Hycroft Mining (HYMC) Status Update summary

Key exploration findings

• Brimstone identified as an intermediate sulfidation system, marking a major paradigm shift and expanding exploration potential across the property.

• 2024 drilling at Brimstone revealed high silver grades, with drill hole 6018 yielding over 80,000 g/t, the highest global intercept in Q1 2025, and several intervals exceeding 1,000 g/t silver.

• New high-grade silver trend at Brimstone remains open in multiple directions; Vortex and Bay targets also showed promising high-grade gold and silver results.

• Geochemical zonation shows Brimstone with silver-to-gold ratios above 1,600:1, distinct from other zones like Vortex.

• Structural analysis revealed veins at Brimstone are not associated with the East Fault, requiring new drill targeting strategies.

Technical and operational updates

• All 2024 core samples have been reported; no outstanding assays remain.

• Metallurgical studies are ongoing, focusing on high-grade zones, with no major processing challenges identified so far.

• Next steps include building metallurgical samples and evaluating processing options like pressure oxidation or roasting, with results expected in H2 2025.

• Geophysical, geochemical, and mapping work advanced understanding of mineralizing controls, supporting the shift to an intermediate sulfidation model.

• Drill highlights include 2.3m at 2,210.81 g/t Ag (Brimstone), 4.3m at 454.21 g/t Ag and 1.18 g/t Au (Manganese), and 5.7m at 4.10 g/t Ag and 2.68 g/t Au (Bay).

Resource and exploration outlook

• March 2023 resource estimate reported approximately 360 million ounces of silver and 10.5 million ounces of gold.

• New PEA expected in the second half of 2025, incorporating recent drilling and updated models.

• Manganese target, an oxide zone east of Vortex, demonstrated near-surface mineralization and heap leach potential, extending known mineralization beyond current resources.

• Gold exploration at the Bay target shows promise, with silver-to-gold ratios indicating a different system type than Brimstone.

• Structural complexity and geochemical diversity across the property suggest significant growth potential, especially at depth.