On this page of StockholderLetter.com we present the latest annual shareholder letter from INTERNATIONAL TOWER HILL MINES LTD — ticker symbol THM. Reading current and past THM letters to shareholders can bring important insights into the investment thesis.
2023 ANNUAL REPORT TO SHAREHOLDERS
April 11, 2024
Dear Fellow Shareholders:
On behalf of International Tower Hill Mines Ltd. (   ITH    or the    Company   ), I am pleased to provide you with the 2023
Annual Report to Shareholders. The Company filed an updated Technical Report Summary (   TRS   ) on October 17, 2023,
which confirmed that the Livengood Gold Project has proven and probable reserves of 430.1 million tonnes at an average
grade of 0.65 g/tonne (9.0 million ounces) based on a gold price of $1,680 per ounce and measured and indicated mineral
resources, exclusive of mineral reserves, of 274.51 million tonnes at an average grade of 0.52 g/tonne (4.62 million ounces),
based on a gold price of $1,650 per ounce.
The TRS detailed a project that would process 65,000 tons per day and produce 6.4 million ounces of gold over 21 years.
The TRS has estimated the capital costs of the Project at $1.93 billion, the total cost per ton milled at $13.12, the all-in
sustaining costs at $1,171 per ounce, and an after-tax net present value (5%) at $1,800/oz of $400 million. The Company
cautions that the TRS is preliminary in nature, and is based on technical and economic assumptions which will be further
refined and evaluated in a full feasibility study. The TRS is based on a Project mineral resource estimate effective as of
August 20, 2021 that is current as of December 31, 2023. The Project is currently in the development stage and a production
decision has yet to be made.
On January 22, 2024, the Company announced that it had completed a non-brokered private placement (the    Private
Placement   ) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of
approximately US$2.5 million. The Private Placement consisted of 3,807,911 common shares of the Company at a price
of US$0.664 per common share.
Recently, the price of gold has broken out above resistance and repeatedly hit record highs over the last several months.
Certainly, for a highly leveraged gold asset like the Livengood Gold Project, when the price of gold increases as it has
recently at a rate much faster than the underlying inflation rate, there is a huge opportunity to add value going forward.
With the increasing federal deficit and its compounding interest burden, with the worldwide political efforts to abandon
fossil fuel driving alarming increases in the energy costs at the foundation of our society, with federal policy makers
unwilling to arrest these trends, and with inflationary military conflict unfortunately increasing around the world, future
inflation becomes a significant risk to monetary assets. It appears that the market is starting to wake up to this future reality
and investors who want diversification are turning to gold.
ITH offers a simple, pure gold, highly leveraged opportunity for investors who seek to diversify against these threats. ITH
owns the single largest gold asset in North America not owned by a major. The deposit is on the paved highway system,
close to grid power, in the heart of a mining district in central Alaska that was selected by the State of Alaska for its mineral
potential. The excellent environmental, permitting, and operating records of our nearby neighbors, the Kinross Fort Knox
mine and the Northern Star Pogo mine, demonstrate that the mining industry can thrive in interior Alaska. ITH remains
well positioned to capitalize on strong gold markets.
The 2024 Annual General and Special Meeting (the    AGSM   ) of shareholders will be held on Wednesday, May 29, 2024
at 9:30 a.m., Pacific Daylight Time, at the offices of McCarthy Tetrault LLP, located at Suite 2400 - 745 Thurlow Street,
Vancouver, British Columbia. The Notice of Meeting and Information Circular/Proxy Statement for the AGSM have been
sent or otherwise made available to you and, as these documents contain important information, you are encouraged to
read them carefully.
You are welcome to submit your proxy by the proxy deadline (9:30 a.m. Pacific Daylight Time / 12:30 p.m. Eastern
Daylight Time) on Monday, May 27, 2024 rather than attending the meeting. A dedicated phone line (+1-866-8324451 or +1-416-406-3844, access code 8766704) will be available for shareholders to listen to the meeting.
