Hycroft Mining Holding Corporation · NASDAQ:HYMC
Hycroft Mining — Investor Presentation (August 2023)
37 slides from Hycroft Mining's investor presentation, Aug 11, 2023
Slide 1: Developing One of North America's Largest Precious Metal Deposits
HYCROFT August 2023 DEVELOPING ONE OF NORTH AMERICA’S LARGEST PRECIOUS METAL DEPOSITS
Slide 2: Cautionary Statements
— JA. HYCROFT Sari tions an sa nish Coc Tee tn sé ed upon rca or es. Then aur Company i eri ample promenade epee ne ‘octal thprpore oben arson aaron X08 rc so apeon pow tea of anew rt te pre hs estan Hy Sos dea sy Coe oat terete Bans we or ea ree ‘Samat ae et hernia prt etal a eins ran erated abet t
Slide 3: One of the World's Largest Precious Metal Deposits
Gold Silver Gold Eq —_. HYCROFT One of the World’s Largest _ ‘ » ) Strengthened Balance Sheet Precious Metal Deposits 10.6 M oz Measured & Indicated + 3.4 M oz Inferred Cash: $117 Million 361.0 M oz Measured & Indicated + 96.0 M oz Inferred $35 Million restricted? 15.2 M oz Measured & Indicated + 4.
Slide 4: Nevada Ranks at the Top of the Best Places in the World for Mining
NEVADA RANKS AT THE TOP OF THE Best Places In the World For Mining is ing HYCROFT SUBSTANTIAL ONSITE INFRASTUCTURE Three-stage Crushing System Two Merrill-Crowe Process Plants One active Refinery and Equipment for a second Refinery Infrastructure: Power Line, Water Supply, Roads, near-by Rail Large
Slide 5: Nevada
NEVADA THE LOCATION Hycroft is a World-Class Deposit THE POSITION Property Positioned Between Historic, High-Grade Sleeper and Rosebud Gold Mines THE PROPERTY Large Under-Explored Property Position —N\. HYCROFT Hycroft Regional Map Explanation eum tanany — [mm Rey
Slide 6: Safety: TRIR and Injury Experience
_. HYCROFT Rolin 12 Month TRIR and jury Experience Employ & Contactor * YTD TRIFR?: 0.00 * 12-Month TRIFR: 0.00 * Mining National TRIFR?: 2.462 * Last reportable incident: Nov 2021 * Last reportable LTI?: Oct 2020 =e a rE r= 1. Total Recordable Injury Frequency Rate per 200,000 workhours H 2 : 2. Fo
Slide 7: 2022 Achievements and 2023 Objectives
HYCROFT ACHIEVEMENT 2022 Achievements Achieved a new safety record well below industry average (TRIFR = 0.00) Significant financing through Eric Sprott / AMC & ATM Completed leaching gold and silver from prior operation Completed Phase 1 drilling © 25,000 meters — RC © 4,000 meters - Core Establishe
Slide 8: Acquisition of Patented Claims Near Historic High-Grade Rosebud Mine
-OF 3 PATENTED CLAIMS NEAR HIST Be HIGH-GRADE ROSEBUDSVINE=may 2023 ACQUISITION ») Acquired 3 patented claims from Newmont (50% with Hecla Mining) ® Obtained a significant amount of data covering Hycroft land position >) Rosebud operated as a JV between Newmont and Hecla 1997-2000 ic) Produced ~400,
Slide 9: Patented Claims Acquired from Newmont
“A. HYCROFT Hycroft aquired 3 patented mining claims from Newmont which are held in a 50% undivided interest with Hecla Mining + Claims are outlined in purple below + Lucky Boy 1, Lucky Boy 2, White Alps + Significant amount of data was acquired with the claims + ~230 drill hole data + Rock chip sam
Slide 10: Hycroft Regional Claim Map
Hycroft Regional Claim Map Legend Hycroft Patented Claims Hycroft Property Rosebud Lode Claims (CP) =X HYCROFT
Slide 11: Hyperspectral Alunite Abundance
—\, HYCROFT + Hyperspectral showing Alunite abundance around claims
Slide 12: Hyperspectral Kaolinite Abundance
