Hycroft Mining Holding Corporation · NASDAQ:HYMC
Hycroft Mining — Investor Presentation (September 2026)
44 slides from Hycroft Mining's investor presentation, September 2026
Slide 1: Unlocking One of the World's Largest Precious Metals Deposits
N AS D AQ | H YMC S EPT EMBE R 20 26 UNLOCKING ONE OF THE WORLD’S LARGEST PRECIOUS METALS DEPOSITS DISTRICT SCALE OPPORTUNITY IN A TIER-1 JURISDICTION, POISED FOR THE NEXT CHAPTER hycroftmining.com
Slide 2: Disclaimer
DISCLAIMER NASD AQ | HYM C 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, reviewe
Slide 3: Key Highlights
KEY HIGHLIGHTS NASD AQ | HYM C 1 Hycroft Overview 2 Geology & Exploration 3 Underground Development 4 Open-pit Development 5 Heap Leach Re-start 6 Corporate Overview 3
Slide 4: Hycroft Overview
1 HYCROFT OVERVIEW
Slide 5: Why Invest in Hycroft?
WHY INVEST IN HYCROFT? NASD AQ | HYM C US$221M Cash and No WORLD-CLASS FINANCIAL Debt1 EXPLORATION ADVANCING TO SCALE STABILITY UPSIDE PRODUCTION TOP MINING Significant MEANINGFUL leverage to TOP EXPERIENCE DIVERSE JURISDICTION gold and silver LEVERAGE INVESTORS EXPERIENCE commodities 1. At June 30
Slide 6: Nevada – The World's Top Mining Jurisdiction
NEVADA – THE WORLD’S TOP MINING JURISDICTION 1 NASD AQ | HYM C DEEP, SUBSTANTIAL FAVORABLE HIGH STANDARDS EXPERIENCED EXISTING REGULATORY FOR RESPONSIBLE LABOR MARKET INFRASTRUCTURE ENVIRONMENT MINING Winnemucca HYCRO FT Elko ▪ ▪ Reno 40+ 100+ 280+ NEVADA ▪ ▪ Las Vegas 1. As defined by the Fraser In
Slide 7: Hycroft in Numbers
HYCROFT IN NUMBERS NASD AQ | HYM C SIL VER OR GOLD E QUI VAL ENT HIG H-GRADE SIL VE R B AL AN CE SH E E T M&I RE SOU RCE S DOM AINS M & I 2,3 CONTAINED SILVER GOLD $221M cash & $0 OUNCES (Koz) 90,218 299 debt 4 GRADE (g/t) 154.71 0.51 1.8B AgEq 1or 24M AuEq 1 TR AD IN G AT A SI G NI F IC AN T DI SC
Slide 8: Hycroft World-Class Resources
HYCROFT WORLD-CLASS RESOURCES NASD AQ | HYM C C ON TAI N E D SILVER CONTAINED OUNCES SI L VE R SILVER EQUIVALENT OUNCES SI L VE R 563 E QUI VA LE N T 1,793 RE S OURC E 1 RE S OURC E 1 Million ounces equivalent Million ounces 133 510 M&I Inferred M&I Inferred C ON TAI N E D GOLD CONTAINED OUNCES G OL
Slide 9: The Hycroft Mine — A World-Class Asset
THE HYCROFT MINE — A WORLD-CLASS ASSET NASD AQ | HYM C H YCR OFT IS ON E OF T H E LA RGE ST GOL D ~22km ▪ Among the world’s largest AN D SI LV ER D EPOSI T S GLOB AL LY precious metals deposits ▪ High-grade discoveries at TOP 500 GOLD AND SILVER PROPERTIES Brimstone and Vortex, and GLOBALLY - CONTAI
Slide 10: Potential High-Grade Extensions
POTENTIAL HIGH-GRADE EXTENSIONS NASD AQ | HYM C LEGEND ~4km Hycroft Claims Extensive surface Soils geochemistry Claims not owned by Hycroft 50/50 Owned with Blossom mapping completed ~6km Induced Polarity High-resolution drone geophysics imaging of the high walls and high wall mapping ALL INDICATING
