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Hycroft Mining Holding Corp — Hycroft corporate presentation Oct2026 (company IR deck)
Hycroft Mining Holding Corp (HYMC) · 44 slides · Filed Oct 27, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All HYMC deck slides
Slide 1 — UNLOCKING ONE OF
N A S D A Q | H Y M C hycroftmining.com REIMAGINE | TRANSFORM | DELIVER UNLOCKING ONE OF THE WORLD’S LARGEST PRECIOUS METALS DEPOSITS DISTRICT-SCALE OPPORTUNITY IN A TIER-1 JURISDICTION, POISED FOR THE NEXT CHAPTER OCT 2 02 6
Slide 2 — DISCLAIMER
N A S D A Q | H Y M C 2 DISCLAIMER Financial Projections This presentation contains financial forecasts regarding certain financial metrics of the Company. These projections should not be relied upon as necessarily indicative of future results. The independent auditor of the Company has not audited, reviewed, compiled, or performed any procedures with respect to the projections and has not expressed any opinion or provided any assurance thereon. Hycroft undertakes no obligation to update or revise the projections. The assumptions and estimates underlying the prospective financial information are inherently uncertain and subject to significant business, economic, and competitive risks that could cause actual results to differ materially from those projected. There can be no assurance that the forecasts will be achieved. Cautionary Note Regarding Forward-Looking Statements This corporate presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this corporate presentation that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements. These include, but are not limited to, statements regarding future business strategy, plans and goals, competitive strengths, the advancement and development of the Hycroft Mine, the results and implications of metallurgical analysis and test work, and business growth. Forward-looking statements are often identified by future or conditional words such as "estimate," "plan," "anticipate," "expect," "intend," "believe," "target," "budget," "may," "can," "will," "would," "could," "should," "seeks," "scheduled to" and similar words or expressions but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. The risks include, but are not limited to: (i) risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to the lack of a completed feasibility study; risks related to metallurgical test work and process development; risks related to obtaining and maintaining necessary permits and regulatory approvals; and risks related to our ability to re-establish commercially feasible mining and processing operations; and (ii) industry-related risks, including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; and the availability and cost of equipment, supplies, energy or reagents. Any exploration target described herein does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve. Ranges of potential tonnage and grade (or quality) of an exploration target are conceptual in nature; there has been insufficient exploration of the relevant property or properties to estimate a mineral resource, and it is uncertain if further exploration will result in the estimation of a mineral resource. These and other risks may cause actual results to differ materially from those expressed or implied by the forward-looking statements, and the occurrence of one or more of these events or circumstances, alone or in combination with others, may have a material adverse effect on our business, cash flows, financial condition and results of operations. Please see the “Risk Factors” outlined in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports filed with the SEC, for more information about these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this corporate presentation. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Cautionary Statements Regarding the S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis and Mineral Resources The Initial Assessment referenced in this presentation, which was filed with the U.S. Securities and Exchange Commission on June 2, 2026, is a preliminary technical and economic study that indicates the economic potential of the mineralization to support the disclosure of mineral resources at the Hycroft Mine. However, the Initial Assessment does not constitute a feasibility study or pre-feasibility study, does not demonstrate economic viability, and does not support a development decision. Additional project planning and design are required. As used herein, the terms “initial assessment,” "PEA", “mineral reserve,” “mineral resource,” “measured mineral resource,” “indicated mineral resource,” and “inferred mineral resource” are defined in accordance with Subpart 1300 of Regulation S-K (“S-K 1300”). The Initial Assessment does not include the conversion of mineral resources to mineral reserves. Under S-K 1300, mineral resources may not be classified as mineral reserves unless a qualified person determines they can be the basis of an economically viable project. Investors are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) will ever be converted into mineral reserves. In addition, estimates of inferred mineral resources have a high degree of uncertainty as to their existence and may not be converted to a mineral reserve. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves. No Offer or Sale of Securities This presentation is for general informational purposes only and does not constitute a formal offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. It should not be relied upon as investment advice. No Representations or Warranties No representation or warranty, express or implied, is made by Hycroft or any of its affiliates, directors, officers, employees, or advisers as to the accuracy, completeness, or reasonableness of the information in this presentation. All liability for any errors, omissions, or misstatements is expressly disclaimed. This presentation is not intended as investment, tax, or legal advice. Certain information is derived from third-party sources believed to be reliable, but no warranty is made as to its accuracy. Industry and Market Data Industry and market data are from third-party sources and have not been independently verified by the Company. All dollar amounts are expressed in US dollars unless otherwise stated.
