# EDGAR Filing Document

**Accession Number:** 0001718405
**File Stem:** 0001493152-26-026891
**Filing Date:** 2026-6
**Character Count:** 1296813
**Document Hash:** 7645c5f2e151accc221da72dbf244b23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-026891.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001493152-26-026891

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 173

**CONFORMED PERIOD OF REPORT**: 20260602

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HYCROFT MINING HOLDING CORP
- **CENTRAL INDEX KEY:** 0001718405
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 822657796
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38387
- **FILM NUMBER:** 261056589

**BUSINESS ADDRESS:**
- **STREET 1:** 4300 WATER CANYON ROAD
- **STREET 2:** UNIT 1
- **CITY:** WINNEMUCCA
- **STATE:** NV
- **ZIP:** 89445
- **BUSINESS PHONE:** 7753040260

**MAIL ADDRESS:**
- **STREET 1:** 4300 WATER CANYON ROAD
- **STREET 2:** UNIT 1
- **CITY:** WINNEMUCCA
- **STATE:** NV
- **ZIP:** 89445

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mudrick Capital Acquisition Corp
- **DATE OF NAME CHANGE:** 20171002

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 2, 2026

**HYCROFT MINING HOLDING CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Delaware | 001-38387 | 82-2657796 |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

P.O. Box 3030 Winnemucca, Nevada 89446 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (775) 304-0260

*(Former name or former address, if changed since last report.)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A common stock, par value $0.0001 per share | HYMC | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 7.01. Regulation FD Disclosure.**

***News Release Announcing S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis***

On June 2, 2026, Hycroft Mining Holding Corporation (the "Company") issued a press release announcing the results of the S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis ("TRS") for the Company's Hycroft Mine in Nevada. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

***Corporate Presentation***

On June 2, 2026, the Company furnished its updated corporate presentation to its website at www.hycroftmining.com. A copy of the updated corporate presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in (i) this Item 7.01, (ii) the news release and (iii) the updated corporate presentation is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 8.01** **Other Events.**

On June 2, 2026, the Company announced that it had completed the TRS, effective May 14, 2026, which has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K. The TRS was completed by Ausenco Engineering USA South Inc., Independent Mining Consultants, Inc. and WestLand Engineering & Environmental Services, Inc., each a "Qualified Person" as such term is defined in subpart 1300 of Regulation S-K. A copy of the TRS is attached hereto as Exhibit 96.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 23.1 | [Consent of Ausenco Engineering USA South Inc.](ex23-1.htm) |
| 23.2 | [Consent of Independent Mining Consultants, Inc.](ex23-2.htm) |
| 23.3 | [Consent of WestLand Engineering & Environmental Services, Inc.](ex23-3.htm) |
| 96.1 | [S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis](ex96-1.htm) |
| 99.1 | [Press Release dated June 2, 2026](ex99-1.htm) |
| 99.2 | [Corporate Presentation posted June 2, 2026](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: June 2, 2026 | **Hycroft Mining Holding Corporation** | **Hycroft Mining Holding Corporation** |
|  | By: | */s/ Rebecca A. Jennings* |
|  |  | Rebecca A. Jennings |
|  |  | Senior Vice President and General Counsel |

---

## Exhibit 23.1

**Exhibit 23.1**

Ausenco Engineering USA South Inc.

595 S. Meyer Ave.

Tucson, AZ 85701

**CONSENT OF THIRD-PARTY QUALIFIED PERSON**

Ausenco Engineering USA South Inc. ("Ausenco"), in connection with the filing of the Report on Form 8-K of Hycroft Mining Holding Corporation (the "Form 8-K"), consents to:

● the filing of the technical report summary titled "Hycroft Technical Report Summary and Initial Assessment with Economics on the Hycroft Mine, Nevada, United States of America" (the "TRS"), with an effective date of May 14, 2026, as an exhibit to and referenced in the Form 8-K;

● the incorporation by reference of the TRS in the Company's Registration Statements on Form S-1 (Registration No. 333-264293), Form S-3 (Registration Nos. 333-257567, 333-279292, 333-290760 and 333-292470) and Form S-8 (Registration Nos. 333-249620, 333-265434, 333-292803 and 333-280193) (collectively, the "Registration Statements");

● the use of and references to our name in connection with the Form 8-K, the Registration Statements and the TRS; and

● the information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 8-K and the Registration Statements.

Ausenco is responsible for authoring, and this consent pertains to the following Sections of the TRS: 1.1, 1.2, 1.8, 1.11, 1.12, 1.13, 1.15, 1.16, 1.17, 1.18, 2.1-2.4.1, 2.5-2.7, 10, 14 – 16, 18.1-18.2.3, 18.2.4-18.2.7,18.2.8.2-18.3.2, 18.3.4, 18.3.5, 19, 22.1, 22.5, 22.7-22.12, 22.13.1.3, 22.13.1.5-22.13.1.7, 22.13.2.2, 22.13.2.4, 22.13.2.5, 23.1, 23.4, 23.6, 24 and 25.

May 28, 2026

---

| |
|:---|
| */s/ David Thomas* |
| Signature of Authorized Person for |
| Ausenco Engineering USA South Inc. |
| David Thomas |
| Print name of Authorized Person for |
| Ausenco Engineering USA South Inc. |

---

## Exhibit 23.2

**Exhibit 23.2**

Independent Mining Consultants, Inc.

3560 E. Gas Road

Tucson, AZ 85714

**CONSENT OF THIRD-PARTY QUALIFIED PERSON**

Independent Mining Consultants, Inc. ("IMC") in connection with the filing of the Report on Form 8-K of Hycroft Mining Holding Corporation (the "Form 8-K") consents to:

● the filing of the technical report summary titled "Hycroft Technical Report Summary and Initial Assessment with Economics on the Hycroft Mine, Nevada, United States of America" (the "TRS"), with an effective date of May 14, 2026, as an exhibit to and referenced in the Form 8-K;

● the incorporation by reference of the TRS in the Company's Registration Statements on Form S-1 (Registration No. 333-264293), Form S-3 (Registration Nos. 333-257567, 333-279292, 333-290760 and 333-292470) and Form S-8 (Registration Nos. 333-249620, 333-265434, 333-292803 and 333-280193) (collectively, the "Registration Statements");

● the use of and references to our name in connection with the Form 8-K, the Registration Statements and the TRS; and

● the information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 8-K and the Registration Statements.

IMC is responsible for authoring, and this consent pertains to the following Sections of the TRS: 1.9, 1.10, 1.15, 1.18, 2.4.2, 11, 13, 18.2.3, 18.2.8.1, 18.3.1, 18.3.3, 22.6, 22.13.1.4, 22.13.2.3, 23.1, 23.5, and 24.

May 28, 2026

---

| |
|:---|
| */s/ John M. Marek* |
| Signature of Authorized Person for |
| Independent Mining Consultants, Inc. |
| John M. Marek |
| Print name of Authorized Person for |
| Independent Mining Consultants, Inc. |

---

## Exhibit 23.3

**Exhibit 23.3**

WestLand Engineering & Environmental Services, Inc.

1650 Meadow Wood Lane

Reno, NV 89502

**CONSENT OF THIRD-PARTY QUALIFIED PERSON**

WestLand Engineering & Environmental Services, Inc. ("WestLand"), in connection with the filing of the Report on Form 8-K of Hycroft Mining Holding Corporation (the "Form 8-K"), consents to:

● the filing of the technical report summary titled "Hycroft Technical Report Summary and Initial Assessment with Economics on the Hycroft Mine, Nevada, United States of America" (the "TRS"), with an effective date of May 14, 2026, as an exhibit to and referenced in the Form 8-K;

● the incorporation by reference of the TRS in the Company's Registration Statements on Form S-1 (Registration No. 333-264293), Form S-3 (Registration Nos. 333-257567, 333-279292, 333-290760 and 333-292470) and Form S-8 (Registration Nos. 333-249620, 333-265434, 333-292803 and 333-280193) (collectively, the "Registration Statements");

● the use of and references to our name in connection with the Form 8-K, the Registration Statements and the TRS; and

● the information derived, summarized, quoted or referenced from the TRS, or portions thereof, that was prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that is included or incorporated by reference in the Form 8-K and the Registration Statements.

WestLand is responsible for authoring, and this consent pertains to the following Sections of the TRS: 1.14, 17, 22.1, and 24.

May 28, 2026

---

| |
|:---|
| */s/ Richard DeLong* |
| Signature of Authorized Person for |
| Westland Engineering & Environmental Services, Inc.<br>|
| Richard DeLong |
| Print name of Authorized Person for |
| Westland Engineering & Environmental Services, Inc. |

---

## Ex-99

**Exhibit 96.1**

---

| | | |
|:---|:---|:---|
| ![](slide_002.jpg) | ![](logo_001.jpg) | ![](logo_002.jpg) |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | **Hycroft Mine Project** |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | **S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis** |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | Nevada, USA |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | Effective Date: May 14, 2026 |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | Report Date: May 29, 2026 |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | **Prepared for:** |  |
| ![](slide_002.jpg) | Hycroft Mining Holding Corporation |  |
| ![](slide_002.jpg) | PO Box 3030 |  |
| ![](slide_002.jpg) | Winnemucca, Nevada, United States, 89446 |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | **Prepared by:** |  |
| ![](slide_002.jpg) | Ausenco Engineering USA South Inc. |  |
| ![](slide_002.jpg) | 595 S Meyer Ave, Tucson, Arizona, United States, 85701 |  |
| ![](slide_002.jpg) |  |  |
| ![](slide_002.jpg) | **Contributing Authors:** |  |
| ![](slide_002.jpg) | Ausenco Engineering USA South Inc. |  |
| ![](slide_002.jpg) | Independent Mining Consultants Inc. |  |
| ![](slide_002.jpg) | WestLand Engineering & Environmental Services, Inc. |  |
| ![](slide_002.jpg) | ![](ex1_001.jpg) | ![](ex1_001.jpg) |

---

---

| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

---

**Date and Signature Page**

This technical report summary ("TRS"), entitled "Hycroft Mine Project, S-K 1300 Technical Report Summary and Initial Assessment with Economics Analysis, Nevada, USA" is current as of May 14, 2026, and has been prepared by:

---

| | | | |
|:---|:---|:---|:---|
| **Consulting Firm** | **Responsible for the following sections** | **Signature** | **Date** |
| <br> Ausenco Engineering USA South Inc. | <br> 1.1, 1.2, 1.8, 1.11, 1.12, 1.13, 1.15, 1.16, 1.17, 1.18, 2.1-2.4.1, 2.5-2.7, 10, 14-16, 18.1-18.2.3, 18.2.4- 18.2.7, 18.2.8.2-18.3.2, 18.3.4, 18.3.5, 19, 22.1, 22.5, 22.7-22.12, 22.13.1.3, 22.13.1.5-22.13.1.7, 22.13.2.2, 22.13.2.4, 22.13.2.5, 23.1, 23.4, 23.6, 24 and 25<br>| <br>"signed" | May 29, 2026 |
| <br> Hycroft Mining Holding Corporation | 1.3-1.7, 1.15,3-9, 12, 20, 22.2-22.4, 22.13.1.1, 22.13.1.2, 22.13.2.1, 23.1-23.3 and 24 | <br>"signed" | May 29, 2026 |
| Independent Mining Consultants, Inc. | 1.9, 1.10, 1.15, 1.18, 2.4.2, 11, 13, 18.2.3, 18.2.8.1, 18.3.1,<br> 18.3.3, 22.6, 22.13.1.4, 22.13.2.3, 23.1, 23.5 and 24 | <br>"signed" | May 29, 2026 |
| WestLand Engineering &<br> Environmental Services, Inc. | <br> 1.14, 17, 22.1, and 24 | <br> "signed" | May 29, 2026 |

---

Hycroft Mine Project <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

---

**Table of Contents**

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| | | | | |
|:---|:---|:---|:---|:---|
| 1 | Executive Summary | Executive Summary | Executive Summary | 1 |
|  | 1.1 | Introduction | Introduction | 1 |
|  | 1.2 | Terms of Reference | Terms of Reference | 1 |
|  | 1.3 | Mineral Tenure, Surface Rights, Water Rights, and Agreements | Mineral Tenure, Surface Rights, Water Rights, and Agreements | 2 |
|  | 1.4 | History | History | 2 |
|  | 1.5 | Geology and Mineralization | Geology and Mineralization | 3 |
|  | 1.6 | Exploration | Exploration | 4 |
|  | 1.7 | Sampling | Sampling | 4 |
|  | 1.8 | Metallurgical Testwork | Metallurgical Testwork | 4 |
|  | 1.9 | Mineral Resource Estimate | Mineral Resource Estimate | 5 |
|  | 1.10 | Mining Methods | Mining Methods | 9 |
|  | 1.11 | Processing and Recovery Methods | Processing and Recovery Methods | 9 |
|  | 1.12 | Infrastructure | Infrastructure | 10 |
|  |  | 1.12.4 | Tailings Management Facility | 11 |
|  |  | 1.12.5 | Waste Rock Storage Facility (WRSF) | 11 |
|  |  | 1.12.6 | Power, Communications, and Fuel | 11 |
|  |  | 1.12.7 | Water Supply and Management | 12 |
|  |  | 1.12.8 | Hazard Considerations | 12 |
|  | 1.13 | Market Studies and Contracts | Market Studies and Contracts | 12 |
|  | 1.14 | Environmental, Permitting and Social Considerations | Environmental, Permitting and Social Considerations | 12 |
|  |  | 1.14.1 | Environmental Considerations | 12 |
|  |  | 1.14.2 | Permitting Considerations | 13 |
|  |  | 1.14.3 | Social Considerations | 14 |
|  |  | 1.14.4 | Closure and Reclamation Considerations | 14 |
|  | 1.15 | Capital and Operating Cost | Capital and Operating Cost | 14 |
|  |  | 1.15.1 | Capital Cost Estimate | 14 |
|  |  | 1.15.2 | Operating Cost Estimate | 15 |
|  | 1.16 | Economic Analysis | Economic Analysis | 15 |
|  |  | 1.16.1 | Economic Summary | 15 |
|  |  | 1.16.2 | Sensitivity Analysis | 18 |
|  | 1.17 | Conclusions | Conclusions | 19 |
|  | 1.18 | Recommendations | Recommendations | 19 |

---

Hycroft Mine Project Page i <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| 2.0 | Introduction | Introduction | Introduction | 20 |
|  | 2.1 | Introduction | Introduction | 20 |
|  | 2.2 | Terms of Reference | Terms of Reference | 20 |
|  | 2.3 | Qualified Persons | Qualified Persons | 21 |
|  | 2.4 | Site Visits and Scope of Personal Inspection | Site Visits and Scope of Personal Inspection | 21 |
|  |  | 2.4.1 | Site inspection for Jonathan Cooper | 21 |
|  |  | 2.4.2 | Site inspection for John Marek | 21 |
|  | 2.5 | Effective Dates | Effective Dates | 21 |
|  | 2.6 | Information Sources and References | Information Sources and References | 21 |
|  |  | 2.6.1 | General | 21 |
|  |  | 2.6.2 | Previous Technical Reports | 22 |
|  | 2.7 | Currency, Units, Abbreviations and Definitions | Currency, Units, Abbreviations and Definitions | 22 |
| 3.0 | Property Description | Property Description | Property Description | 26 |
|  | 3.1 | Introduction | Introduction | 26 |
|  | 3.2 | Property and Title in Jurisdiction | Property and Title in Jurisdiction | 26 |
|  | 3.3 | Project Ownership | Project Ownership | 27 |
|  | 3.4 | Property Agreements | Property Agreements | 29 |
|  | 3.5 | Surface Rights | Surface Rights | 32 |
|  | 3.6 | Water Rights | Water Rights | 32 |
|  | 3.7 | Liabilities and Encumbrances | Liabilities and Encumbrances | 32 |
|  | 3.8 | Environmental Considerations | Environmental Considerations | 32 |
|  | 3.9 | Safety Considerations | Safety Considerations | 33 |
|  | 3.10 | Permitting Considerations | Permitting Considerations | 33 |
|  |  | 3.10.1 | Hycroft Expansion Permitting and Timelines | 35 |
|  |  | 3.10.2 | Crofoot Heap Leach Facility Closure | 37 |
|  | 3.11 | Social License Considerations | Social License Considerations | 37 |
|  | 3.12 | Project Risks and Uncertainties | Project Risks and Uncertainties | 37 |
| 4.0 | Accessibility, Climate, Local Resources, Infrastructure and Physiography | Accessibility, Climate, Local Resources, Infrastructure and Physiography | Accessibility, Climate, Local Resources, Infrastructure and Physiography | 38 |
|  | 4.1 | Physiography | Physiography | 38 |
|  | 4.2 | Accessibility | Accessibility | 38 |
|  | 4.3 | Climate | Climate | 38 |
|  | 4.4 | Local Resources and Infrastructure | Local Resources and Infrastructure | 38 |
|  | 4.5 | Seismicity | Seismicity | 41 |
| 5.0 | History | History | History | 42 |
|  | 5.1 | Regional History | Regional History | 42 |
|  | 5.2 | Property Exploration History | Property Exploration History | 42 |
|  | 5.3 | Production | Production | 42 |

---

Hycroft Mine Project Page ii <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| 6.0 | Geological Setting, Mineralization, and Deposit | Geological Setting, Mineralization, and Deposit | Geological Setting, Mineralization, and Deposit | 44 |
|  | 6.1 | Geological Setting | Geological Setting | 44 |
|  |  | 6.1.1 | Regional Geology | 44 |
|  |  | 6.1.2 | Local Geology | 44 |
|  | 6.2 | Mineralization and Alteration | Mineralization and Alteration | 45 |
|  |  | 6.2.1 | Brimstone | 46 |
|  |  | 6.2.2 | Vortex | 47 |
|  |  | 6.2.3 | Bay | 48 |
|  |  | 6.2.4 | Central | 50 |
|  |  | 6.2.5 | Camel | 50 |
|  | 6.3 | Deposit Types | Deposit Types | 51 |
| 7.0 | Exploration | Exploration | Exploration | 52 |
|  | 7.1 | Exploration | Exploration | 52 |
|  | 7.2 | Geological Mapping | Geological Mapping | 52 |
|  | 7.3 | Geophysics | Geophysics | 52 |
|  | 7.4 | Soil Sampling | Soil Sampling | 53 |
|  | 7.5 | Rock-Chip Sampling | Rock-Chip Sampling | 53 |
|  | 7.6 | Drilling | Drilling | 53 |
|  |  | 7.6.1 | Introduction | 53 |
|  |  | 7.6.2 | Exploration Drilling | 54 |
|  | 7.7 | Hydrogeology | Hydrogeology | 58 |
|  | 7.8 | Geotechnical | Geotechnical | 58 |
|  | 7.9 | Exploration Targets | Exploration Targets | 59 |
| 8.0 | Sample Preparation, Analyses, and Security | Sample Preparation, Analyses, and Security | Sample Preparation, Analyses, and Security | 66 |
|  | 8.1 | Introduction | Introduction | 66 |
|  | 8.2 | Sample Preparation | Sample Preparation | 66 |
|  | 8.3 | Assay Methods | Assay Methods | 66 |
|  |  | 8.3.1 | Sample Security | 70 |
|  | 8.4 | Sample Storage | Sample Storage | 70 |
|  | 8.5 | Analytical Results | Analytical Results | 70 |
|  | 8.6 | QP Comment | QP Comment | 70 |
| 9.0 | Data Verification | Data Verification | Data Verification | 71 |
|  | 9.1 | Verification Procedure | Verification Procedure | 71 |
|  | 9.2 | Certificate of Assay Checks | Certificate of Assay Checks | 71 |
|  | 9.3 | QA/QC 2005 – 2024 | QA/QC 2005 – 2024 | 71 |
|  |  | 9.3.1 | Standards 2005-2013 | 72 |
|  |  | 9.3.2 | Blanks 2008 - 2014 | 74 |

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Hycroft Mine Project Page iii <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 9.3.3 | Check Assays 2011-2012 | 75 |
|  |  | 9.3.4 | Standards 2021 – 2022 | 77 |
|  |  | 9.3.5 | Blank Analysis Results 2021-2022 | 78 |
|  |  | 9.3.6 | Duplicate Assays, 2021-2022 | 79 |
|  |  | 9.3.7 | Standards 2023 – 2024 | 80 |
|  |  | 9.3.8 | Blanks 2023-2024 | 81 |
|  |  | 9.3.9 | Duplicate Assays 2023-2024 | 81 |
|  |  | 9.3.10 | Check Assays 2023-2024 | 84 |
|  |  | 9.3.11 | DDH vs. RC for Post 2000 Samples | 85 |
|  |  | 9.3.12 | Old vs. New Drilling | 86 |
|  |  | 9.3.13 | Downhole Surveys | 87 |
|  | 9.4 | QP Comment | QP Comment | 87 |
| 10.0 | Mineral Processing and Metallurgical Testing | Mineral Processing and Metallurgical Testing | Mineral Processing and Metallurgical Testing | 88 |
|  | 10.1 | Introduction | Introduction | 88 |
|  | 10.2 | Metallurgical Testwork | Metallurgical Testwork | 89 |
|  |  | 10.2.1 | Summary of Metallurgical Testwork Programs | 89 |
|  |  | 10.2.2 | Mineralized Materials and Sampling | 89 |
|  |  | 10.2.3 | Hycroft Mineralization Domains | 89 |
|  | 10.3 | Legacy Testwork | Legacy Testwork | 91 |
|  |  | 10.3.1 | Comminution Tests | 91 |
|  |  | 10.3.2 | Flotation | 91 |
|  |  | 10.3.3 | Direct Cyanidation | 102 |
|  |  | 10.3.4 | Concentrate Oxidation Tests | 102 |
|  |  | 10.3.5 | Solid-Liquid Separation Tests | 109 |
|  |  | 10.3.6 | Deleterious Elements | 109 |
|  |  | 10.3.7 | Metallurgical Parameters for Process Design Criteria and Financial Analysis | 109 |
| 11.0 | Mineral Resource Estimates | Mineral Resource Estimates | Mineral Resource Estimates | 111 |
|  | 11.1 | Summary | Summary | 111 |
|  | 11.2 | Model Location | Model Location | 111 |
|  | 11.3 | Database | Database | 111 |
|  | 11.4 | Basic Statistics | Basic Statistics | 113 |
|  | 11.5 | Geology | Geology | 113 |
|  | 11.6 | Lithology | Lithology | 113 |
|  | 11.7 | Alteration | Alteration | 114 |
|  | 11.8 | Structure | Structure | 115 |
|  | 11.9 | Domains | Domains | 117 |
|  | 11.10 | Assay Caps | Assay Caps | 120 |

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Hycroft Mine Project Page iv <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|  | 11.11 | Bench Height Confirmation | Bench Height Confirmation | 121 |
|  | 11.12 | Composites | Composites | 122 |
|  | 11.13 | Variography | Variography | 125 |
|  | 11.14 | Block Grade Estimation | Block Grade Estimation | 126 |
|  |  | 11.14.1 | Gold | 126 |
|  |  | 11.14.2 | Silver | 126 |
|  |  | 11.14.3 | Cyanide Ratio | 129 |
|  |  | 11.14.4 | Sulfide Sulfur | 130 |
|  |  | 11.14.5 | Density | 132 |
|  |  | 11.14.6 | Stockpile Grade Estimation | 132 |
|  |  | 11.14.7 | Treatment of 1982 – 1987 Data | 133 |
|  | 11.15 | Classification | Classification | 134 |
|  | 11.16 | Model Verification | Model Verification | 135 |
|  |  | 11.16.1 | Swath Plots | 137 |
|  |  | 11.16.2 | Smear Check | 141 |
|  | 11.17 | Mineral Resource Estimate | Mineral Resource Estimate | 142 |
| 12.0 | Mineral Reserve | Mineral Reserve | Mineral Reserve | 149 |
| 13.0 | Mining Methods | Mining Methods | Mining Methods | 149 |
|  | 13.1 | Overview | Overview | 149 |
|  | 13.2 | Geotechnical and Hydrologic Information | Geotechnical and Hydrologic Information | 153 |
|  | 13.3 | Phase Design | Phase Design | 153 |
|  | 13.4 | Production Schedule | Production Schedule | 157 |
|  | 13.5 | Mining Equipment | Mining Equipment | 171 |
|  | 13.6 | Mine Manpower Requirements | Mine Manpower Requirements | 172 |
| 14.0 | Processing and Recovery Methods | Processing and Recovery Methods | Processing and Recovery Methods | 175 |
|  | 14.1 | Overview | Overview | 175 |
|  | 14.2 | Process Flowsheet | Process Flowsheet | 176 |
|  | 14.3 | Plant Design | Plant Design | 178 |
|  | 14.4 | Process Description | Process Description | 180 |
|  |  | 14.4.1 | Crushing Area | 180 |
|  |  | 14.4.2 | Grinding Circuit | 181 |
|  |  | 14.4.3 | Rougher Flotation | 181 |
|  |  | 14.4.4 | Concentrate Thickening | 182 |
|  |  | 14.4.5 | POX and Neutralization | 182 |
|  |  | 14.4.6 | Gold and Silver Recovery from Flotation Concentrate | 185 |
|  |  | 14.4.7 | CCD Circuit | 185 |
|  |  | 14.4.8 | Merrill-Crowe Precipitation and Refinery (Existing) | 186 |

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Hycroft Mine Project Page v <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|  |  | 14.4.9 | Cyanide Destruction | 187 |
|  |  | 14.4.10 | Final Tailings and Reclaim Water Transport | 187 |
|  | 14.5 | Energy, Water, and Process Materials Requirements | Energy, Water, and Process Materials Requirements | 187 |
|  |  | 14.5.1 | Reagent Handling and Storage | 187 |
|  |  | 14.5.2 | Fresh Water, Fire Water and Potable Water | 189 |
|  |  | 14.5.3 | Process Water, and Barren Solution | 189 |
|  |  | 14.5.4 | Oxygen Plant | 190 |
|  |  | 14.5.5 | Electrical Power | 190 |
|  |  | 14.5.6 | High-Pressure and Low-Pressure Air | 190 |
| 15.0 | Infrastructure | Infrastructure | Infrastructure | 191 |
|  | 15.1 | Introduction | Introduction | 191 |
|  | 15.2 | Site Access | Site Access | 192 |
|  |  | 15.2.1 | Offsite Access and Security | 192 |
|  |  | 15.2.2 | Onsite Access | 193 |
|  |  | 15.2.3 | Rail Spur | 193 |
|  | 15.3 | New Infrastructure | New Infrastructure | 195 |
|  |  | 15.3.1 | New and Existing Facilities Layout | 195 |
|  |  | 15.3.2 | Upgrades to Existing Facilities | 203 |
|  |  | 15.3.3 | Accommodation | 203 |
|  | 15.4 | Stockpiles | Stockpiles | 204 |
|  |  | 15.4.1 | Mineralized Stockpiles | 204 |
|  |  | 15.4.2 | Growth Media Stockpile | 204 |
|  |  | 15.4.3 | Limestone Stockpile | 204 |
|  | 15.5 | Tailings Management Facilities | Tailings Management Facilities | 204 |
|  |  | 15.5.1 | Facility Design Basis | 205 |
|  |  | 15.5.2 | TMF Design | 208 |
|  | 15.6 | Waste Rock Storage Facility | Waste Rock Storage Facility | 212 |
|  | 15.7 | Power and Electrical | Power and Electrical | 213 |
|  | 15.8 | Communication | Communication | 215 |
|  | 15.9 | Fuel | Fuel | 215 |
|  | 15.10 | Water Supply and Management | Water Supply and Management | 215 |
|  |  | 15.10.1 | Fresh Water, Fire Water and Potable Water | 216 |
|  |  | 15.10.2 | Tailings Water Management | 217 |
|  |  | 15.10.3 | WRSF Water Management | 218 |
|  |  | 15.10.4 | Plant Site Stormwater Runoff and Drainage | 219 |
|  |  | 15.10.5 | Site Water Balance | 219 |
|  |  | 15.10.6 | Pit Dewatering | 222 |

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Hycroft Mine Project Page vi <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|  | 15.11 | Hazard Considerations | Hazard Considerations | 222 |
|  | 15.12 | Comments on Project Infrastructure | Comments on Project Infrastructure | 222 |
| 16.0 | Market Studies and Contracts | Market Studies and Contracts | Market Studies and Contracts | 224 |
|  | 16.1 | Market Studies | Market Studies | 224 |
|  | 16.2 | Commodity Price Projections | Commodity Price Projections | 224 |
|  | 16.3 | Contracts | Contracts | 224 |
| 17.0 | Environmental Studies, Permitting, and Plan, Negotiations, or Agreements with Local Individuals or Groups | Environmental Studies, Permitting, and Plan, Negotiations, or Agreements with Local Individuals or Groups | Environmental Studies, Permitting, and Plan, Negotiations, or Agreements with Local Individuals or Groups | 225 |
|  | 17.1 | Overview | Overview | 225 |
|  | 17.2 | Environmental Considerations | Environmental Considerations | 225 |
|  |  | 17.2.1 | Baseline and Supporting Studies | 225 |
|  |  | 17.2.2 | Environmental Monitoring | 228 |
|  |  | 17.2.3 | Water Management | 229 |
|  | 17.3 | Permitting Considerations | Permitting Considerations | 229 |
|  |  | 17.3.1 | Federal Permits | 230 |
|  |  | 17.3.2 | State of Nevada Permits | 233 |
|  |  | 17.3.3 | Additional Permits and Authorizations | 234 |
|  | 17.4 | Social Considerations | Social Considerations | 235 |
|  |  | 17.4.1 | National Register of Historic Places | 236 |
|  | 17.5 | Closure and Reclamation Planning | Closure and Reclamation Planning | 237 |
|  |  | 17.5.1 | Closure and Reclamation Plans | 237 |
|  |  | 17.5.2 | Closure Cost Estimates | 237 |
|  | 17.6 | Comments on Environmental Studies, Permitting and Social or Community Impact | Comments on Environmental Studies, Permitting and Social or Community Impact | 237 |
| 18.0 | Capital and Operating Costs | Capital and Operating Costs | Capital and Operating Costs | 238 |
|  | 18.1 | Introduction | Introduction | 238 |
|  | 18.2 | Capital Costs | Capital Costs | 238 |
|  |  | 18.2.1 | Overview | 238 |
|  |  | 18.2.2 | Basis of Estimate | 239 |
|  |  | 18.2.3 | Mine Capital Costs | 239 |
|  |  | 18.2.4 | Process Capital Costs | 241 |
|  |  | 18.2.5 | Infrastructure Capital Costs | 242 |
|  |  | 18.2.6 | Indirect Capital Costs | 242 |
|  |  | 18.2.7 | Owner (Corporate) Capital Costs | 243 |
|  |  | 18.2.8 | Sustaining Capital | 243 |
|  |  | 18.2.9 | Contingency Costs | 245 |
|  |  | 18.2.10 | Closure and Reclamation Planning | 245 |
|  | 18.3 | Operating Costs | Operating Costs | 245 |
|  |  | 18.3.1 | Overview | 245 |

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Hycroft Mine Project Page vii <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|  |  | 18.3.2 | Basis of Estimate | 246 |
|  |  | 18.3.3 | Mine Operating Costs | 247 |
|  |  | 18.3.4 | Process Operating Costs | 248 |
|  |  | 18.3.5 | General and Administrative Operating Costs | 252 |
| 19.0 | Economic Analysis | Economic Analysis | Economic Analysis | 253 |
|  | 19.1 | Overview | Overview | 253 |
|  | 19.2 | Methodologies Used | Methodologies Used | 254 |
|  | 19.3 | Financial Model Parameters | Financial Model Parameters | 254 |
|  |  | 19.3.1 | Assumptions | 254 |
|  |  | 19.3.2 | Taxes | 254 |
|  |  | 19.3.3 | Royalties | 255 |
|  | 19.4 | Economic Analysis | Economic Analysis | 255 |
|  | 19.5 | Sensitivity Analysis | Sensitivity Analysis | 260 |
| 20.0 | Adjacent Properties | Adjacent Properties | Adjacent Properties | 264 |
| 21.0 | Other Relevant Data and Information | Other Relevant Data and Information | Other Relevant Data and Information | 264 |
| 22.0 | Interpretation and Conclusions | Interpretation and Conclusions | Interpretation and Conclusions | 265 |
|  | 22.1 | Introduction | Introduction | 265 |
|  | 22.2 | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements | 265 |
|  | 22.3 | Geology and Mineralization | Geology and Mineralization | 265 |
|  | 22.4 | Exploration | Exploration | 265 |
|  | 22.5 | Metallurgical Testwork | Metallurgical Testwork | 266 |
|  | 22.6 | Mineral Resource Estimate | Mineral Resource Estimate | 266 |
|  | 22.7 | Recovery Plan | Recovery Plan | 267 |
|  | 22.8 | Infrastructure | Infrastructure | 268 |
|  |  | 22.8.1 | Tailings Management Facility | 269 |
|  | 22.9 | Markets and Contracts | Markets and Contracts | 269 |
|  | 22.10 | Capital Cost Estimate | Capital Cost Estimate | 269 |
|  | 22.11 | Operating Cost Estimate | Operating Cost Estimate | 269 |
|  | 22.12 | Economic Analysis | Economic Analysis | 270 |
|  | 22.13 | Risks and Opportunities | Risks and Opportunities | 270 |
|  |  | 22.13.1 | Risks | 270 |
|  |  | 22.13.2 | Opportunities | 272 |
| 23.0 | Recommendations | Recommendations | Recommendations | 273 |
|  | 23.1 | Estimated Program Costs | Estimated Program Costs | 273 |
|  | 23.2 | Exploration | Exploration | 273 |
|  | 23.3 | Sample Preparation, Analysis and Security | Sample Preparation, Analysis and Security | 274 |

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|  | 23.4 | Metallurgical Testing | Metallurgical Testing | 274 |
|  | 23.5 | Mineral Resource Estimate | Mineral Resource Estimate | 275 |
|  | 23.6 | Infrastructure | Infrastructure | 275 |
|  |  | 23.6.1 | TMF | 275 |
| 24 | References | References | References | 277 |
| 25 | Reliance on Information Provided by the Registrant | Reliance on Information Provided by the Registrant | Reliance on Information Provided by the Registrant | 281 |
| Appendix A – Patented Claims | Appendix A – Patented Claims | Appendix A – Patented Claims | Appendix A – Patented Claims | 282 |
| Appendix B – Unpatented Claims | Appendix B – Unpatented Claims | Appendix B – Unpatented Claims | Appendix B – Unpatented Claims | 283 |

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List of Tables

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| Table 1-1: | Hycroft MRE as of January 21, 2026, US customary Units | 6 |
| Table 1-2: | Hycroft MRE as of 21 January 2026, Metric Units | 7 |
| Table 1-3: | High-grade Silver Bearing Domains, Contained Within the MRE at 2 oz/ton Cutoff Grade, US customary Units | 8 |
| Table 1-4: | High-grade Silver Bearing Domains, Contained Within the MRE at 68.57 g/tonne (2 oz/tonne) Cutoff Grade, Metric Units | 8 |
| Table 1-5: | Principal Environmental Permits | 13 |
| Table 1-6: | Other Notifications or Ministerial Permits | 13 |
| Table 1-7: | Capital Cost Summary | 14 |
| Table 1-8: | Operating Cost Summary | 15 |
| Table 1-9: | Economic Analysis Summary | 17 |
| Table 2-1: | Abbreviations and Acronyms | 22 |
| Table 2-2: | Units of Measurement | 24 |
| Table 3-1: | Hycroft Annual Land Holding Costs | 29 |
| Table 3-2: | Hycroft Operating Permits | 33 |
| Table 3-3: | Hycroft Miscellaneous Permits | 34 |
| Table 3-4: | Hycroft Miscellaneous Permits | 34 |
| Table 3-5: | Right-of-Way Payment and Renewal Schedule | 34 |
| Table 4-1: | Hycroft Water Wells and Permitted Yearly Consumption | 41 |
| Table 7-1: | Drilling from 2023 and 2024 Supporting the Updated MRE | 56 |
| Table 7-2: | Significant Intercepts (2023) | 60 |
| Table 7-3: | Significant Intercepts (2024) | 62 |
| Table 9-1: | Nearest Neighbor Sample Comparison of RC vs Diamond Core Gold and Silver Assays | 86 |
| Table 9-2: | Nearest Neighbor Sample Comparison of 1982-1987 Gold Assays Versus 2005 – 2024 Gold Assays | 87 |

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Hycroft Mine Project Page ix <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| Table 10-1: | Metallurgical Testwork Summary | 89 |
| Table 10-2: | Average Sulfur Contents of Oxide, Transition and Sulfide Mineralized Materials | 90 |
| Table 10-3: | Summary of Test Samples | 90 |
| Table 10-4: | Grindability Test Summary | 91 |
| Table 10-5: | G&T Composites 1 through 24 Flotation Test Results | 93 |
| Table 10-6: | G&T Composites M-1 through M-17 Flotation Test Results | 94 |
| Table 10-7: | Flotation Reagent Schemes Studied | 95 |
| Table 10-8: | Estimated Metallurgical Recoveries from 2016 Feasibility Study – Gold and Silver | 103 |
| Table 10-9: | Hycroft Alkaline POX Testwork Summary | 106 |
| Table 10-10: | Hycroft Acid POX Testwork Summary | 106 |
| Table 10-11: | Summary Comparison Table – POX 3 to POX-7 | 108 |
| Table 10-12: | Settling Test Results | 109 |
| Table 10-13: | Deleterious Element Assay | 109 |
| Table 10-14: | Process Plant Overall Recovery Prediction | 109 |
| Table 11-1: | Block Size and Model Size | 110 |
| Table 11-2: | Data Available for the Assembly of the Resource Model for Au, Ag, AuCn, Sulfide Sulfur | 111 |
| Table 11-3: | Assay Database (No Stockpile Assays, Inside the Model, and No Drilling from 1982 through 1987) | 112 |
| Table 11-4: | Population Domains for Grade Estimation | 117 |
| Table 11-5: | High-grade Silver Vein Domains | 118 |
| Table 11-6: | Sulfide Domains | 118 |
| Table 11-7: | Assay Cap Values | 120 |
| Table 11-8: | Sulfide Cap Values Prior to Compositing | 121 |
| Table 11-9: | Basic Statistics of Composites, In-Situ Rock, Eliminating Years 1982 to 1987 | 123 |
| Table 11-10: | Basic Statistics of 25 ft Sulfide Composites by Sulfide Domain | 125 |
| Table 11-11: | Grade Estimation Parameters for Au, Ag | 127 |
| Table 11-12: | Estimation Parameters for Cyanide Ratio, All Three Domains utilized 1/D3 | 130 |
| Table 11-13: | Sulfide Sulfur Estimation Parameters, All Three Domains Utilized 1/D3 | 131 |
| Table 11-14: | Sulfide Sulfur Default Values if Not Estimated | 131 |
| Table 11-15: | Density Assigned to the Block Model | 132 |
| Table 11-16: | Stockpiles Assigned Grades by Inverse Distance Estimation | 133 |
| Table 11-17: | IMC Smear Check | 141 |
| Table 11-18: | Economic and Technical Parameters for Hycroft MRE | 144 |
| Table 11-19: | Hycroft MRE as of January 21, 2026, US customary Units | 145 |
| Table 11-20: | Hycroft MRE as of 21 January 2026, Metric Units | 146 |
| Table 11-21: | High-grade Silver Bearing Domains, Contained within the MRE at 2 oz/ton Cutoff Grade, US customary Units | 147 |
| Table 11-22: | High-grade Silver Bearing Domains, Contained within the MRE at 3 oz/ton Cutoff Grade, US customary Units | 147 |

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Hycroft Mine Project Page x <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| Table 11-23: | High-grade Silver Bearing Domains, Contained within the MRE at 4 oz/ton Cutoff Grade, US customary Units | 148 |
| Table 11-24: | High-grade Silver Bearing Domains, Contained within the MRE at 68.57 g/ton (2 oz/ton) Cutoff Grade, Metric Units | 148 |
| Table 11-25: | High-grade Silver Bearing Domains, Contained within the MRE at 102.86 g/ton (3 oz/ton) Cutoff Grade, Metric Units | 148 |
| Table 11-26: | High-grade Silver Bearing Domains, Contained within the MRE at 137.14 g/t (4 oz/ton) Cutoff Grade, Metric Units | 148 |
| Table 13-1: | Hycroft Initial Assessment Mine Production Schedule, Measured and Indicated Mineralization | 151 |
| Table 13-2: | Summary of Lerch-Grossman Computer Pit Generation | 154 |
| Table 13-3: | Contained Tonnage by Internal Cutoff Grade | 155 |
| Table 13-4: | Major Mine Equipment | 172 |
| Table 13-5: | Mine Hourly Personnel | 173 |
| Table 13-6: | Mine Salaried Staff | 174 |
| Table 14-1: | Process Design Criteria | 178 |
| Table 14-2: | Major Process Equipment | 179 |
| Table 14-3: | Summary of Reagent Used in the Process Plant | 188 |
| Table 14-4: | Annual Consumption for Major Reagents | 189 |
| Table 15-1: | Existing Hycroft Buildings | 196 |
| Table 15-2: | New Ancillary Facilities Planned over the LOM | 203 |
| Table 15-3: | Proposed Upgrades for Existing Facilities | 203 |
| Table 15-4: | Minimum Pre-feasibility Seismic Design Criteria for Stability for Very High Dam Classification | 206 |
| Table 15-5: | Minimum Pre-feasibility Hydrologic Design Criteria for Very High Dam Classification | 206 |
| Table 15-6: | Selected Ground Motions and Associated Seismic Coefficients | 211 |
| Table 15-7: | Weather Station Summary | 216 |
| Table 15-8: | Summary of Storm Event with Associated Rainfall Intensity | 216 |
| Table 15-9: | Monthly Maximum Flows Demand | 221 |
| Table 17-1: | Current Major Environmental Permits and Permits Necessary to Operate the Mine | 230 |
| Table 17-2: | Ministerial Permits, Plans and Notifications | 234 |
| Table 18-1: | Capital Cost Summary | 238 |
| Table 18-2: | Baseline Mine Capital Cost (without Accuracy or Contingency adjustment) | 240 |
| Table 18-3: | Process Plant Capital Cost Breakdown | 241 |
| Table 18-4: | On-Site Infrastructure Capital Cost Breakdown | 242 |
| Table 18-5: | Off-Site Infrastructure Capital Cost Breakdown | 242 |
| Table 18-6: | Indirect Capital Cost Breakdown | 243 |
| Table 18-7: | Mining Sustaining Capital Costs | 244 |
| Table 18-8: | Operating Cost Summary | 246 |
| Table 18-9: | Mine Operating Cost per Ton of Total Material Moved, US$/ton (Mine Costs) | 248 |
| Table 18-10: | Process Plant Operating Cost Summary | 248 |
| Table 18-11: | Process Plant Labor Cost Summary | 249 |

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| Table 18-12: | Reagent Consumption Summary | 250 |
| Table 18-13: | Process Plant Consumable Consumption Summary | 251 |
| Table 19-1: | Economic Analysis Summary Table | 256 |
| Table 19-2: | Life of Mine Economics | 257 |
| Table 19-3: | Pre-Tax NPV (US$M) and IRR (%) Sensitivity Analysis | 260 |
| Table 19-4: | Post-Tax NPV (US$M) and IRR (%) Sensitivity Analysis | 261 |
| Table 22-1: | Hycroft Mineral Resources as of 21 January 2026, US customary Units | 267 |
| Table 22-2: | High-grade Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, US customary Units | 267 |
| Table 23-1: | Estimated Program Costs | 273 |
| Table 25-1: | Information Provided by Hycroft | 281 |

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List of Figures

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| Figure 1-1: | Post-Tax Sensitivity Analysis Results | 18 |
| Figure 3-1: | Hycroft Mine Location Map | 27 |
| Figure 3-2: | Claim Map | 30 |
| Figure 3-3: | Current Property and Facilities Layout (2025) | 31 |
| Figure 4-1: | Onsite Lab, Admin, Maintenance, Truck Shop, and Warehouse | 39 |
| Figure 4-2: | Crusher and Conveyor Belt Circuit | 39 |
| Figure 4-3: | North Merrill-Crowe Facility | 40 |
| Figure 4-4: | Stage 1 Heap Leach Pad and Ponds Along Jungo Road | 40 |
| Figure 6-1: | Stratigraphic Column for Hycroft Deposit Area | 45 |
| Figure 6-2: | Simplified East–West Cross Section Through the Hycroft Mine – Section 40600 N | 45 |
| Figure 6-3: | Vortex Alteration Cross-Section – 40600 N | 48 |
| Figure 6-4: | Bay Geologic Cross-Section at 50300-N | 49 |
| Figure 6-5: | Generalized Epithermal Diagram | 51 |
| Figure 7-1: | Drill Collar Location Plan | 55 |
| Figure 9-1: | Results of Submitted Gold Standards 2005 - 2013 | 73 |
| Figure 9-2: | Results of Submitted Silver Standards 2005-2013 | 74 |
| Figure 9-3: | Results of Blank Submissions | 75 |
| Figure 9-4: | Check Assay Results, Fire Assay Gold 2011 - 2012 | 76 |
| Figure 9-5: | Check Assay Results, Fire Assay Silver 2011 – 2011 | 77 |
| Figure 9-6: | Standards Results, 2021 – 2022 | 78 |
| Figure 9-7: | Blank Results, 2021 – 2022 | 79 |
| Figure 9-8: | Duplicate Assay Results, 2021 – 2022 | 79 |

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| Figure 9-9: | Gold Standards 2023 – 2024 | 80 |
| Figure 9-10: | Blank Insertions 2004 | 81 |
| Figure 9-11: | Gold Duplicates, 2023-2024 | 82 |
| Figure 9-12: | Silver Duplicates, 2023-2024 | 83 |
| Figure 9-13: | Gold Check Assays 2023 – 2024 | 84 |
| Figure 9-14: | Silver Check Assays, 2023-2024 | 85 |
| Figure 10-1: | Recovery Vs. Time Plot, G&T Kamloops Tests, M Composites | 96 |
| Figure 10-2: | Gold Grade Distribution Chart | 97 |
| Figure 10-3: | Silver Grade Distribution Chart | 97 |
| Figure 10-4: | Total Sulfur Grade Distribution | 98 |
| Figure 10-5: | Sulfide Sulfur Grade Distribution | 98 |
| Figure 10-6: | FLS Variability Flotation Recoveries under Optimal Conditions (137 Test Samples) | 100 |
| Figure 10-7: | FLS Variability Flotation Gold Recoveries Based on Gold Head Grade Groups | 101 |
| Figure 10-8: | FLS Variability Flotation Silver Recoveries Based on Head Grade Groups | 101 |
| Figure 10-9: | Oxidation of Central Flotation Concentrate: Sulfate Spike Test | 104 |
| Figure 10-10: | Demonstration Plant Cyanide Leach Recovery of Au and Ag | 104 |
| Figure 11-1: | East–West Cross-Section 44000-N Looking North, Showing Lithology Types | 114 |
| Figure 11-2: | East–West Cross-Section 44000-N Looking North, Showing Alterations | 115 |
| Figure 11-3: | Structure and Domain Interpretation (Plan View) | 116 |
| Figure 11-4: | Structure and Domain Interpretation with Silver Wireframes (plan view) | 119 |
| Figure 11-5: | Bench Height Analysis | 122 |
| Figure 11-6: | Gold Variograms for Silicic Material Between the Central Fault and East Fault | 125 |
| Figure 11-7: | Gold Variograms for Silicic Material Between the Range Fault and Central Fault | 125 |
| Figure 11-8: | E-W Cross-section at 41000-N, Showing Confidence Codes | 135 |
| Figure 11-9: | E-W Cross-section at 41000-N, Visual Check of Gold Grades in Drillholes and Block Model | 136 |
| Figure 11-10: | E-W Cross-section at 41000-N, Visual Check of Silver Grades in Drillholes and Block Model | 137 |
| Figure 11-11: | Swath Plots for Gold, X = East and Y = North Slices, 160 ft Wide Slices | 138 |
| Figure 11-12: | Swath Plots for Silver, X = East and Y = North Slices, 160 ft Slices | 139 |
| Figure 11-13: | Swath Plots for Sulfide Sulfur, X = East and Y = North Slices, 160 ft Slices | 140 |
| Figure 13-1: | Hycroft Initial Assessment Mine Plan Schedule | 150 |
| Figure 13-2: | Summary of Lerch-Grossman Computer Pit Generation | 155 |
| Figure 13-3: | Phase Schematic and Extraction Sequence | 156 |
| Figure 13-4: | Approximate Recovered Gold by Year | 158 |
| Figure 13-5: | Approximate Recovered Silver by Year | 158 |
| Figure 13-6: | Approximate Recovered Equivalent Gold Ounces by Year Based on $3,100/oz Au and $36/oz Ag | 159 |
| Figure 13-7: | Mine and Waste Storage Plan – Pre-production | 160 |
| Figure 13-8: | Mine and Waste Storage Plan - End of Year 1 | 161 |
| Figure 13-9: | Mine and Waste Storage Plan – End of Year 2 | 162 |
| Figure 13-10: | Mine and Waste Storage Plan - End of Year 3 | 163 |

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Hycroft Mine Project Page xiii <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| Figure 13-11: | Mine and Waste Storage Plan - End of Year 4 | 164 |
| Figure 13-12: | Mine and Waste Storage Plan – End of Year 5 | 165 |
| Figure 13-13: | Mine and Waste Storage Plan – End of Year 10 | 166 |
| Figure 13-14: | Mine and Waste Storage Plan – End of Year 20 | 167 |
| Figure 13-15: | Mine and Waste Storage Plan – End of Year 30 | 168 |
| Figure 13-16: | Mine and Waste Storage Plan – End of Year 40 | 169 |
| Figure 13-17: | Mine and Waste Storage Plan – End of Year 51 | 170 |
| Figure 14-1: | Sulfide Sulfur Process Plant Flowsheet | 176 |
| Figure 15-1: | Site Layout | 191 |
| Figure 15-2: | Site Access and Major Towns Near Hycroft Mine | 192 |
| Figure 15-3: | Rail Spur Design | 194 |
| Figure 15-4: | Overall Site Layout | 197 |
| Figure 15-5: | Existing Crushing Facility and Surrounding Infrastructure | 198 |
| Figure 15-6: | The Proposed Process Plant Generic Site Plan | 199 |
| Figure 15-7: | Proposed Limestone Plant and Rail Spur | 200 |
| Figure 15-8: | North Merrill-Crowe Plant | 201 |
| Figure 15-9: | Existing Mine Ancillary Buildings | 202 |
| Figure 15-10: | TMF Facility Layout | 207 |
| Figure 15-11: | TMF Main Dam Section | 208 |
| Figure 15-12: | TMF North Dam Section | 209 |
| Figure 15-13: | TMF Closure Plan | 212 |
| Figure 15-14 | Waste Rock Storage Facilities | 213 |
| Figure 15-15: | Proposed Power Line from Imlay Relay Station (Nevada Historical Marker 49) to Jungo Road (49 Road) - NTS | 214 |
| Figure 15-16: | Proposed Power Line along Jungo Road (Road 49) to Hycroft Mine Site (in total approximately 57 miles) - NTS | 215 |
| Figure 15-17: | Hycroft Water Balance Schematic | 220 |
| Figure 15-18: | Total Fresh Water Demand | 221 |
| Figure 19-1: | Project Post-Tax Unlevered Cashflow | 255 |
| Figure 19-2: | Pre-Tax Sensitivity Analysis Results | 262 |
| Figure 19-3: | Post-Tax Sensitivity Analysis Results | 263 |
| Figure 20-1: | Location of Rosebud Property | 264 |

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Hycroft Mine Project Page xiv <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| **1** | **Executive Summary** |

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**1.1** **Introduction** 

This technical report summary (TRS) has been prepared by Ausenco Engineering USA South Inc. (Ausenco), Independent Mining Consultants, Inc. (IMC), and WestLand Engineering & Environmental Services, Inc. (WestLand) for Hycroft Mining Holding Corporation (Hycroft), following the reporting requirements of the United States (US) Securities and Exchange Commission's (SEC) Modernization of Property Disclosures of Mining Registrants under subpart 1300 and item 601 (96)(B)(iii) of Regulation S-K for an initial assessment (IA).

This TRS is an initial assessment with an economic analysis (IA-EA) and, filed on Electronic Data Gathering, Analysis, and Retrieval (EDGAR). The IA-EA is based on heap leaching the oxide material, while sulfide material is milled and processed using the pressure oxidation (POX) process. Transition material will be controlled by Hycroft grade control and may be processed with the sulfide material or heap leached with the oxide material. This TRS includes drill results received through March 17, 2025, which formed the basis of the Mineral Resource Estimate (MRE) model.

The Hycroft mine (the Mine) is situated on the western flank of the Kamma Mountains on the eastern edge of the Black Rock Desert approximately 54 miles west of Winnemucca in Humboldt and Pershing Counties, Nevada. The Mine property straddles Townships 34, 35, 35½ and 36 north and Ranges 28, 29 and 30 east (MDB&M) with its central coordinates at approximately latitude 40°52' north and longitude 118°41' west.

The Mine is accessible via Nevada State Route 49 (Jungo Road), an unpaved road maintained by Humboldt County and Pershing County and Hycroft. The Union Pacific railway, a major east–west railway, runs immediately adjacent to the property.

Hycroft, a past producer, has existing facilities on site including two administration buildings, a mobile maintenance shop, a light vehicle maintenance shop, a warehouse, multiple leach pads, primary, secondary and tertiary crushing systems, an assay lab, one Merrill-Crowe process plant, and a refinery.

**1.2** **Terms of Reference** 

The firms and consultants who are providing Qualified Persons (QPs) responsible for the content of the TRS are, in alphabetical order, Ausenco, Hycroft, IMC and WestLand.

The TRS presents the IA-EA for the mine based on the POX and Heap Leach processes.

All units of measurement in the TRS are US customary, unless otherwise stated.

The monetary units are in US dollars, unless otherwise stated.

Mineral resources are reported in accordance with the US Securities and Exchange Commission Code of Federal Regulations, Subpart 229.1300 – Disclosure by Registrants Engaged in Mining operations (S-K 1300).

Hycroft Mine Project Page 1 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**1.3** **Mineral Tenure, Surface Rights, Water Rights, and Agreements** 

The Mine property consists of 25 private parcels with patented claims totaling approximately 1,855 acres, along with 3,249 unpatented mining claims covering approximately 62,298 acres, for a combined total of approximately 64,000 acres. On May 15, 2023, Hycroft expanded its holdings by acquiring a 50% undivided interest in three additional patented mining claims, adding approximately 61 acres at one location in Northern Nevada. Some mining claims overlap other Hycroft Mining claims to ensure there are no fractional gaps in mining claim coverage.

These claims are contiguous or proximate to the original Crofoot and Lewis claims.

Payment of annual claim maintenance and holding fees to the Bureau of Land Management (BLM) and Humboldt and Pershing Counties and payment of annual real property taxes for patented claims in Humboldt and Pershing Counties are made every third quarter (Q3). Payments are current through the 2025–2026 claim years, with US$724,095 paid for 2025–2026. Payment of annual claim maintenance and holding fees and real property taxes are required to hold the Hycroft property in good standing. BLM annual maintenance fees for claims are due not later than September 1 of each year. Humboldt and Pershing County State annual holding fees beginning September 1 of each year are due no later than November 1 of each year. Annual real property taxes for patented claims in Humboldt and Pershing Counties are due August 31 of the following year.

Hycroft controls all surface and mineral rights within the Hycroft MRE area. No further land acquisition is required for the operation of the mine and contemplated processing facilities.

**1.4** **History** 

The Mine location is in the Nevada Sulfur District, where mining for native sulfur began in the late 1800's. In the early part of the 20<sup>th</sup> century high-grade Ag was mined as were veins of nearly pure alunite (hydroxylated aluminum potassium sulfate mineral) in the southern part of the district. From 1941 to 1943, cinnabar (a mercury sulfide mineral) was also mined. Exploration for native sulfur commenced again in 1966 with the Duval Corporation (Duval) reporting elevated Au and Ag values but finding no significant evidence of a sulfur deposit at depth (Wallace, 1980).

In 1977, the Cordex Syndicate mapped and rock-chip sampled the Hycroft property, recognizing the potential for a bulk tonnage, low-grade precious metal deposit. Homestake then took interest in the property and completed surface sampling and exploration drilling during 1981-1982. Mining officially began as a small heap leach operation in 1983 at what was then known as the Lewis Mine. In 1985, Vista gained control of the original Hycroft property. They also acquired the Lewis Mine in early 1987 from F. W. Lewis, Inc., and the Crofoot Mine in April 1988. From 1985 to 1999, they drilled 3,212 exploration holes, totaling 965,552 feet (ft) with the bulk of this drilling focused on oxide gold mineralization at Central, Bay and Brimstone. Production from the Brimstone pit commenced in 1985 and continued until December 1998.

From 1983 to 1998, the Mine produced approximately 1.2 million ounces (Moz) of Au and 2.5 Moz of Ag. An additional 58,700 ounce (oz) of Au was produced from the leaching operations from 1999 through 2004. The remaining leasehold interest in the Lewis property was purchased by Vista in December 2005. Production followed at the former Crofoot property in the Bay, South Central, Boneyard, Gap, and Historic Cut-4 pits along the Central Zone. The Mine was placed on a care and maintenance program through 2007. In May 2007, the Nevada-based holdings of Vista were spun out into Allied Nevada Gold Corp. (Allied Nevada). The Mine was included as part of the transfer of ownership allowing Allied Nevada to explore, expand, and develop the resources. The Mine was reactivated in September 2007 and achieved planned ore production by the end of 2009. With the construction of the North leach pad in 2013, the total leach pad space was increased to more than 20 million square ft (ft<sup>2</sup>). In 2010, the Mine began an expansion program that included construction of a 21,000 gallon per minute (gal/min.) Merrill-Crowe processing plant and a three-stage crushing facility as well as solution pumping capacity upgrades. Active mining was stopped again at the Mine in June 2015 due to low metal prices, but active leaching of previously mined ore continued through 2018. During this time, Allied Nevada emerged from its financial restructuring to become Hycroft Mining Corporation.

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In late 2018, Hycroft began construction of new leach pads. In April 2019, active mining began with a focus on transition and sulfide minerals but were set aside for future processing. Active mining ceased in 2021, but gold and silver production continued through 2022.

From September 2007 through July 2019 metal sales totaled approximately 900,000 oz of Au and 5.0 Moz of Ag. Active mining ceased and production at the Mine was terminated on November 11, 2021. Annual sales in ounces of Au and Ag produced from the Mine's heap leach operations over years 2019 through 2022 total approximately 107,258 ounces of Au and 615,000 ounces of Ag.

**1.5** **Geology and Mineralization** 

The Hycroft deposit is a low-sulfidation, epithermal, hot springs system that contains gold and silver mineralization. Radiometric dating indicates that the main phase of gold and silver mineralization was formed four million years ago, when hydrothermal fluids were fed upward along high angle, normal faults.

Low-grade gold and silver mineralization were co-deposited with silica and potassium feldspar throughout porous rock types.

A subsequent drop in permeability, due to sealing of the system, led to over pressuring and subsequent repeated hydrothermal brecciation. Additional precious metal mineralization was deposited during this event as breccia zones, veins, and sulfide flooding.

Gold and silver mineralization was followed by an intense event of high sulfidation acid leaching of the mineralized volcanic rocks coincident with a regional water table drop. This allowed steam heated sulfur gases to condense into sulfuric acid and leach the upper portion of the mineralized rocks.

Oxidation of sulfide mineralization occurs to variable depths over the deposit, depending upon proximity to faults, extent of acid leaching, and depth to water table. Sulfide content through the deposit is variable from 0% to 20%.

A total of six major north-northeast trending, west dipping, normal fault zones appear to broadly control the distribution of alteration. From west to east, these fault zones are referred to as the Range, West Splay, Central, Break, Albert, and East Faults. These major structures down-drop stratigraphy and affect the distribution of alteration and mineralization.

A post-mineral basin bounding fault appears to border the Camel Conglomerate and the adjacent Pleistocene Lahontan Lake sediments in the Black Rock Desert. Based on geophysics, this structure is approximately one to two miles west of the Mine site. There are several east–west trending structures that appear to provide post-mineral offset to the deposit. These form a series of horst and grabens within the deposit footprint.

Hycroft Mine Project Page 3 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**1.6** **Exploration** 

The Hycroft property drill history covers the period from 1982 through 2024. Within the block model there are 5,813 drillholes, with 516,901 drill intervals amounting to 2,668,616 ft of drilling.

During 2021 through 2024, Hycroft drilled 260 holes, 105 in 2021, 85 in 2022, 49 in 2023 and 21 in 2024. Most of the 2021 drilling was diamond core that was used for metallurgical testing and assay. The 2022 and 2023 drilling focused on extending mineralization and upgrading areas from inferred to measured and indicated classification. Since 2024, drilling has focused on high-grade mineralization in Brimstone and Vortex.

**1.7** **Sampling** 

Hycroft provided IMC with the database which contained drilling information from 1982 through 2024. Assay data was received through March 2025.

The current sample preparation analysis and security follow best practices and are acceptable for application to mineral resource reporting.

The historic data collection is unknown. Components of the historic data have been found to be reliable. Some components are not reliable and have been removed or modified prior to incorporation into the MRE.

After the noted adjustments, John Marek, the QP, finds the data applicable to the determination of the MRE.

**1.8** **Metallurgical Testwork** 

Metallurgical testwork supporting the Hycroft process flowsheet has been conducted by several laboratories, including G&T Metallurgical Services Ltd. (G&T), SGS Mineral Services (SGS), Hazen Research Inc. (Hazen), FLSmidth Minerals Testing & Research Center (FLSmidth MTRC), and Kappes, Cassiday & Associates (KCA). The process design and metallurgical assumptions used in this study are primarily based on the most recent testwork completed by FLSmidth - MTRC and Hazen Research, with historical testwork from the other laboratories reviewed to support the interpretation of metallurgical performance and flowsheet development.

Comminution testwork indicates that Hycroft mineralization is very high and requires relatively high grinding energy in ball mill grinding.

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In 2021, Hycroft initiated a new metallurgical variability study to evaluate mineralized material characteristics within the current mine plan, validate the metallurgical performance across the deposit; and identify potential variations in processing conditions required to recover gold and silver. The objective of the study was to support development of a Hycroft process flowsheet, including definition of key process control points in crushing, grinding, capable of consistently achieving gold and silver recoveries across anticipated metallurgical variability.

Key outcomes of this study included the development of the flotation process with significantly improved recoveries. The following key process controls parameters were identified during the flotation process development program:

● Optimal
grind size is a P<sub>80</sub> of less than 85 micrometers (µm).

● Flotation
 time is 24 minutes.

● Adjusted
 pH level is 4.7.

● Flotation
 mass pull is 20 to 25% with 22% being the target.

A total of 137 samples were tested under these selected conditions to achieve higher gold and silver recoveries to flotation concentrate. The results show that gold recovery exhibits a broader distribution, with values ranging from approximately 72 to 98% and a statistical median near 88%, indicating greater sensitivity across the tested samples. In contrast, silver recovery is generally higher, with recoveries spanning approximately 76 to 100% and a statistical median exceeding 92%. This is a significant improvement from the gold flotation recovery and silver flotation recovery values reported in a TRS prepared for Hycroft and filed in 2023 (the 2023 TRS).

In 2025, Hycroft completed a series of POX tests demonstrating that POX at 225°C with oxygen overpressure, followed by hot cure, lime boil, and cyanide leaching, is a technically viable and repeatable processing route for the pyrite concentrate. Gold and silver recoveries of approximately 93% and 86%, respectively, were consistent with past performance. Overall, considering the full flowsheet involving flotation, POX, and leaching, gold recovery has improved to approximately 83% and silver recovery has improved to approximately 78%. Overall recovery for both gold and silver are exceeding the values assumed in the 2023 TRS.

Hycroft existing heap leaching was discontinued in 2022. Heap leach operations are expected to restart once new oxide and transition material becomes available.

**1.9** **Mineral Resource Estimate** 

The MRE on the Hycroft property is currently envisioned to be mined by way of a conventional hard rock open pit mine feeding two process facilities:

1. Run-of-mine
 (ROM) oxide material will be directed to cyanide heap leaching, producing a
 gold and silver doré.

2. Sulfide
 material will be directed to a crushing, flotation milling followed by POX of the concentrate
 to make a gold and silver doré.

Transitional material will be directed to either (ROM) cyanide heap leaching or flotation milling followed by POX depending on the sulfide sulfur levels of the individual blocks, total sulfur content, and gold grade.

The terms of reference for this MRE are mineralization in-place. The procedures described in the following paragraphs establish that the stated MRE has reasonable prospects for economic extraction of mineral resources.

Mineral resources were developed using a computer-based block model for mineralization and pit optimization software to determine mineralization with reasonable prospectus for economic extraction.

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The cutoff grade that is reported for this statement of mineral resources is based on mining and processing costs estimated by IMC and Ausenco combined with reasonable metal prices. The internal or marginal cutoff is applied and reported where the benefits of selling the recovered metal will pay for the processing and fixed general and administrative (G&A) costs. The cutoff is presented in terms of net of refining (NSR).

Metal prices for the MRE were US$3,100/oz Au and US$36.00/oz Ag. Spot prices for gold and silver in 2025 ranged from US$2,798 to US$4,323/oz Au and US$31.34 to US$71.63/oz Ag. The spot prices for gold and silver on January 21, 2026, were US$4,726/oz Au and US$93.50/oz Ag. The prices selected for determination of the MRE are 35% below the spot gold price and 62% below the spot silver price on January 21, 2026.

The risks to the MRE are project costs and project recoveries as well as metal prices that can have a substantial impact on the mineral resource both positively and negatively. The Hycroft MRE is sensitive to estimated parameters of operating costs, recoveries, and metal prices. That sensitivity may result in future variation in the mineral resource as costs and recoveries are refined.

Mineral resources are not mineral reserves, and detailed economic considerations have not been applied.

**Table 1-1: Hycroft MRE as of January 21, 2026, US customary Units**

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| **Classification** | **Cutoff Grade**<br> **$ Net** <br> **of Refining** | **Approximate**<br> **Cutoff, AuEq oz/ton** | **Ktons** | **Gold**<br> **oz/ton** | **Silver**<br> **oz/ton** | **Sulfide**<br> **Sulfur %** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade**<br> **$ Net** <br> **of Refining** | **Approximate**<br> **Cutoff, AuEq oz/ton** | **Ktons** | **Gold**<br> **oz/ton** | **Silver**<br> **oz/ton** | **Sulfide**<br> **Sulfur %** | **Gold**<br> **Oz x 1000** | **Silver**<br> **Oz x 1000** |
| **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** |
| Measured | $1.88 - $3.63 | 0.001 - 0.002 | 92994 | 0.005 | 0.11 | 1.83 | 446 | 10322 |
| Indicated | $1.88 - $3.63 | 0.001 - 0.002 | 110374 | 0.004 | 0.09 | 1.54 | 475 | 9492 |
| Meas + Ind | $1.88 - $3.63 | 0.001 - 0.002 | 203368 | 0.005 | 0.10 | 1.67 | 921 | 19814 |
| Inferred | $1.88 - $3.63 | 0.001 - 0.002 | 110018 | 0.005 | 0.09 | 1.41 | 528 | 10122 |
| **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| Measured | $16.73 | 0.007 | 734571 | 0.011 | 0.43 | 2.03 | 8154 | 316600 |
| Indicated | $16.73 | 0.007 | 748876 | 0.010 | 0.30 | 1.84 | 7339 | 226161 |
| Meas + Ind | $16.73 | 0.007 | 1483447 | 0.010 | 0.37 | 1.93 | 15493 | 542761 |
| Inferred | $16.73 | 0.007 | 459646 | 0.010 | 0.27 | 1.76 | 4505 | 122725 |
| **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** |
| Measured | $1.88 - $16.73 | 0.001 - 0.007 | 827565 | 0.010 | 0.40 | 2.01 | 8600 | 326922 |
| Indicated | $1.88 - $16.73 | 0.001 - 0.007 | 859250 | 0.009 | 0.27 | 1.80 | 7814 | 235653 |
| Meas + Ind | $1.88 - $16.73 | 0.001 - 0.007 | 1686815 | 0.010 | 0.33 | 1.90 | 16414 | 562575 |
| Inferred | $1.88 - $16.73 | 0.001 - 0.007 | 569664 | 0.009 | 0.23 | 1.69 | 5033 | 132847 |

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Notes:

1. Mineral
 resources based on metal prices of $3,100/troy oz Au and $36.00/troy oz Ag.

2. Cutoffs
 are Income – Refining Cost = NSR.

3. Gold
 Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay, or at average
 gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay.

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay.

5. Numbers
 may not match exactly due to rounding.

6. Mineral
 resources are contained within a computer-generated optimized pit.

7. Total
 material in that pit is 5.42 billion tons.

Hycroft Mine Project Page 6 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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8. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied.

9. Modifying
 factors for mine and process design have not been applied.

10. All
 units are US customary. Ktons means 1,000 short tons. Au and Ag grades are in troy
 ounces per short ton (oz/ton).

**Table 1-2: Hycroft MRE as of 21 January 2026, Metric Units**

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| **Classification** | **Cutoff Grade**<br> **$ Net** <br> **of Refining** | **Approximate**<br> **Cutoff, AuEq g/tonne** | **Ktonnes** | **Gold** | **Silver** | **Sulfide Sulfur** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade**<br> **$ Net** <br> **of Refining** | **Approximate**<br> **Cutoff, AuEq g/tonne** | **Ktonnes** | **Gold** | **Silver** | **Sulfide Sulfur** | **Gold** | **Silver** |
| **Classification** | **Cutoff Grade**<br> **$ Net** <br> **of Refining** | **Approximate**<br> **Cutoff, AuEq g/tonne** | **Ktonnes** | **g/tonne** | **g/tonne** | **%** | **Oz x 1000** | **Oz x 1000** |
| **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** |
| Measured | $2.07 - $4.00 | 0.027 - 0.055 | 84364 | 0.164 | 3.80 | 1.83 | 446 | 10322 |
| Indicated | $2.07 - $4.00 | 0.027 - 0.055 | 100131 | 0.147 | 2.95 | 1.54 | 475 | 9492 |
| Meas + Ind | $2.07 - $4.00 | 0.027 - 0.055 | 184495 | 0.155 | 3.34 | 1.67 | 921 | 19814 |
| Inferred | $2.07 - $4.00 | 0.027 - 0.055 | 99808 | 0.164 | 3.15 | 1.41 | 528 | 10122 |
| **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| Measured | $18.44 | 0.206 | 666403 | 0.380 | 14.76 | 2.03 | 8154 | 316600 |
| Indicated | $18.44 | 0.206 | 679380 | 0.336 | 10.34 | 1.84 | 7339 | 226161 |
| Meas + Ind | $18.44 | 0.206 | 1345783 | 0.358 | 12.53 | 1.93 | 15493 | 542761 |
| Inferred | $18.44 | 0.206 | 416991 | 0.336 | 9.14 | 1.76 | 4505 | 122725 |
| **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** |
| Measured | $2.07 - $18.44 | 0.027 - 0.206 | 750767 | 0.356 | 13.53 | 2.01 | 8600 | 326922 |
| Indicated | $2.07 - $18.44 | 0.027 - 0.206 | 779512 | 0.311 | 9.39 | 1.80 | 7814 | 235653 |
| Meas + Ind | $2.07 - $18.44 | 0.027 - 0.206 | 1530279 | 0.333 | 11.42 | 1.90 | 16414 | 562575 |
| Inferred | $2.07 - $18.44 | 0.027 - 0.206 | 516799 | 0.303 | 7.99 | 1.69 | 5033 | 132847 |

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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 Silver Assay.

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay.

5. Numbers
 may not match exactly due to rounding.

6. Mineral
 resources are contained within a computer-generated optimized pit.

7. Total
 material in that pit is 4.92 billion tonnes.

8. All
 units on this table are metric: Ktonnes means 1,000 tonnes. Au and Ag grades are in grams
 per tonne (g/tonne).

9. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied.

10. Modifying
 factors for mine and process design have not been applied.

Contained within the MRE at Hycroft are a series of high-grade silver veins at Brimstone and zones of higher silver concentrations in Vortex that are associated with a low angle breccia body. Table 1-3 and Table 1-4 are the tabulation of gold and silver within the domain volumes that are contained within the MRE at 2 oz/tonne cutoff grade in US customary and 68.57 g/tonne cutoff grade in metric.

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**Table 1-3: High-grade Silver Bearing Domains, Contained Within the MRE at 2 oz/ton Cutoff Grade, US customary Units**

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| **Classification** | **Cutoff Grade Silver (oz/ton)** | **Ktons** | **Gold**<br> **(oz/ton)** | **Silver <br> (oz/ton)** | **Sulfide Sulfur (%)** | **Gold Contained <br> oz x 1000** | **Silver Contained <br> oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 2.00 | 3195 | 0.011 | 8.35 | 1.33 | 35 | 26686 |
| Indicated | 2.00 | 330 | 0.010 | 3.11 | 1.87 | 3 | 1025 |
| Meas + Ind | 2.00 | 3525 | 0.011 | 7.86 | 1.38 | 38 | 27711 |
| Inferred | 2.00 | 15 | 0.008 | 3.52 | 1.13 | 0 | 52 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 2.00 | 9126 | 0.018 | 3.81 | 1.49 | 160 | 34781 |
| Indicated | 2.00 | 7342 | 0.014 | 3.78 | 1.24 | 100 | 27726 |
| Meas + Ind | 2.00 | 16468 | 0.016 | 3.80 | 1.38 | 261 | 62507 |
| Inferred | 2.00 | 3644 | 0.014 | 3.65 | 1.27 | 50 | 13307 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 2.00 | 12322 | 0.016 | 4.99 | 1.45 | 195 | 61467 |
| Indicated | 2.00 | 7671 | 0.013 | 3.75 | 1.26 | 104 | 28750 |
| Meas + Ind | 2.00 | 19993 | 0.015 | 4.51 | 1.38 | 299 | 90218 |
| Inferred | 2.00 | 3659 | 0.014 | 3.65 | 1.27 | 51 | 13359 |

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**Table 1-4: High-grade Silver Bearing Domains, Contained Within the MRE at 68.57 g/tonne (2 oz/tonne) Cutoff Grade, Metric Units**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver (g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur (%)** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade Silver (g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur (%)** | **Gold <br> Oz x 1000** | **Silver <br> Oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 68.57 | 2899 | 0.372 | 286.35 | 1.33 | 35 | 26686 |
| Indicated | 68.57 | 299 | 0.332 | 106.62 | 1.87 | 3 | 1025 |
| Meas + Ind | 68.57 | 3198 | 0.368 | 269.54 | 1.38 | 38 | 27711 |
| Inferred | 68.57 | 13 | 0.289 | 120.74 | 1.13 | 0 | 52 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 68.57 | 8279 | 0.603 | 130.67 | 1.49 | 160 | 34781 |
| Indicated | 68.57 | 6660 | 0.469 | 129.48 | 1.24 | 100 | 27726 |
| Meas + Ind | 68.57 | 14940 | 0.543 | 130.14 | 1.38 | 261 | 62507 |
| Inferred | 68.57 | 3306 | 0.475 | 125.20 | 1.27 | 50 | 13307 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 68.57 | 11178 | 0.543 | 171.04 | 1.45 | 195 | 61467 |
| Indicated | 68.57 | 6959 | 0.463 | 128.49 | 1.26 | 104 | 28750 |
| Meas + Ind | 68.57 | 18137 | 0.512 | 154.71 | 1.38 | 299 | 90218 |
| Inferred | 68.57 | 3319 | 0.474 | 125.18 | 1.27 | 51 | 13359 |

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**1.10** **Mining Methods** 

Hycroft is planned as a conventional hard rock open pit operation. IMC developed a mine plan that produces the required process feed and moves sufficient mine waste to assure continued release of the mineralization. The mine plan is based on measured and indicated mineralization that was estimated in the mineral resource block model described in Section 11.

Inferred mineralization was not included within this initial assessment for two reasons: (1) there is sufficient measured and indicated mineralization to feed the process plant for over 50 years, and (2) to reduce the changes in the mine schedule and potentially minable material as the project moves toward a pre-feasibility study in the future.

The mine will feed two processing facilities:

1. A
 flotation mill followed by pressure oxidation and leaching of the concentrate.

2. A
 ROM heap leach for mineralization that is amenable to direct cyanide leaching.

The mine production schedule is summarized in Figure 13-1 with tabular detail in Table 13-1.

**1.11** **Processing and Recovery Methods** 

Hycroft property is currently envisioned to be mined by way of a conventional hard rock open pit mine feeding two process facilities:

1. Oxide
 Material – ROM oxide material will be directed to cyanide heap leaching, producing
 gold and silver doré.

2. Sulfide
 Material – Sulfide material will be directed to a crushing and flotation milling circuit,
 followed by pressure oxidation (POX) of the concentrate to produce a gold and silver doré.

Transitional material will be routed to either ROM cyanide heap leaching or flotation milling followed by POX, depending on the sulfide sulfur levels of the individual blocks, total sulfide sulfur content, and gold grade. The process route will be determined based on grade control

The existing Heap Leach facilities (Brimstone Heap Leach Pad and North Heap Leach Pad) will be expanded to accommodate additional capacity. These facilities have existing collection ponds and pumping systems. The leach solution distribution network will be expanded as required to support increased throughput.

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For sulfide processing, the plant will utilize the existing crushing plant. Consisting of three stages of crushing, reducing the mineralized material from a nominal top size of approximately 35 inches (") to about ⅜". The crushed material is fed to a two-stage ball milling circuit operating in closed circuit with hydrocyclones, producing a grind suitable for downstream processing. Cyclone overflow will be directed to rougher flotation for recovery of gold and silver into a flotation concentrate.

Rougher flotation tailings will be thickened prior to transfer to the final tailings pumping system. The flotation concentrate will be processed through POX to oxidize sulfide minerals and liberate gold and silver for downstream recovery.

Following oxidation, the oxidized slurry will undergo counter-current decantation (CCD) washing to recover dissolved metal values and remove acidic process solutions. The washed solids are then conditioned through lime boil and hot curing prior to cyanide leaching.

The conditioned solids will be leached in cyanide leach tanks to dissolve gold and silver. Precious metals will be recovered from the leach solution using the existing Merrill-Crowe zinc precipitation circuit, producing gold-silver doré.

Residual cyanide in the leach tailings will be destroyed using a sulfur dioxide–oxygen detoxification process, after which the detoxified tailings will be combined with flotation tailings and pumped to the tailings management facility (TMF) for disposal.

**1.12** **Infrastructure** 

The Hycroft Mine infrastructure scope represents a brownfield development within an established mining complex. The proposed sulfide ore processing plant will be integrated into existing site infrastructure via tie-ins to current crushing facilities, utilities, and site services. Most existing access roads, haul roads, and ancillary structures will remain in service or be selectively upgraded.

**1.12.1** **Site Access and Haulage** 

New road infrastructure includes 0.6 miles of plant access roads, a 5.6-mile TMF access road parallel to the tailings delivery pipeline corridor, and a 3.4-mile TMF construction haul road connecting the North WRSF to the TMF embankment. All roads are designed as dirt roads with a maximum 10% grade and 25 miles per hour (mph) speed limit. A rail spur extension from the adjacent Union Pacific line will receive reagents, consumables, and fuel, and facilitate export of salable metals. The spur design by Mountain States Contracting Inc. includes turnouts, derails, signals, ballast, bridges, civil works, and a bottom-dump hopper car loadout facility.

**1.12.2** **New Infrastructure** 

New process plant facilities will tie into the existing crushing circuit and North Merrill-Crowe facility. New onsite infrastructure includes utility tie-ins, power distribution upgrades, substations, a process control system and control room, and reagent handling facilities including an oxygen plant and limestone offloading and slaking system. Six new ancillary facilities are planned over the LOM including a covered crushed ore stockpile dome (313 ft diameter × 104 ft height), new assay lab, fuel station, technical services building, maintenance shop, and crusher maintenance building. Ten existing structures will be upgraded, relocated, or repurposed. Workforce accommodation will be drawn primarily from Winnemucca (~54 miles east), with personnel transported via contracted bus service.

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**1.12.3** **Stockpiles** 

Coarse ore stockpile capacity is 56,000 tons live and 175,400 tons total; crushed ore stockpile capacity is 34,000 tons live and 113,000 tons total, covered by a round dome structure. These stockpiles support crushing circuit availability of 31.3% for primary and 65.1% for combined secondary and tertiary crushing. Growth medium stripped during TMF construction will be stockpiled for reclamation use. Limestone will be delivered by rail to a dedicated onsite stockpile.

**1.12.4** **Tailings Management Facility** 

The TMF uses conventional designs and will be constructed in a total of eight stages and zero discharge of process solutions. The TMF will fill the broad valley immediately northeast of the mill site and require the main and the north embankments to impound an ultimate tailings storage capacity of 1.05 billion tons (Btons) at an average settled dry density for the ultimate facility of 92 pounds per cubic ft (pcf). The main embankment will cross the natural drainage on the west side of the TMF, and the secondary embankment will be constructed along the northern ridge. The facility will provide continuous containment of process solutions through the installation of a vertical chimney drain and engineered geomembrane liner systems, extending across the impoundment basin and below a portion of the main embankment and the upstream slope of the north embankment. The design is capable of storing runoff from the basin and direct precipitation on the facility, resulting from the 5,000-year, 24-hour storm event during operation and the 10,000-year, 24-hour storm event for post-closure.

**1.12.5** **Waste Rock Storage Facility** 

Two initial waste rock storage facility (WRSF) locations — west and south of the pit — will merge into a single facility on the southwest perimeter by Mine Year 10. The dump is designed with an overall slope of 2.7H:1V and inter-bench geometry of 1.5H:1V slopes with 50 ft high and 60 ft wide benches, constructed over previously disturbed ground. Water management consists of upstream diversion channels for non-contact water and a seepage collection system for contact water, comprising double-walled HDPE pipes (300 mm main, 100 mm secondary) sized for the 100-year, 24-hour event. Seepage is conveyed to double-lined GCL and HDPE collection ponds for reuse at the process plant. Surface water diversion channels are sized for the 100-year, 24-hour event with a minimum 2% slope and riprap lining. Physical stability will be monitored via survey markers, vibrating wire piezometers, hydraulic piezometers, and inclinometers throughout the LOM. Topsoil and growth media will be harvested from areas adjacent to the WRSF during closure to support reclamation.

**1.12.6** **Power, Communications, and Fuel** 

Two 120 kV powerlines will supply the site via the Nevada Power Imlay Substation. Installed load is 160 MW with an operating load of 124 MW; total load including the oxygen plant is 170 MW, requiring additional transmission capacity. Site communications are currently served by microwave, fiber optic, and cellular systems and will be upgraded as required during execution. Diesel fuel is priced at $3.76/gallon; supply contracts are in place on an annual or bi-annual basis. Fuel will be delivered by rail once the spur is operational. The existing fuel island will be replaced with a high-efficiency system in mine years 3 and 4.

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**1.12.7** **Water Supply and Management** 

Hycroft holds 16 water-right permits sufficient to support all planned facilities and process demands. Plant freshwater demand is estimated at 7,260 gal/min, supplied via four existing wells with four additional production wells to be drilled. Tailings will be transported as slurry at 48% solids through an HDPE-lined pipeline, distributed via a 36" manifold system. Return water will initially be managed via the Underdrain Collection Pond, transitioning to barge-mounted pumps in the TMF supernatant pool in later years. GoldSim Monte Carlo water balance modeling over 250 simulations indicates average make-up water demand starting at 6,500 gal/min in year 1, declining to 3,200 gal/min by years 14–15. Pit dewatering will be managed by four depressurization wells with groundwater at approximately 700 ft below ground surface (bgs), with water conveyed to the process plant. Plant site stormwater is managed via perimeter ditches and a 9,850 yd³ HDPE-lined sedimentation pond sized for the 100-year, 24-hour event.

**1.12.8** **Hazard Considerations** 

The site climate is arid at 7.7 in/a average precipitation with winter temperatures between 20 °F and 40 °F, introducing freeze-thaw cycling risk in near-surface soils. Seismicity is assessed as low to moderate with no active or capable faults identified. Principal pit slope stability controls are the argillically altered Camel Conglomerate, Auld Lang Syne Formation siltstones, and the East Fault.

**1.13** **Market Studies and Contracts** 

No formal marketing studies have been completed. Gold and silver doré will be sold on the spot market under terms typical of comparable doré contracts. Both metals are globally liquid commodities supporting reliable price discovery throughout the LOM. The economic analysis assumes base case prices of US$3,600/oz gold and US$48.00/oz silver, based on long-term consensus forecasts from numerous financial institutions as of April 2026. No refining, transportation, or hedging contracts are currently in place, though these are considered readily obtainable. Refining and transportation costs are estimated at US$5.00/oz gold and US$0.50/oz silver based on comparable project terms.

**1.14** **Environmental, Permitting and Social Considerations** 

**1.14.1** **Environmental Considerations** 

The Mine has conducted numerous environmental baseline studies as part of their previous permitting efforts and continues to collect certain environmental baseline data. The Mine area has been surveyed for surface water resources, including Waters of the United States (WOTUS), biological resources, cultural resources, and groundwater resources. In addition, the Mine has developed a series of environmental management and monitoring plans which are required to guide the development and operation of the Project to limit environmental impacts. These plans are developed to address legal requirements and committed Environmental Protection Measures (EPMs) made by the Mine during Project permitting and recent Plan of Operations amendments.

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**1.14.2** **Permitting Considerations** 

The Mine operates under a series of permits, which are issued by both federal and state regulators. The following table lists the principal environmental permits necessary to operate the Mine and the applicable issuing agency.

**Table 1-5: Principal Environmental Permits**

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|:---|:---|
| &nbsp;&nbsp;**Operating Permits** | &nbsp;&nbsp;**Issuing Agency** |
| &nbsp;&nbsp;Plan of Operations | &nbsp;&nbsp;BLM |
| &nbsp;&nbsp;Mercury Operating Permit to Construct | &nbsp;&nbsp;NDEP Bureau of Air Pollution Control |
| &nbsp;&nbsp;Class I Air Quality Operating Permit to Construct | &nbsp;&nbsp;NDEP Bureau of Air Pollution Control |
| &nbsp;&nbsp;Class II Air Quality Permit | &nbsp;&nbsp;NDEP Bureau of Air Pollution Control |
| &nbsp;&nbsp;Permit to Operate a Public Water System | &nbsp;&nbsp;NDEP Bureau of Safe Drinking Water |
| &nbsp;&nbsp;Water Pollution Control Permit-Crofoot Project | &nbsp;&nbsp;NDEP Bureau of Mining Regulation & Reclamation |
| &nbsp;&nbsp;Water Pollution Control Permit-Hycroft Mine | &nbsp;&nbsp;NDEP Bureau of Mining Regulation & Reclamation |
| &nbsp;&nbsp;Reclamation Permit | &nbsp;&nbsp;NDEP Bureau of Mining Regulation & Reclamation |
| &nbsp;&nbsp;Mining General Stormwater Pollution Prevention Permit | &nbsp;&nbsp;NDEP Bureau of Water Pollution Control |
| &nbsp;&nbsp;Class III Landfill Waiver | &nbsp;&nbsp;NDEP Bureau of Waste Management |
| &nbsp;&nbsp;Artificial Pond Permit (Brimstone Process Ponds) | &nbsp;&nbsp;NV Department of Wildlife |
| &nbsp;&nbsp;Artificial Pond Permit (Crofoot Process Ponds) | &nbsp;&nbsp;NV Department of Wildlife |
| &nbsp;&nbsp;Artificial Pond Permit (North Process Ponds) | &nbsp;&nbsp;NV Department of Wildlife |
| &nbsp;&nbsp;Septic Onsite Disposal | &nbsp;&nbsp;NDEP Bureau of Water Pollution Control |
| &nbsp;&nbsp;Dam Safety Permits | &nbsp;&nbsp;NV Division of Water Resources |
| &nbsp;&nbsp;Hazardous Materials Storage Permit | &nbsp;&nbsp;NV State Fire Marshal |
| &nbsp;&nbsp;Special Use Permit | &nbsp;&nbsp;Pershing County |
| &nbsp;&nbsp;Special Use Permit | &nbsp;&nbsp;Humboldt County |
| &nbsp;&nbsp;Golden Eagle Take Permit | &nbsp;&nbsp;US Fish & Wildlife Service |

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In addition to the principal environmental permits outlined above, the following table lists other notifications or ministerial permits that may likely be necessary to operate the Project, as well as the applicable agency.

**Table 1-6: Other Notifications or Ministerial Permits**

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|:---|:---|
| &nbsp;&nbsp;**Notification/Permit** | &nbsp;&nbsp;**Agency** |
| &nbsp;&nbsp;Above Ground Storage Tank Permit | &nbsp;&nbsp;Nevada Bureau of Corrective Actions |
| &nbsp;&nbsp;Agreement for Road Maintenance | &nbsp;&nbsp;Humboldt and Pershing Counties |
| &nbsp;&nbsp;Explosives Permit | &nbsp;&nbsp;Bureau of Alcohol, Tobacco, Firearms, and Explosives |
| &nbsp;&nbsp;Explosives User's License (User's Clearance) | &nbsp;&nbsp;Bureau of Alcohol, Tobacco, Firearms, and Explosives |
| &nbsp;&nbsp;Fire and Life Safety | &nbsp;&nbsp;Nevada State Fire Marshal |
| &nbsp;&nbsp;Hazardous Materials Permit | &nbsp;&nbsp;Nevada State Fire Marshal |
| &nbsp;&nbsp;Industrial Artificial Pond Permit | &nbsp;&nbsp;Nevada Department of Wildlife |
| &nbsp;&nbsp;Leach Pad Commencement | &nbsp;&nbsp;Nevada Bureau of Mining Regulation and Reclamation |
| &nbsp;&nbsp;Leach Pad As-Built Report | &nbsp;&nbsp;Nevada Bureau of Mining Regulation and Reclamation |
| &nbsp;&nbsp;Process Plant As-Built Report | &nbsp;&nbsp;Nevada Bureau of Mining Regulation and Reclamation |
| &nbsp;&nbsp;Dam Safety Permit | &nbsp;&nbsp;Nevada Division of Water Resources |
| &nbsp;&nbsp;Mine ID Number | &nbsp;&nbsp;Mine Safety & Health Administration |
| &nbsp;&nbsp;Mine Opening Notification | &nbsp;&nbsp;Nevada Division of Minerals |
| &nbsp;&nbsp;Mine Registry | &nbsp;&nbsp;Nevada Division of Minerals |
| &nbsp;&nbsp;Notification of Commencement of Operations | &nbsp;&nbsp;Mine Safety & Health Administration |
| &nbsp;&nbsp;Production/Dewatering Wells - Proof of Completion | &nbsp;&nbsp;Nevada Division of Water Resources |
| &nbsp;&nbsp;Radio License | &nbsp;&nbsp;Federal Communications Commission |
| &nbsp;&nbsp;RCRA Waste Mgt. ID - Mine | &nbsp;&nbsp;Nevada Bureau of Sustainable Materials Management/U.S. Environmental Protection Agency |
| &nbsp;&nbsp;Well Drilling Permit (Notice of Intent to Drill) | &nbsp;&nbsp;Nevada Division of Water Resources |
| &nbsp;&nbsp;Potable Water System | &nbsp;&nbsp;Nevada Bureau of Safe Drinking Water |
| &nbsp;&nbsp;Septic System | &nbsp;&nbsp;Nevada Bureau of Water Pollution Control |

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**1.14.3** **Social Considerations** 

Social and community impacts are considered and evaluated for the revision to the Plan Application and would be used in the NEPA process. Potentially affected Native American tribes, tribal organizations, and/or individuals are consulted during the preparation of all plan amendments to advise on the proposed projects that may affect cultural sites, resources, and traditional activities.