Slide 11: Owned by World's Top Investors
OWNED BY WORLD’S TOP INVESTORS NASD AQ | HYM C OW NE R SH IP S UM M A RY 1 K E Y M AR K E T DAT A Share Price2 $21.40 Market Cap2/3 $2.0B 84% Institutional & Insiders 52-Week Range2 $2.93–$58.73 Avg Daily Volume2 2,061K 16% Retail Shares Outstanding3 93.1M Unrestricted Cash5 $221M Fully Diluted3/4 1
Slide 12: A New Lens Reframes the Opportunity
A NEW LENS REFRAMES THE OPPORTUNITY NASD AQ | HYM C 1 Current leadership - unlocking hidden potential Two new high-grade silver systems identified and being 2 expanded New techniques including induced polarization geophysics, soil 3 and rock chip programs, and detailed mapping of geochemistry Advanc
Slide 13: Optimal Path to Production Pathways Under Evaluation
PROJECT ADVANCING TOWARDS OPTIMAL PATH NASD AQ | HYM C PRODUCTION PATHWAYS UNDER EVALUATION HEAP LEACH OPTION 1 OPTION 2 OPTION 3 RE-START HIGH-GRADE UNDERGROUND AND OPEN-PIT MINING Assessing the UNDERGROUND OPEN-PIT HYBRID AND PROCESSING optimal timing to MINING PRODUCTION DEVELOPMENT re-start of L
Slide 14: Geology & Exploration
oh \ allt lll a v GEOLOGY & EXPLORATION 6 6 e®
Slide 15: Exploration to Underpin Value Creation
EXPLORATION TO UNDERPIN VALUE CREATION NASD AQ | HYM C THE OPP ORTU NITY: ▪ 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
Slide 16: Brimstone High-Grade System
BRIMSTONE HIGH-GRADE SYSTEM NASD AQ | HYM C CURRENTLY DEFINED MINERALIZATION ~1 km east–west ~380 m down dip × ~250 m north–south 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 ▪
Slide 17: Vortex High-Grade System
VORTEX HIGH-GRADE SYSTEM NASD AQ | HYM C CURRENTLY DEFINED MINERALIZATION ~1 km east–west × ~500 m down dip DRILLING OBJECTIVES: ▪ To test the edges and grow the main high-grade system ▪ Define the structure to inform mine plan decisions Drill results reflect only those reported in this press releas
Slide 18: High-Grade System Highlights
HIGH-GRADE SYSTEM HIGHLIGHTS NASD AQ | HYM C ▪ ~26,000 meters of core drilling in the 2025-2026 Drill Program ▪ Two core drill rigs, 1 RC rig initially, adding 2 core rigs near-term (5 rigs total) BRIMSTONE SILVER INTERCEPTS VORTEX SILVER INTERCEPTS Hole ID Meters Ag g/t Hole ID Meters Ag g/t H26D-6
Slide 19: Underground Development
\\ \ i ‘3 UNDERGROUND DEVELOPMENT
Slide 20: Option 1 | High-Grade Underground Mining
OPTION 1 | HIGH-GRADE UNDERGROUND MINING NASD AQ | HYM C THE OPPORTUNITY ▪ 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 29
Slide 21: Initial High-Grade Silver Resource
INITIAL HIGH-GRADE SILVER RESOURCE NASD AQ | HYM C Measured & Indicated Inferred 90.2 Moz Ag1 13.3 Moz Ag1 299 Koz Au1 51 Koz Au1 ▪ 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
Slide 22: Conceptual Underground Mine Design