Slide 3 — KEY HIGHLIGHTS
N A S D A Q | H Y M C KEY HIGHLIGHTS 3 1 Hycroft Overview 2 Underground Development 3 Open-pit Development 4 Geology & Exploration 5 Heap Leach Re-start 6 Corporate Overview
Slide 4 — HYCROFT OVERVIEW
HYCROFT OVERVIEW 1
Slide 5 — WHY INVEST IN HYCROFT?
N A S D A Q | H Y M C 1. At September 30, 2026. 5 WHY INVEST IN HYCROFT? WORLD-CLASS SCALE US$221M Cash and No Debt1 STRONG LIQUIDITY EXPLORATION UPSIDE ADVANCING TO PRODUCTION TOP MINING JURISDICTION Significant leverage to gold and silver commodities MEANINGFUL LEVERAGE MAJOR MINING INVESTORS EXPERIENCE DIVERSE EXPERIENCE 5
Slide 6 — NEVADA – THE WORLD’S TOP MINING JURISDICTION1
N A S D A Q | H Y M C 1. As defined by the Fraser Institute Investment Attractiveness Index 2025. 2. Source: Bureau of Land Management. 3. Project locations are indicative. Basemap: US Census Bureau cartographic boundaries via us-atlas. 6 NEVADA – THE WORLD’S TOP MINING JURISDICTION1 NEVADA Reno Winnemucca Elko Las Vegas HYCROFT 40+ 100+ 280+ DEEP, EXPERIENCED LABOR MARKET SUBSTANTIAL EXISTING INFRASTRUCTURE HIGH STANDARDS FOR RESPONSIBLE MINING FAVORABLE REGULATORY ENVIRONMENT
Slide 7 — $211M cash & $0
N A S D A Q | H Y M C SILVER OR GOLD EQUIVALENT M&I RESOURCES 69% GOLD 31% SILVER BALANCE SHEET $211M cash & $0 debt4 TRADING AT A SIGNIFICANT DISCOUNT TO NAV 1. Combined leach + mill, Jan 2026 MRE. AuEq and AgEq calculated based on Au of $3,600/oz and Ag $48/oz. 2. Combined leach + mill, Jan 2026 MRE. 3. See page 9 of the S-K 1300 Technical Report Summary and Initial Assessment for more details. 4. At September 30, 2026. 5. At October 19, 2026. 6. Post tax NPV at 5% discount rate $4.3B, assumes gold price of $3,600/oz, and silver price of $48/oz. $10B assumes spot at May 25, 2026. HYCROFT IN NUMBERS 7 1.8B AgEq1or 24M AuEq1 HIGH-GRADE SILVER DOMAINS M&I2,3 SILVER GOLD CONTAINED OUNCES (Koz) 90,218 299 GRADE (g/t) 154.71 0.51 $1.6bn $4.3bn $10.0bn Current market cap Post-tax NPV at base case metal prices Post-Tax NPV at spot 5 6 6
Slide 8 — HYCROFT WORLD-CLASS RESOURCES
N A S D A Q | H Y M C 1. Source: S-K 1300 Technical Report Summary (May 14, 2026). AuEq based on a silver-to- gold ratio of $48.00 to $3,600. HYCROFT WORLD-CLASS RESOURCES 8 CONTAINED SILVER RESOURCE 1 SILVER EQUIVALENT RESOURCE1 CONTAINED GOLD RESOURCE 1 GOLD EQUIVALENT RESOURCE1 23.9 6.8 M&I Inferred Million ounces equivlanet GOLD EQUIVALENT OUNCES 1,793 510 M&I Inferred Million ounces equivalent SILVER EQUIVALENT OUNCES 16.4 5.0 M&I Inferred Million ounces GOLD CONTAINED OUNCES 563 133 M&I Inferred Million ounces SILVER CONTAINED OUNCES
Slide 9 — THE HYCROFT MINE — A WORLD-CLASS ASSET
N A S D A Q | H Y M C THE HYCROFT MINE — A WORLD-CLASS ASSET 9 ■ 1. Source: S&P CapIQ, including contained reserves and resources. Gold and silver ounces only, converted to AgEq at $3600/oz gold and $48/oz silver. LEGEND Hycroft Claims Hycroft Patented Claims Hycroft 50% Owned Claims Jungo Road (NV State Rt-49) Union Pacific Rail Line (active) Among the world’s largest precious metals deposits High-grade discoveries at Brimstone and Vortex, and new priority targets identified Large untapped district- scale land package of +64,000 acres, less than 15% explored Extensive on-site infrastructure to support future production Maintaining existing permits while advancing permits required for future development HYCROFT IS ONE OF THE LARGEST GOLD AND SILVER DEPOSITS GLOBALLY - 1 2 3 4 5 6 7 8 9 AqEq Billions ounces TOP 500 GOLD AND SILVER PROPERTIES GLOBALLY - CONTAINED R&R AGEQ OZ1 HYCROFT ~23km ~22km