**1.14.4** **Closure and Reclamation Considerations** 

A Tentative Plan for Permanent Closure (TPPC) for the Mine is in place and is currently being updated for future submission to the BMRR with the application to modify the WPCP (NEV0094114). In the TPPC, the proposed TMF closure approach would consist of fluid management through evaporation, covering the TMF with a geosynthetic cover and growth media, and then revegetation. The design of the process components is not sufficiently advanced to determine the closure costs. Any residual TMF drainage will be managed with evaporation cells. Surface management surety bonds currently total US$58.7 million with US$58.3 million securing financial assurance requirements for the Mine and US$0.4 million securing financial assurance requirements for the water supply well field and exploration within the Project boundary. Future increases in reclamation bonding will either be through surety bonds supported by restricted cash balances or by letters of credit issued by banks.

**1.15** **Capital and Operating Cost** 

The capital cost (CAPEX) and operating cost (OPEX) estimates were developed in Q1 2026 in U.S. dollars (US$). The estimates are based on budgetary quotations, supplemented with Ausenco's in-house database, and informed by Ausenco's experience from similar operations in North America.

**1.15.1** **Capital Cost Estimate** 

The capital cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The CAPEX estimate includes the following:

● Initial
 capital cost to design, construct, and commission the mine, process plants, and supporting
 facilities and infrastructure.

● Sustaining
 capital to construct and commission equipment replacement and other major capital expenses
 expected after commercial production commences.

● Closure
 costs associated with reclaimation of the project site after operations have ceased.

The initial, sustaining, and total costs of the project are summarized by major areas in Table 1-7.

**Table 1-7: Capital Cost Summary**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**WBS** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Capital Cost (US$M)** | &nbsp;&nbsp;**Sustaining Cost (US$M)** | &nbsp;&nbsp;**Total Cost<sup>1</sup> (US$M)** |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;Mining | &nbsp;&nbsp;194 | &nbsp;&nbsp;1171 | &nbsp;&nbsp;1365 |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Crushing | &nbsp;&nbsp;48 | &nbsp;&nbsp;60 | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Sulfide Process | &nbsp;&nbsp;915 | &nbsp;&nbsp;776 | &nbsp;&nbsp;1692 |
| &nbsp;&nbsp;4000 | &nbsp;&nbsp;Oxide Process | &nbsp;&nbsp;16 | &nbsp;&nbsp;46 | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;5000 | &nbsp;&nbsp;Waste Rock Storage & TMF | &nbsp;&nbsp;208 | &nbsp;&nbsp;515 | &nbsp;&nbsp;723 |
| &nbsp;&nbsp;6000 | &nbsp;&nbsp;Onsite Infrastructure | &nbsp;&nbsp;139 | &nbsp;&nbsp;9 | &nbsp;&nbsp;148 |
| &nbsp;&nbsp;7000 | &nbsp;&nbsp;Offsite Infrastructure | &nbsp;&nbsp;43 | &nbsp;&nbsp;366 | &nbsp;&nbsp;409 |
| &nbsp;&nbsp;**Total Direct Costs** | &nbsp;&nbsp;**Total Direct Costs** | &nbsp;&nbsp;**1563** | &nbsp;&nbsp;**2944** | &nbsp;&nbsp;**4507** |
| &nbsp;&nbsp;8000 | &nbsp;&nbsp;Indirects | &nbsp;&nbsp;382 | &nbsp;&nbsp;27 | &nbsp;&nbsp;409 |
| &nbsp;&nbsp;9000 | &nbsp;&nbsp;Provisions | &nbsp;&nbsp;448 | &nbsp;&nbsp;136 | &nbsp;&nbsp;584 |
| &nbsp;&nbsp;10000 | &nbsp;&nbsp;Owner's Costs | &nbsp;&nbsp;41 | &nbsp;&nbsp;- | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;**Total Capital Cost** | &nbsp;&nbsp;**Total Capital Cost** | &nbsp;&nbsp;**2434** | &nbsp;&nbsp;**3107** | &nbsp;&nbsp;**5541** |

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Note:

1. Totals
 may not match due to rounding

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**1.15.2** **Operating Cost Estimate** 

The operating cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The OPEX estimate for the project includes expenses incurred by the mine, process plant, and administration of the operation (G&A costs). A summary of the mining, processing, and G&A operational costs by LOM total cost and unit cost (US$/ton) is in Table 1-8.

**Table 1-8: Operating Cost Summary**

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cost Area** | &nbsp;&nbsp;**LOM Total (US$M)<sup>1</sup>** | &nbsp;&nbsp;**US$/ton milled** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;8683<sup>2</sup> | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;31.5 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;18245 | &nbsp;&nbsp;14.52 | &nbsp;&nbsp;66.1 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;664 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27592** | &nbsp;&nbsp;**21.96** | &nbsp;&nbsp;**100** |

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Note:

1. Totals
 may not match due to rounding

2. Includes
 10% contingency

**1.16** **Economic Analysis** 

**1.16.1** **Economic Summary** 

The results of the economic analysis discussed in this section represent forward-looking information as defined under U.S. securities law. The results depend on inputs that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented here.

Information that is forward-looking includes:

● mineral
 resource estimates

● assumed
 commodity prices and exchange rates

● proposed
 mine production plan

● projected
 mining and process recovery rates

● assumptions
 as to mining dilution

● capital
 and operating cost estimates and working capital requirements

● assumptions
 as to closure costs and closure requirements

● assumptions
 as to environmental, permitting and social consideration and risks.

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Additional risks to the forward-looking information includes:

● changes
 to costs of production from what is assumed

● unrecognized
 environmental risks

● unanticipated
 reclamation expenses

● unexpected
 variations in quantity of mineralized material, grade or recovery rates

● geotechnical
 or hydrogeological considerations differing from what was assumed

● failure
 of mining methods to operate as anticipated

● failure
 of plant, equipment or processes to operate as anticipated

● changes
 to assumptions as to the availability of electrical power, and the power rates used in the
 operating cost estimates and financial analysis

● ability
 to maintain the social license to operate

● accidents,
 labor disputes and other risks of the mining industry

● changes
 to interest rates

● changes
 to tax rates and availability of allowances for depreciation and amortization.

The economic analysis was completed assuming a 5% discount rate. The pre-tax NPV discounted at 5% is US$5,437 million; the IRR is 18.9%, and payback period is 4.3 years. On a post-tax basis, the NPV discounted at 5% is US$4,344 million, the IRR is 16.9%, and the payback period is 4.7 years. A summary of project economics is listed in Table 1-9.

Readers are cautioned that the assessment is preliminary in nature and there is no certainty that the economic assessment will be realized. However, it does not include any inferred mineral resources.

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**Table 1-9: Economic Analysis Summary**

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| | |
|:---|:---|
|  | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**General Inputs** | &nbsp;&nbsp;**General Inputs** |
| &nbsp;&nbsp;Gold Price | &nbsp;&nbsp;3600 |
| &nbsp;&nbsp;Silver Price | &nbsp;&nbsp;48.00 |
| &nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;5.0 |
| &nbsp;&nbsp;**LOM Production** | &nbsp;&nbsp;**LOM Production** |
| &nbsp;&nbsp;Total Mineralized Material Mined | &nbsp;&nbsp;1496134 |
| &nbsp;&nbsp;Total Waste Mined | &nbsp;&nbsp;2320719 |
| &nbsp;&nbsp;Average Strip Ratio | &nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Life of Mine | &nbsp;&nbsp;50.5 |
| &nbsp;&nbsp;Total Mill Feed Processed | &nbsp;&nbsp;1046284 |
| &nbsp;&nbsp;Average Mill Feed Grade (Au) | &nbsp;&nbsp;0.012 |
| &nbsp;&nbsp;Average Mill Feed Grade (Ag) | &nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;Total Leach Material Processed | &nbsp;&nbsp;210010 |
| &nbsp;&nbsp;Average Leach Feed Grade (Au) | &nbsp;&nbsp;0.005 |
| &nbsp;&nbsp;Average Leach Feed Grade (Ag) | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;Total Recovered Gold | &nbsp;&nbsp;10476 |
| &nbsp;&nbsp;Total Recovered Silver | &nbsp;&nbsp;349208 |
| &nbsp;&nbsp;Average Mill Feed Gold Recovery | &nbsp;&nbsp;82.8 |
| &nbsp;&nbsp;Average Mill Feed Silver Recovery | &nbsp;&nbsp;77.5 |
| &nbsp;&nbsp;Average Leach Gold Recovery | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;Average Leach Silver Recovery | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;Life of Mine Payable Gold Production | &nbsp;&nbsp;10424 |
| &nbsp;&nbsp;Life of Mine Payable Silver Production | &nbsp;&nbsp;347462 |
| &nbsp;&nbsp;Life of Mine Payable Gold Equivalent Production | &nbsp;&nbsp;15057 |
| &nbsp;&nbsp;**Refining, Royalties** | &nbsp;&nbsp;**Refining, Royalties** |
| &nbsp;&nbsp;Gold Payable | &nbsp;&nbsp;99.5 |
| &nbsp;&nbsp;Silver Payable | &nbsp;&nbsp;99.5 |
| &nbsp;&nbsp;NSR Royalty | &nbsp;&nbsp;2.14 |
| &nbsp;&nbsp;Refining Costs - Au | &nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;Refining Costs - Ag | &nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;**LOM Operating Costs** | &nbsp;&nbsp;**LOM Operating Costs** |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;2.28 |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;6.91 |
| &nbsp;&nbsp;Processing Cost | &nbsp;&nbsp;14.52 |
| &nbsp;&nbsp;G&A Cost | &nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Total Operating Cost | &nbsp;&nbsp;21.96 |
| &nbsp;&nbsp;Cash Costs<sup>1</sup> | &nbsp;&nbsp;1924 |
| &nbsp;&nbsp;All-In Sustaining Cost<sup>2</sup> | &nbsp;&nbsp;2147 |
| &nbsp;&nbsp;**Capital Costs** | &nbsp;&nbsp;**Capital Costs** |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;2434 |
| &nbsp;&nbsp;Sustaining Capital | &nbsp;&nbsp;3107 |
| &nbsp;&nbsp;Closure Costs | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;**Financials** | &nbsp;&nbsp;**Financials** |
| &nbsp;&nbsp;Pre-Tax NPV (5%) | &nbsp;&nbsp;5437 |
| &nbsp;&nbsp;Pre-Tax IRR | &nbsp;&nbsp;18.9 |
| &nbsp;&nbsp;Pre-Tax Payback | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Post-Tax NPV (5%) | &nbsp;&nbsp;4344 |
| &nbsp;&nbsp;Post-Tax IRR | &nbsp;&nbsp;16.9 |
| &nbsp;&nbsp;Post-Tax Payback | &nbsp;&nbsp;4.7 |

---

Notes:

1. Cash
 costs consist of mining costs, processing costs, mine-level G&A and refining charges
 and royalties

2. AISC
 includes cash costs plus sustaining capital and closure costs

Hycroft Mine Project Page 17 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**1.16.2** **Sensitivity Analysis** 

A sensitivity analysis was conducted on the base case NPV and IRR of the project using the following variables: discount rate, head grade, recovery, total operating cost, initial capital cost, as well as silver and gold prices, which were encompassed in a single variable, metal price.

As shown in Figure 1-1, the sensitivity analysis revealed that the project is most sensitive to changes in metal price, head grade, and recovery.

**Figure 1-1: Post-Tax Sensitivity Analysis Results**

![](ex1_002.jpg)

![](ex1_003.jpg)

Note: Metal price, head grade, and recovery series overlap on the above figure. Source: Ausenco, 2026

Hycroft Mine Project Page 18 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**1.17** **Conclusions** 

Hycroft, in conjunction with IMC, developed the Hycroft deposit block model based on 5,813 drillholes with 516,901 drill intervals amounting to 2,668,616 ft of drilling. The model was assembled by Ryan Rodney, C.P.G. of Hycroft. IMC worked with Hycroft and reviewed the final model. IMC is the qualified firm for the statement of mineral resources with John Marek, P.E., acting as the Engineer of Record.

Previous metallurgical testwork programs conducted on the Hycroft sulfide deposit consisted of a series of comminution, flotation, concentrate oxidation, and cyanide leaching tests on mineralized materials, flotation tailings, and oxidized sulfide concentrates.

Comminution testwork indicates that the Hycroft mineralization exhibits very high rock competency. Flotation testwork, conducted at a grind sizes of P<sub>80</sub> of 85 µm, under acidic conditions (pH of 4.7) using strong non-selective sulfide collectors, demonstrated improved flotation performance. Flotation residence time was identified as a key parameter, and optimized test conditions targeted a mass pull of approximately 22% to 25%, resulting in favorable Au and Ag recoveries.

Metallurgical testwork conducted between 2021 and 2025 indicates that the Hycroft sulfide mineralization can be processed using a flotation and POX flowsheet. Flotation optimization resulted in improved gold and silver recoveries, and POX test results support the application of POX followed by hot cure, lime boil, and cyanide leaching for treatment of the pyrite concentrate.

The MRE statement was developed using a conventional computer-based block model. Each block was evaluated to determine the net return from the following two processes:

● ROM
 cyanide heap leaching and Merrill-Crowe of oxide and some transition materials.

● Milling,
 Flotation, POX, Hot Cure, and Lime Boil followed by Cyanide Leach and Merrill-Crowe of sulfide
 and some transition materials.

The Initial Assessment indicates that the selected development has the potential to support economic extraction of the Hycroft mineral resources based on the study adopted for mining, processing, infrastructure, capital and operating costs, and commodity prices. The economic analysis demonstrates positive project economics. However, project value remains sensitive to key factors including metal prices, metallurgical performance, capital cost estimates, and operating assumptions. Additional metallurgical testwork, engineering refinement, and economic optimization are recommended in the next study phase to reduce uncertainty and improve confidence in project outcomes.

**1.18** **Recommendations** 

Recommendations cover the discipline areas of exploration and resource model refinement, mineral processing and metallurgical testing, and overall project configuration to support the evaluation at the PFS level. The total recommended budget estimate to complete the programs is $22,050,000.

Hycroft Mine Project Page 19 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| **2** | **Introduction** |

---

**2.1** **Introduction** 

This technical report summary (TRS) summarizes the results of an initial assessment with an economic analysis (IA-EA) for the Mine located in northwestern Nevada. The work has been prepared at the request of Hycroft Mining Holding Corporation (Hycroft). The TRS follows the requirements and outline as described in the. US Securities and Exchange Commission Code of Federal Regulations, Subpart 229.1300 – Disclosure by Registrants Engaged in Mining operations (S-K 1300). This TRS has been completed by Ausenco Engineering South USA (Ausenco), Hycroft, Independent Mining Consultants, Inc. (IMC) and WestLand Engineering & Environmental Services (WestLand) (collectively, the Report Authors).

The updated statement of mineral resources reflects information developed through 2025.

This TRS supersedes all previous technical studies, including the TRS filed on EDGAR under Form 8-K on January 21, 2026.

The MRE is based on information provided by Hycroft which has been checked and validated wherever possible by IMC. The MRE is based on information provided by Hycroft. IMC, an independent third party with necessary relevant experience, has checked and validated the MRE wherever possible, and is assuming responsibility for the published MRE.

**2.2** **Terms of Reference** 

Some sections of this report were published previously as part of a previous technical report summary filed in January 2026 (the 2026 TRS) and are listed below in Section 2.6.2. The sections of these reports which were utilized have been reviewed by both IMC and Ausenco in sufficient detail so that the Qualified Persons (QPs) at IMC and Ausenco have assumed responsibility for this work.

Hycroft staff have provided all requested information and have worked with Ausenco, IMC and Westland Engineering in an open and transparent manner throughout the Project period.

All units of measurement in this report are in US customary units and currencies are expressed in United States dollars (symbol: US$ or currency: USD), unless otherwise stated. Precious metal grades are presented in units of troy ounces per short ton (oz/ton). The occasional use of non-US customary units will be clearly noted and explained in text when they occur. Tons mean short tons of 2,000 lbs, Ktons means 1,000 short tons.

This TRS presents the MRE for the Hycroft Mine (the Mine), and an economic analysis based on pressure oxidation (POX) for sulfide material and Heap Leaching for oxide material. Transitional material may be processed by either process.

Hycroft Mine Project Page 20 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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Mineral resources are reported in accordance with SK-1300.

**2.3** **Qualified Persons** 

Below is a list of the firms that acted as QPs in the preparation of this TRS:

● Ausenco
 Engineering USA South Inc. is responsible for sections 1.1, 1.2, 1.8, 1.11, 1.12, 1.13, 1.15,
 1.16, 1.17, 1.18, 2.1-2.4.1, 2.5-2.7, 10, 14-16, 18.1-18.2.3, 18.2.4- 18.2.7, 18.2.8.2-18.3.2,
 18.3.4, 18.3.5, 19, 22.1, 22.5, 22.7-22.12, 22.13.1.3, 22.13.1.5-22.13.1.7, 22.13.2.2, 22.13.2.4,
 22.13.2.5, 23.1, 23.4, 23.6, 24 and 25.

● Hycroft
 is responsible for sections 1.3-1.7, 1.15,3-9, 12, 20, 22.2-22.4, 22.13.1.1, 22.13.1.2,
 22.13.2.1, 23.1-23.3, and 24.

● Independent
 Mining Consultants, Inc. is responsible for sections 1.9, 1.10, 1.15, 1.18, 2.4.2, 11,
 13, 18.2.3, 18.2.8.1, 18.3.1, 18.3.3, 22.6, 22.13.1.4, 22.13.2.3, 23.1, 23.5 and 24.

● WestLand
 Engineering & Environmental Services, Inc., is responsible for Section 1.14, 17 and 24.

**2.4** **Site Visits and Scope of Personal Inspection** 

**2.4.1** **Site inspection for Jonathan Cooper** 

Ausenco's QP, Jonathan Cooper, P.Eng., completed a site visit of the Hycroft property from April 8 to 11, 2024 to inspect the existing infrastructure.

**2.4.2** **Site inspection for John Marek** 

IMC's QP, John Marek, P.E., completed a site visit on August 5, 2021, to review the existing core and logs.

**2.5** **Effective Dates** 

The overall effective date of this report is May 14, 2026.

**2.6** **Information Sources and References** 

**2.6.1** **General** 

The authors sourced information from documents listed in the References section of this report (Section 24).

The reports and documents listed in Section 2.6.2 and Section 25 of this Report were also used to support preparation of the TRS.

Hycroft Mine Project Page 21 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**2.6.2** **Previous Technical Reports** 

Hycroft previously filed the following technical reports:

● Hycroft
 Technical Report Summary and Initial Assessment, Nevada, USA. Prepared by Ausenco Engineering
 South USA Inc for Hycroft Mining Holding Corporation. Effective date: January 21, 2026.

● Initial
 Assessment Technical Report Summary; Humboldt and Pershing Counties. Prepared by Ausenco
 Engineering USA South Inc for Hycroft Mining Holding Corporation. Effective date: March 27,
 2023.

● Technical
 Report Summary of Initial Assessment on the Hycroft Mine, Nevada, United States of America.
 Prepared by Ausenco Engineering USA South Inc for Hycroft Mining Holding Corporation, Effective
 date: February 18, 2022.

● Hycroft
 Project Technical Report Summary: Heap Leaching Feasibility Study, Winnemucca, Nevada, USA.
 Prepared by M3 Engineering & Technology Corp for Hycroft Mining Corporation. Effective
 date: July 31, 2019.

Hycroft completed the following technical report in accordance Canada's National Instrument 43-101 Standards of Disclosure for Mineral Projects and which are available on the SEDAR website (www.SEDARplus.ca)

● Hycroft
 Project NI 43-101 Technical Report: Mill Expansion Feasibility Study, Winnemucca, Nevada,
 USA. Prepared by M3 Engineering & Technology Corp. for Allied Nevada Gold Corp. Effective
 date: November 03, 2014.

**2.7** **Currency, Units, Abbreviations and Definitions** 

All units of measurement in this report are US customary, and all currencies are expressed in US dollars (symbol: US$; currency: USD) unless otherwise stated. Contained gold metal is expressed as troy ounces (oz), where 1 oz = 31.1035 g. All material tons are expressed as dry tons unless stated otherwise. A list of abbreviations and acronyms is provided in Table 2-1, and units of measurement are listed in Table 2-2.

**Table 2-1: Abbreviations and Acronyms**

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| | |
|:---|:---|
| **Abbreviation** | **Description** |
| AAL | American Assay Laboratories |
| AAO | atmospheric alkaline oxidation |
| AAS | atomic absorption spectroscopy |
| AES | atomic emission spectrometry |
| Allied Nevada | Allied Nevada Gold Corp. |
| AR | aqua regia |
| Ag | Silver |
| ALS | Auld Lang Syne formation |
| Au | Gold |
| Ausenco | Ausenco Engineering USA South Inc. |
| Az | Azimuth |
| BLM | Bureau of Land Management |
| BWi | bond ball mill work index |
| CCD | counter-current decantation |

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Hycroft Mine Project Page 22 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| **Abbreviation** | **Description** |

---

---

| | |
|:---|:---|
| CNI | Call & Nicholas, Inc. |
| CWi | bond crusher work index |
| DDH | diamond drill hole |
| DSHA | deterministic seismic hazard assessment |
| EA | Environmental Assessment |
| EDGAR | Electronic Data Gathering, Analysis, and Retrieval |
| FA | fire assay |
| FPCP | Final Permanent Closure Plan |
| G&A | general and administration |
| HLF | Heap leach facility |
| Hycroft | Hycroft Mining Holding Corporation |
| IA | initial assessment |
| ICP | inductively coupled plasma |
| ID2 | inverse distance squared |
| ID3 | inverse distance cubed |
| IMC | Independent Mining Consultants, Inc. |
| IA-EA | Initial assessment with economic analysis |
| IP | induced polarization |
| ISO | International Organization for Standardization |
| LECO | Laboratory Equipment Corporation |
| LOM | life of mine |
| LWIR | Longwave Infrared |
| LTI | lost time incident |
| M3 | M3 Engineering and Technology Corp |
| MRE | mineral resource estimate |
| MS | mass spectrometry |
| MWWAI | Michael W. West and Associates Inc. |
| NDEP | Nevada Division of Environmental Protection |
| NDOW | Nevada Department of Wildlife |
| NDWR | Nevada Division of Water Resources |
| NEPA | National Environmental Policy Act |
| NN | nearest neighbor |
| NSR | net smelter return |
| OES | optical emission spectrometry |
| POX | pressure oxidation |
| QA/QC | quality assurance/quality control |
| QP | qualified person (as defined in National Instrument 43-101) |
| RC | reverse circulation drilling |

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Hycroft Mine Project Page 23 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| **Abbreviation** | **Description** |

---

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| | |
|:---|:---|
| ROM | run-of-mine |
| RPEE | reasonable prospects for economic extraction |
| RQD | rock quality designation |
| SD | standard deviation |
| SEC | Securities and Exchange Commission |
| SHLF | South Heap Leach Facility |
| S-K 1300 | US Securities and Exchange Commission Ruling S-K Subpart 1300 |
| SRK | SRK Consulting (US) Inc. |
| SS | sulfide sulfur |
| SWIR | Shortwave Infrared |
| the Mine | Hycroft Mine |
| TMF | tailings management facility |
| TRIFR | Total Recordable Incident Frequency Rate |
| TRS | technical report summary |
| TSG | Tertiary Sulfur Group |
| USGS | United States Geological Survey |
| USFWS | US Fish and Wildlife Service |
| Westland | WestLand Engineering & Environmental Services, Inc. |
| WSP | WSP Global Inc. |

---

**Table 2-2: Units of Measurement**

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| | |
|:---|:---|
| **Unit** | **Description** |
| µm | micrometer |
| Ac | acre |
| Asl | above sea level |
| Axb | hardness of ore in term of impact breakage, unitless |
| B | billion |
| Bgs | below ground surface |
| Bton | billion short tons |
| °C | Celsius |
| Cfs | cubic feet per second |
| D | day |
| °F | fahrenheit |
| ft | feet |
| ft/a | feet per year |
| GWh/a | gigawatt-hours per year |

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Hycroft Mine Project Page 24 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| **Unit** | **Description** |

---

---

| | |
|:---|:---|
| g | gram (unit of weight) |
| gal | gallon |
| gal/a | gallons per year |
| gal/min | gallons per minute |
| g/ton, gm/ton | grams per short ton |
| Hp | horsepower |
| hr | hour |
| in | inch |
| in/a | inches per year |
| kg | kilogram |
| km | kilometer |
| Km<sup>2</sup> | Square kilometer |
| kt | kilotonne (1,000 metric tonnes) |
| ktons | kilo short tons |
| kV | kilovolt |
| kWh/ton | kilowatt-hours per ton |
| lb | pound |
| M | million |
| masl | Meters above sea level |
| mi | mile |
| mi<sup>2</sup> | square mile |
| mm | millimeters |
| mph | miles per hour |
| Mt | million tonnes |
| Mtons | million short tons |
| Mtons/a | million short tons per year |
| min. | minute |
| Moz | million troy ounces |
| MW | megawatt |
| oz | troy ounce |
| oz/ton | troy ounces per short ton |
| pcf | pounds per cubic foot |
| ppm | parts per million |
| ppt | parts per trillion |
| psig | pressure per square inch |
| shifts/a | shifts per year |
| t | metric tonne (1,000 kg) |
| t/d | tonnes per day |
| ton | short ton (2,000 pounds) |
| ton/a | short tons per year |
| ton/d | short tons per day |
| tn | short ton |
| TSS | total suspended solids |
| units/a | units per year |
| US$, USD | United States dollars (symbol; currency) |
| US$/a | United States dollars per year |
| US$/ton | United States dollars per short ton |
| wt/wt | weight percent |
| % | percent |

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Hycroft Mine Project Page 25 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| **3** | **Property Description** |

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**3.1** **Introduction** 

The Mine is an existing gold and silver operation located 54 miles west of Winnemucca in Humboldt County and Pershing County, Nevada, as shown in Figure 3-1. The Site is accessible via Nevada State Route 49 (Jungo Road), an all-weather, unpaved road that is maintained by Humboldt County and Hycroft. A major east–west railway runs immediately adjacent to the property.

The Mine property straddles Townships 34, 35, 35½ and 36 north and Ranges 28, 29 and 30 east (MDB&M) with an approximate latitude 40°52' north and longitude 118°41' west. The mine is situated on the western flank of the Kamma Mountains on the eastern edge of the Black Rock Desert.

The Mine property was consolidated through multiple transactions over several years and is described below. Some unpatented mining claims overlap other Hycroft patented and unpatented mining claims to ensure there are no fractional claim gaps. Existing facilities on site include two administration buildings, a mobile maintenance shop, a light vehicle maintenance shop, a warehouse, an assay laboratory, three heap leach pads – Crofoot, North, and Brimstone, primary, secondary and tertiary crushing systems, two Merrill-Crowe process plants and a refinery. It is considered that existing components of the mine property would be utilized for future development. The Mine operates under permit authorization from the Bureau of Land Management (BLM), Nevada Division of Environmental Protection (NDEP), Nevada Department of Wildlife (NDOW), Nevada Division of Water Resources (NDWR) and County agencies. As of the effective date of this report, Hycroft has approximately 52 employees.

**3.2** **Property and Title in Jurisdiction** 

The Mine is owned and managed by Hycroft Resources and Development, LLC, a wholly owned subsidiary of Hycroft Mining Holding Corporation.

Hycroft Mine Project Page 26 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 3-1: Hycroft Mine Location Map**

Source: Nevada Bureau of Mines, 2023

**3.3** **Project Ownership** 

The property containing the Mine property consists of 25 private parcels with patented claims totaling approximately 1,855 acres, along with 3,249 unpatented mining claims covering approximately 62,298 acres, for a combined total of approximately 64,000 acres. Some mining claims overlap other Hycroft Mining claims to ensure there are no fractional gaps in mining claim coverage.

Hycroft Mine Project Page 27 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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There are 30 unpatented placer claims, and 3,219 unpatented lode claims are in Humboldt County and Pershing County, Nevada as follows:

● T36N,
 R29E, Sections: 28, 32, 33

● T36N,
 R30E, Sections: 19, 28-34

● T35
 1/2N, R29E, Sections: 25, 26, 35, 36

● T35N,
 R29E, Sections: 1-3, 10-15, 21-28, 31-36

● T35N,
 R30E, Sections: 2-10, 15-23, 25-36

● T34N,
 R28E, Sections: 1, 2, 11, 12, 13

● T34N,
 R29E, Sections: 1-28, 33

● T34N,
 R30E, Sections: 2-11, 17-20, 29, 30

The 25 private patented claims are located in Humboldt County and Pershing County, Nevada as follows:

● T35N,
 R29E, Sections: 24, 25, 35, 36

● T35N,
 R30E, Sections: 19, 30, 31

● T34N,
 R29E, Sections: 1, 2

The mining claim package is depicted in Figure 3-2. Individual mining claims for each township range and section are presented in Appendix A – Patented Claims and Appendix B – Unpatented Claims. The project centroid is defined in the following mine grid coordinates: 51500 N and 20500 E.

This point is located central to all mine facilities. The project centroid shall be used to reference all other locations within one mile.

Much of the project area is located on un-surveyed public and private land for which the sections, ranges, and townships listed above have been interpolated. Patented claims have been surveyed (Wilson, 2008; Prenn, 2006). The following is a list of land acquisitions/transactions made over the years which constitute the entire Hycroft land claim package and has been assembled through a series of transactions.

The Crofoot property and approximately 3,500 acres of claims were acquired by Vista in 1985. The Crofoot property, originally held under lease, is owned by Hycroft. The Crofoot royalty was terminated January 7, 2026. The Lewis property and approximately 8,700 acres of claims were acquired by Vista in early 1987. In 2006, approximately 13,100 acres of additional claims were staked by Vista. These claims are contiguous or proximate to the original Crofoot and Lewis claims.

From 2007 through 2015, Hycroft staked additional lode mining claims contiguous to existing Hycroft claims that cover approximately 37,373 acres. Some of these lode claims overlap existing placer claims.

Hycroft Mine Project Page 28 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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Payment of annual claim maintenance and holding fees to the BLM and Humboldt and Pershing Counties and payment of annual real property taxes for patented claims in Humboldt and Pershing Counties are made every third quarter (Q3). Payments are current through the 2025–2026 claim years, with US$724,095 paid for 2025–2026. Payment of annual claim maintenance and holding fees and real property taxes are required to continue to hold the Hycroft property in good standing from. BLM annual maintenance fees for claims are due not later than September 1 of each year. Humboldt and Pershing County State annual holding fees beginning September 1 of each year are due no later than November 1 of each year. Annual real property taxes for patented claims in Humboldt and Pershing Counties are due August 31 of the following year.

Hycroft controls all surface and mineral rights within the Hycroft MRE area. No further land acquisition is required for the operation of the mine and contemplated processing facilities.

Figure 3-3 shows the property layout including site facilities, mine workings, leach pads and waste dumps.

**3.4** **Property Agreements** 

Table 3-1 shows the royalty amount and other annual land holding costs.

**Table 3-1: Hycroft Annual Land Holding Costs**

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| | | | |
|:---|:---|:---|:---|
| **Month Due** | **Lessor** | **Type** | **Amount** |
| Monthly | Sprott Royalty<sup>1</sup> | Net Smelter Return Royalty | 1.5% NSR |
| August-October | US BLM, Humboldt & Pershing Counties | Claim Fees | US$724,095 |

---

Note:

1. The
 Sprott royalty is equal to 1.5% of Net Smelter Returns (NSR) free and clear of withholding
 taxes or similar taxes.

Hycroft Mine Project Page 29 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 3-2: Claim Map**

Source: Hycroft, 2026

Hycroft Mine Project Page 30 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 3-3: Current Property and Facilities Layout (2025)**

Source: Hycroft, 2026

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**3.5** **Surface Rights** 

Hycroft controls all surface and mineral rights within the Hycroft MRE area. No further land acquisition is required for the operation of the mine and contemplated processing facilities.

**3.6** **Water Rights** 

Hycroft controls 16 separate water-right permits administered by the NDWR. These permits are held in ownership either by Hycroft, or by other private parties and leased to Hycroft. Water resources to support the Mine are controlled under 14 permits in the Black Rock Desert Basin totaling 20,414.9 acre-ft/a (6.65 billion gal/a). Two of these water permits are outside the Black Rock Desert Hydrographic Basin and used to support construction maintenance of Jungo Road with Humboldt County.

**3.7** **Liabilities and Encumbrances** 

The consolidated financial statements of Hycroft Mining Holding Corporation set forth its material liabilities as of the date of such financial statements. The assets of Hycroft Mining Holding Corporation and its subsidiaries (collectively, the Company) are subject to encumbrances and obligations, including encumbrances and obligations under and associated with the Sprott Royalty Agreement dated May 29, 2020, by and between the Company and Sprott Private Resource Lending II (Co) Inc.

**3.8** **Environmental Considerations** 

Gold production began on the property in 1983 and continued through 1985 when Standard Slag opened the Lewis Mine. There was a brief gap in mining until Hycroft acquired the Lewis Mine and the Crofoot claims and recommenced mining in 1988. Mining operations continued until 1998 when mining was placed on standby due to low metal prices. Process operations continued until 2004 when the property was placed on care and maintenance.

Efforts began in 2003 to update the Reclamation Plan, associated cost estimate, and related amount of surety bond posted with the BLM. During the years 2011 and 2012, Hycroft increased collateral account balances to support additional surety bonds for the benefit of the BLM. These additional surety bonds allowed Hycroft to continue operations at the Mine and to expand exploration activities outside of the Mine. In 2011, Hycroft received a reimbursement of US$0.5 million related to reclamation costs that had been paid out.

In January 2014, the BLM approved an updated reclamation cost estimate allowing for the phased bonding of the expansion activities. The required bond amount was lowered from US$63 million to US$58.3 million. Hycroft has Surface Management Surety Bonds with insurance companies that meet the financial requirements of the BLM to comply with the total requirement of US$58.3 million as detailed in the September 2013 reclamation cost estimate that requested the phasing of the mill expansion activities. Additionally, Hycroft has posted a bond with the BLM in the amount of US$0.6 million for the adjacent water supply well field, well field monitoring and exploration within the project boundary. Hycroft has US$14.4 million in restricted cash for collateral for these bonds.

Hycroft Mine Project Page 32 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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The Hycroft area has been surveyed for surface water resources, including Waters of the United States, biological resources, cultural resources, and groundwater resources. The Golden Eagle (Aquila chrysaetos) is known to occur adjacent to the Hycroft Project. Hycroft is working with the BLM and the US Fish and Wildlife Service (USFWS) in the management of this species.

**3.9** **Safety Considerations** 

The operation of the Mine is subject to regulation by the Federal Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (the Mine Act). MSHA inspects the Mine on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. In years ending 2024 and 2025, after multiple inspections, MSHA has issued no (0) citations and no (0) "Significant and Substantial" Violations under section 104(a) of the Mine Act. There have been no fines including citations and orders issued to contractors for the year ending May 1, 2026.

Hycroft mandated mine safety and health programs include employee and contractor training, risk management, workplace inspection, emergency response, accident investigation, and program auditing with a goal to have zero workplace injuries and occupational illness. In 2023, Hycroft implemented multifunctional workplace inspections and monthly employee engagement sessions. As a result, Hycroft has now operated for three consecutive years at a 0.0 Total Recordable Incident Frequency Rate (TRIFR) and achieved over 1.4 million hours without a Lost Time Incident (LTI). The Mine's TRIFR per 200,000 man-hours worked including contractors was 0.0 on May 1, 2026.

**3.10** **Permitting Considerations** 

The Mine operates under permit authorizations from the BLM, NDEP, NDOW, and NDWR. All operating and environmental permits, approved by the BLM, NDEP, NDOW and NDWR, are in good standing for mining operations. Table 3-2 summarizes the operating permits while Table 3-3 shows the miscellaneous permits for the property.

**Table 3-2: Hycroft Operating Permits**

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| | | | |
|:---|:---|:---|:---|
| **Operating Permits** | **Issuing Agency** | **Number** | **Status** |
| Plan of Operations | BLM | NVN-064641 | Current |
| Eagle Take Permit | USFWS | MB90099B-0 | Current |
| Mercury Operating Permit to Construct | NDEP - BAPC | AP1041-2255 | Current |
| Class I Air Quality Operating Permit to Construct | NDEP - BAPC | AP1041-2974 | Incorporated into the Class II AQOP |
| Class I Air Quality Operating Permit to Construct | NDEP - BAPC | AP1041-3344 | Incorporated into the Class II AQOP |
| Class I Air Quality Operating Permit | NDEP - BAPC | AP1041-2964 | Current |
| Permit to Operate a Public Water System | NDEP - BSDW | HU-0864-12NTNC | Current |
| Class II Air Quality Permit | NDEP - BAPC | AP1041-0334.05 | Current |
| Water Pollution Control Permit-Crofoot Project | NDEP - BMRR | NEV60013 | Current |
| Water Pollution Control Permit-Brimstone Project | NDEP - BMRR | NEV94114 | Current (Application Shield) |
| Bioremediation Facility Permit | NDEP - BMRR | GNV041995-HGP15 | Superseded by Water Pollution Control Permit |
| Reclamation Permit | NDEP - BMRR | 134 | In Renewal |
| Mining General Stormwater Pollution Prevention Permit | NDEP - BWPC | R300000: MSW-177 | Current |
| Class III Landfill Waiver | NDEP - BSMM | SWW-346 | Current |
| Artificial Pond Permit (Brimstone Process Ponds) | NDOW | HU019 – S503626 | Current |
| Artificial Pond Permit (Crofoot Process Ponds) | NDOW | HU009 – 39469 | Current |
| Artificial Pond Permit (North Process Ponds) | NDOW | HU022-39468 | Current |
| Artificial Pond Permit (Stage 1 Ponds) | NDOW | HU022-40377 | Current |
| General Onsite Sewage Disposal System | NDEP - BWPC | GNEVOSDS09 | Current |
| Dam Safety Permit (Crofoot Process Ponds) | NDWR | J-273 | Current |
| Dam Safety Permit (Brimstone Leach Event Pond) | NDWR | J-683 | Current |
| Dam Safety Permit (North Leach Event Ponds) | NDWR | J-687 | Current |
| Dam Safety Permit (Stage 1 Event Ponds) | NDWR |  | Pending |
| Hazardous Materials Storage Permit | NV State Fire Marshal | 8250 | Current |
| Special Use Permit | Pershing County | SUP 12-04 | Current |
| Special Use Permit | Humboldt County | UH-12-04 | Current |

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Hycroft Mine Project Page 33 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 3-3: Hycroft Miscellaneous Permits**

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| **Operating Permits** | **Number** | **Status** |
| Microwave Repeater; Sec. 29, 30 BLM | NVN46292 | Current |
| ROW Wells/Pipeline/Power Line; Sec. 3 BLM | NVN46564 | Current |
| ROW 2 Wells/Pipeline/Power Line BLM | NVN46959 | Current |
| ROW Road and Waterline (Old Man camp to Lewis) BLM | NVN39119 | Current |
| ROW Crofoot pipeline BLM | NVN44999 | Current |
| ROW 24 kV Aerial Powerline, Lewis/Floka BLM | NVN54893 | Current |
| Kamma Peak Station FCC | WNER344 | Current |
| Sulfur Mine Station FCC | WNER345 | Current |
| Winnemucca Mountain Station FCC | WNER346 | Current |
| Base Station and 45 Mobile Units FCC | WNKK336 | Current |

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Operating and miscellaneous permits that require annual maintenance fees are shown in Table 3-4. Fixed annual fees are required for storm water and public drinking water system permits based upon the current Nevada regulatory structure. The other annual fees are based on annual mining production, quantities and types of chemicals stored on site, existing and permitted surface disturbance, and the level of actual and permitted air emissions. The variable fees shown are based upon the 2025 operational conditions.

**Table 3-4: Hycroft Miscellaneous Permits**

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| | |
|:---|:---|
| **Permit and Fee Description** | **Annual Amount (US$)** |
| Air Quality Operating Permit AP1041-0334.05 | Fees are incorporated into title V permit. |
| Air Quality Operating Permit AP1041-2255 | $16958 |
| Air Quality Operating Permit AP1041-2964 | $47448 |
| Reclamation Permit | $37811 |
| Nevada Radioactive Material License | $2000 |
| Stormwater Permit | $1000 |
| Artificial Pond Permit | $31625 |
| Water Pollution Control Permit NEV94114 | $66000 |
| Water Pollution Control Permit NEV60013 | $60000 |
| State Fire Marshal | $210 |
| Public Drinking Water System | $391 |
| Septic System Permits | $750 |
| Toxic Release Inventory Annual Fee | $5500 |
| Nevada LP-Gas License | $795 |
| **Total** | **$270488** |

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Hycroft currently holds six Right-of-Way (ROW) leases with two exploration notices with the BLM, as described in Table 3-5 along with fees and renewals.

**Table 3-5: Right-of-Way Payment and Renewal Schedule**

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| | | | |
|:---|:---|:---|:---|
| **ROW Number** | **Annual Payment Amount (estimated)** | **Payment Date** | **Expiration Date** |
| NVN46292 | $125 | 01/01/2025 | 12/31/2048 |
| NVN46564 | $100 | 01/01/2025 | 12/31/2046 |
| NVN46959 | $610 | 01/01/2025 | In Renewal |
| NVN39119 | $427 | 01/01/2025 | In Renewal |
| NVN44999 | $279 | 01/01/2025 | In Renewal |
| NVN54893 | $200 | 01/01/2025 | In Renewal |

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Hycroft Mine Project Page 34 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**3.10.1** **Hycroft Expansion Permitting and Timelines** 

Hycroft submitted a Plan of Operations for an expansion of its heap leach facilities, open pits and waste rock facilities to the BLM in April 2010. A major modification to the State Water Pollution Control Permit was submitted in 2011 for the process components that included engineering design reports from Golder Associates Inc. (Golder). The permit modification was issued in August 2012. An amended Plan of Operations that included a rail spur, open pit expansion and processing complex was submitted to the BLM in August 2012. The BLM determined that an Environmental Assessment (EA) was required, deemed the Plan of Operations complete, and initiated public scoping in December 2012. In March 2013, NV Energy submitted a ROW application for the power line associated with the Hycroft Mill. The BLM determined that this action should be analyzed with the Hycroft EA. Approval was received in December 2014. The permits required to construct and operate the crushing system and to begin mill construction were received in 2012. The air quality permit for operation of a mill was submitted in December 2012, and issuance was received in late 2013.

The Plan of Operations for a rail spur, open pit expansion and processing complex, that included a tailings management facility (TMF) and expanded Heap Leach Facility (HLF), was completed in December 2014, with the BLM issuance of the Record of Decision authorizing the proposed action received in January 2015. A major modification to the State Water Pollution Control Permit was submitted in 2011 for the process components that included engineering design reports from Golder. The permit modification was issued in August 2012. All other permits required for the heap leach expansion have been received.

A Plan of Operations for an alternate TMF, mining below the water table and expanded facilities was submitted to the BLM in April 2014. The BLM determined that a Supplemental Environmental Impact Statement (SEIS) was required. In October 2019, the BLM issued a record of decision on the SEIS permitting the new TMF location, expanded facilities and deeper pit depths.

In December 2010, Hycroft submitted a minor modification to the NDEP which proposed increasing the permitted processing rate from 10 to 12 Mtons/a. This modification was approved in February 2011. In May 2011, Hycroft proposed a major modification to build a new heap leach pad on the site of the closed Lewis pad and to increase the processing rate to 30 Mtons/a. This modification was approved by the NDEP in December 2011. In January of 2012, Hycroft submitted another major modification to construct a heap leach facility on the south extent of the property. The facility was referred to as the South Heap Leach Facility (SHLF). Around the same time, Hycroft submitted a modification proposing to add both a north and south processing area, increasing the Brimstone and Lewis heap leach pads permitted height to 400 ft, and increasing the permitted processing rate to 36 Mtons/a of ore. Both modifications were approved by the NDEP in September 2012. Later, in December 2012, Hycroft submitted a minor modification proposing to add a Merrill-Crowe facility at the North Process Area. NDEP approved this modification in May 2013. In March of 2013, Hycroft submitted another modification to construct a combined heap leach and tailings storage facility (TMF), referred to as the South Processing Complex (SPC), in the same location as the previously permitted SHLF. The SPC uses the new SHLF, constructed in a horseshoe shape, to provide the embankment for the Southwest TMF located in the central portion of the new SHLF. Also, as part of this modification, Hycroft proposed the construction of a mill and related facilities for processing high-grade ore at an approximate throughput of 65,000 tons per day (ton/d) during Phase 1 to a final phase capacity of 132,000 ton/d. Tailings were proposed to be pumped to the TMF at the SPC. These 2013 major modifications were approved by NDEP in August 2017.

Hycroft Mine Project Page 35 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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In September 2014, Hycroft submitted a minor modification to expand the Brimstone-North HLF to the southeast by approximately 80 acres including an additional Event Pond at the existing North Area Merrill-Crowe facility. NDEP approved these minor modifications in March 2015.

In April 2019, Hycroft submitted a major modification to construct a new heap leach facility named Hycroft Heap Leach Facility Stage 1 (Stage 1 HLF) north of the North Processing Facility. The Stage 1 HLF will have a storage volume of 29 Mtons and is the first stage of the larger facility (Hycroft HLF) with a storage capacity of 550 Mtons. The ultimate footprint of the Hycroft HLF will cover approximately 925 acres, with the Stage 1 footprint covering approximately 390 acres that includes ponds, channels, and roads. Of this area, 234 acres will be lined with geomembrane along with the HLF pad comprising 204 of these acres. Pregnant solution collected from the pad will be pumped to the existing North Merrill-Crowe process facility for precious metals recovery. The barren solution from the North Merrill-Crowe facility will then be returned to the top of each lift and applied over a designated cell area using a drip and sprinkler system. The major modification was approved by NDEP in July 2020.

Currently, Hycroft has all permits required to restart the Mine and recently received the Federal Record of Decision for the Phase II Environmental Impact Statement supporting the life of mine (LOM) pit development.

Received Record of Decision from BLM for Environmental Impact Statement (EIS) (10-22-19):

● Current
 operating plan is fully permitted

● Existing
 operating permits will be amended as new facilities/infrastructure are required

● EIS
 allows flexibility:

○ Expanded pits

○ Construction of a TMF to the south of the property, if needed

● Phase
 1 of the new leach pad is permitted

● Phase
 1A of the new leach pad has completed earthwork and high-density polyethylene (HDPE) liner
 installation. A media cover has been added to protect the porous multimedia protective layer.
 Collection ponds are in place. Electrical switch gear, instrumentation, and pumps are in
 storage and will be added during construction restart. No mineralized ore has been added
 to the pad. Phase 1B of the new leach pad and future phases will be planned for construction
 from cash flows when needed.

Any future expansion activities recommended in this TRS will require multiple federal, state and local permits. The USFWS will require modification to the Golden Eagle Take Permit for the NE TMF and extensions of the South (Vortex) Dump.

Hycroft Mine Project Page 36 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**3.10.2** **Crofoot Heap Leach Facility Closure** 

In 2023, NDEP asked Hycroft to update the 2017 Final Permanent Closure Plan (FPPC). Hycroft complied with this request and a new FPPC was submitted. The updated plan includes schedule of compliance (SOC) items and incorporates current regulations. There are six items in this plan. SOC Items 1 (Stormwater Controls), 2 (Heap Leach Drain-Down Channel), 3 (Update Monitoring Plan), 4 (Water Quality Evaluation Report), SOC Item 5 (updating FPCP), and 6 (Investigation of trend for Wells SP-23, SP-24, and SP-25). NDEP has accepted and approved SOC Items 2 (Heap Leach Drain-Down Channel) and Item 3 (Update Monitoring Plan). The other items are still under review.

Construction of a drain-down collection system was completed in 2012. In 2024 and 2025, Hycroft completed steps to regrade the pad in preparation for closure. Hycroft will continue to re-contour the pad, as necessary for surface water management; apply medium, where required; and reseed the pad to complete the closure process. Hycroft is working in conjunction with NDEP, who will issue the final closure approval letter once these activities are reviewed and accepted.

**3.11** **Social License Considerations** 

Social and community impacts have been considered and evaluated in the National Environmental Policy Act (NEPA) process. Potentially affected Native American tribes, tribal organizations, and/or individuals are consulted during the preparation of all plan amendments to advise on proposed projects that may influence cultural sites, resources, and traditional activities. Potential community impacts on the existing population and demographics, income, employment, economy, public finance, housing, community facilities, and community services are also evaluated during NEPA review processes. There are currently no social or community issues that materially impact Hycroft's ability to extract mineral resources.

**3.12** **Project Risks and Uncertainties** 

Timely filings and payments are required to maintain title and rights to claims, water rights and permits. Hycroft maintains processes and controls to ensure timely filings and payments. Changing regulations or failure to make timely filings and payments are significant risks to maintaining environmental access or ability to perform the permitted and authorized work on the property.

Hycroft Mine Project Page 37 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| **4** | **Accessibility, Climate, Local Resources, Infrastructure and Physiography** |

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**4.1** **Physiography** 

Hycroft is situated on the eastern edge of the Black Rock Desert and on the western flank of the Kamma Mountains between Winnemucca and Gerlach, Nevada. The site is characterized by flat, prehistoric lakebed and well-dissected topography with moderately steep slopes. Topographic relief within the project area is 1,900 feet (ft). The elevation ranges from 4,100 ft above sea level on the western side to 6,000 ft above sea level on the eastern side. The climate in the mine area is arid. Vegetation consists mostly of sagebrush, rabbit brush, and surface grass. Scattered pinon and juniper trees occur along slopes in the higher parts of the property.

**4.2** **Accessibility** 

Hycroft and its related facilities are located 54 miles west of Winnemucca, Nevada along State Road No. 49 (Jungo Road), a good quality, unpaved road. Access is also possible from Gerlach via Jungo Road, Imlay or Lovelock by dirt roads intersecting Interstate 80. Winnemucca is a commercial community on Interstate 80 where most of the Mine's employees are likely to reside. Winnemucca is 164 miles northeast of Reno, Nevada. The town is served by a transcontinental railroad and has a small public airport and there are adequate boarding rooms and dining facilities.

**4.3** **Climate** 

The climate at the Mine is classified as arid, with an average precipitation of 7.7 inches per year (in/a), which occurs during the winter and spring months. Winds are generally light with occasional dust or sandstorms, particularly in the spring.

Temperatures are moderate during the summer, ranging from 50 °F at night to above 90 °F, and averaging 85 °F to 95 °F during the day. Winter temperatures average 20 °F at night and 40 °F during the day. The average range between the highest and lowest daily temperatures is 30 to 35 °F with strong surface heating during the day and rapid nighttime cooling due to the dry air. Winter nights can drop well below freezing, but daytime highs are usually above freezing. Winter snowpack is light, and snow does not normally present logistical problems. Hycroft has not reported experiencing major delays in production due to inclement weather and is accessible year-round.

**4.4** **Local Resources and Infrastructure** 

Existing infrastructure at the Mine consists of the following: a truck shop, a maintenance building, a laboratory, ore crushing facilities, an administration building, and other service-related structures. Power is supplied to the site from nearby power lines that are fed directly from the main power grid and there is a modern communications system including cellular connections. Potable water is sourced from a well located approximately one mile south of the Crofoot Heap. A major east–west railway passes adjacent to the Hycroft property.

Hycroft Mine Project Page 38 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 4-1: Onsite Lab, Admin, Maintenance, Truck Shop, and Warehouse**

Source: Hycroft, 2025

**Figure 4-2: Crusher and Conveyor Belt Circuit**

Source: Hycroft, 2025

Hycroft Mine Project Page 39 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 4-3: North Merrill-Crowe Facility**

Source: Hycroft, 2025

**Figure 4-4: Stage 1 Heap Leach Pad and Ponds Along Jungo Road**

Source: Hycroft, 2025

Hycroft Mine Project Page 40 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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The Mine is in a well-known mining jurisdiction near several towns including Winnemucca, Gerlach and Lovelock. The Mine's workforce primarily lives in Winnemucca (Humboldt County) and Lovelock (Pershing County).

Initial surveys indicated that the town of Winnemucca has the required infrastructure (short- and long-term rooming and boarding facilities, dining establishments, shopping, emergency services, schools, etc.) to support the maximum workforce and dependents. The Mine has always been successful in filling positions with qualified mining personnel from all over the country.

Currently, the Mine operates three water wells that are located four to five miles west of the mine, and a single potable well. These four production wells are the main sources of water for the mine site. All water rights are within the Black Rock Desert Hydrographic Basin, a recently designated basin. Water rights are shown in Table 4-1.

Hycroft controls sufficient land position and water rights to support its planned facilities and process water demands.

**Table 4-1: Hycroft Water Wells and Permitted Yearly Consumption**

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|:---|:---|:---|:---|
| **Application No.** | **Permit Diversion Limit (cfs)** | **Annual Appropriation Limit (acre-ft)** | **Point of Division** |
| 81228 | 0.4 | 14.83 | T34N R29E S3 |
| 81226 | 3.2 | 724.79 | T35N R29E S31 |
| 81225 | 3.2 | 303.43 | T35N R29E S31 |
| 81227 | 2.0 | 1448 | T35N R29E S31 |
| 81224 | 2.0 | 1448 | T34N R28E S1 |
| 81408 | 5.4 | 3890 | T35N R29E S31 |
| 81409 | 5.4 | 3890 | T35N R29E S31 |
| 84477 | 0.3 | 177.9 | T35N R29E S31 |
| 82274 | 10 | 4096 | T35N R29E S31 |
| 82355 | 3.3 | 2050 | T35N R29E S31 |
| 82356 | 5.6 | 3415 | T34N R28E S1 |
| **Total** | **40.8** | **21457.95** | **-** |

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A fully developed project will include plans to develop access and haul roads to new processing facilities, a TMF, and additional waste rock storage dumps. Furthermore, the development of a rail spur is recommended off the existing rail line for the receipt of grinding media, fuel, reagents, and other supplies.

A power study needs to be conducted to upgrade the existing power at the site to support a fully developed processing plant.

**4.5** **Seismicity** 

In 2012, Michael W. West and Associates Inc. (MWWAI) completed a review of the Hycroft deterministic seismic hazard assessment (DSHA). MWWAI concluded that historical seismicity in the vicinity of the site is low to moderate with no relation to mapped faults. No faults in the project area are classified as "active/capable" based on an unequivocal association of instrumentally recorded earthquakes in the last approximately 50 years. MWWAI stated that a comparison of the United States Geological Survey (USGS) national probabilistic seismic hazard model to deterministic and probabilistic floating earthquake peak ground accelerations (PGAs) show reasonable agreement. MWWAI recommends the use of the deterministic and probabilistic PGAs presented in the DSHA.

Hycroft Mine Project Page 41 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| **5** | **History** |

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**5.1** **Regional History** 

The earliest recorded mining in the Sulfur District, where the Mine is located, began in the late 1800s following the discovery of significant native sulfur deposits (Couch and Carpenter, 1943; Wilden, 1964). Mining of native sulfur was sporadic from 1900 to 1950 with over 181,488 tons of sulfur ore, grading approximately 20-35% sulfur, mined and milled (McLean, 1991).

In addition to sulfur, high-grade Ag mineralization, consisting of nearly pure seams of cerargyrite (AgCl), was discovered in 1908 at Camel Hill (Vandenburg, 1938). Assays up to 3,439 oz/ton Ag and 0.362 oz/ton Au were reported (Jones, 1921). Ag mining ceased in 1912 with an estimated 165,375 Ag ounces produced. Minor Ag mining also occurred along the East Fault at the Snyder Adit, and Ag samples as high as 66 oz/ton (Friberg, 1980) and 29 oz/ton (Bates, 2001) were reported.

During the First World War (1914 to 1918), three 6 to 8 ft wide veins of nearly pure alunite were mined in the southern part of the Sulfur District (Clark, 1918). In 1931, several hundred tons of alunite were mined as a soil additive (Fulton & Smith, 1932). Vandenburg estimated that 454 tons of alunite was shipped to the west coast to be used as fertilizer (Vandenburg, 1938). From 1941 to 1943, cinnabar was mined from small pits in the exposed acid leach zone (Bailey, 1944). Total mercury production during this period is estimated at 1,900 lbs. (McLean, 1991).

**5.2** **Property Exploration History** 

In 1966, the Great American Minerals Company began extensive exploration for native sulfur in the regional area of the Mine. Approximately 200 shallow holes were drilled, and numerous trenches were dug (Friberg, 1980). In 1974, Duval drilled 20 holes on the property in search of a Frasch-type sulfur deposit (Wallace, 1980). Duval found no evidence of a sulfur deposit at depth but did report elevated Au and Ag values. Duval drilled two core holes (DC-1 and DC-2) and 18 rotary holes (DR-3 through 20) (Ware, 1989).

In 1977, the Cordex Syndicate mapped and rock-chip sampled the property. They concluded that there was potential for bulk tonnage as a low-grade precious metal deposit. In 1978, Homestake became interested in the property, recognizing similarities with the McLaughlin hot springs deposit in California. Homestake completed surface sampling and exploration drilling during 1981-1982, and although successful in defining an oxide gold/silver mineral deposit, they forfeited the property in 1982.

**5.3** **Production** 

Mining at the Mine began in 1983 with a small heap leach operation known as the Lewis Mine. In 1987, Vista acquired the Lewis Mine and in 1988, they acquired the Crofoot Mine. The Mine was comprised of various open pits on the property (e.g., the Bay, South Central, Boneyard, Gap and Historic Cut-4 pits along the Central Zone and Brimstone) and produced approximately 1.2 million ounces (Moz) of Au and 2.5 Moz of Ag from 1983 to December 1998 when the operations were suspended due to low Au prices at the time (<$300/oz). An additional 58,700 ounces of Au were produced from the leaching and rinsing of the heap leach pads from 1999 through 2004, after the mine had been placed on a care and maintenance program. The remaining leasehold interest in the Lewis property was purchased by Vista in December 2005, in consideration of the US$5.1 M payment, resulting in the elimination of the 5% NSR royalty on Au and 7.5% NSR royalty on Ag.

Hycroft Mine Project Page 42 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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Further information on the production history of the Mine comes from Hycroft's internal documents. Ore from the Lewis Mine was crushed and stacked on the Lewis leach pads in the north-central part of the Sulfur District. Approximately 259.2 Mtons of ore with a gold grade averaging 0.014 oz/ton was mined from 1983 to 2019, beginning with ore mined from the Lewis Mine, followed by ore mined from the Bay, South Central, Boneyard, Gap and Historic Cut-4 pits, and finally the north end of the Brimstone pit, producing over 2.082 Moz of Au.

The Crofoot leach pad (Pads 1 and 2) were constructed in 1987, and Pad 3 in 1992. Ore was placed on Pad 1 from 1988 to 1997, on Pad 2 from 1989 to 1997, and on Pad 3 from 1993 to 1997. Solutions from these pads were treated in the Crofoot Merrill-Crowe plant located on the northeast side of Pad 1.

Production from the Brimstone pit was placed on the Brimstone pad (Pads 4 and 5) as run-of-mine (ROM). Pad 4, constructed just south of the old Lewis pad, was completed in 1996. Loading of Pads 4 and 5 commenced in October 1996 and July 1997, respectively. A 2,800 gallon per minute (gal/min) Merrill-Crowe leach solution plant (the Brimstone Plant) was completed and put into operation in February 1997. The plant treated solutions from Pad 4. Pad 5 solutions were treated in the older Crofoot plant.

In May 2007, the Nevada-based holdings of Vista were spun out into Allied Nevada Gold Corp. The Mine was included as part of the transfer of ownership allowing Allied Nevada to explore, expand, and develop the resources at Hycroft.

In September 2007, Allied Nevada's Board of Directors approved the reactivation of the Mine, and a year later in December 2008, the Mine had produced its first doré which was shipped to an offsite refinery for final processing, yielding Au and Ag bullion. Allied Nevada received a construction permit for the Brimstone Refinery in 2008, and construction was completed in June of 2009. By the end of 2009, the Mine was achieving the forecasted ore production capacity. In 2010, the mine began an expansion program which included the construction of a 21,000 gal/min Merrill-Crowe processing plant, a three-stage crushing facility and upgrades to their solution pumping capacity. With the construction of the North leach pad complete in 2013, the total leach pad surface area at the Mine site had increased to over 20 million ft<sup>2</sup> including the Brimstone and Lewis leach pads. Allied Nevada filed for bankruptcy on March 10, 2015, and active mining ceased in June 2015 due to low metal prices. Leaching of the mined ore continuing through 2018.

On October 22, 2015, Allied Nevada emerged from its financial restructuring and changed its name to Hycroft Mining Corporation. On May 29, 2020, Hycroft Mining Corporation completed a business combination with a publicly trade special purpose acquisition company (SPAC). Following the closing of the transaction, the SPAC changed its name to Hycroft Mining Holding Corporation.

In late 2018, Hycroft began construction of Phase 1 of the Jungo Leach Pad to expand process capacity for anticipated heap leach material. Additionally, Hycroft began preparing the mine for a restart. Active mining began again in April 2019 to November 10, 2021, transition ore was placed on the existing leach pads. Sulfide materials, when encountered during active mining, were set aside for future processing.

In November 2021, Hycroft suspended mining operations to refocus resources on metallurgical test work and exploration. Final construction of Phase 1 of the Jungo Leach Pad was suspended, and protective media cover material was placed on the multimedia liner. Electrical, instrumentation, and pumping equipment were placed in covered storage for a future restart.

The annual sales produced from the Mine's heap leach operations over years 2019 through 2022 were 107,258 oz Au and 629,904 oz Ag. There have been no gold or silver commodity sales since 2022.

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| **6** | **Geological Setting, Mineralization, and Deposit** |

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**6.1** **Geological Setting** 

Section 6 has been written and updated by Alex Davidson, Vice-President of Exploration of Hycroft Resources and Development LLC and approved by IMC (Independent Mining Consultants). IMC is a third-party consulting firm with people who can act as a qualified person for this section.

The Hycroft deposit is a low-sulfidation, epithermal, hot springs system that contains Au and Ag mineralization. Radiometric dating of adularia (potassium feldspar) indicate that the main phase of Au and Ag mineralization formed approximately four million years ago (Ebert, S.W., & Rye, R.O. (1997)) when hydrothermal fluids were fed upward along high angle, normal faults. Low-grade Au and Ag mineralization was co-deposited with silica and potassium feldspar throughout porous rock types.

A subsequent drop in permeability, due to sealing of the system, led to over pressuring and subsequent repeated hydrothermal brecciation. Additional precious metal mineralization was deposited during this event as breccia zones, veins, and sulfide flooding.

Au and Ag mineralization was followed (0.7 to 4.0 million years ago, (Ebert, S.W., & Rye, R.O. (1997)) by an intense event of high sulfidation acid leaching of the mineralized volcanic rocks coincident with a regional water table drop. This allowed steam heated sulfur gases to condense into sulfuric acid and leach the upper portion of the mineralized rocks.

Oxidation of sulfide mineralization occurs to variable depths over the deposit, depending upon proximity to faults, extent of acid leaching, and depth to water table. Sulfide content through the deposit is variable from 0 to 20%.

**6.1.1** **Regional Geology** 

The Mine is located on the western flank of the Kamma Mountains in the Basin and Range physiographic province of northwestern Nevada. The Kamma Mountains were formed during Miocene to Quaternary Epoch from the uplift of Jurassic basement rock and emplacement of Tertiary volcanic and sedimentary rocks. The stratigraphy along the western flank of the range is down dropped to the west, along a series of north to northeast striking normal faults. These faults served as conduits of hydrothermal fluids that deposited the Hycroft mineralization.

**6.1.2** **Local Geology** 

The Hycroft property consists of Tertiary to recent age, fault-controlled, low-sulfidation Au zones that occur over an area measuring approximately three miles in a north–south direction by two miles in an east–west direction. The zones are hosted in volcanic rock eruptive breccias, flows and conglomerates associated with the Tertiary Kamma Volcanics and sand to conglomeratic debris flows associated with the Tertiary Sulfur Group (TSG).

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Younger rocks at the mine are Tertiary conglomerate, siltstone and fanglomerate of the Sulfur Group (locally termed Camel Conglomerate). These rocks are comprised of sediment eroded from the underlying Kamma Volcanics and Jurassic Auld Lang Syne (ALS) Formation. The Sulfur Group is divided into three main units: a clast-supported coarse conglomerate, a matrix-supported conglomerate, and an underlying tuffaceous lake sediment. This unit outcrops throughout the mine site with increasing thickness to the west.

The older Kamma Group is exposed throughout the Kamma Mountains east of the Central Fault. It underlies the Camel Conglomerate (TCM). The volcanic package is comprised of siliceous to intermediate tuffs, coarse grained volcanic clastics, fanglomerates, eruption breccias and massive to flow banded rhyolites.

The Jurassic ALS Formation underlies the Kamma volcanic package. This formation consists of a thin bedded to laminated siltstone, with calcite cementing. ALS is exposed approximately three miles east of the deposit and is encountered only at depth in drilling at Hycroft. A generalized stratigraphic column for the Hycroft deposit area is presented in Figure 6-1. This stratigraphic column illustrates the formations of volcanic origin that host the deposit with notations for lithologies in each formation. The TCM of the TSG has been broken out as a separate rock, in addition to those shown in Figure 6-1. The sub-group of the TSG references lakebed sediments that are distinct from the TCM.

**Figure 6-1: Stratigraphic Column for Hycroft Deposit Area**

Source: SRK, 2019

Six major north-northeast trending, west dipping, normal fault zones appear to broadly control the distribution of alteration as shown in Figure 6-2. From west to east, these fault zones are referred to as the Range, West Splay, Central, Break, Albert, and East Faults. These major structures down-drop stratigraphy and affect the distribution of alteration and mineralization. A post-mineral basin bounding fault (not pictured) appears to border TCM and the adjacent Pleistocene Lahontan Lake sediments in the Black Rock Desert. Based on geophysics, this structure is approximately one to two miles west of the mine site. There are several east–west trending structures that appear to provide post-mineral offset to the deposit. These form a series of horst and grabens within the deposit footprint.

Figure 6-2 is a mine grid north-looking section through the Mine showing structures and volcanic rock stratigraphy. There are also several other parallel fault zones that may have a significant impact on the localization of mineralization. The depth of oxide and mixed sulfide/oxide Au and Ag mineralization vary considerably throughout the area. Alteration at the deposit is dominated by acid leaching, silicification, argilization, and propylitization.

**Figure 6-2: Simplified East–West Cross Section Through the Hycroft Mine – Section 40600 N**

Source: Hycroft, 2025

**6.2** **Mineralization and Alteration** 

The Hycroft deposit is broken into five major zones based on geology, mineralization, and alteration. These include Brimstone, Vortex, Central, Bay, and Camel. The boundaries are typically major faults, namely Break, East, and Ramp Faults. Continuity is structurally controlled and disseminated in each of these areas.

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Detailed geologic work by previous owners at Hycroft identified several hydrothermal alteration events. However, for resource estimation purposes, the following four alteration types have been interpreted and assigned to the block model:

● Acid
 Leach – Associated with the upper portion of the epithermal vent. Native Sulfur is
 common in this area and the original protolith has been obliterated with a white clay alteration.

● Propylitic
 – Propylitic altered material is generally found in the volcanic rocks of the Kamma
 Mountains. Although it is occasionally interpreted within the mineralized zone of the deposit.

● Argillic
 – A pervasive alteration of both TCMs and the Kamma Volcanics clay minerals have replaced
 the original potassium feldspars and other minerals.

● Silicic
 – Silica flooding is associated with the mineralization processes at Hycroft.

Propylitic is generally barren or nearly so. It has been lumped with the argillic alteration units for grade estimation and assignment.

Silicic alteration generally has better grade than the surrounding argillic and is mechanically more robust.

Oxidation has occurred across the deposit to variable depth depending on the structural preparation and available acidic ground water. The oxidized material has been the historical ore for heap leaching at Hycroft. This study includes ROM leaching of low-grade mineralization and flotation of mineralization with sufficient pyrite and other sulfides to generate a gold and silver rich concentrate for further processing.

**6.2.1** **Brimstone** 

Brimstone is approximately ¾ mile wide (E-W) and approximately 1 mile long (N-S) and sits between the East Fault and Albert Fault. The stratigraphy (depth) at Brimstone includes up to 100 ft of alluvium, underlain by Camel Conglomerate rocks (0 ft to 400 ft), and Kamma volcanic rocks. ALS has been drilled at depth and is in fault contact (East Fault) as well as unconformably with the overlying Kamma Volcanics. The Brimstone deposit is hosted primarily by Kamma volcanic rocks in the hanging wall of the East Fault. The volcanic rocks are principally eruption breccias, tuffs, rhyolites, and volcanic rocks proximal to vents, and overlie deformed and metamorphosed shale, sandstone, and siltstone of the ALS group.

At Brimstone, the East Fault is a north-northeast striking, west dipping, normal fault with repeated episodes of movement, including approximately 150 to 200 ft of alluvial offset. Where exposed in the Brimstone pit, the fault clearly shows steep normal movement, with slickensides that plunge 80° to 85°. At depth the fault shallows to 45° to 60° and may merge with the Central and Break Faults. The fault may have originally served as a conduit to hydrothermal fluids.

North of the Brimstone deposit, the east–west trending Ramp Fault appears to down-drop favorable stratigraphy. Condemnation drilling of the leach pad to the north has shown only local zones of weak Au and Ag mineralization. To the south, the Brimstone Zone transitions to the Vortex Zone, with no apparent change in stratigraphy, but changes to alteration zonation.

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Host rocks were highly altered by at least four phases of alteration. The relatively porous conglomerate and breccias were preferentially acid leached by late stage steaming hydrothermal acid vapors. Acid leach alteration extends to depths of 700 ft in some areas of the Brimstone deposit indicating that the water table was present below the base of the acid leached zone. A siliceous layer (basal acid leach), up to tens of feet thick, occurs at the base of the acid leach material. Underlying the acid leaching is a layer of hydrothermal clay alteration, followed by silica potassium feldspar alteration. Pervasive silicification, veining and hydrothermal brecciation are generally found in the rhyolites and breccias.

Zones of silicification of varying thickness, oriented parallel to the East Fault, are present in the footwall zone. Alteration extends approximately 1,000 ft from the fault into the footwall, with pervasive silicification and quartz veining dominant.

Au and Ag are spatially associated with fracture and breccia-controlled chalcedony sulfide mineralization. A subsequent acid alteration event produced the current distribution of oxidized and transition sulfide/oxide ore. The lower acid leach material hosts Au and Ag mineralization, as does the underlying silicified and veined volcanics.

Drilling through 2024 has shown that high-grade silver mineralization hosted in quartz/clay veins extends to a depth of over 1,800 ft in the Brimstone Zone. The high-grade silver veins have little to no association with gold, indicating gold and silver were deposited at different times. Petrography with support from geochemistry indicates some of the high-grade silver mineralization is potentially related to an intermediate sulfidation system and proximal to a magmatic fluid source. Mineralization thickness of the high-grade is highly variable but generally less than 100 ft thick (true width) and the broader overall Brimstone mineralization is 200 to 1,500 ft thick, and both mineralization styles remain open to the west toward the Break Fault. The main phase of mineralization in the high-grade silver is naumannite and argentotetrahedrite with inclusions of chalcopyrite, clausthite, and galena.

**6.2.2** **Vortex** 

Vortex area is approximately ¾ mile wide (E-W) and approximately 1 mile long (N-S) and sits east of the Albert Fault. The stratigraphy (depth) in the Vortex Zone is correlative with those at the Brimstone Zone immediately to the north. Camel Conglomerate is underlain by tuffs, volcanic clastics, fanglomerates, and rhyolites of the Kamma Volcanics. The ALS is present in the footwall of the East Fault and appears to be in stratigraphic contact with the Kamma Volcanics.

The upper elevation at Vortex is hydrothermally clay (kaolinite) altered. Acid leaching is less prominent than in Brimstone and is focused primarily along the East Fault. Strong silicification has been observed to depths greater than 1,500 ft. At least four hydrothermal mineralizing events are present, as evidenced by crosscutting vein and breccia relationships. Propylitic and/or clay alteration extends outboard of the silicification. The alteration within the Brimstone pit is depicted in Figure 6-3.

The mineralization at Vortex is of both vein and disseminated types, with brecciated and altered rhyolite rocks and volcanic clastics acting as favorable hosts. In addition to Au mineralization, high-grade Ag has been encountered at Vortex; with values ranging from 10 to 647 oz/ton. The predominant Ag minerals are miargyrite, and selenostephanite with inclusions of argentotetrahedrite, naumannite occurring both in veins, disseminated and coarse grains along fractures. Petrography and geochemistry support the low-sulfidation epithermal style of mineralization.

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Oxide mineralization is present at a depth of approximately 500 ft bgs, with sulfide mineralization extending to 2,500 ft bgs. Mineralization thickness (true width) is 1,000 to 1,800 ft thick. Banded quartz veins with both high- grade Ag and Au have been noted in core. Drilling to date indicates that the high-grade zones are both high angle banded quartz veins and a more extensive flat lying, massive quartz zone containing visible pyrargyrite and miargyrite.

**Figure 6-3: Vortex Alteration Cross-Section – 40600 N**

![](ex1_013.jpg)

Source: Hycroft, 2025

**6.2.3** **Bay** 

Bay area is approximately ¾ mile wide (E-W) and approximately 1.5 miles long (N-S) and sits north of the Camel Pit. Mineralization in Bay is hosted by gentle, west dipping Camel Conglomerate. Both clast-supported and matrix-supported conglomerate rocks host mineralization. The basal rock type is tuffaceous lake sediments, composed of fine-grained clay with minor layers of gravel and conglomerate extending to a depth greater than 1,100 ft. Mineralization is primarily bedding controlled, with the Range and Central Faults as the main feeders. The Break Fault may also have zoning controls but is poorly drilled in this zone. Mineralized siliceous hot spring sinters have been historically mined indicating that this deposit represents the upper-most levels of a hot spring hydrothermal system.

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The predominant alteration type at Bay is silicification. Acid leach alteration in the area is relatively minor and occurs along high angle structures as seen in Figure 6-4. Clay alteration of the underlying lacustrine sediments is also noted in limited drillholes and is Illite-smectite dominated. Strong oxidation is present in the upper portion of the silicified zone.

Au and Ag mineralization is associated with flat lying Camel Conglomerate, above the lacustrine lake sediments. Mineralization thickness (true width) is 20 to 250 ft thick at Bay and 50 to 300 ft thick at Boneyard. This zone transitions into the upper zone of mineralization at Central. Bay and Boneyard remain open to the north and east.

**Figure 6-4: Bay Geologic Cross-Section at 50300-N**

![](ex1_014.jpg)

Source: Hycroft, 2025

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**6.2.4** **Central** 

Central area is approximately ½ mile wide (E-W) and approximately 1 mile long (N-S) and sits between Central Fault and West Splay Fault. Central geology is similar in nature to that of Bay, with mineralization and alteration fed by high angle faults and fractures, with dominant lateral fluid flow through the porous conglomerate rocks of the Sulfur Group. Camel Conglomerate units are underlain by lacustrine sediments. However, the lacustrine units thin dramatically to the south, with less than 50 ft of the material noted south of Historic Cut-4 Pit.

The Central fault movement is unknown, but extends at least 2,000 ft, with recent reactivation in the quaternary (50 to 150 ft), as demonstrated by offset in the alluvium. The Range Fault to the west may provide an additional boundary, although drill data is limited at this time. Alteration along the Central Zone is consistent with the alteration found at Bay. Acid leach alteration is stronger and more widespread than at Bay and is extensive in the southern portion of the zone. The acid leaching overlies silicified conglomerate rocks, except along the immediate trace of the Central Fault where silicification dominates as the alteration type as seen in Figure 6-4. Acid leach material has mostly been mined through and very little still exists in this area. Oxidation extends downward approximately 400 ft. Underlying the silicification and acid leaching are illite-smectite clay altered and clay dominant lacustrine sediments. Hot spring sinter deposits have not been observed.

Au and Ag mineralization is associated with favorable stratigraphic horizons in the Camel Conglomerate, with an upper and lower zone noted in drilling, separated by a north–south striking, east dipping clay layer. Mineralization remains open to the west, past the Range Fault, and at depth (>1,400 ft). Mineralization thickness (true width) in the upper zone is 50 to 300 ft thick, while the lower zone ranges from 300 to 1,200 ft thick and remains open at depth. The mineralization zone is contiguous to the Vortex and Brimstone Zones to the east, and the Camel Hill/ Historic Cut-5 Pit zones to the south.

**6.2.5** **Camel** 

Camel area is approximately ¾ mile wide (E-W) and approximately ½ mile long (N-S). Conglomerate is the dominant lithology at Camel. The conglomerates appear to extend to depth in this zone, with only thin lake sediments drilled to date. The lack of lake sediments can be attributed to either the Camel Fault or facies changes along a shoreline. The Camel Fault is an east–west trending fault, with down-drop to the south, which is presently poorly defined by drilling.

Alteration in the Camel area is predominantly comprised of silicification and clay alteration. Hydrothermal clays, overlying silicified conglomerate rocks, and basal illite-smectite clay altered rocks are present. Acid leaching in the area is relatively minor, especially with respect to the intensity and amount in the Central Zone area immediately to the northeast.

Mineralization in Camel is hosted by conglomerate rocks and occurs as both disseminated Au and Ag associated with pyrite and marcasite, and higher-grade veins, including Ag bearing pyrargyrite veins. Mineralization thickness (true width) is 200–1,100 ft thick, extends to depths greater than 1,400 ft, and remains open at depth. Oxidation extends to depths greater than 200 ft and an area of intense oxidized mordenite alteration is present between the Historic Cut-5 Pit and Camel. Mineralization remains open to the south, west and at depth. Mineralization is also open to the west of Camel and to the south towards Hades Fault.

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**6.3** **Deposit Types** 

The Hycroft deposit is generally an epithermal, low-sulfidation hot springs deposit (Figure 6-5). Au and Ag mineralization are noted as both disseminated and vein controlled.

**Figure 6-5: Generalized Epithermal Diagram**

![](ex1_015.jpg)

Source: Buchanan, 1981 and modified by Corbett Greg and Leach, Terry, 1998

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| **7** | **Exploration** |

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**7.1** **Exploration** 

Section 7 has been written and updated by Alex Davidson, Vice President of Exploration of Hycroft and approved by IMC. IMC is a third-party consulting firm with people who can act as a qualified person for this section. Hycroft has conducted geophysical surveys, soil and rock-chip sampling programs, field mapping, historical data compilation, and regional reconnaissance at the site. These efforts are designed to improve the understanding of known mineralization, as well as provide data for further exploration of the greater property position.

**7.2** **Geological Mapping** 

Field mapping was historically and is currently carried out in all active mine areas. Mapping focuses on structure, bedding, joints, lithology, and alteration. The near mine data is incorporated into the three-dimensional geology model, while the regional work is focused on defining exploration targets for future drilling. A regional geology map covering the land position was compiled in 2012. Regional exploration data from Homestake, LAC Minerals, USX, HRDI, and others has been compiled from both in-house and public data sources. Approximately 250 drillholes, various soil and rock chip locations and results, and various field maps have been identified at present.

**7.3** **Geophysics** 

The land position has been surveyed with both gravity and induced polarity (IP) geophysical techniques by Hycroft. The current ground-based gravity survey covers approximately 130 square miles, centered on the mine site. Gravity indicates several structural features and density changes that offer potential exploration targets.

Ground induced polarization (IP) surveys were run over the mine site and Vortex in 2007 and extended outward in 2011 to cover approximately 24 square miles. The survey results focus on chargeability anomalies, that potentially identify sulfide material (> approximately 1.5%) at depth, and resistivity anomalies, that potentially identify silicification at depth. Results have identified and confirm additional exploration targets suggested by the other geophysical methods.

An additional 56-line kilometers of IP were collected in four phases during the 2023 and 2024 exploration seasons which extended several of the lines from the previous surveys. The data from the new IP lines were incorporated into Voxel models which included historical IP data. The results from the survey focused on both chargeability and resistivity anomalies.

In 2022 a hyperspectral imaging flyover of the Hycroft was conducted by SpecTIR Advanced Hyperspectral Solutions. Both longwave infrared (LWIR) and shortwave infrared (SWIR) imaging were collected with the intent of helping identify key minerals on the surface to focus reconnaissance mapping and soils programs. Total flyover grid was 1,200 km<sup>2</sup>.

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**7.4** **Soil Sampling** 

A soil sampling grid was conducted over the Vortex and Brimstone areas historically (1,797 samples) and was extended approximately 5,200 ft north and 29,600 ft south of the mine in 2011–2012 (1,834 samples). The soil sampling program was conducted primarily along the East Fault exposure, which is a primary ore-controlling feature at Vortex and Brimstone. Results, using Au, Ag, arsenic, and antimony, indicate potential exploration targets to the south of the Vortex area. At present this work has identified several target areas. Au values range from 0 to 0.027 oz/ton, while Ag values range from 0 to 3.7 oz/ton. Soil samples are taken on an evenly spaced grid (approximate 100-meter grid spacing), and screened for coarse material and wind-blown material, resulting in a fraction between 2 mm and 180 µm being prepped for analysis. These samples are considered representative of local soil geochemistry and are used to guide the regional exploration effort.

**7.5** **Rock-Chip Sampling** 

Rock-chip sampling has been conducted both historically in the active mine area, and on a regional basis (2007–present). A database of 2,416 samples has been compiled, covering the greater land position. Using Au, Ag, arsenic, and other elements, exploration targets have been developed both north and south of the current mine. Rock-chip samples have been taken on most outcrops, with a focus on alteration and potential mineralization. These samples are used as a guide to exploration and are point samples only.

An additional 206 rock-chip samples were collected in the 2023 and 2024 exploration season within the mine area and immediately east of the mine area. The gold values include 22 samples greater than 0.03 oz/ton Au, and two samples greater than 0.23 oz/ton Au. These samples were collected in mineralized structures in the Bay Pit highwall. Silver values include 16 samples greater than 0.58 oz/ton Ag and two samples greater than 5.9 oz/ton Ag (maximum 15.2 oz/ton Ag). These samples were collected in mineralized structures in the Brimstone pit highwall and were not collected on a grid.

**7.6** **Drilling** 

**7.6.1** **Introduction** 

The Hycroft drill history covers the period from 1982 through 2024 and includes 6,024 holes, representing 2,814,546 ft of drilling. Some of those holes are water wells or are outside the resource model area and were not applied to MRE. The drillhole collar locations are shown in Figure 7-1. At this time, there are 5,813 drillholes in the resource model area of which 188 have been drilled to define stockpiles or the Crofoot leach pad. Section 11 provides a more detailed breakdown of the amount of drilling and assaying used in the mineral resource modeling.

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**7.6.2** **Exploration Drilling** 

Exploration drilling was started in 1974 by Duval Corporation, which was evaluating the property for a Frasch-type sulfur deposit and the copper potential. Although native sulfur appeared to be limited to the acid leach zone, Au and Ag mineralization was discovered at depth, with the deepest hole completed to 2,000 ft. Duval concluded that the property did not have large scale sulfur potential. Twenty drillholes (9,726 ft) were completed on the project. Hycroft does not have access to the Duval Corporation drilling data and therefore is not a part of the Hycroft database.

Homestake (1982), using their McLaughlin deposit as a model, completed 96 RC drillholes totaling 16,537 ft, primarily in the Bay and Boneyard areas. Shallow oxide Au mineralization was discovered, but Homestake declined the opportunity. Crofoot and American Slag then proceeded to acquire the property rights and initiated small-scale oxide heap leach mining at Central and Bay in 1983. Homestake also completed 8 core holes during this timeframe, but collar location data has not been located.

Hycroft gained control of the district in 1985 and drilled 3,212 exploration holes, totaling 965,552 ft, between 1985 and 1999. The bulk of this drilling was shallow and focused on oxide Au mineralization at Central, Bay and Brimstone.

In 2005, Canyon Resources completed 33 drillholes totaling 13,275 ft of RC drilling. These were completed primarily in the Brimstone pit area.

Hycroft commenced systematic exploration and resource development drilling starting in 2006. Drilling was focused on oxide resource delineation, sulfide resource definition, sulfide exploration, condemnation drilling for facilities, Ag data and both geotechnical and metallurgical core samples. Between late-2006 and August 31, 2016, Hycroft completed 1,970 exploration holes, totaling approximately 1.45 million ft.

A combination of rotary, RC and core drilling techniques has been utilized to verify the nature and extent of mineralization. Most samples have been collected using RC drilling methods on 5 ft sample intervals. RC drilling utilizes 4.5- to 5.5" tooling. Deeper drilling is conducted with diamond drilling, using PQ, HQ and NQ tooling. This practice continued through 2013. Since 2013, an RC drilling program was completed in 2014, and a metallurgical core program with six drillholes was completed in 2017. Various protocols applied to drilling by Hycroft are consistent with industry standards and the resulting data is of good quality for use in the Hycroft model. Shallow drillholes to sample heap material were completed with sonic coring. The 2018 sonic drilling program was limited to 56 vertical holes in sulfide stockpiles and did not include in-situ alluvium or bedrock material. While these were not used for interpolation of in-situ rock, they were applied to estimate grades in fill material.

During 2021 through 2024, Hycroft drilled 260 holes, 105 in 2021, 85 in 2022, 49 in 2023 and 21 in 2024. Most of the 2021 drilling was diamond core that was used for metallurgical testing and assay. The 2022 and 2023 drilling focused on extending mineralization and upgrading areas from inferred to measured and indicated classification. The 2024 drilling focused on high-grade mineralization in Brimstone and Vortex.

