Hycroft Mining Holding Corporation · NASDAQ:HYMC
Hycroft Mining — Investor Presentation (September 2023)
32 slides from Hycroft Mining's investor presentation, Sep 12, 2023
Slide 1: Developing One of North America's Largest Precious Metals Deposits
HYCROFT NASDAQ: HYMC DEVELOPING ONE OF NORTH AMERICA’S LARGEST PRECIOUS METALS DEPOSITS September 2023
Slide 2: Disclaimer
Slide 3: Size, Optionality, Cash
HYCROFT 1, r ) One of the World’s Largest >) Strong Balance Sheet Precious Metals Deposits Gold 10.6 M oz M & | + 3.4 M oz Inferred? Cash: $117 million + $35 million restricted? Silver 361 Moz M &1+96 Moz Inferred? Debt: No payments until 2027 GoldEq 15.2 MozM&1+4.6 M oz Inferred? r » ] Significant
Slide 4: Site Infrastructure
HYCROFT TE INF! JCTURE + Three-stage crushing system + Two Merrill-Crowe process plants + One active refinery and equipment for a second refinery + Power line, water supply, roads, near-by rail + Large mobile fleet maintenance facility + Onsite laboratory PERMITTED FOR COMMERCIAL OPERATIONS, o' mill
Slide 5: Safety: TRIFR and Injury Experience
HYCROFT Roling 12 Month TRIFR and Injury Experience * YTD TRIFR 0.0 Employee & Contractor , te * 12Month TRIFR 0.0 1s we * 2023 National TRIFR Average For a Surface Metal Mining Is 2.173 , » + 31 Days Since Last First Aid (8/3) * 675 Days Last Reportable Injury * 1011 Days Since Last Lost Time
Slide 6: 2022 Achievements and 2023 Objectives
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 + Established continuity b
Slide 7: Moving Hycroft Up the Value Chain
a", HYCROFT MOVING HYCROFT UP THE VALUE CHAIN 2022 2023 2024 = Metallurgical Construction 4 Technical Report ei Prefeasibility Becton Production Y Mineral Resource ¥_Variability studies MineralReserve + ‘Trade off studies + Earthworks + Commissioning Estimate + Bench top + Mine Plan + Site layout &
Slide 8: Gold Recovery
Gold Recovery (29) 1000 950 90.0 : 85.0 80.0 a Recovery values from x a 2023 Hycroft Technical, Report* 700 pH=4.7 Grind Size<85u 24-minute Conditioning Mass Pull > 20% ‘of March 27, 2023 a—™ HYCROFT KEY HIGHLIGHTS Statistically significant improvement in gold and silver recoveries Statistical reduc
Slide 9: Metallurgical Refinement
METALLURGICAL REFINEMENT Adjusting process parameters: Estimated operating cost impact: 1. Decrease Particle Size Pgo $0.24 / ton? 2. Decreasing Flotation pH $0.40 / ton? 3. Increasing Flotation $0.01 / ton? Conditioning Time $0.65/ton Notes: 1. Increased power consumption at $0.06 kWhr 2. Sulfuric
Slide 10: Brimstone, Vortex, Central
AN. HYCROFT Brimstone Vortex =Central
Slide 11: Phase 1 Drilling Results
a—™ HYCROFT Discovered higher gold and silver grades than average resource grade Higher grade zones are 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
Slide 12: Phase 2 Drill Targets
—\. HYCROFT Drill new target identified 150m east of known resource in Phase 1 Drill high priority targets identified through review of historical drilling + geophysics + hyperspectral results (Wild Rose, Chance, School Bus, Oscar) >) Continue to drill at Vortex — remains open Drill high priority ta
Slide 13: Size, Scale, & Expansion
SIZE, SCALE, & EXPANSION Land Size Hycroft property is larger than Manhattan with numerous exploration targets Land Position Significant land position - less than 10% has been explored Rosebud Mine* Close proximity to the past- producing, high-grade Rosebud Mine High-Grade Intercepts High-grade inte
Slide 14: Hyperspectral Flyover Results
HYCROFT Helps identify potential minerals or deposits of minerals >) Data aided in identifying high priority targets in our vast land position >) Results from flyover show signatures of alunite, illite, kaolinite, all associated with gold in the Hycroft system
Slide 15: Historic Rosebud Mine
»HISTORIC ROSEBUD M Acquired 3 patented claims — May 2023 Obtained a significant amount of data covering Hycroft land position Rosebud operated as a JV between Newmont and Hecla 1997-2000 Produced ~400,000 oz of gold (>14 g/t) & ~2 million oz of silver (83 g/t) The claims and the data correlate stro