CONCEPTUAL UNDERGROUND MINE DESIGN NASD AQ | HYM C BRIMSTONE AND VORTEX MINED TOGETHER D EV E LO P M E NT A PP RO AC H Stopes ▪ Two independent declines ▪ Simultaneous development of both systems Vortex Brimstone ▪ Brimstone contributes higher- grade feed ▪ Vortex contributes greater tonnage ▪ Long-
Slide 23: Conceptual Underground Project
CONCEPTUAL UNDERGROUND PROJECT NASD AQ | HYM C DESIGNED FOR SCALEABILITY Brownfield status leads to extensive infrastructure in situ to accelerate development 1 2 3 4 UNDERGROUND ORE → CRUSH & GRIND → FLOTATION → POTENTAL CONCENTRATE Brimstone + Vortex Leverage existing Producing high-grade Evaluati
Slide 24: Open-Pit Development
4 OPEN-PIT DEVELOPMENT
Slide 25: Option 2 | Open-Pit Mining and Processing
OPTION 2 | OPEN-PIT MINING AND PROCESSING NASD AQ | HYM C THE O PP ORTU NITY: ▪ 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 ▪
Slide 26: Technical Report (PEA) Summary
TECHNICAL REPORT (PEA) SUMMARY 1 NASD AQ | HYM C CONVENTIONAL POX PROCESSING PROVES ATTRACTIVE ECONOMICS VAL UE L EVE RAGE ATTRACT IVE P AYBAC K $4.3 Billion (after-tax NPV5)2 $10.0 Billion (after-tax NPV5)3 4.7 years post-tax (base case) M ULTI-DE CADE UPSI DE PRUDE NT PL ANNI NG 51-year mine life
Slide 27: Multi-Decade Cash Flow Generation
MULTI-DECADE CASH FLOW GENERATION NASD AQ | HYM C PO ST-TAX CASH FLO W PROF ILE ($ M) 1800 20000 1600 CUM ULATI VE CASH FL OW 15000 1400 +$16B Cumulative Unlevered FCF ($M) Gold + Silver Revenue ($M) 1200 10000 1000 Generated over the life of mine at base 800 case metal prices1 5000 600 400 0 200 0
Slide 28: TRS Confirms Unique Leverage to Metal Prices
TRS CONFIRMS UNIQUE LEVERAGE TO METAL PRICES NASD AQ | HYM C PO ST-TAX LE VERAG E TO GOL D AN D SIL VER P RICE S GOLD SENSITIVITY For every $100 increase in $60 NPV at 5% gold price per ounce, NPV5 $50.5 increases by $50 NPV at 0% $43.5 ~$300 million $40 $36.5 US$ BILLIONS $29.6 $30 $22.6 $20 $15.8
Slide 29: De-Risked Brownfield Development
DE-RISKED BROWNFIELD DEVELOPMENT NASD AQ | HYM C PAST PRODUCING MINE WITH SIGNIFICANT INFRASTRUCTURE ALREADY ON SITE New Leach Pad SITE SERVICES ON-SITE OPERATIONS TEAM North Merrill-Crowe Site is already serviced with Experienced operations team Brimstone North Leach Pad Merrill-Crowe roads, power,
Slide 30: Current Infrastructure
CURRENT INFRASTRUCTURE NASD AQ | HYM C ONSITE LAB, ADMIN, MAINTENANCE, TRUCK SHOP, WAREHOUSE CRUSHER AND CONVEYOR BELT CIRCUIT 30
Slide 31: Current Infrastructure
CURRENT INFRASTRUCTURE NASD AQ | HYM C NEW LEACH PAD - PERMITTED AND AVAILABLE FOR ORE LOADING UNION PACIFIC RAIL LINE AND JUNGO ROAD 31
Slide 32: Current Infrastructure
CURRENT INFRASTRUCTURE NASD AQ | HYM C BRIMSTONE MERRILL-CROWE PROCESSING FACILITY NORTH MERRILL-CROWE PROCESSING FACILITY 32
Slide 33: Heap Leach Re-Start
5 HEAP LEACH RE-START