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**Figure 7-1: Drill Collar Location Plan**

![](ex1_016.jpg)

Source: Hycroft, 2025

Hycroft Mine Project Page 55 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 7-1: Drilling from 2023 and 2024 Supporting the Updated MRE**

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| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Elevation<br> (masl)** | &nbsp;&nbsp;**Hole length (ft)** | &nbsp;&nbsp;**Inclination (deg)** | &nbsp;&nbsp;**Azimuth<br> (deg)** |
| &nbsp;&nbsp;H23C-5767 | &nbsp;&nbsp;23022.532 | &nbsp;&nbsp;39788.972 | &nbsp;&nbsp;5050.094 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5768 | &nbsp;&nbsp;23097.466 | &nbsp;&nbsp;39986.601 | &nbsp;&nbsp;5048.798 | &nbsp;&nbsp;1020 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5769 | &nbsp;&nbsp;19563.12 | &nbsp;&nbsp;40199.23 | &nbsp;&nbsp;4458.06 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5770 | &nbsp;&nbsp;19024.77 | &nbsp;&nbsp;40418.99 | &nbsp;&nbsp;4239.71 | &nbsp;&nbsp;1887 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5776 | &nbsp;&nbsp;18426.95 | &nbsp;&nbsp;40800.25 | &nbsp;&nbsp;4361.54 | &nbsp;&nbsp;1629.5 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5778 | &nbsp;&nbsp;25545.11 | &nbsp;&nbsp;36956.82 | &nbsp;&nbsp;5616.41 | &nbsp;&nbsp;1000 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5780 | &nbsp;&nbsp;25984.36 | &nbsp;&nbsp;36976.45 | &nbsp;&nbsp;5575.68 | &nbsp;&nbsp;605 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5781 | &nbsp;&nbsp;25980.93 | &nbsp;&nbsp;36976.25 | &nbsp;&nbsp;5575.86 | &nbsp;&nbsp;753 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23R-5747 | &nbsp;&nbsp;22189.79 | &nbsp;&nbsp;39295.821 | &nbsp;&nbsp;5001.41 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5748 | &nbsp;&nbsp;17122 | &nbsp;&nbsp;38400.01 | &nbsp;&nbsp;4606.39 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5749 | &nbsp;&nbsp;17178.57 | &nbsp;&nbsp;38589.8 | &nbsp;&nbsp;4598.47 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5750 | &nbsp;&nbsp;17078.89 | &nbsp;&nbsp;38776.26 | &nbsp;&nbsp;4598.543 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5751 | &nbsp;&nbsp;17039.71 | &nbsp;&nbsp;38669.56 | &nbsp;&nbsp;4599.205 | &nbsp;&nbsp;1760 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5752 | &nbsp;&nbsp;17039.97 | &nbsp;&nbsp;38669.7 | &nbsp;&nbsp;4599.259 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5753 | &nbsp;&nbsp;22119.91 | &nbsp;&nbsp;42749.64 | &nbsp;&nbsp;4479.94 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5754 | &nbsp;&nbsp;21510.24 | &nbsp;&nbsp;41418.17 | &nbsp;&nbsp;4501.49 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5755 | &nbsp;&nbsp;16516.25 | &nbsp;&nbsp;37642.36 | &nbsp;&nbsp;4406.38 | &nbsp;&nbsp;800 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5756 | &nbsp;&nbsp;16369.51 | &nbsp;&nbsp;38282.53 | &nbsp;&nbsp;4302.76 | &nbsp;&nbsp;1100 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5757 | &nbsp;&nbsp;16902.9 | &nbsp;&nbsp;38592.574 | &nbsp;&nbsp;4597.643 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5758 | &nbsp;&nbsp;16916.07 | &nbsp;&nbsp;38779.44 | &nbsp;&nbsp;4599.196 | &nbsp;&nbsp;1400 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5759 | &nbsp;&nbsp;17064.069 | &nbsp;&nbsp;38765.321 | &nbsp;&nbsp;4599.206 | &nbsp;&nbsp;1300 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5760 | &nbsp;&nbsp;22545.27 | &nbsp;&nbsp;42526.38 | &nbsp;&nbsp;4617.74 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5761 | &nbsp;&nbsp;22540.37 | &nbsp;&nbsp;42621.83 | &nbsp;&nbsp;4619.23 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5762 | &nbsp;&nbsp;16878.68 | &nbsp;&nbsp;40805.17 | &nbsp;&nbsp;4439.201 | &nbsp;&nbsp;1510 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5763 | &nbsp;&nbsp;17117.9 | &nbsp;&nbsp;40800.38 | &nbsp;&nbsp;4448.28 | &nbsp;&nbsp;1700 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5764 | &nbsp;&nbsp;17366.39 | &nbsp;&nbsp;40800.14 | &nbsp;&nbsp;4433.93 | &nbsp;&nbsp;1720 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5765 | &nbsp;&nbsp;21362.57 | &nbsp;&nbsp;41350.61 | &nbsp;&nbsp;4508.29 | &nbsp;&nbsp;1250 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5766 | &nbsp;&nbsp;21642.38 | &nbsp;&nbsp;40908.35 | &nbsp;&nbsp;4653.27 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5771 | &nbsp;&nbsp;22375.51 | &nbsp;&nbsp;42362.41 | &nbsp;&nbsp;4619.92 | &nbsp;&nbsp;1210.4 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5773 | &nbsp;&nbsp;22579.05 | &nbsp;&nbsp;44400.47 | &nbsp;&nbsp;4834.02 | &nbsp;&nbsp;1380 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5774 | &nbsp;&nbsp;22577.06 | &nbsp;&nbsp;44400.39 | &nbsp;&nbsp;4834.09 | &nbsp;&nbsp;1500 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5784 | &nbsp;&nbsp;16389.27 | &nbsp;&nbsp;37693.98 | &nbsp;&nbsp;4375.49 | &nbsp;&nbsp;950 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5785 | &nbsp;&nbsp;16130.29 | &nbsp;&nbsp;37479.09 | &nbsp;&nbsp;4343.28 | &nbsp;&nbsp;750 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5786 | &nbsp;&nbsp;16212.63 | &nbsp;&nbsp;37860.99 | &nbsp;&nbsp;4357.13 | &nbsp;&nbsp;800 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23C-5787 | &nbsp;&nbsp;25261.92 | &nbsp;&nbsp;36571.14 | &nbsp;&nbsp;5560.73 | &nbsp;&nbsp;800 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5777 | &nbsp;&nbsp;26047.99 | &nbsp;&nbsp;37510.26 | &nbsp;&nbsp;5710.02 | &nbsp;&nbsp;659 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |

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Hycroft Mine Project Page 56 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Elevation<br> (masl)** | &nbsp;&nbsp;**Hole length (ft)** | &nbsp;&nbsp;**Inclination (deg)** | &nbsp;&nbsp;**Azimuth<br> (deg)** |
| &nbsp;&nbsp;H23C-5779 | &nbsp;&nbsp;25048.82 | &nbsp;&nbsp;36226.86 | &nbsp;&nbsp;5511.94 | &nbsp;&nbsp;610 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5790 | &nbsp;&nbsp;22137.378 | &nbsp;&nbsp;42732.949 | &nbsp;&nbsp;4481.43 | &nbsp;&nbsp;1222 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5794 | &nbsp;&nbsp;26978.764 | &nbsp;&nbsp;38048.934 | &nbsp;&nbsp;5725.895 | &nbsp;&nbsp;1625.5 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23C-5795 | &nbsp;&nbsp;22368.307 | &nbsp;&nbsp;42211.245 | &nbsp;&nbsp;4615.752 | &nbsp;&nbsp;1205 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5775 | &nbsp;&nbsp;22107.49 | &nbsp;&nbsp;41546.68 | &nbsp;&nbsp;4597.67 | &nbsp;&nbsp;1378 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5782 | &nbsp;&nbsp;22417.57 | &nbsp;&nbsp;41989.33 | &nbsp;&nbsp;4611.14 | &nbsp;&nbsp;1200 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23R-5792 | &nbsp;&nbsp;19737.808 | &nbsp;&nbsp;47981.098 | &nbsp;&nbsp;4592.636 | &nbsp;&nbsp;450 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23C-5788 | &nbsp;&nbsp;22124 | &nbsp;&nbsp;42755 | &nbsp;&nbsp;4480 | &nbsp;&nbsp;785 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5789 | &nbsp;&nbsp;21501.12 | &nbsp;&nbsp;41405.63 | &nbsp;&nbsp;4501.13 | &nbsp;&nbsp;1260 | &nbsp;&nbsp;-57.98 | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;H23C-5796 | &nbsp;&nbsp;14219.804 | &nbsp;&nbsp;30051.704 | &nbsp;&nbsp;5258.447 | &nbsp;&nbsp;564 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23C-5797 | &nbsp;&nbsp;14216.243 | &nbsp;&nbsp;30054.634 | &nbsp;&nbsp;5258.395 | &nbsp;&nbsp;421 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H23C-5791 | &nbsp;&nbsp;19202.43 | &nbsp;&nbsp;50349.998 | &nbsp;&nbsp;4466.932 | &nbsp;&nbsp;556 | &nbsp;&nbsp;-62.53 | &nbsp;&nbsp;91.39 |
| &nbsp;&nbsp;H23C-5798 | &nbsp;&nbsp;21842.82 | &nbsp;&nbsp;42721.378 | &nbsp;&nbsp;4480.006 | &nbsp;&nbsp;1306 | &nbsp;&nbsp;-70 | &nbsp;&nbsp;90 |
| &nbsp;&nbsp;H24D-6000 | &nbsp;&nbsp;18456.79 | &nbsp;&nbsp;41109.25 | &nbsp;&nbsp;4358.82 | &nbsp;&nbsp;1288.1 | &nbsp;&nbsp;-51.55 | &nbsp;&nbsp;139.51 |
| &nbsp;&nbsp;H24D-6001 | &nbsp;&nbsp;20279.43 | &nbsp;&nbsp;40613.29 | &nbsp;&nbsp;4845.23 | &nbsp;&nbsp;1897 | &nbsp;&nbsp;-81.79 | &nbsp;&nbsp;225.4 |
| &nbsp;&nbsp;H24D-6002 | &nbsp;&nbsp;19532.83 | &nbsp;&nbsp;39871.49 | &nbsp;&nbsp;4497.08 | &nbsp;&nbsp;1936.6 | &nbsp;&nbsp;-72.19 | &nbsp;&nbsp;28.04 |
| &nbsp;&nbsp;H24D-6003 | &nbsp;&nbsp;21617.07 | &nbsp;&nbsp;42344.04 | &nbsp;&nbsp;4522.26 | &nbsp;&nbsp;1603 | &nbsp;&nbsp;-57.96 | &nbsp;&nbsp;74.93 |
| &nbsp;&nbsp;H24D-6004 | &nbsp;&nbsp;21632.9 | &nbsp;&nbsp;42668.16 | &nbsp;&nbsp;4480.78 | &nbsp;&nbsp;1491 | &nbsp;&nbsp;-53.29 | &nbsp;&nbsp;85.89 |
| &nbsp;&nbsp;H24D-6005 | &nbsp;&nbsp;20430.43 | &nbsp;&nbsp;39723.11 | &nbsp;&nbsp;4874.35 | &nbsp;&nbsp;1978 | &nbsp;&nbsp;-80.04 | &nbsp;&nbsp;37.12 |
| &nbsp;&nbsp;H24D-6007 | &nbsp;&nbsp;18467.86 | &nbsp;&nbsp;39384.38 | &nbsp;&nbsp;4603.13 | &nbsp;&nbsp;1764.3 | &nbsp;&nbsp;-65.42 | &nbsp;&nbsp;19.17 |
| &nbsp;&nbsp;H24D-6009 | &nbsp;&nbsp;21596.98 | &nbsp;&nbsp;42343.93 | &nbsp;&nbsp;4522.13 | &nbsp;&nbsp;1439 | &nbsp;&nbsp;-60.25 | &nbsp;&nbsp;96.83 |
| &nbsp;&nbsp;H24D-6010 | &nbsp;&nbsp;22075.19 | &nbsp;&nbsp;42771.26 | &nbsp;&nbsp;4480.41 | &nbsp;&nbsp;1270 | &nbsp;&nbsp;-58.27 | &nbsp;&nbsp;121.77 |
| &nbsp;&nbsp;H24D-6008 | &nbsp;&nbsp;21414.42 | &nbsp;&nbsp;42576.31 | &nbsp;&nbsp;4525.28 | &nbsp;&nbsp;1589.3 | &nbsp;&nbsp;-65.42 | &nbsp;&nbsp;19.17 |
| &nbsp;&nbsp;H24D-6011 | &nbsp;&nbsp;22083.7 | &nbsp;&nbsp;42463.77 | &nbsp;&nbsp;4520 | &nbsp;&nbsp;1128.9 | &nbsp;&nbsp;-58.27 | &nbsp;&nbsp;118.96 |
| &nbsp;&nbsp;H24D-6012 | &nbsp;&nbsp;21577.37 | &nbsp;&nbsp;42129.56 | &nbsp;&nbsp;4563.03 | &nbsp;&nbsp;1480 | &nbsp;&nbsp;-77.5 | &nbsp;&nbsp;16.35 |
| &nbsp;&nbsp;H24E-6013 | &nbsp;&nbsp;19581.635 | &nbsp;&nbsp;52769.501 | &nbsp;&nbsp;4459.163 | &nbsp;&nbsp;662 | &nbsp;&nbsp;-49.93 | &nbsp;&nbsp;81.98 |
| &nbsp;&nbsp;H24E-6014 | &nbsp;&nbsp;19438.89 | &nbsp;&nbsp;51895.48 | &nbsp;&nbsp;4426.114 | &nbsp;&nbsp;600 | &nbsp;&nbsp;-49.93 | &nbsp;&nbsp;81.98 |
| &nbsp;&nbsp;H24E-6015 | &nbsp;&nbsp;23464.19 | &nbsp;&nbsp;39901.24 | &nbsp;&nbsp;5307.52 | &nbsp;&nbsp;785 | &nbsp;&nbsp;-49.93 | &nbsp;&nbsp;81.98 |
| &nbsp;&nbsp;H24D-6006 | &nbsp;&nbsp;18702.71 | &nbsp;&nbsp;40106.39 | &nbsp;&nbsp;4419.27 | &nbsp;&nbsp;1319.8 | &nbsp;&nbsp;-80.04 | &nbsp;&nbsp;37.12 |
| &nbsp;&nbsp;H24D-6016 | &nbsp;&nbsp;18394.08 | &nbsp;&nbsp;39005.45 | &nbsp;&nbsp;4671.78 | &nbsp;&nbsp;2107 | &nbsp;&nbsp;-63.53 | &nbsp;&nbsp;20.92 |
| &nbsp;&nbsp;H24D-6017 | &nbsp;&nbsp;22075.42 | &nbsp;&nbsp;42769.46 | &nbsp;&nbsp;4479 | &nbsp;&nbsp;1235.4 | &nbsp;&nbsp;-63.53 | &nbsp;&nbsp;20.92 |
| &nbsp;&nbsp;H24D-6018 | &nbsp;&nbsp;22084.57 | &nbsp;&nbsp;42462.56 | &nbsp;&nbsp;4520.41 | &nbsp;&nbsp;1186 | &nbsp;&nbsp;-63.53 | &nbsp;&nbsp;20.92 |
| &nbsp;&nbsp;H24D-6019 | &nbsp;&nbsp;21733.69 | &nbsp;&nbsp;42244 | &nbsp;&nbsp;4521.2 | &nbsp;&nbsp;1701 | &nbsp;&nbsp;-63.53 | &nbsp;&nbsp;20.92 |
| &nbsp;&nbsp;H24D-6020 | &nbsp;&nbsp;21876.02 | &nbsp;&nbsp;42083.76 | &nbsp;&nbsp;4559.42 | &nbsp;&nbsp;1254.7 | &nbsp;&nbsp;-49.93 | &nbsp;&nbsp;81.98 |

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Hycroft Mine Project Page 57 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**7.6.2.1** **Drilling Methods** 

Drilling at Hycroft has been a mix of diamond core holes, reverse circulation (RC), and sonic drilling. A total of 6,024 drill holes representing 2,814,546 ft of drilling has been performed throughout the history of the project. A total of 35,647 down-hole surveys exist in the database.

**7.6.2.2** **Logging Procedures** 

Core is loaded into cardboard boxes in approximately ten-foot intervals and are transported to the core processing facility. Geology data is logged directly into acQuire by the staff geologists where they log formation, lithology, structure, vein, mineralization, and alteration, and geotechnical data. RC chips are collected from the RC rejects and the rig and stored in chip trays for logging by similar methods as applied to core.

**7.6.2.3** **Recovery** 

The average sample recovery within the ore at Hycroft is 82% and the average sample recovery within the waste is 75%.

**7.6.2.4** **Sample Length/True Thickness** 

Sample length is generally 5 ft intervals sampled down the drill hole but broken in smaller intervals based on local geologic variation. The true thickness of mineralization is several feet to more than, 2,000 ft.

**7.7** **Hydrogeology** 

An extensive program of hydrologic data collection was implemented by SRK Consulting (US) Inc. (SRK) for a previous owner of the property. That work is summarized in a report titled "Summary of Field Investigations and Conceptual Hydrogeology – Hycroft Mine Expansion Project, Nevada", August 2013. SRK collected data from 43 drill holes including monitor wells, piezometers, slug tests, packer tests, long-term pumping tests, and ground water level monitoring. Eighty-one ground water samples were collected and analyzed over a period of a year and a quarter. The SRK work was utilized during the preliminary geotechnical analysis of the Hycroft pit slopes.

IMC holds the opinion that hydrologic data collection and analysis are appropriate to determine mineral resources and an initial assessment with an economic analysis.

**7.8** **Geotechnical** 

Call & Nicholas, Inc. (CNI) has completed geotechnical data collection and analysis. CNI has prepared two reports titled: "Hycroft Geotechnical Slope Stability Study," February 2022, and "2023 Camel Pit Geotechnical Logging and Laboratory Testing Report," October 2023. Geotechnical laboratory testing was completed by CNI during 2010, 2011, 2021, and 2023.

Hycroft Mine Project Page 58 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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Two geotechnical holes were drilled in 2022 using diamond core methods (H22D-5726 and H22D-5729). These holes were sampled and logged for rock quality designation (RQD) and other geotechnical parameters by CNI engineers on site at Hycroft. Hole H22D-5729 was also televiewer logged.

CNI has provided slope angle recommendations that have been utilized to establish the MRE presented in this document.

IMC holds the opinion that geotechnical work is appropriate for development of mineral resources and initial assessment with economic analysis. Additional work will be required as the project progresses, and more detail is required.

**7.9** **Exploration Targets** 

In mid-2022 Hycroft restarted exploration drilling with the primary goal of converting waste material and inferred resources into measured and indicated resources. The drilling was dominantly RC, and RC with core tails occurring on the deeper (<1,800 ft) holes (See Table 7-2). In the second half of 2023 the program was re-aligned due to the recognition of significant silver grades both within subvertical thin veining in Brimstone and within a low angle breccia body at Vortex. Subsequently, the drilling method was switched to core to better understand and define structural complexities at Brimstone and Vortex.

The drilling in Brimstone indicates the zone of veining is related to a structural dilation zone between East Fault related structures. The geometry of the high-grade Brimstone deposit has not been fully defined and remains open at depth and along strike.

The drilling in Vortex along with additional mapping east on the trend of the Vortex mineralization, indicates the Vortex deposit is related to a pre-mineral detachment fault.

Exploration targets were also identified outside the resource area to the east (Manganese and Wildrose) and south (Oscar), with work on these areas including detailed field mapping, soil and rock-chip geochemistry, IP geophysics, and core drilling. Additional exploration work was completed at Bay to start defining vein geometry extending below the current resource. These targets are still conceptual and may require significant work before a resource can be determined. Hycroft will continue to develop these high value targets in future exploration programs. The exploration program continued through 2024 with one core drill program completing 21 holes totaling approximately 30,000 ft, which was exclusively focused on high-grade silver zones within Brimstone and Vortex.

Hycroft Mine Project Page 59 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 7-2: Significant Intercepts (2023)**

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| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H23R-5748** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;105.16 | &nbsp;&nbsp;134.11 | &nbsp;&nbsp;28.96 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;8.82 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;251.46 | &nbsp;&nbsp;47.24 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;5.71 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;205.74 | &nbsp;&nbsp;219.46 | &nbsp;&nbsp;13.72 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;10.84 |
| &nbsp;&nbsp;**H23R-5749** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;195.07 | &nbsp;&nbsp;240.79 | &nbsp;&nbsp;45.72 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;4.86 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;222.50 | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;3.75 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;288.04 | &nbsp;&nbsp;304.80 | &nbsp;&nbsp;16.76 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;5.39 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;368.81 | &nbsp;&nbsp;377.95 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;3.42 |
| &nbsp;&nbsp;**H23R-5750** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;156.97 | &nbsp;&nbsp;184.40 | &nbsp;&nbsp;27.43 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;4.08 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;210.31 | &nbsp;&nbsp;245.36 | &nbsp;&nbsp;35.05 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;4.18 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;278.89 | &nbsp;&nbsp;297.18 | &nbsp;&nbsp;18.29 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;3.59 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;377.95 | &nbsp;&nbsp;387.10 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;4.17 |
| &nbsp;&nbsp;**H23R-5751** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;112.78 | &nbsp;&nbsp;211.84 | &nbsp;&nbsp;99.06 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;6.88 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;192.02 | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;12.19 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;13.91 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;393.19 | &nbsp;&nbsp;429.77 | &nbsp;&nbsp;36.58 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;3.24 |
| &nbsp;&nbsp;**H23R-5752** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;152.40 | &nbsp;&nbsp;219.46 | &nbsp;&nbsp;67.06 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;4.91 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;333.76 | &nbsp;&nbsp;371.86 | &nbsp;&nbsp;38.10 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;29.32 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;338.33 | &nbsp;&nbsp;345.95 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;85.36 |
| &nbsp;&nbsp;**H23R-5757** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;45.72 | &nbsp;&nbsp;111.25 | &nbsp;&nbsp;65.53 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;10.38 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;45.72 | &nbsp;&nbsp;56.39 | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;36.37 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;126.49 | &nbsp;&nbsp;259.08 | &nbsp;&nbsp;132.59 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;1.37 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;138.68 | &nbsp;&nbsp;184.40 | &nbsp;&nbsp;45.72 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;8.78 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;350.52 | &nbsp;&nbsp;365.76 | &nbsp;&nbsp;15.24 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;7.67 |
| &nbsp;&nbsp;**H23R-5758** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;129.54 | &nbsp;&nbsp;234.70 | &nbsp;&nbsp;105.16 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;4.97 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;298.70 | &nbsp;&nbsp;329.18 | &nbsp;&nbsp;30.48 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;2.31 |
| &nbsp;&nbsp;**H23R-5759** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;27.43 | &nbsp;&nbsp;231.65 | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;20.70 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;27.43 | &nbsp;&nbsp;68.58 | &nbsp;&nbsp;41.15 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;75.81 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;80.77 | &nbsp;&nbsp;128.02 | &nbsp;&nbsp;47.24 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;8.19 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;281.94 | &nbsp;&nbsp;359.66 | &nbsp;&nbsp;77.72 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;3.48 |
| &nbsp;&nbsp;**H23R-5784** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;105.16 | &nbsp;&nbsp;158.50 | &nbsp;&nbsp;53.34 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;11.86 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;237.74 | &nbsp;&nbsp;289.56 | &nbsp;&nbsp;51.82 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;12.26 |
| &nbsp;&nbsp;**H23R-5786** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;60.96 | &nbsp;&nbsp;135.64 | &nbsp;&nbsp;74.68 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;41.20 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;60.96 | &nbsp;&nbsp;86.87 | &nbsp;&nbsp;25.91 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;106.01 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;173.74 | &nbsp;&nbsp;225.55 | &nbsp;&nbsp;51.82 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;44.99 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;173.74 | &nbsp;&nbsp;181.36 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;266.72 |
| &nbsp;&nbsp;**H23R-5756** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;12.19 | &nbsp;&nbsp;68.58 | &nbsp;&nbsp;56.39 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;4.58 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;141.73 | &nbsp;&nbsp;204.22 | &nbsp;&nbsp;62.48 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;4.76 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;224.03 | &nbsp;&nbsp;240.79 | &nbsp;&nbsp;16.76 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;2.31 |

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Hycroft Mine Project Page 60 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H23R-5785** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;164.59 | &nbsp;&nbsp;213.36 | &nbsp;&nbsp;48.77 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;43.60 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;172.21 | &nbsp;&nbsp;184.40 | &nbsp;&nbsp;12.19 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;161.16 |
| &nbsp;&nbsp;**H23R-5762** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;4.57 | &nbsp;&nbsp;13.72 | &nbsp;&nbsp;9.14 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;6.42 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;48.77 | &nbsp;&nbsp;455.68 | &nbsp;&nbsp;406.91 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;4.90 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;137.16 | &nbsp;&nbsp;202.69 | &nbsp;&nbsp;65.53 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;6.14 |
| &nbsp;&nbsp;**H23R-5763** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;190.50 | &nbsp;&nbsp;236.22 | &nbsp;&nbsp;45.72 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;5.36 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;254.51 | &nbsp;&nbsp;445.01 | &nbsp;&nbsp;190.50 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;4.99 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;367.28 | &nbsp;&nbsp;445.01 | &nbsp;&nbsp;77.72 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;3.76 |
| &nbsp;&nbsp;**H23R-5764** | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;275.84 | &nbsp;&nbsp;300.23 | &nbsp;&nbsp;24.38 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;4.32 |
|  | &nbsp;&nbsp;**Camel** | &nbsp;&nbsp;396.24 | &nbsp;&nbsp;519.68 | &nbsp;&nbsp;123.44 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;7.00 |
| &nbsp;&nbsp;**H23C-5769** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;357.62 | &nbsp;&nbsp;417.15 | &nbsp;&nbsp;59.53 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;75.91 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;399.32 | &nbsp;&nbsp;417.15 | &nbsp;&nbsp;17.83 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;211.89 |
| &nbsp;&nbsp;**H23C-5770** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;29.57 | &nbsp;&nbsp;29.57 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;7.42 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;224.27 | &nbsp;&nbsp;328.00 | &nbsp;&nbsp;103.72 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;6.62 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;347.38 | &nbsp;&nbsp;398.07 | &nbsp;&nbsp;50.69 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;139.87 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;350.58 | &nbsp;&nbsp;368.72 | &nbsp;&nbsp;18.14 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;288.82 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;387.16 | &nbsp;&nbsp;398.07 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;138.48 |
| &nbsp;&nbsp;**H23R-5773** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;88.39 | &nbsp;&nbsp;141.73 | &nbsp;&nbsp;53.34 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;24.41 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;121.92 | &nbsp;&nbsp;134.11 | &nbsp;&nbsp;12.19 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;56.84 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;310.90 | &nbsp;&nbsp;342.90 | &nbsp;&nbsp;32.00 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;4.87 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;359.66 | &nbsp;&nbsp;411.48 | &nbsp;&nbsp;51.82 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;3.98 |
| &nbsp;&nbsp;**H23R-5774** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;108.20 | &nbsp;&nbsp;111.25 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;57.00 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;129.54 | &nbsp;&nbsp;132.59 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;30.85 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;275.84 | &nbsp;&nbsp;278.89 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;34.45 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;315.47 | &nbsp;&nbsp;326.14 | &nbsp;&nbsp;10.67 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;26.83 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;393.19 | &nbsp;&nbsp;396.24 | &nbsp;&nbsp;3.05 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;**H23C-5768** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;61.87 | &nbsp;&nbsp;67.97 | &nbsp;&nbsp;6.10 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;210.50 |

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Hycroft Mine Project Page 61 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| ![](logo_001.jpg) | ![](logo_002.jpg) |

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**Table 7-3: Significant Intercepts (2024)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H24D-6000** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;71.7 | &nbsp;&nbsp;102.3 | &nbsp;&nbsp;30.5 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;13.80 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;272.0 | &nbsp;&nbsp;318.8 | &nbsp;&nbsp;46.8 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;18.12 |
| &nbsp;&nbsp;**H24D-6001** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;189.3 | &nbsp;&nbsp;224.6 | &nbsp;&nbsp;35.3 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;6.32 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;220.0 | &nbsp;&nbsp;223.5 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;16.76 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;383.2 | &nbsp;&nbsp;507.5 | &nbsp;&nbsp;124.4 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;102.59 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;385.4 | &nbsp;&nbsp;388.2 | &nbsp;&nbsp;2.8 | &nbsp;&nbsp;7.38 | &nbsp;&nbsp;40.85 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;385.4 | &nbsp;&nbsp;386.3 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;19.65 | &nbsp;&nbsp;80.60 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;410.7 | &nbsp;&nbsp;424.8 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;77.34 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;449.4 | &nbsp;&nbsp;488.0 | &nbsp;&nbsp;38.6 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;134.25 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;451.7 | &nbsp;&nbsp;452.0 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;4170.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;458.5 | &nbsp;&nbsp;462.1 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;40.94 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;470.2 | &nbsp;&nbsp;478.9 | &nbsp;&nbsp;8.7 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;207.33 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;498.2 | &nbsp;&nbsp;507.0 | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;475.56 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;498.2 | &nbsp;&nbsp;498.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;1700.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;504.6 | &nbsp;&nbsp;506.0 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;1538.78 |
| &nbsp;&nbsp;**H24D-6002** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;357.3 | &nbsp;&nbsp;458.2 | &nbsp;&nbsp;100.9 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;100.65 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;357.3 | &nbsp;&nbsp;359.3 | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;4.53 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;428.4 | &nbsp;&nbsp;448.8 | &nbsp;&nbsp;20.4 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;357.01 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;428.4 | &nbsp;&nbsp;429.4 | &nbsp;&nbsp;1.0 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;300.12 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;435.9 | &nbsp;&nbsp;439.5 | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;397.04 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;440.4 | &nbsp;&nbsp;445.0 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;1066.47 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;441.9 | &nbsp;&nbsp;442.4 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;3310.00 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;452.2 | &nbsp;&nbsp;454.2 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;225.49 |
| &nbsp;&nbsp;**H24D-6005** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;111.2 | &nbsp;&nbsp;119.1 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;0.79 | &nbsp;&nbsp;176.54 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;207.4 | &nbsp;&nbsp;234.5 | &nbsp;&nbsp;27.1 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;6.33 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;254.4 | &nbsp;&nbsp;476.9 | &nbsp;&nbsp;222.4 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;32.38 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;385.2 | &nbsp;&nbsp;395.2 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;328.25 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;385.2 | &nbsp;&nbsp;386.9 | &nbsp;&nbsp;1.7 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1155.27 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;408.2 | &nbsp;&nbsp;419.0 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;107.02 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;537.1 | &nbsp;&nbsp;556.1 | &nbsp;&nbsp;19.0 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;142.14 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;537.4 | &nbsp;&nbsp;537.6 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;6260.00 |
| &nbsp;&nbsp;**H24D-6006** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;20.9 | &nbsp;&nbsp;25.6 | &nbsp;&nbsp;4.7 | &nbsp;&nbsp;2.81 | &nbsp;&nbsp;56.97 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;19.6 | &nbsp;&nbsp;31.3 | &nbsp;&nbsp;11.7 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;31.50 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;74.5 | &nbsp;&nbsp;96.1 | &nbsp;&nbsp;21.6 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;10.99 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;74.5 | &nbsp;&nbsp;79.2 | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;8.60 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;82.2 | &nbsp;&nbsp;86.1 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;6.19 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;279.7 | &nbsp;&nbsp;280.1 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;581.00 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;346.2 | &nbsp;&nbsp;400.9 | &nbsp;&nbsp;54.7 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;12.86 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;351.8 | &nbsp;&nbsp;355.1 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;9.29 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;365.0 | &nbsp;&nbsp;367.4 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;4.23 | &nbsp;&nbsp;16.71 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;373.3 | &nbsp;&nbsp;375.3 | &nbsp;&nbsp;2.0 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;16.13 |

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Hycroft Mine Project Page 62 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H24D-6007** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;46.1 | &nbsp;&nbsp;93.6 | &nbsp;&nbsp;47.4 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;22.51 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;47.7 | &nbsp;&nbsp;50.2 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;307.40 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;64.0 | &nbsp;&nbsp;64.6 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;54.40 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;113.4 | &nbsp;&nbsp;125.0 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;16.56 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;371.3 | &nbsp;&nbsp;399.5 | &nbsp;&nbsp;28.2 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;11.98 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;468.4 | &nbsp;&nbsp;537.8 | &nbsp;&nbsp;69.4 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;108.38 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;468.4 | &nbsp;&nbsp;474.7 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;213.71 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;497.1 | &nbsp;&nbsp;537.8 | &nbsp;&nbsp;40.7 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;144.25 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;497.1 | &nbsp;&nbsp;500.9 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;193.57 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;512.4 | &nbsp;&nbsp;514.9 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;645.25 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;513.2 | &nbsp;&nbsp;513.7 | &nbsp;&nbsp;0.5 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;1430.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;536.3 | &nbsp;&nbsp;537.8 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;4.78 | &nbsp;&nbsp;960.00 |
| &nbsp;&nbsp;**H24D-6016** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;405.4 | &nbsp;&nbsp;456.3 | &nbsp;&nbsp;50.9 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;19.38 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;472.3 | &nbsp;&nbsp;518.0 | &nbsp;&nbsp;45.7 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;15.57 |
|  | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;535.3 | &nbsp;&nbsp;557.2 | &nbsp;&nbsp;21.9 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;53.80 |
| &nbsp;&nbsp;**H24D-6003** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;23.8 | &nbsp;&nbsp;23.8 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;10.80 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;42.4 | &nbsp;&nbsp;47.8 | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;119.54 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;250.7 | &nbsp;&nbsp;278.3 | &nbsp;&nbsp;27.6 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;4.13 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;351.4 | &nbsp;&nbsp;440.0 | &nbsp;&nbsp;88.5 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;34.70 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;386.7 | &nbsp;&nbsp;386.8 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;1835.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;397.7 | &nbsp;&nbsp;397.9 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;8410.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;418.8 | &nbsp;&nbsp;421.1 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;130.87 |
| &nbsp;&nbsp;**H24D-6004** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;18.6 | &nbsp;&nbsp;18.6 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;24.59 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;341.4 | &nbsp;&nbsp;361.6 | &nbsp;&nbsp;20.2 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;5.48 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;413.8 | &nbsp;&nbsp;442.1 | &nbsp;&nbsp;28.3 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;14.19 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;429.3 | &nbsp;&nbsp;441.4 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;11.73 |
| &nbsp;&nbsp;**H24D-6008** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;458.6 | &nbsp;&nbsp;474.0 | &nbsp;&nbsp;15.4 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;12.81 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;464.5 | &nbsp;&nbsp;467.9 | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;20.54 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;470.2 | &nbsp;&nbsp;474.0 | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;19.83 |
| &nbsp;&nbsp;**H24D-6009** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;16.2 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;54.89 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;4.8 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;1.5 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;353.24 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;333.2 | &nbsp;&nbsp;358.7 | &nbsp;&nbsp;25.5 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;5.46 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;417.9 | &nbsp;&nbsp;423.5 | &nbsp;&nbsp;5.6 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;150.80 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;417.9 | &nbsp;&nbsp;421.1 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;199.20 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;420.3 | &nbsp;&nbsp;420.6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;652.00 |

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H24D-6010** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;328.4 | &nbsp;&nbsp;346.6 | &nbsp;&nbsp;18.2 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;1987.35 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;331.0 | &nbsp;&nbsp;332.8 | &nbsp;&nbsp;1.8 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2612.33 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;333.4 | &nbsp;&nbsp;335.8 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;4683.70 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;333.4 | &nbsp;&nbsp;333.7 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;20280.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;340.2 | &nbsp;&nbsp;342.7 | &nbsp;&nbsp;2.5 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;5513.43 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;340.2 | &nbsp;&nbsp;341.1 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;10289.00 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;341.1 | &nbsp;&nbsp;341.4 | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;15211.00 |
| &nbsp;&nbsp;**H24D-6011** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;109.3 | &nbsp;&nbsp;119.0 | &nbsp;&nbsp;9.8 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;8.14 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;168.2 | &nbsp;&nbsp;174.7 | &nbsp;&nbsp;6.4 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;29.76 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;246.3 | &nbsp;&nbsp;260.2 | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;311.41 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;249.9 | &nbsp;&nbsp;252.8 | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;1211.32 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;273.2 | &nbsp;&nbsp;326.5 | &nbsp;&nbsp;53.3 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;218.92 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;289.0 | &nbsp;&nbsp;314.4 | &nbsp;&nbsp;25.3 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;401.50 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;298.5 | &nbsp;&nbsp;300.7 | &nbsp;&nbsp;2.3 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;2210.81 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;306.5 | &nbsp;&nbsp;311.4 | &nbsp;&nbsp;4.9 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;610.65 |
| &nbsp;&nbsp;**H24D-6012** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;37.3 | &nbsp;&nbsp;37.8 | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;4540.00 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;65.8 | &nbsp;&nbsp;66.8 | &nbsp;&nbsp;0.9 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;4040.00 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;284.0 | &nbsp;&nbsp;325.2 | &nbsp;&nbsp;41.2 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;7.28 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;297.4 | &nbsp;&nbsp;307.5 | &nbsp;&nbsp;10.1 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;4.67 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;354.6 | &nbsp;&nbsp;405.4 | &nbsp;&nbsp;50.7 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;101.82 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;354.6 | &nbsp;&nbsp;357.7 | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;36.37 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;366.3 | &nbsp;&nbsp;372.6 | &nbsp;&nbsp;6.2 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;282.25 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;370.1 | &nbsp;&nbsp;370.8 | &nbsp;&nbsp;0.7 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;1185.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;385.0 | &nbsp;&nbsp;386.6 | &nbsp;&nbsp;1.6 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1156.86 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;400.8 | &nbsp;&nbsp;405.4 | &nbsp;&nbsp;4.6 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;202.67 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;419.1 | &nbsp;&nbsp;421.5 | &nbsp;&nbsp;2.4 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;103.52 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;420.7 | &nbsp;&nbsp;421.5 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;176.30 |
| &nbsp;&nbsp;**H24D-6017** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;312.6 | &nbsp;&nbsp;332.5 | &nbsp;&nbsp;20.0 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;70.02 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;314.7 | &nbsp;&nbsp;321.6 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;151.39 |
| &nbsp;&nbsp;**H24D-6018** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;306.6 | &nbsp;&nbsp;327.9 | &nbsp;&nbsp;21.2 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;2359.68 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;317.4 | &nbsp;&nbsp;324.7 | &nbsp;&nbsp;7.3 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;6278.23 |
| &nbsp;&nbsp;*Also Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;317.4 | &nbsp;&nbsp;317.6 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;80017.00 |

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Grade** | &nbsp;&nbsp;**Grade** |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**From (m)** | &nbsp;&nbsp;**To (m)** | &nbsp;&nbsp;**Interval (m)** | &nbsp;&nbsp;**Au (g/t)** | &nbsp;&nbsp;**Ag (g/t)** |
| &nbsp;&nbsp;**H24D-6019** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;148.0 | &nbsp;&nbsp;155.0 | &nbsp;&nbsp;6.9 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;9.76 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;379.1 | &nbsp;&nbsp;392.4 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;314.05 |
| &nbsp;&nbsp;Including | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;379.1 | &nbsp;&nbsp;385.1 | &nbsp;&nbsp;6.0 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;591.73 |
| &nbsp;&nbsp;**H24D-6020** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;262.8 | &nbsp;&nbsp;274.7 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;25.86 |
|  | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;320.4 | &nbsp;&nbsp;349.2 | &nbsp;&nbsp;28.8 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;320.7 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;328.7 | &nbsp;&nbsp;332.0 | &nbsp;&nbsp;3.3 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;775.1 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;335.6 | &nbsp;&nbsp;341.3 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;642.40 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;343.6 | &nbsp;&nbsp;346.2 | &nbsp;&nbsp;2.6 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;465.16 |
| &nbsp;&nbsp;**H24E-6013** | &nbsp;&nbsp;**Bay** | &nbsp;&nbsp;0.0 | &nbsp;&nbsp;55.5 | &nbsp;&nbsp;55.5 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;3.00 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Bay** | &nbsp;&nbsp;13.6 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;1.4 | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;40.00 |
| &nbsp;&nbsp;**H24E-6014** | &nbsp;&nbsp;**Bay** | &nbsp;&nbsp;9.0 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;5.7 | &nbsp;&nbsp;2.68 | &nbsp;&nbsp;4.10 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Bay** | &nbsp;&nbsp;12.5 | &nbsp;&nbsp;14.7 | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;4.91 | &nbsp;&nbsp;4.74 |
| &nbsp;&nbsp;**H24E-6015** | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;33.6 | &nbsp;&nbsp;41.2 | &nbsp;&nbsp;7.6 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;293.51 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;33.6 | &nbsp;&nbsp;37.9 | &nbsp;&nbsp;4.3 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;454.21 |
|  | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;55.4 | &nbsp;&nbsp;55.9 | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;7.91 | &nbsp;&nbsp;117.00 |
|  | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;115.5 | &nbsp;&nbsp;125.8 | &nbsp;&nbsp;10.3 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;86.08 |
| &nbsp;&nbsp;*Including* | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;117.1 | &nbsp;&nbsp;123.6 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;131.15 |
|  | &nbsp;&nbsp;**Manganese** | &nbsp;&nbsp;168.0 | &nbsp;&nbsp;173.9 | &nbsp;&nbsp;5.9 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;6.03 |

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| **8** | **Sample Preparation, Analyses, and Security** |

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**8.1** **Introduction** 

This section describes the sample collection, preparation, analysis, and security that has been used by Hycroft or their predecessors. Drilling and sampling at the Mine have been ongoing from 1982 through 2024. Hycroft provided IMC with the database which contained assay information for drilling from 1982 through 2024. IMC is the qualified organization for the section.

Most of the current staff at Hycroft have been at site for less than five years. As a result, much of the information that is reported here regarding historical sample preparation, analysis, and security was previously reported in the 2023 TRS.

Discussion of quality assurance and quality control (QA/QC) regarding the database is presented in Section 9.

**8.2** **Sample Preparation** 

The sample preparation procedures prior to 1999 were not documented. Starting in 2005, preparation procedures were well documented with standard methods. The comparison of the pre-2005 data with post-2005 drilling will be presented in Section 9 to provide some confidence in the application of some of the pre-2005 data.

Post-2005 sample collection consisted of both diamond core and RC drilling. Core samples are currently split at the mine site, tagged, and the split core is sent to commercial laboratories for further preparation. RC samples are currently collected at the rig with a rotary splitter. Bags of RC cutting splits are tagged and sent to commercial laboratories for further preparation and assaying.

Once at the commercial labs, the samples are crushed to 10 mesh and a 0.55-lb (0.25 kg) split is taken and pulverized to 85% passing 200 mesh prior to assay analysis.

**8.3** **Assay Methods** 

Prior to 1992, most samples were sent to Barringer Laboratories, Inc., in Golden, Colorado. Fire assays (FA) were routinely performed on cyanide soluble assays for selected intervals.

From 1992 to 1999, samples were processed at the Hycroft laboratory at the mine site.

The Hycroft laboratory assays consisted of Au FA followed by cyanide soluble Au and cyanide soluble Ag on all intervals. The Mine cyanide soluble assay methods are reported to have been non-standard and were developed to provide a prediction of recoverable Au and Ag from heap leaching.

There are no samples in the database from 2000 through 2004. Starting in 2005, all samples were sent out to commercial labs for analysis that are independent of Hycroft. During 2012, there were 10 drillholes that were an exception to this rule and were assayed by the Hycroft lab. Those holes have reportedly been compared with assays from commercial labs and are still maintained in the database.

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The external labs that have been used by Hycroft prior to 2021 are all in the Reno/Sparks, Nevada area and are listed below with their accreditations:

● ALS
 Minerals ISO9001:2000 and ISO17025

● American
 Assay Laboratories ISO/IEC17025, PTP-MAL Canada

● Inspectorate ISO9001:2008

● McClelland ISO/IEC17025

During 2021 and 2022, Hycroft utilized the following laboratories in the Reno/Sparks area:

● Bureau
 Veritas Mineral Laboratories USA ISO-9001 ISO-14001 ISO-45001 OHSAS-18001

● Paragon
 Geochemical ISO/IEC 17025:2017

During 2023, Hycroft utilized the following laboratories in the Reno/Sparks area:

● Paragon Geochemical ISO/IEC 17025:2017

● ALS Minerals ISO/IEC 17025:2017 and ISO 9001:2015

During 2024, Hycroft utilized the following laboratories in the Reno/Sparks area:

● ALS Minerals ISO/IEC 17025:2017 and ISO 9001:2015

● American Assay Laboratories ISO/IEC 17025:2017

All intervals were assayed using conventional FA with Atomic Absorption (AA) or gravimetric finish for Au. Fire silver assays were not regularly completed by previous project operators. After 2013, aqua regia (AR) digestion was used for total silver assays and replaced the previous gravimetric treatment of silver. The lower detection limit on the AR method was the reason for the change.

The FA method for gold with an AA finish was the primary assay method at all the labs. Cyanide soluble methods were alternatively hot or cold depending on the lab.

As noted previously, cyanide silver was much more consistently assayed than fire silver. Starting in 2014, total silver was consistently assayed along with fire gold.

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Cyanide soluble assays for gold and silver were highly prevalent in the pre-2000 drilling. As drilling began to target the deeper sulfide mineralization after 2005, the cyanide soluble assays were selectively run on the upper, oxidized portion of the deposit and not applied to the deeper sulfide mineralization.

During 2007 and 2008, Hycroft also applied the 35-element inductively coupled plasma (ICP) analysis to 90% of the assay intervals. That data results in 53,624 sample intervals that can be used to track trace elements.

During 2011, 127 drillholes were selected for ICP and Laboratory Equipment Corporation (LECO) analysis at American Assay. These holes were generally 500 x 200-foot centers across the estimated sulfide pit target at the time. Most were assayed on 25-foot intervals from top to bottom for total sulfur, sulfide sulfur and carbon. During 2014, additional sample intervals were selected from the 2012 to 2014 drilling for LECO and ICP.

During 2022, analysis for LECO was conducted on site by Hycroft on some drillholes.

During 2023, some drillholes were selected for ICP (4-acid digestion) and LECO analysis at ALS Minerals. ICP was analyzed on a sample-by-sample basis while LECO was analyzed on 25-foot composites. Some drillholes were analyzed for LECO on site by Hycroft.

During 2024, all drillholes were sent out for ICP (4-acid digestion) and LECO analysis at ALS Minerals. In addition, a portion of the 2022 and 2023 drillholes were also sent out for ICP and LECO analysis to ALS. ICP was analyzed on a sample-by-sample basis while LECO was analyzed on 25-foot composites.

The sulfide sulfur results from this work have been used to assign sulfide sulfur values to the block model for process metallurgical input. It should be noted that the sulfide sulfur procedures also report elemental sulfur along with the sulfide component.

Assay submittals have included blanks and standards since 2007. Check assays and duplicate assays were submitted in 2012 and 2014. The results of the analysis of those samples will be reported in Section 9.

Assay procedures requested of ALS laboratories Reno and ALS Laboratories in Vancouver include:

● ALS
 Au-AA23 testing:

◌ FA gold with an atomic absorption spectroscopy (AAS) finish

◌ FA Fusion with AAS finish for Au

◌ 30 g nominal sample weight

◌ 0.005/10 g/t lower/upper limit

◌ >10 g/t over limit testing by gravimetric by Au-GRA21

◌ ALS Au-AA13 testing: cyanide leach capacity

◌ Cyanide leach; AAS finish for Au

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◌ 30 g nominal sample weight

◌ 0.03/50 g/t lower/upper limit

◌ ALS ME-ICP41 testing

◌ AR digestion with an atomic emission spectrometry (AES) or AAS

◌ AR digestion with AES or AAS finish

◌ 0.5 g nominal sample weight

◌ 0.2/100 g/t lower/upper limit.

● 100
 g/t over limit testing by AR digestion and AES or AAS finish by Ag-OG46

● 1,500
 g/t over limit gravimetric testing by Ag-GRA21

● 10,000
 g/t overlimit gravimetric testing by Ag-CON01

● ALS
 Ag-AA13 testing: cyanide leach capacity:

◌ Cyanide leach with AAS finish

◌ 30 g nominal sample weight 0.03/350 g/t lower/upper limit

◌ ALS ME-MS61m testing: multi-element trace elements:

◌ Four acid digestion with ICP atomic emission mass spectrometry (MS)

◌ 0.75 g nominal sample weight

◌ 49-element suite with automatic ore-grade testing on over-limits

◌ Over-limits were set-up specific to each element

◌ ALS S-GRA06a testing: sulfur speciation for autoclave blending:

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| ◌ | Total sulfur by LECO furnace analysis |

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|:---|:---|
| ◌ | HCI (15%) leach of sulfates with LECO furnace analysis for sulfide sulfur (SS). Sulfide values are reported as calculated values |

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◌ 1 g nominal sample weight

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|:---|:---|
| ◌ | 0.01/50% lower/upper limit by weight |

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◌ Assay procedures requested of American Assay Laboratories (AAL) Reno:

◌ AAL IO-FAAu30 testing: fire assay (FA) with an optical emission spectrometry (OES) finish:

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◌ FA with an OES finish for Au

◌ 30 g nominal sample weight

◌ 0.003/10 g/t lower/upper limit

◌ >10 g/t over limit gravimetric testing by G-FA Au

◌ AAL IO-2AAg testing: AR with an optical emission spectrometry (OES) finish:

◌ AR digestion with an OES finish

◌ 30 g nominal sample weight

◌ 0.3/100 g/t lower/upper limit

◌ >100 g/t over limit AR digestion testing by IO-2AOR-AG1000

◌ >1,000 g/t over limit gravimetric testing by G-FAAg

**8.3.1** **Sample Security** 

Samples were delivered to the analytical laboratories in numbered bags along with transmittal sheets that list the sample numbers, the total sample count, and codes for sample type (RC or Core). The lab confirmed the receipt of shipment against the transmittal sheets to account for all samples issued.

It is reported that no officers, directors, or associates of Hycroft or their predecessors were operationally involved in the sample collection, preparation, or assay transmittal.

Sample security relies on the samples being in custody of Hycroft personnel or stored in a secure area prior to shipment to ALS. Chain-of-custody procedures consist of unique and independent sample numbers used for each sample with dispatch-submittal sheets and database entries used to track the progress of samples and to ensure that all samples are received by the laboratory.

Unique and independent sample numbers and sample tags are used in all cases. Sample Dispatch and Submittal sheets are used to check and track samples through the system. Sample information is entered into the computer database to track the samples and record results.

**8.4** **Sample Storage** 

Split core and chip trays are stored on site in an enclosed warehouse, Conex containers, or wrapped outside, located near the core shed. Generally, since 2021, the remaining half of split core is retained. However, core from 2021 was mostly consumed for metallurgical purposes, and core prior to 2021 no longer exists.

Sample rejections are retained but stored outside where they degrade after three to four years.

All core boxes, chip trays, and pulps are coded to facilitate easy retrieval when required.

**8.5** **Analytical Results** 

Following analysis, results are posted to a digital laboratory database for which Hycroft has secure permission privileges. Managers download data where the sample results are cross-referenced to sample numbers. Each drillhole carries a unique self-identifying sample number, simplifying cross-referencing. The completed digital file for each drillhole is emailed to Hycroft by the lab, and a follow-up, hard copy certificate is mailed to Company offices.

Data is checked by geologists visually and loaded into the secure acQuire database. The acQuire database is further checked using electronic methods and then calculated into ounce per ton values and loaded to the modeling database for display and further visual QA/QC checking.

Database security and integrity are accomplished by restricting access and user level permissions that are set by the Database Administrator. Once data entry and validation are completed for a drill hole, access is locked. There are procedures for version control on any updates that may happen over time, so that the database will retain all original information and prioritize use of any updates.

**8.6** **QP Comment** 

The sample preparation, analysis and security practices are typical for the US mining industry and are acceptable for application to mineral resource determination.

The QP considers that current sampling, sample preparation, analytical methods and security are acceptable, are in line with industry-standard practices, and are adequate for mineral resource estimation.

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| **9** | **Data Verification** |

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**9.1** **Verification Procedure** 

This section will address the QA/QC and data verification procedures that were used to confirm that the Hycroft database was acceptable for estimation of mineral resources. Multiple tasks have been completed to verify the data since the completion of previous TRS's in Feb 2022 and Feb 2023.

The data verification steps were as follows:

1. Detailed
 comparison of certificates of assay versus the assay database which resulted in substantial
 update and correction to the database.

2. Analysis
 of the QA/QC data used by Hycroft and previous owners from 2005 to 2024. This work was done
 in three stages representing different time periods.

3. Analysis
 of diamond drilling hole (DDH) versus RC Drilling with the 2005-2024 drilling to confirm
 that the two methods can be comingled and utilized for the estimation of mineral resources.

4. Comparison
 of pre-2005 drilling versus 2005-2024 drilling to verify the application of the older data.
 The pre-2005 data has no QA/QC information that can be used to verify its reliability.

The IMC approach to data verification was to establish the reliability of the post-2005 drilling based on the available QA/QC data and the comparison between DDH and RC. Once the 2005-2024 data was established as reliable, it was used to check the historic pre-2000 drilling by a nearest neighbor sample comparison.

**9.2** **Certificate of Assay Checks** 

The team at the Mine site completed an extensive check and verification of the data base with interval-by-interval checks against the available certificates of assay. After completion of that work, IMC completed a spot check of 95 of the drill hole certificates of assay to confirm the edits and corrections completed by Hycroft.

**9.3** **QA/QC 2005 – 2024** 

The 2005 to 2024 drilling data had the following QA/QC information collected:

● Standards

● Blanks

● Duplicate
 Assays

● Check
 Assays from 2011 through 2013 and again in 2024.

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That information will be analyzed in three parts to understand the relative reliability of the post-2005 drilling: (1) the data collected from 2005 to 2014, (2) the data collected from 2021 through 2022, and finally (3) the 2023 to 2024 data.

**9.3.1** **Standards 2005-2013** 

Blind standards are inserted into the assay sample submissions for analysis at the assay lab. The lab obviously knows the sample is a standard, but they do not know which standard.

The early standards database provided to IMC did not include dates of insertion. It is presumed that the insertion of standards started in 2005 with the modern drilling program. However, the earliest example of standard acquisition that IMC could find was mid-2007. There are indications of sample insertion though the 2013-time frame.

In most exploration environments, standards results are reviewed as they arrive from the lab to confirm that the measured result is within the error tolerance reported for the standard. IMC takes a different approach and compares the accepted value of the standard against the multiple assays of the standard on an XY plot to identify any potential bias in the assay process.

Figure 9-1 illustrates the results of the standards submissions for gold for 2005-2013.

The comparison of the accepted value of the standard and the tested standards results does not indicate consistent bias. The points that are scattered off-line reflect swapped samples meaning that the wrong standard was recorded or submitted to the lab compared to the tabular results. There are 22 apparent sample swaps out of 7,154 tested standards or about 0.3% of the original samples.

Figure 9-2 summarizes the results of the total silver standards submissions. There is substantially more variation in the silver standards results as one would expect in this grade range. In addition, most of the original assays are gravimetric finish which have a detection limit of 5 ppm or 0.15 oz/ton. There are only five standards below 0.15 oz/ton out of 6,498 Ag standards analyzed. With some standards values as low as 0.20 oz/ton it would not be out of line to see an indication of subtle bias if the lowest value that can be reported is 0.15 oz/ton.

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**Figure 9-1: Results of Submitted Gold Standards 2005 - 2013**

![](ex1_017.jpg)

Source: IMC, 2021

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**Figure 9-2: Results of Submitted Silver Standards 2005-2013**

![](ex1_018.jpg)

Source: IMC, 2021

**9.3.2** **Blanks 2008 - 2014** 

Blank samples are inserted periodically to confirm that metal is not carried over from one sample to the subsequent sample in the sample stream. Figure 9-3 summarizes the results of the blank submissions for gold from 2008 to 2014. The figure indicates that most samples reported back as trace or small values.

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However occasional samples have been reported near or above heap leach feed grade. Of the 2,260 standards in Figure 9-3, 5.9% reported higher than 0.005 oz/ton and 5.6% reported higher than 0.010 oz/ton. Although these represent small percentages, there is room for improvement.

One expects that some of the samples were not blanks but were mistakenly inserted standards. The statistical average above 0.005 oz/ton is about 0.019 oz/ton, which is quite close to the standard value of the Cove 2 standard.

**Figure 9-3: Results of Blank Submissions**

![](ex1_019.jpg)

Source: IMC, 2021

**9.3.3** **Check Assays 2011-2012** 

Assay pulps were submitted to a second lab as check assays during 2011–2012. The primary lab was ALS, and the check lab was AAL. The results are summarized in Figure 9-4 and Figure 9-5 as XY plots.

The variability in the results is more than one would expect from pulp submissions, but there does not appear to be an observable bias in the laboratory comparisons. The line on the graphs illustrates a 1:1 relationship as a comparison.

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**Figure 9-4: Check Assay Results, Fire Assay Gold 2011 - 2012**

![](ex1_020.jpg)

Source: IMC, 2021

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**Figure 9-5: Check Assay Results, Fire Assay Silver 2011 – 2011**

![](ex1_021.jpg)

Source: IMC, 2021

**9.3.4** **Standards 2021 – 2022** 

All recent drilling completed by Hycroft utilizes standards, blanks, and duplicate assays for QA/QC confirmation of the database. Hycroft analyzes the data as it is received to confirm that the results are within appropriate acceptance ranges.

Diamond drilling was the primary method used during 2021, and RC drilling was the primary method during 2022. An analysis of RC to DDH during 2021 and 2022 indicates that both can be used for mineral resource estimation. In addition, two assay laboratories were used in 2021 and 2022. Bureau Veritas, Mineral Laboratories, USA (Sparks, Nevada) and Paragon Geochemical Laboratories, (Sparks, Nevada) were both used to assay Hycroft samples during this period.

Paragon and Bureau Veritas' results have been analyzed separately and both provide similar results. The figures presented for the 2021 through 2022 QA/QC show both laboratories combined as a summary of the overall results. Most of the silver QA/QC was applied to cyanide silver assays. Since those are not used in this estimate, the gold QA/QC information is shown.

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The standards that do not check well amount to about 2.4% of the submitted standards. Those out-of-range results tend to line up with other standards or blank values. This implies swaps in standards submissions or in data recording rather than outright errors in the assay.

Figure 9-6 illustrates the standards results for the 495 submitted gold standards during 2021 and 2022.

**Figure 9-6: Standards Results, 2021 – 2022**

![](ex1_022.jpg)

Source: IMC, 2023

**9.3.5** **Blank Analysis Results 2021-2022** 

Blanks are inserted and analyzed to confirm that there is no sample-to-sample contamination. Figure 9-7 illustrates the results of blank submissions during 2021 – 2022. The results indicate only one value reported with a potentially economic gold grade out of 495 blank submissions.

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**Figure 9-7: Blank Results, 2021 – 2022**

![](ex1_023.jpg)

Source: IMC, 2022

**9.3.6** **Duplicate Assays, 2021-2022** 

Duplicate pulps were assayed to confirm the repeatability of results from the assay lab. During 2021-2022, 314 duplicates were re-assayed. Figure 9-8 summarizes the results of the duplicate checks. There are two results that are higher than expected. Those reflect an error rate of about 0.64%.

**Figure 9-8: Duplicate Assay Results, 2021 – 2022**

![](ex1_024.jpg)

Source: IMC, 2023

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**9.3.7** **Standards 2023 – 2024** 

During 2023 and 2024, 70 drill holes were completed. Of that total, 44 were diamond drilling, the rest were RC drilling. The next few sections address the QA/QC completed by Hycroft during the period of 2023 through 2024.

During this period, 1,501 gold standards were inserted out of 18,893 gold assays, amounting to almost 8% of the assay count. However, only 36 silver standards were inserted during this period and all of those were during 2024. The explanation is that silver standards were inserted if there was observable high-grade silver mineralization. This procedure is inappropriate and should be corrected going forward so that the silver standards insertion rate is 5% of the total assay number.

The average grade of all silver assays during 2024 was 1.46 oz/ton. In the future, as silver values and volumes increase at Hycroft, silver bearing material will receive the same QA/QC diligence as gold.

Figure 9-9 illustrates the comparison of assayed gold values versus the standard value inserted into the assay stream.

**Figure 9-9: Gold Standards 2023 – 2024**

![](ex1_025.jpg)

Source: IMC, 2025

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The results of this overview are consistent with previous work where the incorrect standard was inserted, or the wrong standard was recorded. The number of these occurrences is extremely small, and the gold standard results are acceptable for 2023-2024.

The 36 silver standards did not illustrate any bias, but the graph is not shown due to the insignificant number of silver standards.

**9.3.8** **Blanks 2023-2024** 

Figure 9-10 summarizes the results of 1,013 blank insertions during 2023 and 2024 (6%). The results are positive with only one value at 0.045 g/t.

**Figure 9-10: Blank Insertions 2004**

![](ex1_026.jpg)

Source: IMC, 2025

**9.3.9** **Duplicate Assays 2023-2024** 

Three different types of duplicates samples were applied in 2023. The naming convention and the source of the duplicates is summarized below:

● FDUP:
 Field duplicate, these were ¼ core for DDH holes and a second split from the rotary
 splitter for RC samples. IMC check procedure is to combine field duplicates with the core
 and RC field duplicates.

● PDUP:
 Pulp duplicate, a second aliquot from the pulp is inserted into the sample stream to check
 the repeatability of the assay process.

● CDUP:
 Coarse duplicate, a second split from the coarse rejects is taken during the sample preparation
 process. The coarse duplicate is meant to check on the repeatability of the pulp preparation
 and assaying combined.

The above duplicates were assayed for both gold and silver and compared to the original values of gold and silver to confirm the overall process repeatability (precision). The results of all three duplicate types for both gold and silver produced similar statistical mean and standard deviation results for all tests. All tests comfortably passed the Student's T test illustrating that they represent the same population with a high degree of confidence.

Figure 9-11 and Figure 9-12 illustrate the results for the gold and silver duplicate checks during 2023-2024 respectively.

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**Figure 9-11: Gold Duplicates, 2023-2024**

Source: IMC, 2025

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**Figure 9-12: Silver Duplicates, 2023-2024**

![](ex1_028.jpg)

Source: IMC, 2025

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**9.3.10** **Check Assays 2023-2024** 

During 2023 – 2024, 668 sample pulps were sent to an outside laboratory for independent checks on the primary assay lab. The primary lab changed from Paragon to ALS Chemex between 2023 and 2024. However, the check assays were all completed at AAL. The check assay rate is about 3.5% out of the total number of over 18,800 assays during 2023 through 2024.

Basic statistical analysis of the original versus check assays indicate that the check data report the same population as the primary lab with better than 95% confidence. Figure 9-13 and Figure 9-14 illustrate X-Y plots of the original assays versus check assays for 2023-2024.

**Figure 9-13: Gold Check Assays 2023 – 2024**

![](ex1_029.jpg)

Source: IMC, 2025

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**Figure 9-14: Silver Check Assays, 2023-2024**

![](ex1_030.jpg)

Source: IMC, 2025

**9.3.11** **DDH vs. RC for Post 2000 Samples** 

The drillhole database at Hycroft is predominately based on RC drilling with some DDH. Prior to 2000, the database does not provide a record regarding the type of drilling applied, although it was reported to be largely RC.

Since 2000, the database records whether the drilling was RC, DDH, or sonic. All the DDH drilling was completed after 2006. The sonic drilling was applied in stockpiles which are a minor component of the MRE.

The RC data was compared to DDH drilling using the nearest neighbor method that was described in the previous sub-section. Table 9-1 summarizes the results of that comparison.

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**Table 9-1: Nearest Neighbor Sample Comparison of RC vs Diamond Core Gold and Silver Assays**

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| &nbsp;&nbsp;**Maximum Separation Distance (ft)** | &nbsp;&nbsp;**Number of Sample Pairs** | &nbsp;&nbsp;**RC Mean**<br> **(oz/ton)** | &nbsp;&nbsp;**DDH Mean**<br> **(oz/ton)** | &nbsp;&nbsp;**Ratio of the Means** | &nbsp;&nbsp;**T-Statistic<sup>1</sup>** |
| &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;1114 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.903 | &nbsp;&nbsp;0.976 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;3207 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.965 | &nbsp;&nbsp;0.681 |
| &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;1042 | &nbsp;&nbsp;0.197 | &nbsp;&nbsp;0.281 | &nbsp;&nbsp;1.428 | &nbsp;&nbsp;0.971 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;3005 | &nbsp;&nbsp;0.296 | &nbsp;&nbsp;0.224 | &nbsp;&nbsp;0.757 | &nbsp;&nbsp;1.512 |

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Note:

1. T-Statistics
 is the Smith-Satterthwaite T for large populations

The results indicate that the RC and DDH drilling information provide similar results for the post-2006 drilling and that they can be combined for estimation of mineral resources.

**9.3.12** **Old vs. New Drilling** 

Early technical reports regarding Hycroft mineral resources had reported that all gold assays prior to 2000 were factored upward. Those in acid leach alteration were factored upward by 1.32 and all others upward by 1.19 (Hycroft Project Mill Expansion Feasibility Study Technical Report, October 31, 2016, and Technical Report, Allied Nevada Gold Corp, Hycroft Mine, October 2011).

Detailed checks on the certificates of assay indicate that the gold assay information used by Hycroft and provided to IMC for use in this MRE has not been factored in any way and the database matches the original certificate of assay.

A comparison of pre-2000 drilling and gold assay results versus the 2005-2024 gold assay results indicates that the old data averages higher grade than the new data when compared on a nearest neighbor basis. To identify the source of this bias, the pre-2000 data was analyzed on a year-by-year basis against the 2005-2024 drilling assay data. The 2005-2024 data set has been illustrated to be reliable based on the QA/QC analysis reported on previous pages and on the DDH-RC comparisons reported in the previous sub-section.

A nearest neighbor analysis was completed comparing 1999 drilling versus 2005-2024. That was followed by analysis of 1998 versus 2006-2024. This process was completed annually for all years prior to 2000. The results for years 1988 through 1999 were stable and compare acceptably with the 2005-2024 data. However, once 1987 and earlier years were compared against the 2005-2024 data, an obvious high bias was identified in the 1982 to 1987 data.

To summarize the results, the 1982-1987 data is compared to the 2005-2024 data on a nearest sample basis. These results were completed for sample distances as close as 5 ft for assay data.

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**Table 9-2: Nearest Neighbor Sample Comparison of 1982-1987 Gold Assays Versus 2005 – 2024 Gold Assays**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Maximum Separation Distance (ft)** | &nbsp;&nbsp;**Number of Sample**<br> **Pairs** | &nbsp;&nbsp;**1982-1987 Mean**<br> **(oz/ton)** | &nbsp;&nbsp;**2006-2024 Mean**<br> **(oz/ton)** | &nbsp;&nbsp;**Ratio of the Means** | &nbsp;&nbsp;**T-Statistic<sup>1</sup>** |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;164 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;3.98 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;300 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;1.47 | &nbsp;&nbsp;4.24 |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;803 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;8.41 |
| &nbsp;&nbsp;30 | &nbsp;&nbsp;1635 | &nbsp;&nbsp;0.018 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;10.43 |
| &nbsp;&nbsp;40 | &nbsp;&nbsp;2746 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;12.47 |

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Note:

1. T-Statistics
 is the Smith-Satterthwaite T for large populations

The above data excludes the stockpile drilling and includes all hard rock data that is located within the block model area.

The results of Table 9-2 indicate that the 1982-1987 gold assays are between 1.47 and 1.80 times higher than the 2005-2024 gold assays. The T-Statistic reported on the right side of the table is comfortably above the value of 2.0 for the sample separation distances. If the T-Statistic is greater than 2.0 one should reject that the two data sets are similar.

The above analysis indicates that the 1982-1987 data is biased high and unreliable relative to the more modern 2005-2024 drilling and assaying. The 1982-1987 drilling is reported to be RC drilling completed by an early predecessor of the current Hycroft management. Hycroft and IMC have not found any record regarding the RC sampling methods that were applied during that time that would shed light on the cause or source of this bias.

Half of the 1982 to 1987 database has been mined out. Discussion with retired Hycroft staff has indicated that production reconciliation was difficult during that period. However, the 1982-1987 data set does indicate the presence of mineralization. To capture that mineralization in the potential resource, IMC and Hycroft have completed the following steps:

1. The
 1982-1987 gold data (composites) were multiplied by 0.56 to remove the observed high bias.
 There are no fire silver assays recorded during that period.

2. Block
 gold grades were estimated without the 1982-1987 data and were frozen so that they could
 not be changed.

3. Block
 grade estimation for gold was repeated including the bias corrected 1982-1987 data.

4. If
 a block received a gold grade in this process that was not previously assigned, it was added
 to the model and coded as "Inferred" class mineralization.

5. The
 resource floating cone was regenerated with the additional 1982-1987 inferred resource blocks.

In summary, a bias corrected version of the 1982-1987 data was incorporated so that any component of the resource based on that data is coded as "Inferred."

**9.3.13** **Downhole Surveys** 

The Mine operates on a local mine survey grid that is rotated 15.85 degrees from the Nevada state plane coordinate system. Down-hole survey data from the drill rigs reports directly in true north coordinates, requiring all holes to be rotated into the Hycroft grid.

Hycroft personnel have spent substantial amount of time checking the downhole survey bearings against the original downhole survey logs. The data is stored in both state planes, and the Hycroft grid in the Hycroft system. Hycroft and IMC have confirmed that the down-hole surveys used for the MRE are in the mine grid, consistent with the resource model and historic and potentially future mine planning.

**9.4** **QP Comment** 

The work outlined in this section is a summary of over a year's worth of data verification and checking by Hycroft and IMC personnel. As a result, the Hycroft and IMC teams have gained significant confidence in this data set. IMC holds the opinion that the database as utilized in this statement of mineral resources inclusive of the edits and corrections outlined is appropriate for the estimation of mineral resources. The 1982-1987 data set has been incorporated so that it only contributes to inferred category mineral resource after correction for the high bias of that data.

In the future, IMC recommends that complete QA/QC procedures be applied to silver and sulfide sulfur assaying and sampling. Regular sampling for QA/QC should be applied to those values in the same way as they have been recently applied to gold.

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| **10** | **Mineral Processing and Metallurgical Testing** |

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**10.1** **Introduction** 

Hycroft has been operating the Mine as an open pit mine with a ROM heap leach facility (HLF) treating oxide ores to produce gold and silver since 2008. Prior to that, Vista Gold operated the Mine in a similar manner. As a result, the cumulative performance statistics and metallurgical test data gathered for the direct cyanidation of high-grade ROM oxide ore via heap leach are extensive and are not the focus of this report.

No metallurgical testwork has been completed on transition material for heap leach processing. As a result, heap leach recovery, leach kinetics, reagent consumption, and permeability characteristics remain uncertain. To reduce this technical uncertainty and improve confidence in the process design and economic evaluation, a dedicated transition material heap leach metallurgical testwork program is recommended during the next study phase.

The following subsections focus on metallurgical testwork conducted by Hycroft on extraction of Au and Ag from refractory sulfide mineralization.

The metallurgical test programs conducted on the Hycroft sulfide mineral deposits over the years have consisted of comminution, flotation, concentrate oxidation, and cyanide leaching tests on mineralized materials, flotation tailings, and oxidized sulfide concentrate samples. The samples were mostly derived from drill cores. Most of the flotation testwork were conducted at G&T Metallurgical Services (G&T) and SGS Canada Mineral Lakefield (SGS), both located in Canada, as well as by Hazen Research Inc. (Hazen) in Colorado. Oxidation testing was primarily conducted by Hazen, SGS and Kappes, Cassiday & Associates (KCA). G&T (ISO – 9001:2008) and SGS (ISO – 17025:2017) both have ISO accreditation. All laboratories are independent of Hycroft.

In general, core samples for metallurgical testing were selected to be representative of the mineralized materials, drawing from five mineralization domains, as they were classified at the time. The primary sources included the Brimstone and Vortex domains.

The metallurgical testwork programs were carried out by independent, third-party, ISO accredited laboratories using established and widely accepted industry standard analytical and metallurgical procedures. These include conventional methods for comminution, flotation, oxidation, and cyanide leaching applicable to the mineralization types under evaluation.

In the opinion of the Qualified Person, the analytical procedures and resulting data are appropriate for the level of study and are sufficient to support the conclusions and technical disclosures presented in this report. No non-conventional or experimental procedures requiring additional justification have been identified.

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**10.2** **Metallurgical Testwork** 

**10.2.1** **Summary of Metallurgical Testwork Programs** 

Table 10-1 summarizes the metallurgical testwork programs completed to date for the Hycroft sulfide mineralization, including the testing laboratory/location and the primary testwork performed. These third party, industry recognized laboratories are independent of Hycroft. All data and information have been generated in accordance with their respective quality assurance and quality control (QA/QC) policies and procedures and were reviewed and approved by qualified laboratory personnel prior to being used in this Technical Report.

**Table 10-1: Metallurgical Testwork Summary**

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| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Laboratory/Location** | &nbsp;&nbsp;**Testwork performed** |
| &nbsp;&nbsp;2009-2014 | &nbsp;&nbsp;SGS Minerals Services (Lakefield, Canada) | &nbsp;&nbsp;Flotation testwork |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;Kappes, Cassiday & Associates (Reno, USA) | &nbsp;&nbsp;Flotation, batch and locked-cycle testing |
| &nbsp;&nbsp;2011 | &nbsp;&nbsp;G&T Metallurgical Services Ltd. (Kamloops, Canada) | &nbsp;&nbsp;Flotation testing |
| &nbsp;&nbsp;2011-2016 | &nbsp;&nbsp;Hazen Research, Inc. (USA) | &nbsp;&nbsp;Flotation variability testing; concentrate oxidation tests |
| &nbsp;&nbsp;2013 | &nbsp;&nbsp;SGS Minerals Services (Lakefield Canada and South Africa) | &nbsp;&nbsp;BIOX testing |
| &nbsp;&nbsp;2014 | &nbsp;&nbsp;Hazen Research, Inc (USA) | &nbsp;&nbsp;Pilot plant flotation testing |
| &nbsp;&nbsp;2021-2025 | &nbsp;&nbsp;FLSmidth Minerals Testing (Salt Lake City, USA) | &nbsp;&nbsp;Flotation variability testing |
| &nbsp;&nbsp;2024-2025 | &nbsp;&nbsp;Hazen Research, Inc (USA) | &nbsp;&nbsp;Concentrate oxidation testing |

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**10.2.2** **Mineralized Materials and Sampling** 

Hycroft mineralized materials are classified as oxide, transition, or sulfide based on the cyanide solubility of its gold, which is used as an indicator of refractoriness. Materials with cyanide soluble gold of 70% or greater are classified as oxide, while material with cyanide soluble gold of less than 30% is classified as sulfide. Material with a cyanide soluble ratio between 30% and 70% is classified as transition. The classification has been shown to have no strong correlation with sulfide sulfur content.

**10.2.3** **Hycroft Mineralization Domains** 

The Hycroft mineral deposit consists of five process domains, namely Bay, Boneyard, Brimstone, Central, and Vortex.

Table 10-2 is a summary of the data for average total sulfur, sulfide sulfur, and the ratio of sulfide sulfur to total sulfur from 95 oxide, 158 transition, and 417 sulfide samples collected from the Brimstone, Central, and Vortex domains. It shows that the classification of mineralized material as oxide, transition, or sulfide is essentially a measure of refractoriness and shows little correlation with sulfide-sulfur content of the minerals. The sulfide-sulfur to total sulfur ratio averages slightly over 80% across the entire dataset, indicating that degree of sulfur oxidation is similar among oxide, transition, and sulfide classifications.

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**Table 10-2: Average Sulfur Contents of Oxide, Transition and Sulfide Mineralized Materials**

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| &nbsp;&nbsp;**Total S (ST), %** | &nbsp;&nbsp;**Oxide (%)** | &nbsp;&nbsp;**Transition (%)** | &nbsp;&nbsp;**Sulfide (%)** |
| &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;2.25 |
| &nbsp;&nbsp;Central | &nbsp;&nbsp;2.94 | &nbsp;&nbsp;2.82 | &nbsp;&nbsp;2.48 |
| &nbsp;&nbsp;Vortex | &nbsp;&nbsp;2.47 | &nbsp;&nbsp;2.66 | &nbsp;&nbsp;2.33 |
| &nbsp;&nbsp;Unclassified | &nbsp;&nbsp;4.28 | &nbsp;&nbsp;2.92 | &nbsp;&nbsp;2.61 |
| &nbsp;&nbsp;All | &nbsp;&nbsp;3.00 | &nbsp;&nbsp;2.74 | &nbsp;&nbsp;2.43 |
| &nbsp;&nbsp;**Sulfide S (S=), %** | &nbsp;&nbsp;**Oxide (%)** | &nbsp;&nbsp;**Transition (%)** | &nbsp;&nbsp;**Sulfide (%)** |
| &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;2.19 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;1.87 |
| &nbsp;&nbsp;Central | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;1.80 |
| &nbsp;&nbsp;Vortex | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;1.91 |
| &nbsp;&nbsp;Unclassified | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;2.09 |
| &nbsp;&nbsp;All | &nbsp;&nbsp;2.45 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;1.93 |
| &nbsp;&nbsp;**S=:ST Ratio** | &nbsp;&nbsp;**Oxide (%)** | &nbsp;&nbsp;**Transition (%)** | &nbsp;&nbsp;**Sulfide (%)** |
| &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;0.839 | &nbsp;&nbsp;0.839 | &nbsp;&nbsp;0.820 |
| &nbsp;&nbsp;Central | &nbsp;&nbsp;0.810 | &nbsp;&nbsp;0.806 | &nbsp;&nbsp;0.797 |
| &nbsp;&nbsp;Vortex | &nbsp;&nbsp;0.880 | &nbsp;&nbsp;0.827 | &nbsp;&nbsp;0.833 |
| &nbsp;&nbsp;Unclassified | &nbsp;&nbsp;0.840 | &nbsp;&nbsp;0.823 | &nbsp;&nbsp;0.843 |
| &nbsp;&nbsp;All | &nbsp;&nbsp;0.849 | &nbsp;&nbsp;0.819 | &nbsp;&nbsp;0.824 |

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**10.3** **Legacy Testwork** 

Table 10-3 below lists the number of samples selected to span three historically defined main domains and their distribution within the Hycroft mineral deposit.

Information on the individual core samples selected for testing can be found in the metallurgical test reports referenced in this study.

**Table 10- 3: Summary of Test Samples**

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Tests** | &nbsp;&nbsp;**Number of Samples per Domain** | &nbsp;&nbsp;**Number of Samples per Domain** | &nbsp;&nbsp;**Number of Samples per Domain** | &nbsp;&nbsp;**Number of Samples per Domain** |
| &nbsp;&nbsp;**Tests** | &nbsp;&nbsp;**Central** | &nbsp;&nbsp;**Brimstone** | &nbsp;&nbsp;**Vortex** | &nbsp;&nbsp;**Composite** |
| &nbsp;&nbsp;Crushing (CWi) | &nbsp;&nbsp;1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;Axb (Drop Wt & SMC) | &nbsp;&nbsp;13 | &nbsp;&nbsp;6 | &nbsp;&nbsp;9 | &nbsp;&nbsp;32 |
| &nbsp;&nbsp;Bond BWi | &nbsp;&nbsp;24 | &nbsp;&nbsp;6 | &nbsp;&nbsp;16 | &nbsp;&nbsp;58 |
| &nbsp;&nbsp;Bond RWi | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Bond Abrasion | &nbsp;&nbsp;3 | &nbsp;&nbsp;1 | &nbsp;&nbsp;5 | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Flotation | &nbsp;&nbsp;11 | &nbsp;&nbsp;13 | &nbsp;&nbsp;24 | &nbsp;&nbsp;48 |

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**10.3.1** **Comminution Tests** 

The Hycroft mineralized material has been extensively characterized for its comminution properties in previous studies. Comminution tests were conducted at the laboratories of SGS, G&T, Hazen, and Phillips, and included crushing and grinding work indices, JKSimMet parameters, and abrasion indices.

A summary of the 80<sup>th</sup>-percentile comminution test results is presented in Table 10-4 below. For the Axb parameter, material competence increases as Axb decreases, therefore, the 80<sup>th</sup>-percentile in material competence corresponds to the 20<sup>th</sup>-percentile of Axb value. The results indicate that the Hycroft mineralized material is very competent.

**Table 10-4: Grindability Test Summary**

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|:---|:---|:---|
| &nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;CWi | &nbsp;&nbsp;kWh/ton | &nbsp;&nbsp;18.6 |
| &nbsp;&nbsp;RWi | &nbsp;&nbsp;kWh/ton | &nbsp;&nbsp;21.2 |
| &nbsp;&nbsp;BWi | &nbsp;&nbsp;kWh/ton | &nbsp;&nbsp;20.1 |
| &nbsp;&nbsp;Axb | &nbsp;&nbsp;Unitless | &nbsp;&nbsp;34.2 |
| &nbsp;&nbsp;SPI | &nbsp;&nbsp;min | &nbsp;&nbsp;102.4 |
| &nbsp;&nbsp;Ai | &nbsp;&nbsp;g | &nbsp;&nbsp;0.623 |

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**10.3.2** **Flotation** 

Refractory gold in Hycroft's sulfide mineralized materials is believed to be associated with iron sulfides, primarily pyrite and marcasite. The objectives of the flotation testwork were to evaluate the floatability of the sulfide minerals and the recovery of gold and silver into a sulfide concentrate. Recovering gold and silver into a sulfide concentrate reduces the volume of material requiring downstream processing.

Initial flotation testwork was performed by SGS in March 2009 and continued at several laboratories through April 2014. Over this period, the testing program progressed from bench-scale flotation tests to pilot plant flotation testing conducted at G&T and Hazen.

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**10.3.2.1** **SGS Minerals Services (Lakefield) – March 2009** 

Six drums containing samples representative of the Hycroft Project were shipped to SGS Minerals Services (Lakefield) on September 5, 2008.

The initial flotation test development program consisted of three bench-scale rougher kinetics tests to evaluate the effect of primary grind size on flotation response. A standard bulk sulfide collectors suite, comprising potassium amyl xanthate (PAX) and dithiophosphate (Cytec AF 208), was used in conjunction with Dowfroth 250 as the frother. An additional five bench-scale tests were conducted to investigate alternative reagent schemes and grind sizes.

Flotation testwork was conducted on the Master Composite sample. The flotation investigation consisted of the following:

● Two-stage
 cleaner flotation applying the flowsheet developed during phase 1 testing (program 12012-001).

● Cyanide
 leaching of the second cleaner flotation concentrate.

● Cyanide
 leaching of the recombined rougher and first cleaner scavenger tailings.

SGS stated "In terms of sulfide flotation, it appears that beyond about 10% mass pull, recoveries were on the same grade vs. recovery curve regardless of grind fineness."

**10.3.2.2** **SGS Minerals Services (Lakefield) – Nov 2010** 

Batch tests were completed on 33 sulfide zone composites representing the Vortex (18), Cut 5 (four), Bay Area (10), and Bone Yard (one) deposits of the Mine sulfide resource. Multiple rock types were represented in the composites. The testwork evaluated metallurgical variability in response to the flotation (and cyanidation) flowsheet previously developed for the Master Composite under program 12012-001.

Metallurgical variability testing consisted of rougher flotation followed by concentrate regrinding and two-stage cleaning. In the initial set of tests, the second cleaner concentrate was cyanide leached. Based on review of those results, cyanide leaching was subsequently refocused on the combined rougher and first cleaner scavenger tailings.

From these tests, gold recovery in rougher flotation ranged from ~62% at a mass pull of ~15% (Test F-2, P80 of ~103 μm) to ~69% at a mass pull of ~17% (Test F-1, P80 of ~128 μm). At comparable mass pulls, silver recovery ranged from 74% (Test F-2) to 85% (Test F-1). The addition of a dithiophosphate collector (Cytec A208) in Test F-5 further improved Au recoveries to 80.1% at a mass pull of 14.6%.

**10.3.2.3** **KCA Batch Tests – Jan 2011** 

In December 2010, KCA received material from the Hycroft project at its laboratory facility in Reno, Nevada. Portions of the received material were composited, as directed, to generate six composite samples for metallurgical testing. Initial testwork was conducted by KCA and reported in the study titled "PAX, pH, and Grind Flotation Kinetics Study" (January 2011). Additional flotation testing was subsequently completed, including cyanide leach testing of flotation products.

**10.3.2.4** **KCA Locked-Cycle Tests – May 2011** 

Portions of the six composites were combined to generate two master composites, a Sulfide Master Composite and a Mixed Master Composite. Additional flotation testing was conducted using material from these composites, including cyanide leach testing of the flotation tailings.

**10.3.2.5** **G&T Metallurgical Services Ltd. – Feb 2011** 

Five separate shipments of samples were received at G&T between August 31 and December 3, 2010. The samples consisted of half HQ drill core, with a total estimated mass of approximately 2.9 tons. These samples were used to construct 39 composite samples for flotation and cyanidation testing.

For the first set of 24 composites, a single stage batch cleaner flotation test was performed. For the second set of samples (M1 to M17), a simplified flotation flowsheet was applied, using a reduced reagent scheme consisting of PAX and MIBC only. Under this simplified flowsheet, the flotation froth was more stable and more representative of a typical sulfide flotation froth compared to the original flowsheet. Overall, the samples responded well to flotation. Across all 39 composite samples, average flotation recoveries to the rougher concentrate were about 78% for Au and 67% for Ag.

Using this revised flowsheet applied to samples M1 to M17, average rougher recoveries were 78% for Au and 83% for Ag. These recoveries generally correlated with sulfide sulfur recovery to the rougher concentrate. Table 10-5 and Table 10-6 show the results of this testwork.

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**Table 10-5: G&T Composites 1 through 24 Flotation Test Results**

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| &nbsp;&nbsp;**Sample ID** | &nbsp;&nbsp;**ST**<br> **(%)** | &nbsp;&nbsp;**S=**<br> **(%)** | &nbsp;&nbsp;**Au (oz/ton)** | &nbsp;&nbsp;**Ag (oz/ton)** | &nbsp;&nbsp;**Rougher Conc<br> Mass Pull, (%)** | &nbsp;&nbsp;**Au Recovery<br> to conc, (%)** | &nbsp;&nbsp;**Ag Recovery<br> to conc, (%)** | &nbsp;&nbsp;**Type** |
| &nbsp;&nbsp;G&T Composite 1 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;3.968 | &nbsp;&nbsp;13.3 | &nbsp;&nbsp;80.1 | &nbsp;&nbsp;77.3 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 2 | &nbsp;&nbsp;2.48 | &nbsp;&nbsp;2.49 | &nbsp;&nbsp;0.145 | &nbsp;&nbsp;11.136 | &nbsp;&nbsp;13.2 | &nbsp;&nbsp;79.6 | &nbsp;&nbsp;63.2 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite 3 | &nbsp;&nbsp;2.29 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;0.076 | &nbsp;&nbsp;11.872 | &nbsp;&nbsp;12.2 | &nbsp;&nbsp;82.7 | &nbsp;&nbsp;61.9 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite 4 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;18.016 | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;60.4 | &nbsp;&nbsp;27.7 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 5 | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;0.045 | &nbsp;&nbsp;0.496 | &nbsp;&nbsp;12.9 | &nbsp;&nbsp;83.1 | &nbsp;&nbsp;83.6 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 6 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;23.136 | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;88.3 | &nbsp;&nbsp;72.6 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 7 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;9.504 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;94.5 | &nbsp;&nbsp;37.8 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 8 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;89.4 | &nbsp;&nbsp;50.5 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 9 | &nbsp;&nbsp;4.30 | &nbsp;&nbsp;3.81 | &nbsp;&nbsp;0.021 | &nbsp;&nbsp;0.602 | &nbsp;&nbsp;16.5 | &nbsp;&nbsp;86.5 | &nbsp;&nbsp;88.5 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 10 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;1.946 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;80.5 | &nbsp;&nbsp;60.1 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 11 | &nbsp;&nbsp;2.80 | &nbsp;&nbsp;2.72 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;8.064 | &nbsp;&nbsp;17.8 | &nbsp;&nbsp;88.1 | &nbsp;&nbsp;53.9 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite 12 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;0.113 | &nbsp;&nbsp;1.680 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;73.6 | &nbsp;&nbsp;44.8 | &nbsp;&nbsp;Oxide |
| &nbsp;&nbsp;G&T Composite 13 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.02 | &nbsp;&nbsp;0.065 | &nbsp;&nbsp;1.472 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;56.1 | &nbsp;&nbsp;68.2 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite 14 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;1.34 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;1.818 | &nbsp;&nbsp;7.8 | &nbsp;&nbsp;89.5 | &nbsp;&nbsp;30.2 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 15 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;1.71 | &nbsp;&nbsp;0.043 | &nbsp;&nbsp;5.376 | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;94.0 | &nbsp;&nbsp;63.2 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite 16 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;0.627 | &nbsp;&nbsp;14.9 | &nbsp;&nbsp;77.2 | &nbsp;&nbsp;76.9 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 17 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.093 | &nbsp;&nbsp;0.198 | &nbsp;&nbsp;5.2 | &nbsp;&nbsp;28.1 | &nbsp;&nbsp;27.5 | &nbsp;&nbsp;Oxide |
| &nbsp;&nbsp;G&T Composite 18 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.074 | &nbsp;&nbsp;11.8 | &nbsp;&nbsp;58.7 | &nbsp;&nbsp;61.2 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 19 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.266 | &nbsp;&nbsp;15.7 | &nbsp;&nbsp;69.9 | &nbsp;&nbsp;50.3 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 20 | &nbsp;&nbsp;13.70 | &nbsp;&nbsp;11.80 | &nbsp;&nbsp;0.045 | &nbsp;&nbsp;0.992 | &nbsp;&nbsp;31.2 | &nbsp;&nbsp;93.7 | &nbsp;&nbsp;87.1 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 21 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.598 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;85.6 | &nbsp;&nbsp;74.9 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 22 | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;0.464 | &nbsp;&nbsp;13.1 | &nbsp;&nbsp;61.2 | &nbsp;&nbsp;60.7 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 23 | &nbsp;&nbsp;1.72 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;2.099 | &nbsp;&nbsp;11.1 | &nbsp;&nbsp;87.5 | &nbsp;&nbsp;53.7 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite 24 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;3.584 | &nbsp;&nbsp;15.5 | &nbsp;&nbsp;85.4 | &nbsp;&nbsp;38.9 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;Average Sulfides | &nbsp;&nbsp;2.56 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;4.246 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;80.7 | &nbsp;&nbsp;60.7 |  |
| &nbsp;&nbsp;Average All | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;2.13 | &nbsp;&nbsp;0.037 | &nbsp;&nbsp;4.666 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;78.1 | &nbsp;&nbsp;58.9 |  |

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**Table 10-6: G&T Composites M-1 through M-17 Flotation Test Results**

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| &nbsp;&nbsp;**Sample ID** | &nbsp;&nbsp;**ST**<br> **(%)** | &nbsp;&nbsp;**S=**<br> **(%)** | &nbsp;&nbsp;**Au (oz/ton)** | &nbsp;&nbsp;**Ag (oz/ton)** | &nbsp;&nbsp;**Rougher Conc<br> Mass Pull, (%)** | &nbsp;&nbsp;**Au Recovery<br> to conc, (%)** | &nbsp;&nbsp;**Ag Recovery<br> to conc, (%)** | &nbsp;&nbsp;**Type** |
| &nbsp;&nbsp;G&T Composite M-1 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;0.038 | &nbsp;&nbsp;0.378 | &nbsp;&nbsp;13.4 | &nbsp;&nbsp;86.4 | &nbsp;&nbsp;82.4 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-2 | &nbsp;&nbsp;2.62 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;0.013 | &nbsp;&nbsp;1.082 | &nbsp;&nbsp;14.2 | &nbsp;&nbsp;82.1 | &nbsp;&nbsp;85.9 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-3 | &nbsp;&nbsp;1.20 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;0.014 | &nbsp;&nbsp;0.272 | &nbsp;&nbsp;12.7 | &nbsp;&nbsp;73.6 | &nbsp;&nbsp;83.2 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-4 | &nbsp;&nbsp;1.62 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.150 | &nbsp;&nbsp;18.1 | &nbsp;&nbsp;79.7 | &nbsp;&nbsp;76.8 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-5 | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;0.013 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;18.8 | &nbsp;&nbsp;76.9 | &nbsp;&nbsp;72.7 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-6 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.253 | &nbsp;&nbsp;20.8 | &nbsp;&nbsp;79.1 | &nbsp;&nbsp;76.4 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-7 | &nbsp;&nbsp;No Data | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;G&T Composite M-8 | &nbsp;&nbsp;No Data | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;G&T Composite M-9 | &nbsp;&nbsp;2.25 | &nbsp;&nbsp;2.06 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.586 | &nbsp;&nbsp;10.9 | &nbsp;&nbsp;89.7 | &nbsp;&nbsp;92.7 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-10 | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;2.454 | &nbsp;&nbsp;11.6 | &nbsp;&nbsp;76.7 | &nbsp;&nbsp;96.0 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-11 | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;1.49 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;1.475 | &nbsp;&nbsp;8.3 | &nbsp;&nbsp;80.4 | &nbsp;&nbsp;96.4 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-12 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;3.840 | &nbsp;&nbsp;10.4 | &nbsp;&nbsp;80.4 | &nbsp;&nbsp;97.3 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-13 | &nbsp;&nbsp;6.34 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;0.046 | &nbsp;&nbsp;1.043 | &nbsp;&nbsp;13.0 | &nbsp;&nbsp;85.7 | &nbsp;&nbsp;86.8 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;G&T Composite M-14 | &nbsp;&nbsp;5.53 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.288 | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;88.2 | &nbsp;&nbsp;84.1 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite M-15 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;1.584 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;44.9 | &nbsp;&nbsp;61.3 | &nbsp;&nbsp;Oxide |
| &nbsp;&nbsp;G&T Composite M-16 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.486 | &nbsp;&nbsp;14.3 | &nbsp;&nbsp;74.6 | &nbsp;&nbsp;87.8 | &nbsp;&nbsp;Transition |
| &nbsp;&nbsp;G&T Composite M-17 | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;0.017 | &nbsp;&nbsp;0.259 | &nbsp;&nbsp;16.1 | &nbsp;&nbsp;65.1 | &nbsp;&nbsp;62.8 | &nbsp;&nbsp;Sulfide |
| &nbsp;&nbsp;Average Sulfides | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.993 | &nbsp;&nbsp;14.0 | &nbsp;&nbsp;79.7 | &nbsp;&nbsp;84.1 |  |
| &nbsp;&nbsp;Average All | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;0.943 | &nbsp;&nbsp;13.7 | &nbsp;&nbsp;77.6 | &nbsp;&nbsp;82.8 |  |

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**10.3.2.6** **Hazen Research, Inc. – August 2011** 

For this investigation, 38 drillhole composite samples representing five mineralized material types were evaluated. Initial flotation testing was conducted using sodium hydrosulfide (NaHS) and copper sulfate (CuSO<sub>4</sub>). In subsequent tests, the NaHS and CuSO<sub>4</sub> were eliminated, and lead nitrate (Pb(NO<sub>3</sub>)<sub>2</sub>) was introduced as a modifying agent. Following the addition of modifying agents, flotation pH ranged from neutral to 10.5, and redox potential was monitored throughout the testing program.

A series of 91 small-scale flotation tests were performed on 4.4-lbs splits from the 38 composite samples. The objective of this testwork was to evaluate variability in flotation response among the composite samples.

An additional 41 small-scale flotation tests were subsequently performed on Composites 1 through 38, excluding Composites 6, 8, 9, and 10, using rougher flotations conditions based on G&T Metallurgical conditions and conditions recommended by Hazen. Rougher concentrate mass pulls ranged from 4.9% to 30.7%, with corresponding Au recoveries ranging from 26.9% to 97.6% and Ag recoveries ranging from 17.1% to 98.7%.

The rougher concentrate assays ranged from 0.032 oz/ton Au (Test 3346-82) to 1.536 oz/ton Au (Test 3346-40), and from 0.224 oz/ton Ag (Test 3346-82) to 73.601 oz/ton Ag (Test 3346-68). The recoveries of Au and Ag to the rougher concentrates ranged from 27% (Test 3346-52) to 91% (Test 3346-68) and from 17% (Test 3346-52) to 99% (Test 3346-68), respectively.

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**10.3.2.7** **Effect of Grind Size on Flotation Performance** 

Most flotation tests on Hycroft samples were performed on materials ground to 80% passing 100 µm. Additional tests were conducted at both finer and coarser grind sizes. Overall, the results indicate that flotation achieves favorable recoveries at grinds ranging from 100 to 150 µm. Gold and silver recoveries generally decreased with grind sizes finer than 100 µm or coarser than 150 µm.

**10.3.2.8** **Reagent Suite** 

Both G&T and Hazen concluded that flotation tests using NaHS as a sulfurizing agent, as well as tests conducted at alkaline pH, generally resulted in poor flotation performance.

The exploratory and variability flotation test results discussed above demonstrate that sulfide mineralized materials can be floated to recover gold and silver. The reagents schemes employed relied on strong, non-selective sulfide collectors, with frothing achieved using methyl isobutyl carbinol (MIBC), Dowfroth 250 (DF250), or a combination of both. Table 10-7 summarizes the reagent schemes applied by G&T, SGS, and Hazen. In all laboratory test programs, the reagent dosages were relatively high.

**Table 10-7: Flotation Reagent Schemes Studied**

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| &nbsp;&nbsp;**Reagent (lb/ton)** | &nbsp;&nbsp;**G&T** | &nbsp;&nbsp;**Laboratory Hazen** | &nbsp;&nbsp;**SGS** |
| &nbsp;&nbsp;NaHS | &nbsp;&nbsp;- | &nbsp;&nbsp;0, 2.56 | &nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;PAX | &nbsp;&nbsp;0.552 | &nbsp;&nbsp;0.546, 0.416 | &nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;3418A | &nbsp;&nbsp;- | &nbsp;&nbsp;0, 0.064 - 0.124 | &nbsp;&nbsp;0.055 |
| &nbsp;&nbsp;MIBC | &nbsp;&nbsp;0.05 - 0.128, 0.192 | &nbsp;&nbsp;0.02 - 0.064 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;DF250 | &nbsp;&nbsp;- | &nbsp;&nbsp;0.02 - 0.064 | &nbsp;&nbsp;0.095 |

---

Based on the test results from the three laboratories, particularly G&T, the simplified reagent scheme can be further developed. Several tests indicate that Cytec's AEROPHINE® 3418A Promoter (sodium diisobutyldithiophosphinate) may improve Au and Ag recoveries.