Slide 10 — POTENTIAL HIGH-GRADE EXTENSIONS
N A S D A Q | H Y M C 10 POTENTIAL HIGH-GRADE EXTENSIONS Extensive surface mapping ALL INDICATING ADDITIONAL STRONG MINERALIZATION TRENDS TO THE EAST AND NORTHEAST Soils geochemistry completed Induced Polarity geophysics High-resolution drone imaging of the high walls and high wall mapping ~4km ~6km LEGEND Hycroft Claims Hycroft 50% Owned Claims
Slide 11 — OWNED BY WORLD’S TOP INVESTORS
N A S D A Q | H Y M C OWNED BY WORLD’S TOP INVESTORS 11 OW NERSHIP SUMMARY 1 84% Institutional & Insiders 16% Retail KEY MARKET DATA Share Price2 $16.86 Market Cap2/3 $1.6B 52-Week Range2 $2.93–$58.73 Avg Daily Volume2 2,170K Shares Outstanding3 93.2M Unrestricted Cash5 $211M Fully Diluted3/4 102.9M Debt5 $NIL TOP SHAREHOLDERS INDEX INCLUSIONS VanEck Junior Gold Miners ETF Russell 3000 Index MSCI World Small Cap Index Solactive Global Junior Silver Miners Total Return Index Nasdaq Junior Silver Miners Index 1. Source: Estimate from Nasdaq. 2. As of October 19, 2026. Average daily volume over 3 months. 3. Includes issued and outstanding shares as of September 30, 2026. 4. As of September 30, 2026 includes 3,680,824 shares underlying the March 2022 outstanding warrants, 4,159,544 shares underlying the June 2025 outstanding warrants, 1,766,124 unvested RSUs, 75,477 vested with deferred conversion RSUs. 5. At September 30, 2026. Eric Sprott Asset Management
Slide 12 — A NEW LENS REFRAMES THE OPPORTUNITY
N A S D A Q | H Y M C 12 A NEW LENS REFRAMES THE OPPORTUNITY 1 Current leadership - unlocking hidden potential 2 Two new high-grade silver systems identified and being expanded 3 Integrated exploration techniques including induced polarization geophysics, soil and rock chip programs, and detailed mapping of geochemistry 4 Advancing exploration in district-scale areas previously unidentified 5 Optimizing the path to production to maximize shareholder value
Slide 13 — PROJECT ADVANCING TOWARDS OPTIMAL PATH
N A S D A Q | H Y M C 13 PROJECT ADVANCING TOWARDS OPTIMAL PATH OPTION 1 OPTION 2 OPTION 3 HIGH-GRADE UNDERGROUND MINING Advance Brimstone and Vortex high-grade mineralization in the mine plan with underground mine Proven economics on POX with potential roasting alternative to generate third revenue stream UNDERGROUND AND OPEN-PIT HYBRID PRODUCTION Leveraging shared site, infrastructure and future processing to maximize economics EXPLORATION UNDERPINS VALUE CREATION Drilling priorities to grow the existing resources, explore district-scale targets, and inform the studies NUMEROUS UNDERGROUND AND OPEN-PIT HYBRID MINES IN THE REGION OPERATE CURRENTLY DEVELOPMENT EXPLORATION OPEN-PIT MINING AND PROCESSING PRODUCTION PATHWAYS UNDER EVALUATION HEAP LEACH RE-START Assessing the optimal timing to re-start of processing of amenable material through existing leach infrastructure
Slide 14 — GEOLOGY & EXPLORATION
GEOLOGY & EXPLORATION 2
Slide 15 — EXPLORATION TO UNDERPIN VALUE CREATION