A, HYCROFT Kaolinite + Hyperspectral showing kaolinite abundance around claims
Slide 13: Size, Scale & Expansion: Gold
~“, HYCROFT SIZE, SCALE & EXPANSION GOLD: ADDITIONAL MINERALIZATION BEYOND THE KNOWN RESOURCE CENTRAL BRIMSTONE VORTEX 5.3 KILOMETERS / 3.3 MILES
Slide 14: Size, Scale & Expansion: Silver
~, HYCROFT SIZE, SCALE & EXPANSION SILVER: ADDITIONAL MINERALIZATION BEYOND THE KNOWN RESOURCE CENTRAL BRIMSTONE VORTEX —; = == EIFFEL TOWER 5.3 KILOMETERS / 3.3 MILES
Slide 15: Project Remains Open in All Directions and at Depth
HYCROFT SIZE, SCALE & EXPANSION GOLD + SILVER: THE PROJECT REMAINS OPEN IN ALL DIRECTIONS AND AT DEPTH
Slide 16: 2022 Phase 1 Drill Program Objectives
_. HYCROFT 2022.PHASE T2DRIEE PROGRAM OBJECTIVES ») Determine if higher-grade intercepts have continuity ® Improve Years 1-5 economics by identifying higher-grade material >) Identify potential for higher-grade start-up pit ic) Target high-grade deep zones at Vortex — remains open ic) Convert waste
Slide 17: Phase 1 Drilling Results Summary
_. HYCROFT Higher gold and silver grades than average resource grade Higher grade zones more continuous than previously interpreted Extended mineralization 150m to the east of known resource boundary Vortex continues to deliver very high-grade silver over long intercepts + 55m @ 396 g/t Ag at bottom
Slide 18: 2022 Phase 1 Drill Program Results: Brimstone
“A, HYCROFT 2022 Phase 1 DrillePro 0 RVA RAD ole ID aT? al Brimstone H22R-5650 0 82 82 1.03 30.38] including a 24 3 1.20 163.51 H22R-5644 Ki 87 50 0.79 38.74| including 4 79 5 2.23 84.69 H22R-5645 a 47 20 0.10 90.86) including 114 148 4 3.77 16.77 H22R-5648 195, 229 34 0.40 9.86 314 503 189 1.06 58.
Slide 19: Target Mineralization Expanded to the East
: <= om _ HYCROFT TARGET MINERALIZATION®EXPANDED TO THE EAST Drill Hole H22R-5679 39,900 North Section 29 meters of 0.979 git gold and 3.62 gt siver (including 12.2 meters of 1.824 g/t gold and 5.43 gt silver) 12.2 meters of 0.787 glt gold and 1.98 gf silver
Slide 20: Phase 1 Drill Results: Vortex
“A, HYCROFT 0 O D ole ID Vortex H22R-5670 158 175 7 0744120) 267 360 % 070 55.94] ‘including 299 328 2 157 98.88 ‘including 340 43 3 031 16350] H22R-5700 489 509 2 224 at ‘inoluding 482 483 1 10.94 18.00] including 489 500 Ty 236 46.13] 524 579 55 0.88 396.93] ‘including 536 545 9 4.25 1,085.83
Slide 21: Phase 2 Drilling Targets
_. HYCROFT >) Drill new target identified 150m east of known resource in Phase 1 >) Continue to drill at Vortex — remains open Drill high priority targets identified through review of historical drilling + geophysics + hyperspectral results (Wild Rose, Chance) Drill high priority targets outside the
Slide 22: Size, Scale & Expansion
“A, HYCROFT SIZE, SCALE, & EXPANSION Land Size Hycroft property is larger than Manhattan with numerous exploration targets Land Position Significant land position — only 5% has been explored Rosebud Mine Close proximity to the past- producing, high-grade Rosebud Mine MANHATTAN High-Grade Intercepts
Slide 23: Looking Ahead
HYCROFT LOOKING AHEAD + CONTINUE PFS + PHASE 2 EXPLORATION DRILLING + FINALIZE PFS + PHASE 2 DRILL PROGRAM + 5,000 meters — RC + 3,500 meters - Core + FINALIZE METALLURGICAL TESTWORK + FINALIZE PROCESS FLOW SHEET
Slide 24: Market Cap vs Total Attributable Resources
Markot Cap ($ mm) Study Prices: $1,900/oz Au | $24.50/oz Ag Rupert Osisko Mining Probe Metals Perpetua ‘Treasury Metals ee Wallbridge: leo Fal Revival Gor Ubery Gold) 50 100 150 20.0 Total Attributable Resources (Moz Au Eq.) ~. HYCROFT Novagold (50%) Seabridge
