Slide 1: Unlocking North America's Largest Precious Metals Deposits
NASDAQ | HYMC Unlocking North America’s Largest Precious Metals Deposits 2H-2026 hycroftmining.com
Slide 2: Disclaimer
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
Slide 3: Nevada: World's #1 Mining Jurisdiction
Nevada Thacker Pass Turquoise Ridge Sleeper Complex Midas Carlin Complex Lone Tree World’s #1 Mining Jurisdiction Marigold Florida Canyon Phoenix Fire Creek Rochester ▪ Nevada leads the nation with the largest mining program in Cortez Complex lower 48 states Gold Bar Bald Mountain Tesla Gigafactory
Slide 4: Hycroft: A World-Class Asset
Hycroft A World-Class Asset ▪ Among the world’s largest precious metals deposits ▪ Heap leach operations (1980s to 2021) ▪ Extensive infrastructure on- site ▪ Permitted for heap leach and milling operations ▪ New high-grade discoveries + new priority targets identified ▪ Large untapped district-scal
Slide 5: Key Investment Highlights
Key Investment Highlights 1 Substantial Gold and Silver Resource in Tier 1 Jurisdiction - Nevada, USA 2 Two High-Grade Silver Discoveries: Brimstone, Vortex 3 System Remains Open in All Directions and at Depth 4 ~ US$221M Cash and No Debt (at June 30, 2026) Indices: SILV, Solactive, Global Silver &
Slide 6: What We Envisioned – We Achieved
What We Envisioned – We Achieved FROM VISION TO SUCCESS – Delivering on our promise Oct 2025 1H 2026 Jan. 2025 $174 million Drilled second raise – all M+I resource increases best hole ever institutional by 55% 2024 Two high- – Paid off all debt Market cap increase to Nov 2023 grade silver & new 95%
Slide 7: Contained Gold Ounces
Contained Gold Ounces • 2023 Resource is based on $1900/troy oz gold and $24.50/troy oz silver • 2026 Resource is based on $3100/troy oz gold and $36/troy oz silver • See notes on 2026 Mineral Resource Slide 7 N A S DA Q : HY M C
Slide 8: Contained Silver Ounces
Contained Silver Ounces • 2023 Resource is based on $1900/troy oz gold and $24.50/troy oz silver • 2026 Resource is based on $3100/troy oz gold and $36/troy oz silver • See notes on 2026 Mineral Resource Slide 8 N A S DA Q : HY M C
Slide 9: Equivalent Gold Ounces
Equivalent Gold Ounces Assumptions for Calculating AuEq Resources (Metric): • Commodity Prices: 2026: Gold = $3,100/troy oz; Silver = $36/troy oz / 2023: Gold = $1,900/troy oz; Silver = $24.50/troy oz • Calculation Formulas (g/t): • Au Equivalent (AuEq): 2026: Au + (Ag × 0.0116) / 2023: Au + (Ag × 0
Slide 10: Equivalent Silver Ounces
Equivalent Silver Ounces Assumptions for Calculating AgEq Resources (Metric): • Commodity Prices: 2026: Gold = $3,100/troy oz; Silver = $36/troy oz / 2023: Gold = $1,900/troy oz; Silver = $24.50/troy oz • Calculation Formulas (g/t): • Au Equivalent (AuEq): 2026: Au + (Ag × 0.0116) / 2023: Au + (Ag ×
Slide 11: Technical Report (PEA) Summary
Technical Report (PEA) Summary1 VALUE LEVERAGE $4.3 Billion $10.0 Billion (after tax NPV5)2 (after tax NPV5)3 16.9% IRR 30.1% IRR MULTI-DECADE UPSIDE 6.8 Million oz not 51 year mine life with included in mine plan j 295,000 oz avg. annual (inferred resource AuEq) production (AuEq)4 System remains op
Slide 12: Sensitivity Analysis
Sensitivity Analysis Post-Tax Leverage to Gold and Silver Metal Prices $60 $50.5 $50 For every $100 increase in $43.5 gold price per ounce, NPV5 $40 $36.5 increases by ~$300 million US$ Billions $29.6 $30 $22.6 $20 $16.4 $15.8 $14.0 For every $5 increase in $10 $9.1 $11.5 silver price per ounce, NPV