N A S D A Q | H Y M C DRILL PROGRAM IS TESTING THE EDGES OF BRIMSTONE AND VORTEX, NEW DISTRICT-SCALE TARGETS, AND WORKING TO INFORM THE FUTURE, HIGHEST-VALUE PATH TO PRODUCTION 15 EXPLORATION TO UNDERPIN VALUE CREATION Known high-grade systems at Brimstone and Vortex remain open in all directions and at depth Well under 15% of the ~64,000-acre land package has been explored Drill program is testing both extensions of the known systems and new district- scale targets (Wildrose and Manganese) New discoveries provide future growth potential Two core rigs and one RC rig on site, adding two additional rigs in coming months THE OPPORTUNITY:
Slide 16 — BRIMSTONE HIGH-GRADE SYSTEM
N A S D A Q | H Y M C 16 BRIMSTONE HIGH-GRADE SYSTEM DRILLING OBJECTIVES: To test the edges and grow the main high-grade system To explore a geophysical anomaly that would be consistent with a potential feeder system Define the structure to inform mine plan decisions CURRENTLY DEFINED MINERALIZATION ~1 km east–west ~380 m down dip × ~250 m north– south Drill results reflect only those reported in this press release dated September 9, 2026, along with selected historical drill results relevant The results presented do not represent all historical drilling completed at Hycroft.
Slide 17 — VORTEX HIGH-GRADE SYSTEM
N A S D A Q | H Y M C 17 VORTEX HIGH-GRADE SYSTEM DRILLING OBJECTIVES: To test the edges and grow the main high-grade system Define the structure to inform mine plan decisions CURRENTLY DEFINED MINERALIZATION ~1 km east–west × ~500 m down dip Drill results reflect only those reported in this press release dated September 9, 2026, along with selected historical drill results relevant The results presented do not represent all historical drilling completed at Hycroft.
Slide 18 — HIGH-GRADE SYSTEM HIGHLIGHTS
N A S D A Q | H Y M C HIGH-GRADE SYSTEM HIGHLIGHTS 18 VORTEX GOLD INTERCEPTS Hole ID Meters Au g/t H26D-6175A 19.6 30.49 including 1.7 347.07 H26D-6090 6.2 2.08 H26D-6172 6.1 21.12 including 1.5 43.00 H26D-6173 6.1 2.63 H25D-6083 53.4 1.33 including 7.0 6.59 also including 0.9 33.70 BRIMSTONE SILVER INTERCEPTS Hole ID Meters Ag g/t H26D-6167A 5.5 1,345.27 including 1.8 4,074.00 H25D-6069 32.4 184.58 including 4.2 1,185.25 H25D-6077 35.5 542.78 including 14.8 1,187.29 including 0.4 21,833.00 H24D-6018 21.2 2,359.68 including 7.3 6,278.23 including 0.2 80,017.00 H24D-6012 0.4 4,540.00 H24D-6012 0.9 4,040.00 H24D-6010 18.2 1,987.35 including 0.3 20,280.00 including 0.9 10,289.00 including 0.3 15,211.00 VORTEX SILVER INTERCEPTS Hole ID Meters Ag g/t H26D-6175A 19.6 1,726.72 including 1.7 9,526.36 H26D-6166 20.0 460.82 including 4.4 597.03 including 6.1 952.37 also including 1.6 2,650.00 H26D-6090 30.5 780.53 including 11.2 1,664.80 also including 5.5 2,249.39 H26D-6088 91.4 66.79 including 12.5 375.41 including 4.2 748.02 H25D-6083 53.4 304.14 including 7.0 1,241.97 including 0.9 2,890.00 BRIMSTONE GOLD INTERCEPTS Hole ID Meters Au g/t H26D-6169 82.7 0.77 including 19.4 2.10
Slide 19 — 3
3 UNDERGROUND DEVELOPMENT
Slide 20 — OPTION 1 | HIGH-GRADE UNDERGROUND MINING
