Phase One Exploration Drill Program At The Hycroft Mine

WINNEMUCCA, NV – Hycroft Mining Holding Corporation (HYMC) that owns the Hycroft Mine in Northern Nevada, reported on the Phase 1 of its 2022-2023 exploration drill program. Core drilling results are still pending. These drilling results and previously reported drilling results are achieving the objectives of the 2022-2023 exploration drill program.  The drill program is designed to improve the understanding of the higher-grade intercepts, better understand the mineralization controls, and test exploration targets outside the currently known resource.  Through this work the Company hopes to develop opportunities to mine higher-grade ore early in the mine plan enhancing the project’s economics.

Alex Davidson, Vice President of Exploration, said, “We continue to receive exciting results from Phase 1 of the drill program with respect to the higher-grade opportunities within the Brimstone, Vortex, and Central zones.  Drill hole H22R-5679, intercepted 29 meters of significant gold and silver mineralization east of the East Fault which was previously considered to be the bounding limit of Brimstone mineralization.  Mineralization was intersected approximately 150 meters beyond the current resource opening a new target area for near-mine exploration.  In the Vortex zone we are very excited with the results from drill hole H22R-5700 which includes several higher-grade intercepts of gold and very high-grade silver.  Importantly, the intercepts from this hole tie together the high-grade intercepts from the drilling previously reported in late 2022.  Drilling in both the Camel and Central zones delivered great results as we were able to convert material previously modeled as waste into mineralization.  Several holes in these zones upgraded resource classification from inferred to indicated.  These upgrades will improve the economics of these zones.”

The 2022–2023 exploration drill program at the Hycroft Mine comprises approximately 30,000 meters of RC drilling and approximately 7,500 meters of core drilling.  Phase 1 drilling was completed in December 2022 with remaining assay results expected by the end of this month.  The Company anticipates receiving the new drill rigs and initiating Phase 2 drilling early in the second quarter of 2023.