Slide 13: Multi-Decade Mine with Scale
Multi-Decade Mine with Scale ▪ Life-of-mine production: Revenue US$ Millions ▪ 10.4 million oz gold $1,800 $1,600 ▪ 347 million oz of silver $1,400 ▪ First 10 years production of +330,000oz AuEq (1) $1,200 $1,000 ▪ Average annual production: $800 ▪ 204,000 oz of gold $600 ▪ 6.8 million oz of silver
Slide 14: Proven Process, Permits & Infrastructure
Proven Process, Permits & Infrastructure ▪ Past producing mine with significant infrastructure and permitted for milling and heap leach operations ▪ Proven POX processing technology, as adopted by other Nevada and global gold producers ▪ Roasting processing option studies nearing completion Current
Slide 15: Optionality + Significant upside
Optionality + Significant upside World Class Size – Scale – Upside – Jurisdiction – Infrastructure Mining options • Large open pit, • High-grade UG, or • Hybrid - UG high grade to complement open pit Underground access • Engineering analysis well underway for decline Project design • POX provides ro
Slide 16: Property Overview
Property Overview ❑ Resource remains open in Union Pacific Rail Line (active) all directions and at depth ❑ Numerous targets within the land package Jungo Road (Nevada State Route 49) Legend 12 Miles (19.3 Km) Hycroft Claims Resource Area 13.4 Miles (21.6 Km) Claims not owned by Hycroft 50/50 Owned
Slide 17: Current Infrastructure
Current Infrastructure ❑ Onsite lab, admin, maintenance, truck shop, warehouse ❑ Crusher and conveyor belt circuit 17 N A S DA Q : HY M C
Slide 18: Current Infrastructure
Current Infrastructure ❑ Merrill-Crowe facility ❑ New leach pad (permitted and available for ore loading) 18 N A S DA Q : HY M C
Slide 19: High-grade Silver Systems
High-grade Silver Systems ▪ Brimstone Dimensions ▪ ~380 meters down dip ▪ ~250 meters north to south ▪ Silver to Gold ratio: 3,000:1 ▪ Vortex Dimensions ▪ ~1 kilometer east to west ▪ ~500 meters down dip ▪ Silver to Gold ratio: 600:1 19 N A S DA Q : HY M C
Slide 20: 2025-2026 Drill Program
2025-2026 Drill Program ▪ ~26,000 meters of core drilling ▪ Two core drill rigs, 1 RC rig initially, adding 2 core rigs 2H2026 (5 rigs total) ▪ Target expansion of high-grade silver systems at Vortex and Brimstone 20 N A S DA Q : HY M C
Slide 21: High-Grade Trends
High-Grade Trends ▪ New High-Grade Silver Bay and Gold Mineralization Trends – Initial Resource Defined ▪ High-Grade Mineralization Remains Open Along Trends and at Depth Brimstone ▪ Open Pit and Underground Optionality Vortex Camel 21 N A S DA Q : HY M C
Slide 22: Visible Silver in Core - Brimstone
Visible Silver in Core - Brimstone ▪ HD24_6010 from Brimstone ▪ 18.2 meters of 1,987.35 g/t Ag ▪ Large zones of visible silver ▪ 0.9m @ 10,289 g/t Ag ▪ 0.3m @ 20,280 g/t Ag 22 N A S DA Q : HY M C
Slide 23: Brimstone Wireframes
Brimstone Wireframes H25D-6069: • 32.4m of 184.59 g/t Ag and 0.33 g/t Au incl 42m of 1,185 g/t Ag and 0.98 g/t Au H25D-6077: • 35.5m of 542.78 g/t Ag and 0.25 g/t Au incl 14.8m of 1,187 g/t Ag and 0.19 g/t Au Incl 0.4m of 21,833 g/t Ag and 0.07 g/t Au H25D-6075: • 11m of 358.15 g/t Ag and 0.09 g/t A
Slide 24: Conceptual Underground Access
Conceptual Underground Access 275m 425m Brimstone 950m Vortex 24 N A S DA Q : HY M C
Slide 25: Brimstone Drill Results
Brimstone Drill Results H25D-6069: • 32.4m of 184.59 g/t Ag and 0.33 g/t Au incl 42m of 1,185 g/t Ag and 0.98 g/t Au H25D-6077: • 35.5m of 542.78 g/t Ag and 0.25 g/t Au incl 14.8m of 1,187 g/t Ag and 0.19 g/t Au Incl 0.4m of 21,833 g/t Ag and 0.07 g/t Au H25D-6075: • 11m of 358.15 g/t Ag and 0.09 g/