On behalf of the Company, I thank you for being a shareholder. Please feel free to contact us through our website at
www.ithmines.com or by calling us at 1-855-428-2825.
Sincerely,
/s/ Karl L. Hanneman
Karl L. Hanneman
Chief Executive Officer
International Tower Hill Mines Ltd.
FORWARD LOOKING STATEMENTS
This annual report contains forward-looking statements and forward-looking information (collectively,    forward-looking
statements   ) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements
of historical fact, included herein, including statements with respect to the ability of the Company to advance the Livengood
Project, whether incrementally or at all, the Company   s future cash requirements, the Company   s ability to meet its
financial obligations as they come due, the Company   s estimates of the quality and quantity of the mineral resources at the
Livengood Gold Project, the timing and cost of any future exploration programs at the Livengood Gold Project, and the
timing of the receipt of results therefrom, and future general business and economic conditions, including changes in the
price of gold are forward-looking statements. Information concerning mineral reserve/resource estimates and the economic
analysis thereof contained in the 2021 pre-feasibility study and the Company   s S-K 1300 Technical Report Summary also
may be deemed to be forward-looking statements in that they reflect a prediction of the mineralization that would be
encountered, and the results of mining it, if a mineral deposit were developed and mined. Although the Company believes
that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forwardlooking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate,
proposed, planned, potential and similar expressions, or are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from those in forward looking statements as a result of various
factors, including, but not limited to, the demand for, and level and volatility of the price of, gold, conditions in the financial
markets generally, the overall sentiment of the markets for public equity, interest rates, currency rates, and the rate of
inflation, general business and economic conditions, including the lingering effects of the COVID-19 pandemic on such
conditions, government regulation and proposed legislation (and changes thereto or interpretations thereof), defects in title
to claims, or the ability to obtain surface rights, either of which could affect the Company   s property rights and claims, 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 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, 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, the timing of the Company   s ability to commence and complete planned work programs at the Livengood Gold
Project, the timing of the receipt of and the terms of the consents, permits and authorizations necessary to carry out
exploration and development programs at the Livengood Gold Project and the Company   s ability to comply with such
terms on a safe and cost-effective basis, the ongoing relations of the Company with the lessors of its property interests and
applicable regulatory agencies, the metallurgy and recovery characteristics of samples from certain of the Company   s
mineral properties and whether such characteristics are reflective of the deposit as a whole, the continued development of
and potential construction of any mine at the Livengood Gold Project property not requiring consents, approvals,
authorizations or permits that are materially different from those identified by the Company, and other risks and
uncertainties disclosed in the Company   s annual report on Form 10-K filed with the United States Securities and Exchange
Commission (the    SEC   ) and filed as the Company   s Annual Information Form filed with certain securities commissions
in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. All of the
Company   s Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure
filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the latest technical
report filed with respect to the Company   s Livengood property.
TOTAL SHAREHOLDER RETURN PERFORMANCE
The Total Shareholder Return Performance graph can be found at page 27 of the Company   s Information Circular/Proxy
Statement prepared in connection with the AGSM.
DIRECTORS AND OFFICERS
EXECUTIVE OFFICERS
BOARD OF DIRECTORS
Marcelo Kim, Chair
Chair and Partner, Paulson & Co.
Thomas S. Weng
Lead Independent Director and
Co-Founding Partner, Alta Capital
Partners
Anton J. Drescher
President, Harbour Pacific Capital
Corp.
Karl L. Hanneman
CEO, International Tower Hill
Mines Ltd.
