Q1 – Three months ended Mar. 31, 2026 - Financials

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# Q1 – Three months ended Mar. 31, 2026 - Financials

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# Q1 – Three months ended Mar. 31, 2026 - Financials
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited – Prepared by Management)
(Expressed in US Dollars)
Three Months Ended March 31, 2026 and 2025
Corporate Head Office
1570-200 Burrard Street
Vancouver, BC
Canada
V6C 3L6
Tel: 604-683-6332
INTERNATIONAL TOWER HILL MINES LTD.
March 31, 2026 and 2025
INDEX Page
Unaudited Condensed Consolidated Interim Financial Statements
Condensed Consolidated Interim Balance Sheets 3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss 4
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity 5
Condensed Consolidated Interim Statements of Cash Flows 6
Notes to the Condensed Consolidated Interim Financial Statements 7-13
Table of Contents
PART 1
ITEM 1. FINANCIAL STATEMENTS
INTERNATIONAL TOWER HILL MINES LTD.
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
As at March 31, 2026 and December 31, 2025
(Expressed in US Dollars - Unaudited)
​​​ Note ​​​ March 31, 2026 ​​​ December 31, 2025
ASSETS ​ ​
​ ​
Current ​ ​
Cash and cash equivalents 1 $ 64,689,792 $ 1,353,333
Short-term investments 50,000,000 —
Prepaid expenses and other 748,294 159,801
Total current assets 115,438,086 1,513,134
Property and equipment 7,465 7,465
Mineral property 4 55,375,124 55,375,124
Total assets $ 170,820,675 $ 56,895,723
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 215,401 $ 145,918
Accrued liabilities 5 269,563 352,034
Total liabilities 484,964 497,952
Shareholders’ equity
Share capital, no par value; unlimited number of authorized shares; 261,637,473 and 207,885,473 shares
issued and outstanding at March 31, 2026 and December 31, 2025, respectively 6 409,336,983 294,980,859
Contributed surplus 6 37,626,458 37,621,329
Accumulated other comprehensive income (loss) (1,099,390) 1,598,066
Deficit (275,528,340) (277,802,483)
Total shareholders’ equity 170,335,711 56,397,771
Total liabilities and shareholders’ equity $ 170,820,675 $ 56,895,723
General Information and Nature of Operations (Note 1)
Commitments (Note 8)
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
5
Table of Contents
INTERNATIONAL TOWER HILL MINES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended March 31, 2026 and 2025
(Expressed in US Dollars - Unaudited)
Three Months Ended
​​​ Note ​​​ March 31, 2026 ​​​ March 31, 2025
Operating expenses ​ ​ ​
Consulting fees 6 $ 167,888 $ 110,044
Insurance ​ 34,744 47,011
Investor relations 6 13,247 10,059
Mineral property 4 254,108 148,487
Office ​ 7,251 4,272
Other ​ 3,124 2,997
Professional fees ​ 129,535 32,242
Regulatory ​ 117,246 61,731
Rent ​ 33,904 33,790
Travel ​ 4,103 7,799
Wages and benefits 6 279,479 203,823
Total operating expenses ​ (1,044,629) (662,255)
​
Other income (expense) ​
Gain (loss) on foreign exchange ​ 2,683,173 (18,107)
Interest income ​ 635,599 11,294
Total other income (expense) ​ 3,318,772 (6,813)
​
Net income (loss) for the period ​ 2,274,143 (669,068)
​
Other comprehensive income (loss) ​
Exchange difference on translating foreign operations ​ (2,697,456) 18,287
Total other comprehensive income (loss) for the period ​ (2,697,456) 18,287
Comprehensive loss for the period ​ $ (423,313) $ (650,781)
​
Basic income (loss) per share ​ $ 0.01 $ (0.00)
Diluted income (loss) per share $ 0.01 $ (0.00)
​
Weighted average number of shares outstanding – basic ​ 245,788,429 202,585,647
Dilutive effect of stock options 2,623,421 —
Weighted average number of shares outstanding – diluted 248,411,850 202,585,647
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
6
Table of Contents
INTERNATIONAL TOWER HILL MINES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
For the Three Months Ended March 31, 2026 and 2025
(Expressed in US Dollars - Unaudited)
Three-Month Period Ended March 31, 2025
​ ​ ​ ​ Accumulated ​ ​
Other
Number of Share Contributed Comprehensive
​​​ Shares ​​​ Capital ​​​ Surplus ​​​ Income (Loss) ​​​ Deficit ​​​ Total
Balance, December 31, 2024 199,693,442 $ 291,169,769 $ 36,923,555 $ 1,413,118 $ (273,164,150) $ 56,342,292
Share issuance 8,192,031 3,932,994 — — — 3,932,994
Share issuance costs — (119,454) — — — (119,454)
Stock-based compensation-options — — 63,581 — — 63,581
Exchange difference on translating foreign operations — — — 18,287 — 18,287
Net loss — — — — (669,068) (669,068)
Balance, March 31, 2025 207,885,473 $ 294,983,309 $ 36,987,136 $ 1,431,405 $ (273,833,218) $ 59,568,632
Three-Month Period Ended March 31, 2026
​ ​ ​ ​ Accumulated ​ ​
Other
Number of Share Contributed Comprehensive
​​​ Shares ​​​ Capital ​​​ Surplus ​​​ Income ​​​ Deficit ​​​ Total
Balance, December 31, 2025 207,885,473 $ 294,980,859 $ 37,621,329 $ 1,598,066 $ (277,802,483) $ 56,397,771
Share issuance 53,192,000 118,086,240 — — — 118,086,240
Share issuance costs — (4,126,100) — — — (4,126,100)
Exercise of options 560,000 267,795 — — — 267,795
Reallocation of contributed surplus — 128,189 (128,189) — — —
Stock-based compensation-options — — 23,337 — — 23,337
Stock-based compensation-DSUs — — 109,981 — — 109,981