**10.3.2.9** **Flotation Time** 

Flotation kinetics were not systematically evaluated during the flotation test programs. However, flotation data generated from the G&T testwork on the M Composites included recoveries from froth collected at 4, 8, 12, and 16 minutes. A total of 15 rougher flotation tests were performed. Kinetics plots for Au and Ag derived from this work are shown in Figure 10-1. To avoid visual clutter, only selected data points are shown, along with asymptotic recovery curves fitted to the data.

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For each of the 15 datasets, the maximum recovery, Rmax and the kinetics constant, K were derived from the fitted asymptotic curves.

The results indicate that the average laboratory flotation time required to achieve 95% of the maximum recovery is 19 minutes for gold and 17 minutes for silver.

**Figure 10-1: Recovery Vs. Time Plot, G&T Kamloops Tests, M Composites**

Source: M3, 2016

**10.3.2.10** **FLSmidth 2021** 

In 2021, Hycroft initiated a new metallurgical variability study to evaluate mineralized material characteristics within the current mine plan validate the metallurgical behavior of material across the mine site; and identify potential variations in processing conditions required to recover gold and silver. The objective of the study was to support development of a robust Hycroft process flowsheet, including definition of key process control points in crushing, grinding, capable of consistently achieving gold and silver recovery across anticipated metallurgical variability. Hycroft selected 243 Samples from 65 different drill holes, all within the current resource, representing the three primary metallurgical domains – Brimstone, Vortex, and Camel. The drill holes encompassed material ranging from near surface elevations to approximately 1,235 ft below current elevations (3,040 ft above mean sea level). Two primary lithologies were represented, corresponding to material located east and west of the Central Fault. The sample suite covered a broad range of alteration and mineralization characteristics, including four silicification intensities - Strong quartz-K-feldspar, strong quartz, moderate, and weak; two alunite styles based on vein width and frequency (used to estimate volume percent and validated by sulfide sulfur content; and gold grades ranging from slightly below the cutoff grade of 0.2 g/t to values exceeding above 2.0 g/t. oxide and transition ore types were not included in this study; it is envisioned that in the future, these materials will be processed in the heap leach pads.

Figure 10-2 to Figure 10-5 present the head grade distribution plots for gold, silver, total sulfur, and sulfide sulfur, based on the full set of 243 variability study samples.

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**Figure 10-2: Gold Grade Distribution Chart**

![](ex1_032.jpg)

Source: Hycroft, 2025

**Figure 10-3: Silver Grade Distribution Chart**

![](ex1_033.jpg)

Source: Hycroft, 2025

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**Figure 10-4: Total Sulfur Grade Distribution**

![](ex1_034.jpg)

Source: Hycroft, 2025

**Figure 10-5: Sulfide Sulfur Grade Distribution**

![](ex1_035.jpg)

Source: Hycroft, 2025

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The head grade distributions for gold, silver, total sulfur, and sulfide sulfur across the 243 variability study samples indicate a broad but well-represented range of metallurgical conditions within the current resource. Gold head grades exhibit a right-skewed distribution with an average of approximately 0.56 g/t and a standard deviation of 0.64 g/t, reflecting the inclusion of material spanning from near cutoff grades to higher-grade mineralization. Silver grades show a wider distribution, with an average of approximately 12.4 g/t and a higher standard deviation (14.3 g/t), indicating greater variability in silver tenor relative to gold.

Total sulfur and sulfide sulfur distributions demonstrate moderate variability, with average grades of approximately 2.60% total sulfur and 2.17% sulfide sulfur, and standard deviations of 2.00% and 1.64%, respectively. The close correspondence between total sulfur and sulfide sulfur indicates that sulfur is predominantly present as sulfide minerals, consistent with the refractory nature of the ore. Collectively, these distributions confirm that the variability study sample set adequately captures the range of grade and mineralogical conditions expected within the mine plan, providing a sound basis for evaluating metallurgical response and defining robust process design criteria.

Important results of this study included the development of the flotation process with significantly improved recoveries. There were four key process controls parameters identified during the flotation process development program.

1. Optimal
 grind size is a P80 of less than 85 µm.

2. Flotation
 time is 24 minutes.

3. Adjusted
 pH level is 4.7.

4. Mass
 Pull is 20 to 25% with 22% being the target.

A total of 137 samples were tested under these selected conditions to achieve higher gold and silver recoveries. Figure 10-6 summarizes the distribution of gold and silver flotation recoveries achieved under the selected key process control conditions, based on 137 variability test samples. The results show that gold recovery exhibits a broader distribution, with values ranging from approximately 72% to 98% and a statistical median near 88%, indicating greater sensitivity to operating conditions. In contrast, silver recovery is generally higher and more consistent, with recoveries spanning approximately 76 to 100% and a statistical median exceeding 92%. Overall, the figures highlight the comparatively more robust flotation response of silver relative to gold under the selected operating conditions.

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**Figure 10- 6: FLS Variability Flotation Recoveries under Optimal Conditions (137 Test Samples)**

![](ex1_036.jpg)

Source: Hycroft, 2025

Figure 10-7 and Figure 10-8 show that flotation recovery is only weakly correlated with head grade for both metals. Gold recoveries display greater variability within grade groups, particularly at lower head grades, indicating sensitivity to mineralogical and metallurgical factors beyond grade alone. In contrast, silver recoveries are consistently higher and more uniform across head grade groups, demonstrating a more robust and less grade-dependent flotation response.

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**Figure 10- 7: FLS Variability Flotation Gold Recoveries Based on Gold Head Grade Groups**

Source: Hycroft, 2025

**Figure 10- 8: FLS Variability Flotation Silver Recoveries Based on Head Grade Groups**

![](ex1_038.jpg)

Source: Hycroft, 2025

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**10.3.3** **Direct Cyanidation** 

Direct cyanidation testwork on bulk concentrate samples (P80 = 325 mesh, or 44 µm) collected from all zones of the deposit was conducted in early 2010. The results indicated generally poor metallurgical performance. Gold recoveries for the Brimstone and Vortex samples were in the mid-20% range, with silver recoveries of approximately 80%. The remaining samples yielded gold recoveries ranging from 45% to 50% and silver recoveries ranging from 55% to 83%.

A useful indicator of direct cyanidation amenability is the ratio of cyanide soluble metal to total metal assay, expressed as AuCN/AuFA for gold and AgCN/AgFA for silver. These ratios have been determined for many exploration samples and have been included in the resource database. The cyanide soluble gold ratio has been applied during resource estimation to assist in mineral classification and routing, with mineralized domains exhibiting higher cyanide soluble gold preferentially directed to heap leach processing.

**10.3.4** **Concentrate Oxidation Tests** 

Oxidation testwork on Hycroft flotation concentrates evaluated POX, roasting, atmospheric oxidation, and other oxidation methods, all of which demonstrated technical viability with varying recoveries. The results of these tests are summarized below.

Beginning in 2007, Hycroft investigated milling and flotation of refractory sulfide mineralized material followed by oxide treatment, focusing primarily on POX, and roasting technologies commonly applied in the gold industry.

In 2012, additional testwork assessed alternative, low capital oxidation methods, including chlorination, atmospheric alkaline oxidation, and fine grinding with intensive cyanidation. These tests showed that the Hycroft rougher concentrates were amenable to oxidation under atmospheric conditions, leading to pilot scale testing on three main metallurgical domains at Hazen.

In 2016, Hycroft developed an oxidation demonstration plant at the mine site to process flotation concentrates and produce doré onsite. Based on historical and current oxide heap leach performance, combined with oxide heap leach metallurgical testwork and bench-, pilot-, and demonstration-scale metallurgical test results, individual gold and silver recoveries for each processing stream were calculated and are presented in Table 10-8. This recovery assumption formed the basis of the 2016 NI 43-101 Feasibility Study Technical Report published in 2016 (Ibrado, A. et al, 2016).

**Table 10- 8: Estimated Metallurgical Recoveries from 2016 Feasibility Study – Gold and Silver**

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|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Gold** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** | &nbsp;&nbsp;**Silver** |
|  | &nbsp;&nbsp;**Contained (koz)** | &nbsp;&nbsp;**Recovered (koz)** | &nbsp;&nbsp;**Recovery**<br> **(%)** | &nbsp;&nbsp;**Contained**<br> **(koz)** | &nbsp;&nbsp;**Recovered (koz)** | &nbsp;&nbsp;**Recovery**<br> **(%)** |
| &nbsp;&nbsp;Heap Leach | &nbsp;&nbsp;3875 | &nbsp;&nbsp;1933 | &nbsp;&nbsp;49.9 | &nbsp;&nbsp;21242 | &nbsp;&nbsp;21242 | &nbsp;&nbsp;15.5 |
| &nbsp;&nbsp;Mill-AAO Sulfide | &nbsp;&nbsp;7797 | &nbsp;&nbsp;5696 | &nbsp;&nbsp;73.0 | &nbsp;&nbsp;287693 | &nbsp;&nbsp;287693 | &nbsp;&nbsp;81.6 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11672** | &nbsp;&nbsp;**7629** | &nbsp;&nbsp;**65.4** | &nbsp;&nbsp;**489447** | &nbsp;&nbsp;**308935** | &nbsp;&nbsp;**63.1** |

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**10.3.4.1** **Atmospheric Oxidation – Batch Tests** 

From 2013 through 2016, metallurgical testing focused on developing a process to oxidize sulfide flotation concentrates under atmospheric conditions. The process concept involved oxidation in an agitated slurry at elevated temperatures, using oxygen as the oxidant. Batch oxidation tests were conducted at Hazen under various conditions on concentrates derived from Central, Brimstone, and Vortex composites.

The results demonstrated that complete oxidation is not required to achieve high precious metal recoveries during subsequent cyanide leaching, consistent with earlier oxidation studies. Cyanidation recoveries of approximately 85% for gold and 92% for silver were achieved when about 60% of the sulfide-sulfur content in the concentrate was oxidized.

Oxidation reaction kinetics improved with increasing temperatures up to 75 °C. Tests conducted at higher temperatures (around 90 °C) resulted in slower oxidation rates, due to reduced oxygen solubility under bench-scale laboratory conditions.

**10.3.4.2** **Pilot Plant Oxidation Tests** 

Continuous pilot testing was conducted at Hazen using 10-liter reactors on concentrates from three metallurgical domains. The pilot results confirmed the batch test findings. Testing was performed at 75°C a grind size of 25 µm, 20% solids, and a total residence time of 48 hours. Oxidation rates varied by material type, with Vortex oxidizing most rapidly, followed by Central and then Brimstone. The Master Composite exhibited oxidation behavior comparable to Brimstone.

Key outcomes from the pilot testing include:

● gold
 recovery versus sulfide oxidation was higher than indicated by bench-scale testing

● approximately
 80% gold recovery was achieved at 50% sulfide oxidation for all material types

● approximately
 87% gold recovery was achieved at 60% sulfide oxidation for all material types.

**10.3.4.3** **Hycroft Mill Demonstration Plant** 

Hycroft Mining constructed and operated a demonstration plant with a nominal capacity of 10 tons/d at the Mine site. The integrated flowsheet comprised of a ball mill, rougher flotation bank, concentrate and tailings thickeners, a regrind mill, oxidation and neutralization tanks, an oxidized concentrate thickener, cyanide leach tanks, CCD thickeners, and a Merrill-Crowe precipitation circuit. The plant was operated continuously, with concentrate surge capacity upstream of oxidation and pregnant solution storage upstream of Merrill-Crowe.

The demonstration plant processed Central and Brimstone materials mined from exposed mineralization at the surface of the current open pit.

Key demonstration plant results for Central material are presented in Figure 10-9. For clarity, only data from Tank 1 (TK1) and Tank 5 (TK5) are shown. Sulfide oxidation levels of 60% or greater were consistently achieved when steady-state operating conditions were maintained.

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**Figure 10-9:** **Oxidation of Central Flotation Concentrate: Sulfate Spike Test**

![](ex1_039.jpg)

Source: M3, 2019

Oxidation of the flotation concentrates resulted in a significant improvement in gold and silver recoveries compared to direct cyanidation. Cyanide leach recoveries of oxidized concentrates during demonstration plant operation are presented in Figure 10-10. The graph initially reflected Central concentrate processing and transition to Brimstone concentrates on June 11, 2016. Gold and silver recoveries for Central concentrate peaked at approximately 85%. For Brimstone concentrate, gold recovery reached approximately 80%, while silver recovery peaked at 90%. Overall recovery trends closely tracked the degree of concentrate oxidation.

**Figure 10-10: Demonstration Plant Cyanide Leach Recovery of Au and Ag**

![](ex1_040.jpg)

Source: M3, 2019

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**10.3.4.4** **Pressure Oxidation** 

Previous POX testwork was conducted primarily by Hazen and SGS on various flotation concentrates derived from Hycroft sulfide mineralized material, including individual samples, composites samples, and two transition material samples. POX testwork was performed under both alkaline and acidic conditions.

The following is a list of all POX testwork reports provided to Ausenco:

● Hazen
 Project 11232 Report and Appendices A-F, POX-CIL Evaluation of Hycroft Flotation Concentrates.

● Hazen
 Project 11243-01 Report and Appendix, Evaluation of Hycroft Blend Flotation Concentrate.

● Hazen
 Project 11307 Report and Appendix, Evaluation of Kappes, Cassiday & Associates Flotation
 Concentrate.

● SGS
 Project 13224-001/003 Final Report, An Investigation into Oxidative Pre-treatment of Hycroft
 Flotation Concentrates.

● SGS
 Hycroft Project – 12012-001 Report 3, The Recovery of Au and Ag from Hycroft Project
 Sulfide Samples, Allied Nevada Gold Corporation.

● Kappes,
 Cassidy & Associates Project No. 189 C, Hycroft Pressure Oxidation and Leach Testwork.

Previous acid POX testwork was conducted on flotation concentrates to establish suitable operating criteria. Table 10-9 summarizes the alkaline POX testwork result, indicating that longer AC retention times still resulted in lower gold recovery, suggesting limited benefit from extended durations.

Table 10-10 summarizes the acid POX test results completed by Hazen, SGS and KCA.

The results indicate that the highest gold and silver cyanide amenability was achieved under conditions of an operating temperature between 374 °F to 437 °F, an oxygen overpressure of approximately 100 psi, and a residence time of 60 minutes. The POX test results also suggest that the concentrates may be prone to jarosites formation, which can inhibit silver recovery. Evidence for potential jarosite formation includes:

● the
 acidic autoclave discharge pulp exhibited a yellow coloration, transitioning to reddish brown
 following lime boil conditioning

● silver
 recovery was higher when the pulp was subjected to a lime boil, which exposed the hot pulp
 to alkaline conditions for several hours.

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**Table 10-9: Hycroft Alkaline POX Testwork Summary**

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| **Flotation Concentrates Samples** | **Sulfide (Stotal) (wt%)** | **Gold**<br>**(ppm)** | **Silver**<br>**(ppm)** | **AC Temp**<br>**(°F)** | **Solids**<br>**(wt%)** | **AC Retention Time**<br>**(min)** | **Oxygen Over-pressure**<br>**(Psig)** | **Caustic Consumption**<br>**(lbs/ton)** | **Cyanide Conc. (wt%)** | **Gold recovery <br> (%)** | **Silver recovery <br> (%)** |
| Brimstone | 40.1 | 11.6 | 418 | 437 | 20 | 256 | 40 | 5.41 | 2 | 98.5 | 72.9 |
| Brimstone | 40.1 | 11.6 | 418 | 212 | 40 | 360 | 40 | 6.05 | 2 | 54.3 | 71.2 |
| Hycroft Blend Float Concentrate | 38.5 | 18.1 | 2103 | 437 | 26 | 240 | 40 | 0.15 | 1 | 64.3 | 35.8 |
| Hycroft Blend Float Concentrate | 38.5 | 18.1 | 2103 | 437 | 26 | 240 | 40 | 1.45 | 2 | 63.8 | 52.0 |
| Hycroft Blend Float Concentrate | 38.5 | 18.1 | 2103 | 437 | 26 | 240 | 40 | 2.95 | 5 | 63.8 | 82.1 |

---

The gold and silver recoveries from rougher flotation concentrate subjected to acid POX, followed by lime boil conditioning and cyanide leaching were in the mid-90% range for gold and approximately the mid-80% range for silver (Table 10-10).

Acid POX followed by lime boil was evaluated during development of the MRE primarily due to its ability to consistently achieve high sulfide oxidation. Sulfide oxidation exceeding 95% is expected with POX, whereas AAO did not consistently achieve the target of 60%. As a result, gold and silver recoveries from POX residue are expected to be higher and more stable than those achieved using AAO. Additional factors for supporting the evaluation of POX included the following:

● Limestone
 is a more cost-effective reagent for acid neutralization.

● Cyanide
 consumption following pressure oxidation is lower than for AAO.

Soda ash was considered as an alternative to trona but was found to be less cost effective than limestone.

**Table 10-10: Hycroft Acid POX Testwork Summary**

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| **Sulfide Concentrate <br> Samples Tested** | **Sulfide (S=)**<br>**(wt%)** | **Au (ppm)** | **Ag<sup>1</sup> <br> (ppm)** | **Temp (°F)** | **Cyan. Conc.<sup>6</sup>**<br>**(ppt)** | **Sulfide Oxidation (%)** | **Au recovery (%)** | **Ag recovery (%)** | **Test Lab** |
| Brimstone | 40.1 | 11.60 | 418 | 374 | 1 | - | 97.5 | 89.0 | Hazen |
| Cut 4 | 36.9 | 11.40 | 168 | 374 | 1 | - | 94.0 | 94.1 | Hazen |
| Camel | 37.7 | 9.33 | 152 | 374 | 1 | - | 97.7 | 89.9 | Hazen |
| Bay | 22.1 | 6.03 | 52.3 | 374 | 1 | - | 97.5 | 75.3 | Hazen |
| Bone Yard | 31.9 | 5.97 | 95.3 | 374 | 1 | - | 96.0 | 86.0 | Hazen |
| Hycroft Blend | 38.5 | 18.10 | 2103 | 401 | 1 | - | 100.0 | 77.1 | Hazen |
| Sulfide Master Ro | 18.9 | 4.90 | 432 | 401 | 1 | - | 87.0 | 65.8 | Hazen |
| Mixed Master Ro | 9.3 | 8.50 | 193 | 401 | 1 | - | 82.8 | 86.4 | Hazen |
| Central Blk Sul Ro | 8.4 | 2.47 | 26 | 374 | 1 | 98.8 | 93.6 | 90.5 | SGS |
| Central Blk Sul Cl | 35.6 | 10.10 | 131 | 374 | 1 | 99.8 | 94.0 | 94.2 | SGS |
| Vortex Blk Sul Ro | 9.1 | 2.93 | 276 | 374 | 1 | 98.6 | 97.7 | 73.5 | SGS |
| Vortex Blk Sul Cl | 32.3 | 10.80 | 976 | 374 | 1 | 99.8 | 96.0 | 72.2 | SGS |

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| **Sulfide Concentrate <br> Samples Tested** | **Sulfide (S=)**<br>**(wt%)** | **Au (ppm)** | **Ag<sup>1</sup> <br> (ppm)** | **Temp (°F)** | **Cyan. Conc.<sup>6</sup>**<br>**(ppt)** | **Sulfide Oxidation (%)** | **Au recovery (%)** | **Ag recovery (%)** | **Test Lab** |
| Central Sul Cl | 30.7 | 10.30 | 750 | 374 | 1 | 98.1 | 93.5 | 81.9 | SGS |
| Brimstone Sul Cl | 34.7 | 7.93 | 392 | 374 | 1 | 83.6 | 53.6 | 49.5 | SGS |
| Vortex Sul Cl | 35.4 | 8.03 | 350 | 374 | 1 | 94.2 | 94.5 | 89.2 | SGS |
| POX 1 Cl con F-16<sup>2</sup> | 31.1 | 5.93 | 158 | 437 | 1 | 98.8 | 71.8 | 5.5 | SGS |
| POX 2 Cl con F-25<sup>3</sup> | 33.9 | 9.38 | 155 | 437 | 1 | 98.6 | 64.3 | 19.1 | SGS |
| POX 3 Cl con F-26<sup>4</sup> | 24.2 | 4.95 | 165 | 435 | 1 | 97.6 | 72.7 | 72.7 | SGS |
| Brimstone Sul Cl<sup>5</sup> | 33.9 | 7.13 | 383 | 428 | 2 | 99.9 | 94.0 | 97.0 | KCA |

---

Note:

1. Fire
 Assay

2. No
 lime boil, no NaCl

3. No
 lime boil, 1.34 oz/g NaCl

4. No
 lime boil, 2.67 oz/g NaCl

5. H<sub>2</sub>SO<sub>4</sub>
 added to autoclave feed

6. ppt
 = parts per trillion

**10.3.4.5** **Concentrate Oxidation Tests – Hazen 2025** 

During 2022 to 2025, Hycroft repeated flotation testing in preparation of concentrate for the POX Process Development program and achieved higher recovery rates with tighter controls on particle size, pH adjustment to 4.7, 24-minute flotation time and 20% to 25% Mass Pull with a target of 22%.

A series of POX tests (POX-3 through POX-7) were conducted at Hazen Research, Inc. on pyrite flotation concentrate to evaluate oxidation performance and downstream precious metal recovery following hot cure, lime boil, and cyanide leaching. The objective of this test program was to establish repeatability, assess sensitivity to operating conditions, and confirm the effectiveness of the integrated POX–hot cure–lime boil–cyanidation flowsheet.

All POX tests were conducted in a 2-L titanium autoclave at a nominal temperature of 225 °C, with oxygen overpressure of approximately 100 psig, and a total residence time of 90 minutes. The starting solution contained approximately 10 g/L H₂SO₄. Agitation speeds ranged from 1,000 to 1,020 rpm, and off-gas bleed rates were maintained at approximately 100 cm³/min.

Across POX-3 through POX-7, oxidation conditions were consistent and reproducible. No evidence of excessive passivation or runaway reactions was observed. The POX discharge slurries were subsequently subjected to hot cure to decompose basic iron sulfate phases prior to lime boiling and cyanide leaching.

**10.3.4.6** **Hot Cure – Hazen 2025** 

Hot cure tests were conducted on pressure-oxidized slurry at 90 to 95 °C for 12 hours with agitation. The purpose of this step was to decompose basic iron sulfate species formed during pressure oxidation and to condition the solids for effective jarosite breakdown during lime boiling.

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Across POX-3 to POX-7, hot cure performance was stable, with temperature control maintained within ±1 °C of target. Filtration following hot cure produced well-behaved filter cakes suitable for downstream processing. No washing was conducted after hot cure, consistent with the intended flowsheet configuration.

**10.3.4.7** **Lime Boil – Hazen 2025** 

Lime boil tests were performed on hot-cured residues at 90 to 95 °C under alkaline conditions (target pH approximately 11 to 11.5) to promote decomposition of jarosite and related basic iron sulfate phases. Residence times ranged from four hours to overnight, depending on the specific test objective.

Calcium hydroxide consumption varied across tests, reflecting differences in sulfate loading and the extent of iron sulfate formation during POX. Later tests (POX-6 and POX-7) incorporated extended lime boil durations and tighter pH control to ensure complete jarosite decomposition prior to cyanidation.

**10.3.4.8** **Cyanide Leaching – Hazen 2025** 

Cyanide bottle roll leach tests were conducted on lime-boiled residues at ambient temperature using sodium cyanide concentrations ranging from 2.5 to 5.0 g/L, with activated carbon addition where indicated. Leach durations were typically 48 hours.

In several cases, a second lime boil and/or second cyanide leach was performed where the initial cyanidation indicated incomplete precious metal extraction, particularly for silver. This staged approach demonstrated that additional gold and silver recovery could be achieved when jarosite decomposition was completed prior to cyanidation.

Overall, the combined results confirm that the integrated POX–hot cure–lime boil–cyanidation flowsheet is effective for achieving high gold and silver recoveries from the pyrite concentrate. Table 10-11 summarizes the POX 3 through POX 7 test results.

**Table 10-11: Summary Comparison Table – POX 3 to POX-7**

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| **Test** | **POX Temp <br> (°C)** | **O₂ Overpressure (psig)** | **Hot Cure**<br>**(°C/h)** | **Lime Boil**<br>**(°C/h)** | **NaCN**<br>**(g/L)** | **Au Extraction (%)** | **Ag Extraction (%)** |
| POX-3 | 225 | 100 | 90–93 / 12 | 90–95 / 4 | 5.0 | ~91 | ~95 |
| POX-4 | 225 | 100 | 90–95 / 12 | 90–95 / overnight | 5.0 | >92 | ~95 |
| POX-5 | 225 | 100 | 90–95 / 12 | 90–95 / overnight | 5.0 | ~92 | ~93 |
| POX-6 | 225 | 100 | 90–93 / 12 | 90–95 / 4 | 5.0 | ~93 | ~88–90 |
| POX-7 | 225 | 100 | 95 / 12 | 95 / 24+ | 2.5–5.0 | ~93 | ~92 |

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Note: Gold and silver extractions shown are combined values based on feed and final residues. Minor balance deviations are attributed to analytical uncertainty and low residual grades

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The POX-3 through POX-7 test series demonstrates that pressure oxidation at 225 °C with oxygen overpressure, followed by hot cure, lime boil, and cyanide leaching, is a robust and repeatable processing route for the pyrite concentrate. Variability in silver recovery was primarily associated with the completeness of jarosite decomposition, which was successfully addressed through extended lime boiling and staged cyanidation.

These results provide a defensible metallurgical basis for flowsheet development and recovery assumptions.

**10.3.5** **Solid-Liquid Separation Tests** 

Several thickeners are included in the Hycroft flowsheet. Updated settling tests for these thickeners were conducted by Pocock Industrial, Inc. using samples generated during hydrometallurgical process development studies performed by Hazen Research, Inc.

Tested sample streams included:

● rougher
 flotation concentrate

● neutralized
 AAO circuit product (pre-leach)

● cyanide-leached
 slurry (CCD feed)

● rougher
 flotation tailings.

A summary of the settling test results is presented in Table 10-12 below.

**Table 10-12: Settling Test Results**

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|:---|:---|:---|:---|:---|:---|
| **Sample** | **Tested Feed Solids**<br>**(%)** | **Design Basis Net Feed Loading (ft<sup>2</sup>/gal/min.)** | **Flocculant Dosage (lb/ton)** | **Predicted U'flow Density**<br>**(% solids)** | **Overflow Clarity, (ppm) TSS** |
| Rougher Concentrate | 7.47 – 14.79 | 0.87 – 1.37 | 0.12 – 0.13 | 40.6 – 49.1 | 150 – 318 |
| Pre-Leach Oxidized Concentrate | 7.52 – 7.75 | 0.68 – 0.92 | 0.11 – 0.17 | 35.0 – 41.0 | 150 – 329 |
| CCD Feed | 7.41 – 8.00 | 0.92 – 1.11 | 0.15 – 0.17 | 33.0 – 37.0 | 150 – 349 |
| Rough Tailings | 14.10 – 15.80 | 0.84 – 0.88 | 0.07 – 0.13 | 59.5 – 65.0 | 150 – 250 |

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**10.3.6** **Deleterious Elements** 

The deleterious element assay results for five bulk samples analyzed by Hazen are presented in Table 10-13 below.

**Table 10-13: Deleterious Element Assay**

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| | |
|:---|:---|
| **Sample ID** | **Hg (ppm)** |
| Cut 4 Bin-03, -08, and -18 | 4.19 |
| Brimstone Bin-14 and -20 | 2.68 |
| Camel Conglomerate Bin -26, -27, and -28 | 2.35 |
| Boneyard Bin-9, -16, and -23 | 15.70 |
| Bay Bulk Bin-7, -11, and -24 | 9.96 |

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Mercury is present in the mineralized material at moderate to high levels and is a deleterious element that can negatively impact gold recovery. Mercury is managed through zinc precipitation, followed by retorting to capture and remove the mercury.

**10.3.7** **Metallurgical Parameters for Process Design Criteria and Financial Analysis** 

Overall plant recovery is calculated by multiplying the flotation recoveries by the recoveries achieved in POX, cyanide leaching, and counter current decantation (CCD), by the refining recovery in Merrill-Crowe precipitation. The proposed process plant overall recoveries are presented in Table10-14.

For oxide and transition materials processed by heap leaching, the estimated gold and silver recoveries are 40% and 12%, respectively.

**Table 10-14: Process Plant Overall Recovery Prediction**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Flotation Recovery**<br>**(%)** | **Cyanide Extraction**<br>**(%)** | **Refining Recovery**<br>**(%)** | **Overall Recovery**<br>**(%)** | **2023 Tech Report Overall Recovery (%)** |
| Au | 89.5 | 93.5 | 99.0 | 82.8 | 76.0 |
| Ag | 92.9 | 86.0 | 97.0 | 77.5 | 76.0 |

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Note: Overall Recovery = (Flotation Recovery) x (POX and Cyanide Leach Recovery) x (Refining Recovery)

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| **11** | **Mineral Resource Estimates** |

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**11.1** **Summary** 

Mineral resources for the Hycroft deposit were developed using conventional block modeling methods and open pit optimization software to estimate the component of mineralization that has reasonable prospects for economic extraction (RPEE) for the mineral resource. The mineral resource estimation (MRE) was developed in accordance with the US Securities and Exchange Commission Rule SK-1300 for Mineral Projects. The estimate of the MRE reflects in-place mineralization as the point of reference. The effective date of the MRE is January 1, 2026. The MRE presented here supersedes any previously stated mineral resources for the Hycroft property.

The model was assembled by Ryan Rodney, C.P.G. of Hycroft. IMC worked with Hycroft and reviewed the final model. IMC is an independent third party with people who meet the definition of a QP under S-K 1300, and who have checked and validated the mineral resource wherever possible, and are assuming responsibility for the published MRE, with John Marek, P.E., acting as the QP.

**11.2** **Model Location** 

The block model is assembled in the existing local mine grid. That grid is rotated 15.85 degrees (left rotation looking down) compared to true north. Table 11-1 summarizes the block size and block limits.

**Table 11-1: Block Size and Model Size**

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|:---|:---|:---|:---|
| **Model Location** | **From Coordinates** | **To Coordinates** | **Number of Blocks** |
| Easting Limit | 13000 | 26000 | 325 |
| Northing Limit | 35440 | 54800 | 484 |
| Elevation Limits | 2200 | 6600 | 110 |
| Block Size Parent, subblock | Block Size Parent, subblock | Block Size Parent, subblock | 40 x 40 x 40 ft |

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The drillhole database and the block model are all in the mine grid. To the user, there does not appear to be a rotation because the mine grid is treated as if there were no rotation. The block size selection will be discussed in a later sub-section.

**11.3** **Database** 

The drillhole database has been assembled over many years by multiple companies using at least four different drill methods. That history and the verification of the historical information have been discussed in previous sections. Additional drilling has been completed since the MRE published March 2023, with additional checking and corrections completed on the historic database. The cutoff date for the drilling database is March 17, 2025, which represents the last data received from the 2024 drilling campaign.

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There are stockpiles and historical leach pads at the Mine that are within the block model area. Many of those have been drilled after the original excavation by sonic or rotary methods. The stockpile holes have been used to estimate the stockpile and leach pad areas, only; they have not been used to estimate in-situ rock. In total, the Hycroft database contains 6,023 drillholes with 534,881 sample intervals amounting to 2,814,546 ft of drilling. Within the area of the block model, there are 5,813 drillholes with 516,901 drill intervals amounting to 2,668,616 ft of drilling. There has been 87,383 ft of drilling in 70 drill holes that have been added due to drilling or database correction since the previous MRE in March 2023. Table 11-2 summarizes the amount of drilling and assay information that was used to assemble the block model.

**Table 11-2: Data Available for the Assembly of the Resource Model for Au, Ag, AuCn, Sulfide Sulfur**

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| | | | |
|:---|:---|:---|:---|
| **Number of** | **Total in Model** | **Stockpile Drilling** | **Assays for Estimation After Removal of 1982-1987 Drilling** |
| Holes | 5813 | 188 | 4221 |
| Assay Intervals | 516901 | 3268 | 460131 |
| Au Fire Assays | 488222 | 2354 | 433422 |
| Au Cn Assays | 380400 | 1952 | 325962 |
| Ag Fire Assays | 330110 | 2336 | 327774 |
| Ag Cn Assays | 327125 | 1972 | 309137 |
| Sulfide Assays | 39058 | 2450 | 39058 |

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The "Assays for Estimation After Removal of 1982-1987 Drilling" column indicates how much of the information was used to estimate measured and indicated class mineralization.

Sulfide sulfur levels have been estimated from a combination of three data sources. A set of sample composites were established by weighing pulp material from the drillholes to represent 25 ft composites from selected holes during 2011 and 2014. Specific holes were selected to provide coverage over the zone of the deposit being considered for flotation mill treatment. Those 25 ft samples were analyzed by LECO methods to determine sulfide sulfur percent by weight. In addition, all recent drilling in 2021 through mid-way through 2023 were assayed for sulfide sulfur using the LECO method on each 5 ft interval. Starting in the 2023 drilling campaign, LECO analyses were reverted to the 25 ft samples created from pulp samples. The three data sets were combined and then numerically distributed to 25 ft down-hole intervals. The combined sulfide sulfur LECO database inside the model contains 13,523 composites that are 25 ft long, averaging 1.66% sulfide sulfur.

There is additional multi-element ICP data available that was not used in the development of this resource model.

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**11.4** **Basic Statistics** 

The assay values of economic interest are gold, silver, and sulfide sulfur. This PFS is based on sulfide material being processed as a flotation concentrate and then utilizing pressure oxidation (POX) to generate a cyanide leachable slurry. The POX process is planned for flotation concentrate treatment. Sulfide sulfur content is a key measurable indicator in the POX process with potential operating cost impacts. There is a direct correlation of sulfide sulfur content to lime and limestone consumption during the Hot Cure and Lime Boil steps after POX and prior to cyanide leaching.

In addition, the cyanide soluble assays of gold are of interest because they provide a basis to establish the best metallurgical process based on the ability of the gold to dissolve into cyanide solution.

Table 11-3 presents the basic statistics of the assay database used to assemble the model. The stockpile assays are not included in the table and the assay data from 1982 through 1987 have been removed. The entire database listed in Table 11-3 was used for block grade estimation even though some of the assay values are located above current post mining topography. Drilling data from 1982 through 1987 was bias corrected and used to contribute to inferred class mineralization only. The cyanide data is represented as the ratio of cyanide gold divided by fire gold where the cyanide gold value exists and when fire gold is greater than or equal to 0.001 oz/ton.

**Table 11-3: Assay Database (No Stockpile Assays, Inside the Model, and No Drilling from 1982 through 1987)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Commodity** | **Number of Assays** | **Mean Grade** | **Standard Deviation** | **Minimum Value** | **Maximum Value** |
| Fire Au | 433422 | 0.0063 oz/t | 0.0145 | 0 oz/t | 3.15 oz/t |
| CnAu/FaAu (ratio) | 251475 | 0.3431 ratio | 0.3156 | 0 ratio | 1.00 ratio |
| Ag | 327774 | 0.25 oz/t | 5.20 | 0 oz/t | 2,334 oz/t |
| Sulfide Sulfur in %, 25 ft Composites | 13486 | 1.65% | 1.39% | 0% | 42.86% |

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Table 11-3 also illustrates that Au cyanide soluble ratio (CnAu/FaAu) data exists on 58% of the database. Total silver assays exist on 76% of the database. During later historic leach operations, cyanide Ag assays were generally completed; however, fire Ag assays were not common. Estimation of total or fire Ag will consequently be limited by the smaller number of available assays. Cyanide Ag assays were not used for block grade estimation due to uncertainty in that data identified during checks of the certificates of assay.

Cyanide soluble gold assays were completed on approximately 75% of the intervals where there are gold fire assays. The ratio of cyanide soluble Au to fire assay Au (CnAu/FaAu) ratio has been used to estimate the intensity of oxidation within the deposit. Although not statistically optimum, the process is necessary and common in the industry. The ratio of cyanide soluble Au to fire assay Au is used in mine planning to allocate material to the proper treatment process. When the CnAu/FaAu is calculated, values over 1.0 are set back to 1.0. The basic statistics of CnAu/FaAu are also summarized on Table 11-3. In simple terms, the cyanide to fire ratio reflects the degree of oxidation in the rock mass.

The apparent loss of cyanide ratio data (75% assay to 58% ratio) is because a gold fire value of 0.001 oz/ton or greater was required to calculate a meaningful ratio. In many cases, cyanide and/or fire assays are reported as trace values. In those cases, the resulting cyanide ratio was either 0.0, 0.5, or 1.0. Those values are meaningless when determining the level of oxidation and the relative cyanide amenability of the fire gold assay and were removed from the estimation process.

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**11.5** **Geology** 

The geology of the Hycroft deposit has been presented in previous report sections. The primary occurrences which have control on the grade distribution at Hycroft are Lithology, Alteration, and Structure. Each has an impact on mineralization.

**11.6** **Lithology** 

The following are the main lithology or rock types in the Hycroft deposit:

● Alluvium

● Tuffaceous
 Lake Bed Sediment, part of the TSG

● Camel
 Conglomerate, part of the TSG, and eroded from the Kamma Volcanics

● Kamma
 Volcanics, Tertiary, but older than the sulfur group conglomerates and sediments

● Auld
 Lang Syne (ALS), Jurassic laminated siltstone, the basement of the deposit.

The lithology interpretation was updated by Hycroft since the 2023 TRS. The primary change was a reduction in size of the TSG unit due to detailed review of the original geologic logging by Hycroft geologists. New wire frame solids were developed and used to code the model blocks to the nearest whole block. The main mineral hosts are the Camel and Kamma units; however, mineralization is found in all the lithologic units.

Interpreted solids representing the above rock types were provided by Hycroft and checked against logging by IMC. IMC found them appropriate for use in the development of the resource model. Figure 11-1 is an east–west cross-section illustrating the major rock types looking north.

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**Figure 11-1: East–West Cross-Section 44000-N Looking North, Showing Lithology Types**

![](ex1_041.jpg)

Source: Hycroft, 2025

**11.7** **Alteration** 

Alteration consists of:

● acid
 leach

● argillic

● silicic

● propylitic

● unaltered.

Hycroft provided alteration solids to IMC that have not been updated since the 2023 TRS. IMC checked those solids against the logged database and found them to be acceptable for use in development of the resource model. In summary, when propylitic alteration was encountered, boundary analysis and basic statistics indicated that it was statistically similar to the argillic altered material, and it was combined with argillic during block grade estimation.

Silicic alteration is common and tends to be deeper and generally more prevalent in the eastern portion of the deposit. Boundary and statistical analysis indicate that the silicic altered material is generally higher grade than the argillic-propylitic altered rock. Figure 11-2 is an east–west cross-section through the interpreted alterations, looking north.

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**Figure 11-2: East–West Cross-Section 44000-N Looking North, Showing Alterations**

![](ex1_042.jpg)

Source: Hycroft, 2025

**11.8** **Structure** 

Several north–south striking basin and range faults cut through the Hycroft deposit. In addition to those faults, the deposit is cut by the Ramp Fault and the west dipping East Fault. The East Fault is interpreted to be a thick shear zone and appears to be the orientation and probably the conduit of mineralization in the eastern portion of the deposit. The footwall of the East Fault has minor low-grade mineralization in the Kamma formation.

Figure 11-3 is a map view of the faults and the numbering system assigned to the fault blocks between the faults. The fault block numbers will be used to define the domains and search parameters for block grade estimation.

There are additional interpreted faults through the deposit, but after review by the Hycroft geology and modeling team, the faults and fault blocks on Figure 11-3 were selected as those that had impact or control on the mineralization.

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**Figure 11-3: Structure and Domain Interpretation (Plan View)**

![](ex1_043.jpg)

Source: Hycroft, 2025

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**11.9** **Domains** 

Domains for grade estimation are a combination of structure, alteration, and lithology. The domain boundaries were developed by studying the basic statistics by Hycroft and by boundary analysis completed by IMC to confirm the domain interpretation.

Boundary analysis selects the assay (or composite) information from both sides of the boundary being tested at several different separation distances. IMC then completes a series of statistical hypothesis tests to confirm if the data on either side of the boundary could have come from the same or different statistical populations.

As a result of the work described above, the selected 22 domains are summarized on Table 11-4. In addition to the domains created from boundary analysis, Hycroft identified and created 16 additional discrete domains to represent high-grade (greater than or equal to 4 oz/ton) silver veins. The silver domains create additional boundaries which isolate the higher-grade veins from the lower grade disseminated silver to prevent too much smearing during estimation. The domains are identified in Table 11-5, where 6,000 series represent the Vortex area, and 7,000 series represent the Brimstone area. Figure 11-4 shows the location of the high-grade silver domains. These domains are treated as hard boundaries where composites outside the boundary do not influence the inside, and the composites inside do not influence outside the boundary.

Sulfide sulfur utilized a different set of domains based on similar analysis as applied to gold and silver. There are three domains for sulfide sulfur illustrated on Table 11-6.

**Table 11-4: Population Domains for Grade Estimation**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Domain Name** | **Structure Block** | **Lithology** | **Alteration** | **Description** |
| Alluvium | All | Alluvium | All | Alluvium |
| TSG_seds | All | TSG | All | Tertiary Lake Bed Sediments (TSG) |
| auld lang syne | All | ALS | All | ALS formation |
| acid leach | All | All | Acid Leach | Acid Leach Alteration |
| domain_1_arg_prop | 1 | Kamma+Camel | Argillic+Propylitic | West of the Range Fault, North of the Camel Fault |
| domain_1_silicic | 1 | Kamma+Camel | Silicic | West of the Range Fault, North of the Camel Fault |
| domain_1_unaltered | 1 | Kamma+Camel | Unaltered | West of the Range Fault, North of the Camel Fault |
| Domain_2_arg_prop | 2 | Kamma+Camel | Argillic+Propylitic | Between Range and Central Faults, North of the Camel Fault |
| domain_2_silicic | 2 | Kamma+Camel | Silicic | Between Range and Central Faults, North of the Camel Fault |
| domain_2_unaltered | 2 | Kamma+Camel | Unaltered | Between Range and Central Faults, North of the Camel Fault |
| domain_3_arg_prop | 3 | Kamma+Camel | Argillic+Propylitic | Between Central and East, Albert Fault, North of the Camel Fault |
| domain_3_silicic | 3 | Kamma+Camel | Silicic | Between Central and East, Albert Fault, North of the Camel Fault |
| domain_3_unaltered | 3 | Kamma+Camel | Unaltered | Between Central and East, Albert Fault, North of the Camel Fault |
| domain_4_arg_prop | 4 | Kamma+Camel | Argillic+Propylitic | East of East Fault, South of the Ramp Fault |
| domain_4_silicic | 4 | Kamma+Camel | Silicic | East of East Fault, South of the Ramp fault |
| domain_4_unaltered | 4 | Kamma+Camel | Unaltered | East of East Fault, South of the Ramp fault |
| domain_5_arg_prop | 5 | Kamma+Camel | Argillic+Propylitic | South of the Camel Fault, West of the East Fault |
| domain_5_silicic | 5 | Kamma+Camel | Silicic | South of the Camel Fault, West of the East Fault |
| domain_5_unaltered | 5 | Kamma+Camel | Unaltered | South of the Camel Fault, West of the East Fault |
| domain_6_arg_prop | 6 | Kamma+Camel | Argillic+Propylitic | East of Albert Fault, North of Ramp fault |
| domain_6_silicic | 6 | Kamma+Camel | Silicic | East of Albert Fault, North of Ramp fault |
| domain_6_unaltered | 6 | Kamma+Camel | Unaltered | East of Albert Fault, North of Ramp fault |

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**Table 11-5: High-grade Silver Vein Domains**

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| **Domain Name** | **Structure Block** | **Alteration** | **Description** |
| ag_6001 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6002 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6003 | 34 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6004 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6005 | 34 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6006 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6007 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6008 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6009 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6010 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6011 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_6012 | 3 Kamma | Argillic+Propylitic+Silicic | Vortex High-grade silver vein |
| ag_7001 | 3 Kamma | Argillic+Propylitic+Silicic | Brimstone High-grade silver vein |
| ag_7002 | 3 Kamma | Argillic+Propylitic+Silicic | Brimstone High-grade silver vein |
| ag_7004 | 3 Kamma | Argillic+Propylitic+Silicic | Brimstone High-grade silver vein |
| ag_7005 | 3 Kamma | Argillic+Propylitic+Silicic | Brimstone High-grade silver vein |

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**Table 11-6: Sulfide Domains**

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| **Sulfide Domain Number** | **Structure Block** | **Description** |
| 1 | All Acid Leach | Alluvium |
| 2 | 346 All | East of the Central fault |
| 4 | 125 All | West of the Central fault flat dipping |

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**Figure 11-4: Structure and Domain Interpretation with Silver Wireframes (plan view)**

![](ex1_044.jpg)

Source: Hycroft, 2025

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**11.10** **Assay Caps** 

Prior to grade estimation, high-grade outliers were capped to limit undue impact on block grade estimation. Histograms were studied by Hycroft within each of the domains to set cap values. IMC spot checked the cap values using cumulative frequency plots. In all cases, only a small percentage of high valued samples were capped, generally less than 0.5% of the database. Table 11-7 summarizes the cap values that were applied to assays prior to calculating composites.

**Table 11-7: Assay Cap Values**

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|:---|:---|:---|
| **Domain** | **Gold Cap Value (oz/ton)** | **Silver Cap Value (oz/ton)** |
| Alluvium | 0.10 | 3 |
| TSG_Seds | 0.06 | 7 |
| Auld Lang Syne | 0.07 | 4 |
| Acid Leach | 0.25 | 5 |
| domain_1_arg_prop | 0.07 | 5 |
| domain_1_silicic | 0.09 | 15 |
| domain_1_unaltered | 0.06 | 3 |
| Domain_2_arg_prop | 0.36 | 12 |
| domain_2_silicic | 0.55 | 34 |
| domain_2_unaltered | 0.04 | 2.5 |
| domain_3_arg_prop | 0.35 | 30 |
| domain_3_silicic | 0.65 | 55 |
| domain_3_unaltered | 0.05 | 10 |
| domain_4_arg_prop | 0.07 | 6 |
| domain_4_silicic | 0.15 | 15 |
| domain_4_unaltered | 0.07 | 2 |
| domain_5_arg_prop | 0.03 | 0.5 |
| domain_5_silicic | 0.04 | 3.5 |
| domain_5_unaltered | 0.03 | 1 |
| domain_6_arg_prop | 0.06 | 1.5 |
| domain_6_silicic | 0.12 | 30 |
| domain_6_unaltered | 0.07 | 4 |
| ag_6001 | n/a | 12 |
| ag_6002 | n/a | 14 |
| ag_6003 | n/a | 35 |
| ag_6004 | n/a | 15 |
| ag_6005 | n/a | 8 |
| ag_6006 | n/a | 20 |
| ag_6007 | n/a | 12 |
| ag_6008 | n/a | 14 |
| ag_6009 | n/a | 25 |
| ag_6010 | n/a | 20 |
| ag_6011 | n/a | 8 |
| ag_6012 | n/a | 20 |
| ag_7001 | n/a | 300 |
| ag_7002 | n/a | 15 |
| ag_7004 | n/a | 60 |
| ag_7005 | n/a | 9 |

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The gold cyanide to fire assay ratio was capped at 1.0 to assure that there were no values with cyanide assay greater than fire assay when estimating the model.

In all cases above, the stockpile drilling and the drilling in the Crofoot leach pad were excluded from the analysis as they do not represent in-situ mineralization.

Sulfide cap values were applied to the original sulfide data prior to compositing. The cap levels by sulfide domain are summarized on Table 11-8.

**Table 11-8: Sulfide Cap Values Prior to Compositing**

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|:---|:---|
| **Alteration** | **Sulfide Cap Level % Sulfide** |
| Acid Leach All | 12.00% |
| Argilic All | 17.00% |
| Propylitic All | n/a |
| Silicic All | 28.00% |
| Unaltered All | 12.00% |

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**11.11** **Bench Height Confirmation** 

A test was completed to confirm the selection of bench height for the model. The assay database was composited into alternative bench height intervals of 20 to 50 ft in 5-ft intervals. For each set of composites, the number of composites above cutoff and the average grade of those composites above cutoff were calculated. The number of composites multiplied by the average grade is used as an approximation of contained metal above cutoff. Multiple cutoffs of 0.001 through 0.007 oz/ton Au were tested at each of the bench heights. The stockpile and leach pad drilling were not included in the analysis.

Figure 11-5 indicates that the gold grade is not particularly sensitive to bench height and the selected bench height of 40 ft is a reasonable value considering the relatively high ore production rate being considered at Hycroft (nearly 60,000 t/d).

Future work could consider increasing the bench height to 50 ft, but 50 ft is only about a 1.2% improvement over the contained metal at 40 ft.

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**Figure 11-5: Bench Height Analysis**

Source: IMC, 2025

**11.12** **Composites** 

Downhole (length) composites were created from the capped, raw assay values for input to block grade estimation. Composite lengths of 40 ft were used for gold and silver estimation outside of the silver veins. Within the silver veins, the composite length was set to 10 ft due to the narrow width of the interpreted veins.

The capped assays were composited at 40 ft down-hole intervals, respecting the alteration and mineral domain boundaries described above. A minimum of 20 ft was required for a composite and anything less than 20 ft was applied to the previous interval. Table 11-9 summarizes the basic statistics of the composited assay data.

Table 11-10 summarizes the basic statistics of the composited sulfide-sulfur data as 25 ft composites.

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**Table 11-9: Basic Statistics of Composites, In-Situ Rock, Eliminating Years 1982 to 1987**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain Number** | **Structure Block Code** | **Lithology** | **Alteration** | **Statistics Summary for Composites** | **Statistics Summary for Composites** | **Statistics Summary for Composites** | **Statistics Summary for Composites** |
| **Domain Number** | **Structure Block Code** | **Lithology** | **Alteration** | **Statistic** | **Au oz/ton** | **Ag oz/ton** | **CnAu/ AuFa Ratio** |
| alluvium | All | Alluvium | All | N = | 2644 | 1849 | 1058 |
| alluvium | All | Alluvium | All | Mean = | 0.0028 | 0.0873 | 0.5370 |
| alluvium | All | Alluvium | All | Max = | 0.0508 | 1.6595 | 1 |
| alluvium | All | Alluvium | All | Std = | 0.0039 | 0.1134 | 0.26 |
| TSG_seds | All | TSG | All | N = | 1465 | 1254 | 363 |
| TSG_seds | All | TSG | All | Mean = | 0.0025 | 0.0882 | 0.2380 |
| TSG_seds | All | TSG | All | Max = | 0.0336 | 4.2323 | 1 |
| TSG_seds | All | TSG | All | Std = | 0.0042 | 0.1814 | 0.214 |
| auld lang syne | All | ALS | All | N = | 49 | 51 | 9 |
| auld lang syne | All | ALS | All | Mean = | 0.0014 | 0.0410 | 0.2700 |
| auld lang syne | All | ALS | All | Max = | 0.0105 | 0.2061 | 0.45 |
| auld lang syne | All | ALS | All | Std = | 0.0019 | 0.0428 | 0.132 |
| acid leach | All | All | Acid Leach | N = | 5401 | 1621 | 3486 |
| acid leach | All | All | Acid Leach | Mean = | 0.0048 | 0.0888 | 0.6070 |
| acid leach | All | All | Acid Leach | Max = | 0.1245 | 1.9186 | 1 |
| acid leach | All | All | Acid Leach | Std = | 0.0076 | 0.1645 | 0.252 |
| domain_1_arg_prop | 1 | Kamma+Camel | Argillic+Propylitic | N = | 373 | 352 | 80 |
| domain_1_arg_prop | 1 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0020 | 0.0745 | 0.1950 |
| domain_1_arg_prop | 1 | Kamma+Camel | Argillic+Propylitic | Max = | 0.0198 | 1.0011 | 0.688 |
| domain_1_arg_prop | 1 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0032 | 0.0858 | 0.17 |
| domain_1_silicic | 1 | Kamma+Camel | Silicic | N = | 824 | 795 | 513 |
| domain_1_silicic | 1 | Kamma+Camel | Silicic | Mean = | 0.0071 | 0.1983 | 0.1210 |
| domain_1_silicic | 1 | Kamma+Camel | Silicic | Max = | 0.0476 | 6.4177 | 1 |
| domain_1_silicic | 1 | Kamma+Camel | Silicic | Std = | 0.0065 | 0.4468 | 0.167 |
| domain_1_unaltered | 1 | Kamma+Camel | Unaltered | N = | 305 | 306 | 44 |
| domain_1_unaltered | 1 | Kamma+Camel | Unaltered | Mean = | 0.0017 | 0.0918 | 0.4180 |
| domain_1_unaltered | 1 | Kamma+Camel | Unaltered | Max = | 0.0205 | 1.1522 | 0.863 |
| domain_1_unaltered | 1 | Kamma+Camel | Unaltered | Std = | 0.003 | 0.1271 | 0.258 |
| Domain_2_arg_prop | 2 | Kamma+Camel | Argillic+Propylitic | N = | 4461 | 3169 | 1941 |
| Domain_2_arg_prop | 2 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0040 | 0.0932 | 0.4100 |
| Domain_2_arg_prop | 2 | Kamma+Camel | Argillic+Propylitic | Max = | 0.1091 | 4.8678 | 1 |
| Domain_2_arg_prop | 2 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0066 | 0.2059 | 0.287 |
| domain_2_silicic | 2 | Kamma+Camel | Silicic | N = | 10458 | 7120 | 8503 |
| domain_2_silicic | 2 | Kamma+Camel | Silicic | Mean = | 0.0100 | 0.1895 | 0.3220 |
| domain_2_silicic | 2 | Kamma+Camel | Silicic | Max = | 0.3368 | 11.5751 | 1 |
| domain_2_silicic | 2 | Kamma+Camel | Silicic | Std = | 0.0101 | 0.4312 | 0.27 |
| domain_2_unaltered | 2 | Kamma+Camel | Unaltered | N = | 151 | 128 | 49 |
| domain_2_unaltered | 2 | Kamma+Camel | Unaltered | Mean = | 0.0030 | 0.0800 | 0.3330 |
| domain_2_unaltered | 2 | Kamma+Camel | Unaltered | Max = | 0.0328 | 0.8482 | 1 |
| domain_2_unaltered | 2 | Kamma+Camel | Unaltered | Std = | 0.0046 | 0.132 | 0.274 |
| domain_3_arg_prop | 3 | Kamma+Camel | Argillic+Propylitic | N = | 7101 | 5944 | 2386 |
| domain_3_arg_prop | 3 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0033 | 0.1091 | 0.3090 |
| domain_3_arg_prop | 3 | Kamma+Camel | Argillic+Propylitic | Max = | 0.1395 | 5.9384 | 1 |
| domain_3_arg_prop | 3 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0062 | 0.2488 | 0.253 |
| domain_3_silicic | 3 | Kamma+Camel | Silicic | N = | 16860 | 13688 | 12995 |
| domain_3_silicic | 3 | Kamma+Camel | Silicic | Mean = | 0.0085 | 0.3065 | 0.2780 |
| domain_3_silicic | 3 | Kamma+Camel | Silicic | Max = | 0.251 | 36.5706 | 1 |
| domain_3_silicic | 3 | Kamma+Camel | Silicic | Std = | 0.0094 | 0.6761 | 0.247 |
| domain_3_unaltered | 3 | Kamma+Camel | Unaltered | N = | 723 | 384 | 363 |
| domain_3_unaltered | 3 | Kamma+Camel | Unaltered | Mean = | 0.0023 | 0.1048 | 0.5680 |
| domain_3_unaltered | 3 | Kamma+Camel | Unaltered | Max = | 0.0349 | 3.5645 | 1 |
| domain_3_unaltered | 3 | Kamma+Camel | Unaltered | Std = | 0.0034 | 0.2502 | 0.294 |
| domain_4_arg_prop | 4 | Kamma+Camel | Argillic+Propylitic | N = | 1203 | 1146 | 224 |
| domain_4_arg_prop | 4 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0017 | 0.0738 | 0.3990 |
| domain_4_arg_prop | 4 | Kamma+Camel | Argillic+Propylitic | Max = | 0.0338 | 1.932 | 1 |
| domain_4_arg_prop | 4 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0028 | 0.1335 | 0.275 |
| domain_4_silicic | 4 | Kamma+Camel | Silicic | N = | 1232 | 995 | 563 |
| domain_4_silicic | 4 | Kamma+Camel | Silicic | Mean = | 0.0040 | 0.1787 | 0.3980 |
| domain_4_silicic | 4 | Kamma+Camel | Silicic | Max = | 0.0604 | 3.9584 | 1 |
| domain_4_silicic | 4 | Kamma+Camel | Silicic | Std = | 0.0051 | 0.3188 | 0.29 |
| domain_4_unaltered | 4 | Kamma+Camel | Unaltered | N = | 283 | 259 | 55 |
| domain_4_unaltered | 4 | Kamma+Camel | Unaltered | Mean = | 0.0012 | 0.0290 | 0.3850 |
| domain_4_unaltered | 4 | Kamma+Camel | Unaltered | Max = | 0.0323 | 0.6248 | 0.935 |
| domain_4_unaltered | 4 | Kamma+Camel | Unaltered | Std = | 0.003 | 0.0558 | 0.186 |
| domain_5_arg_prop | 5 | Kamma+Camel | Argillic+Propylitic | N = | 107 | 100 | 11 |
| domain_5_arg_prop | 5 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0008 | 0.0830 | 0.3170 |
| domain_5_arg_prop | 5 | Kamma+Camel | Argillic+Propylitic | Max = | 0.0193 | 0.2503 | 0.7 |
| domain_5_arg_prop | 5 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0025 | 0.0349 | 0.25 |
| domain_5_silicic | 5 | Kamma+Camel | Silicic | N = | 207 | 198 | 50 |
| domain_5_silicic | 5 | Kamma+Camel | Silicic | Mean = | 0.0021 | 0.0914 | 0.1760 |
| domain_5_silicic | 5 | Kamma+Camel | Silicic | Max = | 0.0214 | 0.7186 | 0.863 |
| domain_5_silicic | 5 | Kamma+Camel | Silicic | Std = | 0.0039 | 0.0958 | 0.203 |
| domain_5_unaltered | 5 | Kamma+Camel | Unaltered | N = | 94 | 93 | - |
| domain_5_unaltered | 5 | Kamma+Camel | Unaltered | Mean = | 0.0004 | 0.0797 | - |
| domain_5_unaltered | 5 | Kamma+Camel | Unaltered | Max = | 0.003 | 0.2559 | - |
| domain_5_unaltered | 5 | Kamma+Camel | Unaltered | Std = | 0.0005 | 0.0381 | - |

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Hycroft Mine Project Page 123 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain Number** | **Structure Block Code** | **Lithology** | **Alteration** | **Statistics Summary for Composites** | **Statistics Summary for Composites** | **Statistics Summary for Composites** | **Statistics Summary for Composites** |
| **Domain Number** | **Structure Block Code** | **Lithology** | **Alteration** | **Statistic** | **Au oz/ton** | **Ag oz/ton** | **CnAu/ AuFa Ratio** |
| domain_6_arg_prop | 6 | Kamma+Camel | Argillic+Propylitic | N = | 896 | 774 | 83 |
| domain_6_arg_prop | 6 | Kamma+Camel | Argillic+Propylitic | Mean = | 0.0009 | 0.0696 | 0.4590 |
| domain_6_arg_prop | 6 | Kamma+Camel | Argillic+Propylitic | Max = | 0.0298 | 0.3795 | 1 |
| domain_6_arg_prop | 6 | Kamma+Camel | Argillic+Propylitic | Std = | 0.0018 | 0.0529 | 0.311 |
| domain_6_silicic | 6 | Kamma+Camel | Silicic | N = | 583 | 496 | 225 |
| domain_6_silicic | 6 | Kamma+Camel | Silicic | Mean = | 0.0041 | 0.1869 | 0.2690 |
| domain_6_silicic | 6 | Kamma+Camel | Silicic | Max = | 0.0382 | 10.7052 | 1 |
| domain_6_silicic | 6 | Kamma+Camel | Silicic | Std = | 0.0051 | 0.5849 | 0.241 |
| domain_6_unaltered | 6 | Kamma+Camel | Unaltered | N = | 161 | 136 | 97 |
| domain_6_unaltered | 6 | Kamma+Camel | Unaltered | Mean = | 0.0037 | 0.1936 | 0.5050 |
| domain_6_unaltered | 6 | Kamma+Camel | Unaltered | Max = | 0.0199 | 1.175 | 0.906 |
| domain_6_unaltered | 6 | Kamma+Camel | Unaltered | Std = | 0.0039 | 0.2161 | 0.177 |
| ag_6001 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 41 | n/a |
| ag_6001 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.2624 | n/a |
| ag_6001 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 12 | n/a |
| ag_6001 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 3.4599 | n/a |
| ag_6002 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 18 | n/a |
| ag_6002 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 5.3505 | n/a |
| ag_6002 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 11.8884 | n/a |
| ag_6002 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 2.9268 | n/a |
| ag_6003 | 34 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 18 | n/a |
| ag_6003 | 34 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 8.8920 | n/a |
| ag_6003 | 34 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 26.8903 | n/a |
| ag_6003 | 34 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 9.1648 | n/a |
| ag_6004 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 12 | n/a |
| ag_6004 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 6.6931 | n/a |
| ag_6004 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 15 | n/a |
| ag_6004 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 4.9057 | n/a |
| ag_6005 | 34 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 12 | n/a |
| ag_6005 | 34 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.2462 | n/a |
| ag_6005 | 34 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 8 | n/a |
| ag_6005 | 34 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 2.4865 | n/a |
| ag_6006 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 15 | n/a |
| ag_6006 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 7.7032 | n/a |
| ag_6006 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 18.3126 | n/a |
| ag_6006 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 5.1522 | n/a |
| ag_6007 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 25 | n/a |
| ag_6007 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 5.3803 | n/a |
| ag_6007 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 11.1771 | n/a |
| ag_6007 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 3.2084 | n/a |
| ag_6008 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 23 | n/a |
| ag_6008 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.5142 | n/a |
| ag_6008 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 13.0085 | n/a |
| ag_6008 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 3.5674 | n/a |
| ag_6009 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 34 | n/a |
| ag_6009 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 8.9273 | n/a |
| ag_6009 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 25 | n/a |
| ag_6009 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 6.6283 | n/a |
| ag_6010 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 40 | n/a |
| ag_6010 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 6.0614 | n/a |
| ag_6010 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 20 | n/a |
| ag_6010 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 5.3179 | n/a |
| ag_6011 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 22 | n/a |
| ag_6011 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.3523 | n/a |
| ag_6011 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 8 | n/a |
| ag_6011 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 1.656 | n/a |
| ag_6012 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 29 | n/a |
| ag_6012 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 5.9920 | n/a |
| ag_6012 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 18.645 | n/a |
| ag_6012 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 5.5774 | n/a |
| ag_7001 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 79 | n/a |
| ag_7001 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 25.4563 | n/a |
| ag_7001 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 157.5105 | n/a |
| ag_7001 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 36.8384 | n/a |
| ag_7002 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 14 | n/a |
| ag_7002 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.8935 | n/a |
| ag_7002 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 15 | n/a |
| ag_7002 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 4.3965 | n/a |
| ag_7004 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 11 | n/a |
| ag_7004 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 11.0018 | n/a |
| ag_7004 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 52.5782 | n/a |
| ag_7004 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 18.7548 | n/a |
| ag_7005 | 3 | Kamma | Argillic+Propylitic+Silicic | N = | n/a | 8 | n/a |
| ag_7005 | 3 | Kamma | Argillic+Propylitic+Silicic | Mean = | n/a | 4.5161 | n/a |
| ag_7005 | 3 | Kamma | Argillic+Propylitic+Silicic | Max = | n/a | 6.2646 | n/a |
| ag_7005 | 3 | Kamma | Argillic+Propylitic+Silicic | Std = | n/a | 1.4602 | n/a |

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**Table 11-10: Basic Statistics of 25 ft Sulfide Composites by Sulfide Domain**

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|:---|:---|:---|:---|:---|:---|
| **Sulfide Domain Number** | **Structure Blocks** | **Lithology** | **Alteration** | **Basic Statistics of 25ft Composites** | **Basic Statistics of 25ft Composites** |
| 1 | All | All | Acid Leach | N = | 319 |
| 1 | All | All | Acid Leach | Mean = | 1.94 |
| 1 | All | All | Acid Leach | Max = | 12.00 |
| 1 | All | All | Acid Leach | Std = | 2.36 |
| 2 | 3456 | All | All | N = | 8544 |
| 2 | 3456 | All | All | Mean = | 1.54 |
| 2 | 3456 | All | All | Max = | 28.00 |
| 2 | 3456 | All | All | Std = | 1.45 |
| 4 | 125 | All | All | N = | 4623 |
| 4 | 125 | All | All | Mean = | 1.82 |
| 4 | 125 | All | All | Max = | 26.20 |
| 4 | 125 | All | All | Std = | 1.14 |

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**11.13** **Variography** 

Variograms were prepared and analyzed by mineralized domain during earlier work on the MRE. The guidance for search orientation and distance that was developed from that work has been applied to the grade assignment techniques applied to this model. A few illustrative variograms have been prepared using the database and domain boundaries applied to this model to provide support to the selected search parameters.

**Figure 11-6: Gold Variograms for Silicic Material Between the Central Fault and East Fault**

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|:---|:---|
| Down Dip to West | North-South<br>|
| ![](ex1_046.jpg) | ![](ex1_046.jpg) |

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Source: IMC, 2023

**Figure 11-7: Gold Variograms for Silicic Material Between the Range Fault and Central Fault**

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|:---|:---|
| East-West | North |
| ![](ex1_047.jpg) | ![](ex1_047.jpg) |

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Source: IMC, 2023

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**11.14** **Block Grade Estimation** 

Block grade estimation was broken into four groups of estimates: gold, silver, gold cyanide ratio (cnratau), sulfide-sulfur. The boundaries and controls on each of the four were different as might be expected with the differences in geologic occurrence in each case.

**11.14.1** **Gold** 

Gold estimations utilized the 22 domains defined previously. Those domain boundaries were treated as "hard" boundaries during estimation. The estimation used the 40 ft composites noted earlier and inverse distance cubed (1/d<sup>3</sup>) as the estimation method. Search parameters are provided on Table 11-11.

The grade estimation used a maximum of ten composites with a maximum of three composites from one hole. A single composite could be used to assign a block grade, but that grade would be considered as inferred category (Class is discussed later in this section).

Test runs of ordinary kriging have been applied in previous models. The intent of selecting the inverse distance method was to develop a better planning model with less smoothing during block estimation and to provide an estimate of block values that would be predictive of actual mine head grades once appropriate mining cutoffs were applied.

Block gold grade estimation was done in two estimation passes:

1. Block
 grades were estimated without the 1982 to 1987 drilling, applying the methods described here
 in text.

2. The
 mineral resource classes of measured, indicated, and inferred were established without the
 use of the 1982-1987 data.

A second pass of gold block grade estimation was made incorporating the 1982 to 1987 data after the bias correction of 0.56 was applied. Any blocks that were added in addition to those in Step 1 above were coded as Inferred.

**11.14.2** **Silver** 

Silver utilized the 38 domains defined previously. Those domain boundaries were treated as "hard" boundaries during estimation. As discussed earlier, silver composites were broken by domain boundaries where high-grade silver mineralization occurs, the composites are set to 10 ft length inside the high-grade domains and 40 ft outside of the high-grade domain. Silver was estimated using 1/d<sup>3</sup> methodology.

The estimation strategy within the high-grade domains used a three-pass approach incorporating a small ellipse in the first pass and a larger ellipse in the subsequent passes. Outside of the high-grade domains, the estimation used a one pass approach. Search parameters are provided on Table 11-11.

Two domains that are not inside the high-grade structures, incorporated a high-grade search limit where composites above a certain grade were capped again beyond a specified search distance. This process includes the high-grade values but limits their extent to minimize high-grade smearing over neighboring low-grade values.

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**Table 11-11: Grade Estimation Parameters for Au, Ag**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Variable** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Composite Counts** | **Composite Counts** | **Drill Hole Limit** | **HG Restrictions** | **HG Restrictions** |
| **Domain** | **Variable** | **Max** | **Interm** | **Min** | **Dip** | **Dip Azimuth** | **Pitch** | **Min** | **Max** | **Max per** | **oz/ton** | **Search Limit (ft)** |
| Alluvium | Au | 150 | 150 | 25 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| Alluvium | Ag | 150 | 150 | 25 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| TSG_seds | Au | 270 | 270 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| TSG_seds | Ag | 270 | 270 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| auld lang syne | Au | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| auld lang syne | Ag | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| acid leach | Au | 270 | 270 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| acid leach | Ag | 270 | 270 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_arg_prop | Au | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_arg_prop | Ag | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_silicic | Au | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_silicic | Ag | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_unaltered | Au | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_1_unaltered | Ag | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| Domain_2_arg_prop | Au | 250 | 250 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| Domain_2_arg_prop | Ag | 250 | 250 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_2_silicic | Au | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_2_silicic | Ag | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_2_unaltered | Au | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_2_unaltered | Ag | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_3_arg_prop | Au | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_3_arg_prop | Ag | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | 20 | 50 |
| domain_3_silicic | Au | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_3_silicic | Ag | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | 20 | 50 |
| domain_3_unaltered | Au | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_3_unaltered | Ag | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_arg_prop | Au | 250 | 250 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_arg_prop | Ag | 250 | 250 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_silicic | Au | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_silicic | Ag | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_unaltered | Au | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_4_unaltered | Ag | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_5_arg_prop | Au | 250 | 250 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_5_arg_prop | Ag | 250 | 250 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Variable** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Composite Counts** | **Composite Counts** | **Drill Hole Limit** | **HG Restrictions** | **HG Restrictions** |
| **Domain** | **Variable** | **Max** | **Interm** | **Min** | **Dip** | **Dip Azimuth** | **Pitch** | **Min** | **Max** | **Max per** | **oz/ton** | **Search Limit (ft)** |
| domain_5_silicic | Au | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_5_silicic | Ag | 300 | 300 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_5_unaltered | Au | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_5_unaltered | Ag | 150 | 150 | 50 | 0 | 270 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_arg_prop | Au | 250 | 250 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_arg_prop | Ag | 250 | 250 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_silicic | Au | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_silicic | Ag | 300 | 300 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_unaltered | Au | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| domain_6_unaltered | Ag | 150 | 150 | 50 | 40 | 285 | 0 | 1 | 10 | 3 | n/a | n/a |
| ag_6001 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6001 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6001 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6002 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6002 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6002 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6003 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6003 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6003 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6004 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6004 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6004 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6005 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6005 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6005 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6006 | pass 1 | 120 | 60 | 30 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6006 | pass 2 | 180 | 90 | 45 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6006 | pass 3 | 240 | 120 | 60 | 50 | 300 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6007 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6007 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6007 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6008 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6008 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6008 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6009 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6009 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6009 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Variable** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Ranges**<br>**(ft)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Ellipsoid Directions**<br>**(°)** | **Composite Counts** | **Composite Counts** | **Drill Hole Limit** | **HG Restrictions** | **HG Restrictions** |
| **Domain** | **Variable** | **Max** | **Interm** | **Min** | **Dip** | **Dip Azimuth** | **Pitch** | **Min** | **Max** | **Max per** | **oz/ton** | **Search Limit (ft)** |
| ag_6010 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6010 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6010 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6011 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6011 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6011 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_6012 | pass 1 | 120 | 60 | 30 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6012 | pass 2 | 180 | 90 | 45 | 20 | 270 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_6012 | pass 3 | 240 | 120 | 60 | 20 | 270 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_7001 | pass 1 | 120 | 60 | 30 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7001 | pass 2 | 180 | 90 | 45 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7001 | pass 3 | 240 | 120 | 60 | 50 | 300 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_7002 | pass 1 | 120 | 60 | 30 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7002 | pass 2 | 180 | 90 | 45 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7002 | pass 3 | 240 | 120 | 60 | 50 | 300 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_7004 | pass 1 | 120 | 60 | 30 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7004 | pass 2 | 180 | 90 | 45 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7004 | pass 3 | 240 | 120 | 60 | 50 | 300 | 90 | 1 | 12 | n/a | n/a | n/a |
| ag_7005 | pass 1 | 120 | 60 | 30 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7005 | pass 2 | 180 | 90 | 45 | 50 | 300 | 90 | 2 | 12 | 2 | n/a | n/a |
| ag_7005 | pass 3 | 240 | 120 | 60 | 50 | 300 | 90 | 1 | 12 | n/a | n/a | n/a |

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**11.14.3** **Cyanide Ratio** 

About 75% of the assay database for fire gold was also assayed for cyanide soluble gold. The cyanide soluble assay is a direct indication of the cyanide amenability of the mineralized material to gold and silver recovery by cyanidation. Much of the upper portion of the deposit received cyanide soluble assays for gold and silver.

CnAu/FaAu was used to indicate cyanide amenability. The ratio, where it is available, can be interpreted as an indication of oxidation that has occurred in the rock mass.

The domains selected for gold and silver mineralization (previously shown in Table 11-4) reflect the original hydrothermal mineralization. The cyanide ratio however reflects the oxidation process as a secondary impact.

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A review of cross-sections of the cyanide ratio data indicated two populations of cnratau:

1. A
 generally horizontal band near topography reflecting surface water and oxidation that looks
 like a conventional oxidation blanket.

2. Isolated
 values at depth that likely reflect oxidation downward along structure with limited later
 extent.

To estimate cnratau, a boundary was developed between the upper oxide blanket and the lower structural controlled oxidation. This was completed by visual analysis of cnratau cross-sections.

The boundary surface was defined as a horizontal plane on the 4,000 ft. elevation from the eastern edge of the model to the 19,000 East line. From there the surface trends upward to the 4,400 ft. elevation at the 21,000 East line. From 21,000 east to the east edge of the model, the 4,400 ft. elevation is applied. Blocks above the surface were coded with a value of 1 in a variable called "Contrat". Blocks below the surface were coded with a Contrat value of 2.

Table 11-12 summarizes the parameters used to estimate the cnratau within each block. Once the ratio was assigned, block values of cyanide soluble Au could be calculated where required. Composite requirements: max =10, min =1, max per hole =3.

**Table 11-12: Estimation Parameters for Cyanide Ratio, All Three Domains utilized 1/D3**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Cn Ratio Domain "Contrat"** | **Structure Block Code** | **Description** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** | **Parameters Applied to 40 ft Composites** |
| **Cn Ratio Domain "Contrat"** | **Structure Block Code** | **Description** | **Variable** | **Orientation, Degrees** | **Orientation, Degrees** | **Orientation, Degrees** | **Search Radii, (ft)** | **Search Radii, (ft)** | **Search Radii, (ft)** | **Maximum Composites per Drillhole** |
| **Cn Ratio Domain "Contrat"** | **Structure Block Code** | **Description** | **Variable** | **Dip Dir** | **Plunge** | **Rotation** | **Prim** | **Second** | **Perpend** | **Maximum Composites per Drillhole** |
| 1 | All | Near Surface Oxidation | cnratau | 0 | 0 | 0 | 700 | 700 | 50 | 3 |
| 2 | 346 | Structural Oxidation, East of Central Fault | cnratau | 285 | -40 | 0 | 150 | 150 | 50 | 3 |
| 3 | 1235 | Structural Oxidation, West of Central Fault | cnratau | 270 | -90 | 0 | 150 | 150 | 50 | 3 |

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**11.14.4** **Sulfide Sulfur** 

Sulfide sulfur was estimated to provide an improved localized cost for concentrate processing. The cost of concentrate processing is dependent on the amount of sulfide sulfur in the mill feed. The current POX process has been adjusted to match the full range of sulfide sulfur found in the flotation concentrate. Most of the sulfide sulfur is in the form of pyrite. Pyrite exists everywhere throughout the deposit, including in the oxidized portion. In particular, the acid leach alteration type contains native sulfur which also reports to the LECO assay method for sulfide sulfur.

The presence of sulfide sulfur is not impacted by the oxidation state or rock type. Population tests indicate that the only independent population is the acid leach alteration. The dip orientation for the estimation parameters was, however, adjusted based on structure.

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The sulfide sulfur LECO data was performed on selected drillholes. The sulfide sulfur block grades were estimated from the 25 ft composite LECO data as described in previous sections. Composite counts were a maximum of 10, minimum of one with a maximum of three composites per drill hole.

Table 11-13 summarizes the estimation parameters used to assign sulfide sulfur to the model blocks.

**Table 11-13: Sulfide Sulfur Estimation Parameters, All Three Domains Utilized 1/D<sup>3</sup>**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Structure Block Code** | **Description** | **Variable** | **Orientation, Degrees** | **Orientation, Degrees** | **Orientation, Degrees** | **Search Radii, (ft)** | **Search Radii, (ft)** | **Search Radii, (ft)** |
| **Structure Block Code** | **Description** | **Variable** | **Dip Dir** | **Plunge** | **Rotation** | **Prim** | **Second** | **Perpend** |
| All | Acid Leach Alteration | Sulfd | 0 | 0 | 0 | 650 | 650 | 200 |
| 346 | East of Central Fault | Sulfd | 285 | -40 | 0 | 650 | 650 | 200 |
| 1235 | West of Central Fault | Sulfd | 0 | 0 | 0 | 650 | 650 | 200 |

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Due to the low number of sulfide sulfur composites, default values were assigned based on alteration type to those blocks without estimated sulfide sulfur. Sulfide sulfur can be an input to project cost so leaving blocks un-estimated would underestimate project costs.

The default values were assigned as follows in Table 11-14. Default values were assigned to blocks that did not receive a sulfide sulfur value from the estimation process.

In the development of the POX process, reagent consumption and power costs were consistent across the range of sulfide sulfur levels identified. Therefore, a fixed value could be applied to the operating costs.

**Table 11-14: Sulfide Sulfur Default Values if Not Estimated**

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| | |
|:---|:---|
| **Description** | **Default Sulfide Sulfur %** |
| Acid Leach | 1.7167 |
| Argillic | 1.5226 |
| Silicic | 1.8335 |
| Propylitic | 1.1057 |
| Unaltered | 0.782 |

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**11.14.5** **Density** 

Bulk density was assigned to in-situ rock based on density data collected by Hycroft and their predecessors. Average density values were set based on alteration type within the hard or in-situ units. The exception was the ALS rock type which was assigned a single value not impacted by alteration.

Alluvium, back fill, and stockpiles were guided by the few test values available but were generally based on the density values assigned to an earlier block model completed in 2019. Table 11-15 summarizes the densities assigned to the model.

**Table 11-15: Density Assigned to the Block Model**

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Specific Gravity** | **lbs/ft Cu** | **Ktons per Model Block** |
| Acid Leach | 2.2654 | 141.424 | 4.5256 |
| Argillic | 2.2094 | 137.928 | 4.4137 |
| Silicic | 2.5055 | 156.413 | 5.0052 |
| Propylitic | 2.3193 | 144.789 | 4.6333 |
| Alluvium | 1.7808 | 111.172 | 3.5575 |
| Auld Lang Syne | 2.652 | 165.559 | 5.2979 |
| Unassigned Blocks | 2.3193 | 144.789 | 4.6333 |
| **Stockpile** | **Specific Gravity** | **lbs/ft Cu** | **Ktons per Block** |
| 100 | 1.6026 | 100.047 | 3.2015 |
| 101, 102, 103, 104, 105, 106 | 1.7049 | 106.433 | 3.4059 |
| 120 (Crofoot Leach Pad) | 2.0000 | 124.856 | 3.9954 |

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**11.14.6** **Stockpile Grade Estimation** 

The Hycroft pits have incurred both backfilling and in-pit stockpiling. Potential sulfide mill feed that has been incurred during the mining of oxide heap leach ores have been stockpiled. That material is a potential future mill feed to a sulfide processing facility.

Hycroft developed interpreted solids based on survey data of the stockpiles.

Some of the stockpiles at Hycroft have been drilled by Sonic drilling and RC sampling methods. The grade of those stockpiles that contained stockpile drilling were assigned with the assays from those holes. Stockpiles that were estimated all used a search of 600 x 600 x 200 ft and 1/D1 methods to estimate Au, Ag, Sulfide Sulfur and cnratau. Densities were assigned as summarized in the previous sub-section. Where there were no stockpile drilling assays, average tonnage and grade of each stockpile based on the blast hole grade control information was used.

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Blocks were assigned stockpile codes as summarized in Table 11-16.

**Table 11-16: Stockpiles Assigned Grades by Inverse Distance Estimation**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Stockpile Codes** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** | &nbsp;&nbsp;**Variables Estimated by 1/D1** |
| &nbsp;&nbsp;**Stockpile Codes** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** | &nbsp;&nbsp;**Au, Ag, Sulfide Sulfur, CnAu/FaAu Ratio** |
| &nbsp;&nbsp;**Stockpile Codes** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Dip Dir** | &nbsp;&nbsp;**Plunge** | &nbsp;&nbsp;**Plunge** | &nbsp;&nbsp;**Rotation** | &nbsp;&nbsp;**Rotation** | &nbsp;&nbsp;**Prim (ft)** | &nbsp;&nbsp;**Second (ft)** | &nbsp;&nbsp;**Second (ft)** | &nbsp;&nbsp;**Perpend (ft)** |
| &nbsp;&nbsp;101 | &nbsp;&nbsp;Brimstone Stockpile 1 | &nbsp;&nbsp;Brimstone Stockpile 1 | &nbsp;&nbsp;Brimstone Stockpile 1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;102 | &nbsp;&nbsp;Brimstone Stockpile 2 | &nbsp;&nbsp;Brimstone Stockpile 2 | &nbsp;&nbsp;Brimstone Stockpile 2 | &nbsp;&nbsp;0 | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;104 | &nbsp;&nbsp;Central Stockpile 1 | &nbsp;&nbsp;Central Stockpile 1 | &nbsp;&nbsp;Central Stockpile 1 | &nbsp;&nbsp;0 | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;Crofoot Leach Pad | &nbsp;&nbsp;Crofoot Leach Pad | &nbsp;&nbsp;Crofoot Leach Pad | &nbsp;&nbsp;0 | &nbsp;&nbsp;90 | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;600 | &nbsp;&nbsp;200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stockpile Grades Assigned by Hycroft Production History** |
| &nbsp;&nbsp;**Stockpile Codes** | &nbsp;&nbsp;**Stockpile Codes** | &nbsp;&nbsp;**Location** | &nbsp;&nbsp;**Au oz/ton** | &nbsp;&nbsp;**Au oz/ton** | &nbsp;&nbsp;**Au oz/ton** | &nbsp;&nbsp;**Ag oz/ton** | &nbsp;&nbsp;**Ag oz/ton** | &nbsp;&nbsp;**Sulfide Sulfur %** | &nbsp;&nbsp;**Sulfide Sulfur %** | &nbsp;&nbsp;**Sulfide Sulfur %** | &nbsp;&nbsp;**CnAu/FaAu Ratio** | &nbsp;&nbsp;**CnAu/FaAu Ratio** |
| &nbsp;&nbsp;100 | &nbsp;&nbsp;100 | &nbsp;&nbsp;General Fill | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;103 | &nbsp;&nbsp;103 | &nbsp;&nbsp;Brimstone Stockpile 3 | &nbsp;&nbsp;0.0148 | &nbsp;&nbsp;0.0148 | &nbsp;&nbsp;0.0148 | &nbsp;&nbsp;0.6514 | &nbsp;&nbsp;0.6514 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;0.2 | &nbsp;&nbsp;0.2 |
| &nbsp;&nbsp;105 | &nbsp;&nbsp;105 | &nbsp;&nbsp;Central Stockpile 2 | &nbsp;&nbsp;0.0131 | &nbsp;&nbsp;0.0131 | &nbsp;&nbsp;0.0131 | &nbsp;&nbsp;0.2308 | &nbsp;&nbsp;0.2308 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;106 | &nbsp;&nbsp;106 | &nbsp;&nbsp;Gyro Stockpile | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.848 | &nbsp;&nbsp;0.848 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;2.97 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;120 | &nbsp;&nbsp;120 | &nbsp;&nbsp;Crofoot Leach Pad | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

Note: No sulfide sulfur data exists for the Crofoot Leach Pad (120) so a default value was assigned for processing costs

The Crofoot leach pad (code 120) was assigned an inferred confidence classification. All other graded stockpiles were assigned an Indicated confidence classification.

**11.14.7** **Treatment of 1982 – 1987 Data** 

The observed high bias with the 1982 – 1987 data was discussed and illustrated in Section 9. Half of the 1982-1987 data have been historically mined out. The 1982-1987 drill data was included using the following steps:

1. The
 procedures described in the previous sub-sections and in Section 11.15 regarding classification
 were first completed using the drill hole composites that had excluded the 1982 to 1987 drill
 data.

2. Once
 completed, the block gold grades and the block class codes were stored in separate variables.

3. The
 1982-1987 composite data was corrected for potential high bias by multiplying each composite
 by a factor of 0.56, based on the nearest neighbor comparison to post 2005 data described
 in Section 9.

4. The
 gold estimation procedure was repeated using the identical parameters as described in the
 previous sub-sections and in item 1 above.

5. Any
 additional blocks that were estimated in pass 2 were added to the gold grade and coded as
 "Inferred."

The procedure outlined above did not change the gold block grade of the blocks estimated in pass 1 without the 1982-1987 data. It was not necessary to update the silver because there were no silver assays within the 1982-1987 data.

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**11.15** **Classification** 

Individual blocks in the model were assigned classification codes as defined within S-K 1300. As noted earlier, the stockpiles were assigned classification codes of 2 for Indicated class and the Crofoot leach pad was assigned a code of 3 for inferred.

The in-situ rock values were assigned classification codes based on the inverse distance estimation of Au. During that estimation process, the number of composites that were used to estimate the block was stored along with the distance between the block and the closest composite. Those two parameters were used to assign classification code in the following manner to blocks estimated without the 1982-1987 data.

If closest distance <= 125 ft and number of composites = 10, Class = 1 Measured

Else

If closest distance <=225 ft and number of composites >=4, Class = 2 Indicated

Otherwise

Remaining Estimated Blocks Class = 3 Inferred

After the above coding was complete, the additional blocks that resulted from inclusion of the bias corrected 1982-1987 data were coded as inferred.

As noted in Section 11.14.4, sulfide sulfur information is limited in number compared to gold and silver assays. The confidence procedures that are described in the previous paragraph are to be applied to metallurgical processes that utilize sulfide sulfur to estimated process cost such as POX. Default assignments of sulfide sulfur to blocks with estimated gold and silver are appropriate for cost estimation.

The previous paragraphs discuss several items of uncertainty in the database that have caused components of the mineralization to be classified as inferred. There is indication that those inferred components are mineralized, but the uncertainty in the data or lack of data contributes to an inferred level of grade estimation.

Measured mineralization has a sound level of reliability due to the close spacing (125 ft) and large number of samples contributing to the grade estimates. Indicated level is slightly more uncertain than measured due to the wider spacing of the data and fewer number of samples used for estimation. The definitions of measured, indicated, and inferred are consistent with the definitions within SK-1300.

Figure 11-8 is a cross-section showing the classification for Hycroft resources.

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**Figure 11-8: E-W Cross-section at 41000-N, Showing Confidence Codes**

Note: Red (1) = Measured, Green (2) = Indicated, Blue (3) = Inferred. Source: Hycroft, 2025

**11.16** **Model Verification** 

The block model was verified by several methods before being used to determine mineral resources:

● Detailed
 Visual Checks of Drilling versus Block Estimates.

● A
 Bias Check for Each Domain.

● Swath
 Plots.

● IMC
 Smear Check.

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The visual check of the block model is one of the most useful and informative processes that was used to confirm the practicality of the block model. IMC completed visual checks on plan and sections for all the estimated variables in the model. In addition to IMC visual checks, the Hycroft engineering and geology team on site have also reviewed the model.

Figure 11-9 and Figure 11-10 are cross sections through the block model with drilling as visual checks.

**Figure 11-9: E-W Cross-section at 41000-N, Visual Check of Gold Grades in Drillholes and Block Model**

Note: Warmer Colors are Higher Grade. Source: Hycroft, 2025

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**Figure 11-10: E-W Cross-section at 41000-N, Visual Check of Silver Grades in Drillholes and Block Model**

Note: Warmer Colors are Higher Grade. Source: Hycroft, 2025

**11.16.1** **Swath Plots** 

Hycroft produced comparative statistics, including inverse distance cubed (ID<sup>3</sup>), nearest neighbor (NN) and inverse distance squared (ID<sup>2</sup>) estimations, and swath plots for all deposits. Swath plots provide a visual indication if the block model follows the grade trends indicated by the supporting data and if there is any observable local bias in the block grade estimation. The swath plots produced generally demonstrated good correlation, with block grades being somewhat smoothed relative to composite grades, as expected.

Figure 11-11 is an example for the swath plots in the X and Y (model east and north) directions across the deposit for the gold estimation. Figure 11-12 and Figure 11-13 illustrate the same swath plots for silver and sulfide sulfur respectively.

The green histogram represents the volume of estimated blocks within the resource pit for each 160 ft slice of the model.

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**Figure 11-11: Swath Plots for Gold, X = East and Y = North Slices, 160 ft Wide Slices**

Source: Hycroft, 2025

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**Figure 11-12: Swath Plots for Silver, X = East and Y = North Slices, 160 ft Slices**

Source: Hycroft, 2025

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**Figure 11-13: Swath Plots for Sulfide Sulfur, X = East and Y = North Slices, 160 ft Slices**

Source: Hycroft, 2025

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**11.16.2** **Smear Check** 

IMC used a simple test to understand the amount of grade smoothing within the block model and to confirm that the model grades are not high biased. The test is referred to internally as the "smear check."

The procedure is as follows:

● A
 range of cutoff grades are selected for the check process. Typically, they bracket the potential
 planning cutoff grades.

● For
 each cutoff grade being tested, the blocks above cutoff are identified.

● All
 composites contained within those blocks are identified.

● Average
 grade of the composites and blocks are tabulated.

● Percentage
 of the contained composites less than cutoff are calculated.

Table 11-17 summarizes the results for both Au and Ag in-situ rock. Stockpiles and stockpile drillholes have been removed from this analysis. In all cases, the model mean grade is less than or equal to the mean grade of the contained composites. This is because the block estimate also draws from composites that are outside of the test shape.

Less than cutoff, is indicative of the amount of averaging or "smearing" of grade that has occurred in the estimation process. Ideally this value should be less than about 10 to 15% in the range of cutoff grades. The gold and sulfide sulfur responses meet these criteria over a range of the deposit grades.

