• RESPEC Company LLC engaged to assess underground mining options for Brimstone and Vortex high-grade silver systems, including mining methods evaluation, conceptual design, and optimal portal location for potential exploration decline
• The Brimstone system begins 30 metres beneath the existing open pit, positioning exploration decline for underground drill access and potential early production optionality.
• WSP Global Inc. completed tailings storage facility engineering for additional lifts; WestLand Engineering & Environmental Services completed environmental studies
• Ausenco Engineering South USA is targeting the Second Quarter 2026 completion of the Initial Assessment Technical Report with economics, establishing the first economic framework under the sulfide milling scenario.
• Hycroft added to VanEck Junior Gold Miners ETF (GDXJ), expanding institutional investor exposure and passive investment flow access.

Company Overview

Hycroft Mining Holding Corporation (Nasdaq: HYMC) holds the Hycroft Mine in northern Nevada, a large-scale gold and silver deposit in a Tier 1 jurisdiction. The company discovered two high-grade silver zones, Brimstone and Vortex, in 2023 and is currently drilling to define their extent. Historical operations centred on oxide heap leaching; current work evaluates sulfide milling as the processing route for future production.

Nevada Asset Positioning

Hycroft Mining operates the Hycroft Mine that hosts what the company describes as among the world's largest precious metals deposits. The ongoing 2025 to 2026 exploration drill programme targets the expansion of Brimstone and Vortex alongside the evaluation of additional opportunities across the property.

The Hycroft Mine operated historically under an oxide heap leach configuration. The current technical programme focuses on transitioning operations toward a milling configuration designed to process sulfide mineralisation, representing a shift in processing strategy for the deposit.

RESPEC Mandate & Underground Optionality

Hycroft engaged RESPEC Company LLC to assess underground mining options for the Brimstone and Vortex high-grade silver systems. RESPEC operates as a consultancy employing approximately 750 professionals, including a Mining and Energy business unit with experience spanning geological modelling, open pit and underground mining, and reserve estimation. The firm has served the mining industry for more than 55 years. The scope of work includes evaluation of mining methods suitable for the geological and structural conditions observed at Brimstone and Vortex, development of a conceptual mine design, preparation of a preliminary schedule, and delivery of an internal engineering report. RESPEC will utilise all exploration data completed to date, collaborating directly with Hycroft's technical team throughout the assessment.

In parallel, Hycroft is evaluating the development of an exploration decline to enable direct underground drill access. The company stated this initiative targets improved drilling efficiency alongside cost and time savings relative to surface-based drilling programmes. RESPEC's engineering work will determine optimal portal location and appropriate decline dimensions. The decline design could also support future production operations if underground mining proceeds beyond the exploration phase.

President and Chief Executive Officer of Hycroft Mining, Diane Garrett, stated:

"The appointment of RESPEC will help us assess the potential to develop a decline, giving us direct access to our new high-grade silver deposits. The Brimstone system, in particular, starts from only 30 meters beneath the existing open pit, so a decline will allow us to consider an underground drilling program as well as give us early production options. We look forward to the findings of their engineering report in the coming months."

The 30-metre depth to the Brimstone mineralisation from the base of the existing open pit represents a relatively shallow entry point for potential underground infrastructure. This proximity positions the decline to support underground drilling programmes targeting extension and definition of the high-grade silver zones while maintaining optionality for early-stage production scenarios if warranted by future technical and economic assessments.

Technical Report Path & TSF Engineering Completion

WSP Global Inc. completed engineering work associated with additional lifts on the tailings storage facility. WestLand Engineering & Environmental Services, designated as a Qualified Expert, completed the environmental studies relevant to the tailings storage facility (TSF) expansion. The additional TSF capacity accommodates increased tailings volumes resulting from the mineral resource expansion announced in February 2026.

With the TSF engineering work complete, Ausenco Engineering South USA can finalise the Initial Assessment Technical Report with economics. Hycroft is targeting completion during the Second Quarter of 2026. The Initial Assessment will provide the first economic framework for the deposit under a sulfide milling scenario, representing a material milestone in the company's transition from oxide heap leach operations.

GDXJ Inclusion & Institutional Visibility

Hycroft was added to the VanEck Junior Gold Miners ETF (GDXJ), a widely tracked exchange-traded fund focused on junior gold and silver mining equities. The inclusion expands the company's exposure to institutional investors operating within the global precious metals sector. GDXJ inclusion typically correlates with expanded passive investment flows and heightened visibility among funds benchmarking performance against junior mining indices.

Next Steps & Anticipated Catalysts

RESPEC will deliver its internal engineering report assessing underground mining options for Brimstone and Vortex in the coming months. The report will inform decisions on exploration, decline development and underground drilling programme design. 

Ausenco's Initial Assessment Technical Report with economics is targeted for completion during the Second Quarter of 2026. This represents the primary near-term technical catalyst, as it will establish the first comprehensive economic analysis of the Hycroft deposit under a sulfide milling configuration.

The ongoing 2025 to 2026 exploration drill programme continues across the Brimstone and Vortex zones, with additional drill results anticipated as the programme advances. Results from underground drilling, if an exploration decline proceeds, would represent a subsequent phase of technical data generation supporting resource expansion and geological confidence in the high-grade silver systems.

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