Hycroft Mining Reports $4.3 Billion Post-Tax NPV from Nevada Technical Study, With Multiple Value Drivers Excluded from Model

• Hycroft Mining Holding Corporation's June 2026 Technical Report Summary (TRS) and Initial Assessment delivers a post-tax net present value (NPV) of $4.3 billion at base case prices and $10.0 billion at spot prices as of May 25, 2026, establishing a formal economic framework for the Hycroft Mine in northern Nevada for the first time
• The TRS mine plan is built on a Measured and Indicated Mineral Resource Estimate (MRE) of 16.4 million ounces of gold and 562.5 million ounces of silver; a further 5.0 million ounces of gold and 132.8 million ounces of silver in a lower-confidence category are excluded from the economic model under S-K 1300 requirements
• The Brimstone and Vortex high-grade silver systems, currently under active drilling with 2 core drill rigs increasing to 4 over the next quarter, are not incorporated into the TRS mine plan or its NPV, representing value that sits entirely outside the current economic framework
• Underground mining scenarios, newly identified oxide targets for lower-cost processing, and a pending test program that could add sulfuric acid as a third revenue stream are each identified as upside opportunities not reflected in the base case economics
• The current mineral resource covers less than 15% of the company's 64,000-acre land position, with the deposit remaining open in all directions and at depth

Hycroft Mining Holding Corporation (NASDAQ: HYMC) released results from a Technical Report Summary (TRS) and Initial Assessment in June 2026, establishing a formal economic framework for the Hycroft Mine in northern Nevada for the first time. The study, prepared by Ausenco Engineering USA South Inc., Independent Mining Consultants Inc., and WestLand Engineering & Environmental Services, Inc., outlines a 51-year mine plan with a post-tax NPV of $4.3 billion at base case metal prices. Several potentially material value components, including high-grade silver discoveries, excluded ounces, and alternative processing scenarios, are not captured in those figures.

Study Highlights

The base case economic analysis produces a post-tax NPV of $4.3 billion and a post-tax internal rate of return (IRR) of 16.9%, with a payback period of 4.7 years. At current metal prices as of May 25, 2026, the post-tax NPV rises to $10.0 billion. The mine plan targets life-of-mine production of 10.4 million ounces of gold and 347.5 million ounces of silver over 51 years. The first 10 years of production are projected to deliver stronger output than the long-term average, reflecting a sequencing strategy designed to generate stronger returns in the earlier years of the mine life.

The project is capital-intensive by nature, requiring significant upfront investment alongside ongoing capital commitments across the mine life. Life-of-mine gross revenues are projected at $54.2 billion at base case prices. The project carries meaningful sensitivity to metal price movements, with the economic outcome improving materially for each incremental increase in the gold or silver price.

Regulatory Context

The TRS carries important regulatory limitations that investors should understand. It is a preliminary study that demonstrates the economic potential of the deposit, but it does not confirm economic viability in the regulatory sense and does not support a development decision. The ounces scheduled for production have not been formally confirmed as mineable under regulatory standards. A series of further studies, permitting processes, financing arrangements, and construction decisions lie ahead before the project can advance to development.

What the Economic Model Excludes

The mine plan is based on ounces that have been drilled and sampled with sufficient confidence to meet the standard required for inclusion in a formal economic study. A further body of gold and silver ounces exists within the known deposit but sits in a lower-confidence category and is excluded from the mine plan under regulatory requirements. The company has identified continued drilling to move those ounces into the higher-confidence category as a direct mechanism for expanding the economic model over time, without requiring new discovery.

Results from the company's active 2025-2026 exploration drill program are also excluded from the mine plan. Hycroft announced in 2023 the discovery of 2 new high-grade silver systems, named Brimstone and Vortex, within the known resource area. Drilling is underway at both targets, with 2 core drill rigs currently operating and a planned increase to 4 over the next quarter. Both systems remain open in all directions and at depth, meaning their full extent has not yet been determined. Neither system is incorporated into the economic analysis.

Diane R. Garrett, Executive Chairman and Chief Executive Officer, mentione:

"We believe the most meaningful value creation opportunity remains ahead of us. By advancing the high-grade Brimstone and Vortex silver systems, we see a clear path to further improving project economics and unlocking additional value. The Hycroft land package remains a highly prospective environment, and we believe we are only at the beginning of demonstrating its true potential."

The study also identifies several additional scenarios not reflected in the base case. These include the option to combine underground mining alongside the open pit, which could bring higher-grade ounces into production earlier in the mine life and improve the time-weighted value of the project. Newly identified targets that could be processed through a lower-cost circuit early in the mine life represent another avenue for improving early cash flow. A pending test program is also examining an alternative processing method that could potentially generate sulfuric acid as a third revenue stream alongside gold and silver. That test work has not been completed and no financial contribution from sulfuric acid has been quantified.

Project Location & Land Position

The Hycroft Mine is situated on the western flank of the Kamma Mountains on the eastern edge of the Black Rock Desert, approximately 54 miles west of Winnemucca in Humboldt and Pershing Counties, Nevada. The site benefits from existing infrastructure built over prior decades of operation, which the study notes allows for reduced upfront capital requirements relative to a fully new build. The current mineral resource covers less than 15% of the company's 64,000-acre land position. The known deposit remains open in all directions and at depth, and new exploration targets have been identified within the broader land package, though no resource estimate has been assigned to those areas.

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