Hycroft Mining Holding Corporation · NASDAQ:HYMC
Hycroft Mining — Investor Presentation (December 2025)
42 slides from Hycroft Mining's investor presentation, December 2025
Slide 1: Developing One Of North America's Largest Precious Metals Deposits
NASDAQ | HYMC Developing One Of North America’s Largest Precious Metals Deposits December 2025 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 being necessarily indicative of future results. The independent auditor of the Company has not audited, reviewed, compile
Slide 3: Key Investment Highlights
Key Investment Highlights 1 Substantial Gold and Silver Resource in Tier 1 Jurisdiction 2 New High-Grade Discovery + Exploration Upside 3 Advancing Technical Studies for Milling Operations ~US$175M Cash and debt free (Dec. 12, 2025–see slide 36) 4 Included in SILV and Solactive Global Silver Indices
Slide 4: Gold and Silver Resources
Gold and Silver Resources Total Gold Resources Total Silver Resources M&I Gold M&I Silver 10.6 M oz 361 M oz 13.68 g/t Ag 0.401 g/t Au Inferred Gold Inferred Silver 3.4 M oz 0.389 g/t Au 96 M oz 11.4 g/t Ag *Source: Technical Report Summary, dated March 27, 2023. 4 N A S DA Q : H Y MC | DE V E L O P
Slide 5: Gold and Silver Eq Resources
Gold and Silver Eq Resources Total Gold Eq Resources Total Silver Eq Resources M&I Gold M&I Silver 15.2 M oz 1.181 B oz 44.85 g/t Ag 0.578 g/t Au Inferred Gold Inferred Silver 4.6 M oz 0.533 g/t Au 356 M oz 41.33 g/t Ag *Source: Technical Report Summary, dated March 27, 2023. *Gold and Silver Equiva
Slide 6: Stores of Value
Stores of Value Why invest in Gold? Why invest in Silver? ▪ The original safe-haven asset ▪ Historically used as a store of value ▪ Long-term store of value ▪ Dual role as a precious and industrial metal (~50/50) ▪ Hedge against inflation ▪ Second most-used commodity (oil is first) ▪ Preservation of
Slide 7: 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-advanced and silver deposits in a Tier I discoveries represent a less than 10% of the land com
Slide 8: The Team
The Team Our management team comprises some of the brightest minds in the industry, many of whom were Mine Finders and Mine Builders formerly with Romarco Minerals where we grew the company from a market cap of $20 million to over $1 DIANE GARRETT ALEX DAVIDSON PRESIDENT & CEO VP EXPLORATION billion
Slide 9: 2026 Catalysts
2026 Catalysts Final Complete PEA / Assess Restart Exploration Maintain Safety Metallurgical PFS with of Heap-Leach Drill Program and ESG Recoveries on Economics and on 2 High- Performance Operation Prior Grade Silver POX Updated Resource to Milling Systems Operation 1Q-26 1Q-26 1H-26 Ongoing 9 N A
Slide 10: Our Approach
Our Approach Develop Untapped Advance Towards Uncover District Operational Potential Production Potential Excellence ▪ Expand recent high- ▪ Complete technical ▪ 64,000-acre land ▪ Committed to grade discoveries studies for sulfide package – only 10% outstanding safety milling operation explored per
Slide 11: Nevada
Nevada A Premier Mining Jurisdiction ▪ Nevada leads the nation with the largest mining program in lower 48 states ▪ > 30 Operating gold and silver mines ▪ > 195 Approved mining plans of operation ▪ > 280 Active exploration permits ▪ Nevada is a significant producer of gold and silver ▪ Strong ethic
Slide 12: Hycroft: A World-Class Asset
Hycroft A World-Class Asset ▪ Among the world’s largest precious metals deposits ▪ Heap leach operations (1980s to 2021) ▪ Adjacent to past producing high-grade Rosebud mine ▪ Extensive infrastructure on- site ▪ Permitted for heap leach and milling operations ▪ De-risked and ahead of other developer
Slide 13: Property Overview
Property Overview ❑ Land package is over 64,000 Union Pacific Rail Line (active) acres (25,900 hectare) ❑ Resource area comprises less than 10% of the land package Jungo Road (Nevada State Route 49) ❑ Resource remains open in all directions and at depth Legend 12 Miles (19.3 Km) Hycroft Claims Resou
Slide 14: Current Infrastructure
Current Infrastructure ❑ Onsite lab, admin, maintenance, truck shop, warehouse ❑ Crusher and conveyor belt circuit 14 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 15: Current Infrastructure
Current Infrastructure ❑ Merrill-Crowe facility ❑ New leach pad (permitted and available for ore loading) 15 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 16: Focus for 2025
Focus for 2025 Operational Technical Excellence Report with Economics Expansion District of High- Targets Grade Silver Systems 16 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 17: ESG
ESG TRIFR 0.00 and over 1.4 Million Incident Free Man-hours “At Hycroft, we are committed to Environmental Social Governance conducting our business in a manner • Diversity & Equal that prioritizes ESG principles.” • Climate Change Opportunity • Ethical standards –Diane Garrett • Greenhouse gas • La
Slide 18: Positive Metallurgical Results
Positive Metallurgical Results KEY HIGHLIGHTS Flotation Gold and Silver Recoveries ▪ Statistically significant improvement in gold and silver recoveries ▪ Statistical reduction in variability ▪ Results are consistent and repeatable across: Silver ▪ Formation 93% ▪ Depth Gold ▪ Domain 89% ▪ Geochemis
Slide 19: 2025-2026 Drill Program
2025-2026 Drill Program ▪ 14,500 meters of core drilling ▪ Two core drill rigs ▪ Target expansion of high-grade silver systems at Vortex and Brimstone 19 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 20: Bird's Eye View
