economic viability of the low-grade material.

The ability to process such low-grade material profitably hinges entirely on these technological and optimization choices.

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Legal factors

Complex permitting process requiring approvals from up to 12 State and Federal agencies via the APMA system.

The regulatory path for International Tower Hill Mines Ltd.'s Livengood Gold Project is defintely complex, anchored by the multi-agency Application for Permits to Mine in Alaska (APMA) system. This is the state's way to streamline the process, but it doesn't change the sheer number of approvals required.

To conduct exploration or mining activities in Alaska, you need permits and licenses from as many as 12 State and Federal agencies. The APMA acts as the initial application form, which the Alaska Department of Natural Resources (DNR) then distributes to all relevant parties. This 'one-stop shop' approach is helpful, but the project's timeline is still dictated by the slowest agency to grant its authorization.

Here's a quick look at the key agencies involved in the APMA process, which International Tower Hill Mines Ltd. must navigate:

• Alaska Department of Natural Resources (DNR): Leads the APMA review.
• Alaska Department of Environmental Conservation (ADEC): Handles water quality and discharge permits.
• Alaska Department of Fish & Game (ADF&G): Manages fish habitat permits.
• U.S. Army Corps of Engineers (USACE): Manages wetlands permits.
• U.S. Bureau of Land Management (BLM): Involved for federal land portions.

State of Alaska's 2025 change allows applicants to request Application for Permits to Mine in Alaska (APMA) durations of up to ten years.

This is a major win for resource developers in 2025. Starting this year, the State of Alaska shifted its policy to allow applicants to request APMA durations of up to ten years for new submissions, doubling the previous maximum lifecycle of five years.

For International Tower Hill Mines Ltd., this change offers significant long-term certainty and reduces annual administrative burdens. The company is already using this new allowance; a January 2025 public notice for an APMA hardrock exploration application for the Livengood Gold Project, filed by its subsidiary Tower Hill Mines Inc., requested a proposed end date of 12/31/2034. That's a full ten-year permit request. This move shows the state is committed to supporting long-term, responsible development.

Ongoing legal risks from environmental lawsuits challenging resource development permits in Alaska.

Honestly, you can't talk about major resource projects in Alaska without talking about litigation. The legal landscape is constantly shaped by environmental lawsuits challenging development permits, and this risk is a near-term reality for International Tower Hill Mines Ltd., even if the lawsuit isn't directly against them yet.

These lawsuits, often brought by groups like Earthjustice or the Center for Biological Diversity, target federal and state agencies over alleged violations of the National Environmental Policy Act (NEPA) or the Clean Water Act. For instance, the Donlin Gold project, another major Alaskan gold development, is still defending its permits in state court, with an appeal on its Clean Water Act Section 401 Water Quality Certification filed with the Alaska Supreme Court in September 2025. These cases create precedent and can cause significant delays. A single federal court injunction can essentially freeze a project for months or years while environmental impact reviews are supplemented.

The legal risk is not just about the outcome, but the timeline. Here's the quick math on the potential delay impact:

Compliance with the S-K 1300 Technical Report Summary standards for resource disclosure.

As a company listed on the NYSE American, International Tower Hill Mines Ltd. must adhere to the U.S. Securities and Exchange Commission's (SEC) disclosure standards, specifically Subpart 1300 of Regulation S-K (S-K 1300) for its mineral property disclosures. This is a non-negotiable legal requirement for investor protection and transparency.

The company's compliance is up-to-date, with its most recent filing being the 'S-K 1300 Technical Report Summary, Pre-Feasibility Study of the Livengood Gold Project,' as amended in October 2023. This report is the authoritative source for the project's economics and mineral estimates, which are consistently cited in their 2025 financial filings.

The key figures from the S-K 1300 report, which underpin the company's valuation and strategic decisions, are:

• Proven and Probable Gold Reserve: 9.0 million ounces (430.1 million tonnes at 0.65 g/tonne).
• Measured and Indicated Gold Resource: 13.6 million ounces (including reserves).
• Projected Gold Production: 6.4 million ounces over 21 years.