N A S D A Q | H Y M C 20 OPTION 1 | HIGH-GRADE UNDERGROUND MINING Advance high-grade ounces forward in the mine life Up to multi-thousand g/t intercepts over 20–40 meter true widths at Brimstone and Vortex High-grade silver-bearing domain at Brimstone and Vortex1: 90.2 Moz silver and 299,000 oz gold Underground declines would be used for both exploration and production and would improve drill efficiency and cost EXPLORATION DECLINES IMPROVE DRILLING EFFICIENCY AND ACCELERATE ACCESS TO THE HIGH-GRADE SYSTEMS THE OPPORTUNITY 1. Measured + Indicated Mineral Resource, as of January 2026. See page 9 of the S-K 1300 Technical Report Summary and Initial Assessment for more details. Brimstone visible silver HD24-6010, 0.3m at 20,280 g/t Ag
Slide 21 — 90.2 Moz Ag1
N A S D A Q | H Y M C 21 INITIAL HIGH-GRADE SILVER RESOURCE Measured & Indicated 90.2 Moz Ag1 Brimstone and Vortex remain open along strike and at depth ~26,000 meters in the 2025–2026 drill program, which are not included in the resource estimate High-grade ounces are contained within the total 2026 Mineral Resource Estimation Mineral resources are not reserves and do not have demonstrated economic viability. 1. High-grade silver-bearing domains, 68.57 g/t Ag cutoff. Inferred 299 Koz Au1 13.3 Moz Ag1 51 Koz Au1
Slide 22 — CONCEPTUAL UNDERGROUND MINE DESIGN
N A S D A Q | H Y M C 22 CONCEPTUAL UNDERGROUND MINE DESIGN DEVELOPMENT APPROACH Two independent declines Simultaneous development of both systems Brimstone contributes higher- grade feed Vortex contributes greater tonnage Long-hole open stoping, with selective cut-and-fill BRIMSTONE AND VORTEX MINED TOGETHER Vortex Brimstone Stopes
Slide 23 — CONCEPTUAL UNDERGROUND PROJECT
N A S D A Q | H Y M C CONCEPTUAL UNDERGROUND PROJECT 23 Designed to expand with larger project Potential expansion as resource and open-pit studies advance Future integration with a larger project remains to be determined Metallurgy, recoveries and concentrate sale options under review Brownfield status leads to extensive infrastructure in situ to accelerate development 1 UNDERGROUND ORE Brimstone + Vortex → 2 CRUSH & GRIND → 3 FLOTATION Producing high-grade concentrate → 4 POTENTAL CONCENTRATE Evaluating third-party concentrate sale options DESIGNED FOR SCALEABILITY
Slide 24 — 4
4 OPEN-PIT DEVELOPMENT
Slide 25 — OPTION 2 | OPEN-PIT MINING AND PROCESSING
N A S D A Q | H Y M C 25 OPTION 2 | OPEN-PIT MINING AND PROCESSING Multi-decade mine life at scale, one of the largest gold-silver deposits globally PEA on POX processing of the sulfide resource outlines attractive economics with significant leverage to rising gold and silver prices Assessing roasting as an alternative processing method, which would generate third revenue stream of sulfuric acid Simultaneous open-pit and underground hybrid mining options to be assessed, which is common in the jurisdiction DETERMINING THE HIGHEST VALUE PATH TO UNLOCK THE SULFIDE RESOURCE, WITH SIMULTANEOUS OPEN-PIT AND UNDERGROUND HYBRID MINING OPTIONS BEING ASSESSED THE OPPORTUNITY:
Slide 26 — TECHNICAL REPORT (PEA) SUMMARY1
N A S D A Q | H Y M C 26 TECHNICAL REPORT (PEA) SUMMARY1 VALUE $4.3 Billion (after-tax NPV5)2 LEVERAGE $10.0 Billion (after-tax NPV5)3 ATTRACTIVE PAYBACK 4.7 years post-tax (base case) MULTI-DECADE 51-year mine life UPSIDE 6.8M oz not included in mine plan (inferred resource AuEq) PRUDENT PLANNING Base case commodity prices: Au $3,600/oz and Ag $48/oz 1. Source: S-K 1300 Technical Report Summary (May 14, 2026). 2. Base case: $3,600/oz gold, $48.00/oz silver. 3. Spot prices: $4,569/oz gold, $77.98/oz silver. 4. AuEq based on a silver-to-gold ratio of $48.00 to $3,600 . CONVENTIONAL POX PROCESSING PROVES ATTRACTIVE ECONOMICS