Stuart A. Harshaw
President and CEO, Nickel Creek
Platinum
Karl L. Hanneman
Chief Executive Officer
David A. Cross
Chief Financial Officer
Edel Tully
Head of Communications and
Financial Markets Development
Lead, London Bullion Market
Association
CORPORATE INFORMATION
OFFICE LOCATIONS:
VANCOUVER HEAD OFFICE
Suite 1570 - 200 Burrard Street
Vancouver, British Columbia
Canada V6C 3L6
Phone: 604-683-6332
Fax: 604-408-7499
Toll Free: 855-208-4642
FAIRBANKS OFFICE
506 Gaffney Road, Suite 200
Fairbanks, Alaska
USA 99701
Phone: 907-328-2800
Toll Free: 855-428-2825
INVESTOR RELATIONS
Copies of International Tower Hill
Mines Ltd.   s Annual Report are
available at no charge. Please direct
requests and other investor relations
questions to:
International Tower Hill Mines Ltd.
Attention: Investor Relations
506 Gaffney Road, Suite 200
Fairbanks, Alaska
USA 99701
Phone: 855-428-2825
TRANSFER AGENT AND
REGISTRAR
Computershare Investor Services
Inc.
510 Burrard Street, 3rd Floor
Vancouver, British Columbia
Canada V6C 3B9
Phone: 604-661-9400
Fax: 604-661-9549
AUDITORS
Davidson & Company LLP
1200     609 Granville Street
PO Box 10372
Vancouver, British Columbia
Canada V7Y 1G6
CORPORATE COUNSEL
CANADA:
McCarthy T  trault LLP
Suite 2400 - 745 Thurlow Street
Vancouver, British Columbia
Canada V6E 0C5
U.S.:
Hogan Lovells US LLP
1601 Wewatta Street
Suite 900
Denver, Colorado
USA 80202
STOCK EXCHANGE LISTING
NYSE American
Symbol: THM
TSX
Symbol: ITH
ANNUAL MEETING
Wednesday, May 29, 2024
9:30 a.m. Pacific Daylight Time
Suite 2400     745 Thurlow Street
Vancouver, British Columbia
CANADA V6E 0C5
 • shareholder letter icon 5/10/2024 Letter Continued (Full PDF)
 • stockholder letter icon More "Metals & Mining" Category Stockholder Letters
 • Benford's Law Stocks icon THM Benford's Law Stock Score = 59


THM Shareholder/Stockholder Letter Transcript:

2023 ANNUAL REPORT TO SHAREHOLDERS

April 11, 2024
Dear Fellow Shareholders:
On behalf of International Tower Hill Mines Ltd. (   ITH    or the    Company   ), I am pleased to provide you with the 2023
Annual Report to Shareholders. The Company filed an updated Technical Report Summary (   TRS   ) on October 17, 2023,
which confirmed that the Livengood Gold Project has proven and probable reserves of 430.1 million tonnes at an average
grade of 0.65 g/tonne (9.0 million ounces) based on a gold price of $1,680 per ounce and measured and indicated mineral
resources, exclusive of mineral reserves, of 274.51 million tonnes at an average grade of 0.52 g/tonne (4.62 million ounces),
based on a gold price of $1,650 per ounce.
The TRS detailed a project that would process 65,000 tons per day and produce 6.4 million ounces of gold over 21 years.
The TRS has estimated the capital costs of the Project at $1.93 billion, the total cost per ton milled at $13.12, the all-in
sustaining costs at $1,171 per ounce, and an after-tax net present value (5%) at $1,800/oz of $400 million. The Company
cautions that the TRS is preliminary in nature, and is based on technical and economic assumptions which will be further
refined and evaluated in a full feasibility study. The TRS is based on a Project mineral resource estimate effective as of
August 20, 2021 that is current as of December 31, 2023. The Project is currently in the development stage and a production
decision has yet to be made.
On January 22, 2024, the Company announced that it had completed a non-brokered private placement (the    Private
Placement   ) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of
approximately US$2.5 million. The Private Placement consisted of 3,807,911 common shares of the Company at a price
of US$0.664 per common share.
Recently, the price of gold has broken out above resistance and repeatedly hit record highs over the last several months.