**Table 11-17: IMC Smear Check**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cutoff Grade** | **% Comps Less than Cutoff** | **Number of Comps in Shape** | **Composite Grade (oz/ton)** | **Number of Blocks in Shape** | **Model Grade**<br>**(oz/ton)** |
| **Au Composites vs Model Au** | **Au Composites vs Model Au** | **Au Composites vs Model Au** | **Au Composites vs Model Au** | **Au Composites vs Model Au** | **Au Composites vs Model Au** |
| 0.002 | 6.24 | 24464 | 0.009 | 673328 | 0.008 |
| 0.003 | 7.31 | 22073 | 0.010 | 585073 | 0.009 |
| 0.004 | 9.10 | 20000 | 0.010 | 511894 | 0.009 |
| 0.005 | 11.54 | 17758 | 0.011 | 445637 | 0.010 |
| 0.006 | 13.39 | 15577 | 0.012 | 380290 | 0.011 |
| 0.007 | 15.08 | 13349 | 0.013 | 318446 | 0.012 |
| 0.008 | 15.84 | 11331 | 0.014 | 262200 | 0.013 |
| 0.009 | 18.36 | 9446 | 0.015 | 213726 | 0.014 |
| 0.010 | 20.04 | 7830 | 0.016 | 171559 | 0.015 |
| **Ag Composites vs Model Ag** | **Ag Composites vs Model Ag** | **Ag Composites vs Model Ag** | **Ag Composites vs Model Ag** | **Ag Composites vs Model Ag** | **Ag Composites vs Model Ag** |
| 0.100 | 15.52 | 16074 | 0.353 | 500629 | 0.302 |
| 0.200 | 21.81 | 8259 | 0.531 | 221681 | 0.505 |
| 0.300 | 25.83 | 4916 | 0.729 | 122015 | 0.720 |

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|:---|:---|:---|:---|:---|:---|
| **Cutoff Grade** | **% Comps Less than Cutoff** | **Number of Comps in Shape** | **Composite Grade (oz/ton)** | **Number of Blocks in Shape** | **Model Grade**<br>**(oz/ton)** |
| 0.400 | 27.16 | 3328 | 0.934 | 80459 | 0.914 |
| 0.500 | 28.17 | 2446 | 1.076 | 57512 | 1.100 |
| 0.600 | 29.70 | 1943 | 1.217 | 43761 | 1.274 |
| **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** | **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** | **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** | **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** | **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** | **Sulfide Sulfur Composites vs Model, Default Values Removed from Analysis** |
| 0.25 | 4.73 | 11813 | 1.86 | 792323 | 1.78 |
| 0.50 | 3.28 | 10887 | 1.98 | 758989 | 1.85 |
| 1.00 | 4.99 | 9547 | 2.15 | 670013 | 1.99 |
| 1.50 | 8.07 | 7773 | 2.34 | 532655 | 2.18 |
| 2.00 | 13.61 | 4181 | 2.87 | 272917 | 2.56 |

---

Note: Below End 2021 Topography, Without stockpile blocks or drilling, and without data from 1982 through 1987 Drilling. The silver check does not include the vein domains

Silver grade responses at 0.20 oz/ton and above indicate a modeled mineralized zone will have 22 to 29% of the composite values inside the modeled shape that are less than the cutoff shape. Although not ideal, the result for silver is acceptable.

As an additional test on silver, the blocks within the MRE pit with positive economic value were averaged to determine their average silver grade. The average of all composites was identified within the same envelope. The statistical mean of the resource containing silver composites is 0.55 oz/ton after capping. The average silver grade of the resource blocks is 0.32 oz/ton. The result indicates that the observed grade smearing in silver is not overestimating the contained silver in the MRE.

**11.17** **Mineral Resource Estimate** 

The MRE at the Hycroft property is currently envisioned to be produced from a conventional hard rock open pit mine feeding two process facilities:

1. Oxide
 material will be routed to ROM cyanide heap leach, producing gold and silver doré.

2. Sulfide
 material will be allocated to a Flotation milling process followed by POX of the concentrate
 to make a gold and silver doré.

The terms of reference for this MRE are mineralization in-place. The procedures described in the following paragraphs establish that the stated mineral resources have RPEE.

Mineral resources were developed using the block model and pit optimization software to determine mineralization with reasonable prospects for economic extraction of the mineral resource as defined by S-K 1300. The optimization software compares the cost of production versus the benefit of metal sales to develop an estimated open pit geometry. The pit walls of the resulting pit are at breakeven economics where costs equal benefits.

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The cutoff grade that is reported for this statement of mineral resources is based on the estimated costs and metal prices on Table 11-18. The internal or marginal cutoff is applied and reported where the benefits of selling the recovered metal will pay for the processing and fixed general and administrative (G&A) costs.

Table 11-18 summarizes the economic and recovery parameters that were used to define the pit that established the MRE. The process costs were developed by Ausenco and Hycroft based on recent cost estimation. Mine operating cost estimates were developed by IMC by scaling from preliminary mine planning and cost estimation completed during early 2022.

The cutoff grade is presented as an NSR. A marginal or internal cutoff grade is consequently $0.01/ton. An estimate of the Net of Process value is also provided in terms of Equivalent Gold Grade. Metal prices for the MRE were $3,100 /oz Au, and $36.00/oz Ag. Spot prices for Au and Ag in 2025 ranged from US$2,798 to US$4,323/ oz Au and US$31.34 to US$71.63/ oz Ag respectively. The prices selected for determination of mineral resources are conservative relative to current metal prices and do not include extensive price extrapolation.

The MRE is presented on Table 11-19 using US customary units and on Table 11-20 in metric units. Mineral resources are not mineral reserves, and do not have demonstrated economic viability.

The risks to the Hycroft MRE are future changes in project costs and project recoveries as well as metal prices that can have a substantial impact on the MRE. Process recoveries in the grade ranges near the cutoff grades may be less than the recoveries presented on Table 11-18. Additional process testing could result in modifications to the recovery and process costs that could result in reductions in the mineral resource.

The categories of measured, indicated, and inferred reflect different drill densities as noted in Section 11.15. Uncertainties in the drill database have been minimized by the following two treatment components of the database:

1. The
 1982 through 1987 drilling and assay data, which appears to be biased, has been corrected
 for bias and incorporated only in the estimation of inferred mineral resources.

2. The
 cyanide soluble silver assays which measure the cyanide amenable silver content have not
 been used in the MRE.

The slope angles input for the pit optimization software was based on work completed by Call & Nicholas Inc, (CNI) completed in February of 2022 with additional documentation in October of 2023. IMC has reviewed these documents and has accepted the slope angle recommendations for use in the development of the MRE.

IMC is a third-party consulting firm with people who can act as a qualified person for the MRE. IMC holds the opinion that all relevant technical and economic factors likely to influence the project or economic extraction could be resolved with further work and that this statement of mineral resources meets the requirements to show RPEE.

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**Table 11-18: Economic and Technical Parameters for Hycroft MRE**

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| | |
|:---|:---|
| **Cost Assumptions** | **Cost Assumptions** |
| Mining Cost, Base | $1.65/ton material moved |
| + Bench Incremental Cost Below 4660 | $0.018/ton per bench of depth |

---

---

| | | |
|:---|:---|:---|
| **Categorization of Oxidation Type based on the AuCn/AuFA Ratio =** cnratau | **Categorization of Oxidation Type based on the AuCn/AuFA Ratio =** cnratau | **Categorization of Oxidation Type based on the AuCn/AuFA Ratio =** cnratau |
| Oxide >=0.7 | Transition between 0.3 and 0.7 | Sulfide <=0.3 |

---

---

| | |
|:---|:---|
| **Process Cost for Flotation and POX** | **Process Cost for Flotation and POX** |
| Total Mill Cost for Sulfide and Transition | $16.73/ton of feed to float plant |
| ROM Leach for Oxide, | $1.88/ton of feed to ROM Leach |
| ROM Leach for Transition Sulfide | $3.63/ton of feed to ROM Leach |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Mill Process Recoveries** | **Mill Process Recoveries** | **Mill Process Recoveries** | **Mill Process Recoveries** | **Mill Process Recoveries** | **Mill Process Recoveries** |
| Mill Recoveries | Flotation | POX | Extraction | Total |  |
| Gold | 89.5% | 93.5% | 99.0% | 82.8% | of (AuFA) |
| Silver | 92.9% | 86.0% | 97.0% | 77.5% | of (Total Silver Assay) |

---

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| | | | |
|:---|:---|:---|:---|
| **ROM Heap Leach Recoveries** | **ROM Heap Leach Recoveries** | **ROM Heap Leach Recoveries** | **ROM Heap Leach Recoveries** |
| ROM Leach Recovery | Oxide | Transition |  |
| Gold | 75.0% | 75.0% | of (AuCn) |
| Silver | 12.2% | 12.2% | of (Total Silver Assay) |

---

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| | | |
|:---|:---|:---|
| **Refining Recoveries** | **Au** | **Ag** |
| Mill + POX Payable | 99.5% | 99.5% |
| Leach Process Payable | 99.5% | 99.5% |

---

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| | |
|:---|:---|
| **Doré Transport and Refining Cost** | **Doré Transport and Refining Cost** |
| Gold | $5.00/oz |
| Silver | $0.50/oz |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Metal Price Assumptions** | **Metal Price Assumptions** | **Heap Leach AuCN Cutoffs** | **Heap Leach AuCN Cutoffs** | **Mill-POX Au Equiv** |
| Gold | Silver | Internal Cutoff | Internal Cutoff | Internal Cutoff |
| $3,100/oz | $36.00/oz | Oxide | 0.0008 oz/ton | 0.0066 oz/t AuEquiv |
| $3,100/oz | $36.00/oz | Transition | 0.0016 oz/ton | 0.0066 oz/t AuEquiv |
| Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay<br>Or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay | Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay<br>Or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay | Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay<br>Or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay | Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay<br>Or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay | Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay<br>Or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay |
| Gold Equivalent for Flotation + Concentration = Fire Assay Gold + Total Silver Assay x 0.0107 | Gold Equivalent for Flotation + Concentration = Fire Assay Gold + Total Silver Assay x 0.0107 | Gold Equivalent for Flotation + Concentration = Fire Assay Gold + Total Silver Assay x 0.0107 | Gold Equivalent for Flotation + Concentration = Fire Assay Gold + Total Silver Assay x 0.0107 | Gold Equivalent for Flotation + Concentration = Fire Assay Gold + Total Silver Assay x 0.0107 |

---

Hycroft Mine Project Page 144 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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**Table 11-19: Hycroft MRE as of January 21, 2026, US customary Units**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade**<br>**$ Net**<br>**of Refining** | **Approximate**<br>**Cutoff, AuEq (oz/ton)** | **Ktons** | **Gold**<br>**oz/ton** | **Silver**<br>**oz/ton** | **Sulfide**<br>**Sulfur%** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade**<br>**$ Net**<br>**of Refining** | **Approximate**<br>**Cutoff, AuEq (oz/ton)** | **Ktons** | **Gold**<br>**oz/ton** | **Silver**<br>**oz/ton** | **Sulfide**<br>**Sulfur%** | **Gold**<br>**Oz x 1000** | **Silver**<br>**Oz x 1000** |
| **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** |
| Measured | $1.88 - $3.63 | 0.001 - 0.002 | 92994 | 0.005 | 0.11 | 1.83 | 446 | 10322 |
| Indicated | $1.88 - $3.63 | 0.001 - 0.002 | 110374 | 0.004 | 0.09 | 1.54 | 475 | 9492 |
| Meas + Ind | $1.88 - $3.63 | 0.001 - 0.002 | 203368 | 0.005 | 0.10 | 1.67 | 921 | 19814 |
| Inferred | $1.88 - $3.63 | 0.001 - 0.002 | 110018 | 0.005 | 0.09 | 1.41 | 528 | 10122 |
| **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| Measured | $16.73 | 0.007 | 734571 | 0.011 | 0.43 | 2.03 | 8154 | 316600 |
| Indicated | $16.73 | 0.007 | 748876 | 0.010 | 0.30 | 1.84 | 7339 | 226161 |
| Meas + Ind | $16.73 | 0.007 | 1483447 | 0.010 | 0.37 | 1.93 | 15493 | 542761 |
| Inferred | $16.73 | 0.007 | 459646 | 0.010 | 0.27 | 1.76 | 4505 | 122725 |
| **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** |
| Measured | $1.88 - $16.73 | 0.001 - 0.007 | 827565 | 0.010 | 0.40 | 2.01 | 8600 | 326922 |
| Indicated | $1.88 - $16.73 | 0.001 - 0.007 | 859250 | 0.009 | 0.27 | 1.80 | 7814 | 235653 |
| Meas + Ind | $1.88 - $16.73 | 0.001 - 0.007 | 1686815 | 0.010 | 0.33 | 1.90 | 16414 | 562575 |
| Inferred | $1.88 - $16.73 | 0.001 - 0.007 | 569664 | 0.009 | 0.23 | 1.69 | 5033 | 132847 |

---

Notes:

1. Mineral
 resources based on metal prices of $3,100/troy oz Au and $36.00/troy oz Ag.

2. Cutoffs
 are Income – Refining Cost = NSR.

3. Gold
 Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay, or at average
 gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay.

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay.

5. Numbers
 may not match exactly due to rounding.

6. Mineral
 resources are contained within a computer-generated optimized pit.

7. Total
 material in that pit is 5.42 billion tons.

8. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied.

9. Modifying
 factors for mine and process design have not been applied.

10. All
 units are US customary. Ktons means 1,000 short tons of 2,000 lbs Au and Ag grades
 are in troy ounces per short ton (oz/ton).

Hycroft Mine Project Page 145 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| ![](logo_001.jpg) | ![](logo_002.jpg) |

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**Table 11-20: Hycroft MRE as of 21 January 2026, Metric Units**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade**<br>**$ Net**<br>**of Refining** | **Approximate**<br>**Cutoff, AuEq (g/tonne)** | **Ktonnes** | **Gold**<br>**(g/tonne)** | **Silver**<br>**(g/tonne)** | **Sulfide**<br>**Sulfur**<br>**(%)** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade**<br>**$ Net**<br>**of Refining** | **Approximate**<br>**Cutoff, AuEq (g/tonne)** | **Ktonnes** | **Gold**<br>**(g/tonne)** | **Silver**<br>**(g/tonne)** | **Sulfide**<br>**Sulfur**<br>**(%)** | **Gold** | **Silver** |
| **Classification** | **Cutoff Grade**<br>**$ Net**<br>**of Refining** | **Approximate**<br>**Cutoff, AuEq (g/tonne)** | **Ktonnes** | **Gold**<br>**(g/tonne)** | **Silver**<br>**(g/tonne)** | **Sulfide**<br>**Sulfur**<br>**(%)** | **Oz x 1000** | **Oz x 1000** |
| **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** |
| Measured | $2.07 - $4.00 | 0.027 - 0.055 | 84364 | 0.164 | 3.80 | 1.83 | 446 | 10322 |
| Indicated | $2.07 - $4.00 | 0.027 - 0.055 | 100131 | 0.147 | 2.95 | 1.54 | 475 | 9492 |
| Meas + Ind | $2.07 - $4.00 | 0.027 - 0.055 | 184495 | 0.155 | 3.34 | 1.67 | 921 | 19814 |
| Inferred | $2.07 - $4.00 | 0.027 - 0.055 | 99808 | 0.164 | 3.15 | 1.41 | 528 | 10122 |
| **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| Measured | $18.44 | 0.206 | 666403 | 0.380 | 14.76 | 2.03 | 8154 | 316600 |
| Indicated | $18.44 | 0.206 | 679380 | 0.336 | 10.34 | 1.84 | 7339 | 226161 |
| Meas + Ind | $18.44 | 0.206 | 1345783 | 0.358 | 12.53 | 1.93 | 15493 | 542761 |
| Inferred | $18.44 | 0.206 | 416991 | 0.336 | 9.14 | 1.76 | 4505 | 122725 |
| **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** | **Combined Mineral Resources, Leach Plus Mill** |
| Measured | $2.07 - $18.44 | 0.027 - 0.206 | 750767 | 0.356 | 13.53 | 2.01 | 8600 | 326922 |
| Indicated | $2.07 - $18.44 | 0.027 - 0.206 | 779512 | 0.311 | 9.39 | 1.80 | 7814 | 235653 |
| Meas + Ind | $2.07 - $18.44 | 0.027 - 0.206 | 1530279 | 0.333 | 11.42 | 1.90 | 16414 | 562575 |
| Inferred | $2.07 - $18.44 | 0.027 - 0.206 | 516799 | 0.303 | 7.99 | 1.69 | 5033 | 132847 |

---

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 Silver Assay.

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay.

5. Numbers
 may not match exactly due to rounding.

6. Mineral
 resources are contained within a computer-generated optimized pit.

7. Total
 material in that pit is 4.92 billion tonnes.

8. All
 units on this table are metric: Ktonnes means 1,000 tonnes. Au and Ag grades are in grams
 per tonne (g/tonne).

9. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied.

10. Modifying
 factors for mine and process design have not been applied.

Contained within the MRE at Hycroft are a series of high-grade silver veins at Brimstone and zones of higher silver concentrations in Vortex that are associated with a low angle breccia body. The modeling process of these high-grade silver domains was described earlier in this section. Those domains are contained within the MRE on Table 11-19 and Table 11-20. Table 11-21 to Table 11-23 are the tabulation of the gold and silver within the domain volumes that are contained within the MRE in Table 11-19 and Table 11-20.

The domains are in two areas of the deposit referred to as Brimstone and Vortex. The contained metal is illustrated at three different silver cutoff grades. Specific mine plans have not been completed but it is envisioned that these domains could be either mined in an open pit methodology and high-grade material could be comingled with lower-grade material from that specific pit. Or as an alternative, this material could be potentially targeted for an underground mine methodology. Additional metallurgical process development may be required to validate gold and silver recovery values in these specific areas.

Hycroft Mine Project Page 146 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 11-21: High-grade Silver Bearing Domains, Contained within the MRE at 2 oz/ton Cutoff Grade, US customary Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade**<br> **Silver**<br> **(oz/ton)** | **Ktons** | **Gold**<br>**(oz/ton)** | **Silver <br> (oz/ton)** | **Sulfide Sulfur (%)** | **Gold Contained <br> oz x 1000** | **Silver Contained <br> oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 2.00 | 3195 | 0.011 | 8.35 | 1.33 | 35 | 26686 |
| Indicated | 2.00 | 330 | 0.010 | 3.11 | 1.87 | 3 | 1025 |
| Meas + Ind | 2.00 | 3525 | 0.011 | 7.86 | 1.38 | 38 | 27711 |
| Inferred | 2.00 | 15 | 0.008 | 3.52 | 1.13 | 0 | 52 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 2.00 | 9126 | 0.018 | 3.81 | 1.49 | 160 | 34781 |
| Indicated | 2.00 | 7342 | 0.014 | 3.78 | 1.24 | 100 | 27726 |
| Meas + Ind | 2.00 | 16468 | 0.016 | 3.80 | 1.38 | 261 | 62507 |
| Inferred | 2.00 | 3644 | 0.014 | 3.65 | 1.27 | 50 | 13307 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 2.00 | 12322 | 0.016 | 4.99 | 1.45 | 195 | 61467 |
| Indicated | 2.00 | 7671 | 0.013 | 3.75 | 1.26 | 104 | 28750 |
| Meas + Ind | 2.00 | 19993 | 0.015 | 4.51 | 1.38 | 299 | 90218 |
| Inferred | 2.00 | 3659 | 0.014 | 3.65 | 1.27 | 51 | 13359 |

---

**Table 11-22: High-grade Silver Bearing Domains, Contained within the MRE at 3 oz/ton Cutoff Grade, US customary Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver**<br>**(oz/ton)** | **Ktons** | **Gold**<br>**(oz/ton)** | **Silver**<br>**(oz/ton)** | **Sulfide<br> Sulfur<br> (%)** | **Gold Contained <br> oz x 1000** | **Silver Contained <br> oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 3.00 | 1841 | 0.010 | 12.75 | 1.25 | 19 | 23476 |
| Indicated | 3.00 | 109 | 0.008 | 4.55 | 2.14 | 1 | 494 |
| Meas + Ind | 3.00 | 1949 | 0.010 | 12.30 | 1.30 | 20 | 23970 |
| Inferred | 3.00 | 10 | 0.009 | 4.13 | 1.23 | 0 | 40 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 3.00 | 4494 | 0.017 | 5.24 | 1.39 | 74 | 23568 |
| Indicated | 3.00 | 3899 | 0.014 | 4.98 | 1.16 | 54 | 19416 |
| Meas + Ind | 3.00 | 8393 | 0.015 | 5.12 | 1.28 | 128 | 42984 |
| Inferred | 3.00 | 2023 | 0.010 | 4.63 | 1.30 | 21 | 9374 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 3.00 | 6335 | 0.015 | 7.43 | 1.35 | 93 | 47045 |
| Indicated | 3.00 | 4007 | 0.014 | 4.97 | 1.19 | 55 | 19909 |
| Meas + Ind | 3.00 | 10342 | 0.014 | 6.47 | 1.29 | 148 | 66954 |
| Inferred | 3.00 | 2032 | 0.010 | 4.63 | 1.30 | 21 | 9414 |

---

Hycroft Mine Project Page 147 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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**Table 11-23: High-grade Silver Bearing Domains, Contained within the MRE at 4 oz/ton Cutoff Grade, US customary Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver**<br>**(oz/ton)** | **Ktons** | **Gold**<br>**(oz/ton)** | **Silver**<br>**(oz/ton)** | **Sulfide<br> Sulfur<br> (%)** | **Gold Contained <br> oz x 1000** | **Silver Contained <br> oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 4.00 | 1386 | 0.011 | 15.81 | 1.23 | 15 | 21912 |
| Indicated | 4.00 | 61 | 0.007 | 5.39 | 2.10 | 0 | 331 |
| Meas + Ind | 4.00 | 1447 | 0.010 | 15.37 | 1.27 | 15 | 22243 |
| Inferred | 4.00 | 10 | 0.009 | 4.13 | 1.23 | 0 | 40 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 4.00 | 2679 | 0.017 | 6.48 | 1.37 | 46 | 17350 |
| Indicated | 4.00 | 2452 | 0.015 | 5.88 | 1.13 | 36 | 14426 |
| Meas + Ind | 4.00 | 5131 | 0.016 | 6.19 | 1.26 | 82 | 31776 |
| Inferred | 4.00 | 1326 | 0.010 | 5.26 | 1.26 | 13 | 6969 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 4.00 | 4065 | 0.015 | 9.66 | 1.33 | 60 | 39262 |
| Indicated | 4.00 | 2513 | 0.015 | 5.87 | 1.15 | 37 | 14757 |
| Meas + Ind | 4.00 | 6578 | 0.015 | 8.21 | 1.26 | 97 | 54019 |
| Inferred | 4.00 | 1335 | 0.010 | 5.25 | 1.26 | 13 | 7009 |

---

**Table 11-24: High-grade Silver Bearing Domains, Contained within the MRE at 68.57 g/ton (2 oz/ton) Cutoff Grade, Metric Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver (g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide<br> Sulfur<br> (%)** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade Silver (g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide<br> Sulfur<br> (%)** | **Gold <br> Oz x 1000** | **Silver <br> Oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 68.57 | 2899 | 0.372 | 286.35 | 1.33 | 35 | 26686 |
| Indicated | 68.57 | 299 | 0.332 | 106.62 | 1.87 | 3 | 1025 |
| Meas + Ind | 68.57 | 3198 | 0.368 | 269.54 | 1.38 | 38 | 27711 |
| Inferred | 68.57 | 13 | 0.289 | 120.74 | 1.13 | 0 | 52 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 68.57 | 8279 | 0.603 | 130.67 | 1.49 | 160 | 34781 |
| Indicated | 68.57 | 6660 | 0.469 | 129.48 | 1.24 | 100 | 27726 |
| Meas + Ind | 68.57 | 14940 | 0.543 | 130.14 | 1.38 | 261 | 62507 |
| Inferred | 68.57 | 3306 | 0.475 | 125.20 | 1.27 | 50 | 13307 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 68.57 | 11178 | 0.543 | 171.04 | 1.45 | 195 | 61467 |
| Indicated | 68.57 | 6959 | 0.463 | 128.49 | 1.26 | 104 | 28750 |
| Meas + Ind | 68.57 | 18137 | 0.512 | 154.71 | 1.38 | 299 | 90218 |
| Inferred | 68.57 | 3319 | 0.474 | 125.18 | 1.27 | 51 | 13359 |

---

**Table 11-25: High-grade Silver Bearing Domains, Contained within the MRE at 102.86 g/ton (3 oz/ton) Cutoff Grade, Metric Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver**<br>**(g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur<br> (%)** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade Silver**<br>**(g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur<br> (%)** | **Gold <br> Oz x 1000** | **Silver <br> Oz x 100** **0** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 102.86 | 1670 | 0.353 | 437.24 | 1.25 | 19 | 23476 |
| Indicated | 102.86 | 98 | 0.281 | 155.98 | 2.14 | 1 | 494 |
| Meas + Ind | 102.86 | 1768 | 0.349 | 421.58 | 1.30 | 20 | 23970 |
| Inferred | 102.86 | 9 | 0.297 | 141.73 | 1.23 | 0 | 40 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 102.86 | 4077 | 0.566 | 179.80 | 1.39 | 74 | 23568 |
| Indicated | 102.86 | 3537 | 0.477 | 170.74 | 1.16 | 54 | 19416 |
| Meas + Ind | 102.86 | 7614 | 0.525 | 175.59 | 1.28 | 128 | 42984 |
| Inferred | 102.86 | 1835 | 0.349 | 158.91 | 1.30 | 21 | 9374 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 102.86 | 5747 | 0.504 | 254.61 | 1.35 | 93 | 47045 |
| Indicated | 102.86 | 3635 | 0.472 | 170.34 | 1.19 | 55 | 19909 |
| Meas + Ind | 102.86 | 9382 | 0.492 | 221.96 | 1.29 | 148 | 66954 |
| Inferred | 102.86 | 1844 | 0.348 | 158.82 | 1.30 | 21 | 9414 |

---

**Table 11-26: High-grade Silver Bearing Domains, Contained within the MRE at 137.14 g/t (4 oz/ton) Cutoff Grade, Metric Units**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver**<br> **(g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur<br> (%)** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **Cutoff Grade Silver**<br> **(g/tonne)** | **Ktonnes** | **Gold <br> (g/tonne)** | **Silver <br> (g/tonne)** | **Sulfide Sulfur<br> (%)** | **Gold <br> Oz x 1000** | **Silver <br> Oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 137.14 | 1257 | 0.361 | 542.02 | 1.23 | 15 | 21912 |
| Indicated | 137.14 | 56 | 0.244 | 184.93 | 2.10 | 0 | 331 |
| Meas + Ind | 137.14 | 1313 | 0.357 | 526.88 | 1.27 | 15 | 22243 |
| Inferred | 137.14 | 9 | 0.297 | 141.73 | 1.23 | 0 | 40 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 137.14 | 2430 | 0.587 | 222.07 | 1.37 | 46 | 17350 |
| Indicated | 137.14 | 2225 | 0.504 | 201.70 | 1.13 | 36 | 14426 |
| Meas + Ind | 137.14 | 4655 | 0.548 | 212.34 | 1.26 | 82 | 31776 |
| Inferred | 137.14 | 1203 | 0.338 | 180.23 | 1.26 | 13 | 6969 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 137.14 | 3687 | 0.510 | 331.17 | 1.33 | 60 | 39262 |
| Indicated | 137.14 | 2280 | 0.498 | 201.29 | 1.15 | 37 | 14757 |
| Meas + Ind | 137.14 | 5968 | 0.505 | 281.55 | 1.26 | 97 | 54019 |
| Inferred | 137.14 | 1211 | 0.338 | 179.95 | 1.26 | 13 | 7009 |

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| **12** | **Mineral Reserve** |

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This section is not relevant to the technical report summary.

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| **13** | **Mining Methods** |

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**13.1** **Overview** 

Hycroft is planned as a conventional hard rock open pit operation. IMC developed a mine plan that produces the required process feed and moves sufficient mine waste to assure continued release of the mineralization. The mine plan is based on measured and indicated mineralization that was estimated in the mineral resource block model described in Section 11.

Inferred mineralization was not included within this initial assessment for two reasons: (1) there is sufficient measured and indicated mineralization to feed the process plant for over 50 years, and (2) to reduce the changes in the mine schedule and potentially minable material as the project moves toward a pre-feasibility study in the future.

The mine will feed two processing facilities:

1. A
 flotation mill followed by pressure oxidation and leaching of the concentrate, and

2. A
 ROM heap leach for mineralization that is amenable to direct cyanide leaching.

The mine production schedule is summarized on Figure 13-1 with tabular detail on Table 13-1.

The cutoff grade for the schedule is based on income net of process:

● Income
 net of process = Net Return after Refining – Process Costs

Calculation of the cutoff using net of process allows for the use of a single parameter for cutoff grade across both process facilities. Details of the development of the mine plan and schedule are reported later in this section.

Figure 13-1 illustrates the planned mine material movement by year for this initial assessment. Mill process, heap leach, and stockpiled mill process material are shown along with the required waste movement. Total material per year starts with 11.3 Mtons/a in preproduction and increases to 71.2 Mtons/a for years 1 through 3. Additional equipment is acquired later so that total material movement is increased to 81.5 to 82.0 Mtons/a from year 5 to year 27. From year 28 until the end of the mine life, the total material movement reduces to around 70 Mtons/a (See Table 13-1).

The material planned for milling and leaching on the production schedule is potentially minable material. They do not constitute mineral reserves at this time.

Approximately 240 M tons of low-grade Mill Feed material is stockpiled throughout the mine life. This material is not fed to the mill and is not part of the economic analysis in this report. Further trade-off studies will analyze the opportunity to feed this additional material through the process plant to benefit from the additional revenue.

Hycroft Mine Project Page 149 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 13- 1: Hycroft Initial Assessment Mine Plan Schedule**

![](ex1_057.jpg)

Source: IMC, 2026

Hycroft Mine Project Page 150 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 13-1: Hycroft Initial Assessment Mine Production Schedule, Measured and Indicated Mineralization**

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| **Year** | **Mill Cutoff** | **Mill** | **Mill** | **Mill** | **Mill** | **Mill** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Waste** | **Total** |
| | **Net of Process ($/ton)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/t)** | **Silver (oz/ton)** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Cyanide Ratio CnAu/FaAu** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Cyanide Ratio CnAu/FaAu** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Sulfide Sulfur (%)** | **Ktons** | **Ktons** |
| Preprod | - | - | - | - | - | - | 861 | 3.55 | 0.003 | 0.11 | 0.78 | 2.47 | 1601 | 6.66 | 0.007 | 0.14 | 0.58 | 3.43 | - | - | - | - | - | 8871 | 11333 |
| 1 | 13.00 | 14068 | 29.53 | 0.016 | 0.21 | 2.11 | 1916 | 5.11 | 0.004 | 0.11 | 0.78 | 1.82 | 8908 | 4.16 | 0.007 | 0.14 | 0.47 | 2.26 | 1005 | 6.34 | 0.008 | 0.15 | 2.69 | 45302 | 71200 |
| 2 | 13.50 | 20841 | 26.01 | 0.013 | 0.35 | 2.45 | 2426 | 1.65 | 0.002 | 0.06 | 0.79 | 1.48 | 3314 | 3.89 | 0.007 | 0.11 | 0.46 | 2.11 | 2301 | 9.80 | 0.009 | 0.18 | 2.84 | 42318 | 71200 |
| 3 | 15.00 | 20841 | 38.31 | 0.016 | 0.52 | 2.31 | 1077 | 6.99 | 0.005 | 0.08 | 0.78 | 1.88 | 16151 | 3.79 | 0.007 | 0.09 | 0.45 | 1.65 | 15846 | 6.82 | 0.008 | 0.13 | 2.08 | 17285 | 71200 |
| 4 | 15.00 | 20841 | 34.59 | 0.015 | 0.53 | 2.32 | 3610 | 5.14 | 0.004 | 0.10 | 0.77 | 2.16 | 11013 | 3.66 | 0.006 | 0.18 | 0.51 | 2.41 | 10547 | 7.07 | 0.007 | 0.21 | 2.33 | 28335 | 74347 |
| 5 | 15.00 | 20841 | 29.24 | 0.014 | 0.43 | 2.87 | 6940 | 6.72 | 0.005 | 0.06 | 0.79 | 1.65 | 9673 | 4.76 | 0.006 | 0.09 | 0.57 | 1.85 | 12656 | 8.09 | 0.007 | 0.24 | 2.42 | 31389 | 81500 |
| 6 | 16.00 | 20841 | 29.73 | 0.014 | 0.43 | 2.22 | 1638 | 7.02 | 0.005 | 0.14 | 0.74 | 1.20 | 13175 | 4.55 | 0.006 | 0.18 | 0.51 | 1.43 | 12134 | 9.80 | 0.009 | 0.16 | 2.70 | 33712 | 81500 |
| 7 | 14.00 | 20841 | 29.74 | 0.013 | 0.52 | 2.03 | 1414 | 5.32 | 0.004 | 0.18 | 0.78 | 1.25 | 4936 | 2.76 | 0.005 | 0.19 | 0.48 | 1.51 | 13682 | 7.18 | 0.007 | 0.19 | 2.16 | 40627 | 81500 |
| 8 | 14.00 | 20841 | 26.17 | 0.014 | 0.25 | 2.06 | 325 | 5.33 | 0.003 | 0.17 | 0.86 | 0.71 | 3051 | 3.07 | 0.007 | 0.14 | 0.41 | 1.82 | 14148 | 6.76 | 0.008 | 0.14 | 2.14 | 43135 | 81500 |
| 9 | 7.00 | 20841 | 20.74 | 0.012 | 0.23 | 1.95 | 13 | 0.23 | 0.001 | 0.05 | 0.73 | 0.44 | 94 | 1.41 | 0.004 | 0.06 | 0.48 | 0.67 | 2904 | 3.66 | 0.007 | 0.14 | 2.13 | 58149 | 82000 |
| 10 | 4.00 | 20841 | 21.08 | 0.011 | 0.34 | 2.00 | 1506 | 2.45 | 0.002 | 0.08 | 0.79 | 0.96 | 1335 | 1.79 | 0.004 | 0.09 | 0.54 | 1.38 | 2365 | 2.23 | 0.006 | 0.12 | 1.93 | 55954 | 82000 |
| 11 | 4.50 | 20841 | 16.39 | 0.009 | 0.37 | 1.97 | 1202 | 4.48 | 0.003 | 0.10 | 0.80 | 1.74 | 7452 | 1.61 | 0.004 | 0.13 | 0.48 | 1.77 | 6453 | 2.15 | 0.006 | 0.18 | 1.92 | 46052 | 82000 |
| 12 | 7.00 | 20841 | 19.93 | 0.010 | 0.37 | 2.04 | 2531 | 2.89 | 0.003 | 0.08 | 0.77 | 1.02 | 3522 | 2.00 | 0.005 | 0.12 | 0.50 | 1.64 | 9288 | 3.61 | 0.006 | 0.19 | 2.02 | 45818 | 82000 |
| 13 | 7.00 | 20841 | 26.32 | 0.011 | 0.52 | 2.16 | 1021 | 5.38 | 0.004 | 0.07 | 0.79 | 1.29 | 7280 | 2.19 | 0.005 | 0.12 | 0.50 | 1.52 | 7915 | 3.42 | 0.006 | 0.18 | 2.06 | 44943 | 82000 |
| 14 | 6.00 | 20841 | 21.20 | 0.011 | 0.35 | 2.26 | 93 | 7.34 | 0.004 | 0.27 | 0.98 | 0.53 | 419 | 1.57 | 0.005 | 0.16 | 0.39 | 1.83 | 8696 | 3.39 | 0.006 | 0.18 | 1.95 | 51952 | 82000 |
| 15 | 2.00 | 20841 | 19.87 | 0.011 | 0.31 | 1.87 | 2772 | 4.97 | 0.004 | 0.05 | 0.80 | 1.62 | 8284 | 3.19 | 0.005 | 0.09 | 0.52 | 1.73 | 501 | 1.03 | 0.006 | 0.13 | 2.03 | 49602 | 82000 |
| 16 | 3.00 | 20841 | 18.83 | 0.010 | 0.36 | 2.07 | 2012 | 2.27 | 0.002 | 0.07 | 0.77 | 1.24 | 3105 | 2.04 | 0.005 | 0.14 | 0.48 | 2.67 | 2591 | 1.82 | 0.005 | 0.19 | 2.18 | 53451 | 82000 |
| 17 | 2.00 | 20841 | 14.36 | 0.009 | 0.31 | 2.43 | 815 | 7.24 | 0.005 | 0.12 | 0.76 | 1.70 | 4002 | 3.13 | 0.005 | 0.15 | 0.53 | 2.59 | 1578 | 0.98 | 0.005 | 0.16 | 2.23 | 54763 | 82000 |
| 18 | 8.00 | 20841 | 17.68 | 0.010 | 0.32 | 2.61 | 1937 | 7.10 | 0.005 | 0.17 | 0.76 | 1.32 | 2970 | 3.57 | 0.006 | 0.13 | 0.51 | 2.27 | 13730 | 4.37 | 0.006 | 0.17 | 2.41 | 42521 | 82000 |
| 19 | 4.00 | 20841 | 16.64 | 0.010 | 0.26 | 2.21 | 718 | 0.95 | 0.001 | 0.09 | 0.81 | 1.80 | 1483 | 2.53 | 0.006 | 0.12 | 0.46 | 2.35 | 14391 | 5.15 | 0.007 | 0.18 | 2.37 | 44568 | 82000 |
| 20 | 7.00 | 20841 | 14.87 | 0.010 | 0.25 | 1.71 | 10 | 3.55 | 0.003 | 0.09 | 0.75 | 2.00 | 116 | 0.99 | 0.005 | 0.13 | 0.38 | 1.88 | 11377 | 3.76 | 0.006 | 0.17 | 1.94 | 49656 | 82000 |
| 21 | 7.00 | 20841 | 22.62 | 0.012 | 0.34 | 1.57 | 30 | 0.80 | 0.001 | 0.02 | 0.78 | 1.47 | 358 | 0.97 | 0.005 | 0.12 | 0.38 | 1.64 | 11773 | 3.49 | 0.006 | 0.15 | 1.74 | 48997 | 82000 |
| 22 | 10.00 | 20841 | 42.57 | 0.018 | 0.51 | 1.45 | 1950 | 5.26 | 0.004 | 0.14 | 0.79 | 1.09 | 950 | 2.57 | 0.005 | 0.17 | 0.51 | 1.83 | 9772 | 4.62 | 0.007 | 0.15 | 1.77 | 48487 | 82000 |
| 23 | 8.00 | 20841 | 40.67 | 0.015 | 0.72 | 1.18 | 3134 | 4.07 | 0.003 | 0.10 | 0.77 | 1.35 | 1570 | 2.20 | 0.004 | 0.09 | 0.59 | 1.53 | 3584 | 4.03 | 0.006 | 0.16 | 1.79 | 52872 | 82000 |
| 24 | 6.00 | 20841 | 45.65 | 0.014 | 1.04 | 1.13 | 5516 | 4.92 | 0.003 | 0.12 | 0.79 | 1.63 | 3935 | 1.88 | 0.004 | 0.11 | 0.57 | 1.60 | 1296 | 3.19 | 0.006 | 0.18 | 1.57 | 50411 | 82000 |
| 25 | 9.00 | 20841 | 37.35 | 0.012 | 0.83 | 1.61 | 4365 | 7.79 | 0.005 | 0.16 | 0.78 | 1.56 | 7971 | 3.21 | 0.005 | 0.15 | 0.55 | 1.61 | 2388 | 4.98 | 0.006 | 0.23 | 1.68 | 46435 | 82000 |
| 26 | 9.00 | 20841 | 35.59 | 0.014 | 0.58 | 1.82 | 1238 | 8.04 | 0.005 | 0.17 | 0.83 | 1.50 | 3137 | 2.89 | 0.005 | 0.16 | 0.49 | 1.64 | 2289 | 4.85 | 0.007 | 0.15 | 1.77 | 54496 | 82000 |
| 27 | 8.00 | 20841 | 33.84 | 0.010 | 0.90 | 1.65 | 1413 | 4.51 | 0.003 | 0.17 | 0.80 | 1.69 | 2502 | 2.50 | 0.005 | 0.15 | 0.53 | 2.15 | 7190 | 3.96 | 0.007 | 0.14 | 1.55 | 50053 | 82000 |
| 28 | 4.00 | 20841 | 36.85 | 0.009 | 1.13 | 1.74 | 581 | 8.49 | 0.005 | 0.13 | 0.81 | 1.28 | 445 | 1.31 | 0.005 | 0.13 | 0.40 | 1.91 | 3838 | 2.03 | 0.006 | 0.16 | 1.54 | 48295 | 74000 |
| 29 | 4.00 | 20841 | 17.78 | 0.010 | 0.32 | 2.02 | 74 | 9.49 | 0.006 | 0.10 | 0.78 | 3.07 | 1229 | 3.02 | 0.005 | 0.10 | 0.56 | 1.95 | 3722 | 1.96 | 0.006 | 0.16 | 1.93 | 48134 | 74000 |
| 30 | 2.50 | 20841 | 15.38 | 0.010 | 0.20 | 1.90 | 5 | 15.73 | 0.010 | 0.26 | 0.74 | 1.83 | 204 | 1.37 | 0.004 | 0.09 | 0.47 | 2.51 | 2223 | 1.29 | 0.006 | 0.12 | 1.96 | 50727 | 74000 |
| 31 | 2.50 | 20841 | 17.31 | 0.011 | 0.18 | 1.92 | 1121 | 6.15 | 0.004 | 0.06 | 0.84 | 2.01 | 489 | 3.73 | 0.005 | 0.05 | 0.59 | 2.04 | 1491 | 1.28 | 0.006 | 0.14 | 2.09 | 50059 | 74000 |

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| **Year** | **Mill Cutoff** | **Mill** | **Mill** | **Mill** | **Mill** | **Mill** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Oxide Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Transition Leach, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Low Grd Mill Stkp, $0.01 Net of Process Cutoff** | **Waste** | **Total** |
| | **Net of Process ($/ton)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/t)** | **Silver (oz/ton)** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Cyanide Ratio CnAu/FaAu** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Cyanide Ratio CnAu/FaAu** | **Sulfide Sulfur (%)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Silver (oz/ton)** | **Sulfide Sulfur (%)** | **Ktons** | **Ktons** |
| 32 | 2.50 | 20841 | 15.24 | 0.011 | 0.16 | 1.89 | 727 | 2.96 | 0.002 | 0.11 | 0.88 | 1.15 | 149 | 1.23 | 0.004 | 0.14 | 0.54 | 0.56 | 1061 | 1.40 | 0.006 | 0.12 | 2.01 | 53222 | 76000 |
| 33 | 2.50 | 20841 | 14.60 | 0.011 | 0.16 | 1.85 | 460 | 1.63 | 0.002 | 0.13 | 0.78 | 0.39 | 274 | 0.83 | 0.003 | 0.20 | 0.55 | 0.49 | 801 | 1.35 | 0.006 | 0.11 | 1.81 | 53624 | 76000 |
| 34 | 2.50 | 20841 | 16.42 | 0.011 | 0.19 | 1.84 | 9 | 5.21 | 0.004 | 0.20 | 0.74 | 1.09 | 978 | 1.25 | 0.004 | 0.17 | 0.48 | 0.76 | 677 | 1.42 | 0.006 | 0.11 | 2.24 | 53495 | 76000 |
| 35 | 2.50 | 20841 | 16.78 | 0.011 | 0.19 | 1.98 | 48 | 7.42 | 0.005 | 0.13 | 0.74 | 1.80 | 574 | 1.52 | 0.004 | 0.16 | 0.47 | 1.14 | 593 | 1.48 | 0.006 | 0.14 | 2.33 | 53944 | 76000 |
| 36 | 2.50 | 20841 | 15.29 | 0.009 | 0.30 | 1.74 | 1228 | 6.86 | 0.005 | 0.06 | 0.78 | 1.32 | 6408 | 2.58 | 0.005 | 0.13 | 0.52 | 1.47 | 747 | 1.38 | 0.006 | 0.15 | 1.73 | 46775 | 76000 |
| 37 | 2.50 | 20841 | 26.91 | 0.012 | 0.47 | 2.36 | 168 | 6.08 | 0.004 | 0.14 | 0.91 | 1.07 | 238 | 1.49 | 0.005 | 0.13 | 0.43 | 1.40 | 1560 | 1.35 | 0.005 | 0.17 | 1.98 | 51192 | 74000 |
| 38 | 2.50 | 20841 | 24.95 | 0.011 | 0.53 | 2.34 | 229 | 12.00 | 0.007 | 0.13 | 0.76 | 1.20 | 1354 | 3.55 | 0.006 | 0.11 | 0.49 | 1.62 | 1510 | 1.31 | 0.005 | 0.17 | 1.82 | 46566 | 70500 |
| 39 | 2.50 | 20841 | 25.43 | 0.012 | 0.47 | 1.82 | 531 | 4.33 | 0.003 | 0.13 | 0.74 | 2.06 | 454 | 2.03 | 0.004 | 0.15 | 0.57 | 1.73 | 1503 | 1.26 | 0.005 | 0.16 | 1.67 | 47171 | 70500 |
| 40 | 2.50 | 20841 | 26.65 | 0.010 | 0.69 | 1.47 | 998 | 4.54 | 0.003 | 0.16 | 0.74 | 1.70 | 942 | 3.56 | 0.006 | 0.11 | 0.53 | 1.90 | 2003 | 1.24 | 0.006 | 0.14 | 1.71 | 45715 | 70500 |
| 41 | 2.50 | 20841 | 34.50 | 0.011 | 0.85 | 1.54 | 675 | 2.46 | 0.002 | 0.14 | 0.74 | 1.89 | 937 | 2.43 | 0.004 | 0.13 | 0.57 | 1.81 | 1486 | 1.23 | 0.005 | 0.16 | 1.50 | 46561 | 70500 |
| 42 | 2.50 | 20841 | 17.02 | 0.010 | 0.28 | 1.78 | 687 | 0.65 | 0.001 | 0.14 | 0.95 | 2.20 | 862 | 2.57 | 0.005 | 0.12 | 0.46 | 2.26 | 1643 | 1.24 | 0.005 | 0.17 | 1.85 | 46467 | 70500 |
| 43 | 2.50 | 20841 | 15.02 | 0.011 | 0.16 | 1.84 | 18 | 4.22 | 0.003 | 0.08 | 0.94 | 2.40 | 48 | 2.63 | 0.005 | 0.08 | 0.51 | 2.36 | 1751 | 1.35 | 0.006 | 0.09 | 2.05 | 47842 | 70500 |
| 44 | 2.50 | 20841 | 14.66 | 0.011 | 0.16 | 1.92 | 192 | 0.41 | 0.001 | 0.06 | 0.99 | 2.21 | 59 | 2.02 | 0.005 | 0.13 | 0.41 | 2.00 | 1402 | 1.39 | 0.006 | 0.12 | 1.90 | 48006 | 70500 |
| 45 | 2.50 | 20841 | 13.15 | 0.010 | 0.14 | 2.21 | 368 | 0.52 | 0.001 | 0.06 | 0.99 | 1.67 | 211 | 2.26 | 0.006 | 0.05 | 0.42 | 2.28 | 2141 | 1.34 | 0.006 | 0.09 | 2.00 | 47038 | 70600 |
| 46 | 2.50 | 20841 | 12.76 | 0.010 | 0.14 | 1.91 | 34 | 3.72 | 0.002 | 0.06 | 0.96 | 1.79 | 317 | 1.89 | 0.005 | 0.11 | 0.50 | 1.96 | 1910 | 1.34 | 0.006 | 0.11 | 1.84 | 47498 | 70600 |
| 47 | 2.50 | 20841 | 19.28 | 0.011 | 0.29 | 1.83 | 117 | 0.91 | 0.001 | 0.08 | 0.98 | 1.32 | 153 | 2.36 | 0.005 | 0.12 | 0.54 | 2.00 | 1893 | 1.21 | 0.006 | 0.13 | 1.84 | 49370 | 72374 |
| 48 | 2.50 | 20841 | 24.54 | 0.012 | 0.41 | 1.78 | 15 | 43.38 | 0.019 | 0.19 | 1.00 | 2.24 | 309 | 2.24 | 0.005 | 0.10 | 0.45 | 2.20 | 1030 | 1.32 | 0.006 | 0.13 | 1.96 | 33556 | 55750 |
| 49 | 2.50 | 20841 | 23.81 | 0.011 | 0.42 | 1.65 | - | - | - | - | - | - | 114 | 1.13 | 0.005 | 0.15 | 0.36 | 2.34 | 749 | 1.30 | 0.006 | 0.14 | 1.76 | 33706 | 55409 |
| 50 | 2.50 | 20841 | 35.11 | 0.011 | 0.89 | 1.33 | - | - | - | - | - | - | 102 | 1.81 | 0.005 | 0.17 | 0.40 | 1.06 | 737 | 1.45 | 0.005 | 0.18 | 1.38 | 19302 | 40982 |
| 51 | 2.50 | 11008 | 42.99 | 0.011 | 1.16 | 1.13 | - | - | - | - | - | - | 86 | 0.55 | 0.004 | 0.22 | 0.33 | 1.20 | 964 | 1.15 | 0.005 | 0.22 | 1.15 | 12300 | 24358 |
| **Total** | **-** | **1046284** | **24.34** | **0.012** | **0.43** | **1.93** | **60768** | **5.11** | **0.004** | **0.12** | **-** | **1.55** | **149242** | **3.25** | **0.006** | **0.14** | **-** | **1.83** | **239839** | **4.76** | **0.007** | **0.16** | **2.08** | **2320719** | **3816853** |

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Hycroft Mine Project Page 152 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**13.2** **Geotechnical and Hydrologic Information** 

Slope angles for the mine plan were recommended by Call & Nicholas, Inc. (CNI) during February of 2022 with additional documentation in October of 2023. Inter-ramp slope angles range from 25 to 45 degrees depending on the rock type, alteration, and pit geometry. IMC has reviewed this work and has accepted the slope angle recommendations for use in the development of this mine plan.

**13.3** **Phase Design** 

Multiple nested LG pits were generated to assist in establishing the final pit and the best overall extraction sequence. The metal prices for design were $$3,100/oz gold and $36.00/oz silver. Those prices were reduced in increments by the price ratios shown in Table 13-2. Table 13-2 and Figure 13-2 summarize the results of the nested LG runs in both tabular and graphic form. All cones on the table were tabulated at the design metal prices of $3,100/oz Au, and $36/oz Ag.

Table 13-2 and Figure 13-2 indicate that the financial benefit of increasing the pit size beyond the 85% price ratio was marginal. As a result, the 85% pit was used as the target for final pit design. The 85% pit is highlighted on the table and illustrated on the graph. Additional check pits were developed with bench discounting applied. The impact of the bench discounting was minor.

Based on the pit geometries of the nested LG pits, a series of 19 phase designs were generated for input into the mine plan. Those phase designs followed the extraction sequence suggested by the LG pit runs. Phase designs utilized the inter-ramp slope designs on combined with the following design parameters:

● Road Width 125 ft

● Maximum
 Road Gradient 10%

● Minimum
 Mining Width 300
ft

Table 13-3 summarizes the contained tonnage in each phase at the internal cutoff grade.

Figure 13-3 illustrates the extraction sequence of the phases.

The phases were ranked economically based on the profit per ton ore and the cost per equivalent ounce gold to set the phase extraction sequence. That ranking was adjusted as required to accommodate the practical extraction sequence.

At any point in time, the Mine will be a combination of three to four phase designs operating simultaneously.

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**Table 13-2: Summary of Lerch-Grossman Computer Pit Generation**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au Price**<br>**($)** | **Price Ratio** | **Mill Process** | **Mill Process** | **Mill Process** | **Mill Process** | **Leach Process** | **Leach Process** | **Leach Process** | **Leach Process** | **Waste**<br>**(Ktons)** | **Total**<br>**(Ktons)** |
| **Au Price**<br>**($)** | **Price Ratio** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Total Silver (oz/ton)** | **Ktons** | **Net of Process ($/ton)** | **Fire Gold (oz/ton)** | **Total Silver (oz/ton)** | **Waste**<br>**(Ktons)** | **Total**<br>**(Ktons)** |
| 310 | 10% | 1097 | 151.36 | 0.029 | 3.50 | 206 | 8.14 | 0.008 | 0.08 | 334 | 1637 |
| 465 | 15% | 1748 | 126.65 | 0.025 | 2.97 | 434 | 13.51 | 0.010 | 0.08 | 553 | 2735 |
| 620 | 20% | 2573 | 106.48 | 0.025 | 2.20 | 562 | 13.34 | 0.010 | 0.08 | 742 | 3877 |
| 775 | 25% | 4938 | 76.85 | 0.021 | 1.49 | 1298 | 10.59 | 0.008 | 0.08 | 1713 | 7949 |
| 930 | 30% | 8372 | 62.48 | 0.019 | 1.11 | 2027 | 10.04 | 0.008 | 0.10 | 3171 | 13570 |
| 1085 | 35% | 13659 | 52.02 | 0.018 | 0.85 | 4024 | 7.59 | 0.007 | 0.10 | 5490 | 23173 |
| 1240 | 40% | 27258 | 43.00 | 0.016 | 0.67 | 7829 | 6.00 | 0.006 | 0.10 | 13563 | 48650 |
| 1395 | 45% | 85969 | 34.89 | 0.014 | 0.59 | 28356 | 4.66 | 0.005 | 0.11 | 75539 | 189864 |
| 1550 | 50% | 144389 | 30.29 | 0.013 | 0.51 | 38746 | 4.39 | 0.005 | 0.11 | 108094 | 291228 |
| 1581 | 51% | 169775 | 29.58 | 0.013 | 0.50 | 52508 | 4.23 | 0.005 | 0.11 | 140786 | 363070 |
| 1612 | 52% | 175867 | 29.33 | 0.013 | 0.50 | 53945 | 4.23 | 0.005 | 0.11 | 146644 | 376455 |
| 1643 | 53% | 186969 | 28.78 | 0.013 | 0.48 | 55680 | 4.22 | 0.005 | 0.11 | 153832 | 396480 |
| 1674 | 54% | 588778 | 23.31 | 0.011 | 0.43 | 84161 | 3.72 | 0.004 | 0.11 | 673438 | 1346377 |
| 1705 | 55% | 598930 | 23.30 | 0.011 | 0.43 | 85077 | 3.72 | 0.004 | 0.11 | 687143 | 1371150 |
| 1860 | 60% | 776490 | 23.03 | 0.011 | 0.44 | 114870 | 3.73 | 0.004 | 0.11 | 1001378 | 1892739 |
| 2015 | 65% | 906288 | 22.30 | 0.011 | 0.41 | 124912 | 3.75 | 0.004 | 0.11 | 1182421 | 2213621 |
| 2170 | 70% | 1059314 | 21.51 | 0.011 | 0.39 | 141087 | 3.93 | 0.005 | 0.11 | 1446359 | 2646760 |
| 2325 | 75% | 1155463 | 21.19 | 0.011 | 0.39 | 154053 | 3.89 | 0.005 | 0.10 | 1668707 | 2978222 |
| 2480 | 80% | 1252532 | 20.91 | 0.011 | 0.38 | 164321 | 3.84 | 0.005 | 0.10 | 1976220 | 3393073 |
| 2635 | 85% | 1305935 | 20.75 | 0.011 | 0.38 | 170142 | 3.81 | 0.005 | 0.10 | 2180037 | 3656113 |
| 2790 | 90% | 1343023 | 20.63 | 0.011 | 0.38 | 175053 | 3.79 | 0.005 | 0.10 | 2333196 | 3851272 |
| 2945 | 95% | 1368413 | 20.47 | 0.011 | 0.38 | 177864 | 3.77 | 0.005 | 0.10 | 2411860 | 3958138 |
| 3100 | 100% | 1388947 | 20.35 | 0.011 | 0.37 | 180494 | 3.75 | 0.005 | 0.10 | 2492069 | 4061510 |

---

Note:

1. All
 Cutoff grades on this table are Internal Cutoff, Net of Process >= $0.01/ton

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**Figure 13-2: Summary of Lerch-Grossman Computer Pit Generation**

![](ex1_058.jpg)

Source: IMC, 2026

**Table 13-3 : Contained Tonnage by Internal Cutoff Grade**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Extraction**<br> **Sequence** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Mill Process Material** | &nbsp;&nbsp;**Mill Process Material** | &nbsp;&nbsp;**Mill Process Material** | &nbsp;&nbsp;**Mill Process Material** | &nbsp;&nbsp;**Heap Leach Process Material** | &nbsp;&nbsp;**Heap Leach Process Material** | &nbsp;&nbsp;**Heap Leach Process Material** | &nbsp;&nbsp;**Heap Leach Process Material** | | |
| &nbsp;&nbsp;**Extraction**<br> **Sequence** | &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Ktons** | &nbsp;&nbsp;**NPR $/ton** | &nbsp;&nbsp;**Au oz/ton** | &nbsp;&nbsp;**Ag oz/ton** | &nbsp;&nbsp;**Ktons** | &nbsp;&nbsp;**NPR $/ton** | &nbsp;&nbsp;**Au oz/ton** | &nbsp;&nbsp;**Ag oz/ton** | &nbsp;&nbsp;**Waste**<br>&nbsp;&nbsp;**Ktons** | &nbsp;&nbsp;**Total**<br>&nbsp;&nbsp;**Ktons** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Central | &nbsp;&nbsp;60039 | &nbsp;&nbsp;$22.39 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4079 | &nbsp;&nbsp;$3.22 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;28382 | &nbsp;&nbsp;92500 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;42823 | &nbsp;&nbsp;$24.93 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;5414 | &nbsp;&nbsp;$3.36 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;13300 | &nbsp;&nbsp;61537 |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Bay | &nbsp;&nbsp;18696 | &nbsp;&nbsp;$24.06 | &nbsp;&nbsp;0.015 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;2891 | &nbsp;&nbsp;$4.51 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;28538 | &nbsp;&nbsp;50124 |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;82264 | &nbsp;&nbsp;$17.71 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;14222 | &nbsp;&nbsp;$2.84 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;83534 | &nbsp;&nbsp;180019 |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Bay | &nbsp;&nbsp;20041 | &nbsp;&nbsp;$16.31 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;6700 | &nbsp;&nbsp;$3.71 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;10958 | &nbsp;&nbsp;37700 |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Bay | &nbsp;&nbsp;20865 | &nbsp;&nbsp;$18.98 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;18176 | &nbsp;&nbsp;$5.42 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;44313 | &nbsp;&nbsp;83354 |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Camel | &nbsp;&nbsp;20685 | &nbsp;&nbsp;$25.19 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;5956 | &nbsp;&nbsp;$3.13 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;28896 | &nbsp;&nbsp;55537 |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Camel | &nbsp;&nbsp;61954 | &nbsp;&nbsp;$18.62 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;3445 | &nbsp;&nbsp;$3.20 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;48563 | &nbsp;&nbsp;113962 |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Brimstone/Vortex | &nbsp;&nbsp;75566 | &nbsp;&nbsp;$13.91 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;11122 | &nbsp;&nbsp;$2.15 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;189237 | &nbsp;&nbsp;275925 |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;68101 | &nbsp;&nbsp;$15.53 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;12788 | &nbsp;&nbsp;$2.45 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;118884 | &nbsp;&nbsp;199773 |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Vortex | &nbsp;&nbsp;226663 | &nbsp;&nbsp;$21.96 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;12684 | &nbsp;&nbsp;$3.23 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;260253 | &nbsp;&nbsp;499600 |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Central | &nbsp;&nbsp;26092 | &nbsp;&nbsp;$21.62 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;11040 | &nbsp;&nbsp;$3.69 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;82325 | &nbsp;&nbsp;119457 |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;73941 | &nbsp;&nbsp;$32.58 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;27927 | &nbsp;&nbsp;$4.18 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;192274 | &nbsp;&nbsp;294142 |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Camel | &nbsp;&nbsp;124473 | &nbsp;&nbsp;$15.09 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;7928 | &nbsp;&nbsp;$5.03 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;192700 | &nbsp;&nbsp;325101 |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Vortex | &nbsp;&nbsp;107980 | &nbsp;&nbsp;$27.15 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;3594 | &nbsp;&nbsp;$1.66 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;297178 | &nbsp;&nbsp;408753 |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Brimstone | &nbsp;&nbsp;59873 | &nbsp;&nbsp;$15.69 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;5066 | &nbsp;&nbsp;$3.23 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;153301 | &nbsp;&nbsp;218239 |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Central | &nbsp;&nbsp;14018 | &nbsp;&nbsp;$11.57 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;9674 | &nbsp;&nbsp;$3.76 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;24596 | &nbsp;&nbsp;48288 |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Camel | &nbsp;&nbsp;118762 | &nbsp;&nbsp;$13.56 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1025 | &nbsp;&nbsp;$1.31 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;216108 | &nbsp;&nbsp;335895 |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Vortex | &nbsp;&nbsp;103387 | &nbsp;&nbsp;$25.44 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;5919 | &nbsp;&nbsp;$2.79 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;307381 | &nbsp;&nbsp;416686 |

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**Figure 13-3: Phase Schematic and Extraction Sequence**

![](ex1_059.jpg)

Source: IMC, 2026

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**13.4** **Production Schedule** 

The Mine production schedule was developed after completing a number of iterations. The goals of the production schedule were as follows:

1. Assure
 practical and operational mine geometries.

2. Select
 a total material rate that assured ore release and provided for efficient use of mine capital
 equipment.

3. Maximize
 the project net present value (NPV) by adjusting mine cutoff grades and total material movement.

Table 13-1 presents the mine production schedule for the LOM plan. The cutoff grade to the mill process was adjusted annually to maximize the NPV of the mine production schedule by producing higher grade and consequently more metal in the early years of the mine life. The elevated mill feed cutoff resulted in low grade potential sulfide feed being sent to a low-grade mill stockpile.

Each block in the model was evaluated for its net benefit by both heap leach and mill processing. Mill cutoff grades were applied to the mill net of process only. During each year, blocks that were not routed to the mill were evaluated to see if they had sufficient heap leach benefit to provide positive economic benefit on the heap leach pad. Those blocks were re-routed to the heap leach pad. Low grade sulfide mill feed material was stockpiled for eventual re-mining to the mill after the pit was exhausted. Re-mining and processing of the stockpile should consider the potential for loss of process recovery due to exposure to weathering for an extended period of time. Re-mining and processing of the stockpile is not part of the economic model in this study.

Figure 13-4 and Figure 13-5 illustrate the approximate recovered metal produced over the life of the open pit. The benefit of the elevated cutoff grades in the initial years can be observed with the higher level of gold production in the early years of the mine life. The relative metal contribution of the heap leach compared to the mill is also evident in the graphs. Figure 13-6 illustrates the approximate recovered equivalent gold based on metal prices of $3,100 oz Au, and $36/oz Ag.

Figure 13-7 through Figure 13-17 illustrate the mine and waste storage plan. At any point in time, three to four phases are active to release the process feed, to sustain a consistent total material movement.

Waste is delivered to the large storage facility located west and south of the mine. Once areas of the mine are complete, in-pit backfill is utilized for waste storage. The heap leach process material is planned to be delivered to the Brimstone or Jungo heap leach pads located north of the mine. Low grade sulfide stockpile material is hauled to an area west of the Brimstone and Jungo heap leach pads. Mill process material is hauled to the primary crusher located just west of the Brimstone heap leach facility.

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**Figure 13-4: Approximate Recovered Gold by Year**

![](ex1_060.jpg)

Source: IMC, 2026

**Figure 13-5: Approximate Recovered Silver by Year**

![](ex1_061.jpg)

Source: IMC, 2026

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**Figure 13-6: Approximate Recovered Equivalent Gold Ounces by Year Based on $3,100/oz Au and $36/oz Ag**

![](ex1_062.jpg)

Source: IMC, 2026

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**Figure 13-7: Mine and Waste Storage Plan – Pre-production**

![](ex1_063.jpg)

Source: IMC, 2026

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**Figure 13-8: Mine and Waste Storage Plan - End of Year 1**

![](ex1_064.jpg)

Source: IMC, 2026

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**Figure 13-9: Mine and Waste Storage Plan – End of Year 2**

Source: IMC, 2026

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**Figure 13-10: Mine and Waste Storage Plan - End of Year 3**

![](ex1_066.jpg)

Source : IMC, 2026

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**Figure 13-11: Mine and Waste Storage Plan - End of Year 4**

![](ex1_067.jpg)

Source: IMC, 2026

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**Figure 13-12: Mine and Waste Storage Plan – End of Year 5**

Source: IMC, 2026

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**Figure 13-13: Mine and Waste Storage Plan – End of Year 10**

Source: IMC, 2026

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**Figure 13-14: Mine and Waste Storage Plan – End of Year 20**

Source: IMC, 2026

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**Figure 13-15: Mine and Waste Storage Plan – End of Year 30**

Source IMC, 2026

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**Figure 13-16: Mine and Waste Storage Plan – End of Year 40**

![](ex1_072.jpg)

Source IMC, 2026

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**Figure 13-17: Mine and Waste Storage Plan – End of Year 51**

![](ex1_073.jpg)

Source IMC, 2026

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**13.5 Mining Equipment**

Mine equipment was selected for the project under the assumption that Hycroft would own the equipment and operate the mine. Contract mining has not been considered for this initial assessment. Table 13-4 summarizes the major mine equipment list.

Mine equipment for this study has been assumed to be diesel powered, negating the requirement for a pit electrical power distribution system. Mechanical availability has been assumed to be 85% with 95% use of that availability. The mine is assumed to operate year-round on a two-shift-per-day, 12-hour shift schedule requiring a four-crew rotation system. IMC has assumed that 10 shifts per year will be lost due to weather or other delays, so that there are 720 planned operating shifts per year. Standard inefficiencies are incorporated into each shift, such that equipment cycles operate for 550 minutes per shift (11 hours at 50 minutes per hour).

Mine equipment requirements for drilling and loading equipment were estimated based on typical production rates and Hycroft average material densities. The rock and alternation types at Hycroft cover a broad range of mechanical properties from relatively soft to competent. IMC selected rotary blast hole drills with 70,000 LBF pull down and 10 ⅝ inches (") bits. Four drills of that type will be required, which matches the typical number of operating pushbacks.

Two types of loading equipment have been selected: (1) 44.5 yd<sup>3</sup> hydraulic front shovels, and (2) 30 yd<sup>3</sup> front end loaders. Two shovels and two loaders are required. The four loading units match the typical number of operating pushbacks, and the front-end loaders provide the flexibility to adjust production rates between pushbacks as required.

Haul trucks were sized at 250-ton units to provide a good match to the loading units. Haul profiles were measured for each material type to each destination annually for each of the first 10 years of the mine plan. After year 10, five-year increments were used for haul profile measurements. Truck haul time was calculated over each profile using haul time simulation. Fixed times were added for loading under the shovel or loader and for maneuvering and dumping at the crusher, stockpile, leach pad, or waste storage.

In addition to the above units, a substantial fleet of auxiliary equipment is provided to maintain the mine in good working order.

● A
 total of five track dozers of the D9 class are provided to complete pioneering, position
 material on the dumps, leach pads, and stockpiles, and assist with in-pit drop cuts.

● A
 total of four-wheel dozers of the Cat 834 class are provided to help maintain the roads and
 support the loading equipment. One wheel dozer is matched to each set of drills and loading
 units.

● A
 total of three graders with 16 ft moldboards is provided for haul road maintenance.

● A
 total of three water trucks on 100-ton truck frames is provided to maintain air quality with
 dust control.

● A
 15 yd front loader and three 100-ton trucks are provided as auxiliary support units.
 They will assist with pioneering, road construction, and other minor material movement tasks
 around the mine.

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A support drill is provided for secondary and special blasting, and a backhoe is provided for trenching, drainage, and utility line movement in the mine area.

In addition, a significant fleet of minor equipment is provided including blast hole stemmers, flatbed trucks, Ammonium Nitrate Fuel Oil Mix (ANFO) slurry trucks, lube and fuel trucks, crane trucks, tire handler, mechanics trucks, welders trucks, forklifts, man vans, pickup trucks, light plants, and a tractor and lowboy to assist with drill moves. A mine dispatch system is included as are a prill silo and powder magazine.

**Table 13-4: Major Mine Equipment**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** | **Mine Major Equipment Fleet on Hand** |
| **Equipment Type** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11-15** | **16-20** | **21-25** | **26-30** | **31-35** | **36-40** | **41-45** | **46-51** |
| 70,000 Pull Dn Drill, 10 ⅝" | 1 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 |
| Hydralic Shovel, 44.5 yd<sup>3</sup> | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| 30 yd<sup>3</sup> Loader (Cat 994) | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| 250 Ton Haul Truck | 6 | 18 | 21 | 21 | 21 | 25 | 25 | 25 | 25 | 27 | 27 | 27 | 28 | 32 | 28 | 27 | 26 | 26 | 29 |
| Track Dozer, D9 Class | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 4 |
| Wheel Dozer, Cat 834 Class | 2 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 3 |
| Grader 16 ft Moldboard | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 100 Ton Water Truck (Cat777 Frame) | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Cat 992 Wheel Loader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| 100 Ton Aux Truck | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| Support Rock Drill | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Cat 330 Excavator | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| **Total** | **26** | **46** | **49** | **49** | **49** | **52** | **52** | **52** | **54** | **56** | **56** | **56** | **56** | **61** | **58** | **56** | **56** | **54** | **54** |

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**13.6 Mine Manpower Requirements**

Mine hourly manpower was estimated to operate and maintain the mine equipment listed in the previous sub-section. The four-crew rotation was incorporated when calculating manpower requirements.

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Table 13-5 summarizes the mine hourly personnel required to operate and maintain the mine.

**Table 13-5: Mine Hourly Personnel**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Job Title** | **Annual Cost** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** | **Years** |
| **Job Title** | **Annual Cost** | **Prep** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11-15** | **16-20** | **21-25** | **26-30** | **31-35** | **36-40** | **41-45** | **46-51** |
| Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations | Mine Operations |
| Drill Operator | 127738 | 2 | 11 | 11 | 11 | 12 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 12 | 12 | 11 | 11 | 9 |
| Shovel Operator | 136628 | 1 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 | 4 |
| Loader Operator | 136628 | 1 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 5 | 5 |
| Haul Truck Driver | 118638 | 10 | 56 | 65 | 58 | 68 | 79 | 75 | 73 | 80 | 85 | 72 | 86 | 88 | 104 | 86 | 70 | 77 | 82 | 91 |
| Track Dozer Operator | 118638 | 5 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 13 |
| Tire Dozer Operator | 118638 | 4 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 10 |
| Grader Operator | 118638 | 6 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Service Crew | 118638 | 16 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 | 21 |
| Blasting Crew | 124705 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Dispatch Operator | 124705 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Laborer | 98418 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Operations Total | - | 69 | 163 | 172 | 165 | 178 | 190 | 186 | 184 | 191 | 196 | 183 | 197 | 199 | 215 | 196 | 180 | 185 | 189 | 189 |
| Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance | Mine Maintenance |
| Mechanic | 136837 | 7 | 22 | 23 | 22 | 24 | 26 | 25 | 25 | 26 | 27 | 25 | 27 | 28 | 30 | 27 | 25 | 26 | 27 | 27 |
| Mechanic's Helper | 127772 | 8 | 27 | 28 | 27 | 29 | 31 | 30 | 30 | 31 | 33 | 30 | 33 | 33 | 36 | 33 | 30 | 31 | 32 | 32 |
| Welder | 127772 | 3 | 10 | 11 | 10 | 11 | 12 | 12 | 11 | 12 | 12 | 12 | 12 | 13 | 14 | 12 | 12 | 12 | 12 | 12 |
| Electrician | 127772 | 1 | 1 | 2 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Fuel and Lube Maintenance | 118638 | 4 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Tire Maintenance | 118638 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Laborer | 98418 | 2 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Maintenance Total | - | 26 | 74 | 78 | 74 | 80 | 85 | 83 | 82 | 85 | 88 | 83 | 88 | 90 | 96 | 88 | 83 | 85 | 87 | 87 |
| VS&A at 10% | - | 10 | 24 | 25 | 24 | 26 | 28 | 27 | 27 | 28 | 28 | 27 | 29 | 29 | 31 | 28 | 26 | 27 | 28 | 28 |
| **Total Labor Requirement** | **-** | **105** | **261** | **275** | **263** | **284** | **303** | **296** | **293** | **304** | **312** | **293** | **314** | **318** | **342** | **312** | **289** | **297** | **304** | **304** |
| Maintenance/Operations Ratio | - | 0.38 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.46 | 0.46 | 0.46 | 0.46 |

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Note:

1. Service Crew operates Rock Drill, Excavators, Water Truck, etc.

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Table 13-6 summaries the mine salaried staff to provide engineering, supervision, and geology functions. The list includes those salaried personnel directly related to the Mine and does not include overall site wide supervision, processing, or logistics support.

**Table 13-6: Mine Salaried Staff**

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| **Job Title** | **Annual Cost (US$)** | **Number** |
| Mine Operations | Mine Operations | Mine Operations |
| Mine Superintendent | 227241 | 1 |
| General Foreman | 200447 | 1 |
| Mine Shift Supervisor | 150766 | 4 |
| Drill and Blast Supervisor | 150766 | 1 |
| Mine Clerk | 89944 | 1 |
| Mine Trainer | 144712 | 1 |
| Mine Operations Total | - | 9 |
| Mine Maintenance | Mine Maintenance | Mine Maintenance |
| Maint. Superintendent | 255942 | 1 |
| Maint. General Foreman | 189455 | 1 |
| Maint. Shift Supervisor | 150766 | 4 |
| Maintenance Planner | 160353 | 1 |
| Maintenance Trainer | 144712 | 1 |
| Maintenance Clerk | 89944 | 1 |
| Mine Maintenance Total | - | 9 |
| Mine Engineering | Mine Engineering | Mine Engineering |
| Supervising Mine Engineer | 231620 | 1 |
| Senior Mining Engineer | 178689 | 1 |
| Mine Engineer | 149969 | 1 |
| Sr. Surveyor | 154358 | 1 |
| Surveyor Helper | 109795 | 2 |
| Clerk | 89944 | 1 |
| Mine Engineering Total | - | 7 |
| Mine Geology | Mine Geology | Mine Geology |
| Senior Mine Geologist | 202449 | 1 |
| Mine Geologist | 166246 | 1 |
| Sr Geotechnical Engineer | 166246 | 1 |
| Geotechnical Engineer | 101096 | 1 |
| Sampler | 109795 | 8 |
| Mine Geology Total | - | 12 |
| **Total Personnel** | **-** | **37** |

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Note: Annual Cost includes Fringe Benefits

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**14 Processing and Recovery Methods**

**14.1 Overview**

Hycroft has an established operating history utilizing heap leach processing and has previously produced gold and silver through heap leach operation. The proposed processing strategy continues to build upon this demonstrated operating approach and existing site infrastructure to support project development. Oxide material and transition material will continue to be processed using heap leach and will be stacked on engineering heap leach pads and irrigated with cyanide solution to recover gold and silver. Pregnant leach solution generated from the heap leach operation will be collected and processed through the existing Merrill-Crowe recovery circuit and associated process facilities. Transition material is included in the heap leach processing strategy where supported by the current assumption adopted for the economic assessment. However, uncertainty remains regarding transition material heap leach performance due to limited dedicated metallurgical testwork. Additional transition material heap leach testing is recommended during the next study phase to improve confidence in recovery assumptions, leach kinetics, reagent consumption, and permeability characteristics.

As discussed in Section 10, a significant portion of the gold in the Hycroft mineralized material is refractory due to its association with pyrite, marcasite, and other sulfide minerals. A process flowsheet was developed to treat sulfide mineralized material. These materials are ground and floated to produce a concentrate. The concentrate is then oxidized in the POX plant and subsequently cyanide leached to extract gold and silver.

The key Project plant design criteria are as follows:

● Major
 equipment is designed for a nominal throughput of 57,100 ton/d.

● The
 existing crushing circuit consists of primary, secondary, and tertiary crushing, supported
 by a coarse ore stockpile and a crushed ore stockpile with dedicated feeders to provide continuous
 feed to the downstream process plant.

● Process
 flowsheets include three stages of crushing followed by two stages of ball milling, flotation,
 POX, a cyanide leaching circuit for oxidized flotation concentrate, Merrill-Crowe circuit,
 and tailings handling facilities, with an overall availability of 92%, given:

○ design head grades of 0.015 oz/ton Au, 0.41 oz/ton Ag, and 2.41% sulfide sulfur, and

○ overall process recovery of 82.8% gold and 77.5% silver, given the LOM average grades.

Pregnant solution from the cyanide leach circuit will be processed in the existing Merrill-Crowe zinc cementation facilities.

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The recovery rates used in the process plant design and financial model are based on the testwork results provided in Section 10. These results may be updated as further work is done as the project advances.

**14.2 Process Flowsheet**

Figure 14-1 presents an overall process flow diagram depicting the proposed major unit operations for the refractory mineralized materials.

**Figure 14-1: Sulfide Sulfur Process Plant Flowsheet**

![](ex1_074.jpg)

Source: Ausenco, 2026

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The existing crushing plant will process the ROM material using three stages of crushing to reduce the feed from a nominal top size of 35" to a product size with a P<sub>80</sub> of 0.6". The grinding circuit will consist of a two-stage ball milling configuration. Each stage of ball mills will operate in closed circuits with hydrocyclones. The cyclone overflow from second stage will be directed to a rougher flotation circuit to recover the gold and silver in a flotation concentrate.

Rougher flotation tailings will be thickened in a tailings thickener prior to transfer to the final tailings pump box.

The flotation concentrate will be oxidized in autoclaves at a temperature of 428 °F and a pressure of 454 psi, with a residence time of 60 minutes. The discharge from each autoclave will pass through two flash vessels, where heat will be released, cooling the slurry to approximately 220 °F. The slurry will then be pumped to the hot cure circuit, where the slurry temperature will be maintained between 195 °F and 220 °F for 10 hours to dissolve basic ferric sulfate (BFS) formed during the pressure oxidation process.

Following hot curing, the process will separate the base metal rich acidic liquors from the oxidized solids. This separation will be achieved using a three-stage CCD wash thickener circuit, removing more than 98% of the sulfuric acid and the dissolved metal sulfates. The washed, thickened slurry will then be contacted with steam from the autoclave flash vessels to heat the slurry to approximately 203 °F ahead of a four-stage lime boil circuit. The addition of milk of lime will raise the slurry pH to 10.5, decomposing silver jarosites and enabling silver recovery in the downstream leach circuit. Following the lime boil circuit, the slurry will be cooled to approximately 108 °F in cooling towers and pumped to the leach circuit.

The lime addition in the lime boil circuit will provide sufficient protective alkalinity for the leach circuit, and no further lime addition will be required during leaching.

The acidic overflow from CCD thickener No. 1 will be pumped to the autoclave plant to quench flash steam. The quench vessel underflow will be treated with limestone slurry in the solution neutralization circuit to remove ferric iron. Neutralization will be carried out in six mechanically agitated neutralization tanks operating in series, with limestone slurry added to the first four neutralization tanks and milk of lime added to the final two neutralization tanks precipitating remaining metal sulfates. The neutralized slurry will be dewatered in a high-rate neutralization thickener. Thickener underflow (sludge) will be pumped to the final tailings pump box and deposited in the TMF, while thickener overflow will be cooled to approximately 108°F in cooling towers and pumped to POX wash and cooling water tank and process water tank.

The oxidized flotation concentrate will be leached in stirred tanks using a cyanide solution to dissolve gold and silver. Discharge slurry from the leach circuit will be washed in a four-stage CCD circuit. The overflow from the CCD thickener No. 1 will constitute pregnant solution, which will be deaerated and treated in the existing Merrill- Crowe zinc cementation circuit to precipitate gold and silver. The resulting precious metals precipitate will be filtered and then smelted on site to produce gold–silver doré bars.

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Underflow slurry from the fourth wash thickener will be treated with sulfur dioxide (added as sodium metabisulphite) and oxygen in a series of agitated tanks to detoxify residual cyanide in the leach residue. Following cyanide destruction, the detoxified tailings will be combined with rougher flotation tailings and pumped to the TMF for impoundment.

**14.3 Plant Design**

The key process design criteria listed in Table 14-1 form the basis of the process flowsheet design and selection of mechanical equipment. The major process equipment is presented in Table 14-2.

**Table 14-1: Process Design Criteria**

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| **Parameter** | **Unit** | **Value** |
| Plant Throughput | ton/day | 57100 |
| Head Grade–design | oz/ton Au | 0.015 |
| Head Grade–design | oz/ton Ag | 0.410 |
| Head Grade–design | Sulfide sulfur, % | 2.41 |
| Overall Recovery (From mineralized material to doré)–Au | % | 82.8 |
| Overall Recovery (From mineralized material to doré)–Ag | % | 77.5 |
| Plant Availability | % | 92 |
| Bond Crusher Work Index–design (75<sup>th</sup> percentile) | kWh/ton | 17.9 |
| Bond Ball Mill Work Index–design (75<sup>th</sup> percentile) | kWh/ton | 19.0 |
| Abrasion Index (average) | g | 0.430 |
| Flotation Concentrate Mass Pull – design | % | 22 |
| Rougher Flotation Residence Time | Min | 48 |
| POX Sulfide Oxidation | % | 99 |
| Autoclave Residence Time | Min | 60 |
| Autoclave Operating Temperature | °F | 428 |
| Autoclave Operating Pressure | Psi | 454 |
| Hot Cure Temperature | °F | 220 |
| Hot Cure Residence Time | H | 10 |
| Lime Boil Temperature | °F | 206 |
| Lime Boil Residence Time | hr | 12 |
| Number of POX CCD Wash Stages | - | 3 |
| POX CCD Wash Efficiency | % | 98 |
| POX CCD Overflow Neutralization Residence Time | H | 6 |
| Flotation Concentrate Leach Residence Time | H | 24 |
| Concentrate Leach Slurry Density | % solids (wt/wt) | 35 |
| Number of CCD Wash Stages | - | 4 |
| CCD Wash Efficiency | % | 98 |
| Metal Recovery Method |  | Merrill-Crowe |
| Cyanide Destruction Method |  | SO<sub>2</sub> / Air |

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**Table 14-2: Major Process Equipment**

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| **Equipment** | **Type** | **Quantity/Size** |
| **Crushing** | **Crushing** | **Crushing** |
| Primary crusher (Existing) | Gyratory crusher (62 × 113 in) | 1 × 1,000 HP |
| Secondary crusher (Existing) | Cone crusher (Raptor XL1300) | 2 x 1,300 HP (2 operating) |
| Tertiary crusher (Existing) | Cone crusher (Raptor XL1300) | 2 x 1,300 HP (2 operating) |
| **Grinding** | **Grinding** | **Grinding** |
| Primary grinding ball mill | Ball mill | 26 ft dia. x 39.5 ft EGL; 2 x 21,500 HP (2 operating) |
| Secondary grinding ball mill | Ball mill | 26 ft dia. x 39.5 ft EGL, 2 x 21,500 HP (2 operating) |
| **Flotation** | **Flotation** | **Flotation** |
| Rougher flotation cell | Forced-air tank cells | 12 x 17,660 ft<sup>3</sup> (2 banks) |
| **Concentrate Thickening** | **Concentrate Thickening** | **Concentrate Thickening** |
| Concentrate thickener | High-rate thickener | 1 x 157 ft dia. |
| **Pressure Oxidation (POX)** | **Pressure Oxidation (POX)** | **Pressure Oxidation (POX)** |
| Autoclave | Pressure oxidation autoclave | 16.2 ft ID x 142.8 ft length<br> (2 trains) |
| Flash tanks | Pressure flash vessels | 22.9 ft ID x 40.6 ft length<br> (2 tanks per stage, 1 stage per train) |
| High pressure cyclonic separator | Cyclonic separator | 2 per train |
| Pressure scrubber | Venturi scrubber | 1 per train |
| Low pressure cyclonic separator | Cyclonic separator | 1 per train |
| Oxidized slurry seal leg tank | Seal leg tank | 8,000 gal, 1 per train |
| Lime boil preheater | Slurry heat exchanger | 60,000 gal, 2 units |
| Autoclave steam quench vessel | Quench vessel | 42,000 gal, 1 per train |
| Hot cure tank | Agitated tanks | 5 x 751,000 gal |
| Lime boil tank | Agitated tanks | 4 x 1,145,000 gal |
| **Slurry Neutralization** | **Slurry Neutralization** | **Slurry Neutralization** |
| Slurry washing by CCDs | High-rate thickener | 3 x 197 ft dia |
| CCD overflow neutralization | Neutralization tanks | 6 x 736,000 gal |
| Neutralization thickener | High-rate thickener | 1 x 115 ft dia |
| Cooling towers | Cooling towers | 7 units (3 slurry cooling, 4 solution cooling) |
| **Leaching** | **Leaching** | **Leaching** |
| Leach tanks | Agitated leach tanks | 6 x 1.1 million gal |
| **Leach CCD and Cyanide Destruction** | **Leach CCD and Cyanide Destruction** | **Leach CCD and Cyanide Destruction** |
| CCD thickener | High-rate thickener | 4 x 200 ft dia |
| Cyanide destruction | Agitated tanks | 2 x 332,000 gal |
| **Rougher Tailings Thickening** | **Rougher Tailings Thickening** | **Rougher Tailings Thickening** |
| Tailing thickener | High rate | 223 ft dia |

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**14.4 Process Description**

**14.4.1 Crushing Area**

The mill was designed to operate at a nominal capacity of 57,100 ton/day (at 75<sup>th</sup> percentile mineralized material hardness).

The existing crushing plant includes one primary crusher (60" x 113"), two secondary crushers (XL1300 Standard), and two tertiary crushers (XL1300 Short Head).

**14.4.1.1 Primary Crushing and Coarse Ore Stockpile**

The crushed material will be discharged via a surge bin to an apron feeder. The mineralized material will then be transferred by a stacker conveyor and discharged to a coarse ore stockpile. A belt scale will be installed on the stacker conveyor to measure the quantity of crushed mineralized material delivered, and a self-cleaning magnet will be installed upstream of the stockpile to remove any tramp steel.

The coarse material stockpile has a live capacity of 75,000 tons and a total capacity of 300,000 tons.

The crushed mineralized materials will be reclaimed via two reclaim tunnels located beneath the stockpile. Each reclaim line consists of three reclaim feeders (two operating and one standby) and a reclaim transfer conveyor.

Dust suppression systems and baghouses are installed to control dust generated by haul trucks, crushers, and other material handling equipment.

**14.4.1.2 Secondary and Tertiary Crushing**

Hycroft has installed four FLS Raptor XL1300 cone crushers – two with standard cavities and two with short head cavities, serving secondary and tertiary crushing duties, respectively. Each crusher is driven by a 1,300-hp motor and is fed from a bin through a feeder and vibrating screen.

Coarse mineralized material will be conveyed to the secondary crusher feed bin and distributed to the secondary screens. Oversize from the secondary screens will report to the secondary crushers, while screen undersize will be discharged to screen undersize conveyor. The secondary crusher will operate at a closed side setting (CSS) of 1.2", producing material with a P<sub>80</sub> of 1.3".

Secondary crusher product will be conveyed to the tertiary crusher feed bin and distributed to the tertiary screens, Oversize from the tertiary screens will report to the tertiary crushers, while tertiary screen undersize will be discharged to screen undersize conveyor and transferred to the crushed product conveyor. The tertiary crushers will operate at a CSS of 0.9", producing material with a P<sub>80</sub> of ⅜".

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Overall, the crushing plant product will have a P<sub>80</sub> of ⅜".

**14.4.1.3 Crushed Ore Stockpile**

The crushed product stockpile has a live capacity of 31,000 tons and a total capacity of 124,000 tons.

The crushed product will be reclaimed via two reclaim tunnels located beneath the crushed product stockpile. Each reclaim line consists of two reclaim feeders (one operating and one standby) and a primary ball mill feed conveyor.

**14.4.2 Grinding Circuit**

The grinding circuit consists of two parallel primary ball mills followed by two parallel secondary ball mills, arranged in a two-stage ball milling configuration. Each primary ball mill operates in closed circuit with a cluster of hydrocyclones.

**14.4.3 Rougher Flotation**

The rougher flotation circuit will be designed to produce a concentrate at 22% mass pull, containing a significant portion of the gold and silver from the sulfide mineralized material. The flotation concentrate will be oxidized in a POX circuit prior to feeding in a concentrate leach circuit to dissolve gold and silver from the flotation concentrate. The resulting pregnant solution will be further processed in a Merrill-Crowe circuit.

Cyclone overflow will gravitate over the vibrating trash screens to remove foreign material prior to flotation. Screen oversize will report to a trash bunker for periodic removal, while trash screen undersize will be pumped to two rougher flotation conditioning tanks.

Bench-scale flotation testing determined an average laboratory flotation time of 19 minutes. Applying a 2.5 scale-up factor, the required plant residence time is approximately 47.5 minutes.

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Flotation concentrates will be pumped to a concentrate thickener. Rougher flotation tailings will be pumped to a rougher tailings thickener (223 ft diameter) and thickened to 60% solids prior to pumping to the tailing storage facility.

Flotation reagents will include PAX as collector and MIBC or equivalent as frother. Flotation will be conducted at the pH of 4.7 and will therefore require sulfuric acid (H<sub>2</sub>SO<sub>4</sub>) for pH control in the flotation conditioning tanks. Blowers will supply air to the flotation cells.

Average recoveries to the flotation concentrate of 89.5% gold and 92.9% silver were estimated based on laboratory test results.

**14.4.4 Concentrate Thickening**

Flotation concentrate will be thickened in a high-rate thickener to produce a slurry of sufficient density for feed to the POX plant. Concentrate from the rougher flotation circuit will be dewatered in a 157 ft diameter concentrate thickener to a slurry density of 49% solids. The thickener underflow will be pumped to the pressure oxidation plant, while thickener overflow will be recycled to the thickener feed for dilution and directed to the process water tank.

**14.4.5 POX and Neutralization**

**14.4.5.1 POX Feed System**

The flotation concentrate will be transferred via a screen covered POX feed tank to four POX feed storage tanks, which will provide 12 hours of buffering capacity between the Concentrator and POX sections. The POX feed tank will be equipped with a vibrating screen to reject any +10-mesh deleterious material and protect the autoclave feed pumps. Screen oversize will be collected and periodically analyzed to determine the appropriate disposal location. The four POX feed storage tanks will operate in parallel and will be capable of feeding either autoclave train.

**14.4.5.2 Pressure Oxidation**

The POX facility will comprise two autoclave circuits. Each circuit will include a high-pressure slurry feed system, slurry preheater, an autoclave vessel with agitators, flash vessels, and a gas handling system. Autoclave operation will be supported by agitator seal systems, a steam boiler for start-up, and a high-pressure cooling water system for autoclave temperature control.

Slurry will be pumped into the first compartment of each autoclave using positive displacement pumps. The autoclaves will be mechanically agitated horizontal pressure vessels with approximate internal dimensions of 16.2 ft inside diameter and an overall length of 142.8 ft. Each autoclave will operate at 428 °F and 454 psi, and will consist of five compartments equipped with eight agitators, providing a nominal retention time of 60 minutes. The agitators in the first autoclave compartment will be driven by variable speed drives to optimize oxygen mass transfer. The first compartment is larger than the downstream compartments and contains four agitators to ensure that the introduction of cold slurry does not adversely affect the front-end reactor temperature or reduce the initial oxidation reaction rate.

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Oxidation of sulfides is an exothermic reaction, and to prevent overheating of the autoclaves, significant quantities of cooling water will be added to each compartment.

Steam will be required to heat the autoclaves during cold start-up conditions. Steam will be injected into the vapor space of the autoclaves with the agitators operating, and the autoclave will be preheated at a controlled, predetermined rate.

**14.4.5.3 Flash System and Gas Cleaning**

Due to the high autoclave discharge volume, each autoclave train will include two parallel single stage flash tanks, followed by two parallel high pressure cyclonic separators. The flash tanks will be equipped with level control valves and blast tubes to reduce pressure to near atmospheric conditions, generating large quantities of flash steam. The majority of slurry particles entrained in the steam will be removed in the cyclonic separators operating in parallel. Slurry discharged from the flash tanks and cyclonic separators will report to a closed seal leg tank, from which pumps will transfer the slurry to the subsequent process step.

The relatively cleaned flash steam from the two cyclonic separators will then combine into a single direct contact "splash" heater, which will be used to heat CCD underflow ahead of the lime boil circuit. Each autoclave train will be equipped with a splash heater, resulting in excess heating capacity. The heaters will be designed to operate without slurry, if required, and to pass the full stream load directly to the steam condensation and cleaning system.

Residual steam from the heaters will be partially condensed in a quench vessel, after which inert gases will be cleaned using a venturi scrubber to remove acidic droplets and solid particles. Vent streams from the autoclaves and the seal leg tank vents will be routed to the same venturi scrubber, which will condense most of the remaining steam when the heat exchangers and quench vessels are in operation. The scrubber system will also be capable of operating in a steam cleaning only mode when the heat exchangers and quench vessels are not in service.

All vent streams will be combined in a common blast spool prior to entering the venturi scrubber. Cold raw water will be continuously added to the clean (cold) side of the scrubber tank to maintain the minimum operating level. Underflow from the scrubber and quench tanks will be directed to the dirty (hot) side of the scrubber tank. Pumps will transfer the hot, dirty, and slightly acidic spent scrubber water to the solution neutralization circuit.

