Tower Hill Mines Installs New CEO and COO Ahead of Livengood Development Push
Turnaround
Company Background
International Tower Hill Mines is a pre-revenue, exploration-stage gold developer whose primary asset is the Livengood gold project in Alaska. With a market capitalization of approximately $500 million, the company has no production and depends on capital markets to fund its advance toward development.
In January 2026, the company closed a combined public offering and Paulson & Co. private placement raising approximately $118 million in gross proceeds — its largest capital raise in recent memory. Paulson, the company's largest shareholder, participated at the same $2.22-per-share offering price as public investors. The proceeds were understood to support continued advancement of Livengood.
Just weeks after the offering closed, in February 2026, the board increased CEO Karl Hanneman's base salary to $342,538 — formalizing a shift to full-time commitment that had been in effect since December 2025. Hanneman had voluntarily taken a reduced salary in 2018 when his role was part-time.
What Was Disclosed
David Wiens, 46, takes over as Chief Executive Officer effective August 17, 2026, succeeding Karl Hanneman. Hanneman is not leaving the company: he transitions to a Strategic Advisor role and retains his board seat. Shane Parrow, 51, joins simultaneously as President and Chief Operating Officer, effective July 27, 2026. Both men were also elected to the board, expanding it from seven to nine members.