Hycroft Mining's Technical Report Delivers $10 Billion NPV at Spot Prices While Brimstone & Vortex Drilling Advances

• Hycroft Mining's Technical Report Summary and Initial Assessment ("TRS"), filed with the SEC on June 2 2026, confirms the Hycroft Mine in Nevada as a large-scale, long-life gold and silver project with strong economics at both base case and current spot commodity prices.
• At base case prices of $3,600 per ounce for gold and $48.00 per ounce for silver, the project returns a post-tax NPV at 5% of $4.3 billion and a post-tax internal rate of return ("IRR") of 16.9%; at spot prices, the post-tax NPV rises to $10.0 billion with an IRR of 30.1%.
• The mine plan supports a 51-year operation with the first ten years delivering enhanced output averaging more than 330,000 gold equivalent ounces annually.
• The project carries meaningful commodity price leverage, with post-tax NPV increasing by $300 million for every $100 per ounce rise in gold and by $460 million for every $5.00 per ounce rise in silver.
• Ongoing drilling at the high-grade Brimstone and Vortex silver systems, plus inferred resources of 5.0 million ounces of gold and 132.8 million ounces of silver, are excluded from the current mine plan and represent upside not yet reflected in TRS economics.

Company Overview

Hycroft Mining Holding Corporation (NASDAQ: HYMC) is a US-based gold and silver company exploring and developing the Hycroft Mine, one of the world's largest precious metals deposits, located in northern Nevada, a Tier-1 mining jurisdiction. The company is engaged in an active 2025-2026 exploration drill programme targeting the expansion of the Brimstone and Vortex high-grade silver systems, both discovered in 2023.

Technical Report Overview

Hycroft Mining filed the TRS with the SEC on EDGAR on 2 June 2026, prepared in accordance with S-K 1300 and encompassing a 51-year mine life processing approximately 57,100 tons per day. The study evaluates a heap leaching and milling operation using a conventional flotation with pressure oxidation ("POX") flowsheet. It does not constitute a pre-feasibility or feasibility study, does not demonstrate economic viability, and does not support a development decision.

Executive Chairman and Chief Executive Officer of Hycroft Mining, Diane R. Garrett, framed the significance of the results:

"This Technical Study confirms the scale, quality, and long-term potential of the Hycroft Mine. The project delivers strong economics and significant leverage to rising gold and silver prices, reinforcing Hycroft's position as one of the sector's most compelling large-scale development opportunities, located in a Tier 1 jurisdiction."

Resource Base & Mine Plan

The mine plan is based on the 2026 Mineral Resource Estimate ("MRE") of 16.4 million ounces of gold and 562.6 million ounces of silver in the Measured and Indicated categories. An additional 5.0 million ounces of gold and 132.8 million ounces of silver in the inferred category were excluded, as were all results from the 2025-2026 drill programme. The defined resource covers less than 15% of the company's land position of more than 64,000 acres, with the Hycroft system remaining open in all directions and at depth.

The operation is designed as a conventional hard rock open pit with two processing streams: a flotation mill followed by POX and cyanide leaching, and a run-of-mine heap leach for oxide and transition material. Average mill process recovery is 82.8% for gold and 77.5% for silver over the mine life.

Project Economics & Production

At base case commodity prices, the project delivers a post-tax NPV of $4.3 billion, an IRR of 16.9%, and a payback period of 4.7 years. At spot prices of $4,569 per ounce for gold and $77.94 per ounce for silver as of 25 May 2026, the post-tax NPV increases to $10.0 billion with an IRR of 30.1% and a payback period of 2.9 years. Base case gross revenues over the mine life total $54.2 billion.

Initial capital costs total $2.4 billion, with life-of-mine sustaining capital of $3.1 billion. All-in sustaining cost ("AISC") is $2,147 per gold equivalent ounce and cash cost is $1,924 per gold equivalent ounce. Over the 51-year mine life, the project is forecast to produce 10.4 million ounces of gold and 347.5 million ounces of silver, with the first ten years averaging more than 330,000 gold equivalent ounces per year.

Exploration Upside: Brimstone & Vortex

Hycroft is currently operating two core drill rigs at the Brimstone and Vortex silver systems, with plans to increase to four rigs over the next quarter. Both systems remain open in all directions and at depth and are not reflected in the current mine plan.

Garrett pointed to these discoveries as the primary near-term value driver:

"Importantly, 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."

Next Steps

Key near-term catalysts include expanding the Brimstone and Vortex drill programme to four rigs, further drilling to upgrade inferred resources into the Measured and Indicated categories, and evaluating new oxide targets for potential early heap leach processing. Roasting test work is also pending as an alternative processing option that could add sulfuric acid as a by-product revenue stream. Advancing a revised plan of operations through Bureau of Land Management ("BLM") review, which will require either an Environmental Assessment or an Environmental Impact Statement, represents the key permitting milestone before any development decision can be made.

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