**14.4.5.4 Oxygen Plant**

The oxygen plant will supply gaseous oxygen to support the pressure oxidation process. Oxygen will be produced on site using cryogenic air separation units and injected directly into the autoclaves through spargers located beneath each agitator to promote sulfide oxidation. Approximately 70% of the total oxygen demand will be injected into the first compartment, distributed evenly among the four spargers/agitators. About 20% of the oxygen demand will be split between compartment 2 and 3, with the remaining oxygen injected into the final two compartments.

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**14.4.5.5 Hot Curing**

The oxidized slurry will be processed through five cascading tanks operating in series, providing a total residence time of 10 hours to ensure dissolution of ferric sulfate. Slurry entering the hot cure circuit will be at approximately 221 °F and will exit at approximately 212 °F. Following curing, the slurry will flow by gravity to the first POX CCD thickener.

**14.4.5.6 POX CCD Washing**

A three-stage POX CCD circuit will be used to wash slurry from the hot cure circuit and remove acid and dissolved metal salts from the pressure oxidation residue. Each thickener will be 197 ft in diameter.

Slurry will advance through the POX CCD thickeners in series, while wash solution flows in the opposite (countercurrent) direction, with fresh washing water added to the final stage. Overflow solution from the first POX CCD thickener will be routed to the autoclave flash steam quench and solution neutralization circuit. Washed slurry from the final POX CCD thickener will be heated and forwarded to the lime boil circuit.

The POX CCD circuit will be designed to achieve a wash efficiency of approximately 98%.

**14.4.5.7 Neutralization Circuit**

Neutralization of acidity and precipitation of metals and sulfate from the POX CCD overflow solution and the quench and scrubbing solutions will be carried out in the neutralization circuit. The neutralization circuit will comprise four stages of limestone addition followed by two stages of milk of lime treatment.

The limestone and lime reactor tanks will be arranged in a staggered, cascading configuration, allowing slurry to flow by gravity from one stage to the next. Limestone slurry will be metered into a limestone sludge mix tank, where it will be blended with recycled neutralization thickener underflow to condition the recycled solids and promote precipitation seeding. Overflow from the mix tank will feed to the first neutralization tank. Neutralized slurry will flow by gravity from the final lime neutralization tank to the neutralization thickener. Neutralization thickener underflow will be pumped to the tailings storage facility (TMF) via the final tailings pump box, where neutralization thickener overflow will be directed to the neutralization thickener overflow tank and pumped to the solution cooling towers.

**14.4.5.8 Solution Cooling**

Neutralization thickener overflow solution will be pumped to a bank of four cooling towers to reduce temperature. The cooled solution will then be pumped to the POX water tank and process water tank.

**14.4.5.9 Lime Boil Process**

Underflow from the POX CCD circuit thickener will be pumped to the lime boil heat exchangers, where the slurry will be reheated to a temperature of 206 °F using steam from the autoclave flash system. The reheated slurry will be treated with lime to effectively decompose silver jarosites formed during the POX and hot cure stages, thereby enabling improved silver extraction in the downstream leach circuit.

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The lime boil circuit will consist of four agitated tanks. Lime boil discharge slurry will be cooled to approximately 108 °F in three slurry cooling towers and then pumped to the cyanide leach circuit for gold and silver extraction.

**14.4.5.10 Limestone Plant**

Ground limestone and lime will be required for neutralization of acidic liquors and pH control in the leach circuit. The limestone plant will include crushing and grinding facilities, producing limestone ground to a product size with a P<sub>80</sub> of 53 µm.

**14.4.6 Gold and Silver Recovery from Flotation Concentrate**

The oxidized flotation concentrate (approximately 35% wt/wt solids) will be leached in the concentrate leaching circuit, which will consist of six mechanically agitated leach tanks operating in series.

Sodium cyanide (NaCN) will be added to the leach circuit to dissolve gold and silver. The primary cyanide addition point will be the leach feed distribution box, with additional dosing points located at leach tank No.3 and No.5. Lime addition in the upstream lime boil circuit will provide sufficient protective alkalinity for the leach circuit and no additional lime addition will be required during leaching. Estimated extraction in the concentrate leach circuit is 93.5% for gold and 86.0% for silver.

Air will be introduced into the leach circuit through the leach tank agitator shafts to maintain an air to leach rate of approximately 7.75 Nm<sup>3</sup> oxygen per ton of solids in the circuit. The concentrate leach circuit will be designed for a total retention time of 24 hours, evenly distributed across the six leach tanks. Slurry exiting the leach circuit will flow by gravity to the CCD circuit for recovery of pregnant solution from the leached slurry.

To facilitate maintenance of individual leach tanks, the circuit will include provisions to bypass any single leach tank, allowing slurry to report directly to the downstream leach tank. This configuration will allow one tank to be taken out of service without requiring a shutdown of the entire circuit.

The leach circuit will be serviced by a vertical cantilevered centrifugal sump pump, which will return collected spillage to a nearby leach tank.

**14.4.7 CCD Circuit**

A four-stage CCD washing circuit will be used to recover pregnant solution from the cyanide-leached slurry.

Leached slurry will flow by gravity through a four-stage CCD circuit, with solids advancing sequentially to the final thickener (CCD No. 4). Washed tailings from CCD No. 4 underflow will be pumped to the cyanide destruction circuit. Barren solution from the Merrill-Crowe circuit will be added to CCD No. 4 as wash water, while overflow solution will advance counter currently through the CCD stages. Overflow from the first CCD thickener will be collected in a CCD overflow tank and fed to the Merrill-Crowe circuit.

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The washing ratio, defined as the flow rate of washing barren solution from the Merrill-Crowe plant to the solids flow rate in the CCD circuit feed, will be 4.5:1, providing an overall CCD washing efficiency of greater than 98%.

Solids settling will be enhanced by the addition of diluted flocculant at each CCD stage. Antiscalant can be added to the pregnant solution tank, as required, to inhibit scale formation in the Merrill-Crowe circuit.

A vertically cantilevered centrifugal sump pump will be provided in the CCD area to return spillage to the circuit.

**14.4.8 Merrill-Crowe Precipitation and Refinery (Existing)**

Due to the high silver content in the pregnant leach solution (PLS), gold and silver will be recovered using zinc cementation. Hycroft currently has two Merrill-Crowe plants. The Brimstone plant has a capacity of 5,000 gal/min, while the North plant is considerably larger, with a capacity of 21,000 gal/min. The combined capacity of the two Merrill-Crowe facilities is approximately 26,000 gal/min.

Upon mill start up, the Merrill-Crowe plants will process pregnant solutions from both the mill and the heap leach operations.

**14.4.8.1 Merrill-Crowe**

PLS from the CCD circuit will be pumped to the PLS tank at the Merrill-Crowe facilities, where it will be combined with solution from the heap leach operation. The combined solution will then be pumped to clarifying filters to remove suspended solids. Filtered PLS will flow through a deaeration column, where dissolved oxygen will be removed. Zinc will then be added to the filtered, deaerated solution, which will be pumped to precipitate filters. The resulting precipitate, containing gold and silver, will be recovered in the filter. Barren solution will flow to a storage tank for reuse in the mill or heap leach.

Precious metal recovery from solution to zinc precipitate is expected to be approximately 99.5%.

**14.4.8.2 Gold and Silver Refinery**

Wet filter cake from the Merrill-Crowe circuit will be transferred to retort pans and proceeded in a retort furnace to remove moisture and mercury. Water and mercury will be sequentially volatilized from the precipitate by heating under partial vacuum. Exhaust gases will pass through multiple stages of condensers, where mercury and water will be collected and drained into a collection vessel. Residual mercury in the retort off-gas will be removed using a sulfur-impregnated carbon packed bed prior to discharge to the atmosphere. Retorts will be operated in batch mode, with an approximate cycle time of 18 hours.

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The dried filter cake will then be mixed with flux and transferred to an electric arc furnace, where it will be smelted to produce gold-silver doré.

**14.4.9 Cyanide Destruction**

Washed leach residue slurry from the CCD circuit will be treated using a sulfur dioxide (SO<sub>2</sub>)-oxygen (O<sub>2</sub>) process to reduce the CN<sub>WAD</sub> cyanide concentration to less than 5 mg/L.

Thickened, washed tailings slurry from the final CCD thickener, at a solids concentration of approximately 35%, will be pumped to the cyanide destruction tanks. In the SO<sub>2</sub>-O<sub>2</sub> process, sodium metabisulphite (SMBS), oxygen, copper sulfate (as catalyst), and milk of lime will be added to oxidize residual free cyanide and CN<sub>WAD</sub> species to cyanate, thereby reducing CN<sub>WAD</sub> concentrations to the target level prior to final tailings disposal. The cyanide destruction circuit will consist of two mechanically agitated tanks, providing a total residence time of two hours.

Oxygen will be supplied from the oxygen plant as required and introduced into the tanks via the agitator shafts. CN<sub>WAD</sub> concentration in the cyanide destruction discharge will be monitored through regular sampling and analysis.

The cyanide destruction circuit will be serviced by a dedicated sump pump, with any spillage in the area returned to the cyanide destruction feed box

**14.4.10 Final Tailings and Reclaim Water Transport**

Combined thickened tailings generated from the flotation process, POX neutralization, and cyanide destruction circuits will be conveyed from the tailings thickener to the TMF, following completion of TMF construction. A return water pipeline will convey reclaim water from the TMF seepage ponds back to the process plant along the same corridor.

**14.5 Energy, Water, and Process Materials Requirements**

**14.5.1 Reagent Handling and Storage**

The mixing and storage area for each reagent will be located proximate to their respective addition points throughout the plant. Reagents delivered in bulk bags will be transferred from storage to the mixing areas by forklift. Electric hoists serving the reagent areas will lift the bulk bags to the respective reagent bag brakers, which will be located above the reagent mixing tanks.

The reagent handling system will include unloading and storage facilities, mixing tanks, stock tanks, transfer pumps, and feeding equipment.

Quick lime will be delivered to the plant in regular bulk shipments and received in three 400 t storage silos, which at design operating rates will provide approximately three days of storage capacity. Lime will be slaked in a package slaking system. The resulting milk of lime slurry, at approximately 16% CaO solids %w/v, will be stored in an agitated tank and distributed to the various addition points via a ring-main system.

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Sodium cyanide will be supplied in liquid form by using DOT-412 tankers, each carrying approximately 6,400 gal of 30% cyanide solution, and will be received in a 25,000-gal storage tank. Diluted cyanide solution at approximately 23% cyanide will be stored in an agitated day tank, providing approximately four hours of cyanide supply at nominal production rates. From the day tank, sodium cyanide solution will be distributed to the leach circuits and Merrill-Crowe circuit as required. The cyanide storage and day tank will be fully contained in a bunded area and physically separated from the main plant site.

Limestone will be delivered to the site by rail and offloaded to a stockpile. A front-end loader will transfer limestone to a hopper feeding the limestone crushing and grinding circuits. Ground limestone slurry, at 38% solids, will be stored in a limestone slurry tank providing 12 hours of retention time.

Table 14-3 summarizes the reagents proposed for the process plant.

**Table 14-3: Summary of Reagent Used in the Process Plant**

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| Lime | Received as quicklime from 20 t pneumatic tanker trucks and transferred to silos; slaked and mixed to 16% strength; pumped to a storage tank and distributed to lime boil, POX neutralization, and cyanide destruction circuits as required | pH control added as required |
| Sodium Cyanide | Received as 30% cyanide solution in 6,400 gal of DOT 412 tanker trucks and transferred to a 25,000-gal storage tank; diluted to 23% NaCN in a day tank; dosed via metering pumps to the concentrate cyanide leaching circuit and Merrill-Crowe circuit as required. | Gold and silver leaching agent |
| Flocculant | Received as powder in 1,000 kg bags; mixed to 0.25% storing strength; transferred to a storage tank. Dosed directly to concentrate thickener, POX CCD washing thickeners, neutralization thickener, CCD washing thickeners, and tailings thickener with dilution as required | Flocculation in thickeners |
| Oxygen | Produced on site by the oxygen plant, gasified, and distributed to POX and cyanide destruction circuits | Oxidation reagent, cyanide destruction reagent |
| PAX | Received as pellets in 1,000 kg super sacks; mixed to 15% solution strength and transferred to a storage tank; dosed via multiple metering pumps to the required locations within the grinding and flotation circuit | Flotation collector |
| Frother | Delivered in liquid form by tanker truck and transferred to a 25,000-gal storage tank; dosed via multiple metering pumps to the required locations within the flotation circuit | Flotation frother |
| Diatomaceous Earth | Received as powder in 25 kg bags; mixed to about 5% solution strength; dosed to the clarifier and precipitate filters in Merrill-Crowe circuit | Precoat and body feed in Merrill-Crowe circuit |
| Zinc Powder | Received as powder in 50 lb bags; dosed via feeder to Zn mixing cone through at controlled rate in Merrill-Crowe circuit | Precipitation regent in Merrill Crowe circuit |
| Copper Sulfate | Received as powder in 500 kg bags; mixed to 10% solution strength and transferred to a storage tank; dosed to the cyanide destruction circuit | Catalyst for cyanide destruction process |
| Sodium Metabisulfite | Received as powder in 1,250 kg super sacks; mixed to 15% solution strength and transferred to a storage tank; dosed to the cyanide destruction circuit. | Reactant for cyanide destruction process |
| Antiscalant | Delivered in liquid form in IBC totes; dosed neat (undiluted) to barren solution and process water tanks | Scale inhibition |
| Flux | Received as bulk powder; blended with calcined charges prior to smelting | Smelting flux |
| Limestone | Delivered to the site by rail and offloaded to a stockpile | Neutralization reagent for acid generated in POX circuit |

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The estimated annual consumption based on nominal usage for major plant reagents is summarized in Table 14-4.

**Table 14-4: Annual Consumption for Major Reagents**

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| **Reagent** | **Annual Consumption (ton/a)** |
| Quicklime | 102943 |
| Sodium cyanide | 9567 |
| Flocculant | 2757 |
| Collector (PAX) | 8508 |
| Frother (MIBC) | 756 |
| Sulfuric acid | 69 |
| Limestone | 813085 |
| Copper Sulfate | 304 |
| Sodium Metabisulphite (SMBS) | 3452 |
| Antiscalant | 321 |
| Diatomaceous Earth | 1267 |
| Zinc dust | 574 |

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**14.5.2 Fresh Water, Fire Water and Potable Water**

Provisions will be made for fresh water supply from the water wells with fresh water transferred to a fresh/fire water storage tank.

Fresh water will be used for reagent mixing and preparation, general process uses in the crushing area, and gland water.

Wherever practicable, process water or barren solution will be used throughout the plant to minimize freshwater consumption. The total freshwater requirement for the plant is estimated at approximately 6,680 gal/min.

Hycroft plans to install a larger onsite potable water system sized to meet the requirements of the POX option, for the current IA-EA study, a potable water treatment system is not required.

**14.5.3 Process Water, and Barren Solution**

Process water will consist of reclaimed water from the concentrate thickener overflow, rougher tailings thickener overflow, TMF return water, and excess process water from the solution cooling towers. Process water will be used in the grinding and flotation circuits and in the limestone slurry preparation circuit.

POX Process water will consist of a solution from the solution cooling towers with freshwater make-up as required. POX process water will be used for POX flash vessel cooling and POX CCD washing.

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Barren solution from the Merrill-Crowe circuit will be stored in the existing barren solution tank and recycled to the CCD washing circuit as wash water. Barren solution will also be used as gland seal water for CCD thickener underflow pumps to minimize freshwater consumption. Excess barren solution will be routed to the heap leach operation.

**14.5.4 Oxygen Plant**

The oxygen plant will consist of an air separation unit (ASU) supplying gaseous oxygen and trickle liquid oxygen to support the pressure oxidation process. The ASU design is based on equipment and processes that are widely used in the cryogenic gas industry, employing a conventional air separation process. Oxygen production will be achieved through the cryogenic distillation of air.

The oxygen plant will have a nominal oxygen production capacity of approximately 2,204 ton/d, with an installed power requirement of approximately 32 MW. Oxygen will be produced at a purity of 99.5% and delivered at a pressure of approximately 116 psig (8 bar).

Oxygen will be used for POX circuit and cyanide destruction circuit.

**14.5.5 Electrical Power**

The total peak operating load for the project is estimated to be 124.3 MW.

**14.5.6 High-Pressure and Low-Pressure Air**

**14.5.6.1 High Pressure Air**

High-pressure air at 110 psi(g) will be supplied by high-pressure air compressors operating in a lead-lag configuration to serve the neutralization tanks and leach tanks. All high-pressure air produced will be dried and filtered and will be used to meet both plant air and instrument air requirements. Dried air will be distributed via the process plant air receiver.

**14.5.6.2 Low Pressure Air for Flotation Circuit**

Low pressure air for the flotation cells will be supplied by four dedicated blowers.

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**15 Infrastructure**

**15.1 Introduction**

This section discusses existing and proposed infrastructure for the Hycroft PEA. The proposed facilities include the Northeast TMF, the Waste Rock Storage Facility (WRSF), the Process Plant Site and associated infrastructure, the Limestone Plant, and new rail spur. This section also details the proposed ancillary facilities planned over the LOM, and the proposed upgrades of existing facilities. An overview of existing site infrastructure, site access, accommodations, and utilities is provided in this section. The layout of proposed and existing infrastructure is shown below in Figure 15-1.

**Figure 15-1: Site Layout**

![](ex1_075.jpg)

Source: Ausenco, 2026

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15.2 Site Access

**15.2.1 Offsite Access and Security**

Jungo Road (Nevada State Route 49) which connects the town of Winnemucca to Gerlach, is the main offsite access road to Hycroft Mine. This roadway is an all-weather dirt/gravel surfaced road that is well maintained by Humboldt County, Pershing County, and Hycroft. Jungo Road runs parallel to the site at the north and west extents and is accessible off the I-80E. The main gate to the Site is located within a few hundred feet from the Jungo Roadway. Figure 15-2, below, detail major nearby towns and Jungo Road in relation to the Hycroft Mine Site.

**Figure 15-2: Site Access and Major Towns Near Hycroft Mine**

![](ex1_076.jpg)

Source: Google Earth, 2026

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A major east-west bound railway runs adjacent to the mine site. Imports and exports via this railway shall be facilitated by the proposed rail spur discussed in Section 15.2.3 Rail Spur.

The main access guard house will be relocated as part of the layout improvement of the ancillary facilities. Primary access to the site will be regulated by swipe cards. The guard house will continue to house the security personnel offices, safety training rooms and medical facilities.

**15.2.2 Onsite Access**

Most of the existing onsite access and haul roads will remain. The project considers the development of plant access roads, a TMF access road, and a TMF construction haul road. The geometric design of the roads considers factors such as traffic, topography, and speed to provide a safe design that is cost effective compatible with project commitments.

Road drainage has been designed to eliminate or minimize road wear, road damage, downstream flooding, and erosion. Roads will be graded to convey stormwater away from the roads and plant facilities. Road drainage structures include parallel ditches and culverts for crossings.

**15.2.2.1 Plant Access Roads**

Approximately 0.6 miles of new plant access roads will be built branching out of existing roads and connecting different areas of the plant. Plant access roads are designed to be dirt roads with a maximum grade of 10% and a speed limit of 25 miles per hour (mph). Road will have a minimum of two 12-foot lanes and allow delivery access.

**15.2.2.2 TMF Access Road**

A new access road approximately 5.6 miles long will connect the process plant with the TMF running parallel to the tailings delivery and reclaim water pipeline corridor. This dirt road runs through one section of mountainous terrain and will have a maximum grade of 10% and a speed limit of 25 mph. The access road will have two 12-foot lanes.

**15.2.2.3 TMF Construction Haul Road**

A new TMF construction haul road approximately 3.4 miles long will connect the WRSF with the TMF. This road will allow haulage of waste rock for the TMF embankment construction. This haul road will cross the TMF access road instead of running parallel to it. The road runs through one section of mountainous terrain. This dirt haul road will have a maximum grade of 10% and a speed limit of 25 mph. The haul road will have two 60-foot lanes.

15.2.3 Rail Spur

The Hycroft Project will require a rail spur to extend access of the Union Pacific rail line located northwest of the plant to the Project site. The additional rail siding is designed to receive reagents and consumables such as limestone, grinding media, fuel and other supplies required by the proposed process plant. The rail siding is vital for the export of salable precious metals.

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Hycroft hired Mountain States Contracting Inc. to provide the design and cost estimate for this rail spur. Included in the design and cost estimate is the rail siding, required turnouts, derails, signals, tracks, ballast, bridges, and civil work to install and operate a rail loadout facility. The facility will have tracks to store rail cars as well as a loadout out port for rail hopper cars. The rail spur design layout proposed by Mountain States Contracting Inc is shown below in Figure 15-3.

**Figure 15-3: Rail Spur Design**

![](ex1_077.jpg)

Source: Ausenco, 2026

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**15.3 New Infrastructure**

This section details all required on, and off-site support infrastructure required for the operation of the sulfide ore processing plant. New onsite infrastructure includes new process plant facilities and its supporting tie-ins for its inclusion to the existing crushing facility, heap leach, and North Merrill-Crowe facility; most of the existing onsite access and haul roads will remain. Hycroft has identified the following offsite infrastructure for inclusion in this study: a main transmission line feeding the site and substation, mine power distribution, the rail spur for deliveries and shipping and the development of a freshwater production well field.

Onsite infrastructure to support the proposed process plant includes:

● tie-ins
 to existing site utilities

○ water

○ compressed air

○ sewer and potable water

● new
 power distribution lines and grids, substations and electrical rooms

● new
 process control system and control room

● new
 reagent buildings including an oxygen plant and limestone offloading, storage and slaking
 facilities

● expanding,
 repurposing or modifying existing offices, maintenance areas, laboratories, and ancillary
 facilities throughout the mine.

**15.3.1 New and Existing Facilities Layout**

Ausenco designed the processing plant facility to tie into the existing crushing facility, which includes the primary crusher, secondary crushers and tertiary crushers. The overall site layout is shown in Figure 15-4. Figure 15-5 illustrates the existing crushing facility and ancillary buildings at the mine site while Figure 15-6 shows the proposed process plant layout developed for this Project. The proposed limestone offloading and rail spur planned for the Project is shown in Figure 15-7. Figure 15-8 shows the North Merrill-Crowe Facility and associated ponds. The TMF is detailed in Figure 15.10 and the WRSF locations are depicted in Figure 15-14.

Existing facilities on site consist of two administration buildings, a mobile maintenance shop, a light vehicle maintenance shop, a warehouse, an assay laboratory, three heap leach pads (Crofoot, North, Brimstone), primary, secondary, and tertiary crushers, two Merrill-Crowe Process Plants, a refinery, and other service-related structures. Table 15-1, below, details the existing Hycroft buildings based on owner-provided information. Many of the existing ancillary buildings are shown in Figure 15-5 through Figure 15-9.

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**Table 15-1: Existing Hycroft Buildings**

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| **Hycroft Equipment Reference** | **Ausenco WSP Area** | **Description** |
| BG 001 | 7000 | Jungo Road |
| BG 900 | 6600 | Administration Building |
| BG 902 | 6600 | Old Core Building |
| BG 903 | 6700 | Light Vehicle Fuel Island |
| BG 904 | 6600 | Laboratory Building |
| BG 905 | 4100 | Lime Silo |
| BG 906 | 6600 | Safety Building |
| BG 907 | 4100 | Mill Building |
| BG 908 | 6600 | Welding Shop |
| BG 910 | 6600 | Shifter Building |
| BG 911 | 4100 | Operations Lineout Building |
| BG 912 | 6600 | Warehouse Building |
| BG 913 | 6600 | Wash Pad |
| BG 914 | 6600 | New Maintenance Shop |
| BG 915 | 7200 | Fire Water Pump House #1 – Old Shop |
| BG 916 | 7200 | Fire Water Pump House #2 – New Shop |
| BG 917 | 6600 | Light Vehicle / Tire Shop |
| BG 919 | 6500 | Flocka Communications Building |
| BG 920 | 6500 | Pump Room Communications Building |
| BG 921 | 6600 | Direct Charge Building |
| BG 922 | 6700 | Upper Fuel Island |
| BG 923 | 6600 | Fabrication Shop |
| BG 924 | 6600 | Process Maintenance Trailer |
| BG 926 | 6600 | Human Resource Building |
| BG 928 | 6600 | Technical Services Building |
| BG 929 | 6600 | Geology Trailer |
| BG 930 | 6600 | Front Gate Guard Shack |
| BG 932 | 4400 | North Merrill-Crowe Building / Rest Rooms |
| BG 933 | 6500 | Lower Server Room |
| BG 934 | 4400 | Press Room North Merrill-Crowe |
| BG 935 | 6400 | Electrical Dry Storage |
| BG 936 | 6600 | Mechanical Dry Storage |
| BG 937 | 6700 | Lower Fuel Island |

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**Figure 15-4: Overall Site Layout**

![](ex1_078.jpg)

Source: Ausenco, 2026

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The five boxes shown in Figure 15-4 are expanded in the figures below.

**Figure 15-5: Existing Crushing Facility and Surrounding Infrastructure**

![](ex1_079.jpg)

Source: Ausenco, 2026

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**Figure 15-6: The Proposed Process Plant Generic Site Plan**

![](ex1_080.jpg)

Source: Ausenco, 2026

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**Figure 15-7: Proposed Limestone Plant and Rail Spur**

![](ex1_081.jpg)

Source: Ausenco, 2026

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**Figure 15-8: North Merrill-Crowe Plant**

![](ex1_082.jpg)

Source: Ausenco, 2026

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**Figure 15-9: Existing Mine Ancillary Buildings**

Source: Ausenco, 2022

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Newly proposed ancillary facilities that have been designed and budgeted to support the Project are shown below in Table 15-2.

**Table 15-2: New Ancillary Facilities Planned over the LOM**

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|:---|:---|
| **Facility Name** | **Purpose** |
| Crushed Ore Stockpile Cover | Round dome to 313 ft Diameter X 104 ft Height |
| Laboratory | New Assay Lab |
| Haul Truck Fuel Station | New Fuel Station to service the mine equipment |
| Technical Services Building | An additional building to support the new process plant |
| Maintenance Shop | New maintenance shop for capital and consumable spare parts |
| Crusher Maintenance Building | New crusher maintenance building in mine Year 5. |

---

**15.3.2** **Upgrades to Existing Facilities** 

Table 15-3 list the proposed upgrades to the existing facilities at the mine required to support the Project.

**Table 15-3: Proposed Upgrades for Existing Facilities**

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| | |
|:---|:---|
| **Existing Building Name** | **Proposed Upgrades** |
| Lime Silo | The existing lime silo will be relocated closer to primary crusher |
| Warehouse | The existing warehouse will be expanded and will include a larger storage yard in mine Year 3 |
| Gate And Security Building | The existing front gate/guard shack will be relocated to improve traffic flow |
| Truck Shop | Add an additional wash bay to the existing Truck Shop |
| Primary Crusher Building | Upgrade the existing primary crusher building |
| Crusher Control Room | Upgrade the existing crusher control room |
| Mine Operation Building | Repurpose the existing Mine Ops building to meet mine staffing needs and space. |
| Operation Lineout Building | The existing Operation Lineout building will be converted to a 4-plex in mine Year 5 |
| Process Maintenance | Expand existing process maintenance for new equipment assembly in mine Year 1 |
| North Merrill-Crowe | Expand North Merrill-Crowe building for increased process operations and administration by mine Year 2 |
| Technical Services Building | Rehabilitate the existing technical services building |

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**15.3.3** **Accommodation** 

Hycroft Mine is located within a well-known mining jurisdiction near three communities: Winnemucca (Humboldt Country), Lovelock (Pershing County), and Gerlach (Washoe County). The majority of the mine's employees reside in Winnemucca and Lovelock, with a small number from Gerlach. These towns are shown above in map-form in Figure 15-2.

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Most of Hycroft's site employees are likely to reside in the town of Winnemucca (Humboldt Country), located 54 miles east of the mine. This town is accessible via a transcontinental railroad and a small public airport. A high clearance truck or SUV is recommended for the 90-minute commute from Winnemucca to site.

Winnemucca has the required infrastructure (short- and long-term rooming and boarding facilities, dining establishments, shopping, emergency services, schools, etc.) to support the maximum workforce and dependents required for the Project. As such, the construction labor force will be housed in Winnemucca and transported 54 miles via a contracted bus service to the job site.

**15.4** **Stockpiles** 

**15.4.1** **Mineralized Stockpiles** 

The mine plan and processing schedule includes long term stockpiling of mineralized material. These stockpiles consist of the coarse ore stockpile and the crushed ore stockpile based at the proposed process plant. The coarse ore stockpile has a live capacity of 56,000 tons and a total capacity of 175,400 tons while the crushed ore stockpile has a live capacity of 34,000 tons and a total capacity of 113,000 tons, with a round dome cover for the elements.

These stockpiles will support the existing crushing circuit availability of 31.3% for primary crushing and 65.1% combined for secondary and tertiary crushing. These stockpiles will allow buffer material flow between the crushers and mill.

**15.4.2** **Growth Media Stockpile** 

During construction of the TMF, growth medium will be stripped and stockpiled for future placement on the TMF surface and exposed embankment surfaces during reclamation.

**15.4.3** **Limestone Stockpile** 

Limestone will be delivered to the site by rail and offloaded to a stockpile.

**15.5** **Tailings Management Facilities** 

The primary design objectives of the Hycroft Northeast TMF are the secure containment of tailings and the protection of regional groundwater and surface water during mine operations and post-closure. The design of the TMF and accompanying water management facilities has considered the following:

● Staged
 development of the facility over the LOM.

● Impoundment
 geomembrane liner and overliner collection system to minimize potential seepage into the subgrade and groundwater

● Control,
 collection, and removal of water from the facility for reuse as process water to the maximum extent practical.

● Closure
 that takes into account long-term geochemical and physical stability to protect the environment and waterways using best available
 technology based on the physical and geochemical characteristics of the tailings

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The TMF has been designed to accommodate over 1.05 Btons of tailings produced over the LOM. The combined tailings embankment and impoundment occupy an ultimate footprint of approximately 4,915 acres. WSP has provided civil, geotechnical, and mechanical engineering services for the Hycroft mine since 2010. The 2026 PEA TMF design and drawings utilizing information from previous TMF studies completed for the Hycroft Mine.

The Northeast TMF PEA design incorporates data from several previous technical studies to meet the industry standards for design of TMF in accordance with GISTM 2020 Standards. The TMF embankment will be expanded during operations using centerline method of construction for the main embankment and downstream construction for the north embankment. The design criteria for the tailings facility are based on the information available during the development of the previous studies and this PEA along with applicable design standards.

**15.5.1** **Facility Design Basis** 

The TMF design basis was developed considering the mine Schedule, processing technology, and most importantly designing a safety and stable TMF that protect the environment. Below is the design basis utilized in the development of the TMF.

The general operational TMF parameters are:

● average
 production rate of 57,000 tpd

● LOM of 51 years

● required
 storage capacity of 1.05 Btons

● tailings
 discharge percent solids content of 48%

● subaerial
 deposition

● average
 tailings in-situ dry density ranging from 74 pounds per cubic foot (pcf) (starter facility) to 92 pcf (ultimate facility).

The design of the Hycroft Northeast TMF was developed based on the following major guidelines, regulations, client and site requirements, and industry best practices.

● Nevada
 Administrative Code (NAC) Division 445A – *Water Controls* 

● NAC
 525 – *Dam Safety* 

● Mining
 Association of Canada (MAC), *A Guide to the Management of Tailings Facilities* (MAC 2019)

● International
 Council of Metals and Mining (ICMM), *Global Industry Standard on Tailings Management* (GISTM 2020)

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The facility design drawings meet the following objectives:

● Solution
 containment compatible with "zero-discharge" design concepts using a geomembrane liner, and meeting or exceeding Nevada
 Administrative Code (NAC) regulations.

● Safe,
 statically and seismically stable, and operationally feasible facilities.

● Containment
 using waste rock material as a embankment fill.

● "Design
 for Closure" philosophy to manage closure considerations during the construction and operation of the facilities.

Based on a conceptual qualitative dam breach analysis, the Northeast TMF is considered a Very High consequence dam. Based on this classification, design criteria for geotechnical stability and for minimum return periods for design earthquake and flood events are presented in Table 15-4 and Table 15-5. A figure of the ultimate TMF facility relative to the Hycroft Site is shown Figure 15-10.

**Table 15-4: Minimum Pre-feasibility Seismic Design Criteria for Stability for Very High Dam Classification**

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| | | | |
|:---|:---|:---|:---|
| **Lifecycle** | **Loading Condition** | **Minimum Factor of Safety** | **Design Event** |
| Operation/Long Term | Static | 1.5 | Steady state seepage, normal reservoir level |
| Operation/Long Term | Seismic loading (pseudo-static) | 1.1 | 1 in 5,000–year, normal reservoir level |
| Closure – Passive Care | Static | 1.5 | Steady state seepage, normal reservoir level |
| Closure – Passive Care | Long-term Post Closure Static | 1.5 | Steady state seepage, normal reservoir level |
| Closure – Passive Care | Seismic loading (pseudo-static) | 1.1 | 1 in 10,000-year, lowered reservoir level |

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**Table 15-5: Minimum Pre-feasibility Hydrologic Design Criteria for Very High Dam Classification**

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|:---|:---|
| **Lifecycle** | **Flood Event** |
| Operation/Long Term | 1 in 5,000-year contained within TMF |
| Closure – Passive Care | 1 in 10,000-year conveyed by closure down chute |

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**Figure 15-10: TMF Facility Layout**

Source: WSP, 2026

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**15.5.2** **TMF Design** 

**15.5.2.1** **Embankment Construction** 

The Northeast TMF will be constructed using ROM waste rock generated from open pit mining operations. waste rock will be transported by mine haul trucks to a designated staging area northwest of the main embankment. During construction, waste rock will be transported by the contractor from the staging area to the embankment location(s) and placed as engineered fill in thin controlled and compacted lifts. The ultimate embankment will have a maximum height of 335 ft from crest to downstream toe and a crest width of 75 ft. Downstream slope angles for all stages of construction will be a minimum of 2.5H:1V. Two general types of embankment construction methods will be utilized including:

● Main
 Embankment Dam: Centerline Raise Construction

● North
 Embankment Dams: Downstream Raise Construction.

The initial starter embankment constructed for Stage 1 will have a maximum height of 92 ft from crest to the downstream toe. Based on the milling schedule presented in Table 13-1, Stage 1 is designed to store approximately 15.25 Mt over an eight-month period at a tailings production rate of 57,000 tons per day and a dry density of 74 pcf. After completion of the starter embankment, the embankment crest will be raised in stages utilizing a combination of downstream and centerline construction methods as presented on Figure 15-11 and Figure 15-12.

**Figure 15-11: TMF Main Dam Section**

![](ex1_085.jpg)

Source: WSP, 2026

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**Figure 15- 12: TMF North Dam Section**

Source: WSP, 2026

Centerline Raise Construction method will be used for subsequent raises of the main embankment. The second stage of development will store three years of tailings, while subsequent stages will each accommodate between five and eight years of additional tailings storage.

A chimney drain will be installed along the dam centerline to control seepage through the dam and maintain a drained downstream zone for stability. Geomembrane liner will be installed in the impoundment and along the dam foundation beneath the embankment terminating at the containment berm downstream of the chimney drain.

Downstream Raise Construction method will be used for the ridge and saddle dams of the north embankment. downstream construction and will be accomplished by extending a new embankment against the existing downstream slope of the previous stage and then raising the embankment to the new crest elevation for each stage. The upstream face of the North Embankment will be lined with geomembrane for all raises of the embankment. A chimney drain will not be installed, since the upstream face of the embankment is lined with geomembrane.

**15.5.2.2** **Containment and Underdrain System** 

In general, the TMF impoundment area is gently sloping to the northwest and well-suited for a geomembrane liner system. Basin grading will consist of clearing and grubbing native vegetation, removing and stockpiling growth medium material for use during reclamation, and smoothing surface irregularities to promote gravity drainage to the reclaim pond.

An 80-mil HDPE geomembrane liner will be installed to cover the entire basin on top of a prepared bedding layer and will extend beneath the main embankment to the containment berm below the chimney drain.

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An underdrain piping system will be placed above the basin geomembrane liner and will collect tailings seepage within the basin and convey the tailings water by gravity through the embankment to the Underdrain Collection Pond located at the downstream toe of the main embankment. The underdrain system will consist of a network of regularly spaced perforated dual-wall pipes bedded in drainage gravel. Below the containment berm the underdrain pipe will transition into a solid wall non-perforated pipe to Underdrain Collection Pond. Alluvial material will then be placed to cover the liner and underdrain system prior to tailings deposition to act as a filter to prevent migration of tailings into the drainage gravel.

**15.5.2.3** **Foundation Settlement** 

The embankments that form the TMF will be constructed primarily on dense to very dense alluvium overlying weathered bedrock which is expected to be relatively incompressible. The alluvium that blankets the TMF site extends to a depth of up to 43 ft bgs. Based on these foundation materials, settlements from the ultimate dam configuration are not expected to pose a risk to the TMF embankment's structural integrity. Piping systems can readily be updated during future design stages to accommodate any anticipated differential settlements.

**15.5.2.4** **Geotechnical Stability** 

To comply with GISTM (2020) and NAC (2014) standards, the PEA design of TMF shown in Figure 15-10 meets or exceeds the following minimum design requirements:

● Minimum
 design static (steady-state seepage) factor of safety (FOS) of 1.50.

● Minimum
 design pseudo-static factor of safety of 1.10

● Seismic
 design criteria based on the GISTM 2020 failure consequence classification of Very High are:

○ the design earthquake during operations is the 1 in 5,000-year return event. The peak ground acceleration for this event is estimated to be 0.273 g.

○ the design earthquake post closure is the 1 in 10,000-year return event. The PGA for this event is estimated to be 0.398 g.

A two-dimensional (2-D) limit-equilibrium (LEM) stability modeling was used to evaluate the stability of the dam in operational and closure conditions under both static and earthquake loads. While liquefaction potential of the tailings and foundation materials is a possibility, the post-earth earthquake liquefied condition was not evaluated for PEA design. Effects of liquefaction on TMF performance and stability are credible risks and must be addressed in future phases of design.

A pseudo-static analysis is a type of LEM analysis was used as a screening tool to assess the stability of a slope under loading from the design earthquake. In this analysis, stability models were used to determine the Factor of Safety (FOS) of the slope when subjected to seismic loading from the design earthquake event. To comply with GISTM (2020) for a Very High consequence classification dam, the seismic design events were selected according to Table 15-6.

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**Table 15- 6: Selected Ground Motions and Associated Seismic Coefficients**

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|:---|:---|:---|:---|
| **Pseudo-static Model** | **Probabilistic SHA Results** | **Probabilistic SHA Results** | **Probabilistic SHA Results** |
| **Pseudo-static Model** | **Probability of Exceedance**<br> **(Return period)** | **Mean Peak Ground Acceleration (PGA), g** | **Seismic Coefficient, k (G)** |
| Operations (Active Care) | 1% in 50 years (4,975 year) | 0.273 | 0.182 |
| Closure (Passive Care) | 0.5% in 50 years (9,975 year) | 0.398 | 0.265 |

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All the calculated FOS were found to be above the minimum criterion which the prefeasibility dam, as designed, is deemed to be stable with respect to geotechnical, geometric, and seismic loading conditions evaluated. These analyses are preliminary, and the level of both field and laboratory geotechnical characterization used to support these analyses were completed at a prefeasibility level.

**15.5.2.5** **TMF Surface Water Management** 

TMF Surface Water management is addressed in Section 15.10.2.2.

**15.5.2.6** **Monitoring** 

To support construction-level design and permitting, a detailed geotechnical monitoring plan will be prepared that defines the roles and responsibilities of key stakeholders (Owner, operator, engineer) for safe and stable TMF construction and operation. Monitoring will be accomplished through both measurements of monitoring points (e.g., survey monuments, piezometers readings), and visual observations of surface conditions.

**15.5.2.7** **Closure** 

The TMF conceptual closure and reclamation plan is shown on Figure 15-13. The general closure design strategy includes construction of a durable cover system that can generally remain in passive care for the main cover system with active care required for maintenance of surface water channels and as needed for monitoring. Growth medium stripped during TMF construction should be stockpiled for future placement on the TMF surface and exposed embankment surfaces during reclamation.

The downstream embankments that form the TMF have been designed with 2.5H to 1V downstream slopes that are sufficiently flat for effective revegetation. The tailings surface will be covered with a layer of rockfill overlain by stockpiled growth medium and revegetated. Capping of the tailings will start at the end of deposition of Stage 8 on areas where the tailings have reached final elevation. Capping material is expected to be sourced from onsite locations. Cover infiltration modeling has not been performed for this PEA to support estimation of closure cover thickness required on the tailings surface. For this Prefeasibility Study, Golder selected a three-foot-thick composite soil cover system above the final tailings surface (2 ft of waste rock and one foot of growth medium) and a one-foot-thick growth medium layer above the downstream embankment slopes. The closure cover will be graded with drainage swales to convey surface runoff to the closure spillway to the south of the main embankment. Surface water will be conveyed and discharged into the natural drainage north of the Underdrain and Event Ponds.

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**Figure 15-13: TMF Closure Plan**

Source: WSP, 2026

**15.6** **Waste Rock Storage Facility** 

The Hycroft project will feature a WRSF, to store all non-mineralized materials from the pits. Initially, there will be two facilities, one to the west and one to the south. By the end of Mine Year 10, the two facilities will begin to merge into one single facility that is on the southwest perimeter of the developing pit.

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**Figure 15-14 Waste Rock Storage Facilities**

![](ex1_088.jpg)

Source: IMC, 2026

Slope stability analyses, material properties, and stacking geometry were the basis for foundation and dump formation design conditions. The dump will generally have inter-bench slope angle of 1.5H:1V with 50 ft high and 60 ft wide benches with some localized exceptions. The configuration of each bench has been developed assuming that the waste rock will be stacked with an overall slope of 3H: 1V. The dump will be built over a previously disturbed area.

Water management for the WRSF consists of two systems: upstream diversion channels for non-contact water (water flow from natural slopes) and a seepage collection system within the stockpile for contact water. These systems are further described in Section 15.10.3.

The physical stability of the WRSF will be monitored using geotechnical instrumentation installed in the facilities. The proposed instrumentation includes survey markers, vibrating wire piezometers, hydraulic piezometers and inclinometers.

Once areas of the mine are complete, in-pit backfill may also be utilized for waste storage, if required. During closure, areas close to the Waste Rock facility will be selected for harvesting topsoil and growth media suitable for vegetative growth.

**15.7** **Power and Electrical** 

Power is currently supplied to the site via nearby power lines fed directly from the main power grid, using the grid-side substation. It is assumed that 2 x 120 kV powerlines will be required. The estimated installed load for plant is 160 MW and estimated operating load is 124 MW. Power will have to supply the site via the Nevada Power Imlay Substation and across the existing power line corridor up to Jungo Road and then west along Jungo Road to Site. The proposed power supply configurations can be seen below in Figure 15-15 and Figure 15-16.

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**Figure 15-15: Proposed Power Line from Imlay Relay Station (Nevada Historical Marker 49) to Jungo Road (49 Road) - NTS**

Source: Google Maps, 2026

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**Figure 15-16: Proposed Power Line along Jungo Road (Road 49) to Hycroft Mine Site (in total approximately 57 miles) - NTS**

Source: Google Maps, 2026

**15.8** **Communication** 

The site currently operates with data and telephone communications provided by microwave facilities serviced from two different locations, alongside a 140-foot tower near the administration building, providing cellular communications throughout the site. Voice and data are already distributed throughout the mine via fiber optic cable, and cellular communication is available throughout the Mine site. If necessary, upgrades will be provided based on assessment by the current service provider during the execution phase of the project.

**15.9** **Fuel** 

Diesel fuel prices were provided by Hycroft at $3.76/gal for use in the economic assessment. Contracts for the purchase and delivery of the major consumables, including fuel, are in place and are renewed on an annual or bi-annual basis. Once complete, fuel will be delivered to site via the proposed rail spur, set to extend the existing Union Pacific rail line located north of the plant.

Fuel on site is stored within a fuel island. Hycroft plans to replace the existing fuel island with a high efficiency fuel island in Mine Years 3 and 4.

**15.10** **Water Supply and Management** 

The climate data utilized in this study were sourced from Rye Patch Dam climate station (ID 2670192-1) located approximately 32 miles southeast of the mine site. (Golder, 2022). Monthly precipitation and pan evaporation data were obtained from this weather station. Table 15-7 provides a summary of the average monthly climate data.

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**Table 15-7: Weather Station Summary**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **Average Annual** |
| Max Average Temperature (°F) | 42.8 | 49.7 | 57.5 | 65.6 | 75 | 84.2 | 94.2 | 92.3 | 83.3 | 70.6 | 54.3 | 44.5 | 67.8 |
| Min Average Temperature (°F) | 17.7 | 22.5 | 26.2 | 31.2 | 39.2 | 46.2 | 52.3 | 49.4 | 41.5 | 31.8 | 23.8 | 18.3 | 33.3 |
| Mean Precipitation (in) | 0.78 | 0.68 | 0.72 | 0.85 | 0.99 | 0.75 | 0.28 | 0.29 | 0.38 | 0.64 | 0.69 | 0.72 | 7.77 |
| Mean Pan Evaporation (in) | 0 | 0 | 3.71 | 5.83 | 7.38 | 9.23 | 11.15 | 10.06 | 6.95 | 4.3 | 0.77 | 0 | 59.38 |

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Table 15-8 presents the precipitation data for 24-hour storm events used in design process. Rainfall depths corresponding to a 100-year frequency were used in the design of both the channels and ponds.

**Table 15-8: Summary of Storm Event with Associated Rainfall Intensity**

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|:---|:---|
| **Return Period** | **24-hour (inches)** |
| 10-Year | 1.31 |
| 100-Year | 2.03 |
| 500-Year | 2.58 |
| 1,000-Year | 2.93 |
| 5,000-Year | 3.27 |
| 10,000-Year | 3.48 |

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Existing water management controls will remain in place for the proposed project. Additional water controls for proposed structures and the overall site water balance are described in the following sections.

**15.10.1** **Fresh Water, Fire Water and Potable Water** 

Hycroft controls 16 distinct water-right permits granted from the Nevada Division of Water Resources (NDWR) in the form of either direct ownership or through leases from other private parties. Water rights on site are controlled by 14 permits in or around the Black Rock Desert Basin. These permits can be referenced in Table 4-1, Section 4. Hycroft currently owns a land position and water rights sufficient to support all planned facilities and process water demands. Freshwater at site is supplied via four water wells; one of which supplies potable water to site.

Fresh water is needed on site for reagent mixing and preparation, processing in the crushing area, and as gland water. These water consumption needs will be minimized where possible via the use of process water or barren solution in lieu of fresh water. An estimated 7,260 gal/min is required for the plant.

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The potable water well is located one mile south of the Crofoot Heap. Once taken from these wells, fresh water is to be transferred to a fresh/fire water storage tank. Provisions will be made for the fresh water to be supplied from the water wells. Fresh water will be transferred to a fresh/fire water storage tank.

In addition to the existing active and inactive freshwater production wells located at the well field southwest of the mine, an additional four wells shall be installed to deliver freshwater to site. A budget has been included to upgrade the existing freshwater pumps and include off-plot piping for a freshwater pipeline to a new freshwater tank at the process plant. The power supply to the new production wells is planned for the existing power line servicing the existing well field assuming it is sufficient.

**15.10.2** **Tailings Water Management** 

**15.10.2.1** **Tailing Deposition Management and Return Water** 

Slurry pumps at the tailings thickener will send concentrated tailings to the TMF through a tailings transport (delivery) pipeline at a solids concentration of 48% wt/wt. The tailings transport pipeline will consist of a pipe laid in an HDPE-lined containment channel. A tailings distribution system placed around the perimeter of each stage of TMF expansion will allow deposition in the basin using thin-layer subaerial deposition methods.

The distribution system has been designed by Ausenco and will include a 36" diameter distribution manifold and distribution branch pipelines, and valves and spigots. Tailings will be spigoted from the south, west, and east sides of the TMF to create a supernatant pool to the south near the Main Embankment. Focused spigoting from the Main Embankment will control the pool away from the embankment.

The return water pipeline from the TMF to the plant has been designed by Ausenco and will consist of a carrier pipeline within an HDPE-lined containment channel. In the first stage(s) of operation, underflow and decant water from the TMF will drain to the Underdrain Collection Pond, where all of the return water will then be pumped to the plant for reuse. In later years, barge mounted pumps will be installed in the TMF and a majority of the return water would be pumped directly to the plant from the supernatant pool. The Underdrain Collection Pond pumps would thereafter be used only for underflow water draining from the underdrain pipe system and embankment chimney drain.

**15.10.2.2** **TMF Surface Water Management** 

During operation, temporary storm water diversion channels will be constructed around the TMF impoundment to convey runoff around the proposed TMF ultimate footprint. Temporary stormwater diversion channels will be constructed at 0.5% grade for each stage of TMF construction. Temporary channels are sized to convey peak flows from the 25-yr, 24-hour storm, while maintaining 6" of freeboard, and convey flows from the 100-year, 24-hour storm with no freeboard. Any precipitation that runs off downslope of the temporary stormwater diversion channels will report to the impoundment area and will subsequently flow into the Underdrain Pond or Event Pond. During closure, all temporary diversion channels will be reclaimed and water will be managed by channels on the surface of the TMF.

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The permanent diversion system will be constructed during Stage 1 and will remain in place during the life of the TMF and into long-term closure. The permanent diversion channel is sized to convey peak flows from the 100-yr, 24-hour storm, while maintaining 6" of freeboard. The permanent diversion channel was design to handle flows from up to the 500-year, 24-hour storm, with no freeboard, to prevent surface runoff from contacting the TMF.

The TMF supernatant pool and dam crest were designed to consider 2ft of freeboard above the tailings surface during each stage in operations. However, the main embankment crest elevations consider inflow from storm events assuming the permanent diversion channel fails during extreme storms. During normal operation, the TMF is designed to contain all process fluids, annual precipitation, and storm flows resulting from the 1 in 100-year, 24-hour storm event falling on the impoundment catchment area below the temporary stormwater diversion channels.

During operation, the TMF is design to contain runoff from the 5,000-year, 24-hour storm event. During closure, the conceptual reclamation plan consists of a cover system that includes channels on the closed tailings cover surface to manage runoff to the TMF surface and a spillway that will convey runoff from the 10,000-year, 24-hour storm event. During long-term closure, the closure diversion channels will route storm water over the closed TMF tailings surface to the historic supernatant pool location at the southern edge of the impoundment. A closure spillway will be constructed through native ground to discharge surface water to the natural drainage north of the Underdrain and Event Ponds.

**15.10.3** **WRSF Water Management** 

**15.10.3.1** **WRSF Seepage** 

The proposed seepage collection system for the five dumps is made up of corrugated and perforated double-walled HDPE pipes with a diameter of 300 mm for the main pipes, and 100 mm for the secondary pipes. The seepage collection system was sized for the 100-year, 24-hour duration flood event. The installation of the seepage collection system will be executed during subgrade preparation and before placement of waste rock. The seepage collection system will discharge impacted water to the downstream collection ponds.

Collection ponds have storage depths of 15 ft and rectangular polygonal base, with 2H: 1V side slopes, based on stability analysis. These ponds have a freeboard of 5 ft above the maximum storage level, in addition to a 1.60 ft high berm around the upper perimeter. The ponds will be double lined with geosynthetic clay (GCL) and smooth 1.5 mm HDPE geomembrane. Water collected in seepage collected ponds will be trucked back to the process plant for reuse.

**15.10.3.2** **WRSF Surface Water Management** 

Diversion channels have been designed to capture, divert, and minimize the surface runoff infiltration through the base of the waste rock dumps. Diversion channels will discharge into natural drainage points or existing/projected structures. The dimensioning of the hydraulic structures has been carried out based on the maximum flow values estimated for the project's 100-year, 24-hour flood event. Diversion channels will have a minimum slope of 2% in addition to riprap lining for erosion control. Only the Vortex, West, and Bay dumps will require the construction of diversion channels.

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**15.10.4** **Plant Site Stormwater Runoff and Drainage** 

The proposed plant site is divided into sub-catchments. Runoff from the sub-catchments will be conveyed away from the work area with perimeter drainage ditches and culverts. Slopes between pads of the process plant will be erosion protected with hydromulch. Ditches and culverts will convey stormwater to a sedimentation pond located to the south of the process plant adjacent to the oxygen plant. Mine affected runoff within the project area will be captured and recycled for us as process water.

Plant site ditches, culverts and the stormwater pond were sized based for one in 100-year, 24-hour duration flood event. The pond will have a storage capacity of 9,850 yd<sup>3</sup> with 1 vertical to 2.5 horizontal internal side slopes and will be lined with HDPE liner and will serve the secondary purpose of emergency containment for spills from the process plant tanks. The design of the pond includes a spillway for excess stormwater to be released to the environment in the southwest direction away from the plant after sedimentation of particles.

**15.10.5** **Site Water Balance** 

A LOM water balance model was developed using GoldSim© software and considers the full life cycle of the Project. Key mine facilities and water management processes are represented in the model, in addition to modeling surface water runoff. The key objectives of the site water balance were to estimate water effluents of mine facilities and estimate make-up water requirements considering contact water reuse.

The site wide water balance schematic is shown in Figure 15-17.

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**Figure 15-17: Hycroft Water Balance Schematic**

![](ex1_091.jpg)

Source: Ausenco, 2022

The water balance model was developed using GoldSim© software. For stochastic analyses, GoldSim© uses the Monte Carlo method to generate monthly precipitation and evaporation time series, which are used as input climatic variable for the water balance model. A stochastics simulation was developed using different possible precipitation sequences that may contain groups of consecutive dry or wet years. For this purpose, synthetic series of monthly rainfall and evaporation of 15 years length were created.

The modeling process run over 250 simulations to obtain acceptable probabilistic estimates of the effluent flows for mean percentile 1% (dry years), and percentile 99% (wet years). Results of the water balance model in GoldSim are expressed in mean values, and those corresponding to situations of extreme abundance and scarcity denoted by percentiles of 100 years of return period (percentile of non-exceedance of 1% and 99% or risk of exceedance of 99% and 1%, respectively).

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The probabilistic terms used in the description of the results include:

● Monthly
 average: The average monthly flow of all the simulation was estimated.

● Maximum
 monthly with 1% of risk (p99%): Considering all the simulations, the 99% percentile of non-exceedance or 1% of monthly risk was estimated.
 This means that there is a 1% probability that the reported value will be exceeded due to excess rainfall in one month of the period
 of simulation.

● Minimum
 monthly with 1% of risk (p1%): Considering all the simulations, the 99% percentile of exceedance or 1% of monthly risk was estimated.
 This means that there is a 1% probability that the reported value will be succeeded due to lack of rainfall in one month of the period
 of simulation.

Table 15-9 shows the LOM monthly average, the maximum (p99% or wet conditions), the minimum (p1% or dry conditions) make-up water demand. Figure 15-18 shows the make-up water demand variation through the operation stage. On average, make-up water requirements start at approximately 6,500 gal/min on the first year of operations. This requirement decreases to approximately 5,000 gal/min for Years 2 through 9. Average make-up water requirements further decrease to 4,400 gal/min for Years 10 through 13. Lastly, Years 14 and 15 have an average make-up water demand of 3,200 gal/min.

**Table 15-9: Monthly Maximum Flows Demand**

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| **Facility** | **Operation Stage (gal/min)** | **Operation Stage (gal/min)** | **Operation Stage (gal/min)** |
| **Facility** | **Monthly average** | **Wet Conditions (p99%)** | **Dry Conditions (p1%)** |
| Well System | 4694 | 6967 | 1861 |

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Note: 99% percentile of non-exceedance.

**Figure 15-18: Total Fresh Water Demand**

Source: Ausenco, 2022

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**15.10.6** **Pit Dewatering** 

SRK Consulting (U.S.), Inc. (SRK), working with Hycroft prepared a Technical Memorandum that describes the hydrogeologic conditions, preliminary dewatering estimates, and associated costs for POX PFS Project. The hydrogeology of the mine and surroundings is complex. It includes a fault associated fluid barriers/conduits, high temperature groundwater, and the presence of hydrogen sulfide (H<sup>2</sup>S) gas. SRK conducted a three-year hydrogeologic data collection program incorporated pumping and monitoring wells, vibrating wire piezometers (VWP's), core hole hydraulic testing, and short and long-term aquifer testing to characterize the local and regional (to the extent possible) groundwater system. The depth to groundwater is 700 ft below ground surface (bgs). Four depressurization wells are planned for dewatering the pit. SRK supplied a preliminary design for the location of the dewatering pumps, and pipeline required to convey water to the process plant from the pit. Power to these pumps will tie off existing powerlines in the area or the pumps maybe diesel-fueled if circumstances warrant.

**15.11** **Hazard Considerations** 

The climate at the Hycroft Site is arid with an average precipitation of 7.7 in/a falling mostly in the spring and winter months. Winds tend to be light in this area; however, occasional sandstorms or dust storms have been observed in spring months.

Temperatures in winter range from an average of 20 °F at night to 40 °F during the day. Fluctuations between freezing and non-freezing temperatures is sufficient to induce freeze–thaw cycling in near-surface soils, particularly in fine-grained or moisture-bearing materials. Winter snowpack is light, and snow does not normally present logistical problems.

Slope stability on site is governed by prevailing geotechnical conditions. According to the January 2012 Call & Nicholas, Inc. summary report of the 2011 reserve pit slope stability assessment, the principal factors governing slope stability are (1) the argillically altered Camel Conglomerate (Tc) and associated lakebed sediments (Tsg), (2) the thinly bedded siltstones of the Auld Lang Syne Formation, which are interpreted to dip toward the pit along the east walls of the Vortex and Brimstone pits, and (3) the East Fault.

Michael W. West and Associates Inc. (MWWAI) concluded after conducting a review of the Hycroft deterministic seismic hazard assessment in 2012, that seismicity in the area was low to moderate with no relation to mapped faults. Additionally, he noted that no faults in the area were classified as "active" or "capable". According to MWWAI, these findings are consistent with the United States Geological Survey National Probabilistic Seismic Hazard Model.

**15.12** **Comments on Project Infrastructure** 

The Project is located within the established Hycroft Mine site and represents a brownfield development. A new sulfide ore processing plant is proposed. This plant will be integrated into the existing mining complex via tie-ins to current crushing infrastructure, utilities, and site services. Existing access roads across the site, in addition to many existing structures and facilities will remain in service.

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The Hycroft site currently includes primary, secondary, and tertiary crushing facilities, heap leach pads, the Merrill-Crowe processing plant complex, a refinery, administration buildings, maintenance shops, warehouse and laboratory facilities, fuel storage, and various ancillary service structures. Communications infrastructure is in place across the site and includes microwave-serviced data and telephone systems, fiber optic distribution, and site-wide cellular coverage.

The mine and its staffing requirements are supported by the nearby town of Winnemucca approximately 54 miles from site. Additional workforce may be drawn from the other nearby towns of Lovelock and Gerlach. Surveys indicate that the town of Winnemucca is large enough to provide adequate housing, personal services, and transportation infrastructure to support both operational and construction workforce requirements. A contracted bus service will provide transportation from Winnemucca to site.

Existing community infrastructure is considered sufficient to support both current and future staffing levels, with construction personnel transported to site via contracted bus services.

The proposed processing facility is designed to connect to the existing crushing circuit and North Merrill-Crowe facility. The proposed scope of work includes electrical distribution upgrades, new substations, process control systems, reagent handling facilities (including oxygen and limestone systems), and selective expansion or repurposing of existing maintenance and administrative buildings.

The site currently has access to grid power. Additional transmission capacity is required to support the new plant. The total estimated load factoring for load growth, including power for the oxygen plant, is 170 MW. Tie-ins to existing utilities shall include water, compressed air, and potable and sewer systems. The development of a freshwater production well field is also planned to support freshwater needs throughout the LOM.

A rail spur extension from the Union Pacific line is planned to support delivery of reagents, consumables, and fuel, and to facilitate shipment of salable metals. Additionally, the existing fuel island is to be replaced with a higher-efficiency system during the LOM.

Ancillary structures including a covered crushed ore stockpile, new laboratory and maintenance facilities, fuel station upgrades, and technical services expansion are proposed to support operations over the LOM. In addition to this, select existing buildings will be relocated, expanded, rehabilitated, or repurposed.

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| **16** | **Market Studies and Contracts** |

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**16.1** **Market Studies** 

Hycroft Mining has not completed any formal marketing studies with regards to gold production that will result from the mining and processing of ore from the Project into gold and silver doré bars. Gold and silver production is expected to be sold on the spot market, with the terms and conditions of sales contracts expected to be typical of similar contracts for the sale of doré throughout the world. Gold and silver are principal precious metals traded at spot prices for immediate delivery. The market for gold and silver is very liquid with many buyers and sellers - trading typically spans 24 hours/day across multiple locations around the world, making it straightforward to obtain a reliable market price at any time. The depth and stability of these markets support the expectation that gold and silver doré produced from the Project can be sold throughout the LOM.

**16.2** **Commodity Price Projections** 

The economic analysis for the Project was performed assuming a base case gold and silver price of US$3,600/oz and US$48.00/oz respectively. These prices are based on the average of long-term consensus price forecasts from numerous financial institutions as of April 2026.

**16.3** **Contracts** 

Hycroft has not at this stage entered into agreements related to refining Hycroft products, transporting products to market or smelting facilities, or insuring doré and/or concentrate products. As of this time, Hycroft does not have open hedging contracts or forwards agreements for their products. Marketing of doré is expected to be arranged through contractual relationships with major refineries for secure transportation of metal and refining. The cost of transporting and refining doré included in the economic analysis are US$5.00/oz for gold and US$0.50/oz for silver, based on terms recently published for comparable projects. Transportation and treatment contracts are not currently in place, though easily obtainable.

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| **17** | **Environmental Studies, Permitting, and Plan, Negotiations, or Agreements with Local Individuals or Groups** |

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**17.1** **Overview** 

This section provides an environmental overview of the Project. It outlines existing biological and physical baseline conditions, proposed new baseline studies to support future permitting, existing permits, and permitting requirements to support the proposed revisions to the Project. This section also discusses socio-economic baseline conditions, community engagement, and conceptual mine closure and reclamation planning for the Project.

The Mine is located on public land administered by the Bureau of Land Management (BLM) and private land controlled by Hycroft Resources and Development, LLC, a wholly owned subsidiary of Hycroft Mining Holding Company. The Mine lies within the Sulfur Mining District, approximately 54 miles west of Winnemucca, Nevada. Access to the site is via Jungo Road (a Humboldt County maintained road).

Hycroft is authorized for ore extraction and processing, water management, engineering, environmental studies, and exploration. Existing facilities on site include two administration buildings, a laboratory, a mobile maintenance shop, a light vehicle maintenance shop, a warehouse, leach pads, primary, secondary, and tertiary crushing systems, two Merrill-Crowe process plants, and a refinery. The Mine is permitted for both heap leach and milling operations.

Hycroft is proposing the development of new infrastructure to support the requirements of the modified Project. Updates include construction of the North TMF, Waste Rock Storage Facilities (WRSF), rail spurs, and a new process plant area.

**17.2** **Environmental Considerations** 

**17.2.1** **Baseline and Supporting Studies** 

The Mine has conducted numerous environmental baseline studies as part of their previous permitting efforts and continues to collect certain environmental baseline data. The Mine area has been surveyed for surface water resources, including Waters of the United States (WOTUS), biological resources, cultural resources, and groundwater resources. These studies include:

● Summary
 of Field Investigations and Conceptual Hydrogeology Report (2013)

● Hydrogeologic
 Characterization Report (2014)

● Baseline
 Spring Inventory and Surface Water Monitoring, Hycroft Mine (2014)

● Rock
 and Water Baseline Characterization for the Phase II Expansion Project – Hycroft Mine (2014)

● Air
 Quality Impact Analysis (2017).

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**17.2.1.1** **Hydrology and Climate** 

The Mine lies on the eastern edge of the Black Rock Desert, and there are no streams, rivers, or lakes in the immediate vicinity of the Project. Spring baseline surveys have been conducted biannually since 2011 within a 10-mile radius around the Mine. A total of 31 sites were identified in the baseline study. These included natural springs, man-made springs, and seasonal wetted areas. Nine of the sites were identified for monitoring to evaluate surface water resources near the Mine. Additionally, JBR Environmental Consultants, Inc. conducted spring surveys in 2012 and 2013 encompassing 560 square miles west of the Mine to assess whether groundwater pumping at the mine would impact other springs in the Black Rock Desert. Survey data and groundwater modeling predictions did not indicate drawdown would extend near any of the inventoried springs.

The Mine is in a semi-arid high desert environment, and climate is controlled primarily by the Sierra Nevada Range with minimal rainfall. Climate data including precipitation, temperature, and pan evaporation have been obtained from the Western Regional Climate Center's database for the National Weather Service Cooperative Station at the Rye Patch Dam. The station is located approximately 32 miles from the Mine at a similar elevation and provides data from 1935-2012. The recorded precipitation at the Rye Patch Dam weather station averaged 8.93" annually. Additional precipitation data were collected at the Mine weather station from 2010-2012 and from the Rye Patch Dam weather station. Annual pan evaporation at the Rye Patch Dam is 59.38 in/a and the recorded average temperature is 51 °F.

**17.2.1.2** **Hydrogeology** 

A total of 16 wells and 23 piezometers are installed to evaluate the hydrogeologic baseline conditions at the Mine, with the majority of data being collected between 2010 and 2013. Instrumentation is located throughout the Mine site and completed in a variety of geologic formations representing the site. Static groundwater varies from 20 to 800 ft bgs and varies from 150 to 800 ft bgs directly beneath the mining operations. Groundwater generally flows southeast to northwest from recharge in the volcanic highlands to discharge in the alluvial basin beneath the Black Rock Desert. Results are summarized in detail in the Hydrogeologic Characterization Report and the Summary of Field Investigations and Conceptual Hydrogeology Report which were both developed in 2013 in support of the Phase II Expansion Project.

**17.2.1.3** **Soils, Vegetation and Wildlife Monitoring** 

The Mine released a Biological Baseline Report in 2019 that incorporated the results of 2014, 2015, and 2016 surveys conducted since the original release of the report in 2012. The report also included clarifications, edits, and missing information requested by BLM, as well as revised information based on updated Project details. The report focuses on soil, vegetation, and wildlife surveys and provides background consultation with regulatory agencies, as well as field methodologies and survey results. The combined surveys areas make up the "Biological Survey Area," which encompasses the proposed area of disturbance of the Project. BLM has stated that any new areas that would be disturbed would require baseline surveys.

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Eight soil units have been mapped by Natural Resources Conservation Service within the 2012-2014 Biological Survey Area. The soil units are described both in the Soil Survey of Humboldt County, Nevada, West Part (NRCS, 2003) and Soil Survey of Pershing Country, Nevada, West Part (NRCS, 1998). There are no serious limitations related to soil quality that would limit the proposed development or future reclamation efforts.

Stantec completed vegetation surveys of the Biological Survey Area in 2012 and 2014, which included vegetation community mapping, floristic inventory, and noxious, invasive, and non-native species surveys. Twenty-eight vegetation communities were mapped, with the dominant communities being Desert Scrub-Wyoming Sagebrush (28%), Shadscale-Annual Grassland (23%), and Desert Scrub (10%). One noxious weed species, the five-stamen tamarisk, was identified during the surveys.

Eleven occurrences of one BLM sensitive plant species, sand cholla, were noted within the Biological Survey Area. As with all cacti in Nevada, the sand cholla is a protected cactus species, which requires a permit prior to commercial harvest. Botanists also identified 700 buckwheat occurrences, which is a known host plant to insects on the BLM Winnemucca District's special status species list.

Overall, there is no presence of BLM sensitive plant species present on or near the Project which would present limitations to the proposed Project updates.

Stantec completed wildlife surveys of the Biological Survey Area from 2012-2016. Surveys ranged from General Wildlife surveys to more targeted surveys studying migratory birds, bats, western burrowing owls, greater sage-grouse, and various butterfly species.

BLM sensitive species identified during the surveys were:

● Brewer's
 sparrow

● Sage
 thrasher

● Loggerhead
 shrikes

● Western
 burrowing owl.

Baseline surveys also identified the BLM sensitive species golden eagle (Aquila chrysaetos) in and around the Project site. The Biological Baseline Report details the results of golden eagle nest surveys conducted from 2012-2016, including information on nest condition, nest status, and the number of young. Eagles observed to be off the nest were checked for any evidence of nesting behavior, such as mated pairs, territorial defense, carrying nest material, or transporting food. Annual raptor and golden eagle surveys are completed annually, and results are submitted to the BLM as stand-alone reports.

The proposed modifications to the recovery process will not impact on the footprint of planned disturbance for the Project, and therefore additional wildlife baseline studies may not be required to support the Plan of Operations amendment.

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**17.2.1.4** **Geochemistry** 

The Mine has a waste rock characterization program which is performed in phases related to approved or proposed mining areas. Most recently, Phase 4 of the program was completed to collect additional data for the Phase II Expansion Project to ensure it is spatially representative of the material proposed to be mined as part of the Project. Static testing was completed to address total acid generating or neutralizing potential of the samples and concentration of constituents in leachates derived from the material. Kinetic testing for this Project is the standard humidity cell test (HCT) procedure.

The Phase 3 and 4 programs also included analysis of ore grade material, with 56 samples being collected and analyzed. From ABA testing, all but one ore grade sample showed uncertain potential for acid generation or potential for acid generation. ABA and NAG for ore grade samples fall within the same range as waste rock samples.

Pit wall and floor samples have been collected to evaluate geochemical interactions between groundwater, pit walls, and the water quality of the pit lake over time. The pit wall and floor sample are composed of the same material identified and characterized during the Phase 1-4 waste rock programs. Kinetic testing has shown that the submerged pit walls in a post mining environment have the potential to generate acid and leach metals into the anticipated lake.

Three types of tailings materials were analyzed as part of the Rail Spur Project EA: 26 variability composites, 6 master domain composites, and 8 bulk samples representing tailings. The samples underwent whole rock analysis, ABA, NAG testing, meteoric water mobility procedure testing, and mineralogy testing, and were deemed to be representative of site materials.

**17.2.1.5** **Air Quality** 

The Mine is located within the Humboldt and Pershing Counties, which lies within Air Quality Hydrographic Basin 28, which is unclassified for PM10, CO, SO<sub>2</sub>, and NOx. In 2017, Stantec completed an Air Quality Impact Analysis (AQIA) for the Phase II Expansion Project, which was later updated in 2018. The study includes near-field dispersion modeling to determine impacts of the Phase II Expansion Project against the Nevada Ambient Air Quality Standards and the National Ambient Air Quality Standards. The study included ancillary sources of emissions such as lime silos, storage tanks, and lighting plants, as well as fugitive, process, and traffic emissions. Monitoring data from the Lehman Caves in Great Basin National Park was utilized to simulate background concentrations of pollutants of concern in the Mine area. Modeling suggests that emissions from the approved Project will fall well below the lowest applicable air quality standards for all constituents.

**17.2.2** **Environmental Monitoring** 

The Mine has developed a series of environmental management and monitoring plans which are required to guide the development and operation of the Project to limit environmental impacts. These plans are developed to address legal requirements and committed Environmental Protection Measures (EPMs) made by the Mine during Project permitting and recent Plan of Operations amendments.

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The following is a list of Hycroft Environmental Management and Monitoring Plans:

● Waste
 Rock Management Plan

● Quality
 Assurance Plan

● Eagle
 Conservation Plan

● Stormwater
 Pollution Prevention Plan

● Solid
 and Hazardous Waste Management Plan

● Noxious
 Weed Monitoring and Control Plan

● Interim
 Closure Plan

● Monitoring
 Plan

● Surface
 Area Disturbance Dust Control Plan

● Lighting
 Management Plan

● Historic
 Properties Treatment Plan.

**17.2.3** **Water Management** 

Details of the water management protocols have been included in each of the permits. These include, but not limited to, specific designated measuring and monitoring locations, sample schedules, sample sizes, testing parameters, reporting protocols, internal and third-party reviews and summaries, and notification protocols for any non-conformances or irregularities. Specifically, water management requirements are outlined in the Plan of Operation Permit, Permit to Operate a Public Water System, Water Pollution Control Permits, and each of the Pond Permits.

**17.3** **Permitting Considerations** 

The Mine operates under a series of permits which are issued by both federal and state regulators. Table 17-1 highlights the permits necessary to operate the Mine. The permits listed in bold are likely to require updates based on the proposed revisions to the Project.

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**Table 17-1: Current Major Environmental Permits and Permits Necessary to Operate the Mine**

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| **Operating Permits** | **Issuing Agency** | **Number** | **Status** |
| Plan of Operations | BLM | N64641 | Current |
| Mercury Operating Permit to Construct | NDEP Bureau of Air Pollution Control | AP1041-2255 | Current |
| Class I Air Quality Operating Permit to Construct | NDEP Bureau of Air Pollution Control | AP1041-2964 | Current |
| Class II Air Quality Permit | NDEP Bureau of Air Pollution Control | AP1041-0334.05 | Current |
| Permit to Operate a Public Water System | NDEP Bureau of Safe Drinking Water | HU-0864-12NTNC | Current |
| Water Pollution Control Permit-Crofoot Project | NDEP Bureau of Mining Regulation & Reclamation | NEV60013 | Current |
| Water Pollution Control Permit-Hycroft Mine | NDEP Bureau of Mining Regulation & Reclamation | NEV94114 | Current (Application Shield) |
| Reclamation Permit | NDEP Bureau of Mining Regulation & Reclamation | 134 | Current |
| Mining General Stormwater Pollution Prevention Permit | NDEP Bureau of Water Pollution Control | NVR 300000 | Current |
| Class III Landfill Waiver | NDEP Bureau of Waste Management | F-346 | Current |
| Artificial Pond Permit (Brimstone Process Ponds) | NV Department of Wildlife | S34481 | Current |
| Artificial Pond Permit (Crofoot Process Ponds) | NV Department of Wildlife | S36665 | Current |
| Artificial Pond Permit (North Process Ponds) | NV Department of Wildlife | S36661 | Current |
| Septic Onsite Disposal | NDEP Bureau of Water Pollution Control | GNEVOSD09L-0048 | Current |
| Dam Safety Permits | NV Division of Water Resources | J-273 | Current |
| Hazardous Materials Storage Permit | NV State Fire Marshal | 8250 | Current |
| Special Use Permit | Pershing County | SUP 12-04 | Current |
| Special Use Permit | Humboldt County | UH-12-04 | Current |
| Golden Eagle Take Permit | US Fish & Wildlife Service | MB90099B-0 | Current |

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**17.3.1** **Federal Permits** 

**17.3.1.1** **Bureau of Land Management Plan of Operations** 

The Mine is currently authorized to operate under a Plan of Operations (Plan) (NVN-064641) under 43 Code of Federal Regulations [CFR] 3809 which has gone through several amendments. In 2012, the BLM issued a Record of Decision (ROD) for an EIS conducted for the Mine to expand their heap leach operations, open pits, and waste rock facilities. In 2014, the BLM issued a Decision Record with an EA authorizing Hycroft's Plan of Operations for construction and operations of a rail spur, open pit expansion, and construction of a processing complex, including the TMF located northeast of the mine.

The Mine is preparing materials for a modification to the Plan of Operations to propose the following updates to the Project.

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New process plant that will be separate from the existing crushing facility and North Merril Crowe facility. The process plant will feature:

● modifications
 to existing crush circuit conveyor layout with additional feeders and a new rock breaker

● new
 process plant, including:

○ new grinding circuit with four ball mills

○ new multistage flotation circuit

○ new POX circuit including lime boil tanks

○ new leach circuit.

● new
 process control room, power distribution lines, grids, substations, and electrical rooms to support the processing plant

● new
 TMF located northeast of the Mine

● new
 access roads to the process plant and TMF, as well as a TMF construction haul road

● an
 additional rail siding of the existing Union Pacific rail line located in the NW location of the plant

● WRSF
 features additional waste rock dumps

The review and approval process for the revisions to the Plan Application by the BLM constitutes a federal action under the National Environmental Policy Act (NEPA) and BLM regulations. Thus, for the BLM to process the Plan Application, they are required to comply with NEPA and prepare either an EA, or an EIS.

**17.3.1.2** **Bureau of Land Management Pre-Application Planning** 

As part of the pre-plan application planning process with the BLM, an initial meeting is scheduled between the proponent and the BLM to discuss the anticipated scope of the amended mining operation and to review the likely environmental resource baseline data needed for the processing of the Plan Amendment by the BLM. This initial meeting generally occurs prior to the submittal of the Plan Application, depending on the anticipated complexity of the mining operations and baseline data needs, which varies for each Project.

The process for collecting baseline data generally includes the development of baseline data collection work plans, which are submitted to the BLM for review and approval prior to initiating the baseline data collection. Following approval, field surveys are conducted to collect relevant baseline data. Depending on the environmental resources to be evaluated, desktop studies may be utilized in lieu of field surveys. Findings of the field surveys are then summarized in a report that documents the data collected. These technical reports are then submitted to the BLM for review and approval. In some cases, the baseline data collection process will also involve the State of Nevada, depending on the resource being assessed, particularly for geochemical and hydrological surveys.

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The most recent baseline data for the Project was collected as part of the 2019 EIS process. Additions to baseline data, and additional studies may be required as part of the proposed revisions to the Project.

**17.3.1.3** **Plan of Operations Processing** 

The Plan Application is submitted to the BLM and the Nevada Division of Environmental Protection (NDEP) Bureau of Mining Regulation & Reclamation (BMRR) for any surface disturbance in excess of five acres. The Plan Application describes the operational procedures for the construction, operation, and closure of the Project. As required by the BLM and BMRR, the Plan Application includes a waste rock management plan, quality assurance plan, a stormwater plan, a spill prevention plan, a reclamation plan, a monitoring plan, and an interim management plan. In addition, a reclamation report with a Reclamation Cost Estimate (RCE) for the closure of the Project is required. The content of the Plan Application is based on the Mine plan design and the data gathered as part of the environmental baseline studies. The Plan Application includes all mine and processing design information and mining methods. The BLM determines the completeness of the Plan Application and, when the completeness letter is submitted to the proponent, the NEPA process begins. The RCE is reviewed by both agencies, and the bond is determined prior to the BLM issuing a decision record on the Plan Application and BMRR issuing the Nevada Reclamation Permit (NRP).

The Plan Application will be submitted for the Project when operational and baseline surveys are complete, and operations and designs for the Project are at a level where a Plan Application can be developed to the necessary level of detail. Key baseline reports for the Project will be included in the Plan Application submittal to the BLM and BMRR.

The BLM will need to complete their administrative review of the Plan Application and issue a determination prior to moving on to the NEPA process.

**17.3.1.4** **Golden Eagle Take Permit** 

Golden eagles were observed in and around the Project site during environmental baseline studies. The Mine is working directly with the BLM and the USFWS on the management of this species and submits annual survey reports to the BLM. As part of the permitting process, the Mine will submit a golden eagle take permit application to USFWS requesting authorization to remove inactive golden eagle nests and incidental take under the Bald and Golden Eagle Protection Act (BGEPA).

**17.3.1.5** **National Environmental Policy Act** 

The NEPA process is triggered by the issuance of a Completeness letter for the Plan Application. The NEPA review process is completed with either an EA or an EIS.

The EA process is conducted in accordance with NEPA regulations (40 CFR 1500 et. seq.), BLM, as lead federal agency, guidelines for implementing the NEPA in BLM Handbook H-1790-1 (updated January 2008), and BLM Washington Office Bulletin 94-310. The intent of the EA or the EIS is to assess the direct, indirect, residual, and cumulative effects of the Project and to determine the significance of those effects. Scoping is conducted by the BLM and includes a determination of the environmental resources to be analyzed in the EA or the EIS, as well as a degree of analysis for each environmental resource. The scope of the cumulative analysis is also addressed during the scoping process. Following scoping and baseline information review, the EA or the EIS is prepared. When the BLM determines the EA or the EIS is complete, it will be submitted to the public for review. Comments received from the public would be incorporated into either a revised EA or the decision record, and for the EIS either a final EIS or a Record of Decision. Under an EA, there can be no significant impact. The preparation of an EIS is a lengthier and more expensive process than an EA. The Project proponent pays the third-party contractor to prepare the EIS and pays recovery costs to the BLM for any work on the Project by BLM specialists.

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**17.3.2** **State of Nevada Permits** 

There are several environmental permits issued by the NDEP. NDEP will issue permits that address water and air pollution, as well as land reclamation. The Nevada Division of Water Resources (NDWR) issues water rights for the use and management of water.

**17.3.2.1** **Nevada Reclamation Permit** 

Hycroft currently operates under a NRP under the Nevada Administrative Code [NAC] 519A) (Plan Application) issued by the NDEP. Hycroft will need to modify the NRP from the BMRR to include construction, operation, and reclamation details as applicable to the modified Project design. The contents of the modification are prescribed in the NAC Section 519A.140. Based on the Memorandum of Understanding between the BLM and NDEP, a joint application is submitted to the BLM and BMRR that addresses the requirements of the modified Plan and NRP.

**17.3.2.2** **Water Pollution Control Permit** 

The water pollution control permits (WPCPs) from the BMRR will be revised to include the updated designs to construct, operate, and close a mining facility in the State of Nevada. The contents of the application are prescribed in the NAC Section 445A.394 through 445A.399. The revised WPCP applications for the Project will be updated based on the following:

● Open
 pit mining, with an anticipated post-mining pit lake formation.

● Storage
 of non-acid and acid generating waste rock.

● Exploration.

● Dewatering
 and water management.

● Mill,
 NTF, and process plant management.

● Ancillary
 facilities that include stormwater diversions, and sediment control basin.

WPCP applications include an engineering design for waste rock storage areas and mill/tailings facilities, waste rock characterization reports, hydrogeological summary reports, engineering design for process components including methods for the control of stormwater runoff, and containment reports detailing specifications for containment of process fluids. Applications will also contain the appropriate WPCP plans, including a process fluid management plan, a monitoring plan, an emergency response plan, a temporary closure plan, and a tentative plan for permanent closure of the Mine.

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**17.3.2.3** **Air Quality Operating Permits** 

The Mine currently operates under a Class II Air Quality Operating Permit, a Mercury Operating Permit, and a Class I Operating Permit to Construct which include the Gyro Crushing Circuit, lime silos, and the Mill Project. A new Operating Permit to Construct could be required by the NDEP Bureau of Air Pollution Control (BAPC) for a roasting plant, and the existing permits may need to be revised to reflect the proposed changes to the Project. The permit modification applications would include specifics on each process component that could emit air pollutants and a detailed emissions inventory, as well as air quality modeling. The application preparation and processing time frame ranges from three to nine months, depending on the type of permit.

**17.3.2.4** **Water Rights** 

The Mine currently holds 16 separate water rights permits administered by the NDWR. These rights are leased to Hycroft. The water resources to support the Mine are held under 14 of the water rights permits in the Black Rock Desert Basin and a total of 21,457.95 acre-ft/a (6.99 billion gal of water per year). The remaining two water rights permits are held outside of the Black Rock Desert Hydrographic Basin and are used to support maintenance of Jungo Road.

The proposed changes to the Project are not expected to materially change the water requirements of the operation, and thus the existing water rights permits will provide sufficient water to support those changes.

**17.3.3** **Additional Permits and Authorizations** 

In addition to the principal environmental permits outlined above, Table 17-2 lists other notifications or ministerial permits that may likely be necessary to operate the Project.

**Table 17-2: Ministerial Permits, Plans and Notifications**

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| | | |
|:---|:---|:---|
| **Notification/Permit** | **Agency** | **Timeframes** |
| Above Ground Storage Tank Permit | Nevada Bureau of Corrective Actions | Up to six months to register. Cost is $100/tank per year and a requirement to perform monthly visual inspections. |
| Agreement for Road Maintenance | Humboldt and Pershing Counties | Up to six months to negotiate the agreement with the county roads department and the county commission. |
| Explosives Permit | Bureau of Alcohol, Tobacco, Firearms, and Explosives | n/a |
| Explosives User's License (User's Clearance) | Bureau of Alcohol, Tobacco, Firearms, and Explosives | n/a |
| Fire and Life Safety | Nevada State Fire Marshal | Approximately one month for review and approval. Applicant to submit a notification letter prior to construction and operation. |

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| **Notification/Permit** | **Agency** | **Timeframes** |
| Hazardous Materials Permit | Nevada State Fire Marshal | Approximately two months for review and approval. Applicant must submit a notification letter 30 days prior to the start of operations and then annually by March 1<sup>st</sup> of each year. |
| Industrial Artificial Pond Permit | Nevada Department of Wildlife | Four weeks |
| Leach Pad Commencement | Nevada Bureau of Mining Regulation and Reclamation | One week |
| Leach Pad As-Built Report | Nevada Bureau of Mining Regulation and Reclamation | Four weeks |
| Process Plant As-Built Report | Nevada Bureau of Mining Regulation and Reclamation | Four weeks |
| Dam Safety Permit | Nevada Division of Water Resources | Two months |
| Mine ID Number | Mine Safety & Health Administration | One week |
| Mine Opening Notification | Nevada Division of Minerals | One week |
| Mine Registry | Nevada Division of Minerals | One week |
| Notification of Commencement of Operations | Mine Safety & Health Administration | One week |
| Production/Dewatering Wells - Proof of Completion | Nevada Division of Water Resources | One week |
| Radio License | Federal Communications Commission | One week |
| RCRA Waste Mgt. ID - Mine | Nevada Bureau of Sustainable Materials Management/U.S. Environmental Protection Agency | Two weeks |
| Well Drilling Permit (Notice of Intent to Drill) | Nevada Division of Water Resources | One week |
| Potable Water System | Nevada Bureau of Safe Drinking Water | Eight months |
| Septic System | Nevada Bureau of Water Pollution Control | Six months to prepare application (including the mercury control system) and process to obtain the permit. |

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**17.4** **Social Considerations** 

Social and community impacts are considered and evaluated for the revision to the Plan Application and would be used in the NEPA process. Potentially affected Native American tribes, tribal organizations, and/or individuals are consulted during the preparation of all plan amendments to advise on the proposed projects that may affect cultural sites, resources, and traditional activities. During the most recent permitting for the Phase II Expansion Project in 2019, the BLM engaged:

● Fort
 McDermitt Paiute and Shoshone Tribe

● Fallon
 Paiute-Shoshone Tribe

● Battle
 Mountain Band of the Te-Moak Tribe of Western Shoshone

● Lovelock
 Paiute Tribe

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● Pyramid
 Lake Paiute Tribe

● Summit
 Lake Paiute Tribe

● Winnemucca
 Indian Colony.

Common concerns raised by the tribes during consultation meetings and site visits included:

● environmental
 concerns with quarries

● management
 of archaeological finds, and disturbance of cultural resources such as rock stacks

● eagle
 nest removal

● wildlife
 issues around the North TMF.

Potential community impacts to existing population and demographics, income, employment, economy, public finance, housing, community facilities, and community services are evaluated for potential impacts as part of the NEPA process. There are no known social or community issues that would have a material impact on the Project's ability to extract mineral resources. Identified socioeconomic issues (employment, payroll, services and supply purchases, and state and local tax payments) are anticipated to be positive.

Should the proposed changes to the Project initiate an EIS, there would be a public scoping process involving public open house meetings. Members of the public are free to attend the sessions in person or provide questions in writing. In the past, public concerns have included, but not limited to:

● air
 quality impacts and emissions from the Mine

● impacts
 on cultural resources

● mitigation
 measures to reduce environmental impacts

● impacts
 on golden eagle nests and breeding territory

● site
 reclamation.

Future Project updates will require continued engagement with Native American tribes and the public to understand concerns and identify key mitigations to environmental and social impacts. Engagement will be carried out by the proponent as well as regulators such as BLM and USFWS.

**17.4.1** **National Register of Historic Places** 

The preservation of historic places and culturally significant resources is considered when a Project is being permitted. Updates to the Project may require additional assessment to determine whether any NRHP-eligible sites and culturally sensitive resources, such as rock stacks, would be affected by the new Project layout. There is a risk of community concerns if the new NTF will impact culturally sensitive areas or culturally sensitive species such as eagles.

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**17.5** **Closure and Reclamation Planning** 

**17.5.1** **Closure and Reclamation Plans** 

A Tentative Plan for Permanent Closure (TPPC) for the Mine is in place and is currently being updated for future submission to the BMRR with the application to modify the WPCP (NEV0094114). In the TPPC, the proposed NTF closure approach would consist of fluid management through evaporation, covering the NTF with a geosynthetic cover and growth media, and then revegetation. The design of the process components is not sufficiently advanced to determine the closure costs. Any residual NTF drainage will be managed with evaporation cells. Surface management surety bonds currently total US$58.7 million with $58.3 million securing financial assurance requirements for the mine and $0.4 million securing financial assurance requirements for the water supply well field and exploration within the Project boundary. Future increases in reclamation bonding will either be through surety bonds supported by restricted cash balances or by letters of credit issued by banks.

Mine closure and reclamation will be performed in accordance with BLM and State of Nevada regulations and guidelines. Mining activities that occur near a National Conservation Area and associated pioneer trails will require careful planning and design, and particular attention will be paid to leaving a post-mining land configuration that minimizes visual impact. Facility expansions will continue to be designed and constructed to meet or exceed state and federal design criteria. The WRSFs will continue to be evaluated for their potential to release pollutants and monitored routinely in accordance with an approved waste rock management plan. After operations cease, effluent from the heap leach facilities will be allowed to drain until the rate of flow can be passively managed through evaporation or a combination of evaporation and infiltration. Current studies are gathering additional hydrology and geochemistry data for use in the development of final closure plans that meet the regulatory standards. All buildings and facilities not identified for a post-mining use will be razed during the salvage and site demolition phase.

**17.5.2** **Closure Cost Estimates** 

A Tentative Plan for Permanent Closure (TPPC) for the Mine is in place and is currently being updated for future submission to the BMRR with the application to modify the WPCP (NEV0094114). In the TPPC, the proposed TMF closure approach would consist of fluid management through evaporation, covering the TMF with a geosynthetic cover and growth media, and then revegetation. The design of the process components is not sufficiently advanced to determine the closure costs. Any residual TMF drainage will be managed with evaporation cells. Surface management surety bonds currently total US$58.7 million with $58.3 million securing financial assurance requirements for the mine and $0.4 million securing financial assurance requirements for the water supply well field and exploration within the Project boundary. Future increases in reclamation bonding will either be through surety bonds supported by restricted cash balances or by letters of credit issued by banks.

**17.6** **Comments on Environmental Studies, Permitting and Social or Community Impact** 

The scope of environmental studies undertaken by Hycroft are sufficient to address all permitting and environmental review requirements. The Mine currently holds all the necessary permits to operate. However, modifications to a number of those permits are necessary to construct and operate and complete the updates to the project as outlined in this document.

Hycroft has engaged in communications with all identified tribes that have expressed interest in the Project. There are no residences or towns in the immediate vicinity of the Project. The nearest community is Winnemucca, Nevada, approximately 60 miles northeast of the Project.

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| **18** | **Capital and Operating Costs** |

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**18.1** **Introduction** 

The capital and operating costs described in this technical report are based on open-pit mining operations for the Hycroft project. The process plant is designed to treat 57,100 st/d of mineralized material over a mine life of 51 years.

**18.2** **Capital Costs** 

**18.2.1** **Overview** 

The capital cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The estimate includes mining, processing, on-site infrastructure, off-site infrastructure, project indirects, project delivery, owners' costs, and provisions. The total initial capital costs for the Project are estimated at US$2,434 million, including capitalized operating costs, and contingency. The LOM sustaining costs are estimated at US$3,107 million, while the closure costs are estimated at US$243 million. The capital cost summary is presented in Table 18-1.