Slide 16: Exploration Pipeline
Exploration Pipeline © Wildrose #1 priority © Complete soils grid Complete 3 IP lines Drill 9 - 13 holes into target area © Oscar #2 priority © Recent geologic reconnaissance shows this is a high potential target © Assess existing data sets © Drone Magnetics flight planned to help understand structu
Slide 17: Completed and Upcoming Milestones
COMPLETED + PUBLISHED TECHNICAL REPORT + INITIATED PHASE 2 DRILL PROGRAM + PHASE 2 EXPLORATION DRILLING + FINALIZE METALLURGICAL TESTWORK + FINALIZE PROCESS FLOW SHEET HYCROFT + FINALIZE PRE-FEASIBILITY STUDY + EVALUATE/IMPLEMENT STRATEGIC GROWTH OPPORTUNITIES
Slide 18: Strategic Objectives
STRATEGIC OBJEETIVES a—™ HYCROFT Continue operating in a safe and environmentally responsible manner Complete ESG report demonstrating responsible operations and governance Improve capital structure by converting subordinated debt to equity/equity-like Complete PFS and trade-off studies to further e
Slide 19: North American Precious Metals Developer Valuations
North American Precious Metals Developer Valuations Enterprise Value (USS MMI) vs, Total Attributable Mineral Resources (MIMo2 AuEq) $20 | | Lezenct NovaGold 00. | | eubbte sizes are (50%) representative of total attributable mineral 315 | [resources Seabridge ~ = 0 2 3 3 $10 zy 0 / Osisko Mining 2
Slide 20: Why Invest in Hycroft?
WHYANVEST-INcHYGROFT,? Y One of the world’s largest gold and silver deposits in a Tier I Jurisdiction V Significant upside potential (less than 10% of the land position has been explored) Vv Highly leveraged to gold and silver prices v Permitted for both heap leach and milling operation V Significan
Slide 21: HYCROFT
HYCROFT SUCCESS”
Slide 22: Appendix
Appendix
Slide 23: Capitalization and Ownership
CAPITALIZATION:AND: OWNERSHIP Ownership Summary* AMC Entertainment] 234mm] 12% Eric Sprott 18.4 mm| 9% (Other/Retail 154.6mm| 79% Based on outstanding shares August 2028, AMC Entertainment Other/Retail 79% Capital Structure [Share Price - HYMC' (NASDAQ) (Aug 15, 2023) $0.35 |52-Week High-Low $1.10 -
Slide 24: Highly experienced and motivated management team
Highly experienced and motivated management team in place, led by: Diane Garrett President & CEO Stan Rideout Executive Vice President & CFO Rebecca Jennings SVP & General Counsel Alex Davidson VP Exploration David Thomas VP & General Manager Fiona Grant Leydier ve investor Relations Lily He VP Fina
Slide 25: Board of Directors
HYCROFT BOARD OF DIRECTORS Formerly with Centerra Gold Inc., Stephen Lang Stillwater Mining Company, Barrick David Naccarati Chairman, Director — Goldstrike, Rio Algom Ltd, Kinross Director Gold/Amax Gold, Santa Fe Pacific Gold Independent consultant; formerly with Cupric Canyon Capital, LLC, Phelps
Slide 26: Mineral Resources
MINERALE RESOWRGES Heap Leach Resource Measured 0.07 85,424 0.274 5.72 2.14) 783 -15,725 Indicated 0.07 54,206 0.250 432 173] 436 7,529 Meas+ind 0.07 139,630 0.265 5.17 2.00] 1189 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 M
Slide 27: Recovery and Operating Costs
HYCROFT - ROM Leach (Oxide) [Per ton of feed to ROM Leach | $2.75 Flotation recovery ~ gold lA cons ROM Leach (Transitional & Sulfide) [Per ton of feed to ROM Leach $345 Silver (oxide, transition & sulfide) Kot AREA 12.2% Total POX trentrment cost $/ton concentrate $24.11 ROM leach + GBA (transition
Slide 28: Flotation Test Program Purpose
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 triplicate samples (singular
Slide 29: Exploration Program
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 model blocks to indicated - Expan
Slide 30: Slide 30
Slide 31: Minesite
MINESITE
Slide 32: Hycroft contact
HYCROFT NASDAQ: HYMC info@hycroftmining.com | www.hycroftmining.com
Hycroft Mining Holding — Investor Presentation (September 2023) on 6ix