International Tower Hill Mines : November 2021 PFS presentation

Pre-Feasibility Study Reaffirms

Leading Leverage to

Rising Gold Prices

Pre-Feasibility Presentation

November 2021

Alaska Headquarters

Tower Hill Mines, Inc.

506 Gaffney Road, Suite 200 Fairbanks, AK 99701 1-855-428-2825

TSX:TSX:ITHITH| |NYSEAmerican:THM

www.withmines. .com.com

Forward-Looking & Cautionary Statements

Scientific or technical information contained herein is derived from the Company's pre-feasibility study (the "PFS") for its Livengood Gold Project ("Livengood" or the "Project"), which is summarized in more detail in the Company's press release of November 4, 2021 (the "November 4, 2021 ITH Press Release". The full PFS will be included in a technical report prepared in compliance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and filed on SEDAR at www.sedar.com within 45 days of the November 4, 2021 ITH Press Release.

This presentation and the November 4, 2021 ITH Press Release contain 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 and therein including, without limitation, statements regarding the potential for International Tower Hill to become a leading gold producer; the mine plan and design details for the Livengood; the potential for the expansion of the estimated resources at Livengood the potential commencement of any development of a mine at Livengood following a production decision; anticipated annual and aggregate gold production following development of a mine at Livengood; capital expenditures, operating expenditures and all-on- sustaining costs in connection with any development of a mine at Livengood following a production decision; the economic viability of the Livengood Gold Project at different gold prices; and the ability of the Company to advance environmental baseline work in support of future permitting are forward-looking statements. Information concerning mineral resource estimates, the preliminary economic analysis thereof and operating metrics related thereto, also may be deemed to be forward-looking statements in that it reflects a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Forward-looking statements are based on a number of assumptions which may prove incorrect, including, but not limited to, assumptions about the level and volatility of the price of gold; the timing of the receipt of regulatory and government approvals; permits and authorizations necessary to implement and carry on the Company's planned exploration and potential development program at Livengood; the Company's ability to attract and retain key staff, particularly in connection with the development of any mine at Livengood; the timing of the ability to commence and complete the planned work at Livengood; and the ongoing relations of the Company with its underlying lessors, local communities and applicable regulatory agencies.

Accordingly, the Company cautions that any forward-looking statements are not guarantees of future results or performance, and that actual results may differ, and such differences may be material, from those set out in the forward-looking statements as a result of, among other factors, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain, or any delays in the timing of, any necessary permits, consents or authorizations required for its activities, material adverse changes in economic and market conditions, changes in the regulatory environment and other government actions, fluctuations in the price of gold and exchange rates, the inability of the Company to raise the necessary capital for its ongoing operations and business and operational risks normal in the mineral exploration, development and mining industries, the Company's ability to attract and retain key staff, particularly in connection with the development of any mine at Livengood; the timing of the ability to commence and complete the planned work at Livengood; and the ongoing relations of the Company with its underlying lessors, local communities and applicable regulatory agencies, as well as the risks and uncertainties disclosed in the Company's most recent Annual Information Form filed with certain provincial securities commissions in Canada and in the Company's most recent Form 10-K and Forms 10-Q filed with the United States Securities and Exchange Commission, available at www.sedar.com and www.sec.gov, respectively. The Company undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the cautionary statements herein.

This presentation contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

The Company uses certain terms in this presentation, such as "resources," "indicated" and "inferred" that are defined in, and required to be disclosed by, NI 43-101 but that the SEC's guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. Accordingly, the Company's disclosures regarding mineralization may not be comparable to similar information disclosed by US registered companies that are not subject to NI 43-101. You are urged to consider closely the disclosure in the Company's latest 10-K annual report, which may be secured from the Company website www.ithmines.com,or from the SEC's website at www.sec.gov.

Note: All monetary values are USD unless otherwise stated.

Non-IFRS Measures:

All-in Sustaining Cost ("AISC") is a performance measure that reflects the expenditures that are required to produce an ounce of gold from current operations. While there is no standardized meaning of the measure across the industry, the Company's definition is derived from the definition, as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018, respectively. The World Gold Council is a non-regulatory,non-profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating performance and the ability to generate free cash flow from operations. The Company defines AISC as the sum of total cash costs, sustaining capital (capital required to maintain current operations at existing production levels), capital lease repayments, exploration expenditures designed to increase resource confidence at producing mines, amortization of asset retirement costs and rehabilitation accretion related to current operations. AISC excludes general corporate and administrative costs incurred at the non-project level, capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to current operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure.

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Largest Independent Gold-Only Resource in North America

M&I Resources (m oz)

15

13.6

11.7

10

8.1 8.0

7.3

6.3 6.0

5		4.4	4.2

0

Livengood	Blackwater	Hardrock	Courageous	Cote	Back River	Stibnite	Dublin Gulch	Magino
(ITH)	(Artemis)	(Equinox)	Lake	(Iamgold)	(Sabina)	(Perpetua)	(Victoria)	(Argonaut)
			(Seabridge)

Source: ITH - November 4, 2021 ITH News Release, All others - Public disclosure, Independent defined as not more than 50% owned by a major

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Livengood Gold Resource and Reserve

1. • 13.6m Ounces Measured & Indicated Resources at $1,650/oz (705m Tonnes, Avg. Grade 0.60 g/t, variable cut-off grades)
   • 9.0m Ounces Proven & Probable Reserves at $1,680/oz (430m Tonnes, Avg. Grade 0.65 g/t, variable cut-off grades)
   • 776 Drill Holes Totaling 711,984 ft Define the Resource
2. Mineral Reserves are reported using the 2014 CIM Definition Standards and are estimated in accordance with 2019 CIM Best Practices Guidelines.
3. Mineral Reserves are estimated using a gold price of $1,680 per ounce, and consider a 3% royalty, 1.80/oz for smelting, refining, and transportation costs, and a gold payable of 99.9%
4. Metallurgical recovery curves were developed for each rock type, with the Mineral Reserves having the following tonnage weighted averages; 83.3%, for Rocktype 4, 79.8% for Rocktype 5, 73.5% for Rocktype 6, 66.4% for Rocktype 7, 58.7% for Rocktype 8 and 57.1% for Rocktype 9, including 22% for massive stibnite mineralization.
5. As a result of the complex metallurgical recovery equations, it is difficult to determine specific cut-off grades. The following presents the lowest gold grades for each rocktype that are processed in the life of mine plan; 0.26 g/t for Rocktype 4, 0.28 g/t for Rocktype 5, 0.31 g/t for Rocktype 6, 0.31 g/t for Rocktype 7 and 0.42 g/t for Rocktype 8 and 0.42 g/t for Rocktype 9.
6. The strip ratio for the open pit is 1.2 to 1.
7. The Mineral Reserves are inclusive of mining dilution and ore loss.
8. The reference point for the Mineral Reserves is the primary crusher.
9. Totals may not add due to rounding.

(9) The foregoing mineral reserves based upon and are included within the current mineral resource estimate for the Project.

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2021 Pre-Feasibility Study Key Livengood Metrics

KEY METRICS - 2021 PFS
OPERATING	Year 1-5	LOM
Average Annual Production	388,600	306,200
Gold Production - LOM		6,430,178
FINANCIAL	Year 1-5	LOM
CAPEX - Initial		1.93
CAPEX - Sustaining		658
OPEX - Operating Cost	$887	$1,068
All-In Sustaining Cost of	$1,038	$1,171
Production

Troy ounces

Troy ounces

$Billion

$Million

$/Ounce

$/Ounce

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