**Table 18-1: Capital Cost Summary**

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|:---|:---|:---|:---|:---|
| **WBS** | **Description** | **Capital Cost (US$M)** | **Sustaining Cost (US$M)** | **Total Cost<sup>1</sup> (US$M)** |
| 1000 | Mining | 194 | 1171 | 1365 |
| 2000 | Crushing | 48 | 60 | 109 |
| 3000 | Sulfide Process | 915 | 776 | 1692 |
| 4000 | Oxide Process | 16 | 46 | 63 |
| 5000 | Waste Rock Storage & TMF | 208 | 515 | 723 |
| 6000 | Onsite Infrastructure | 139 | 9 | 148 |
| 7000 | Offsite Infrastructure | 43 | 366 | 409 |
| **Total Direct Costs** | **Total Direct Costs** | **1563** | **2944** | **4507** |
| 8000 | Indirects | 382 | 27 | 409 |
| 9000 | Provisions | 448 | 136 | 584 |
| 10000 | Owner's Costs | 41 | - | 41 |
| **Total Capital Cost** | **Total Capital Cost** | **2434** | **3107** | **5541** |

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Note:

1. Totals
 may not match due to rounding

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**18.2.2** **Basis of Estimate** 

The capital cost estimate was developed in Q1 2026 in U.S. dollars (US$). The estimate is based on budgetary quotations for equipment from recent advanced studies, supplemented with Ausenco's in-house database, and informed by Ausenco's experience from similar operations in North America.

The following data were used as the basis of estimate:

● Mining
 schedules.

● PEA-level
 engineering design by Ausenco, including but not limited to design criteria, equipment lists,
 and material take-offs (MTOs).

● Budgetary
 equipment quotes from similar recently completed advanced studies.

● Additional
 data such as lang factors and indirect costs from similar recently completed studies and
 projects.

The estimate also adhered to the following parameters:

● No
 allowance was made for exchange rate fluctuations.

● No
 escalation was added to the final estimate.

**18.2.3** **Mine Capital Costs** 

Table 18-2 summarizes the annual mine capital costs for both initial and sustaining capital cost.

Preproduction mine development (preproduction stripping) is shown as a separate line item at nearly US$37.4 million. All other capital is for mine mobile equipment.

Sustaining capital includes both equipment replacements and fleet size increases for haul trucks.

Mine capital costs include:

● all
 mine mobile equipment that are required to operate and maintain the mine

● mine
 maintenance equipment, and shop tools

● an
 allowance is included for the initial spare parts inventory

● mine
 engineering equipment: computers, survey equipment, etc.

● a
 dispatch system

● a
 mine radio system.

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The mine capital costs do not include:

● mine
 office buildings or shop buildings

● mobile equipment that is not required by the mine

● infrastructure or process plant related costs

● equipment salvage credit

● contingency.

**Table 18-2: Baseline Mine Capital Cost (without Accuracy or Contingency adjustment)**

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|:---|:---|:---|:---|:---|
| **Year** | **Mine Equipment** | **Mine Equipment** | **Mine**<br> **Preproduction**<br> **Development**<br> **(US$M)** | **Total**<br> **Mine**<br> **Capital**<br> **(US$M)** |
| **Year** | **Initial**<br> **Capital Cost**<br> **(US$M)** | **Sustaining**<br> **Capital**<br> **(US$M)** | **Mine**<br> **Preproduction**<br> **Development**<br> **(US$M)** | **Total**<br> **Mine**<br> **Capital**<br> **(US$M)** |
| Preproduction | 111.5 | – | 37.4 | 148.9 |
| 1 | – | 123.3 | – | 123.3 |
| 2 | – | 19.0 | – | 19.0 |
| 3 | – | – | – | – |
| 4 | – | 1.5 | – | 1.5 |
| 5 | – | 25.6 | – | 25.6 |
| 6 | – | 20.2 | – | 20.2 |
| 7 | – | 11.9 | – | 11.9 |
| 8 | – | 1.5 | – | 1.5 |
| 9 | – | 20.0 | – | 20.0 |
| 10 | – | 42.7 | – | 42.7 |
| 11-15 | – | 50.0 | – | 50.0 |
| 16-20 | – | 44.5 | – | 44.5 |
| 21-25 | – | 214.6 | – | 214.6 |
| 26-30 | – | 32.4 | – | 32.4 |
| 31-35 | – | 74.2 | – | 74.2 |
| 36-40 | – | 26.7 | – | 26.7 |
| 41-45 | – | 162.2 | – | 162.2 |
| 46-51 | – | 30.4 | – | 30.4 |
| **Total** | **111.5** | **900.7** | **37.4** | **1049.6** |
| **Accuracy<sup>2</sup> and Contingency<sup>3</sup>** | **27.5** | **270.3** | **17.6** | **315.4** |
| **Total** | **139** | **1171** | **55** | **1365** |

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Note: <sup>1</sup>. Totals may not match due to rounding; <sup>2</sup>. 10% Accuracy adjustment applied to large fleet items; <sup>3</sup> Includes 25% Contingency

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**18.2.4** **Process Capital Costs** 

The selection and sizing of process equipment requirements was based on process flowsheets and process design criteria as defined in Section 14. All major equipment was sized based on the process' mass balance, as dictated by the process design criteria, to develop a mechanical equipment list (MEL). The MEL was then developed through recent budgetary quotations. The remaining value of the equipment list was developed through benchmarking against recent execution projects and advanced studies. Refurbishment costs for the existing equipment at primary crushing, heap leach, Merrill Crowe and refinery were included as part of initial capital cost.

The process plant and infrastructure engineering design was completed to an IA-EA study level of definition, allowing for the bulk material quantities (steel, concrete, piping, cables, instruments, etc.) to be derived for the major commodities using lang factors. Plant earthworks costs were derived from MTOs.

The total capital costs for the process plant are US$1,188 million. The capital cost breakdown for the process plant is summarized in Table 18-3.

**Table 18-3: Process Plant Capital Cost Breakdown**

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|:---|:---|:---|
| **WBS** | **Description** | **Initial Costs (US$M)** |
| 2100 | Primary Crushing | 10.6 |
| 2200 | Coarse Ore Storage and Reclaim | 8.4 |
| 2400 | Crushed Ore Stockpile | 29.3 |
| 3100 | Process Plant Building | 11.7 |
| 3200 | Grinding and Screening | 200.8 |
| 3300 | Flotation | 36.6 |
| 3400 | Concentrate Thickening & Tailing Handling | 12.1 |
| 3500 | Pressure Oxidation | 383.6 |
| 3600 | CCD & Cyanide Destruction | 22.4 |
| 3700 | Reagents | 53.3 |
| 3800 | Process Services | 194.1 |
| 3900 | Tailings and Reclaim | 0.7 |
| 4100 | Heap Leach | 2.7 |
| 4200 | Brimstone Merrill-Crowe | 0.4 |
| 4400 | North Merrill-Crowe | 9.2 |
| 4500 | North Refinery | 3.8 |
|  | **Total** | **979.7** |

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Note: Totals may not match due to rounding

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**18.2.5** **Infrastructure Capital Costs** 

**18.2.5.1** **On-site infrastructure** 

The on-site infrastructure costs consist of bulk earthworks, power switchyard and distribution, fuel storage, sewage, potable water, plant and infrastructure buildings, tailings facility and pipelines, temporary construction camp, and site services and mobile equipment. The total on-site infrastructure costs are estimated at US$139 million and are illustrated in Table 18-4.

**Table 18-4: On-Site Infrastructure Capital Cost Breakdown**

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|:---|:---|:---|
| **WBS** | **Description** | **Initial Costs (US$M)** |
| 5200 | Tailing management Facility | 207.8 |
| 6100 | Site Civil Infrastructure | 53.7 |
| 6200 | Water Systems | 6.1 |
| 6300 | Sewage, Waste and Water Systems | 0.3 |
| 6400 | Electrical Services | 78.2 |
| 6800 | Plant Mobile Equipment | 0.9 |
|  | **Total** | **347.0** |

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Note: Totals may not match due to rounding

**18.2.5.2** **Off-Site infrastructure** 

The off-site infrastructure costs consist of water supply and power supply. The cost for the HV substation, step down substation and transmission lines are included as a lease back agreement. 10% downpayment is included as part of the initial capital. The remaining is included as lease payment as described in Section 18.2.8.3.

The total off-site infrastructure costs are estimated at US$43 million and are illustrated in Table 18-5.

**Table 18-5: Off-Site Infrastructure Capital Cost Breakdown**

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|:---|:---|:---|
| **WBS** | **Description** | **Initial Costs (US$M)** |
| 7300 | Rail Spur | 22.6 |
| 7400 | Offsite Power Line | 20.3 |
|  | **Total** | **42.8** |

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Note: Totals may not match due to rounding

**18.2.6** **Indirect Capital Costs** 

Indirect costs include project preliminaries, field indirects (temporary construction facilities, camp, and associated services), commissioning and operational readiness, vendor representative support, spares, first fills, and project delivery (engineering services and construction management). Total indirect costs are estimated at US$382 million and are illustrated in Table 18-6.

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**Table 18-6: Indirect Capital Cost Breakdown**

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|:---|:---|:---|
| **WBS** | **Description** | **Initial Costs (US$M)** |
| 8100 | Project Preliminaries | 34.2 |
| 8200 | Temporary Facilities | 20.5 |
| 8300 | Temporary Services | 82.2 |
| 8500 | Cranage | 1.6 |
| 8600 | EPCM Costs | 205.5 |
| 8700 | Commissioning Support | 3.6 |
| 8800 | First Fills/Spares | 27.0 |
| 8900 | Vendor support | 7.2 |
| **Total Indirect Costs** | **Total Indirect Costs** | **381.8** |

---

Note: Totals may not match due to rounding

**18.2.7** **Owner (Corporate) Capital Costs** 

Owner costs for pre-production have been estimated by factors. The estimated cost of US$41 million includes:

● owner's
 project team and expenses

● administration,
 finance, insurance and legal fees

○ including pre-production general and administrative costs

● environmental
 consultation and management

● human
 resources, recruiting, and training

● permitting
 and regulatory compliance activities

● stakeholder
 relations

● site
 security.

**18.2.8** **Sustaining Capital** 

**18.2.8.1** **Mining Sustaining Costs** 

Down payments, lease payments, and purchases for the mine equipment fleet scheduled throughout the LOM are capitalized through the sustaining periods of the project.

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Table 18-7 summarizes the mining sustaining cost estimates for the Project.

**Table 18-7: Mining Sustaining Capital Costs**

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| | |
|:---|:---|
| **Year** | **Sustaining Capital Cost (US$M)** |
| 1 | 123.3 |
| 2 | 19 |
| 3 | – |
| 4 | 1.5 |
| 5 | 25.6 |
| 6 | 20.2 |
| 7 | 11.9 |
| 8 | 1.5 |
| 9 | 20 |
| 10 | 42.7 |
| 15-Nov | 50 |
| 16-20 | 44.5 |
| 21-25 | 214.6 |
| 26-30 | 32.4 |
| 31-35 | 74.2 |
| 36-40 | 26.7 |
| 41-45 | 162.2 |
| 46-51 | 30.4 |
| **Total** | **900.7** |

---

Note: Totals may not match due to rounding

**18.2.8.2** **Process Sustaining Costs** 

The sustaining costs for the process plant are associated with the refurbishment and maintenance required for the process plant equipment incurred every five years from Year 20 to Year 45. The total sustaining capital cost is estimated at US$892 million.

**18.2.8.3** **Infrastructure Sustaining Costs** 

The sustaining capital costs for the on-site infrastructure are associated with the staged expansion of the TMF in Years 3, 8, 13, 22, 31, and 43. These costs also include EPCM and contingency costs associated with the construction of the TMF. The total sustaining capital cost is estimated at US$678 million.

The sustaining capital costs for the off-site infrastructure are associated with the lease payments for the HV substation, step down substation and transmission lines. Total lease payments of US$18.3 million/year at 8% interest rate are included for 20 years as sustaining costs.

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**18.2.9** **Contingency Costs** 

Contingency costs account for the difference in costs between the estimated and actual cost of materials and equipment. The contingency is developed based upon the level of study and considers the level of project definition, the source or methodology of the estimates, and the expected accuracy range. It allows the capital estimate to include a provision to cover the risk from uncertainties that may arise in between the time the capital cost was developed compared to the actual costs during construction and pre-production.

The contingency for the Project has been built up by considering each individual WBS area. The contingency included in the initial capital costs is estimated at US$448 million for the process plant and supporting infrastructure and US$45 million for mining. The total contingency for the initial capital costs for the project is estimated at US$493 million or 25.6% of total direct and indirect costs. The contingency of 25.6% reflects the current level of engineering definition and remaining uncertainty associated with process development, infrastructure assumptions, and estimate maturity at the Initial Assessment stage. No adjustment was made solely to meeting a reporting threshold.

**18.2.10** **Closure and Reclamation Planning** 

Closure and reclamation costs for the Project include allocations for:

● process
 plant and on-site infrastructure

● TMF,
 WRSF and Water Management

● mining
 and haul roads

● long-term
 environmental monitoring.

The total closure and reclamation costs are estimated at US$243 million.

**18.3** **Operating Costs** 

**18.3.1** **Overview** 

The operating cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The total operating costs for the Project are estimated at US$21.96/ton processed (milled and heap leached) or US$27,592 million over the 51-year mine life. These operating costs do not include pre-production operating costs. A summary of operating costs is presented in Table 18-8.

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**Table 18-8: Operating Cost Summary**

---

| | | | |
|:---|:---|:---|:---|
| **Cost Area** | **LOM Total (US$M)<sup>1</sup>** | **US$/ton processed** | **% of Total** |
| Mining | 8683<sup>2</sup> | 6.91 | 31.5 |
| Process | 18245 | 14.52 | 66.1 |
| G&A | 664 | 0.53 | 2.4 |
| **Total** | **27592** | **21.96** | **100** |

---

Note:

1. Totals
 may not match due to rounding

2. Includes
 10% contingency

**18.3.2** **Basis of Estimate** 

The following was used to determine the project's LOM process operating costs in agreement with the cost definition and estimate methodologies outlined below. This basis considers the development of a process plant designed to treat 57,100 t/d of mineralized material. Process unit operations were benchmarked against similar or comparable processing plants to ensure accuracy of cost estimates.

Assumptions made in developing the process operating cost estimate are listed below:

● Mill
 production is designed to treat 57,100 t/d of mineralized material.

● Process
 plant operating costs are calculated based on labor, power consumption, reagents, consumables,
 and process plant maintenance.

● Off-site
 gold refining, insurance, and transportation costs are excluded, as they are included elsewhere
 in the financial model.

● Labor
 rates were sourced from recent execution projects in the region.

Workforce will be comprised of local and regional workers.

Management and administrative staff will be on a 5/2 rotation (5 days in, 2 days out), whereas process plant labor was estimated based on continuous operation using a four-crew rotation.

● G&A
 costs were baselined against previous project experience.

● Grinding
 media consumption rates have been estimated based on the mill feed characteristics.

● Reagent
 consumption rates have been estimated based on the metallurgical testwork results.

○ Reagents and consumable prices were obtained via email quotes from local vendors.

● The
 unit rate power cost of US$0.075/kWh was adopted based on the NV Energy GS-3 tariff.

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● The
 unit rate fuel cost for gasoline is US$4.28/gal based on the regional monthly three-year
 trailing average for Nevada.

The Basis of Estimate Costs for mining are described in section 18.3.3.

**18.3.3** **Mine Operating Costs** 

Table 18-9 illustrates the mine operating costs on an annual basis for the first 10 years of the mine life. After Year 10, the costs have been calculated over five-year periods. Operating costs were developed using a cost of diesel fuel of US$3.76/gal. Consumables for lubricants, spare parts, and wear items have all been incorporated into the estimated operating costs. Labor costs were illustrated in the manpower tables in Section 13.

Mine operating costs include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● drilling,
 blasting, loading, hauling, and support equipment costs for the mine operation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● delivery
 of material to the crusher, waste storage, or leach pad and placement of that material on
 the dump, stockpile, or leach pad

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● construction
 and maintenance of all mine roads where mine haul trucks operate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● mine
 supervision, engineering, and geology personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● operating
 labor and maintenance labor including burden

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● maintenance
 of all mine equipment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an
 allowance is included to cover pit dewatering, software licenses, and assaying

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● blasting
 costs are based on owner loading of blast holes and blasting.

Mine operating costs do not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● crushing,
 conveying, processing, recontouring, or reclamation costs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● remining
 of the low-grade stockpile after mine closure in Year 51

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● closure
 or reclamation costs.

Remining of the low-grade stockpile and haulage to the crusher after completion of the mine life would cost $1.04/ton of stockpile moved.

Table 18-9 provides more detail regarding the breakdown of mine operating costs on a cost per ton of material moved basis for the individual unit operations excluding contingency.

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**Table 18-9: Mine Operating Cost per Ton of Total Material Moved, US$/ton (Mine Costs)**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mining**<br> **Year** | **Total**<br> **Material**<br> **(Mtons)** | **Drilling**<br> **(US$/ton)** | **Blasting**<br> **(US$/ton)** | **Loading**<br> **(US$/ton)** | **Hauling**<br> **(US$/ton)** | **Auxiliary**<br> **(US$/ton)** | **General**<br> **Mine**<br> **(US$/ton)** | **General**<br> **Maint.**<br> **(US$/ton)** | **G&A**<br> **(US$/ton)** | **TOTAL**<br> **(US$/ton)** | **Total**<br> **Cost**<br> **(US$M)** |
| Preproduction | 11.3 | 0.152 | 0.251 | 0.264 | 0.742 | 1.000 | 0.187 | 0.126 | 0.577 | 3.300 | 37.4 |
| 1 | 71.2 | 0.148 | 0.177 | 0.257 | 0.684 | 0.332 | 0.051 | 0.061 | 0.117 | 1.826 | 130 |
| 2 | 71.2 | 0.148 | 0.177 | 0.257 | 0.802 | 0.332 | 0.051 | 0.062 | 0.119 | 1.947 | 138.6 |
| 3 | 71.2 | 0.147 | 0.177 | 0.252 | 0.711 | 0.331 | 0.051 | 0.061 | 0.117 | 1.846 | 131.4 |
| 4 | 74.3 | 0.149 | 0.176 | 0.257 | 0.803 | 0.318 | 0.050 | 0.061 | 0.111 | 1.924 | 143 |
| 5 | 81.5 | 0.148 | 0.175 | 0.255 | 0.848 | 0.290 | 0.047 | 0.058 | 0.104 | 1.925 | 156.9 |
| 6 | 81.5 | 0.148 | 0.175 | 0.255 | 0.806 | 0.289 | 0.047 | 0.058 | 0.103 | 1.882 | 153.4 |
| 7 | 81.5 | 0.149 | 0.175 | 0.257 | 0.783 | 0.289 | 0.047 | 0.058 | 0.103 | 1.861 | 151.6 |
| 8 | 81.5 | 0.149 | 0.175 | 0.257 | 0.856 | 0.289 | 0.047 | 0.058 | 0.104 | 1.936 | 157.8 |
| 9 | 82 | 0.149 | 0.175 | 0.260 | 0.907 | 0.288 | 0.047 | 0.059 | 0.105 | 1.990 | 163.1 |
| 10 | 82 | 0.149 | 0.175 | 0.259 | 0.772 | 0.288 | 0.047 | 0.058 | 0.102 | 1.851 | 151.7 |
| 11-15 | 410 | 0.149 | 0.175 | 0.258 | 0.915 | 0.282 | 0.047 | 0.059 | 0.105 | 1.990 | 815.8 |
| 16-20 | 410 | 0.149 | 0.175 | 0.258 | 0.944 | 0.283 | 0.047 | 0.060 | 0.106 | 2.020 | 828.3 |
| 21-25 | 410 | 0.149 | 0.175 | 0.258 | 1.108 | 0.282 | 0.047 | 0.061 | 0.109 | 2.188 | 897.2 |
| 26-30 | 386 | 0.149 | 0.175 | 0.260 | 0.974 | 0.300 | 0.048 | 0.061 | 0.111 | 2.079 | 802.5 |
| 31-35 | 378 | 0.150 | 0.176 | 0.262 | 0.815 | 0.308 | 0.049 | 0.061 | 0.110 | 1.929 | 729.2 |
| 36-40 | 361 | 0.149 | 0.176 | 0.260 | 0.939 | 0.321 | 0.050 | 0.063 | 0.116 | 2.074 | 749.8 |
| 41-45 | 352 | 0.149 | 0.177 | 0.259 | 1.015 | 0.329 | 0.050 | 0.065 | 0.120 | 2.165 | 763.4 |
| 46-51 | 319.5 | 0.149 | 0.180 | 0.260 | 1.379 | 0.353 | 0.056 | 0.075 | 0.146 | 2.597 | 8298 |
| **Total or Avg** | **3816.9** | **0.149** | **0.176** | **0.259** | **0.961** | **0.307** | **0.049** | **0.062** | **0.115** | **2.078** | **7931.1** |

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Note: Totals may not match due to rounding

**18.3.4** **Process Operating Costs** 

The LOM average process operating cost was estimated at US$16.65/ton for process plant and US$2.49/ton for heap leach operation (oxide and transition material). Table 18-10 summarizes the LOM operating costs expected for the process area.

**Table 18-10: Process Plant Operating Cost Summary**

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|:---|:---|:---|
| **Cost Center** | **M US$/a** | **US$/ton (LOM Average)** |
| Reagents | 177 | 8.61 |
| Consumables | 51 | 2.47 |
| Plant Maintenance | 21 | 1.03 |
| Mobile Equipment | 2 | 0.09 |

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|:---|:---|:---|
| **Cost Center** | **M US$/a** | **US$/ton (LOM Average)** |
| Power | 76 | 3.66 |
| Labor | 16 | 0.80 |
| **Total (LOM) - Plant Feed** | **342** | **16.65** |
| Reagents and Consumables | 17 | 2.05 |
| Mobile Equipment | 2 | 0.26 |
| Labor | 2 | 0.19 |
| **Total (LOM) - Heap Leach Feed** | **20** | **2.49** |
| **Total (LOM) – Combined Processed** | **362** | **14.52** |

---

**18.3.4.1** **Labor** 

Process labor costs were derived from a staffing plan and applying prevailing hourly or annual labor rates in the area. The burden rates of 40% are included for salaried personnel and hourly personnel.

The staffing plan summary and labor costs are shown in Table 18-11 below.

**Table 18-11: Process Plant Labor Cost Summary**

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| | | | |
|:---|:---|:---|:---|
| **Staff** | **Number of personnel** | **Annual Labor Cost (US$M/a)** | **Labor Cost (US$/ton)** |
| Process Plant Administration | 6 | 0.7 | 0.03 |
| Process Plant Operation | 76 | 7.8 | 0.37 |
| Process Plant Maintenance | 47 | 5.3 | 0.26 |
| Technical Services | 26 | 2.7 | 0.13 |
| **Process Plant Sub-Total** | **155** | **16.4** | **0.80** |
| Heap Leach Operation | 16 | 1.5 | 0.19 |
| **Heap Leach Sub-Total** | **16** | **1.5** | **0.19** |
| **Total (Process Plant + Heap Leach)** | 171 | 17.5 | 0.56 |

---

Note: Totals may not match due to rounding

The estimated labor costs are US$0.80/ton for process plant and US$0.17/ton for heap leach operation. A total of 171 persons are required for the process plant, process maintenance shop, and heap leach operation.

**18.3.4.2** **Electrical Power** 

The LOM average of electrical energy consumption in the process area is estimated to be 1,008 gigawatt-hours per year (GWh/a) or approximately 34.4 kilowatt-hours per ton (kWh/ton) of milled and heap leach material.

Electricity will be provided to site at a unit cost of US$0.075/kWh based on the recent operation (2021 to 2023).

The unit power cost is estimated at US$3.66/ton processed.

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**18.3.4.3** **Plant Maintenance** 

An allowance was made to cover the cost of maintenance of all items not specifically identified and the cost of maintenance of the facilities. The allowance was calculated for each project area as a percentage of the tangible equipment cost. The cost for maintenance supplies was estimated at US$1.03/ton processed.

**18.3.4.4** **Reagents** 

Individual reagent consumption rates were estimated based on metallurgical testwork results and benchmarking against similar project operations. Budgetary quotations for reagents were obtained from local suppliers where available, with an allowance for freight to site.

A summary of process reagent consumption and costs are included in Table 18-12.

**Table 18-12: Reagent Consumption Summary**

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| | | | |
|:---|:---|:---|:---|
| **Item** | **Unit Consumption<br> Rate (t/Mton plant feed)** | **Unit Cost<br> (US$)** | **Cost <br> (US$/ton) LOM Average** |
| Flotation | Flotation | Flotation | Flotation |
| Collector (PAX) | 0.43 | 3310 | 1.49 |
| Frother (MIBC) | 0.04 | 3310 | 0.14 |
| Sulfuric acid (H<sub>2</sub>SO<sub>4</sub>) | 0.00 | 150 | 0.00 |
| Concentrate Thickening | Concentrate Thickening | Concentrate Thickening | Concentrate Thickening |
| Flocculant | 0.01 | 3780 | 0.05 |
| POX, Neutralization, Concentrate Leach | POX, Neutralization, Concentrate Leach | POX, Neutralization, Concentrate Leach | POX, Neutralization, Concentrate Leach |
| Quick lime | 5.44 | 280 | 1.58 |
| Flocculant | 0.03 | 3780 | 0.10 |
| Limestone | 43.01 | 82 | 3.66 |
| Flocculant | 0.00 | 3780 | 0.01 |
| Sodium cyanide | 0.51 | 2644 | 1.39 |
| CCD & Cyanide Destruction | CCD & Cyanide Destruction | CCD & Cyanide Destruction | CCD & Cyanide Destruction |
| Flocculant | 0.06 | 3780 | 0.22 |
| Sodium Metabisulphite (SMBS) | 0.18 | 1124 | 0.21 |
| Copper Sulfate (CuSO<sub>4</sub>) | 0.02 | 4100 | 0.07 |
| Process Services (incl. Oxygen Plant) | Process Services (incl. Oxygen Plant) | Process Services (incl. Oxygen Plant) | Process Services (incl. Oxygen Plant) |
| Antiscalant | 0.02<sup>2</sup> | 6243 | 0.11 |
| Tailings and Reclaim | Tailings and Reclaim | Tailings and Reclaim | Tailings and Reclaim |
| Flocculant | 0.05 | 3780 | 0.18 |
| Merrill Crowe | Merrill Crowe | Merrill Crowe | Merrill Crowe |
| Zinc dust | 0.03 | 7500 | 0.24 |
| Diatomaceous earth | 0.07 | 650 | 0.05 |
| Refinery | Refinery | Refinery | Refinery |
| Borax | 0.60<sup>3</sup> | 2373 | 0.00 |
| Silica | 0.30<sup>3</sup> | 1909 | 0.00 |
| Sodium Nitrate | 0.050<sup>3</sup> | 1920 | 0.00 |

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|:---|:---|:---|:---|
| **Item** | **Unit Consumption<br> Rate (t/Mton plant feed)** | **Unit Cost<br> (US$)** | **Cost <br> (US$/ton) LOM Average** |
| Sodium Carbonate | 0.050<sup>3</sup> | 683 | 0.00 |
| **Process Plant Sub-Total** | **-** | **-** | **8.61** |
| Heap Leach | Heap Leach | Heap Leach | Heap Leach |
| Quick lime | 4.50 | 280 | 1.40 |
| Cyanide | 0.25 | 2644 | 0.73 |
| Zinc dust | 0.01 | 7500 | 0.04 |
| Diatomaceous earth | 0.05 | 650 | 0.03 |
| **Heap Leach Sub-Total** | **-** | **-** | **2.05** |
| **Total (Process Plant + Heap Leach)** | **-** | **-** | **6.02** |

---

Note:

1. Totals
 may not match due to rounding

2. The
 unit consumption rate is expressed as L/ton of plant feed.

3. The
 unit consumption rate is expressed as lb/lb precipitate.

The cost of reagents was estimated at US$8.61/ton for process plant and US$2.05/ton for heap leach operation.

**18.3.4.5** **Consumables** 

Wear material (crusher and grinding mill liners and screen panels) and grinding media were based on industry practice for the crusher and grinding operations. A summary of process consumable consumption and costs are included in Table 18-13.

**Table 18-13: Process Plant Consumable Consumption Summary**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Consumption Rate** | **Units** | **Unit Cost<br> (US$'000)** | **Cost<br> (US$'000/a)** | **Cost <br> (US$/ton) LOM Average** |
| **Crushing** | **Crushing** | **Crushing** | **Crushing** | **Crushing** | **Crushing** |
| Primary gyratory crusher liners | 3 | units/a | 527 | 1580 | 0.08 |
| Secondary crusher liners | 6 | units/a | 253 | 1515 | 0.08 |
| Tertiary crusher liners | 6 | units/a | 253 | 1515 | 0.08 |
| Secondary screen deck panels | 16 | units/a | 57 | 917 | 0.05 |
| Tertiary screen deck panels | 8 | units/a | 40 | 321 | 0.02 |
| **Grinding and Screening** | **Grinding and Screening** | **Grinding and Screening** | **Grinding and Screening** | **Grinding and Screening** | **Grinding and Screening** |
| Ball mill media | 28469 | ton/a | 1.4 | 39914 | 2.11 |
| Ball mill liners | 4 | units/a | 913 | 3653 | 0.19 |
| Trash screen deck panels | 4 | units/a | 33 | 131 | 0.01 |
| **Limestone Preparation** | **Limestone Preparation** | **Limestone Preparation** | **Limestone Preparation** | **Limestone Preparation** | **Limestone Preparation** |
| Limestone cone crusher liner | 2 | units/a | 21 | 41 | 0.00 |
| Limestone ball mill media | 570 | ton/a | 1.4 | 800 | 0.04 |
| Limestone ball mill liner | 1 | units/a | 105 | 105 | 0.01 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Item** | **Consumption Rate** | **Units** | **Unit Cost<br> (US$'000)** | **Cost<br> (US$'000/a)** | **Cost <br> (US$/ton) LOM Average** |
| Trash screen deck panels | 2 | units/a | 7.2 | 14 | 0.00 |
| **Refinery** | **Refinery** | **Refinery** | **Refinery** | **Refinery** | **Refinery** |
| Crucibles | 12 | units/a | 1.9 | 23 | 0.00 |
| Miscellaneous consumables (filter cloths, bullion boxes, seals, labels) - allowance | - |  | 40 | 40 | 0.00 |
| **Refinery** | **Refinery** | **Refinery** | **Refinery** | **Refinery** | **Refinery** |
| Miscellaneous consumables (filter cloths, bullion boxes, seals, labels) - allowance | - | - | 1000 | 1000 | 0.05 |
| **Total** | - | - | - | - | 2.47 |

---

The cost of consumables was estimated at US$2.47/ton for process plant.

**18.3.5** **General and Administrative Operating Costs** 

The annual general and administrative costs to support the mining operations of US$13 million were developed on a unit cost and quantity basis and utilized data from similar project operating records.

G&A costs include expenses associated with site management, administrative support, and general site services required to sustain plant operations but not directly related to mineral processing activities. These costs cover site maintenance (e.g., road maintenance materials), human resources functions such as recruiting and training, health and safety programs, environmental monitoring and compliance, information technology and communications services, and general mobile support equipment. Additional G&A components include contracted services, insurance, permitting and licensing fees, sanitation and waste management, snow removal, accommodation and travel costs, and general office administration such as utilities, office supplies, postage, and audit services. These expenditures represent the overhead required to maintain safe, compliant, and efficient site operations.

These costs include G&A labor, such as site management, administrative staff, human resources personnel, health and safety staff, environmental personnel, and other support functions.

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| **19** | **Economic Analysis** |

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**19.1** **Overview** 

The results of the economic analysis discussed in this section represent forward-looking information as defined under U.S. securities law. The results depend on inputs that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those presented here.

Information that is forward-looking include:

● Mineral
 Resource Estimate

● assumed
 commodity prices and exchange rates

● the
 proposed mine production plan

● projected
 mining and process recovery rates

● assumptions
 as to mining dilution

● capital
 and operating cost estimates and working capital requirements

● assumptions
 as to closure costs and closure requirements

● assumptions
 as to environmental, permitting and social consideration and risks.

Additional risks to the forward-looking information include:

● changes
 to costs of production from what is assumed

● unrecognized
 environmental risks

● unanticipated
 reclamation expenses

● unexpected
 variations in quantity of mineralized material, grade or recovery rates

● geotechnical
 or hydrogeological considerations differing from what was assumed

● failure
 of mining methods to operate as anticipated

● failure
 of plant, equipment or processes to operate as anticipated

● changes
 to assumptions as to the availability of electrical power, and the power rates used in the
 operating cost estimates and financial analysis

● ability
 to maintain the social license to operate

● accidents,
 labor disputes and other risks of the mining industry

● changes
 to interest rates

● changes
 to tax rates and availability of allowances for depreciation and amortization.

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This economic assessment is preliminary in nature and there is no certainty that the economic assessment will be realized. However, the economic assessment does not include any inferred mineral resources.

**19.2** **Methodologies Used** 

The project has been evaluated using a discounted cash flow (DCF) analysis based on a 5% discount rate. Cash inflows consist of annual revenue projections. Cash outflows consist of capital expenditures, including pre-production costs, operating costs, taxes, and royalties. These are subtracted from the inflows to arrive at the annual cash flow projections. Cash flows are taken to occur at the midpoint of each period.

It must be noted that tax calculations involve complex variables that can only be accurately determined during operations, and as such, the actual post-tax results may differ from those estimated. A sensitivity analysis was performed to assess the impact of variations in metals price, discount rate, head grade, recovery, total operating costs, and initial capital costs. The capital and operating cost estimates developed specifically for this project are presented in Section 18 of this report in Q1 2026 US dollars. The economic analysis has been run on a constant dollar basis with no inflation.

**19.3** **Financial Model Parameters** 

**19.3.1** **Assumptions** 

The economic analysis was performed assuming the base case silver price of US$48.00/oz and gold price of US$3,600/oz. The forecasts used are meant to reflect the average metals price expectation over the life of the project. No price inflation or escalation factors were considered. Commodity prices can be volatile, and there is the potential for deviation from the forecast.

The economic analysis also used the following assumptions:

● The
 construction period will be 24 months.

● The
 production life is 51 years, with the last year being a partial year.

● Cost
 estimates are in constant Q1 2026 US dollars for capital and operating costs, with no inflation
 or escalation factors considered.

● Results
 are based on 100% ownership with a 2.14% private royalty applying to NSR.

● Capital
 costs are funded with 100% equity (no financing assumed).

● All
 cash flows are discounted to the start of the construction period using a mid-period discounting
 convention.

● All
 metal products will be sold in the same year they are produced.

● Project
 revenue will be derived from the sale of gold-silver doré bars.

● No
 contractual arrangement for refining currently exists.

**19.3.2** **Taxes** 

Mining Tax Plan LLC has prepared the U.S federal and state income tax computation based on the Internal Revenue Code of 1986, as amended and the regulations thereunder including Nevada Revised Statutes as in effect as of May 1, 2026. Any subsequent changes or modifications to U.S. federal or state tax statutes, regulations or to the judicial and administrative interpretations thereof may impact the federal and state income tax computations. We have not audited or verified any of the economic or operating assumptions of the Preliminary Economic Assessment but have made inquiries to properly classified revenue, expenses and capital expenditures consistent with federal and state income tax statutes, regulations and case law.

The following is a summary of tax elections incorporated into this tax computation:

● The
 overall effective federal and state income tax rate for Hycroft Mining Holding Corporation
 is 21% for federal tax purposes. Nevada does not impose income tax.

● All
 tax elections have been made in order to maximize the net present value of the mine on an
 annual basis to the extent allowed.

● The
 Hycroft mine will be treated as a single mineral property under Section 614.

● Hycroft
 will elect to deduct exploration costs under Section 168(a) and deduct mine development under
 Section 616(a) subject to the corporate preference adjustment under Section 291(b)(2) to
 the extent incurred.

● Hycroft
 will not elect out of federal Section 168(k) bonus depreciation except for tax year 2028.

● Hycroft
 will elect Section 468 to deduct reclamation over the life of the mine.

● Hycroft
 will sell its production outside of the U.S. and is therefore eligible for Section 250 FDII
 deduction available on exported goods.

● Hycroft's
 net operating losses and other tax attributes as of December 31, 2025 of Hycroft utilized
 in this model are subject to prior Section 382 limitations.

● No
 Section 382 ownership changes are expected to occur after December 31, 2025 which could limit
 the availability of tax attributes during the construction and/or during the subsequent operation
 of the mine.

● The
 Nevada gold and silver excise tax liability has been computed in accordance with the Nevada
 Revised Statue 363D and the administrative code thereunder. The tax applies on gross revenue
 in excess of $20,000,000 but not more than $150,000,000, at a rate of 0.75% with an annual
 exemption on the first $20 million in sales and thereafter sales are tax at a rate of 1.10%.

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The Nevada Net Proceeds of Mines tax liability has been computed in accordance with the Nevada Revised Statue 362 and the administrative code thereunder. The tax rate applied is 5.0% based on the annual profitability of the Mine.

At the assumed metal prices, total payments are estimated to be US$3,618 million over the LOM.

**19.3.3** **Royalties** 

Royalties payable for the Hycroft Project include a 2.14% private NSR royalty (1.5% NSR grossed up 30% for withholding taxes). Total royalty payments are US$1,155 million over the life of the mine and are part of the project economics.

**19.4** **Economic Analysis** 

The economic analysis was performed assuming a 5% discount rate. The pre-tax NPV discounted at 5% is US$5,437 million; the IRR is 18.9%, and payback period is 4.3 years. On a post-tax basis, the NPV discounted at 5% is US$4,344 million, the IRR is 16.9%, and the payback period is 4.7 years. A summary of project economics is shown graphically in Figure 19-1 and listed in Table 19-1. The analysis was done on an annual cashflow basis; the cashflow output is shown Table 19-2.

Readers are cautioned that the assessment is preliminary in nature and there is no certainty that the economic assessment will be realized However, it does not include any inferred mineral resources.

**Figure 19-1 : Project Post-Tax Unlevered Cashflow**

Source: Ausenco, 2026

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**Table 19-1: Economic Analysis Summary Table**

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|:---|:---|
| | **Value** |
| **General Inputs** | **General Inputs** |
| Gold Price | 3600 |
| Silver Price | 48.00 |
| Discount Rate | 5.0 |
| **LOM Production** | **LOM Production** |
| Total Mineralized Material Mined | 1496134 |
| Total Waste Mined | 2320719 |
| Average Strip Ratio | 1.55 |
| Life of Mine | 50.5 |
| Total Mill Feed Processed | 1046284 |
| Average Mill Feed Grade (Au) | 0.012 |
| Average Mill Feed Grade (Ag) | 0.43 |
| Total Leach Material Processed | 210010 |
| Average Leach Feed Grade (Au) | 0.005 |
| Average Leach Feed Grade (Ag) | 0.12 |
| Total Recovered Gold | 10476 |
| Total Recovered Silver | 349208 |
| Average Mill Feed Gold Recovery | 82.8 |
| Average Mill Feed Silver Recovery | 77.5 |
| Average Leach Gold Recovery | 40.0 |
| Average Leach Silver Recovery | 12.0 |
| Life of Mine Payable Gold Production | 10424 |
| Life of Mine Payable Silver Production | 347462 |
| Life of Mine Payable Gold Equivalent Production | 15057 |
| **Refining, Royalties** | **Refining, Royalties** |
| Gold Payable | 99.5 |
| Silver Payable | 99.5 |
| NSR Royalty | 2.14 |
| Refining Costs – Au | 5.00 |
| Refining Costs – Ag | 0.50 |
| **LOM Operating Costs** | **LOM Operating Costs** |
| Mining Cost | 2.28 |
| Mining Cost | 6.91 |
| Processing Cost | 14.52 |
| G&A Cost | 0.53 |
| Total Operating Cost | 21.96 |
| Cash Costs<sup>1</sup> | 1924 |
| All-In Sustaining Cost<sup>2</sup> | 2147 |
| **Capital Costs** | **Capital Costs** |
| Initial Capital | 2434 |
| Sustaining Capital | 3107 |
| Closure Costs | 243 |
| **Financials** | **Financials** |
| Pre-Tax NPV (5%) | 5437 |
| Pre-Tax IRR | 18.9 |
| Pre-Tax Payback | 4.3 |
| Post-Tax NPV (5%) | 4344 |
| Post-Tax IRR | 16.9 |
| Post-Tax Payback | 4.7 |

---

Notes:

1. Cash
 costs consist of mining costs, processing costs, mine-level G&A and refining charges
 and royalties.

2. AISC
 includes cash costs plus sustaining capital and closure costs.

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**Table 19-2 : Life of Mine Economics**

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Units** | **Total/Avg** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** | **12** | **13** | **14** | **15** | **16** | **17** | **18** | **19** | **20** | **21** | **22** | **23** | **24** | **25** | **26** |
| Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow |
| Revenue | US$M | 54205 |  | 22 | 878 | 1119 | 1573 | 1431 | 1303 | 1325 | 1240 | 1102 | 937 | 971 | 906 | 969 | 1165 | 965 | 1008 | 935 | 830 | 914 | 855 | 796 | 998 | 1517 | 1503 | 1692 | 1509 | 1374 |
| Operating Cost | US$M | (27592) |  | (18) | (444) | (563) | (592) | (591) | (639) | (601) | (556) | (555) | (543) | (541) | (574) | (566) | (584) | (562) | (575) | (568) | (590) | (598) | (567) | (533) | (541) | (540) | (530) | (541) | (580) | (547) |
| Refining Charges | US$M | (226) |  | (0) | (2) | (4) | (6) | (6) | (5) | (5) | (5) | (3) | (3) | (4) | (4) | (4) | (5) | (4) | (4) | (4) | (3) | (4) | (3) | (3) | (4) | (6) | (7) | (10) | (8) | (6) |
| Royalties | US$M | (1155) |  | (0) | (19) | (24) | (34) | (30) | (28) | (28) | (26) | (24) | (20) | (21) | (19) | (21) | (25) | (21) | (21) | (20) | (18) | (19) | (18) | (17) | (21) | (32) | (32) | (36) | (32) | (29) |
| EBITDA | US$M | 25232 |  | 3 | 413 | 528 | 942 | 803 | 631 | 691 | 652 | 520 | 370 | 405 | 309 | 378 | 551 | 378 | 408 | 343 | 219 | 292 | 266 | 243 | 431 | 939 | 934 | 1106 | 889 | 791 |
| Initial Capex | US$M | (2434) | (672) | (1762) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining Capex | US$M | (3107) |  |  | (179) | (180) | (18) | (20) | (52) | (45) | (131) | (20) | (44) | (74) | (31) | (140) | (31) | (31) | (31) | (30) | (30) | (30) | (30) | (179) | (155) | (56) | (56) | (56) | (204) | (8) |
| Closure Capex | US$M | (243) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Changes in Working Capital | US$M |  |  | (1) | (35) | (10) | (19) | 6 | 5 | (1) | 3 | 6 | 7 | (1) | 3 | (3) | (8) | 8 | (2) | 3 | 4 | (3) | 2 | 2 | (8) | (21) | 1 | (8) | 8 | 6 |
| Pre-Tax Unlevered Free Cash Flow | US$M | 19447 | (672) | (1760) | 199 | 338 | 905 | 788 | 585 | 646 | 525 | 506 | 333 | 330 | 280 | 236 | 512 | 355 | 375 | 316 | 194 | 259 | 238 | 67 | 268 | 862 | 879 | 1043 | 692 | 788 |
| Pre-Tax Cumulative Unlevered Free Cash Flow | US$M | 19447 | (672) | (2432) | (2233) | (1895) | (989) | (201) | 384 | 1030 | 1554 | 2060 | 2393 | 2723 | 3003 | 3239 | 3751 | 4107 | 4481 | 4798 | 4991 | 5250 | 5489 | 5556 | 5824 | 6686 | 7564 | 8607 | 9299 | 10087 |
| Tax Payable | US$M | (3618) |  | (0) | (9) | (27) | (38) | (69) | (67) | (70) | (78) | (76) | (81) | (53) | (54) | (45) | (48) | (85) | (57) | (61) | (49) | (31) | (41) | (36) | (25) | (64) | (156) | (157) | (184) | (124) |
| Post-Tax Unlevered Free Cash Flow | US$M | 15829 | (672) | (1760) | 190 | 311 | 867 | 719 | 518 | 576 | 447 | 430 | 252 | 277 | 226 | 191 | 464 | 270 | 318 | 256 | 144 | 228 | 198 | 31 | 243 | 798 | 723 | 885 | 508 | 664 |
| Post-Tax Cumulative Unlevered Free Cash Flow | US$M | 15829 | (672) | (2432) | (2242) | (1931) | (1063) | (344) | 174 | 750 | 1197 | 1627 | 1878 | 2156 | 2382 | 2573 | 3037 | 3307 | 3625 | 3880 | 4025 | 4253 | 4451 | 4482 | 4725 | 5523 | 6245 | 7131 | 7639 | 8302 |
| Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production | Production |
| Total Resource Mined | kton | 1496134 |  | 2462 | 25898 | 28882 | 53915 | 46012 | 50111 | 47788 | 40873 | 38365 | 23852 | 26046 | 35948 | 36182 | 37057 | 30048 | 32398 | 28549 | 27237 | 39479 | 37432 | 32344 | 33003 | 33513 | 29128 | 31589 | 35565 | 27504 |
| Total Waste Mined | kton | 2320719 |  | 8871 | 45302 | 42318 | 17285 | 28335 | 31389 | 33712 | 40627 | 43135 | 58149 | 55954 | 46052 | 45818 | 44943 | 51952 | 49602 | 53451 | 54763 | 42521 | 44568 | 49656 | 48997 | 48487 | 52872 | 50411 | 46435 | 54496 |
| Strip Ratio | w:o | 1.55 |  | 3.60 | 1.75 | 1.47 | 0.32 | 0.62 | 0.63 | 0.71 | 0.99 | 1.12 | 2.44 | 2.15 | 1.28 | 1.27 | 1.21 | 1.73 | 1.53 | 1.87 | 2.01 | 1.08 | 1.19 | 1.54 | 1.48 | 1.45 | 1.82 | 1.60 | 1.31 | 1.98 |
| Mill Feed | kton | 1046284 |  |  | 14068 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 |
| Mill Head Grade (Au) | oz/ton | 0.012 |  |  | 0.016 | 0.013 | 0.016 | 0.015 | 0.014 | 0.014 | 0.013 | 0.014 | 0.012 | 0.011 | 0.009 | 0.010 | 0.011 | 0.011 | 0.011 | 0.010 | 0.009 | 0.010 | 0.010 | 0.010 | 0.012 | 0.018 | 0.015 | 0.014 | 0.012 | 0.014 |
| Mill Head Grade (Ag) | oz/ton | 0.43 |  |  | 0.21 | 0.35 | 0.52 | 0.53 | 0.43 | 0.43 | 0.52 | 0.25 | 0.23 | 0.34 | 0.37 | 0.37 | 0.52 | 0.35 | 0.31 | 0.36 | 0.31 | 0.32 | 0.26 | 0.25 | 0.34 | 0.51 | 0.72 | 1.04 | 0.83 | 0.58 |
| Mill Recovery (Au) | % | 82.8 |  |  | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 |
| Mill Recovery (Ag) | % | 77.5 |  |  | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 |
| Heap Leach Feed | kton | 210010 |  | 2462 | 10825 | 5740 | 17228 | 14623 | 16614 | 14813 | 6350 | 3376 | 107 | 2840 | 8654 | 6052 | 8301 | 511 | 11056 | 5116 | 4817 | 4907 | 2201 | 126 | 388 | 2900 | 4704 | 9451 | 12335 | 4375 |
| Heap Leach Head Grade (Au) | oz/ton | 0.005 |  | 0.006 | 0.006 | 0.005 | 0.007 | 0.005 | 0.005 | 0.006 | 0.005 | 0.006 | 0.004 | 0.003 | 0.004 | 0.004 | 0.005 | 0.005 | 0.005 | 0.004 | 0.005 | 0.005 | 0.004 | 0.005 | 0.004 | 0.004 | 0.003 | 0.004 | 0.005 | 0.005 |
| Heap Leach Head Grade (Ag) | oz/ton | 0.12 |  | 0.13 | 0.13 | 0.09 | 0.09 | 0.16 | 0.08 | 0.17 | 0.18 | 0.14 | 0.06 | 0.08 | 0.13 | 0.10 | 0.11 | 0.18 | 0.08 | 0.11 | 0.14 | 0.14 | 0.11 | 0.12 | 0.11 | 0.15 | 0.10 | 0.12 | 0.15 | 0.16 |
| Heap Leach Recovery (Au) | % | 40 |  | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 | 40 |
| Heap Leach Recovery (Ag) | % | 12 |  | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Payable Gold | koz | 10424 |  | 6 | 211 | 236 | 324 | 280 | 268 | 272 | 230 | 252 | 211 | 197 | 170 | 188 | 211 | 193 | 212 | 182 | 162 | 184 | 181 | 169 | 204 | 312 | 264 | 246 | 238 | 256 |
| Payable Silver | koz | 347462 |  | 39 | 2455 | 5639 | 8474 | 8801 | 7041 | 7209 | 8556 | 4040 | 3725 | 5450 | 6154 | 6071 | 8425 | 5601 | 5092 | 5843 | 5129 | 5209 | 4221 | 3947 | 5503 | 8235 | 11546 | 16806 | 13600 | 9426 |
| Payable Gold Equivalent | koz | 15057 |  | 6 | 244 | 311 | 437 | 397 | 362 | 368 | 345 | 306 | 260 | 270 | 252 | 269 | 324 | 268 | 280 | 260 | 231 | 254 | 237 | 221 | 277 | 422 | 417 | 470 | 419 | 382 |
| Revenue | US$M | 54205 |  | 22 | 878 | 1119 | 1573 | 1431 | 1303 | 1325 | 1240 | 1102 | 937 | 971 | 906 | 969 | 1165 | 965 | 1008 | 935 | 830 | 914 | 855 | 796 | 998 | 1517 | 1503 | 1692 | 1509 | 1374 |
| Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs | Operating Costs |
| Total Operating Costs | US$M | 27592 |  | 18 | 444 | 563 | 592 | 591 | 639 | 601 | 556 | 555 | 543 | 541 | 574 | 566 | 584 | 562 | 575 | 568 | 590 | 598 | 567 | 533 | 541 | 540 | 530 | 541 | 580 | 547 |
| Mine Operating Costs | US$M | 8683 |  |  | 143 | 152 | 145 | 157 | 173 | 169 | 167 | 174 | 179 | 167 | 179 | 179 | 179 | 179 | 179 | 182 | 182 | 182 | 182 | 182 | 197 | 197 | 197 | 197 | 197 | 177 |
| Processing Costs | US$M | 18245 |  | 11 | 288 | 397 | 434 | 421 | 453 | 418 | 376 | 369 | 351 | 361 | 382 | 374 | 391 | 370 | 382 | 373 | 394 | 403 | 372 | 338 | 331 | 330 | 320 | 330 | 370 | 358 |
| G&A Costs | US$M | 664 |  | 7 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |

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| | **Units** | **Total/Avg** | **-2** | **-1** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8** | **9** | **10** | **11** | **12** | **13** | **14** | **15** | **16** | **17** | **18** | **19** | **20** | **21** | **22** | **23** | **24** | **25** | **26** |
| Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties | Refining Costs & Royalties |
| Refining Charge | US$M | 226 |  | 0 | 2 | 4 | 6 | 6 | 5 | 5 | 5 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 3 | 4 | 3 | 3 | 4 | 6 | 7 | 10 | 8 | 6 |
| Total Revenue | US$M | 54205 |  | 22 | 878 | 1119 | 1573 | 1431 | 1303 | 1325 | 1240 | 1102 | 937 | 971 | 906 | 969 | 1165 | 965 | 1008 | 935 | 830 | 914 | 855 | 796 | 998 | 1517 | 1503 | 1692 | 1509 | 1374 |
| Less: Refining Costs | US$M | (226) |  | (0) | (2) | (4) | (6) | (6) | (5) | (5) | (5) | (3) | (3) | (4) | (4) | (4) | (5) | (4) | (4) | (4) | (3) | (4) | (3) | (3) | (4) | (6) | (7) | (10) | (8) | (6) |
| Total Net Revenue | US$M | 53979 |  | 22 | 876 | 1115 | 1567 | 1425 | 1298 | 1320 | 1235 | 1099 | 934 | 967 | 902 | 965 | 1160 | 961 | 1004 | 931 | 826 | 910 | 852 | 793 | 994 | 1512 | 1496 | 1683 | 1501 | 1368 |
| NSR Royalty | % | 2.14 |  | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 |
| Royalties | US$M | 1155 |  | 0 | 19 | 24 | 34 | 30 | 28 | 28 | 26 | 24 | 20 | 21 | 19 | 21 | 25 | 21 | 21 | 20 | 18 | 19 | 18 | 17 | 21 | 32 | 32 | 36 | 32 | 29 |
| Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs | Cash Costs |
| Cash Cost<sup>1</sup> | US$/oz AuEq | 1924 |  | 3066 | 1907 | 1901 | 1444 | 1580 | 1855 | 1722 | 1706 | 1901 | 2176 | 2097 | 2373 | 2195 | 1897 | 2188 | 2144 | 2279 | 2649 | 2448 | 2480 | 2499 | 2043 | 1372 | 1363 | 1247 | 1480 | 1527 |
| All-in Sustaining Cost (AISC <sup>2</sup>) | US$/oz AuEq | 2147 |  | 3066 | 2639 | 2480 | 1486 | 1631 | 1998 | 1843 | 2088 | 1967 | 2346 | 2371 | 2497 | 2714 | 1993 | 2305 | 2255 | 2394 | 2779 | 2566 | 2606 | 3307 | 2603 | 1505 | 1497 | 1366 | 1968 | 1549 |
| Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures | Capital Expenditures |
| Initial Capital | US$M | 2434 | 672 | 1762 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Sustaining Capital | US$M | 3107 |  |  | 179 | 180 | 18 | 20 | 52 | 45 | 131 | 20 | 44 | 74 | 31 | 140 | 31 | 31 | 31 | 30 | 30 | 30 | 30 | 179 | 155 | 56 | 56 | 56 | 204 | 8 |
| Closure Cost | US$M | 243 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Capital Expenditures | US$M | 5785 | 672 | 1762 | 179 | 180 | 18 | 20 | 52 | 45 | 131 | 20 | 44 | 74 | 31 | 140 | 31 | 31 | 31 | 30 | 30 | 30 | 30 | 179 | 155 | 56 | 56 | 56 | 204 | 8 |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Units** | **27** | **28** | **29** | **30** | **31** | **32** | **33** | **34** | **35** | **36** | **37** | **38** | **39** | **40** | **41** | **42** | **43** | **44** | **45** | **46** | **47** | **48** | **49** | **50** | **51** | **52** | **53** |
| Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow | Free Cash Flow |
| Revenue | US$M | 1361 | 1443 | 885 | 804 | 858 | 797 | 781 | 832 | 839 | 868 | 1117 | 1088 | 1085 | 1148 | 1353 | 860 | 790 | 781 | 744 | 734 | 909 | 1052 | 1034 | 1365 | 839 |  |  |
| Operating Cost | US$M | (535) | (531) | (549) | (539) | (527) | (524) | (521) | (522) | (528) | (543) | (554) | (557) | (524) | (508) | (514) | (527) | (526) | (531) | (549) | (516) | (511) | (508) | (500) | (482) | (323) |  |  |
| Refining Charges | US$M | (8) | (10) | (3) | (3) | (2) | (2) | (2) | (2) | (2) | (3) | (5) | (5) | (5) | (6) | (8) | (3) | (2) | (2) | (2) | (2) | (3) | (4) | (4) | (8) | (5) |  |  |
| Royalties | US$M | (29) | (31) | (19) | (17) | (18) | (17) | (17) | (18) | (18) | (19) | (24) | (23) | (23) | (24) | (29) | (18) | (17) | (17) | (16) | (16) | (19) | (22) | (22) | (29) | (18) |  |  |
| EBITDA | US$M | 788 | 871 | 313 | 245 | 310 | 255 | 241 | 290 | 290 | 303 | 535 | 503 | 532 | 610 | 803 | 312 | 244 | 231 | 177 | 200 | 376 | 517 | 508 | 846 | 493 |  |  |
| Initial Capex | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Sustaining Capex | US$M | (8) | (8) | (8) | (257) | (19) | (19) | (19) | (19) | (168) | (7) | (7) | (7) | (7) | (156) | (42) | (178) | (42) | (42) | (191) | (7) | (7) | (7) | (7) | (7) | (7) |  |  |
| Closure Capex | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (243) |
| Changes in Working Capital | US$M | 1 | (3) | 23 | 3 | (2) | 2 | 1 | (2) | (0) | (1) | (10) | 1 | 0 | (3) | (8) | 20 | 3 | 0 | 2 | 0 | (7) | (6) | 1 | (14) | 56 |  |  |
| Pre-Tax Unlevered Free Cash Flow | US$M | 780 | 859 | 327 | (8) | 288 | 238 | 222 | 268 | 122 | 295 | 518 | 498 | 526 | 452 | 752 | 154 | 205 | 189 | (12) | 194 | 362 | 505 | 502 | 825 | 542 |  | (243) |
| Pre-Tax Cumulative Unlevered Free Cash Flow | US$M | 10867 | 11727 | 12054 | 12046 | 12334 | 12572 | 12794 | 13063 | 13185 | 13480 | 13998 | 14495 | 15021 | 15472 | 16225 | 16378 | 16583 | 16772 | 16760 | 16954 | 17316 | 17821 | 18323 | 19148 | 19691 | 19691 | 19447 |
| Tax Payable | US$M | (136) | (137) | (145) | (50) | (20) | (42) | (40) | (39) | (46) | (30) | (53) | (91) | (86) | (92) | (86) | (129) | (37) | (37) | (34) | (16) | (28) | (64) | (88) | (90) | (142) | (76) |  |
| Post-Tax Unlevered Free Cash Flow | US$M | 644 | 723 | 183 | (58) | 268 | 195 | 182 | 230 | 76 | 265 | 465 | 406 | 439 | 360 | 666 | 24 | 168 | 152 | (46) | 179 | 333 | 441 | 414 | 736 | 401 | (76) | (243) |
| Post-Tax Cumulative Unlevered Free Cash Flow | US$M | 8947 | 9669 | 9852 | 9794 | 10062 | 10258 | 10440 | 10670 | 10746 | 11010 | 11475 | 11882 | 12321 | 12681 | 13347 | 13371 | 13539 | 13691 | 13645 | 13824 | 14157 | 14598 | 15012 | 15747 | 16148 | 16072 | 15829 |
| Production |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Resource Mined | kton | 31947 | 25705 | 25866 | 23273 | 23941 | 22778 | 22376 | 22505 | 22056 | 29225 | 22808 | 23934 | 23329 | 24785 | 23939 | 24033 | 22658 | 22494 | 23562 | 23102 | 23004 | 22195 | 21703 | 21680 | 12058 |  |  |
| Total Waste Mined | kton | 50053 | 48295 | 48134 | 50727 | 50059 | 53222 | 53624 | 53495 | 53944 | 46775 | 51192 | 46566 | 47171 | 45715 | 46561 | 46467 | 47842 | 48006 | 47038 | 47498 | 49370 | 33556 | 33706 | 19302 | 12300 |  |  |
| Strip Ratio | w:o | 1.57 | 1.88 | 1.86 | 2.18 | 2.09 | 2.34 | 2.40 | 2.38 | 2.45 | 1.60 | 2.24 | 1.95 | 2.02 | 1.84 | 1.95 | 1.93 | 2.11 | 2.13 | 2.00 | 2.06 | 2.15 | 1.51 | 1.55 | 0.89 | 1.02 |  |  |
| Mill Feed | kton | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 20841 | 11008 |  |  |
| Mill Head Grade (Au) | oz/ton | 0.010 | 0.009 | 0.010 | 0.010 | 0.011 | 0.011 | 0.011 | 0.011 | 0.011 | 0.009 | 0.012 | 0.011 | 0.012 | 0.010 | 0.011 | 0.010 | 0.011 | 0.011 | 0.010 | 0.010 | 0.011 | 0.012 | 0.011 | 0.011 | 0.011 |  |  |
| Mill Head Grade (Ag) | oz/ton | 0.90 | 1.13 | 0.32 | 0.20 | 0.18 | 0.16 | 0.16 | 0.19 | 0.19 | 0.30 | 0.47 | 0.53 | 0.47 | 0.69 | 0.85 | 0.28 | 0.16 | 0.16 | 0.14 | 0.14 | 0.29 | 0.41 | 0.42 | 0.89 | 1.16 |  |  |

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Hycroft Mine Project Page 258 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Units** | **27** | **28** | **29** | **30** | **31** | **32** | **33** | **34** | **35** | **36** | **37** | **38** | **39** | **40** | **41** | **42** | **43** | **44** | **45** | **46** | **47** | **48** | **49** | **50** | **51** | **52** | **53** |
| Mill Recovery (Au) | % | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 | 82.8 |  |  |
| Mill Recovery (Ag) | % | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 | 77.5 |  |  |
| Heap Leach Feed | kton | 3916 | 1026 | 1303 | 209 | 1610 | 877 | 734 | 987 | 622 | 7636 | 406 | 1583 | 985 | 1940 | 1612 | 1548 | 66 | 251 | 580 | 351 | 270 | 324 | 114 | 102 | 86 |  |  |
| Heap Leach Head Grade (Au) | oz/ton | 0.004 | 0.005 | 0.005 | 0.004 | 0.004 | 0.002 | 0.002 | 0.004 | 0.004 | 0.005 | 0.004 | 0.006 | 0.004 | 0.004 | 0.003 | 0.003 | 0.004 | 0.002 | 0.003 | 0.004 | 0.003 | 0.006 | 0.005 | 0.005 | 0.004 |  |  |
| Heap Leach Head Grade (Ag) | oz/ton | 0.16 | 0.13 | 0.10 | 0.09 | 0.06 | 0.11 | 0.16 | 0.17 | 0.16 | 0.12 | 0.14 | 0.12 | 0.14 | 0.13 | 0.13 | 0.13 | 0.08 | 0.07 | 0.06 | 0.11 | 0.10 | 0.10 | 0.15 | 0.17 | 0.22 |  |  |
| Heap Leach Recovery (Au) | % | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 | 40.0 |  |  |
| Heap Leach Recovery (Ag) | % | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 |  |  |
| Payable Gold | koz | 184 | 159 | 177 | 180 | 199 | 187 | 183 | 191 | 193 | 176 | 209 | 189 | 199 | 171 | 193 | 179 | 184 | 182 | 176 | 174 | 190 | 204 | 197 | 188 | 102 |  |  |
| Payable Silver | koz | 14557 | 18152 | 5132 | 3251 | 2974 | 2576 | 2508 | 3042 | 3015 | 4861 | 7568 | 8511 | 7636 | 11133 | 13706 | 4522 | 2646 | 2617 | 2327 | 2242 | 4711 | 6600 | 6790 | 14329 | 9819 |  |  |
| Payable Gold Equivalent | koz | 378 | 401 | 246 | 223 | 238 | 222 | 217 | 231 | 233 | 241 | 310 | 302 | 301 | 319 | 376 | 239 | 219 | 217 | 207 | 204 | 253 | 292 | 287 | 379 | 233 |  |  |
| Revenue | US$M | 1361 | 1443 | 885 | 804 | 858 | 797 | 781 | 832 | 839 | 868 | 1117 | 1088 | 1085 | 1148 | 1353 | 860 | 790 | 781 | 744 | 734 | 909 | 1052 | 1034 | 1365 | 839 |  |  |
| Operating Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Operating Costs | US$M | 535 | 531 | 549 | 539 | 527 | 524 | 521 | 522 | 528 | 543 | 554 | 557 | 524 | 508 | 514 | 527 | 526 | 531 | 549 | 516 | 511 | 508 | 500 | 482 | 323 |  |  |
| Mine Operating Costs | US$M | 177 | 177 | 177 | 177 | 160 | 160 | 160 | 160 | 160 | 165 | 165 | 165 | 165 | 165 | 168 | 168 | 168 | 168 | 168 | 152 | 152 | 152 | 152 | 152 | 152 |  |  |
| Processing Costs | US$M | 346 | 342 | 360 | 349 | 354 | 350 | 347 | 349 | 355 | 366 | 376 | 379 | 346 | 330 | 333 | 346 | 346 | 350 | 368 | 351 | 346 | 343 | 335 | 317 | 164 |  |  |
| G&A Costs | US$M | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 7 |  |  |
| Refining Costs & Royalties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Refining Charge | US$M | 8 | 10 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 3 | 5 | 5 | 5 | 6 | 8 | 3 | 2 | 2 | 2 | 2 | 3 | 4 | 4 | 8 | 5 |  |  |
| Total Revenue | US$M | 1361 | 1443 | 885 | 804 | 858 | 797 | 781 | 832 | 839 | 868 | 1117 | 1088 | 1085 | 1148 | 1353 | 860 | 790 | 781 | 744 | 734 | 909 | 1052 | 1034 | 1365 | 839 |  |  |
| Less: Refining Costs | US$M | (8) | (10) | (3) | (3) | (2) | (2) | (2) | (2) | (2) | (3) | (5) | (5) | (5) | (6) | (8) | (3) | (2) | (2) | (2) | (2) | (3) | (4) | (4) | (8) | (5) |  |  |
| Total Net Revenue | US$M | 1352 | 1433 | 881 | 801 | 855 | 795 | 778 | 830 | 837 | 865 | 1112 | 1083 | 1080 | 1142 | 1346 | 857 | 787 | 779 | 742 | 732 | 906 | 1048 | 1030 | 1357 | 834 |  |  |
| NSR Royalty | % | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 | 2.14 |  |  |
| Royalties | US$M | 29 | 31 | 19 | 17 | 18 | 17 | 17 | 18 | 18 | 19 | 24 | 23 | 23 | 24 | 29 | 18 | 17 | 17 | 16 | 16 | 19 | 22 | 22 | 29 | 18 |  |  |
| Cash Costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash Cost<sup>1</sup> | US$/oz AuEq | 1515 | 1427 | 2327 | 2501 | 2300 | 2450 | 2489 | 2346 | 2355 | 2343 | 1876 | 1935 | 1833 | 1688 | 1465 | 2296 | 2487 | 2536 | 2742 | 2616 | 2113 | 1830 | 1833 | 1370 | 1485 |  |  |
| All-in Sustaining Cost (AISC <sup>2</sup>) | US$/oz AuEq | 1537 | 1448 | 2361 | 3651 | 2381 | 2537 | 2578 | 2430 | 3075 | 2372 | 1898 | 1958 | 1856 | 2176 | 1577 | 3042 | 2679 | 2730 | 3666 | 2649 | 2139 | 1853 | 1856 | 1387 | 1513 |  |  |
| Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Initial Capital | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Sustaining Capital | US$M | 8 | 8 | 8 | 257 | 19 | 19 | 19 | 19 | 168 | 7 | 7 | 7 | 7 | 156 | 42 | 178 | 42 | 42 | 191 | 7 | 7 | 7 | 7 | 7 | 7 |  |  |
| Closure Cost | US$M |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 243 |
| Total Capital Expenditures | US$M | 8 | 8 | 8 | 257 | 19 | 19 | 19 | 19 | 168 | 7 | 7 | 7 | 7 | 156 | 42 | 178 | 42 | 42 | 191 | 7 | 7 | 7 | 7 | 7 | 7 |  | 243 |

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Notes:

1. Cash
 costs consist of mining costs, processing costs, mine-level G&A and refining charges
 and royalties.

2. AISC
 includes cash costs plus sustaining capital and closure costs.

3. Dollar
 figures in Real 2026 US$M unless otherwise noted.

4. Total/Avg
 Column is for the entire LOM, Year -2 to Year 53.

Hycroft Mine Project Page 259 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**19.5** **Sensitivity Analysis** 

A sensitivity analysis was conducted on the base case NPV and IRR of the project using the following variables: discount rate, head grade, recovery, total operating cost, initial capital cost, as well as silver and gold prices, which were encompassed in a single variable, metal price. Table 19-3 and Table 19-4 summarize the pre-tax and post-tax sensitivities of the project.

**Table 19-3: Pre-Tax NPV (US$M) and IRR (%) Sensitivity Analysis**

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax NPV5% Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate | Pre-Tax IRR Sensitivity to Discount Rate |
| | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Discount Rate |  | (20%) | (10%) | 0% | 10% | 20% | Discount Rate |  | (20%) | (10%) | 0% | 10% | 10% | 10% | 20% |
| Discount Rate | 1.0% | 6399 | 10514 | 14629 | 18744 | 22859 | Discount Rate | 1.0% | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Discount Rate | 3.0% | 3391 | 6041 | 8690 | 11340 | 13989 | Discount Rate | 3.0% | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Discount Rate | 5.0% | 1746 | 3591 | 5437 | 7282 | 9127 | Discount Rate | 5.0% | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Discount Rate | 8.0% | 449 | 1650 | 2852 | 4054 | 5256 | Discount Rate | 8.0% | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Discount Rate | 10.0% | (36) | 919 | 1874 | 2829 | 3784 | Discount Rate | 10.0% | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
|  | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax NPV5% Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs | Pre-Tax IRR Sensitivity to Operating Costs |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Operating Costs |  | (20%) | (10%) | 0% | 10% | 20% | Operating Costs |  | (20%) | (10%) | 0% | 10% | 10% | 10% | 20% |
| Operating Costs | (20.0%) | 3639 | 5484 | 7329 | 9175 | 11020 | Operating Costs | (20.0%) | 14.5 | 18.9 | 23.1 | 27.2 | 27.2 | 27.2 | 31.1 |
| Operating Costs | (10.0%) | 2693 | 4538 | 6383 | 8228 | 10073 | Operating Costs | (10.0%) | 12.2 | 16.7 | 21 | 25.2 | 25.2 | 25.2 | 29.2 |
| Operating Costs |  | 1746 | 3591 | 5437 | 7282 | 9127 | Operating Costs |  | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Operating Costs | 10.0% | 800 | 2645 | 4490 | 6336 | 8181 | Operating Costs | 10.0% | 7.3 | 12.2 | 16.7 | 21.1 | 21.1 | 21.1 | 25.3 |
| Operating Costs | 20.0% | (146) | 1699 | 3544 | 5389 | 7234 | Operating Costs | 20.0% | 4.5 | 9.8 | 14.5 | 19.0 | 19.0 | 19.0 | 23.3 |
|  | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax NPV5% Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital | Pre-Tax IRR Sensitivity to Initial Capital |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Initial Capital |  | (20%) | (10%) | 0% | 10% | 20% | Initial Capital |  | (20%) | (10%) | 0% | 10% | 10% | 10% | 20% |
| Initial Capital | (20.0%) | 2208 | 4054 | 5899 | 7744 | 9589 | Initial Capital | (20.0%) | 12.5 | 18.1 | 23.5 | 28.6 | 28.6 | 28.6 | 33.4 |
| Initial Capital | (10.0%) | 1977 | 3822 | 5668 | 7513 | 9358 | Initial Capital | (10.0%) | 11 | 16.1 | 21 | 25.6 | 25.6 | 25.6 | 30.1 |
| Initial Capital |  | 1746 | 3591 | 5437 | 7282 | 9127 | Initial Capital |  | 9.8 | 14.5 | 18.9 | 23.2 | 23.2 | 23.2 | 27.3 |
| Initial Capital | 10.0% | 1515 | 3360 | 5206 | 7051 | 8896 | Initial Capital | 10.0% | 8.8 | 13.1 | 17.2 | 21.2 | 21.2 | 21.2 | 25 |
| Initial Capital | 20.0% | 1284 | 3129 | 4975 | 6820 | 8665 | Initial Capital | 20.0% | 8 | 12 | 15.8 | 19.5 | 19.5 | 19.5 | 23 |
|  | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax NPV5% Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade | Pre-Tax IRR Sensitivity to Head Grade |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Head Grade |  | (20%) | (10%) | 0% | 10% | 20% | Head Grade |  | (20%) | (10%) | 0% | 0% | 10% | 20% | 20% |
| Head Grade | (20.0%) | (1191) | 285 | 1761 | 3237 | 4713 | Head Grade | (20.0%) | 0.7 | 5.8 | 9.9 | 9.9 | 13.6 | 17.2 | 17.2 |
| Head Grade | (10.0%) | 277 | 1938 | 3599 | 5259 | 6920 | Head Grade | (10.0%) | 5.8 | 10.3 | 14.5 | 14.5 | 18.5 | 22.4 | 22.4 |
| Head Grade |  | 1746 | 3591 | 5437 | 7282 | 9127 | Head Grade |  | 9.8 | 14.5 | 18.9 | 18.9 | 23.2 | 27.3 | 27.3 |
| Head Grade | 10.0% | 3215 | 5245 | 7275 | 9304 | 11334 | Head Grade | 10.0% | 13.5 | 18.5 | 23.2 | 23.2 | 27.7 | 32.0 | 32.0 |
| Head Grade | 20.0% | 4684 | 6898 | 9112 | 11327 | 13541 | Head Grade | 20.0% | 17.1 | 22.3 | 27.3 | 27.3 | 32 | 36.5 | 36.5 |
|  | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax NPV5% Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery | Pre-Tax IRR Sensitivity to Recovery |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Recovery |  | (20%) | (10%) | 0% | 10% | 20% | Recovery |  | (20%) | (10%) | 0% | 0% | 10% | 20% | 20% |
| Recovery | (20.0%) | (1191) | 285 | 1761 | 3237 | 4713 | Recovery | (20.0%) | 0.7 | 5.8 | 9.9 | 9.9 | 13.6 | 17.2 | 17.2 |
| Recovery | (10.0%) | 277 | 1938 | 3599 | 5259 | 6920 | Recovery | (10.0%) | 5.8 | 10.3 | 14.5 | 14.5 | 18.5 | 22.4 | 22.4 |
| Recovery |  | 1746 | 3591 | 5437 | 7282 | 9127 | Recovery |  | 9.8 | 14.5 | 18.9 | 18.9 | 23.2 | 27.3 | 27.3 |
| Recovery | 10.0% | 3215 | 5245 | 7275 | 9304 | 11334 | Recovery | 10.0% | 13.5 | 18.5 | 23.2 | 23.2 | 27.7 | 32.0 | 32.0 |
| Recovery | 20.0% | 4684 | 6898 | 9112 | 11327 | 13541 | Recovery | 20.0% | 17.1 | 22.3 | 27.3 | 27.3 | 32 | 36.5 | 36.5 |

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Hycroft Mine Project Page 260 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Table 19-4: Post-Tax NPV (US$M) and IRR (%) Sensitivity Analysis**

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax NPV5% Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate | Post-Tax IRR Sensitivity to Discount Rate |
| | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Discount Rate |  | (20%) | (10%) | 0% | 10% | 20% | 20% | Discount Rate |  | (20%) | (10%) | 0% | 0% | 10% | 10% | 20% | 20% |
| Discount Rate | 1.0% | 5042 | 8472 | 11896 | 15306 | 18708 | 18708 | Discount Rate | 1.0% | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Discount Rate | 3.0% | 2584 | 4809 | 7027 | 9233 | 11433 | 11433 | Discount Rate | 3.0% | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Discount Rate | 5.0% | 1226 | 2790 | 4344 | 5887 | 7426 | 7426 | Discount Rate | 5.0% | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Discount Rate | 8.0% | 144 | 1176 | 2197 | 3209 | 4217 | 4217 | Discount Rate | 8.0% | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Discount Rate | 10.0% | (264) | 563 | 1379 | 2187 | 2991 | 2991 | Discount Rate | 10.0% | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
|  | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax NPV5% Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs | Post-Tax IRR Sensitivity to Operating Costs |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Operating Costs |  | (20%) | (10%) | 0% | 10% | 20% | 20% | Operating Costs |  | (20%) | (10%) | 0% | 0% | 10% | 10% | 20% | 20% |
| Operating Costs | (20.0%) | 2850 | 4399 | 5941 | 7477 | 7477 | 9009 | Operating Costs | (20.0%) | 12.9 | 17.0 | 17.0 | 20.8 | 20.8 | 24.5 | 24.5 | 28.2 |
| Operating Costs | (10.0%) | 2042 | 3598 | 5143 | 6684 | 6684 | 8219 | Operating Costs | (10.0%) | 10.8 | 15.0 | 15.0 | 18.9 | 18.9 | 22.7 | 22.7 | 26.4 |
| Operating Costs |  | 1226 | 2790 | 4344 | 5887 | 5887 | 7426 | Operating Costs |  | 8.6 | 12.9 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 |
| Operating Costs | 10.0% | 394 | 1978 | 3537 | 5088 | 5088 | 6630 | Operating Costs | 10.0% | 6.2 | 10.7 | 10.7 | 14.9 | 14.9 | 18.9 | 18.9 | 22.7 |
| Operating Costs | 20.0% | (456) | 1160 | 2725 | 4283 | 4283 | 5831 | Operating Costs | 20.0% | 3.5 | 8.5 | 8.5 | 12.8 | 12.8 | 16.9 | 16.9 | 20.9 |
|  | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax NPV5% Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital | Post-Tax IRR Sensitivity to Initial Capital |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Initial Capital |  | (20%) | (10%) | 0% | 10% | 20% | 20% | Initial Capital |  | (20%) | (10%) | 0% | 0% | 10% | 10% | 20% | 20% |
| Initial Capital | (20.0%) | 1644 | 3204 | 4754 | 6294 | 7830 | 7830 | Initial Capital | (20.0%) | 10.9 | 16.1 | 21.0 | 21.0 | 25.7 | 25.7 | 30.1 | 30.1 |
| Initial Capital | (10.0%) | 1436 | 2997 | 4549 | 6091 | 7628 | 7628 | Initial Capital | (10.0%) | 9.7 | 14.3 | 18.8 | 18.8 | 23.0 | 23.0 | 27.1 | 27.1 |
| Initial Capital |  | 1226 | 2790 | 4344 | 5887 | 7426 | 7426 | Initial Capital |  | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Initial Capital | 10.0% | 1015 | 2582 | 4137 | 5682 | 7223 | 7223 | Initial Capital | 10.0% | 7.7 | 11.7 | 15.4 | 15.4 | 19.0 | 19.0 | 22.5 | 22.5 |
| Initial Capital | 20.0% | 802 | 2375 | 3929 | 5477 | 7019 | 7019 | Initial Capital | 20.0% | 7 | 10.7 | 14.1 | 14.1 | 17.5 | 17.5 | 20.7 | 20.7 |
|  | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax NPV5% Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade | Post-Tax IRR Sensitivity to Head Grade |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Head Grade |  | (20%) | (10%) | 0% | 10% | 20% | 20% | Head Grade |  | (20%) | (10%) | 0% | 0% | 10% | 10% | 20% | 20% |
| Head Grade | (20.0%) | (1405) | (43) | 1239 | 2490 | 3736 | 3736 | Head Grade | (20.0%) | 0 | 4.9 | 8.7 | 8.7 | 12.1 | 12.1 | 15.4 | 15.4 |
| Head Grade | (10.0%) | (50) | 1390 | 2796 | 4195 | 5585 | 5585 | Head Grade | (10.0%) | 4.8 | 9.1 | 12.9 | 12.9 | 16.6 | 16.6 | 20.1 | 20.1 |
| Head Grade |  | 1226 | 2790 | 4344 | 5887 | 7426 | 7426 | Head Grade |  | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Head Grade | 10.0% | 2472 | 4183 | 5881 | 7573 | 9260 | 9260 | Head Grade | 10.0% | 12 | 16.5 | 20.8 | 20.8 | 24.9 | 24.9 | 28.9 | 28.9 |
| Head Grade | 20.0% | 3711 | 5567 | 7414 | 9254 | 11087 | 11087 | Head Grade | 20.0% | 15.3 | 20 | 24.6 | 24.6 | 28.9 | 28.9 | 33.1 | 33.1 |
|  |  | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax NPV5% Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery | Post-Tax IRR Sensitivity to Recovery |
|  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |  | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price | Metal Price |
| Recovery |  | (20%) | (10%) | 0% | 10% | 20% | 20% | Recovery |  | (20%) | (10%) | 0% | 0% | 10% | 10% | 20% | 20% |
| Recovery | (20.0%) | (1405) | (43) | 1239 | 2490 | 3736 | 3736 | Recovery | (20.0%) | 0 | 4.9 | 8.7 | 8.7 | 12.1 | 12.1 | 15.4 | 15.4 |
| Recovery | (10.0%) | (50) | 1390 | 2796 | 4195 | 5585 | 5585 | Recovery | (10.0%) | 4.8 | 9.1 | 12.9 | 12.9 | 16.6 | 16.6 | 20.1 | 20.1 |
| Recovery |  | 1226 | 2790 | 4344 | 5887 | 7426 | 7426 | Recovery |  | 8.6 | 12.9 | 16.9 | 16.9 | 20.8 | 20.8 | 24.6 | 24.6 |
| Recovery | 10.0% | 2472 | 4183 | 5881 | 7573 | 9260 | 9260 | Recovery | 10.0% | 12 | 16.5 | 20.8 | 20.8 | 24.9 | 24.9 | 28.9 | 28.9 |
| Recovery | 20.0% | 3711 | 5567 | 7414 | 9254 | 11087 | 11087 | Recovery | 20.0% | 15.3 | 20 | 24.6 | 24.6 | 28.9 | 28.9 | 33.1 | 33.1 |

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Hycroft Mine Project Page 261 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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As shown in Figure 19-2 and Figure 19-3, the sensitivity analysis revealed that the project is most sensitive to changes in metal price, head grade, and recovery.

**Figure 19-2: Pre-Tax Sensitivity Analysis Results**

![](ex1_094.jpg)

![](ex1_095.jpg)

Note: Metal price, head grade, and recovery series overlap on the above figures

Hycroft Mine Project Page 262 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**Figure 19-3: Post-Tax Sensitivity Analysis Results**

Note: Metal price, head grade, and recovery series overlap on the above figures. Source: Ausenco, 2026

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| **20** | **Adjacent Properties** |

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The Rosebud mine is located about 4.7 miles south-east of the Mine (Figure 20-1). Rosebud was operated as an underground stope mine between 1997 and 2000 by a joint venture between Hecla and Newmont. Additional details are available online at mindat.org. Information disclosed at this site has not been verified by a Qualified Person and may not necessarily indicative of the mineralization at Hycroft, which is the subject of this Technical Report.

**Figure 20-1 : Location of Rosebud Property**

![](ex1_098.jpg)

Source: Hycroft, 2023

The deposit is part of a large, low-sulfidation hydrothermal system extending throughout most of the Kamma Mountains. Specifically, the deposit is a low-temperature epithermal, quartz-sericite, gold and silver deposit within Miocene andesitic and rhyolitic volcanics and volcaniclastics. The volcanics unconformably overlie a Jurassic/Triassic metasediment basement, which also hosts precious metal mineralization.

Main structural elements include the east-west trending South Ridge Fault and the northeast trending Rosebud Shear, which displays up to 2,000 ft of left-lateral displacement and about 400 ft of normal displacement. The South Ridge Fault is a mineralized listric normal fault which acted as a conduit for mineralizing fluids.

The mining method was overhand cut and fill with access via a decline. Equipment was rubber-tired, including drill jumbos, rock bolters, 3.5-yard loaders, and 20-ton haul trucks. Typical ore panels were 14 ft high, 18 ft wide and about 80 ft long. These were backfilled with cemented materials batched at the surface and hauled underground.

Ore was direct shipped to the Carlin district for processing.

The QP has been unable to verify the information in this section, and the information is not necessarily indicative of the mineralization on the property that is the subject of the technical report summary.

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| **21** | **Other Relevant Data and Information** |

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There is no information in this section of the TRS.

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| **22** | **Interpretation and Conclusions** |

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**22.1** **Introduction** 

The QPs note the following interpretations and conclusions in their respective areas of expertise, based on the review of data available for this Report.

**22.2** **Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements** 

Hycroft controls all surface and mineral rights within the Hycroft MRE area. No further land acquisition is required for the operation of the mine and contemplated processing facilities.

**22.3** **Geology and Mineralization** 

The Hycroft deposit is a low-sulfidation, epithermal, hot springs system that contains gold and silver mineralization. Radiometric dating of adularia (potassium feldspar) indicates that the main phase of gold and silver mineralization formed approximately four million years ago (Ebert and Rye, 1997) when hydrothermal fluids were fed upward along high angle, normal faults. Low-grade gold and silver mineralization were co-deposited with silica and potassium feldspar throughout porous rock types.

**22.4** **Exploration** 

The exploration drilling, sample preparation, analysis and security are typical for the US mining industry and is acceptable for application to mineral resource determination.

Within the block model, there are 5,813 drillholes with 516,901 drill intervals amounting to 2,668,616 ft of drilling. The work outlined is a summary of over a year's worth of data verification and checking by Hycroft and IMC personnel. As a result, the Hycroft and IMC teams have gained significant confidence in this data set. IMC holds the opinion that the database as utilized in this statement of mineral resources inclusive the edits and corrections outlined is appropriate for the estimation of mineral resources.

The QP considers that exploration drilling, sampling, sample preparation, analytical methods and security are acceptable, are in line with industry-standard practices, and are adequate for mineral resource determination.

Hycroft Mine Project Page 265 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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**22.5** **Metallurgical Testwork** 

Metallurgical testwork has been conducted at multiple accredited laboratories with the following results:

● The
 mineralized material at Hycroft is considered very abrasive.

● The
 mineralized material at Hycroft is considered hard with respect to grinding.

● Silver
 recovery decreases at low pH ranges (<5.0) during oxidation, indicating the need for a
 lime boil step following POX.

● Oxygen
 consumption in POX circuit is primarily a function of the sulfide sulfur content of the concentrate.
 To achieve approximately 95% sulfide oxidation, about 0.19 ton of oxygen per ton of concentrate
 is required.

● Metallurgical
 testwork completed between 2021 and 2025 confirms that Hycroft sulfide mineralization is
 amenable to a flotation and POX processing route. Optimized flotation conditions significantly
 improved gold recoveries, and subsequent POX testing demonstrated that POX followed by hot
 cure, lime boil, and cyanide leaching is a technically viable and repeatable flowsheet for
 treating pyrite concentrate.

**22.6** **Mineral Resource Estimate** 

Mineral resources were developed based on a conventional computer-based block model of the deposit and the application of open pit optimization software to determine the mineralization with reasonable expectation of economic extraction.

Each block was evaluated to determine which process provides the best net return after operating cost. The following two processes were identified:

● ROM
 cyanide heap leaching of oxide and some transition materials.

● Milling,
 Flotation, POX, Hot Cure, and Lime Boil followed by Cyanide Leach and Merrill-Crowe of sulfide
 and some transition materials.

The MRE is based on metal prices of $3,100/oz Au and $36.00/oz Ag. Mineral resources were contained within a computer-generated pit.

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**Table 22-1: Hycroft Mineral Resources as of 21 January 2026, US customary Units**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **$ Net of <br> Process/ton** | **Approximate<br> Cutoff, AuEq oz/ton** | **Ktons** | **Gold<br> oz/ton** | **Silver<br> oz/ton** | **Sulfide<br> %** | **Contained Ounces** | **Contained Ounces** |
| **Classification** | **$ Net of <br> Process/ton** | **Approximate<br> Cutoff, AuEq oz/ton** | **Ktons** | **Gold<br> oz/ton** | **Silver<br> oz/ton** | **Sulfide<br> %** | **Gold<br> Oz x 1000** | **Silver<br> Oz x 1000** |
| **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** | **Heap Leach Resource** |
| Measured | $1.88 - $3.63 | 0.001 - 0.002 | 92994 | 0.005 | 0.11 | 1.83 | 446 | 10322 |
| Indicated | $1.88 - $3.63 | 0.001 - 0.002 | 110374 | 0.004 | 0.09 | 1.54 | 475 | 9492 |
| Meas + Ind | $1.88 - $3.63 | 0.001 - 0.002 | 203368 | 0.005 | 0.10 | 1.67 | 921 | 19814 |
| Inferred | $1.88 - $3.63 | 0.001 - 0.002 | 110018 | 0.005 | 0.09 | 1.41 | 528 | 10122 |
| **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | **Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| Measured | $16.73 | 0.007 | 734571 | 0.011 | 0.43 | 2.03 | 8154 | 316600 |
| Indicated | $16.73 | 0.007 | 748876 | 0.010 | 0.30 | 1.84 | 7339 | 226161 |
| Meas + Ind | $16.73 | 0.007 | 1483447 | 0.010 | 0.37 | 1.93 | 15493 | 542761 |
| Inferred | $16.73 | 0.007 | 459646 | 0.010 | 0.27 | 1.76 | 4505 | 122725 |
| **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** | **Combined Mineral Resources Leach Plus Mill** |
| Measured | $1.88 - $16.73 | 0.001 - 0.007 | 827565 | 0.010 | 0.40 | 2.01 | 8600 | 326922 |
| Indicated | $1.88 - $16.73 | 0.001 - 0.007 | 859250 | 0.009 | 0.27 | 1.80 | 7814 | 235653 |
| Meas + Ind | $1.88 - $16.73 | 0.001 - 0.007 | 1686815 | 0.010 | 0.33 | 1.90 | 16414 | 562575 |
| Inferred | $1.88 - $16.73 | 0.001 - 0.007 | 569664 | 0.009 | 0.23 | 1.69 | 5033 | 132847 |

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Notes:

1. Mineral
 resources based on metal prices of $3,100/oz Au and $36.00/oz Ag.

2. Cutoffs
 are income – process cost = NPR = NSR – Process + G&A Opex.

3. Gold
 Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay, or at average
 gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay.

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay.

5. Numbers
 may not match exactly due to rounding.

6. Mineral
 resources are contained within a computer-generated optimized pit.

7. Total
 material in the pit is 5.42 billion tons.

8. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied.

9. Modifying
 factors for mine and process design have not been applied.

10. All
 units are US customary. Ktons means 1,000 short tons of 2,000 lbs. Au and Ag grades
 are in troy ounces per short ton (oz/ton).

Contained within the MRE at Hycroft are a series of high-grade silver veins at Brimstone and zones of higher silver concentrations in Vortex that are associated with a low angle breccia body. Table 22-2 is the tabulation of gold and silver within the domain volumes that are contained within the MRE at 2 oz/ton cutoff grade in US customary units.

Table 22-2: High-grade Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, US customary Units

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Classification** | **Cutoff Grade Silver oz/ton** | **Ktons** | **Gold**<br> **oz/ton** | **Silver <br> oz/ton** | **Sulfide Sulfur%** | **Gold Contained <br> oz x 1000** | **Silver Contained <br> oz x 1000** |
| **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** | **Brimstone** |
| Measured | 2.00 | 3195 | 0.011 | 8.35 | 1.33 | 35 | 26686 |
| Indicated | 2.00 | 330 | 0.010 | 3.11 | 1.87 | 3 | 1025 |
| Meas + Ind | 2.00 | 3525 | 0.011 | 7.86 | 1.38 | 38 | 27711 |
| Inferred | 2.00 | 15 | 0.008 | 3.52 | 1.13 | 0 | 52 |
| **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** | **Vortex** |
| Measured | 2.00 | 9126 | 0.018 | 3.81 | 1.49 | 160 | 34781 |
| Indicated | 2.00 | 7342 | 0.014 | 3.78 | 1.24 | 100 | 27726 |
| Meas + Ind | 2.00 | 16468 | 0.016 | 3.80 | 1.38 | 261 | 62507 |
| Inferred | 2.00 | 3644 | 0.014 | 3.65 | 1.27 | 50 | 13307 |
| **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** | **Brimstone + Vortex** |
| Measured | 2.00 | 12322 | 0.016 | 4.99 | 1.45 | 195 | 61467 |
| Indicated | 2.00 | 7671 | 0.013 | 3.75 | 1.26 | 104 | 28750 |
| Meas + Ind | 2.00 | 19993 | 0.015 | 4.51 | 1.38 | 299 | 90218 |
| Inferred | 2.00 | 3659 | 0.014 | 3.65 | 1.27 | 51 | 13359 |

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**22.7** **Recovery Plan** 

The proposed recovery methods for the Project are conventional and appropriate for the mineralization types identified at Hycroft. The process design incorporates two established treatment pathways: (i) cyanide heap leaching of ROM oxide and select transition materials, and (ii) milling, flotation, and POX of sulfide and higher-sulfur transition materials, followed by cyanide leaching and Merrill-Crowe recovery.