Exchange difference on translating foreign operations — — — (2,697,456) — (2,697,456)
Net income — — — — 2,274,143 2,274,143
Balance, March 31, 2026 261,637,473 $ 409,336,983 $ 37,626,458 $ (1,099,390) $ (275,528,340) $ 170,335,711
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
7
Table of Contents
INTERNATIONAL TOWER HILL MINES LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2026 and 2025
(Expressed in US Dollars - Unaudited)
Three Months Ended
​​​ March 31, 2026 ​​​ March 31, 2025
Operating Activities ​ ​
Income (Loss) for the period $ 2,274,143 $ (669,068)
Add items not affecting cash:
Stock-based compensation-options 23,337 63,581
Stock-based compensation-DSUs 109,981 —
Changes in non-cash items:
Accounts receivable (525,849) 7,572
Prepaid expenses and other (64,715) (26,657)
Accounts payable and accrued liabilities (9,265) (35,674)
Cash and cash equivalents provided by (used in) operating activities 1,807,632 (660,246)
Financing Activities
Issuance of shares 118,354,035 3,932,994
Share issuance costs (4,126,100) (20,888)
Cash and cash equivalents provided by financing activities 114,227,935 3,912,106
Investing Activities
Short-term investments (50,000,000) —
Cash and cash equivalents used by investing activities (50,000,000) —
Effect of foreign exchange on cash (2,699,108) 18,226
Change in cash and cash equivalents 63,336,459 3,270,086
Cash and cash equivalents, beginning of the period 1,353,333 992,487
Cash and cash equivalents, end of the period $ 64,689,792 $ 4,262,573
Supplementary Disclosures:
Non-cash financing and investing transactions
Share issuance costs in accounts payable $ — $ 14,734
Share issuance costs in accrued liabilities — 83,832
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
8
Table of Contents
INTERNATIONAL TOWER HILL MINES LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Three and Nine Months Ended March 31, 2026 and 2025
(Expressed in US dollars – Unaudited)
1. GENERAL INFORMATION AND NATURE OF OPERATIONS
International Tower Hill Mines Ltd. (“ITH” or the “Company”) is incorporated under the laws of British Columbia, Canada. The Company’s head office address is 1570
– 200 Burrard Street, Vancouver, British Columbia, Canada.
International Tower Hill Mines Ltd. consists of ITH and its wholly-owned subsidiaries Tower Hill Mines, Inc. (“TH Alaska”) (an Alaska corporation), Tower Hill Mines
(US) LLC (“TH US”) (a Colorado limited liability company), and Livengood Placers, Inc. (“LPI”) (a Nevada corporation). The Company is in the business of acquiring,
exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At
March 31, 2026, the Company has a 100% interest in its Livengood Gold Project in Alaska, U.S.A (the “Livengood Gold Project”).
These unaudited condensed consolidated interim financial statements have been prepared on a going-concern basis, which presumes the realization of assets and
discharge of liabilities in the normal course of business for the foreseeable future.
The Company has no revenue generating operations from which it can internally generate funds. To date, the Company’s ongoing operations have been predominantly
financed through the sale of its equity securities by way of public offerings, private placements and the subsequent exercise of share purchase and broker warrants issued
in connection with such private placements. There are currently no warrants outstanding.
As at March 31, 2026, the Company had cash and cash equivalents of $64,689,792 compared to $1,353,333 at December 31, 2025. As at May 7, 2026, management
believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.
2. BASIS OF PRESENTATION
These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United
States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X under the Securities Exchange Act of
1934, as amended. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for annual financial statements. These unaudited
condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31,
2025 as filed in our Annual Report on Form 10-K. In the opinion of the Company’s management, these financial statements reflect all adjustments, consisting of normal
recurring adjustments, necessary to present fairly the Company’s financial position at March 31, 2026 and the results of its operations for the three months then ended.
Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.
The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and
expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the
relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future
results of operations and cash flows.
On May 7, 2026, the Board of Directors of the Company (the “Board”) approved these unaudited condensed consolidated interim financial statements.
All currency amounts are stated in U.S. dollars unless noted otherwise. References to C$ refer to Canadian currency.
Basis of consolidation
These condensed consolidated interim financial statements include the accounts of ITH and its wholly-owned subsidiaries TH Alaska, TH US, and LPI. All intercompany
transactions and balances have been eliminated.
9
Table of Contents
INTERNATIONAL TOWER HILL MINES LTD.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIA

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