Certainly, for a highly leveraged gold asset like the Livengood Gold Project, when the price of gold increases as it has
recently at a rate much faster than the underlying inflation rate, there is a huge opportunity to add value going forward.
With the increasing federal deficit and its compounding interest burden, with the worldwide political efforts to abandon
fossil fuel driving alarming increases in the energy costs at the foundation of our society, with federal policy makers
unwilling to arrest these trends, and with inflationary military conflict unfortunately increasing around the world, future
inflation becomes a significant risk to monetary assets. It appears that the market is starting to wake up to this future reality
and investors who want diversification are turning to gold.
ITH offers a simple, pure gold, highly leveraged opportunity for investors who seek to diversify against these threats. ITH
owns the single largest gold asset in North America not owned by a major. The deposit is on the paved highway system,
close to grid power, in the heart of a mining district in central Alaska that was selected by the State of Alaska for its mineral
potential. The excellent environmental, permitting, and operating records of our nearby neighbors, the Kinross Fort Knox
mine and the Northern Star Pogo mine, demonstrate that the mining industry can thrive in interior Alaska. ITH remains
well positioned to capitalize on strong gold markets.
The 2024 Annual General and Special Meeting (the    AGSM   ) of shareholders will be held on Wednesday, May 29, 2024
at 9:30 a.m., Pacific Daylight Time, at the offices of McCarthy Tetrault LLP, located at Suite 2400 - 745 Thurlow Street,
Vancouver, British Columbia. The Notice of Meeting and Information Circular/Proxy Statement for the AGSM have been
sent or otherwise made available to you and, as these documents contain important information, you are encouraged to
read them carefully.
You are welcome to submit your proxy by the proxy deadline (9:30 a.m. Pacific Daylight Time / 12:30 p.m. Eastern
Daylight Time) on Monday, May 27, 2024 rather than attending the meeting. A dedicated phone line (+1-866-8324451 or +1-416-406-3844, access code 8766704) will be available for shareholders to listen to the meeting.
On behalf of the Company, I thank you for being a shareholder. Please feel free to contact us through our website at
www.ithmines.com or by calling us at 1-855-428-2825.
Sincerely,
/s/ Karl L. Hanneman
Karl L. Hanneman
Chief Executive Officer
International Tower Hill Mines Ltd.

FORWARD LOOKING STATEMENTS
This annual report contains forward-looking statements and forward-looking information (collectively,    forward-looking
statements   ) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements
of historical fact, included herein, including statements with respect to the ability of the Company to advance the Livengood
Project, whether incrementally or at all, the Company   s future cash requirements, the Company   s ability to meet its
financial obligations as they come due, the Company   s estimates of the quality and quantity of the mineral resources at the
Livengood Gold Project, the timing and cost of any future exploration programs at the Livengood Gold Project, and the
timing of the receipt of results therefrom, and future general business and economic conditions, including changes in the
price of gold are forward-looking statements. Information concerning mineral reserve/resource estimates and the economic
analysis thereof contained in the 2021 pre-feasibility study and the Company   s S-K 1300 Technical Report Summary also
may be deemed to be forward-looking statements in that they reflect a prediction of the mineralization that would be
encountered, and the results of mining it, if a mineral deposit were developed and mined. Although the Company believes
that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forwardlooking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate,
proposed, planned, potential and similar expressions, or are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or
performance, and that actual results may differ materially from those in forward looking statements as a result of various
factors, including, but not limited to, the demand for, and level and volatility of the price of, gold, conditions in the financial
markets generally, the overall sentiment of the markets for public equity, interest rates, currency rates, and the rate of
inflation, general business and economic conditions, including the lingering effects of the COVID-19 pandemic on such
conditions, government regulation and proposed legislation (and changes thereto or interpretations thereof), defects in title
to claims, or the ability to obtain surface rights, either of which could affect the Company   s property rights and claims, 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 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, 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, the timing of the Company   s ability to commence and complete planned work programs at the Livengood Gold
Project, the timing of the receipt of and the terms of the consents, permits and authorizations necessary to carry out
exploration and development programs at the Livengood Gold Project and the Company   s ability to comply with such
terms on a safe and cost-effective basis, the ongoing relations of the Company with the lessors of its property interests and
applicable regulatory agencies, the metallurgy and recovery characteristics of samples from certain of the Company   s
mineral properties and whether such characteristics are reflective of the deposit as a whole, the continued development of
and potential construction of any mine at the Livengood Gold Project property not requiring consents, approvals,
authorizations or permits that are materially different from those identified by the Company, and other risks and
uncertainties disclosed in the Company   s annual report on Form 10-K filed with the United States Securities and Exchange
Commission (the    SEC   ) and filed as the Company   s Annual Information Form filed with certain securities commissions
in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. All of the
Company   s Canadian public disclosure filings may be accessed via www.sedar.com and its United States public disclosure
filings may be accessed via www.sec.gov, and readers are urged to review these materials, including the latest technical
report filed with respect to the Company   s Livengood property.
