/PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company") is pleased to announce the results of its S-K 1300 Technical Report Summary and Initial Assessment (the "TRS"), which outlines the economics and mine plan for a processing operation using 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 shown in standard US units.

The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with attractive economic prospects and strong leverage to rising gold and silver prices, reinforcing the Company's 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 gold and $48.00 per ounce silver
Spot prices(1): $4,569 per ounce gold and $77.94 per ounce silver
Mine plan based on the 2026 mineral resource estimate (16.4 million ounces gold and 562.6 million ounces silver, measured and indicated)
Inferred mineral reserves of 5.0 million ounces gold and 132.8 million ounces silver are excluded from the mine plan and represent upside potential to TRS economics
2025-2026 exploration drill results are excluded from the mine plan and represent further upside potential

Highlights:

Robust economics underscore the scale and value of the Hycroft mine:

Net present value at 5% discount rate ("NPV5") base case: $5.4 billion (pre-tax) and $4.3 billion (after-tax)
Internal rate of return ("IRR"): 18.9% (pre-tax) and 16.9% (after-tax)
NPV5 at spot prices of $10.0 billion and IRR of 30.1% (after-tax)
Payback period after-tax: 4.7 years at base prices and 2.9 years at spot prices
Gross revenue: $54.2 billion at base prices

Significant leverage to commodity prices:

For every $100 increase in gold price per ounce, after-tax NPV5 rises by $300 million
For every $5.00 increase in silver price per ounce, after-tax NPV5 rises by $460 million

Multi-decade production profile at significant scale:

Mine life: 51 years
Average annual production: 204,000 ounces gold, 6.8 million ounces silver, 295,000 ounces gold equivalent(²) ("AuEq")
First 10 years deliver elevated production averaging more than 330,000 ounces AuEq
Life-of-mine ("LOM") production: 10.4 million ounces gold, 347.5 million ounces silver, 15.1 million ounces AuEq

Conventional plant design, layout and processing:

Proven POX processing technology
Existing on-site infrastructure supports lower capital expenditures
Plant designed to process 57,100 tonnes of mineralized material per day
Average LOM cash costs(³) of $1,924 per ounce AuEq and all-in sustaining costs ("AISC")(⁴) of $2,147 per ounce AuEq
Initial capital cost: $2.4 billion and LOM capital cost: $3.1 billion

__________________________________

(¹) Spot prices for gold and silver as of May 25, 2026

(²) Silver converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au

(³) Cash costs include mining costs, processing costs, mine-level G&A, refining costs and royalties

(⁴) All-in sustaining costs include cash costs plus sustaining capital and closure costs

Significant growth potential and flexibility remain:

Potential growth opportunities for the mine plan include:

Further drilling to reclassify waste and inferred gold and silver reserves to measured and indicated, 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 mining with open-pit operations provides large-scale production benefits while securing early high-grade ore.
New oxide targets identified for potential heap leach production early in the mine life.
Extending mine life or expanding production by processing stored low-grade material within the current mine plan but excluded from the economic analysis.

Current mineral reserves cover less than 15% of the more than 64,000-hectare land package, as the Hycroft system remains open in all directions and at depth for future growth.

New exploration targets identified for potential reserve expansion, including high-grade and oxide deposits.
A major drill campaign is underway with two core rigs at Brimstone and Vortex. This will expand to four core rigs in the coming quarter to further delineate and expand these two high-grade systems, which remain open in all directions and at depth.

Roasting trials are currently underway as an alternative processing method. This could enhance project economics, including the potential for a significant third revenue stream through production and sale of sulfuric acid, a strategically important industrial chemical.

Diane R. Garrett, Executive Chair and Chief Executive Officer, commented: "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, strengthening Hycroft's position as one of the most attractive large-scale development opportunities in the sector, located in a Tier-1 jurisdiction.

Importantly, we believe the most valuable value-creation opportunity lies ahead. By advancing the high-grade Brimstone and Vortex silver systems, we see a clear path to further improve project economics and unlock additional value. The Hycroft land package remains highly prospective and we believe we are only beginning to demonstrate its true potential."

For additional context on the TRS, please view our pre-recorded 6ix meeting.

About Hycroft Mining Holding Corporation

Hycroft Mining Holding Corporation is a US-based gold and silver company focused on exploring and developing the Hycroft mine, one of the world's largest precious metals deposits. The mine is located in northern Nevada, a Tier-1 mining jurisdiction. Hycroft is executing a major exploration drill program (2025-2026 exploration drill program) to expand and further develop the two new high-grade silver systems - Brimstone and Vortex. These discoveries represent a significant value-add opportunity for the Hycroft mine.

For more information, contact:

E: [email protected]
Investor Relations Phone: 775-245-0564
www.hycroftmining.com

Media: Tavistock, Jos Simson/Emily Moss
E: [email protected]
Phone: +44 207 920 3150

Cautionary Note Regarding Initial Assessment and Mineral Reserves

The Initial Assessment is a preliminary technical and economic study that indicates the economic potential of the mineralized material to support disclosure of mineral reserves at the Hycroft mine. However, the Initial Assessment is not a feasibility study or pre-feasibility study and does not demonstrate economic viability or support a development decision, which would require additional project planning and design. As a result, Hycroft intends to further estimate reserves at the Hycroft mine and advance the economic feasibility of the project.

As used in this press release, the terms "preliminary study," "feasibility study," "initial assessment," "mineral reserve," "mineral resource," "measured mineral resource," "indicated mineral resource," and "inferred mineral resource," as applicable, and other terms used herein, are defined and used in accordance with SK 1300.

The Initial Assessment also does not include conversion of mineral resources to mineral reserves. Pursuant to subpart 1300 of Regulation SK, mineral resources may not be classified as "mineral reserves" unless a qualified person has determined that the mineral resources can form the basis of an economically viable project. Investors are specifically cautioned that they should not assume that any or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves as defined by the SEC.

In addition, estimates of inferred mineral reserves have a high degree of uncertainty as to their existence, and there is a risk that they may not be converted to mineral reserves. Investors are therefore cautioned not to assume that all or any part of an inferred mineral reserve exists, that it can form the basis of an economically viable project, or that it will ever be upgraded to a higher category. Investors are also cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable US securities laws (collectively referred to as forward-looking statements). Forward-looking statements are often identified by the use of words such as "may," "will," "could," "would," "expect," "believe," "anticipate," "intend," "potential," "estimate," "budget," "scheduled," "plans," "planned," "forecasts," "targets" and similar expressions. Except for statements of historical fact, certain information in this document contains forward-looking statements, including but not limited to statements regarding: the future financial or operating performance of the Company, the Hycroft mine and its mineral properties; results of work performed to date; estimates of mineral resources and reserves; realization of estimates of mineral resources and reserves; development, operational and economic results of the PEA for the Hycroft mine, including cash flows, revenue potential, development, expenditures and timing thereof, recovery rates, LOM projections and cost estimates; timing of completion of a technical report summarizing the PEA results; size or quality of mineral deposits; expected advancement of the project mine plan; exploration costs, costs and timing of development of new deposits; costs and timing of future exploration; permitting; construction and optimization planning; estimates of metallurgical recovery rates; expected advancement of the Hycroft mine, future prospects and potential inclusion of mineral resources in future mining operations; need for additional capital; future metal prices; government regulation of mining operations; environmental risks; timing and possible outcome of ongoing regulatory matters; realization of expected economic results of the project; future growth potential of the project; and future development plans.