Slide 26: Vortex – High-Grade Gold & Silver
Vortex – High-Grade Gold & Silver H25D-6070: • 30.8m of 438.58 g/t Ag and 0.41 g/t Au incl 6.1m of 739.58 g/t Ag and 0.21 g/t Au H25D-6072: • 26.4m of 565.31 g/t Ag and 0.46 g/t Au incl 6.9m of 802.96 g/t Ag and 0.62 g/t Au multiple intercepts 960 to 1,545 g/t Ag H25D-6083: • 53.4m of 304 g/t Ag and
Slide 27: Potential High-Grade Extensions
Potential High-Grade Extensions ▪ Extensive surface mapping ▪ Soils geochemistry Bay ▪ Induced Polarity Geophysics ▪ High Resolution Brimstone drone imaging of the Camel high walls and high wall mapping Camel Vortex ▪ All indicating additional strong mineralization trends to the east and northeast f
Slide 28: Resource Benchmarking
Resource Benchmarking * Not currently producing or a primary silver company Note: Median excludes Hycroft. 28 N A S DA Q : HY M C Note: Resources ar e shown inclusive of reserves. Note: Contango is shown pro forma Do lly Vard en. Highlan der Silver is shown p ro for ma Be ar Cre ek. Source: BMO Capi
Slide 29: Enterprise Value / Resource Benchmarking
Enterprise Value / Resource Benchmarking * Not currently producing or a primary silver company Sou rce : Company filings, Factset Note: As of May 2 5th , using sp ot prices. 29 N A S DA Q : HY M C Note: Median excludes Hycroft. Note: Resources ar e shown inclusive of reserves. Source: BMO Capital Ma
Slide 30: Largest Silver Projects
Largest Silver Projects Primary Silver Projects; Moz Ag M+I+I 30 N A S DA Q : HY M C Source: BMO Capital Markets - B E N CH MA R K I NG A NA L Y S I S – A s of A p r il 2 2, 2 02 6 Note: Resources ar e shown inclusive of reserves.
Slide 31: P/NAV
P/NAV * Not currently producing or a primary silver company Source: Company filings, Factset Note: As of May 25th Note: Hycroft NAV based on after-tax NPV (5%) of $10.0bn at $4,596 Au and $77.94 Ag plus $229 mm cash (net), incorporating additional inferred in situ value of 31 N A S DA Q : HY M C ~US
Slide 32: Total Resources Per Share
Total Resources Per Share * Not currently producing or a primary silver company Sou rce : Company filings, Factset Note: As of May 2 5th , using sp ot prices. 32 N A S DA Q : HY M C Note: Median excludes Hycroft. Note: Resources ar e shown inclusive of reserves. Source: BMO Capital Markets - B E N C
Slide 33: 2026 Catalysts
2026 Catalysts New Resource Complete PEA Assess Restart Exploration Maintain Safety Update with Economics of Heap Leach Drill Program and ESG and Updated on 2 High- Performance Operation Grade Silver Resource Final Systems Engineering on Metallurgical 3 drill rigs – Recoveries on decline for high-gr
Slide 34: Our Approach
Our Approach Develop Untapped Advance Towards Uncover District Operational Potential Production Potential Excellence ▪ Expand recent high- ▪ Complete technical ▪ Current mineral ▪ Committed to grade discoveries studies for sulfide resource comprises outstanding safety milling operation <15% of +64,0
Slide 35: A World-Class Asset and Team
A World-Class Asset and Team Tier 1 Jurisdiction High-Grade Silver Significant Upside Well-Advanced One of the world’s largest gold Two new high-grade silver Significant upside potential – Development well- and silver deposits in a Tier I discoveries represent a current mineral resource advanced wit
Slide 36: The Team