Slide 34: Re-Starting Existing Heap Leach Processing
RE-STARTING EXISTING HEAP LEACH PROCESSING NASD AQ | HYM C THE OPP ORTU NITY: ▪ 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 drilli
Slide 35: Corporate Overview
CORPORATE OVERVIEW Pz = 44 a Ps a = ee
Slide 36: The Team
THE TEAM NASD AQ | HYM C DIANE R. STANTON ERIC REBECCA MICHAEL GARRETT RIDEOUT COLBY JENNINGS DEAL Executive Chairman & CEO EVP & Chief Financial EVP, Corporate EVP, General Counsel & SVP, Chief Operating Officer Development Corporate Secretary Officer DAVID ALEX LILY HALEY ANDREW THOMAS DAVIDSON HE
Slide 37: The Board
THE BOARD NASD AQ | HYM C DIANE R. RICHARD MARCELO SEAN MICHAEL GARRETT O’BRIEN GODOY GOODMAN HARRISON Executive Chairman & CEO Lead Independent Director Independent Director Independent Director Independent Director DAVID JOSH BLAKE THOMAS NACCARATI OLMSTED RHODES WENG Independent Director Independ
Slide 38: Appendix
APPENDIX
Slide 39: P/NAV
P/NAV NASD AQ | HYM C SILVER PRODUCERS SILVER DEVELOPERS GOLD DEVELOPERS Perpetua 0.73x First Majestic 2.12x AbraSilver 1.2x Rupert 0.60x Fresnillo 1.66x Fuerte Metals 0.48x Hecla 1.64x New Pacific 0.52x Snowline Gold 0.42x Novagold 0.39x Coeur 1.10x Vizsla Silver 0.42x Osisko Dev. 0.39x Endeavour S
Slide 40: Resource Benchmarking
RESOURCE BENCHMARKING NASD AQ | HYM C SILVER PRODUCERS SILVER DEVELOPERS GOLD DEVELOPERS (Moz AgEq.) (Moz AgEq.) (Moz AuEq.) Fresnillo 5,445 Seabridge 313.8 Hycroft 1,998 Hycroft 32.9 * Hycroft 1,998 New Pacific 662 Novagold 22.5 Coeur 1,883 i-80 18.2 Hecla 1,803 Highlander Silver 644 STLLR 16.6 Hoc
Slide 41: Largest Silver Projects
LARGEST SILVER PROJECTS NASD AQ | HYM C PRIMARY SILVER PROJEC TS; Moz Ag M+ I+I 696 591 558 347 299 299 253 215 212 197 180 Hycroft Endeavour Discovery Silver Sun Silver Silver Eloro New Pacific New Pacific AbraSilver Vizsla Silver Silver Mines (Hycroft Mine) Silver (La (Cordero) (Maverick Opportuni
Slide 42: Production Profile
PRODUCTION PROFILE NASD AQ | HYM C ▪ Conventional open pit operation LOM Production Unit Value ▪ Throughput of 57,100 ton/d Total Mineralized Material Mined kst 1,496,134 ▪ Low strip ratio of 1.55 Total Waste Mined kst 2,320,719 Average Strip Ratio w:o 1.55 ▪ ROM will feed two processing facilities
Slide 43: 2026 Mineral Resource Estimate
2026 MINERAL RESOURCE ESTIMATE NASD AQ | HYM C As of January 21, 2026, Metric Units at $3,100/ oz Au and $36/ oz Ag Cutoff Grade $ Net of Approximate Cutoff, Gold Contained Ounces - Contained Ounces - Classification Ktonnes Silver (g/t) Sulfide (%) Refining / tonne AuEq g/t (g/t) Gold (Oz x 1000) Si
Slide 44: Initial High-Grade Silver Resource
INITIAL HIGH-GRADE SILVER RESOURCE NASD AQ | HYM C 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
Hycroft Mining Holding — Investor Presentation (September 2026) on 6ix