Slide 27 — +$16B
N A S D A Q | H Y M C MULTI-DECADE CASH FLOW GENERATION 27 CUMULATIVE CASH FLOW +$16B Generated over the life of mine at base case metal prices1 POST-TAX CASH FLOW PROFILE ($M) 1. Based on base case metal prices of $3,600/oz gold, $48.00/oz silver. -5000 0 5000 10000 15000 20000 0 200 400 600 800 1000 1200 1400 1600 1800 Cumulative Unlevered FCF ($M) Gold + Silver Revenue ($M) Period Silver Revenue $M (LHS) Gold Revenue $M (LHS) Post-Tax Cumulative Unlevered Free Cash Flow $M (RHS)
Slide 28 — TRS CONFIRMS UNIQUE LEVERAGE TO METAL PRICES
N A S D A Q | H Y M C TRS CONFIRMS UNIQUE LEVERAGE TO METAL PRICES 28 GOLD SENSITIVITY For every $100 increase in gold price per ounce, NPV5 increases by ~$300 million POST-TAX LEVERAGE TO GOLD AND SILVER PRICES $4.3 $6.7 $9.1 $11.5 $14.0 $16.4 $15.8 $22.6 $29.6 $36.5 $43.5 $50.5 $- $10 $20 $30 $40 $50 $60 $3600/$48 $4000/$60 $4500/$70 $5000/$80 $5500/$90 $6000/$100 US$ BILLIONS GOLD/SILVER PRICE (OZ) NPV at 5% NPV at 0% SILVER SENSITIVITY For every $5 increase in silver price per ounce, NPV5 increases by ~$460 million
Slide 29 — DE-RISKED BROWNFIELD DEVELOPMENT
N A S D A Q | H Y M C 29 DE-RISKED BROWNFIELD DEVELOPMENT WATER RIGHTS SECURED Water rights already secured to support planned operations, backed by 14 water-right permits and 4 active production wells1 PAST PRODUCING MINE WITH SIGNIFICANT INFRASTRUCTURE ALREADY ON SITE ADVANCED GEOLOGIC UNDERSTANDING Decades of historical drilling and data inform the updated resource model and project understanding SITE SERVICES Site is already serviced with roads, power, and an active rail line ON-SITE OPERATIONS TEAM Experienced operations team in place managing site Brimstone Vortex Crushing Facility Brimstone Leach Pad Lewis Leach Pad Brimstone Merrill-Crowe North Leach Pad North Merrill-Crowe New Leach Pad 1. Source: S-K 1300 Technical Report Summary (May 14, 2026).
Slide 30 — CURRENT INFRASTRUCTURE
N A S D A Q | H Y M C CURRENT INFRASTRUCTURE 30 ONSITE LAB, ADMIN, MAINTENANCE, TRUCK SHOP, WAREHOUSE CRUSHER AND CONVEYOR BELT CIRCUIT
Slide 31 — CURRENT INFRASTRUCTURE
N A S D A Q | H Y M C CURRENT INFRASTRUCTURE 31 NEW LEACH PAD - PERMITTED AND AVAILABLE FOR ORE LOADING UNION PACIFIC RAIL LINE AND JUNGO ROAD
Slide 32 — CURRENT INFRASTRUCTURE
N A S D A Q | H Y M C CURRENT INFRASTRUCTURE 32 BRIMSTONE MERRILL-CROWE PROCESSING FACILITY NORTH MERRILL-CROWE PROCESSING FACILITY
Slide 33 — HEAP LEACH RE-START
HEAP LEACH RE-START 5
Slide 34 — RE-STARTING EXISTING HEAP LEACH PROCESSING
N A S D A Q | H Y M C 34 RE-STARTING EXISTING HEAP LEACH PROCESSING Historical 2019-2021 operating history Assessing the economic viability of the historical leach material as part of the broader development plan Existing pads on site are available: North/Jungo, Brimstone RC drilling underway to evaluate the restart decision near- term LEACHING WILL ALWAYS BE A PART OF PRODUCTION. THIS ASSESSMENT IS TO DECIDE OPTIMAL TIMING, BE THAT WITH THE RE-START OF MINING ACTIVITIES, OR SOONER. THE OPPORTUNITY:
Slide 35 — 6
6 CORPORATE OVERVIEW
Slide 36 — THE TEAM
