Vortex Delivers Exceptional Grades as Hycroft Expands Drill Programme to Chase District-Scale Discovery

• The Vortex target returned a headline intercept of 53.37 metres at 304.14 grams per tonne silver and 1.33 grams per tonne gold, with a best sub-interval of 0.88 metres recording 2,890.00 grams per tonne silver and 33.70 grams per tonne gold.
• The result confirms the structural intersection of the Break and Albert Faults, opening new prospective ground at depth and along strike, with both Vortex and Brimstone remaining open in all directions.
• Two additional core rigs are expected at site in the coming months as Hycroft expands its 2025-2026 Exploration Drill Programme across both high-grade targets.
• Hycroft closed the First Quarter of 2026 with approximately US$189 million in unrestricted cash and no debt.
• Technical studies to advance a transition from oxide heap leach operations to a milling operation for sulphide mineralisation are progressing.

About Hycroft Mining Holding Corporation

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. In 2023, Hycroft announced the discovery of two new high-grade silver systems within the known resource area and is engaged in a robust 2025-2026 Exploration Drill Programme designed to expand these two systems in addition to targeting new opportunities. The Company is also focused on completing technical studies to transition the Hycroft Mine into a milling operation for processing sulphide mineralisation.

A New Structural Intersection Opens District Potential at Vortex

The company has released additional drill results from its 2025-2026 Exploration Drill Programme (the "Exploration Programme") at the Hycroft Mine in Winnemucca, Nevada, USA. The headline result targeted the structural intersection of the Break and Albert Faults at the Vortex target and returned grades that the Company's management describes as exceptional within the context of the emerging high-grade discovery.

The intersection measured 53.37 metres at 304.14 grams per tonne silver and 1.33 grams per tonne gold (4.86 grams per tonne gold equivalent) from 421.23 metres depth. Within that interval, a tighter sub-intercept of 7.04 metres returned 1,241.97 grams per tonne silver and 6.59 grams per tonne gold (21.01 grams per tonne gold equivalent). The best interval of 0.88 metres recorded 2,890.00 grams per tonne silver and 33.70 grams per tonne gold (67.26 grams per tonne gold equivalent). Gold equivalent figures have been calculated using US$3,100 per ounce gold and US$36.00 per ounce silver.

A shallower interval of 48.25 metres intersected 4.21 grams per tonne silver and 0.50 grams per tonne gold from 24.99 metres depth, indicating broad mineralisation across the Vortex system at multiple depth horizons.

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

"These exceptional drill results represent a pivotal stage in the advancement of our project, where two years of disciplined analysis and exploration are delivering clear, high-impact success. They not only confirm the strength and continuity of the mineralisation we've long believed in, but the consistency and scale of the mineralisation we are seeing strongly support our geological and structural model."

Structural Model Validated After Two Years of Core Logging

The results follow two years of methodical core logging, during which the Hycroft exploration team progressively refined the structural model controlling mineralisation at both Vortex and Brimstone. The effort culminated in an updated understanding of the fluid pathways being targeted by the current drilling programme.

Vice President, Exploration, Alex Davidson, noted that the hole was specifically designed to test the intersection of the Break and Albert Faults. The intercepts are described as representing significant silver grades occurring alongside extremely high gold grades, and the result is considered to open new prospective ground at depth and along strike.

"After two years of methodical logging of core, which resulted in an update to the structural model controlling the mineralisation at both Vortex and Brimstone, we have defined fluid pathways that are being targeted in our drilling programme."

It is noted that the drill did not reach the full extent of its target depth, owing to complications when the hole encountered a previously unknown structure. Follow-up drilling in this area has been planned accordingly.

Scale of Discovery Remains Undercharacterised

Hycroft's management has emphasised that the true extent of both the Vortex and Brimstone systems has yet to be fully delineated. Both targets remain open in all directions and at depth, and the Company characterises current results as representing only a small portion of each system's potential.

Garrett noted:

"Results from both Vortex and Brimstone highlight two high-grade mineralised systems that are far more extensive than initially understood, with the true scope of each discovery beginning to emerge. More importantly, these results represent only a small portion of the system's potential as both Vortex and Brimstone remain open in all directions and at depth. This is just the beginning of what we believe will be a much larger and highly compelling discovery story."

Balance Sheet Supports Accelerated Exploration

Hycroft closed the First Quarter of 2026 in a strong financial position, holding approximately US$189 million in unrestricted cash with no debt on its balance sheet. The quarter also included a series of compensation actions sanctioned by the Board of Directors on January 27, 2026, comprising restricted stock unit make-whole awards designed to address reductions in cumulative long-term incentive targets for the 2023 to 2025 period, alongside a one-time bonus for named executive officers and select employees, recognising the leadership team's execution of the financings completed during 2025. The total pre-tax expense associated with these actions was approximately US$33.8 million, of which approximately US$19.4 million was settled in cash.

Next Steps: Rig Expansion & Continued High-Grade Delineation

Hycroft has announced an expansion of its Exploration Programme, with two additional core rigs expected to arrive at the Hycroft Mine in the coming months. The expanded rig fleet will be deployed across both the Vortex and Brimstone targets, supporting follow-up drilling in areas where new structures have been encountered and where mineralisation remains open. Follow-up drilling in this area and others has been planned as the Company executes this expansion.

In addition to the continued exploration drilling, Hycroft is focused on completing technical studies to transition the Hycroft Mine into a milling operation for processing sulphide mineralisation, after a long history of oxide heap leach operations.