The company continues to advance work based on this compliant data, including a 2025 budget of $3.7 million to advance environmental baseline work and a metallurgical study on antimony mineralization. This ongoing work is designed to support the future permitting process and, eventually, an updated S-K 1300 compliant filing.

International Tower Hill Mines Ltd. (THM) - PESTLE Analysis: Environmental factors

2025 work includes critical baseline environmental data collection on hydrology and waste rock geochemistry

You can't permit a massive mine like Livengood without bulletproof environmental data, and International Tower Hill Mines Ltd. (THM) is spending real money in 2025 to get it. The approved 2025 work program, budgeted at $3.7 million, prioritizes advancing the critical baseline environmental data collection. This isn't optional; it's the price of entry for future permitting. The focus is laser-sharp on two major areas that dictate long-term environmental liability: hydrology and waste rock geochemistry.

The company must understand how water moves through the site (hydrology) and what chemicals will leach from the excavated rock over decades (geochemistry). This data will form the foundation for the final design of water management and waste containment facilities. Here's the quick math on the 2025 spend:

• Total 2025 Work Program Budget: $3.7 million
• Key Focus Area: Baseline environmental data collection
• Specific Studies: Hydrology and Waste Rock Geochemical Characterization

The project faces intense scrutiny regarding its large-scale open-pit design and potential impact on water quality and wildlife habitat

The sheer scale of the Livengood Gold Project means environmental scrutiny is intense, as it should be. This is a large-scale open-pit design in Alaska, a state whose residents defintely cherish their clean water and wildlife. The Pre-Feasibility Study (PFS) already outlines a massive operation with a significant footprint. The primary concern centers on the potential for acid mine drainage (AMD) and the long-term impact on local water bodies and habitats, especially for aquatic life.

To put the scale into perspective, the Livengood Project holds a Proven and Probable Mineral Reserve of 430.1 million tonnes of ore. That means a vast amount of material-both ore and waste rock-must be moved, stored, and managed for decades. The company is actively conducting ongoing environmental programs to address these concerns head-on.

• Key Environmental Risk: Water quality impact from a large open-pit operation
• Mitigation Focus: Geohydrology, Surface Water & Hydrology, Aquatic Studies
• Wildlife Consideration: Dedicated Wildlife & Habitat Studies are ongoing

Waste rock and tailings management are major environmental and engineering challenges for the project

The biggest engineering challenge for International Tower Hill Mines Ltd. is managing the massive volume of non-ore material. The project's strip ratio-the amount of waste rock removed for every tonne of ore-is 1.2 to 1. This means for every tonne of gold-bearing ore, you're moving 1.2 tonnes of waste rock. When you multiply that by the 430.1 million tonnes of Proven and Probable Reserve, you get a huge volume of waste that needs permanent, safe storage.

The 2025 work on waste rock geochemical characterization is crucial because it determines the long-term storage requirements. If the rock is acid-generating, it requires costly, specialized containment to prevent acid mine drainage. Tailings, the finely ground residue after gold extraction, also contain potentially hazardous substances, making their containment a critical engineering and environmental task, which is an industry-wide concern in 2025.

The focus on recovering antimony aims to reduce the environmental footprint of waste by utilizing a co-product

The presence of antimony, a critical mineral, is a double-edged sword: it complicates gold recovery, but it also presents a major environmental and economic opportunity. The 2025 metallurgical study on the massive stibnite (antimony sulfide) mineralization is a direct move to turn a waste liability into an asset. The Livengood deposit contains 54 veins of massive stibnite, with antimony grades ranging up to 6.9%. This is a high-grade co-product.

If International Tower Hill Mines Ltd. can successfully recover the antimony, it achieves two things: it removes a sulfide mineral-a potential source of acid mine drainage-from the waste stream, thereby reducing the long-term environmental footprint, and it adds a new revenue stream. Initial metallurgical results from September 2025 are encouraging, showing the antimony is in a form (>10 micron floatable stibnite) that has the potential to respond well to flotation, which is the first step in commercial recovery. Utilizing this material is a smart move for both the balance sheet and the environment.