N A S D A Q | H Y M C THE TEAM 36 DIANE R. GARRETT Executive Chairman & CEO STANTON RIDEOUT EVP & Chief Financial Officer ERIC COLBY EVP, Corporate Development DAVID THOMAS SVP, Corporate Affairs & Sustainability REBECCA JENNINGS EVP, General Counsel & Corporate Secretary ALEX DAVIDSON VP, Exploration LILY HE VP, Finance & Treasury HALEY MAYERS VP, Capital Markets ANDREW WALKER VP, Controller MICHAEL DEAL EVP & Chief Operating Officer
Slide 37 — THE BOARD
N A S D A Q | H Y M C THE BOARD 37 DIANE R. GARRETT Executive Chairman & CEO THOMAS WENG Independent Director Lead Independent Director RICHARD O’BRIEN MICHAEL HARRISON Independent Director DAVID NACCARATI Independent Director SEAN GOODMAN Independent Director BLAKE RHODES Independent Director JOSH OLMSTED Independent Director MARCELO GODOY Independent Director
Slide 38 — APPENDIX
APPENDIX
Slide 39 — P/NAV BENCHMARKING
N A S D A Q | H Y M C P/NAV BENCHMARKING 39 * Not currently producing or a primary silver company Source: S&P CapIQ as of October 19, 2026 Note: Hycroft NAV based SK 1300 Initial assessment after-tax NPV (5%) of $4.3bn at $3600 Au and $48 Ag plus $211 mm cash (net) as of September 30, 2026 Note: Median excludes Hycroft . SILVER PRODUCERS SILVER DEVELOPERS GOLD DEVELOPERS Median: 0.93x Median: 0.36x Median: 0.46x
Slide 40 — RESOURCE BENCHMARKING
N A S D A Q | H Y M C RESOURCE BENCHMARKING 40 * Not currently producing or a primary silver company Source: S&P CapIQ as of October 19, 2026 and Company websites. Hycroft resources combined leach + mill, Jan 2026 MRE. All are based on Measured & Indicated (inclusive of Reserves) and Inferred Resources. Note: AuEq and AgEq calculated based on Au of $3,600/oz and Ag $48/oz, Cu $5/lb, Zn $1.00/lb, Pb $1.50/lb, Sb $15.00/lb, Mo $30.00/lb. Note: Median excludes Hycroft . SILVER PRODUCERS (Moz AgEq) SILVER DEVELOPERS (Moz AgEq) GOLD DEVELOPERS (Moz AuEq) Median: 1,404 Median: 35.5 Median: 448
Slide 41 — LARGEST SILVER PROJECTS
N A S D A Q | H Y M C LARGEST SILVER PROJECTS 41 ■ Source: BMO Capital Markets - BENCHMARKING ANALYSIS – As of April 22, 2026 ■ Note: Resources are shown inclusive of reserves. 696 591 558 347 299 299 253 215 212 197 180 Hycroft (Hycroft Mine) Endeavour Silver (La Pitarrilla) Discovery Silver (Cordero) Sun Silver (Maverick Springs) Silver Opportunity Partners (Sunshine) Eloro Resources (Iska Iska) New Pacific Metals (Carangas) New Pacific Metals (Silver Sand) AbraSilver (Diablillos) Vizsla Silver (Panuco) Silver Mines (Bowdens) PRIMARY SILVER PROJECTS; Moz Ag M+I+I
Slide 42 — PRODUCTION PROFILE
N A S D A Q | H Y M C PRODUCTION PROFILE 42 Conventional open pit operation Throughput of 57,100 ton/d Low strip ratio of 1.55 ROM will feed two processing facilities Flotation mill followed by POX and leaching of concentrate Heap leach for mineralization that is amenable to direct cyanide leaching Average gold recovery of 82.8% Average silver recovery of 77.5% LOM Production Unit Value Total Mineralized Material Mined kst 1,496,134 Total Waste Mined kst 2,320,719 Average Strip Ratio w:o 1.55 Life of Mine years 51 Total Mill Feed Processed kst 1,046,284 Average Mill Feed Grade (Au) oz/st 0.012 Average Mill Feed Grade (Ag) oz/st 0.43 Total Heap Leach Material Processed kst 210,010 Average Heap Leach Feed Grade (Au) oz/st 0.005 Average Heap Leach Feed Grade (Ag) oz/st 0.12 Total Recovered Gold koz 10,476 Total Recovered Silver koz 349,208 Average Mill Feed Gold Recovery % 82.8% Average Mill Feed Silver Recovery % 77.5% Average Heap Leach Gold Recovery % 40.0% Average Heap Leach Silver Recovery % 12.0% Life of Mine Payable Gold Production koz 10,424 Life of Mine Payable Silver Production koz 347,462 Life of Mine Payable Gold Equivalent Production koz 15,057