Slide 25: Investment Highlights
Y One of the world’s largest gold and silver deposits in a Tier | Jurisdiction ¥ Significant upside potential (only 5% of the land position has been explored) v Highly leveraged to gold and silver prices ¥ Permitted for both heap leach and milling operation Y Significant infrastructure on site Y Tra
Slide 26: Board, Management & Technical Team
HYCROFT STRONG BOARD, MANAGEMENT & TECHNICAL TEAM WITH PROVEN TRACK RECORD OF DELIVERING SHAREHOLDER VALUE
Slide 27: Capitalization and Major Supporters
—, HYCROFT CAPITALIZATION-AND MAJOR SUPPORTS Ownership Summary* Capital Structure |AMC Entertainment 23.4mm| 11.7% [Share Price - HYMC* (NASDAQ) $0.46 Eric Sprott 184mm) 9.2% 52-Week High-Low $1.19 - $0.28 Other/Retail 154.6 mm| 79.1%] Shares Outstanding 202.0 mm "Based on oustanding shares July 202
Slide 28: Appendix
HYCROFT Appendix WWW.HYCROFTMINING.COM
Slide 29: Heap Leach Resource and Combined Mineral Resources
Heap Leach Resource Measured 0.07 85,424 0.274 S72 214 753 (15,725 Indicated 0.07 54,206 0.250 432 178 436 1,529 Meas + Ind 0.07, 139,630 0.265 5.17 2.00 1,189 23,254) Inferred 0.07 41,838 0.250 4.86 1.62 337 6,549 Flotation Mill + Concentrate Treatment by POX and Cyanide Leach Measured 0.34 365,361
Slide 30: Cost and Cutoff Assumptions at $1,900 Gold
= SEE Gold price Sfor $1,900 2 Pesta inane ae i oa cane IST Siena ng Tieeetiieeel]| A AEE RAE ROM Leach (Oxide) Per ton of feed to ROM Leach| $2.75 TT ee) [eee Ranaedenas| Bs es werigh [meee] Catan ares — | iat an : jin = on Son re rae oe faa E—eee ame _| sd ee BE felbat ete Pee TE Seearacraan wang
Slide 31: Management Team
—\, HYCROFT Highly experienced and motivated management team in place, led by: Diane Garrett Formerly with Romarco President & CEO Minerals, US Global Investors Stan Rideout Formerly with Romarco Executive Vice President & CFO Minerals, Phelps Dodge Corp. David Thomas! Formerly with Romarco Vice-Pre
Slide 32: Board of Directors
BOARD OF DIRECTORS ‘Stephen Lang Chairman, Director Diane Garrett Director Sean Goodman AMC Board Appointee Michael Harrison. Director Formerly with Centerra Gold Inc., Stillwater Mining Company, Barrick Goldstrike, Rio Algom Ltd, Kinross Gold/Amax Gold, Santa Fe Pacific Gold. President and CEO, Hyc
Slide 33: 2022-2023 Exploration Program
: = “A, HYCROFT 2022-2023 EXPLORATION;»PROGRAM - Generalized Low Sulfidation Deposit + Upper large low-grade mineralization. + High-grade Au/Ag breccia zone. + High-grade Au/Ag/Base Metal vein system Development Drilling + 125,000 ft (RC & Core) + Define high-grade intercepts + Convert inferred mode
Slide 34: Open in All Directions
Slide 35: Mine Site
A, HYCROFT MINE:SHTE aed
Slide 36: Increasing Silver Demand Trends
—™. HYCROFT INCREASING SILVER: DEMAND TRENDS INDUSTRIAL SILVER DEMAND (EX, PHOTOVOLTAICS) PHOTOVOLTAIC SILVER DEMAND NUMBER ONE Green Stimulus is a Key Driver sa i Explosive growth of silver-intensive areas such as 5G a 0 and solar technology will drive demand. NUMBER TWO Solar (Photovoltaics) Deman
Slide 37: Silver Touches Virtually Every Aspect of Vehicles
~. HYCROFT = << e = is capine soe SILVER TOUCHES VIRTUALLY EVERY 52% OF NEW VEHICLE SALES WILL BE ASPECT OF VEHICLES. ELECTRIC BY 2030. SOURCE: S&P GLOBAL
Hycroft Mining Holding — Investor Presentation (August 2023) on 6ix