Hycroft Mining Holding Corporation (NASDAQ:HYMC) ("Hycroft" or "the Company"), is pleased to announce the results from its S-K 1300 Technical Report Summary and Initial Assessment (the "TRS"), which outlines the economics and mine plan for a milling operation utilizing conventional pressure oxidation ("POX") and heap leach processing at the Hycroft Mine in Nevada, USA. All amounts are in US dollars, and all figures are presented in US customary units.

The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with compelling economics and strong leverage to rising gold and silver prices, reinforcing its position as a multi-generational, world-class asset in a Tier-1 jurisdiction. The TRS is being filed concurrently with the SEC on EDGAR and is available on the Company's website.

Basis of the Technical Report

  • Base case commodity prices: $3,600 per ounce for gold and $48.00 per ounce for silver
  • Spot prices(1): $4,569 per ounce of gold and $77.94 per ounce of silver
  • Mine plan based on the 2026 Mineral Resource Estimate (16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated)
  • Inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver are not included in the mine plan and represent an upside to the TRS economics
  • Drill results from the 2025-2026 exploration program are not included in the mine plan and represents further upside

Highlights:

  • Robust Economics Demonstrate the Scale and Value of the Hycroft Mine:
    • Base Case Net Present Value at 5% ("NPV5") of $5.4 billion (pre-tax) and $4.3 billion (post-tax)
    • Internal Rate of Return ("IRR") of 18.9% (pre-tax) and 16.9% (post-tax)
    • NPV5 at spot prices of $10.0 billion and IRR of 30.1% (post-tax)
    • Post-Tax Payback:  4.7 years at Base case prices and 2.9 years at spot prices
    • Gross revenues:  $54.2 billion at Base case prices
  • Significant Leverage to Commodity Prices:
    • For every $100 increase in gold price per ounce, the post-tax NPV5 increases by $300 million
    • For every $5.00 increase in silver price per ounce, the post-tax NPV5 increases by $460 million
  • Multi-Decade Production Profile at Meaningful Scale:
    • 51 year mine life
    • Average annual production:
      • 204,000 ounces of gold
      • 6.8 million ounces of silver
      • 295,000 ounces gold equivalent(2) ("AuEq")
    • First 10 years deliver enhanced production averaging more than 330,000 ounces AuEq
    • Life of Mine ("LOM") production: 
      • 10.4 million ounces of gold
      • 347.5 million ounces of silver
      • 15.1 million ounces AuEq
  • Conventional Plant Design, Layout and Processing:
    • Proven POX processing technology
    • Existing infrastructure on-site allows for reduced capital expenditures
    • Plant designed to process 57,100 tons per day of mineralized material
    • LOM average cash cost(3) of $1,924 per ounce AuEq and all-in sustaining cost ("AISC")(4) of $2,147 per ounce AuEq
    • Initial capital costs: $2.4 billion and LOM sustaining capital costs of $3.1 billion
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(1) Spot prices for gold and silver as of May 25, 2026
(2) Silver is converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au
(3) Cash costs consist of mining costs, processing costs, mine-level G&A, and refining charges and royalties
(4) All-in sustaining costs includes cash costs plus sustaining capital and closure costs

Significant Upside and Optionality Remains:

  • Potential mine plan upside opportunities include:
    • Further drilling to reclassify waste and inferred gold and silver resources to measured and indicated resources enabling integration into future mine plans
    • Accelerated access to high-grade zones at Brimstone and Vortex early in the mine life through targeted optimization
    • Combining underground mine option alongside the open pit benefiting from large scale production and bringing high-grade ounces forward earlier in the mine life
    • New oxide targets have been identified for potential heap leach early in the mine life
    • Extending mine life or expanding production by processing stockpiled low-grade mill feed material within the current mine plan but not included in the economic analysis 
  • Current mineral resource comprises less than 15% of the +64,000-acre land position as the Hycroft system remains open in all directions and at depth for future growth
    • New exploration targets identified for potential resource expansion opportunities including high-grade and oxide targets
    • Significant drilling campaign underway with two core drill rigs at Brimstone and Vortex, increasing to four core drill rigs over the next quarter to expand and define these two high-grade systems that currently remain open in all directions and at depth
  • Roasting test work is pending as an alternative processing option which could potentially enhance project economics including potentially adding a meaningful third revenue stream from the by-product production and sale of sulfuric acid, a strategically important industrial chemical