Slide 43 — 2026 MINERAL RESOURCE ESTIMATE
N A S D A Q | H Y M C 2026 MINERAL RESOURCE ESTIMATE 43 Classification Cutoff Grade $ Net of Refining / tonne Approximate Cutoff, AuEq g/t Ktonnes Gold (g/t) Silver (g/t) Sulfide (%) Contained Ounces - Gold (Oz x 1000) Contained Ounces - Silver (Oz x 1000) Heap Leach Resource Measured $2.07 - $4.00 0.027 - 0.055 84,364 0.164 3.80 1.83 446 10,322 Indicated $2.07 - $4.00 0.027 - 0.055 100,131 0.147 2.95 1.54 475 9,492 Meas + Ind $2.07 - $4.00 0.027 - 0.055 184,495 0.155 3.34 1.67 921 19,814 Inferred $2.07 - $4.00 0.027 - 0.055 99,808 0.164 3.15 1.41 528 10,122 Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach Measured $18.44 0.206 666,403 0.380 14.76 2.03 8,154 316,600 Indicated $18.44 0.206 679,380 0.336 10.34 1.84 7,339 226,161 Meas + Ind $18.44 0.206 1,345,783 0.358 12.53 1.93 15,493 542,761 Inferred $18.44 0.206 416,991 0.336 9.14 1.76 4,505 122,725 Combined Mineral Resources, Leach Plus Mill Measured $2.07 - $18.44 0.027 - 0.206 750,767 0.356 13.53 2.01 8,600 326,922 Indicated $2.07 - $18.44 0.027 - 0.206 779,512 0.311 9.39 1.80 7,814 235,653 Meas + Ind $2.07 - $18.44 0.027 - 0.206 1,530,279 0.333 11.42 1.90 16,414 562,575 Inferred $2.07 - $18.44 0.027 - 0.206 516,799 0.303 7.99 1.69 5,033 132,847 As of January 21, 2026, Metric Units at $3,100/ oz Au and $36/ oz Ag Notes: 1. Mineral resources based on metal prices of $3,100/ oz Au and $36.00/ oz Ag 2. Cutoffs are Income - Refining Cost = NSR 3. Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay 4. Gold Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay 5. Numbers may not match exactly due to rounding 6. Mineral resources are contained within a computer-generated optimized pit 7. Total material in that pit is 4.92 billion tonnes 8. All units on this table are metric: Ktonnes means 1,000 tonnes. Au and Ag grades are in grams per tonne (g/t) 9. Mineral resources are not mineral reserves, and detailed economic considerations have not been applied 10. Modifying factors for mine and process design have not been applied
Slide 44 — INITIAL HIGH-GRADE SILVER RESOURCE
N A S D A Q | H Y M C INITIAL HIGH-GRADE SILVER RESOURCE 44 Classification Cutoff Grade Silver g/t Ktonnes Gold g/t Silver g/t Sulfide % Contained Ounces Gold Oz x 1000 Silver Oz x 1000 Brimstone Measured 68.57 2,899 0.372 286.35 1.33 35 26,686 Indicated 68.57 299 0.332 106.62 1.87 3 1,025 Meas + Ind 68.57 3,198 0.368 269.54 1.38 38 27,711 Inferred 68.57 13 0.289 120.74 1.13 0 52 Vortex Measured 68.57 8,279 0.603 130.67 1.49 160 34,781 Indicated 68.57 6,660 0.469 129.48 1.24 100 27,726 Meas + Ind 68.57 14,940 0.543 130.14 1.38 261 62,507 Inferred 68.57 3,306 0.475 125.20 1.27 50 13,307 Brimstone + Vortex Measured 68.57 11,178 0.543 171.04 1.45 195 61,467 Indicated 68.57 6,959 0.463 128.49 1.26 104 28,750 Meas + Ind 68.57 18,137 0.512 154.71 1.38 299 90,218 Inferred 68.57 3,319 0.474 125.18 1.27 51 13,359 High-grade Silver Bearing Domains, Contained within the Mineral Resource at 68.57 g/t (2 oz/ton) Cutoff Grade, Metric Units