TOTAL SHAREHOLDER RETURN PERFORMANCE
The Total Shareholder Return Performance graph can be found at page 27 of the Company   s Information Circular/Proxy
Statement prepared in connection with the AGSM.

DIRECTORS AND OFFICERS
EXECUTIVE OFFICERS
BOARD OF DIRECTORS
Marcelo Kim, Chair
Chair and Partner, Paulson & Co.
Thomas S. Weng
Lead Independent Director and
Co-Founding Partner, Alta Capital
Partners
Anton J. Drescher
President, Harbour Pacific Capital
Corp.
Karl L. Hanneman
CEO, International Tower Hill
Mines Ltd.
Stuart A. Harshaw
President and CEO, Nickel Creek
Platinum
Karl L. Hanneman
Chief Executive Officer
David A. Cross
Chief Financial Officer
Edel Tully
Head of Communications and
Financial Markets Development
Lead, London Bullion Market
Association
CORPORATE INFORMATION
OFFICE LOCATIONS:
VANCOUVER HEAD OFFICE
Suite 1570 - 200 Burrard Street
Vancouver, British Columbia
Canada V6C 3L6
Phone: 604-683-6332
Fax: 604-408-7499
Toll Free: 855-208-4642
FAIRBANKS OFFICE
506 Gaffney Road, Suite 200
Fairbanks, Alaska
USA 99701
Phone: 907-328-2800
Toll Free: 855-428-2825
INVESTOR RELATIONS
Copies of International Tower Hill
Mines Ltd.   s Annual Report are
available at no charge. Please direct
requests and other investor relations
questions to:
International Tower Hill Mines Ltd.
Attention: Investor Relations
506 Gaffney Road, Suite 200
Fairbanks, Alaska
USA 99701
Phone: 855-428-2825
TRANSFER AGENT AND
REGISTRAR
Computershare Investor Services
Inc.
510 Burrard Street, 3rd Floor
Vancouver, British Columbia
Canada V6C 3B9
Phone: 604-661-9400
Fax: 604-661-9549
AUDITORS
Davidson & Company LLP
1200     609 Granville Street
PO Box 10372
Vancouver, British Columbia
Canada V7Y 1G6
CORPORATE COUNSEL
CANADA:
McCarthy T  trault LLP
Suite 2400 - 745 Thurlow Street
Vancouver, British Columbia
Canada V6E 0C5
U.S.:
Hogan Lovells US LLP
1601 Wewatta Street
Suite 900
Denver, Colorado
USA 80202
STOCK EXCHANGE LISTING
NYSE American
Symbol: THM
TSX
Symbol: ITH
ANNUAL MEETING
Wednesday, May 29, 2024
9:30 a.m. Pacific Daylight Time
Suite 2400     745 Thurlow Street
Vancouver, British Columbia
CANADA V6E 0C5



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