The Team Mine Finders and Mine Builders DIANE GARRETT DAVID THOMAS ANDREW WALKER EXECUTIVE CHAIRMAN & CEO SVP, CORPORATE AFFAIRS & VP CONTROLLER SUSTAINABILITY Formerly with Romarco Formerly with KPMG Minerals, US Global Investors Formerly with Romarco Minerals, Oceana Gold Corp. STAN RIDEOUT HALEY
Slide 37: Capitalization & Ownership
Capitalization & Ownership Capital Structure Ownership Summary Share Price 1 – HYMC (NASDAQ) $23.40 Eric Sprott* 52-Week range 1 $2.93 - $58.73 BlackRock Investment Management LLC (UK) Shares Outstanding 2 93.1 M Schroder Investment Management LTD. Fully Diluted 2 / 3 102.8 M Franklin Equity Group M
Slide 38: Board of Directors
Board of Directors DIANE GARRETT THOMAS WENG MICHAEL HARRISON EXECUTIVE CHAIRMAN & CEO INDEPENDENT LEAD DIRECTOR INDEPENDENT DIRECTOR Formerly with Romarco Co-Founding Partner, Alta Managing Partner, Sprott Minerals, US Global Investors Capital Partners; formerly with Streaming and Royalty Fund; Deu
Slide 39: For more information
NASDAQ | HYMC For more information info@hycroftmining.com hycroftmining.com
Slide 40: Appendix
NASDAQ | HYMC Appendix hycroftmining.com
Slide 41: Production Profile
Production Profile LOM Production Unit Value Total Mineralized Material Mined kst 1,496,134 ▪ Conventional open pit operation Total Waste Mined kst 2,320,719 Average Strip Ratio w:o 1.55 ▪ Throughput of 57,100 ton/d Life of Mine years 51 ▪ Low strip ratio of 1.55 Total Mill Feed Processed kst 1,046,
Slide 42: 2026 Mineral Resource Estimate
2026 Mineral Resource Estimate 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 Silve
Slide 43: Initial High-Grade Silver Resource
Initial High-Grade Silver Resource High-grade Silver Bearing Domains, Contained within the Mineral Resource at 68.57 g/t (2 oz/ton) Cutoff Grade, Metric Units Contained Ounces Cutoff Gold Silver Sulfide Classification Ktonnes Gold Silver Grade Silver g/t g/t g/t % Oz x 1000 Oz x 1000 Brimstone Measu
Slide 44: Vortex Extends North, South & West
Vortex Extends North, South & West 44 N A S DA Q : HY M C
Slide 45: Conceptual Underground Access
Conceptual Underground Access 275m 425m Brimstone 950m Vortex 45 N A S DA Q : HY M C
Slide 46: Drill Highlights - Vortex
Drill Highlights - Vortex FROM TO INTERVAL GRADE Location Hole ID (meters) (meters) (meters) Ag (g/t) Au (g/t) AgEQ(g/t) AuEQ (g/t) Vortex Vortex H24D-6001 383.2 507.5 124.4 102.59 0.95 184.40 2.14 Including 451.7 452.0 0.3 4,170.00 0.03 4,172.58 48.46 Including 498.2 507.0 8.9 475.56 0.31 502.25 5.
Slide 47: Drill Highlights - Brimstone
Drill Highlights - Brimstone FROM TO INTERVAL GRADE Location Hole ID (meters) (meters) (meters) Ag (g/t) Au (g/t) AgEQ(g/t) AuEQ (g/t) Brimstone H23R-5753 274.3 359.7 85.3 534.29 0.23 554.10 6.43 Including 285.0 324.6 39.6 1,019.28 0.26 1,041.67 12.10 Also Including 317.0 321.6 4.6 4,974.00 0.56 5,0
Slide 48: Drill Highlights - Brimstone
Drill Highlights - Brimstone FROM TO INTERVAL GRADE Location Hole ID (meters) (meters) (meters) Ag (g/t) Au (g/t) AgEQ(g/t) AuEQ (g/t) Brimstone H24D-6010 328.4 346.6 18.2 1,987.35 0.35 2,017.49 23.43 Including 333.4 335.8 2.5 4,683.70 0.33 4,712.12 54.72 Also Including 333.4 333.7 0.3 20,280.00 0.4
Slide 49: Gold Mineralization
Gold Mineralization Bay Brimstone Vortex Camel Mineralization outside of the current resource Bay Vortex Brimstone 49 N A S DA Q : HY M C
Slide 50: Silver Mineralization
Silver Mineralization Bay Brimstone Vortex Camel Mineralization outside of the current resource Bay Vortex Brimstone 50 N A S DA Q : HY M C