Bird’s Eye View Bay ▪ Resource area comprises less than 10% of our land package ▪ Resource remains open in all directions and at depth Brimstone Vortex Camel 20 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 21: Brimstone-Vortex Overlook
Brimstone-Vortex Overlook 21 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 22: High Grade Trends
High Grade Trends ▪ New High-Grade Silver Bay and Gold Mineralization Trends ▪ High-Grade mineralization remains open along trends and at depth Brimstone ▪ Open Pit and Underground Optionality Vortex Camel 22 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I
Slide 23: Visible Silver in Core
Visible Silver in Core ▪ 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 23 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 24: 2024 Drill Highlights - Brimstone
2024 Drill Highlights - Brimstone FROM TO INTERVAL GRADE Location Hole ID (meters) (meters) (meters) Ag (g/t) Au (g/t) AuEQ (g/t) 1 Brimstone H23R-5753 274.3 359.7 85.3 534.29 0.23 7.12 including 285.0 324.6 39.6 1,019.28 0.26 13.40 also including 317.0 321.6 4.6 4,974.00 0.56 64.70 1 Brimstone H23R
Slide 25: 2024 Drill Highlights - Vortex
2024 Drill Highlights - Vortex FROM TO INTERVAL GRADE Location Hole ID (meters) (meters) (meters) Ag (g/t) Au (g/t) AuEQ (g/t) Vortex H23D-6001 3 383.2 507.5 124.4 102.6 0.95 2.3 including 451.7 452.0 0.3 4,170.0 0.03 53.8 including 498.2 507.0 8.9 475.6 0.31 6.4 also including 498.2 498.8 0.7 1,700
Slide 26: High Grade Trends (Brimstone)
High Grade Trends (Brimstone) B B’ ❑ Grade shell based on 10ft x 10ft x 10ft block model 365m 26 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 27: High Grade Trends (Vortex)
High Grade Trends (Vortex) A A’ ❑ Grade shell based on 10ft x 10ft x 10ft block model 210m 600m 27 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 28: Conceptual Underground Access
Conceptual Underground Access 275m 425m Brimstone 950m Vortex 28 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 29: Brimstone Geophysics
Brimstone Geophysics 29 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 30: Brimstone Geophysics
Brimstone Geophysics 30 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 31: Brimstone Geophysics (Middle IP Line)
Brimstone Geophysics (Middle IP Line) 31 N A S DA Q : H Y MC | DE V E L O P I N G O N E O F TH E W O RL D ’S L A R G E S T P RE C I O US ME T A L S DE P O S I TS
Slide 32: 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 33: Targets Outside of Resource
Targets Outside of Resource ▪ Testing high priority exploration targets outside the currently known resource Resource Area ▪ Improving understanding of the mineralization controls for the Hycroft system and beyond ▪ Entirety of land package and historical Wildrose Target data provides incredible ins
Slide 34: Bridge to Technical Report
Bridge to Technical Report • PFS – FS o 2024 Drill Results PEA with Economics • Construction o Initial Mine Plan (1Q2026) • Production o Benchtop Roaster Testing o Launch 2025 Drill o Capital Equipment Selection Program on High- Grade o Operating Cost Assessment ✓ Site Layout Designs ✓ Tailing Stora
Slide 35: 2026 Catalysts
2026 Catalysts Final Complete PEA / Assess Restart Exploration Maintain Safety Metallurgical PFS with of Heap-Leach Drill Program and ESG Recoveries on Economics and on 2 High- Performance Operation Prior Grade Silver POX Updated Resource to Milling Systems Operation 1Q-26 1Q-26 1H-26 Ongoing 35 N A
Slide 36: Capitalization & Ownership
Capitalization & Ownership Capital Structure Ownership Summary Share Price 1 – HYMC (NASDAQ) $13.07 Eric Sprott* 52-Week range 1 $1.99 - $14.34 BlackRock Investment Management LLC (UK) Shares Outstanding 2 81.3 M Tribeca Investment Partners 56.8% Fully Diluted 2 100.1 M Schroder Investment Managemen
Slide 37: For more information
NASDAQ | HYMC For more information info@hycroftmining.com hycroftmining.com
Slide 38: Appendix
NASDAQ | HYMC Appendix hycroftmining.com
Slide 39: Board of Directors
Board of Directors THOMAS WENG DIANE GARRETT STEPHEN LANG MICHAEL HARRISON PRESIDENT & CEO INDEPENDENT DIRECTOR INDEPENDENT DIRECTOR CHAIRMAN Formerly with Romarco Formerly with Centerra Gold Managing Partner, Sprott Co-Founding Partner, Alta Minerals, US Global Investors Inc., Stillwater Mining Com
Slide 40: Mineral Resources
Mineral Resources Approximate Contained Ounces Gold Silver Sulfide Classification Cutoff, Equiv Ktonnes Gold Silver gm/tonne gm/tonne Sulfur% Gold gm/t Ozs x1000 Ozs x 1000 Mineral resources based on metal prices of Heap Leach Resources $1,900/oz Au and $24.50/oz Ag Measured 0.07 85,424 0.274 5.72 2
Slide 41: Resource Estimation Parameters
Resource Estimation Parameters Assumptions: Process costs: Unit of measure Value Comminution Per ton of feed to float plant $3.99 Gold price $/oz $1,900 Flotation Per ton of feed to float plant $3.68 Silver price $/oz $24.50 Process (fixed costs) Per ton of feed to float plant $0.51 Mining cost, bas
Slide 42: Metallurgical Results
Metallurgical Results Purpose ▪ Identify flotation operating parameters to maximize gold and silver recovery using over 200 selected drill hole samples that are representative of multiple mining stages through the Hycroft ore body. Program ▪ 219 Variability Samples, including 30 duplicate and 15 tri
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