The sulfide processing flowsheet, comprising three-stage crushing, grinding, flotation concentration, concentrate thickening, POX, neutralization, CCD washing, cyanide leaching, and zinc precipitation, is based on well-established industry practices for treatment of refractory gold-silver mineralized material. The selected POX conditions, downstream neutralization and conditioning steps (including hot curing and lime boil), and subsequent cyanide leaching are consistent with standard approaches for oxidation of sulfide concentrates and recovery of precious metals.

The use of Merrill-Crowe zinc precipitation for gold and silver recovery is appropriate given the anticipated solution chemistry and elevated silver content. Integration of heap leach and milling/POX circuits, including handling of combined pregnant solutions and shared recovery infrastructure, is considered practical and consistent with current operations at the site.

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Testwork results support the application of the selected flowsheet, including flotation performance and POX oxidation behavior, although further metallurgical testwork is recommended at the PFS level to confirm design criteria, optimize operating parameters, and reduce technical uncertainty. Key areas for further work include flotation optimization, POX operating conditions, reagent consumptions, and solid-liquid separation performance.

In the opinion of the Qualified Person, the proposed recovery methods are suitable for the current level of study and provide a reasonable basis for the process design and economic evaluation presented in this report. The recovery methods are considered to be consistent with industry standards and applicable to the mineralization types identified, subject to the recommended further testwork and design refinement.

**22.8** **Infrastructure** 

The Hycroft Site is accessible via Jungo Road (Nevada State Route 49), an all-weather gravel roadway connecting the mine to the town of Winnemucca and Interstate 80. Most current and future Hycroft employees reside in Winnemucca; transportation to site will be provided as required. A Union Pacific rail line runs adjacent to the mine, and a proposed rail spur and siding will allow for the delivery of bulk consumables including limestone, grinding media, and fuels. Rail infrastructure will also facilitate the shipment of finished products. New access roads shall be constructed to provide access to the new process plant and other proposed infrastructure. The new roads will complement the existing site haul roads which are to remain largely in use.

The proposed process plant will tie into the existing crushing circuit and portions of the current processing infrastructure. Upgrades to existing infrastructure are also planned to support the expanded operation. These upgrades include the relocation of existing site assets, expanding storage capacity, or expanding the operational or control of select facilities. Existing administrative and operational facilities will be repurposed where possible, while new ancillary facilities such as a laboratory, fueling station, maintenance shop, or other supporting infrastructure will be constructed to support Hycroft operations.

The site currently has power from the grid. Upgrades to site power distribution systems are proposed to support the increased power demand of the new process facility.

Existing telecommunication infrastructure currently supports data connectivity throughout the site.

Consumables including fuels and reagents are to be supplied to site via the proposed rail spur connecting the site to the nearby Union Pacific line. This transport system will also support the movement of Hycroft products off-site.

Water will be captured and stored from groundwater wells within the Black Rock Desert Basin. Drainage infrastructure on site will capture runoff water and recycle it to reduce freshwater demand at the process plant. A life-of-mine water balance model was developed to evaluate operational water requirements and variability under different climatic conditions.

The infrastructure design approach adopted prioritizes integrating new facilities within the network of existing facilities and upgrading existing facilities such that they may continue to support the project. Regional transportation and power networks will continue to serve the Hycroft Site.

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**22.8.1** **Tailings Management Facility** 

The TMF uses conventional designs and assumes construction in a total of eight stages and zero discharge of process solutions. The TMF will fill the broad valley immediately northeast of the mill site and requires the main and north embankments to impound the tailings. The main embankment will cross the natural drainage on the west side of the TMF, and the north embankment will be constructed along the northern ridge. The facility will provide continuous containment of process solutions through the installation of a vertical chimney drain and engineered lining systems, extending across the impoundment basin and below a portion of the main embankment and along the upstream side of the north the embankment. The design can store runoff from the basin and direct precipitation on the facility resulting from the 5,000-year, 24-hour storm event during operation and the 10,000-year, 24-hour storm event post-closure.

● The
 relevant results and interpretations related to the TMF design are based on the data and
 other information summarized in this Report.

● Section
 23 describes the recommended work and site investigations to be completed for detailed design
 and permitting of the TMF.

**22.9** **Markets and Contracts** 

Gold and silver doré will be sold on the spot market under terms typical of comparable doré sales contracts. No refining, transportation, or hedging contracts are currently in place, though these are considered readily obtainable. Doré refining and marketing will occur through agreements with established refineries with terms aligning with industry standards.

**22.10** **Capital Cost Estimate** 

The capital cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, and contingency is less than 25% which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The estimate includes mining, processing, on-site infrastructure, off-site infrastructure, project indirects, project delivery, owners' costs, and provisions. The total initial capital costs for the Project are estimated at US$2,434 million, including capitalized operating costs, and contingency. The LOM sustaining costs are estimated at US$3,107 million, while the closure costs are estimated at US$243 million.

**22.11** **Operating Cost Estimate** 

The operating cost estimate was developed in Q1 2026 to target a level of accuracy of -30% to +50%, and contingency is less than 25% which aligns with an Association for the Advancement of Cost Engineering International (AACE International) Class 5 level estimate. The total operating costs for the Project are estimated at US$21.96/t processed or US$27,592 million over the 51-year mine life. These operating costs do not include pre-production operating costs.

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**22.12** **Economic Analysis** 

The economic analysis was performed assuming a 5% discount rate. The pre-tax NPV discounted at 5% is US$5,437 million; the IRR is 18.9%, and payback period is 4.3 years. On a post-tax basis, the NPV discounted at 5% is US$4,344 million, the IRR is 16.9%, and the payback period is 4.7 years.

A sensitivity analysis was conducted on the base case NPV and IRR of the project using the following variables: discount rate, head grade, recovery, total operating cost, initial capital cost, as well as silver and gold prices, which were encompassed in a single variable, metal price. The sensitivity analysis revealed that the project is most sensitive to changes in metal price, head grade, and recovery.

**22.13** **Risks and Opportunities** 

**22.13.1** **Risks** 

**22.13.1.1** **Exploration** 

There are structural complexities with yet underdetermined kinematics controlling the high-grade silver veins requiring additional drilling for further definition.

**22.13.1.2** **Sample Preparation, Analysis and Security** 

In the future, IMC recommends that complete QA/QC procedures be applied to silver and sulfide sulfur assaying and sampling. Regular sampling for QA/QC should be applied to those values in the same way as they have been recently applied to gold.

**22.13.1.3** **Metallurgical Testing** 

While the available metallurgical testwork supports the proposed flotation followed by POX flowsheet, several risks remain at the current level of study. Previous test programs did not fully evaluate mercury deportment during POX, and additional work is required to confirm mercury behavior in autoclave off-gas and determine whether mercury capture systems will be required to meet environmental compliance requirements. The potential need for such systems may result in additional capital and operating costs.

Uncertainty also remains with respect to POX performance, including oxidation efficiency, reagent consumption, and downstream process behavior, as well as variability in metallurgical response across different ore types. The assumed gold and silver recoveries are based on available testwork and are subject to refinement as additional data become available. In addition, operating cost estimates are sensitive to reagent consumption and market-driven pricing, including energy and consumables, which may fluctuate over time and impact overall project economics.

No metallurgical testwork has been completed on transition material for heap leach processing. Heap leach recovery, leach kinetics, reagent consumption, and permeability characteristics therefore remain uncertain, and the current assumptions may not fully represent actual operating performance. Additional transition material heap leach testwork is recommended in future study phases to reduce technical uncertainty.

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**22.13.1.4** **Mineral Resource Estimate** 

The risks to the MRE are project costs and project recoveries as well as metal prices that can have a substantial impact both positive and negative.

Cutoff grades for both heap leach and concentrator processing are low due to the current high level of metal prices.

Any reduction of process recovery near the heap leach or concentrator cutoff grades could result in a loss of mineral resource.

**22.13.1.5** **Processing and Recovery Methods** 

The proposed recovery methods, consisting of flotation followed by POX and cyanide leaching, are supported by available metallurgical testwork; however, uncertainties remain at the current level of study. Key risks include incomplete definition of POX performance and downstream process behavior, and potential impacts from mercury deportment and reagent consumption. These factors may affect gold and silver recoveries and increase operating costs, and recovery assumptions remain subject to refinement as additional testwork is completed. The brownfield nature of some of the process plant introduces risk for cost and reliability.

**22.13.1.6** **Infrastructure** 

The crushing facility, process plant, and associated office have a proposed location within 500 m of the pit blasting zone. This introduces the risk of blast-induced vibration, flyrock, or dust impacting facilities or personnel. The long mine life for plant and infrastructure, as well as the connection to grid which is critical to get the project into operation.

**22.13.1.7** **TMF** 

● The
 TMF has been sized to provide containment and storage of up to 1.05 Btons of tailings at
 an overall settled dry density of 92 pcf. Throughout operation of the TMF, testing in-situ
 tailings for density and strength properties may indicate a lower density is achieved due
 to various factors including increased water for slurry distribution. This would result in
 an additional stage beyond Stage 8 presented in this Report. In this event, local, State,
 and Federal permitting may be required and an increase construction sustaining capital and
 operating costs would be required for the additional stage.

● At
 this stage of the Project, there is reasonable certainty that the location and design of
 the TMF as presented for this PEA study will be used as planned. No significant design changes
 are likely to be required provided that no material changes in location, geotechnical parameters,
 or design are needed as a result of the ongoing and future local, State, and Federal permitting
 process and future investigations and studies.

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● If
 actual activities related to the construction, management, operation, and closure of the
 TMF do differ materially from the results summarized in this Report, then the reasonably
 foreseeable impacts of these risks and uncertainties are most likely to be project delays
 and additional costs. However, any such delays or additional costs may reasonably be expected
 to be managed in the ordinary course and should not impact overall project viability.

● Construction
 work in Nevada is seasonal. Poor weather during the construction season may result in delays
 to the Project schedule.

● If
 additional, or alternative, borrow areas are required for construction and/or reclamation
 of the TMF that are more distant than contemplated in this prefeasibility study, then construction
 and/or reclamation construction costs of the TMF will increase as compared to the costs estimated
 in this Report.

**22.13.2** **Opportunities** 

**22.13.2.1** **Exploration** 

Hycroft holds a large land package with good growth potential.

Multiple episodes of mineralization within a well-developed structural framework may result in discovery of additional mineral trends that are open along strike and at depth.

Expanding the use of IP geophysics in the mineralization zone may identify multiple untested targets in the existing data set. This emerging technology has a proven record of success in similar applications.

**22.13.2.2** **Metallurgical Testing** 

Additional metallurgical testwork provides opportunities to further optimize the POX circuit design and potentially reduce capital and operating costs. Key testwork opportunities include evaluating POX kinetics to confirm minimum autoclave retention time, assessing the impact of flotation grind size and mass pull on concentrate quality and POX performance, and optimizing oxygen partial pressure and utilization. Additional work is also recommended to confirm autothermal operation, characterize solids–liquid separation performance for flotation concentrate and POX discharge, and better define POX discharge chemistry to optimize neutralization and downstream processing. Targeted off-gas and condensate characterization may also be required to support environmental compliance requirements.

Alternatives for processing flotation concentrates are under process development, including but not limited to, roasting and sulfide sulfur recovery for sulfuric acid production. This has the potential to reduce operating costs, raise gold and silver recoveries and create an additional revenue stream.

**22.13.2.3** **Mineral Resource Estimate** 

Alternatives are under evaluation for treatment of flotation concentrates. Improvements and confirmation of those alternatives could provide significant financial benefit and increase the volume and value of the MRE.

Minimal geotechnical information has been gathered resulting in very conservative slope parameters applied. Adding geotechnical data from the drilling and logging program may improve the alteration model which could lead to more beneficial slope parameters, thus reducing stripping ratios.

**22.13.2.4** **Processing and Recovery Methods** 

The metallurgical testwork completed to date indicates that the proposed recovery methods are technically viable and provide opportunities for further optimization. Additional metallurgical testing and process refinement are expected to improve recovery performance, optimize operating conditions, and enhance overall process efficiency. Continued advancement of the flowsheet is anticipated to reduce technical uncertainty and support increased confidence in recovery assumptions as the Project progresses to a PFS study.

**22.13.2.5** **Infrastructure** 

**22.13.2.5.1** **TMF** 

There may be an opportunity to reduce capital construction costs for the TMF by using the mine haulage fleet for embankment and compact embankment fill, rather than a contractor. Additional cost savings may be achieved by increasing or decreasing intermediate TMF staged embankment construction to align with mine planning opportunities for more or less suitable waste materials.

The TMF has been sized to provide containment and storage of up to 1.05 Btons of tailings at an overall settled dry density of 92 pcf. Throughout the operation of the TMF, in-situ testing of tailings for density and strength properties may indicate that a higher density is achieved. This would result in either additional storage capacity beyond the Stage 8 design volume, or the ability to reduce the final Stage 8 dam crest elevation to match the in-situ tailings density.

Additional closer to the pit areas or pit backfill opportunities should be explored in the next phase of the project. Changing the location of the WRSF can have an impact on overall waste rock haulage costs.

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| **23** | **Recommendations** |

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**23.1** **Estimated Program Costs** 

Table 23-1 provides estimated program costs.

**Table 23-1: Estimated Program Costs**

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| &nbsp;&nbsp;**Program Cost** | &nbsp;&nbsp;**Estimated Cost (US$)** |
| &nbsp;&nbsp;Updated Technical Report with Economics | &nbsp;&nbsp;200000 |
| &nbsp;&nbsp;Exploration Drilling East and South | &nbsp;&nbsp;1600000 |
| &nbsp;&nbsp;Exploration Drilling Deep in Brimstone/Vortex | &nbsp;&nbsp;14500000 |
| &nbsp;&nbsp;Regional Exploration Targets | &nbsp;&nbsp;500000 |
| &nbsp;&nbsp;Exploration for Leachable Opportunities (Bay and Camel) | &nbsp;&nbsp;1800000 |
| &nbsp;&nbsp;Exploration - Leach Pads and Stockpiles | &nbsp;&nbsp;800000 |
| &nbsp;&nbsp;Sample Preparation - Procedural Upgrade | &nbsp;&nbsp;50000 |
| &nbsp;&nbsp;Metallurgical and Process Testwork Programs | &nbsp;&nbsp;1500000 |
| &nbsp;&nbsp;Mineral Resource - Alternative Processing Method Development | &nbsp;&nbsp;800000 |
| &nbsp;&nbsp;Mineral Resource and Mine Planning – Additional Geotechnical Testing | &nbsp;&nbsp;300000 |
| &nbsp;&nbsp;Total: | &nbsp;&nbsp;22050000 |

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Note:

1. All
 costs are subject to change based on project results

**23.2** **Exploration** 

● Increase
 the drill hole density in the Bay area.

● Continue
 to develop drill plans in the exploration target areas to the east (Manganese and Wildrose)
 and south (Oscar), to further expand the resource.

● Continue
 deep exploration on Brimstone and Vortex high-grade mineralization.

● Drill
 the Bay and Camel targets to fully define leachable opportunities.

● Continue
 developing regional exploration targets.

● Continue
 exploring the total land package that Hycroft holds, including more geological mapping, soil
 and chip samples, geophysical information and drilling.

● Drill
 out the current leach pads and stockpiles to better define potential economic benefit to
 future processing activities.

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**23.3** **Sample Preparation, Analysis and Security** 

Always complete QA/QC analysis on all potentially economic minerals including gold, silver, and sulfide sulfur. Avoid selective application of quality controls during the drilling, sampling, and assay process.

**23.4** **Metallurgical Testing** 

It is recommended that Hycroft continue to evaluate known oxide/transition zones for further heap leach feed material. Also, Hycroft should investigate the potential to re-leach material from historic heap leach pads for an additional revenue source.

● Undertake
 additional metallurgical testwork specifically on transition material to validate recovery
 assumptions, and operating parameters, as transition material performance to the heap has
 been identified as a project risk.

It is also recommended that Hycroft undertake additional metallurgical testwork covering flotation, POX, leaching, solids–liquid separation, cyanide destruction, and Merrill-Crowe processes. The results of this testwork should allow Hycroft to:

● optimize
 the flotation reagent suite to reduce operating costs

● optimize
 the autoclave retention time required for variations in flotation concentrate product size

● evaluate
 the potential to reduce autoclave oxygen partial pressure to the range of 15–30 psi

● generate
 additional recovery data as a function of retention time and extent of sulfide oxidation

● investigate
 each of the POX, Hot Cure, and Lime Boil stages in sufficient detail to reduce capital costs
 by reducing lime and limestone consumption, eliminating unnecessary process steps or shortening
 retention times, thereby reducing equipment sizing and cost

● investigate
 POX discharge solution chemistry and limestone/lime consumptions to reduce operating costs

● determine
 whether flotation mass pull can be reduced. The sulfide grade of the concentrate may be marginal
 with respect to providing sufficient exothermic energy to sustain autoclave reactions. This
 information is required to determine whether preheating is necessary ahead of POX

● obtain
 solids–liquid separation performance data and flocculant requirements for all thickeners,
 including tailings, concentrate, POX CCDs, and leach residue CCDs. Higher underflow density
 from the concentrate thickener would be beneficial to the autoclave heat balance

● optimize
 cyanide addition and quantify cyanide consumption in the leach circuit, including levels
 of free and WAD cyanide post-leach

● optimize
 reagent consumption in the cyanide destruction circuit by developing an accurate and reliable
 SO₂/CN ratio

● determine
 whether post-leach solution chemistry impacts Merrill-Crowe recovery efficiency.

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**23.5** **Mineral Resource Estimate** 

Continue evaluation and testing of alternative processing methods of flotation concentrates.

Always complete QA/QC analysis on all potentially economic minerals including gold, silver, and sulfide sulfur.

Gather more geotechnical information from previous core samples and with the addition of new geotechnical core holes to improve slope stability parameters.

**23.6** **Infrastructure** 

A power study is currently underway to determine the power line voltage and the number of powerlines required to feed the process plant. Currently, power is supplied to the site via nearby power lines which are energized via the main power grid. This technical report assumes that 2 x 120 kV powerlines will be required. Considering load growth and demand from the oxygen plant, the total estimated operating load is 160 MW (including the existing crushing plant and North Merrill-Crowe loads which are to be transferred to the new power distribution system once operational). The power will be delivered through one 120 kV overhead power line stretching 52 miles onto the site.

**23.6.1** **TMF** 

To advance the TMF design beyond this PEA study level, WSP recommends the following evaluations, studies, and documents to support future feasibility-level and detailed design suitable for permitting:

● Dam
 breach analysis and inundation mapping to assess downstream impacts and validate the Dam
 consequence classification of "Very High".

● Completion
 of a Failure Modes and Effects Analysis (FMEA) workshop for selection and/or or confirmation
 of the GISTM 2020 Failure Consequence Classification of Very High.

● Supplemental
 geotechnical evaluations based on revised TMF geometry to include, but not limited to:

○ optimization of TMF layout taking advantage of topography

○ geotechnical investigation and laboratory program, that may include geotechnical boreholes, test pits, geophysics, instrumentation installation, and laboratory program to determine physical and mechanical properties of foundation soils and bedrock, construction materials, and tailings

○ characterization of geologic and foundations conditions, embankment construction materials, drainage and geomembrane bedding materials

○ update the site-specific seismic and geologic hazard assessment

○ update stability and deformation analyses

○ perform tailings, embankment materials, and foundation liquefaction assessment

○ perform foundation and embankment settlement analyses

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○ completion of a hydrogeologic evaluation within the TMF area for groundwater and artesian springs

○ update TMF design based on mine schedule, process technology, geotechnical, hydrogeology, hydrology, and engineering analyses

○ update surface water management design based on updated TMF layout

○ development of a monthly time-step water balance that include extreme wet and dry annual climate conditions with consideration for climate change

○ completion of a seepage and consolidation model for the long-term closure condition of the tailings

○ preparation of a preliminary TMF closure plan, including design of closure cover channels and closure spillway and outlet structure

○ update capital, sustaining capital, and operating costs based on future investigations and design of the TMF.

As additional information is obtained, assumptions made in this study can be verified or updated to advance the project to the next level of design. The cost of implementing the above recommendations is estimated at US$1,360,000.

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| **24** | **References** |

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Ausenco Engineering USA South Inc. (2023). Initial Assessment Technical Report Summary; Humboldt and Pershing Counties, Nevada Prepared by Ausenco for Hycroft Mining Holding Corp. Effective Date: March 27, 2023.

Ausenco Engineering USA South Inc, (2022). *Technical Report Summary of Initial Assessment on the Hycroft Mine, Nevada, United States of America*. Prepared by Ausenco for Hycroft Mining Holding Corp. Effective Date: February 18, 2022.

Bailey, E.H, & Phoenix, D.A. (1944). *Quicksilver deposits in Nevada* (University of Nevada Bulletin, Vol.38, No.5; Geology and Mining Series No 41). Nevada State Bureau of Mines.

Bates, W.R. (2001). *A proposed exploration program for the hycroft mine*. Unpublished Vista Gold report.

Bureau of Land Management (BLM). (2019). *Hycroft mine phase II expansion project draft environmental impact statement* (DOI-BLM-NV-W030-2015-007). U.S. Bureau of Land Management Winnemucca District Office, Black Rock Field Office, in coordination with U.S. Fish and Wildlife Service Pacific Southwest Region Division of Migratory Bird Management. May 2019.

California's Office of Statewide Health Planning and Development (OSHPD), *OSHPD Seismic design maps website for Hycroft Mine*, Reference: ASCE 7-16, Site Class: D, Risk Category. Visited 20 Aug 2021. I Available at: https://seismicmaps.org/.

Clark, I.C. (1918). recently recognized alunite deposits at sulphur, Humboldt County, Nevada. Engineering and Mining Journal, 106(4), 159-162..

Couch, B.F. & Carpenter, J. A. (1943). *Nevada's metal and mineral production (1859-1940 inclusive)*. (*University of Nevada Bulletin*, Vol. 37, No.4; Geology and Mining Series No. 38). Nevada State Bureau of Mines.

Ebert, S.W., & Rye, R.O. (1997). *Secondary precious metal enrichment by steam-heated fluids in the Crofoot-Lewis hot spring gold -silver deposit*. Economic Geology, v.92(5), 578-600. https://doi.org/10.2113/gsecongeo.92.5.578

Friberg, R.S. (1980). Detailed evaluation report of the sulphur Au Ag prospect, Humboldt and Pershing Counties, Nevada. Unpublished Homestake Mining Company Report, 32 p.

Fulton, J.A., & Smith, A.M. (1932). Sulphur mining district file manuscript: *Nevada Bureau of Mines and Geology Mining District Files (includes alunite production notes from 1931).* Nevada Bureau of Mines and Geology, University of Nevada*.*

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Golder. (2011a). *Pre-feasibility design report.* Prepared by Golder Associates Inc for Allied Nevada Gold Corporation,, revised September 2011.

Golder. (2011b). *Earthquake Ground Motions for the North and South Heap Leach Facilities Seismic Analyses and Design, Hycroft Mine, Nevada*. Technical Memorandum prepared by Alan Hull and Eric Cannon of Golder Associates Inc. for Chris MacMahon of Golder Associates Inc. October 26, 2011.

Golder. (2014a). *Feasibility design report, Tailings Management Facility, Hycroft Mine, Nevada*. Report prepared by Golder Associates Inc. for Allied Nevada Gold Corporation. November 20, 2014.

Golder. (2014b). *Geotechnical Characterization of Pilot Plant Mill Tailings*. Report prepared by Golder Associates Inc. for Allied Nevada Gold Corporation. 2014.

Golder. (2014c). *Hycroft Tailings – Consolidation Modelling*. Report prepared by Golder Associates Inc. for Allied Nevada Gold Corporation. 2014.

Golder. (2014d). *Tailings Stage-Density Relationship for Feasibility Design*. Report prepared by Golder Associates Inc. for Allied Nevada Gold Corporation. 2014.

Golder. (2014e). *Geotechnical Characterization of Pilot Plant Mill Tailings, Rev. 1*. Report prepared by Golder Associates Inc. for Allied Nevada Gold Corporation. September 8, 2014.

Golder., (2016). *Feasibility Design Report, Tailings Management Facility (TMF)*. Report prepared for Hycroft Mining Corporation by Golder Associates. November 3, 2016.

Golder. (2022). *Hycroft Tailings Management Facility – Prefeasibility Design Report*. for Hycroft Mining Corporation as of January 28, 2022.

Hazen Research Inc. (2011). *POX-CIL Evaluation of Hycroft Flotation Concentrates*, Hazen Project 11232 Report and Appendices A-F.

Hazen Research Inc. (2011). *Evaluation of Hycroft Blend Flotation Concentrate*, Hazen Project 11243-01 Report and Appendix.

Hazen Research Inc. (2011). *Evaluation of Kappes, Cassiday & Associates Flotation Concentrate*, Hazen Project 11307 Report and Appendix.

Hazen Research Inc. (2014). Atmospheric Alkaline Oxidation Pre-treatment Pilot Plant of Hycroft Flotation Concentrates, Hazen Project 11859.

Hazen Research Inc. (2014). Phase 2 Atmospheric Alkaline Oxidation of Hycroft Flotation Concentrate, Hazen Project 11821.

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Humboldt County Building Department. (2018). *2018 code amendments*. Retrieved August 20, 2021. Available at: https://www.humboldtcountynv.gov/DocumentCenter/View/3415/2018-Code-Admendments-Approved.

Hycroft Mining Holding Corporation. (2021). *Hycroft building a world-class operation*. [PowerPoint presentation]; April 20, 2021. http://www.hycroftmining.com/wp-content/uploads/2021-Presentation-4-19-21.pdf.

Hycroft Resources and Development, Inc. (HRDI). (2017). Fact Sheet Pursuant to Hycroft Mine Project, Permit Number: NEV0094114. Renewal 2017, Fact Sheet Revision 01. https://ndep.nv.gov/uploads/documents/NEV0094114dfsFY20.pdf.

Hycroft Resources and Development, Inc. (HRDI). (2018). *Hycroft Mine amendment to plan of operations (NVN-064641) Phase II Expansion Project*. Prepared for the United States Department of the Interior, Bureau of Land Management, Black Rock Field Office, Winnemucca, Nevada. April 2014. Revised June 2014, Revised January 2017, Revised March 2017, and Revised June 2018.

Hynes-Griffin, M.E., & Franklin, A. G. (1984). *Rationalizing the seismic coefficient method.* Miscellaneous Paper GL-84-13, Geotechnical Laboratory, U. S. Army Engineer Waterways Experiment Station, Vicksburg, Mississippi.

Ibrado, A.S., Roth, D.K., Snider, J.W., Brown, R.A., Harris, D.A., Pennstrom, W.J., Peterson, A.T. (2014). *NI 43-101 Technical Report Mill Expansion Feasibility Study Technical Report, Winnemucca, Nevada, USA*. Prepared by M3 Engineering & Technology Corp for Allied Nevada Gold Corp., Effective date: November 03, 2014.

ICMM, UNEP, & PRI (2020). Global Industry Standards on Tailings Management (GISTM).

Jones, J.C. (1921). Report on the Property of the Ag Camel Mining and Development Company, Sulphur, Nevada. Unpublished Ag Camel Mining and Development Company Report, 6p.

J.P. Morgan Private Bank. (n.d). Is It a Golden Era for Gold? https://privatebank.jpmorgan.com/nam/en/insights/markets-and-investing/is-it-a-golden-era-for-gold

Kappes, Cassidy & Associates. (2013). *Hycroft Pressure Oxidation and Leach Test Work* (Project No. 189 C/Report I.D. KCA0120225_HY18_02 / Mainfile No. 7665). Internal report prepared for Hycroft.

London Bullion Market Association (LBMA), 2025, Month Unknown. LBMA Annual Precious Metals Forecast Survey 2025 – Winners Announced. https://www.lbma.org.uk/articles/lbma-annual-precious-metals-forecast-survey-2025-winners-announced

McLean, D.A. (1991). *Geology of the Crofoot Mine*. unpublished Report prepared for Hycroft Resources and Development Inc. 11p.

Michael W. West & Associates, Inc. (MMW). (2012). *Review of Seismogenic Potential of the Kamma (East) Fault and Design Ground Motions, Proposed Heap Leach Facilities, Hycroft Mine, Humboldt County, Nevada*. Report prepared by MMW for Knight Piésold & Company. December 18, 2012.

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Newman, S., DeLong, R.F., Clarkson, B. M., Carew, T., Hartmann, M. (2019). *Hycroft Project Technical Report Summary: Heap Leaching Feasibility Study, Winnemucca, Nevada, USA*. Prepared by M3 Engineering & Technology Corp for Hycroft, Effective date: July 31, 2019.

Pershing County Building Department. (n.d.). Commercial Guidelines: Minimum Standards for Building Plans (new commercial project permit application checklist for commercial structures, such as Groups: A, B, E, F, H, I, M, R, and S occupancies). Retrieved August 16, 2021. Available at: https://www.pershingcountynv.gov /document_center /Department/Building%20Department/CommercialGuidelines-002.pdf.

Prenn, N. (2006). *Technical Report – Vista Gold Corp., Hycroft Mine, Winnemucca, Nevada, USA, NI 43-101 Technical Report*. Prepared by Mine Development Associates (MDA) for Vista Gold Corp. 142 pages.

SGS Minerals Services. (2009). *The Recovery of Au and Ag from Hycroft Project Sulphide* Samples, Allied Nevada Gold Corporation – Hycroft Project – 12012-001 (Report 3).

SGS Minerals Services. (2013). *An Investigation into Oxidative Pretreatment of Hycroft Flotation Concentrates*,*SGS Project 13224-001/003* – Final Report.

Shawn Gooch, P.E., (2020). Hycroft Resources and Development, Inc. (HDRI) Hycroft Mine Project NEV0094114 (Renewal 2017, Fact Sheet Revision 01).

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Vandenburg, W.O. (1938). *Reconnaissance of Mining Districts in Humboldt County, Nevada; U.S*. Bureau of Mines Circular 6995, 47p.

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Ware, G.H. (1989). *Surface Mapping, Sampling and Selected Cross-Sections.* Unpublished report for Hycroft Resources & Development.

Wilden R. (1964). *Geology of Mineral Deposits of Humboldt County, Nevada*. Nevada Bureau of Mines, Bulletin 59, 154p.

Wilson, S. E. (2008). *Technical Report - Allied Nevada Gold Corp., Hycroft Mine, Winnemucca, Nevada, USA*. NI 43-101 Technical Report (Effective Date: January 16, 2008). Prepared for Allied Nevada Gold Corp.

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WSP (2024). *Hycroft Mine Tailings Management Facility Preliminary* Design. Hycroft Mine. Winnemucca, Nevada, USA.

WSP (2026). *Hycroft Mine Tailings Management Facility Conceptual Design Update to Store 1.05B Tons Preliminary Economic Assessment Design Level*. Hycroft Mine. Winnemucca, Nervada, USA.

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| **25** | **Reliance on Information Provided by the Registrant** |

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Table 25-1 provides a detailed list of information provided by Hycroft (Registrant) for matters discussed in this Technical Report Summary.

**Table 25-1: Information Provided by Hycroft**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**TRS Section** | &nbsp;&nbsp;**Reliance** |
| &nbsp;&nbsp;Legal Matters | &nbsp;&nbsp;Section 3 - Property Description and Location | &nbsp;&nbsp;Information and documentation regarding mineral titles, surface land agreements, current permitting status, royalties and other agreements provided by Hycroft. |
| &nbsp;&nbsp;Post Tax Evaluation | &nbsp;&nbsp;Section 19 - Economic Analysis | &nbsp;&nbsp;Macroeconomic trends, data and assumptions and interest rates - Post Tax Calculations |

---

The QPs consider it reasonable to rely upon Hycroft for this information because Hycroft, along with its legal and other advisors, are best positioned to access and interpret existing information and documentation concerning these legal matters and interpretation of the same is outside of the expertise of the QPs.

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**Appendix A – Patented Claims**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Claim Name** | &nbsp;&nbsp;**Patent No.** | &nbsp;&nbsp;**Mineral Survey No.** |
| &nbsp;&nbsp;Admission Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Black Rock (portion) | &nbsp;&nbsp;1064817 | &nbsp;&nbsp;4688A |
| &nbsp;&nbsp;Black Rock (portion) | &nbsp;&nbsp;1064817 | &nbsp;&nbsp;4688A |
| &nbsp;&nbsp;Brime Stone Placer - aka Brimstone Placer | &nbsp;&nbsp;1001727 | &nbsp;&nbsp;4600 |
| &nbsp;&nbsp;Cold Sulphur Placer | &nbsp;&nbsp;83151 | &nbsp;&nbsp;3225 |
| &nbsp;&nbsp;Green Rock Placer (portion) - aka Green Rock No. 1 | &nbsp;&nbsp;1223182 | &nbsp;&nbsp;4839<br>4857 |
| &nbsp;&nbsp;Green Rock Placer (portion) - aka Green Rock No. 2 | &nbsp;&nbsp;1223182 | &nbsp;&nbsp;4839<br>4857 |
| &nbsp;&nbsp;Green Rock Placer (portion) - aka Green Rock No. 3 | &nbsp;&nbsp;1223182 | &nbsp;&nbsp;4839<br>4857 |
| &nbsp;&nbsp;Green Rock Placer (portion) - aka Green Rock No. 4 | &nbsp;&nbsp;1223182 | &nbsp;&nbsp;4839<br>4857 |
| &nbsp;&nbsp;Hilltop Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Hilltop Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Hilltop Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Occult Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Occult Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Occult Placer (portion) | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Scheol No. 9 Placer | &nbsp;&nbsp;1008652 | &nbsp;&nbsp;4598 |
| &nbsp;&nbsp;Sheol No. 4 Placer (portion) | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol No. 5 Placer (portion) | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol No. 6 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol No. 7 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol No. 8 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol Nos. 4 & 5 Placer (portions) | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol Sulphur Mine No. 1 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol Sulphur Mine No. 2 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Sheol Sulphur Mine No. 3 Placer | &nbsp;&nbsp;908431 | &nbsp;&nbsp;4355 |
| &nbsp;&nbsp;Swager Placer | &nbsp;&nbsp;1213605 | &nbsp;&nbsp;4839 |
| &nbsp;&nbsp;West Virginia No. 1 | &nbsp;&nbsp;1064817 | &nbsp;&nbsp;4688A |
| &nbsp;&nbsp;West Virginia No. 2 | &nbsp;&nbsp;1064817 | &nbsp;&nbsp;4688A |

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**Appendix B – Unpatented Claims**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented** **Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;Airstrip #1 | &nbsp;&nbsp;4/09/1958 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88292 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Airstrip #2 | &nbsp;&nbsp;4/09/1958 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88293 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Airstrip #3 | &nbsp;&nbsp;4/09/1958 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88294 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Airstrip #4 | &nbsp;&nbsp;4/02/1958 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88295 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Airstrip #5 | &nbsp;&nbsp;4/02/1958 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88296 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Airstrip Fraction | &nbsp;&nbsp;7/27/1967 | &nbsp;&nbsp;Crofoot Henry | &nbsp;&nbsp;NMC88297 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Albert Lode 1 | &nbsp;&nbsp;1/27/2026 | &nbsp;&nbsp;Hycroft Resources & Development, LLC | &nbsp;&nbsp;In Process - Application Submitted | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Albert Lode 2 | &nbsp;&nbsp;1/27/2026 | &nbsp;&nbsp;Hycroft Resources & Development, LLC | &nbsp;&nbsp;In Process - Application Submitted | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Albert | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Kolb Theodore A | &nbsp;&nbsp;NMC546000 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Alunite | &nbsp;&nbsp;11/04/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC181012 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Alunite #2 | &nbsp;&nbsp;11/04/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC181013 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Anita | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Kolb Theodore A | &nbsp;&nbsp;NMC545998 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Ashlode | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Kolb Theodore A | &nbsp;&nbsp;NMC545999 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Blackrock #2 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Kolb Theodore A | &nbsp;&nbsp;NMC545996 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #1 | &nbsp;&nbsp;3/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88348 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #10 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546001 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #11 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546002 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #13 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546003 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #14 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546004 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #15 | &nbsp;&nbsp;8/14/1987 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC444112 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #2 | &nbsp;&nbsp;3/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88349 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #3 | &nbsp;&nbsp;4/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88350 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #4 | &nbsp;&nbsp;4/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88351 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #5 | &nbsp;&nbsp;4/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88352 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #6 | &nbsp;&nbsp;4/03/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88353 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;CKC #7 | &nbsp;&nbsp;9/06/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC88354 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;DIA #1 | &nbsp;&nbsp;8/25/1983 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC284248 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;DIA #2 | &nbsp;&nbsp;8/25/1983 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC284249 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;DIA #3 | &nbsp;&nbsp;8/25/1983 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC284250 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;DIA #4 | &nbsp;&nbsp;8/25/1983 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC284251 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;DIA #5 | &nbsp;&nbsp;8/25/1983 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC284252 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 223 | &nbsp;&nbsp;9/05/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939256 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 224 | &nbsp;&nbsp;9/05/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939257 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 225 | &nbsp;&nbsp;9/05/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939258 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 270 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939291 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 271 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939292 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 272 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939293 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 273 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939294 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 274 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939295 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 319 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939332 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 320 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939333 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 321 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939334 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 322 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939335 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 323 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939336 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 368 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939373 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 369 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939374 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 370 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939375 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 371 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939376 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 372 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939377 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 373 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939378 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 374 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939379 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 375 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939380 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 376 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939381 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 421 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939426 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 423 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939428 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 424 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939429 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 425 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939430 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 426 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939431 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 427 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939432 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 428 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939433 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 429 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939434 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 430 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939435 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 431 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939436 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 432 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939437 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG422 | &nbsp;&nbsp;9/01/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939427 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 224 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102182 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 225 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102183 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 226 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102184 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 227 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102185 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 228 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102186 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 229 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102187 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;HRDI 230 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102188 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Mayo | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC545997 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 1 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027839 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 10 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027848 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 11 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027849 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 110 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027948 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 111 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027949 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 112 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027950 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 113 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027951 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 114 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027952 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 115 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027953 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 116 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027954 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 117 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027955 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 118 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027956 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 119 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027957 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 12 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027850 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 120 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027958 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 121 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027959 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 122 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027960 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 284 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 123 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027961 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 124 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027962 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 125 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027963 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 126 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027964 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 127 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027965 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 128 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027966 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 129 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027967 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 13 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027851 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 130 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027968 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 131 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027969 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 14 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027852 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 15 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027853 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 151 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027989 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 152 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027990 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 153 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027991 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 154 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027992 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 155 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027993 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 156 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027994 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 157 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027995 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 158 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027996 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 159 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027997 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 16 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027854 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 160 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027998 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 161 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027999 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 162 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028000 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 163 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028001 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 164 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028002 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 165 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028003 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 166 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028004 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 167 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028005 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 168 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028006 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 169 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028007 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 189 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028027 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 190 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028028 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 191 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028029 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 192 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028030 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 193 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028031 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 194 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028032 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 195 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028033 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 196 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028034 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 197 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028035 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 198 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028036 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 199 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028037 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 2 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027840 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 200 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028038 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 201 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028039 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 202 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028040 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 203 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028041 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 285 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location** <br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 204 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028042 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 224 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028062 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 225 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028063 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 226 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028064 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 227 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028065 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 228 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028066 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 229 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028067 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 230 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028068 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 231 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028069 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 232 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028070 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 233 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028071 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 234 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028072 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 235 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028073 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 236 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028074 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 237 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028075 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 238 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028076 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 239 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028077 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 259 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028097 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 260 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028098 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 261 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028099 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 262 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028100 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 263 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028101 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 264 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028102 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 265 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028103 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 266 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028104 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 267 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028105 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 268 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028106 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 269 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028107 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 270 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028108 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 271 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028109 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 272 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028110 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 273 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028111 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 293 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028131 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 294 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028132 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 295 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028133 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 296 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028134 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 297 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028135 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 298 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028136 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 299 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028137 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 3 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027841 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 300 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028138 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 301 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028139 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 302 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028140 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 303 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028141 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 304 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028142 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 305 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028143 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 31 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027869 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 32 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027870 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 286 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 33 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027871 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 34 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027872 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 35 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027873 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 36 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027874 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 37 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027875 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 38 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027876 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 39 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027877 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 4 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027842 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 40 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027878 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 41 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027879 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 42 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027880 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 43 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027881 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 44 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027882 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 45 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027883 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 46 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027884 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 47 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027885 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 48 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027886 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 49 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027887 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 5 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027843 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 6 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027844 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 69 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027907 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 7 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027845 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 70 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027908 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 71 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027909 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 72 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027910 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 73 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027911 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 74 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027912 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 75 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027913 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 76 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027914 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 77 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027915 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 78 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027916 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 79 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027917 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 8 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027846 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 80 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027918 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 81 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027919 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 82 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027920 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 83 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027921 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 84 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027922 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 85 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027923 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 86 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027924 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 87 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027925 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 88 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027926 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 89 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027927 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 9 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027847 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NC 90 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027928 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 1 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939506 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 10 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939515 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 100 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939604 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 287 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NFG 101 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939605 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 102 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939606 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 103 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939607 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 104 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939608 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 105 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939609 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 106 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939610 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 107 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939611 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 108 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939612 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 109 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939613 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 11 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939516 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 110 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939614 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 111 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939615 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 112 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939616 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 113 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939617 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 114 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939618 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 115 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939619 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 116 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939620 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 117 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939621 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 118 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939622 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 119 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939623 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 12 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939517 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 120 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939624 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 121 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939625 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 122 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939626 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 123 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939627 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 124 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939628 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 125 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939629 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 126 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939630 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 127 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939631 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 128 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939632 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 129 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939633 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 13 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939518 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 130 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939634 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 131 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939635 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 132 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939636 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 133 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939637 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 134 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939638 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 135 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939639 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 136 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939640 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 137 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939641 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 138 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939642 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 139 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939643 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 14 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939519 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 140 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939644 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 141 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939645 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 142 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939646 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 143 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939647 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 144 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939648 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 288 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NFG 145 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939649 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 146 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939650 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 147 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939651 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 148 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939652 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 149 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939653 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 15 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939520 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 150 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939654 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 151 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939655 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 152 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939656 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 153 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939657 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 154 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939658 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 155 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939659 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 156 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939660 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 157 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939661 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 158 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939662 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 159 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939663 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 16 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939521 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 160 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939664 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 161 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939665 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 162 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939666 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 163 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939667 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 164 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939668 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 165 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939669 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 166 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939670 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 167 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939671 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 168 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939672 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 169 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939673 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 17 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939522 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 170 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939674 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 171 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939675 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 172 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939676 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 173 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939677 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 174 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939678 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 175 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939679 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 176 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939680 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 177 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939681 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 178 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939682 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 179 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939683 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 18 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939523 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 180 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939684 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 181 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939685 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 182 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939686 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 183 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939687 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 184 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939688 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 185 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939689 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 186 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939690 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 187 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939691 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 19 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939524 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 289 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NFG 2 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939507 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 20 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939525 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 21 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939526 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 22 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939527 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 23 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939528 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 24 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939529 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 25 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939530 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 26 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939531 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 27 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939532 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 28 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939533 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 29 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939534 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 3 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939508 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 30 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939535 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 31 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939536 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 32 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939537 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 33 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939538 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 34 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939539 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 35 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939540 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 36 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939541 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 37 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939542 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 38 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939543 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 39 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939544 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 4 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939509 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 40 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939545 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 41 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939546 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 42 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939547 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 43 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939548 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 44 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939549 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 45 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939550 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 46 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939551 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 47 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939552 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 48 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939553 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 49 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939554 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 5 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939510 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 50 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939555 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 51 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939556 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 52 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939557 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 53 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939558 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 54 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939559 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 55 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939560 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 56 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939561 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 57 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939562 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 58 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939563 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 59 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939564 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 6 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939511 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 60 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939565 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 61 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939566 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 62 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939567 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NFG 63 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939568 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 64 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939569 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 65 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939570 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 66 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939571 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 67 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939572 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 68 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939573 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 69 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939574 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 7 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939512 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 70 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939575 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 71 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939576 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 72 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939577 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 73 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939578 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 74 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939579 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 76 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939580 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 78 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939582 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 79 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939583 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 8 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939513 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 80 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939584 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 81 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939585 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 82 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939586 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 83 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939587 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 84 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939588 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 85 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939589 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 86 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939590 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 87 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939591 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 88 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939592 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 89 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939593 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 9 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939514 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 90 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939594 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 91 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939595 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 92 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939596 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 93 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939597 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 94 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939598 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 95 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939599 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 96 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939600 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 97 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939601 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 98 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939602 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG 99 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939603 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFG77 | &nbsp;&nbsp;10/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC939581 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA 1 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977833 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA 2 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977834 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA 20 | &nbsp;&nbsp;11/08/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977852 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA 3 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977835 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA16 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977848 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA17 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977849 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA18 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977850 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NFRA19 | &nbsp;&nbsp;11/07/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC977851 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 1 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990154 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 10 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990163 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 100 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990253 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 101 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990254 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 102 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990255 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 103 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990256 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 104 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990257 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 105 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990258 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 106 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990259 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 107 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990260 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 108 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990261 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 109 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990262 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 11 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990164 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 110 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990263 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 111 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990264 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 112 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990265 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 113 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990266 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 114 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990267 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 115 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990268 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 116 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990269 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 117 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990270 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 118 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990271 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 119 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990272 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 12 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990165 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 120 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990273 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 121 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990274 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 122 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990275 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 123 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990276 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 124 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990277 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 125 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990278 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 126 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990279 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 127 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990280 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 128 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990281 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 129 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990282 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 13 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990166 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 130 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990283 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 131 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990284 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 132 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990285 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 133 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990286 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 134 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990287 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 135 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990288 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 136 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990289 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 137 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990290 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 138 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990291 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 139 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990292 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 14 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990167 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 140 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990293 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 141 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990294 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 142 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990295 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 143 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990296 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 144 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990297 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 145 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990298 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 146 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990299 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 147 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990300 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 148 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990301 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 149 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990302 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 15 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990168 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 150 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990303 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 151 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990304 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 152 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990305 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 153 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990306 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 154 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990307 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 155 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990308 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 156 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990309 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 157 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990310 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 158 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990311 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 159 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990312 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 16 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990169 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 160 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990313 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 161 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990314 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 162 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990315 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 163 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990316 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 164 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990317 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 165 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990318 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 166 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990319 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 167 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990320 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 168 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990321 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 169 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990322 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 17 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990170 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 170 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990323 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 171 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990324 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 172 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990325 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 173 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990326 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 174 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990327 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 175 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990328 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 176 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990329 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 177 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990330 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 178 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990331 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 179 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990332 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 18 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990171 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 180 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990333 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 181 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990334 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 182 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990335 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 183 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990336 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 184 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990337 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 185 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990338 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 186 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990339 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 187 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990340 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 188 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990341 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 189 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990342 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 19 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990172 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 190 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990343 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 191 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990344 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 192 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990345 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 193 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990346 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 194 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990347 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 195 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990348 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 196 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990349 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 197 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990350 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 198 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990351 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 199 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990352 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 2 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990155 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 20 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990173 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 200 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990353 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 201 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990354 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 202 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990355 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 203 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990356 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 204 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990357 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 205 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990358 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 206 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990359 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 207 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990360 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 208 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990361 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 209 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990362 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 21 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990174 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 210 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990363 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 211 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990364 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 212 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990365 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 213 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990366 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 214 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990367 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 215 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990368 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 216 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990369 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 217 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990370 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 218 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990371 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 219 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990372 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 22 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990175 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 220 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990373 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 221 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990374 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 222 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990375 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 223 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990376 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 224 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990377 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 225 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990378 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 226 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990379 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 227 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990380 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 228 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990381 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 229 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990382 | &nbsp;&nbsp;Humboldt |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 23 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990176 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 230 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990383 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 231 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990384 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 232 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990385 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 233 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990386 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 234 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990387 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 235 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990388 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 236 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990389 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 237 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990390 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 238 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990391 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 239 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990392 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 24 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990177 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 240 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990393 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 241 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990394 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 242 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990395 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 243 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990396 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 244 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990397 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 245 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990398 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 246 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990399 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 247 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990400 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 248 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990401 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 249 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990402 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 25 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990178 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 250 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990403 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 251 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990404 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 252 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990405 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 253 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990406 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 254 | &nbsp;&nbsp;5/02/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990407 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 255 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990408 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 256 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990409 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 257 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990410 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 258 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990411 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 259 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990412 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 26 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990179 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 260 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990413 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 261 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990414 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 262 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990415 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 263 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990416 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 264 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990417 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 265 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990418 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 266 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990419 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 267 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990420 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 268 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990421 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 269 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990422 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 27 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990180 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 270 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990423 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 271 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990424 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 272 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990425 | &nbsp;&nbsp;Humboldt |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 273 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990426 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 274 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990427 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 275 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990428 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 276 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990429 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 277 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990430 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 278 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990431 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 279 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990432 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 28 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990181 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 280 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990433 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 281 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990434 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 282 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990435 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 283 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990436 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 284 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990437 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 285 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990438 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 286 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990439 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 287 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990440 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 288 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990441 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 289 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990442 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 29 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990182 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 290 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990443 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 291 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990444 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 292 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990445 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 293 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990446 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 294 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990447 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 295 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990448 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 296 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990449 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 297 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990450 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 298 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990451 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 299 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990452 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 3 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990156 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 30 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990183 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 300 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990453 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 301 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990454 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 302 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990455 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 303 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990456 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 304 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990457 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 305 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990458 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 306 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990459 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 307 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990460 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 308 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990461 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 309 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990462 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 31 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990184 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 310 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990463 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 311 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990464 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 312 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990465 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 313 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990466 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 314 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990467 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 315 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990468 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 316 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990469 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 317 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990470 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 318 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990471 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 319 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990472 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 32 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990185 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 320 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990473 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 321 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990474 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 322 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990475 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 323 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990476 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 324 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990477 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 325 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990478 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 326 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990479 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 327 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990480 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 328 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990481 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 329 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990482 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 33 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990186 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 330 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990483 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 331 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990484 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 332 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990485 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 333 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990486 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 334 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990487 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 335 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990488 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 336 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990489 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 337 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990490 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 338 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990491 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 339 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990492 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 34 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990187 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 340 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990493 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 341 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990494 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 342 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990495 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 343 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990496 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 344 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990497 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 345 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990498 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 346 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990499 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 347 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990500 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 348 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990501 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 349 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990502 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 35 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990188 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 350 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990503 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 351 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990504 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 352 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990505 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 353 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990506 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 354 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990507 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 355 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990508 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 356 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990509 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 357 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990510 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 358 | &nbsp;&nbsp;5/01/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990511 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 359 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990512 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 36 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990189 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 360 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990513 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 361 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990514 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 362 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990515 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 363 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990516 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 364 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990517 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 365 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990518 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 366 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990519 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 367 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990520 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 368 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990521 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 369 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990522 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 37 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990190 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 370 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990523 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 371 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990524 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 372 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990525 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 373 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990526 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 374 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990527 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 375 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990528 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 376 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990529 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 377 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990530 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 378 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990531 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 379 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990532 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 38 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990191 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 380 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990533 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 381 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990534 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 382 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990535 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 383 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990536 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 384 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990537 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 385 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990538 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 386 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990539 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 387 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990540 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 388 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990541 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 389 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990542 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 39 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990192 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 390 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990543 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 391 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990544 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 392 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990545 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 393 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990546 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 394 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990547 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 395 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990548 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 396 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990549 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 397 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990550 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 398 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990551 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 399 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990552 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 4 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990157 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 40 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990193 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 400 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990553 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 401 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990554 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 402 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990555 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 403 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990556 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 404 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990557 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 405 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990558 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 406 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990559 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 407 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990560 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 408 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990561 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 409 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990562 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 41 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990194 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 410 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990563 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 411 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990564 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 412 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990565 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 413 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990566 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 414 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990567 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 415 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990568 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 416 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990569 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 417 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990570 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 418 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990571 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 419 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990572 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 42 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990195 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 420 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990573 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 421 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990574 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 422 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990575 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 423 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990576 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 424 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990577 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 425 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990578 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 426 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990579 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 427 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990580 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 428 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990581 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 429 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990582 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 43 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990196 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 430 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990583 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 431 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990584 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 436 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990589 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 44 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990197 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 440 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990593 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 441 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990594 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 444 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990597 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 445 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990598 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 446 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990599 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 447 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990600 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 448 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990601 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 449 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990602 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 45 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990198 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 451 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990604 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 452 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990605 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 453 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990606 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 454 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990607 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 299 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 455 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990608 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 456 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990609 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 457 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990610 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 458 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990611 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 459 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990612 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 46 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990199 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 460 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990613 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 461 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990614 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 462 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990615 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 463 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990616 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 464 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990617 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 465 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990618 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 466 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990619 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 467 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990620 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 468 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990621 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 469 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990622 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 47 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990200 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 470 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990623 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 471 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990624 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 472 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990625 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 473 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990626 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 474 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990627 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 475 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990628 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 476 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990629 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 477 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990630 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 478 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990631 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 479 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990632 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 48 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990201 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 480 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990633 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 481 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990634 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 482 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990635 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 483 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990636 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 484 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990637 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 485 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990638 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 486 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990639 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 487 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990640 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 488 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990641 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 489 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990642 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 49 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990202 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 490 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990643 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 491 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990644 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 492 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990645 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 493 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990646 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 494 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990647 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 495 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990648 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 496 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990649 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 497 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990650 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 498 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990651 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 300 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 499 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990652 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 5 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990158 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 50 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990203 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 500 | &nbsp;&nbsp;4/29/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990653 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 51 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990204 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 52 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990205 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 53 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990206 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 54 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990207 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 55 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990208 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 56 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990209 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 57 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990210 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 58 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990211 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 59 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990212 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 6 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990159 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 60 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990213 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 61 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990214 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 62 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990215 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 63 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990216 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 64 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990217 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 65 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990218 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 66 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990219 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 67 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990220 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 68 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990221 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 69 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990222 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 7 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990160 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 70 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990223 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 71 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990224 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 72 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990225 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 73 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990226 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 74 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990227 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 75 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990228 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 76 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990229 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 77 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990230 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 78 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990231 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 79 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990232 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 8 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990161 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 80 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990233 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 81 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990234 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 82 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990235 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 83 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990236 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 84 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990237 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 85 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990238 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 86 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990239 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 87 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990240 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 88 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990241 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 89 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990242 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 9 | &nbsp;&nbsp;5/04/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990162 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 90 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990243 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 301 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NH 91 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990244 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 92 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990245 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 93 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990246 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 94 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990247 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 95 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990248 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 96 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990249 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 97 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990250 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 98 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990251 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH 99 | &nbsp;&nbsp;5/03/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990252 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH432 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990585 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH433 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990586 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH434 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990587 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH435 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990588 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH437 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990590 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH438 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990591 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH439 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990592 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH442 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990595 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH443 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990596 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;NH450 | &nbsp;&nbsp;4/28/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990603 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Pacific #2 | &nbsp;&nbsp;11/04/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC181010 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG # 39 | &nbsp;&nbsp;6/28/1987 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC436884 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG # 72 | &nbsp;&nbsp;6/28/1987 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC436912 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #0BF | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143488 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #1 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143252 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #10 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143261 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #11 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143262 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #12 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143263 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #12A | &nbsp;&nbsp;2/20/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143490 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #13 | &nbsp;&nbsp;12/27/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143264 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #13A | &nbsp;&nbsp;2/20/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143491 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #15 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143266 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #16 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143267 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #168 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143347 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #169 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143348 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #17 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143268 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #170 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143349 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #171 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143350 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #172 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143351 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #173 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143352 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #174 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143353 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #175 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143354 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #176 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143355 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #177 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143356 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #178 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143357 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #179 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143358 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #18 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143269 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #180 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143359 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #181 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143360 | &nbsp;&nbsp;Humboldt |

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| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #182 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143361 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #183 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143362 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #184 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143363 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #185 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143364 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #186 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143365 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #187 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143366 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #188 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143367 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #189 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143368 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #19 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143270 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #190 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143369 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #191 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143370 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #192 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143371 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #193 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143372 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #194 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143373 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #195 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143374 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #196 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143375 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #197 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143376 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #198 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143377 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #199 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143378 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #1FS | &nbsp;&nbsp;1/27/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143489 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #2 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143253 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #20 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143271 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #200 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143379 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #201 | &nbsp;&nbsp;2/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143380 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #201A | &nbsp;&nbsp;2/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143504 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #202 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143381 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #203 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143382 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #204 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143383 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #205 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143384 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #206 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143385 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #207 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143386 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #208 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143387 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #209 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143388 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #21 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143272 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #210 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143389 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #211 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143390 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #212 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143391 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #213 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143392 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #214 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143393 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #215 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143394 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #2158 | &nbsp;&nbsp;2/14/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143505 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #216 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143395 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #217 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143396 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #2178 | &nbsp;&nbsp;2/14/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143506 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #218 | &nbsp;&nbsp;2/13/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143397 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #2188 | &nbsp;&nbsp;2/04/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143508 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #218A | &nbsp;&nbsp;2/04/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143507 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #219 | &nbsp;&nbsp;2/13/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143398 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 303 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #2198 | &nbsp;&nbsp;2/13/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143509 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #22 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143273 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #220 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143399 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #221 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143400 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #222 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143401 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #223 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143402 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #224 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143403 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #225 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143404 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #226 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143405 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #227 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143406 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #22A | &nbsp;&nbsp;2/20/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143492 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #23 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143274 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #238F | &nbsp;&nbsp;1/29/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143510 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #239 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143407 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #239 | &nbsp;&nbsp;2/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143598 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #239A | &nbsp;&nbsp;2/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143511 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #24 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143275 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #240 | &nbsp;&nbsp;2/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143408 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #240 | &nbsp;&nbsp;2/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143597 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #241 | &nbsp;&nbsp;3/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143409 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #241A | &nbsp;&nbsp;3/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143596 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #242 | &nbsp;&nbsp;3/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143410 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #243 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143411 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #244 | &nbsp;&nbsp;2/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143412 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #245 | &nbsp;&nbsp;2/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143413 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #246 | &nbsp;&nbsp;2/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143414 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #247 | &nbsp;&nbsp;2/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143415 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #248 | &nbsp;&nbsp;2/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143416 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #25 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143276 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #26 | &nbsp;&nbsp;1/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143277 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #262 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143487 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #264 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143417 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #265 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143418 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #266 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143419 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #267 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143420 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #268 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143421 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #269 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143422 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #27 | &nbsp;&nbsp;1/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143278 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #270 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143423 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #271 | &nbsp;&nbsp;1/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143424 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #28 | &nbsp;&nbsp;1/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143279 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #288 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546067 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #29 | &nbsp;&nbsp;1/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143280 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #290 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546068 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #292 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546069 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #294 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546070 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #296 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546071 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #298 | &nbsp;&nbsp;2/06/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143494 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 304 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #298 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546072 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #29A | &nbsp;&nbsp;2/06/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143493 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #3 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143254 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #30 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143281 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #300 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546073 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #302 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546074 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #304 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546075 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #305 | &nbsp;&nbsp;1/18/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143444 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #306 | &nbsp;&nbsp;1/18/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143445 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #307 | &nbsp;&nbsp;1/18/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143446 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #30A | &nbsp;&nbsp;1/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143495 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #31 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143282 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #32 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143283 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #322 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546076 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #323 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546077 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #324 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546078 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #325 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546079 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #326 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546080 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #327 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546081 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #328 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143453 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #329 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546082 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #33 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546005 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #330 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143455 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #331 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546083 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #332 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143457 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #333 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546084 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #334 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143459 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #335 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546085 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #336 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143461 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #337 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546086 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #338 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143463 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #339 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546087 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #34 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143285 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #340 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143465 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #341 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546088 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #342 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143467 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #343 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546089 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #35 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546006 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #358 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143469 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #359 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143470 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #36 | &nbsp;&nbsp;12/22/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143287 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #360 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143471 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #361 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143472 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #362 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Homestake Mng Co Of Ca | &nbsp;&nbsp;NMC143473 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #362A | &nbsp;&nbsp;2/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143512 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #363 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143474 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #364 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Homestake Mng Co Of Ca | &nbsp;&nbsp;NMC143475 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #364A | &nbsp;&nbsp;2/05/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143513 | &nbsp;&nbsp;Humboldt |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #365 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143476 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #366 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Homestake Mng Co Of Ca | &nbsp;&nbsp;NMC143477 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #366A | &nbsp;&nbsp;2/06/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143514 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #367 | &nbsp;&nbsp;1/31/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143478 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #368 | &nbsp;&nbsp;2/01/1980 | &nbsp;&nbsp;Homestake Mng Co Of Ca | &nbsp;&nbsp;NMC143479 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #368 | &nbsp;&nbsp;2/07/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143497 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #368A | &nbsp;&nbsp;2/06/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143515 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #36A | &nbsp;&nbsp;2/07/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143496 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #37 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546007 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #38 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546008 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #39A | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546009 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #4 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143255 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #40 | &nbsp;&nbsp;1/07/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143291 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #400 | &nbsp;&nbsp;10/25/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175062 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #401 | &nbsp;&nbsp;10/25/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175063 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #402 | &nbsp;&nbsp;10/25/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175064 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #403 | &nbsp;&nbsp;10/25/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175065 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #404 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175066 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #405 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175067 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #406 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175068 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #407 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175069 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #408 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175070 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #409 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175071 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #41 | &nbsp;&nbsp;1/07/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143292 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #410 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175072 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #411 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175073 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #412 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175074 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #413 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175075 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #414 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175076 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #415 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175077 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #416 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175078 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #417 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175079 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #418 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175080 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #419 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175081 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #42 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546010 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #420 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175082 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #421 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175083 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #422 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175084 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #423 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175085 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #424 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175086 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #425 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175087 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #426 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175088 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #43 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546011 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #44 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546012 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #45 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546013 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #46 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546014 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #47 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546015 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #48 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546016 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #49 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546017 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #5 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143256 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #50 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546018 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #51 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546019 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #52 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546020 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #52A | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546021 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #53 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546022 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #54 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546023 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #55 | &nbsp;&nbsp;1/09/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143306 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #56 | &nbsp;&nbsp;1/09/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143307 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #57 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546024 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #58 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546025 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #59 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546026 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #6 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143257 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #60 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546027 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #61 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546028 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #62 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546029 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #63 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546030 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #64 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546031 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #65 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546032 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #66 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546033 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #67 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546034 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #67A | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546035 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #68 | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546036 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #68A | &nbsp;&nbsp;3/10/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546037 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #69 | &nbsp;&nbsp;1/10/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143320 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #7 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143258 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #70 | &nbsp;&nbsp;1/10/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143321 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #71 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546038 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #73 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546039 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #74 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546040 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #75 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546041 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #76 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546042 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #77 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546043 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #78 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546044 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #79 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546045 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #8 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143259 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #80 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546046 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #81 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546047 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #81A | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546048 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #82 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546049 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #83 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546050 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #85 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546052 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #86 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546053 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #87 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546054 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #88 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546055 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #89 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546056 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #9 | &nbsp;&nbsp;12/20/1979 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143260 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #90 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546057 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #91 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546058 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #92 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546059 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #93 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546060 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #94 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546061 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #95 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546062 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG #97 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546063 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 102 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932886 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 126 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932903 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 128 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932904 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 258 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932912 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 260 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932913 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 286 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932914 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 287 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932915 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 289 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932916 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 291 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932917 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 293 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932918 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 295 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932919 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 297 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932920 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 299 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932921 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 301 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932922 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 303 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932923 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG 94A | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC932885 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG Fraction #427 | &nbsp;&nbsp;10/17/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC175089 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG#14 | &nbsp;&nbsp;1/03/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC143265 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG#328X | &nbsp;&nbsp;5/15/1984 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC307553 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG#84 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC546051 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFG-130-A | &nbsp;&nbsp;1/08/2008 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC985654 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 1 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008652 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 10 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008661 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 10A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008716 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 11 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008662 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 11A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008717 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 12 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008663 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 12A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008718 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 12B | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008728 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 13 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008664 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 13A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008719 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 13B | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008729 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 14 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008665 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 14A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008720 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 15 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008666 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 16 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008667 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 17 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008668 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 171 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008691 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 172 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008692 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 176 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008693 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 177 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008694 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFGM 177A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008725 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 178 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008695 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 179 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008696 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 18 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008669 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 180 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008697 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 181 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008698 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 182 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008699 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 183 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008700 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 184 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008701 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 186 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008702 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 187 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008703 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 18A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008721 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 19 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008670 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 2 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008653 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 20 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008671 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 20A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008722 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 21 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008672 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 22 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008673 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 22A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008723 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 22B | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008730 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 23 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008674 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 24 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008675 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 25 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008676 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 26 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008677 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 27 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008678 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 27A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008724 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 28 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008679 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 29 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008680 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 3 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008654 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 30 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008681 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 31 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008682 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 32 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008683 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 33 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008684 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 34 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008685 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 357 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008704 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 358 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008705 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 358A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008726 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 359 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008706 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 359A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008727 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 360 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008707 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 361 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008708 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 363 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008709 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 365 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008710 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 367 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008711 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 4 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008655 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 40 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008686 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 41 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008687 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 42 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008688 | &nbsp;&nbsp;Humboldt |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFGM 43 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008689 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 5 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008656 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 57 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008690 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 6 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008657 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 6A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008712 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 7 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008658 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 7A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008713 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 8 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008659 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 8A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008714 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 9 | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008660 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;RFGM 9A | &nbsp;&nbsp;6/18/2009 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1008715 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 1 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990654 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 10 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990663 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 100 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990753 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 101 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990754 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 102 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990755 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 103 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990756 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 104 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990757 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 105 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990758 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 106 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990759 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 107 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990760 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 108 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990761 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 109 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990762 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 11 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990664 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 110 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990763 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 111 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990764 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 112 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990765 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 113 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990766 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 114 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990767 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 115 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990768 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 116 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990769 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 117 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990770 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 118 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990771 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 119 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990772 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 12 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990665 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 120 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990773 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 121 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990774 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 122 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990775 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 123 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990776 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 124 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990777 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 125 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990778 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 126 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990779 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 127 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990780 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 128 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990781 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 129 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990782 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 13 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990666 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 130 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990783 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 131 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990784 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 310 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 132 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990785 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 133 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990786 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 134 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990787 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 135 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990788 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 136 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990789 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 137 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990790 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 138 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990791 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 139 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990792 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 14 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990667 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 140 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990793 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 141 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990794 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 142 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990795 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 143 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990796 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 144 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990797 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 145 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990798 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 146 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990799 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 147 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990800 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 148 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990801 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 149 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990802 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 15 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990668 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 150 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990803 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 151 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990804 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 152 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990805 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 153 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990806 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 154 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990807 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 155 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990808 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 156 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990809 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 157 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990810 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 158 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990811 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 159 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990812 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 16 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990669 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 160 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990813 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 161 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990814 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 162 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990815 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 163 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990816 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 164 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990817 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 165 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990818 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 166 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990819 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 167 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990820 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 168 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990821 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 17 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990670 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 18 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990671 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 19 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990672 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 2 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990655 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 20 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990673 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 21 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990674 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 22 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990675 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 23 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990676 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 311 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 24 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990677 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 25 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990678 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 26 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990679 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 27 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990680 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 28 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990681 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 29 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990682 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 3 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990656 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 30 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990683 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 31 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990684 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 32 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990685 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 33 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990686 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 34 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990687 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 35 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990688 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 350 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991002 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 351 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991003 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 352 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991004 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 36 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990689 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 37 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990690 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 373 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991025 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 374 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991026 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 375 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991027 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 376 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991028 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 377 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991029 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 378 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991030 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 379 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991031 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 38 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990691 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 380 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991032 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 381 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991033 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 39 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990692 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 396 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991048 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 397 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991049 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 398 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991050 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 399 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991051 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 400 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991052 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 401 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991053 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 402 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991054 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 403 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991055 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 404 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991056 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 405 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991057 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 406 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991058 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 41 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990694 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 419 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991071 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 42 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990695 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 420 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991072 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 421 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991073 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 422 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991074 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 423 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991075 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 424 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991076 | &nbsp;&nbsp;Humboldt |

---

Hycroft Mine Project Page 312 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 425 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991077 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 426 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991078 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 427 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991079 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 428 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991080 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 429 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991081 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 43 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990696 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 430 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991082 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 439 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991090 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 44 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990697 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 440 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991091 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 441 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991092 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 442 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991093 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 443 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991094 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 444 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991095 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 445 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991096 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 446 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991097 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 447 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991098 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 448 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991099 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 449 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991100 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 45 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990698 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 450 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991101 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 451 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991102 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 452 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991103 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 453 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991104 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 454 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991105 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 455 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991106 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 456 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991107 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 46 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990699 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 47 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990700 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 48 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990701 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 49 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990702 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 5 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990658 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 50 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990703 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 51 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990704 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 52 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990705 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 53 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990706 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 54 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990707 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 55 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990708 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 56 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990709 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 57 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990710 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 58 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990711 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 59 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990712 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 6 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990659 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 60 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990713 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 61 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990714 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 62 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990715 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 63 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990716 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 64 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990717 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 313 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 65 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990718 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 66 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990719 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 67 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990720 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 68 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990721 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 69 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990722 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 7 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990660 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 70 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990723 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 71 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990724 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 72 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990725 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 73 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990726 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 74 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990727 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 75 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990728 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 76 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990729 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 77 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990730 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 78 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990731 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 79 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990732 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 8 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990661 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 80 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990733 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 81 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990734 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 82 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990735 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 83 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990736 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 84 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990737 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 85 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990738 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 86 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990739 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 87 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990740 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 88 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990741 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 89 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990742 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 9 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990662 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 90 | &nbsp;&nbsp;4/05/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990743 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 91 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990744 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 92 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990745 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 93 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990746 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 94 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990747 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 95 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990748 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 96 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990749 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 97 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990750 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 98 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990751 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH 99 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990752 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH4 | &nbsp;&nbsp;4/20/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990657 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SH40 | &nbsp;&nbsp;4/06/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990693 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 1 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080086 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 2 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080087 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 3 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080088 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 4 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080089 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 5 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080090 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;SL 6 | &nbsp;&nbsp;10/18/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1080091 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Sulphate | &nbsp;&nbsp;11/04/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC181011 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Triple L #1 | &nbsp;&nbsp;10/13/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC127534 | &nbsp;&nbsp;Humboldt |

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;Triple L #2 | &nbsp;&nbsp;10/13/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC127535 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Triple L #3 | &nbsp;&nbsp;10/13/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC127536 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Triple L #4 | &nbsp;&nbsp;10/13/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC127537 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;Triple L #5 | &nbsp;&nbsp;10/13/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC127538 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-1 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780688 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-10 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780697 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-11 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780698 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-12 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780699 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-13 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780700 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-14 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780701 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-15 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780702 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-16 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780703 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-17 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780704 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-18 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780705 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-19 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780706 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-2 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780689 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-20 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780707 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-21 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780708 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-22 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780709 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-23 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780710 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-24 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780711 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-25 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780712 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-26 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780713 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-27 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780714 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-28 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780715 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-29 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780716 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-3 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780690 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-30 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780717 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-31 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780718 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-32 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780719 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-33 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780720 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-34 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780721 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-35 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780722 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-36 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780723 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-37 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780724 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-38 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780725 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-39 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780726 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-4 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780691 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-40 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780727 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-41 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780728 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-42 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780729 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-43 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780730 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-44 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780731 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-45 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780732 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-46 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780733 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-47 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780734 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-48 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780735 | &nbsp;&nbsp;Humboldt |

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Hycroft Mine Project Page 315 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;WKM-5 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780692 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-50 | &nbsp;&nbsp;10/01/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780736 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-51 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780737 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-52 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780738 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-53 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780739 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-54 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780740 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-55 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780741 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-56 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780742 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-57 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780743 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-58 | &nbsp;&nbsp;10/02/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780744 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-6 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780693 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-60 | &nbsp;&nbsp;10/06/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780745 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-62 | &nbsp;&nbsp;10/06/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780746 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-64 | &nbsp;&nbsp;10/06/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780747 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-7 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780694 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-8 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780695 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;WKM-9 | &nbsp;&nbsp;9/30/1997 | &nbsp;&nbsp;F W Lewis Inc | &nbsp;&nbsp;NMC780696 | &nbsp;&nbsp;Humboldt |
| &nbsp;&nbsp;FG 49 | &nbsp;&nbsp;12/18/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100166 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 71 | &nbsp;&nbsp;12/18/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100167 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRD1212 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102169 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 218 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102176 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 219 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102177 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 1 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100176 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 10 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100185 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 100 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102058 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 101 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102059 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 102 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102060 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 103 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102061 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 104 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102062 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 105 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102063 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 106 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102064 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 107 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102065 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 108 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102066 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 109 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102067 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 11 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100186 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 110 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102068 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 111 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102069 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 112 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102070 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 113 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102071 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 114 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102072 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 115 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102073 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 116 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102074 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 117 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102075 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 118 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102076 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 119 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102077 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 12 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100187 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 120 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102078 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 121 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102079 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 122 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102080 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 316 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;HRDI 123 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102081 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 124 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102082 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 125 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102083 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 126 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102084 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 127 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102085 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 128 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102086 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 129 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102087 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 13 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100188 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 130 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102088 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 131 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102089 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 132 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102090 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 133 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102091 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 134 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102092 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 135 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102093 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 136 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102094 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 137 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102095 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 138 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102096 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 139 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102097 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 14 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100189 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 140 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102098 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 141 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102099 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 142 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102100 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 143 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102101 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 144 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102102 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 145 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102103 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 146 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102104 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 147 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102105 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 148 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102106 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 149 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102107 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 15 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100190 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 150 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102108 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 151 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102109 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 152 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102110 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 153 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102111 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 154 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102112 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 155 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102113 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 156 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102114 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 157 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102115 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 158 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102116 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 159 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102117 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 16 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100191 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 160 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102118 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 161 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102119 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 162 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102120 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 163 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102121 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 164 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102122 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 165 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102123 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 166 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102124 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 317 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;HRDI 167 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102125 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 168 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102126 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 169 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102127 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 17 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100192 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 170 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102128 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 171 | &nbsp;&nbsp;4/9/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102129 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 172 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102130 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 173 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102131 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 174 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102132 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 175 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102133 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 176 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102134 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 177 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102135 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 178 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102136 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 179 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102137 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 18 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100193 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 180 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102138 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 181 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102139 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 182 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102140 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 183 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102141 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 184 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102142 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 185 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102143 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 186 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102144 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 187 | &nbsp;&nbsp;4/11/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102145 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 188 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102146 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 189 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102147 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 19 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100194 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 190 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102148 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 191 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102149 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 192 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102150 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 193 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102151 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 194 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102152 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 195 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102153 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 196 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102154 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 197 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102155 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 198 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102156 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 199 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102157 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 2 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100177 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 20 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100195 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 200 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102158 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 201 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102159 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 202 | &nbsp;&nbsp;4/10/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102160 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 203 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102161 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 204 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102162 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 205 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102163 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 206 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102164 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 207 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102165 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 208 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102166 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 209 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102167 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 21 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100196 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 318 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;HRDI 210 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102168 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 211 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102170 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 213 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102171 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 214 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102172 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 215 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102173 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 216 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102174 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 217 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102175 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 22 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100197 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 220 | &nbsp;&nbsp;4/16/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102178 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 221 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102179 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 222 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102180 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 223 | &nbsp;&nbsp;4/15/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102181 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 23 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100198 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 24 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100199 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 25 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100200 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 26 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100201 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 27 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100202 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 28 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100203 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 29 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100204 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 3 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100178 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 30 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100205 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 31 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100206 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 32 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100207 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 33 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100208 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 34 | &nbsp;&nbsp;12/18/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100209 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 35 | &nbsp;&nbsp;12/18/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100210 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 36 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100211 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 37 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100212 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 38 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100213 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 39 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100214 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 4 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100179 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 40 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100215 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 41 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100216 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 42 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100217 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 43 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100218 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 44 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100219 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 45 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100220 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 46 | &nbsp;&nbsp;12/17/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100221 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 47 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102005 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 48 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102006 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 49 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102007 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 5 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100180 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 50 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102008 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 51 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102009 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 52 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102010 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 53 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102011 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 54 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102012 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 319 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;HRDI 55 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102013 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 56 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102014 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 57 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102015 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 58 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102016 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 59 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102017 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 6 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100181 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 60 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102018 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 61 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102019 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 62 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102020 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 63 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102021 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 64 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102022 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 65 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102023 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 66 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102024 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 67 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102025 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 68 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102026 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 69 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102027 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 7 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100182 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 70 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102028 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 71 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102029 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 72 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102030 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 73 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102031 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 74 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102032 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 75 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102033 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 76 | &nbsp;&nbsp;4/7/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102034 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 77 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102035 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 78 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102036 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 79 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102037 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 8 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100183 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 80 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102038 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 81 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102039 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 82 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102040 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 83 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102041 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 84 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102042 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 85 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102043 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 86 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102044 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 87 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102045 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 88 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102046 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 89 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102047 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 9 | &nbsp;&nbsp;12/16/2013 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1100184 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 90 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102048 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 91 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102049 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 92 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102050 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 93 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102051 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 94 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102052 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 95 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102053 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 96 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102054 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 97 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102055 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;HRDI 98 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102056 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 320 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;HRDI 99 | &nbsp;&nbsp;4/8/2014 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1102057 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 102 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027940 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 103 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027941 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 104 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027942 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 105 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027943 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 106 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027944 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 107 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027945 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 108 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027946 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 109 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027947 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 133 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027971 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 134 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027972 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 135 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027973 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 136 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027974 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 137 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027975 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 138 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027976 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 139 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027977 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 140 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027978 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 141 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027979 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 142 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027980 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 143 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027981 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 144 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027982 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 145 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027983 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 146 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027984 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 147 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027985 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 148 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027986 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 149 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027987 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 150 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027988 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 171 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028009 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 172 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028010 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 173 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028011 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 174 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028012 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 175 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028013 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 176 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028014 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 177 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028015 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 178 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028016 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 179 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028017 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 180 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028018 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 181 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028019 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 182 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028020 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 183 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028021 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 184 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028022 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 185 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028023 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 186 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028024 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 187 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028025 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 188 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028026 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 206 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028044 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 207 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028045 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 208 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028046 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 321 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 209 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028047 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 210 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028048 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 211 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028049 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 212 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028050 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 213 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028051 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 214 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028052 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 215 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028053 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 216 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028054 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 217 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028055 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 218 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028056 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 219 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028057 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 220 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028058 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 221 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028059 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 222 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028060 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 223 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028061 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 241 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028079 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 242 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028080 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 243 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028081 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 244 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028082 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 245 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028083 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 246 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028084 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 247 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028085 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 248 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028086 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 249 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028087 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 250 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028088 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 251 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028089 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 252 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028090 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 253 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028091 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 254 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028092 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 255 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028093 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 256 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028094 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 257 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028095 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 258 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028096 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 275 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028113 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 276 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028114 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 277 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028115 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 278 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028116 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 279 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028117 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 280 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028118 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 281 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028119 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 282 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028120 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 283 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028121 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 284 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028122 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 285 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028123 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 286 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028124 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 287 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028125 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 288 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028126 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 289 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028127 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 322 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 290 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028128 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 291 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028129 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 292 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028130 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 307 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028145 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 308 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028146 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 309 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028147 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 310 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028148 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 311 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028149 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 312 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028150 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 313 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028151 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 314 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028152 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 315 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028153 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 316 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028154 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 317 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028155 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 318 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028156 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 319 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028157 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 320 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028158 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 321 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028159 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 322 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028160 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 323 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028161 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 324 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028162 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 1 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078793 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 10 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078802 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 11 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078803 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 12 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078804 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 2 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078794 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 3 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078795 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 4 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078796 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 5 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078797 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 6 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078798 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 7 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078799 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 8 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078800 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OS 9 | &nbsp;&nbsp;9/11/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078801 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 1 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035889 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 2 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035890 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 3 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035891 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 35 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035895 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 36 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035896 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 37 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035897 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 38 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035898 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 39 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035899 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 4 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035892 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 40 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035900 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 41 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035901 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 42 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035902 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 43 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035903 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 44 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035904 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 45 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035905 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 323 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;OSC 46 | &nbsp;&nbsp;10/29/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035906 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 47 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035907 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 48 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035908 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 49 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035909 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 5 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035893 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 50 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035910 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 51 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035911 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 52 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035912 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 53 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035913 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 54 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035914 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 55 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035915 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 56 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035916 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 57 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035917 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 58 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035918 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 59 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035919 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 6 | &nbsp;&nbsp;10/28/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035894 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 60 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035920 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 61 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035921 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 62 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035922 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 63 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035923 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 64 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035924 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 65 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035925 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 66 | &nbsp;&nbsp;10/31/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035926 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 67 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035927 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 68 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035928 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 69 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035929 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 70 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035930 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 71 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035931 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 72 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035932 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 73 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035933 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 74 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035934 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 75 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035935 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;OSC 76 | &nbsp;&nbsp;11/1/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1035936 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 1 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078774 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 10 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078783 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 11 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078784 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 12 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078785 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 13 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078786 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 14 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078787 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 15 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078788 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 16 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078789 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 17 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078790 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 18 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078791 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 19 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078792 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 2 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078775 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 3 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078776 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 4 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078777 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 5 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078778 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 324 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RMK 6 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078779 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 7 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078780 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 8 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078781 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RMK 9 | &nbsp;&nbsp;9/27/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1078782 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 100 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076520 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 101 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076521 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 102 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076522 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 103 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076523 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 104 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076524 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 105 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076525 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 106 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076526 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 107 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076527 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 108 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076528 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 109 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076529 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 11 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076453 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 110 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076530 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 111 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076531 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 112 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076532 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 113 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076533 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 114 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076534 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 115 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076535 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 116 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076536 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 117 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076537 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 12 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076454 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 13 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076455 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 14 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076456 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 15 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076457 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 16 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076458 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 17 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076459 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 18 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076460 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 19 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076461 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 20 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076462 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 21 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076463 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 22 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076464 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 23 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076465 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 24 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076466 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 25 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076467 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 26 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076468 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 27 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076469 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 28 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076470 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 29 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076471 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 30 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076472 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 31 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076473 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 32 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076474 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 33 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076475 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 34 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076476 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 35 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076477 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 36 | &nbsp;&nbsp;7/26/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076478 | &nbsp;&nbsp;Pershing |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;WCR 47 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076479 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 48 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076480 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 49 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076481 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 50 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076482 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 51 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076483 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 52 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076484 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 53 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076485 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 54 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076486 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 55 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076487 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 56 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076488 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 57 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076489 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 58 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076490 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 59 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076491 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 60 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076492 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 61 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076493 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 62 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076494 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 63 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076495 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 64 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076496 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 65 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076497 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 66 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076498 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 67 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076499 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 68 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076500 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 69 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076501 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 70 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076502 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 71 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076503 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 72 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076504 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 73 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076505 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 74 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076506 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 75 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076507 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 76 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076508 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 77 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076509 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 78 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076510 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 79 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076511 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 80 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076512 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 81 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076513 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 82 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076514 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 83 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076515 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 84 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076516 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 97 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076517 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 98 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076518 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCR 99 | &nbsp;&nbsp;7/25/2012 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1076519 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;CKC#8 | &nbsp;&nbsp;9/6/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC 88355 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;CKC#9 | &nbsp;&nbsp;9/6/1973 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC 88356 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 1 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939059 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 10 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939068 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 100 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939157 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 101 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939158 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 102 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939159 | &nbsp;&nbsp;Pershing |

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 103 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939160 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 104 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939161 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 105 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939162 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 106 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939163 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 107 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939164 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 108 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939165 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 109 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939166 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 11 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939069 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 110 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939167 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 111 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939168 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 112 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939169 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 113 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939170 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 114 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939171 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 115 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939172 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 116 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939173 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 12 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939070 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 121 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939174 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 122 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939175 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 123 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939176 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 124 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939177 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 125 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939178 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 126 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939179 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 127 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939180 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 13 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939071 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 130 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939181 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 131 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939182 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 132 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939183 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 133 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939184 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 134 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939185 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 135 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939186 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 136 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939187 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 137 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939188 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 138 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939189 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 139 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939190 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 14 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939072 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 140 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939191 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 141 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939192 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 142 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939193 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 143 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939194 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 144 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939195 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 145 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939196 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 146 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939197 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 147 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939198 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 148 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939199 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 149 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939200 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 15 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939073 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 150 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939201 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 151 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939202 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 327 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 152 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939203 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 153 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939204 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 154 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939205 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 155 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939206 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 156 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939207 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 157 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939208 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 158 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939209 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 159 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939210 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 16 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939074 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 160 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939211 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 161 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939212 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 162 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939213 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 164 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939214 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 165 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939215 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 166 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939216 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 167 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939217 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 17 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939075 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 173 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939218 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 174 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939219 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 175 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939220 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 176 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939221 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 177 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939222 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 178 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939223 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 179 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939224 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 18 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939076 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 180 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939225 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 181 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939226 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 182 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939227 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 183 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939228 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 184 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939229 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 185 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939230 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 186 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939231 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 187 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939232 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 188 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939233 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 189 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939234 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 19 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939077 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 190 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939235 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 191 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939236 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 192 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939237 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 193 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939238 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 194 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939239 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 195 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939240 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 196 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939241 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 197 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939242 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 198 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939243 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 199 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939244 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 2 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939060 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 20 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939078 | &nbsp;&nbsp;Pershing |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 200 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939245 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 201 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939246 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 202 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939247 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 21 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939079 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 215 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939248 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 216 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939249 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 217 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939250 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 218 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939251 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 219 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939252 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 22 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939080 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 220 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939253 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 221 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939254 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 222 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939255 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 227 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939260 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 228 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939261 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 229 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939262 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 23 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939081 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 230 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939263 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 231 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939264 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 232 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939265 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 233 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939266 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 234 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939267 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 235 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939268 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 236 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939269 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 237 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939270 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 238 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939271 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 239 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939272 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 24 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939082 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 240 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939273 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 241 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939274 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 242 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939275 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 243 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939276 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 244 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939277 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 245 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939278 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 246 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939279 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 247 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939280 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 248 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939281 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 249 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939282 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 25 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939083 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 26 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939084 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 262 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939283 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 263 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939284 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 264 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939285 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 265 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939286 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 266 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939287 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 267 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939288 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 268 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939289 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 269 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939290 | &nbsp;&nbsp;Pershing |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 27 | &nbsp;&nbsp;9/5/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939085 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 276 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939297 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 277 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939298 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 278 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939299 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 279 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939300 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 28 | &nbsp;&nbsp;9/5/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939086 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 280 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939301 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 281 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939302 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 282 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939303 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 283 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939304 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 284 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939305 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 285 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939306 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 286 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939307 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 287 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939308 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 288 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939309 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 289 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939310 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 29 | &nbsp;&nbsp;9/5/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939087 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 290 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939311 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 291 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939312 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 292 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939313 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 293 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939314 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 294 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939315 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 295 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939316 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 296 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939317 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 297 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939318 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 298 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939319 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 299 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939320 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 3 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939061 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 30 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939088 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 300 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939321 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 301 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939322 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 302 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939323 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 31 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939089 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 311 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939324 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 312 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939325 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 313 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939326 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 314 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939327 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 315 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939328 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 316 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939329 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 317 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939330 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 318 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939331 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 32 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939090 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 325 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939338 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 326 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939339 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 327 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939340 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 328 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939341 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 329 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939342 | &nbsp;&nbsp;Pershing |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 33 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939091 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 330 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939343 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 331 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939344 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 332 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939345 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 333 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939346 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 334 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939347 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 335 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939348 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 336 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939349 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 337 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939350 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 338 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939351 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 339 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939352 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 34 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939092 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 340 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939353 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 341 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939354 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 342 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939355 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 343 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939356 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 344 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939357 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 345 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939358 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 346 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939359 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 347 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939360 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 349 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939362 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 35 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939093 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 350 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939363 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 351 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939364 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 36 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939094 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 360 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939365 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 361 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939366 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 362 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939367 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 363 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939368 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 364 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939369 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 365 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939370 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 366 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939371 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 367 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939372 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 37 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939095 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 378 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939383 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 379 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939384 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 380 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939385 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 381 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939386 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 382 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939387 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 383 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939388 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 384 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939389 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 385 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939390 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 386 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939391 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 387 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939392 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 388 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939393 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 389 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939394 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 39 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939097 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 390 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939395 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 391 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939396 | &nbsp;&nbsp;Pershing |

---

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 392 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939397 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 393 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939398 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 394 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939399 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 395 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939400 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 396 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939401 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 397 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939402 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 398 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939403 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 399 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939404 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 4 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939062 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 40 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939098 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 400 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939405 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 401 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939406 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 402 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939407 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 403 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939408 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 404 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939409 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 405 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939410 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 406 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939411 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 407 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939412 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 408 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939413 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 409 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939414 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 41 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939099 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 410 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939415 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 411 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939416 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 412 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939417 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 413 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939418 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 414 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939419 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 415 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939420 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 416 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939421 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 417 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939422 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 418 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939423 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 419 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939424 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 42 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939100 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 420 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939425 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 43 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939101 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 434 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939439 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 435 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939440 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 436 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939441 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 437 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939442 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 438 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939443 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 439 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939444 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 44 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939102 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 440 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939445 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 441 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939446 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 442 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939447 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 443 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939448 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 444 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939449 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 445 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939450 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 446 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939451 | &nbsp;&nbsp;Pershing |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 447 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939452 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 448 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939453 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 449 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939454 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 45 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939103 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 450 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939455 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 451 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939456 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 452 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939457 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 453 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939458 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 454 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939459 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 455 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939460 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 456 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939461 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 457 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939462 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 458 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939463 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 459 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939464 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 46 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939104 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 460 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939465 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 461 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939466 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 462 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939467 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 463 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939468 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 464 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939469 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 465 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939470 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 466 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939471 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 467 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939472 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 468 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939473 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 469 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939474 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 47 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939105 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 470 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939475 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 471 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939476 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 472 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939477 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 473 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939478 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 474 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939479 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 475 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939480 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 476 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939481 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 477 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939482 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 478 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939483 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 479 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939484 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 48 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939106 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 480 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939485 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 481 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939486 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 482 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939487 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 483 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939488 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 484 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939489 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 485 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939490 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 486 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939491 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 487 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939492 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 488 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939493 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 489 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939494 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 333 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 49 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939107 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 490 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939495 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 491 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939496 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 492 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939497 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 493 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939498 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 494 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939499 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 495 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939500 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 496 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939501 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 497 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939502 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 498 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939503 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 499 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939504 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 5 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939063 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 50 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939108 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 500 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939505 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 51 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939109 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 52 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939110 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 53 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939111 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 54 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939112 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 55 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939113 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 56 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939114 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 57 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939115 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 58 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939116 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 59 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939117 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 6 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939064 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 60 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939118 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 61 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939119 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 62 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939120 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 63 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939121 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 64 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939122 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 65 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939123 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 66 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939124 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 67 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939125 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 68 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939126 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 69 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939127 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 7 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939065 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 70 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939128 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 71 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939129 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 73 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939131 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 74 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939132 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 75 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939133 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 76 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939134 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 77 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939135 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 78 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939136 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 79 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939137 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 8 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939066 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 80 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939138 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 81 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939139 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 82 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939140 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 84 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939141 | &nbsp;&nbsp;Pershing |

---

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;FG 85 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939142 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 86 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939143 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 87 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939144 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 88 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939145 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 89 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939146 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 9 | &nbsp;&nbsp;9/11/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939067 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 90 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939147 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 91 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939148 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 92 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939149 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 93 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939150 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 94 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939151 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 95 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939152 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 96 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939153 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 97 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939154 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 98 | &nbsp;&nbsp;9/9/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939155 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG 99 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939156 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG348 | &nbsp;&nbsp;9/10/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939361 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG38 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939096 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;FG72 | &nbsp;&nbsp;9/2/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939130 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;Nadine #1 | &nbsp;&nbsp;1/20/2007 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC 946619 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 100 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027938 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 101 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027939 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 18 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027856 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 19 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027857 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 20 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027858 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 21 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027859 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 22 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027860 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 23 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027861 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 24 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027862 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 25 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027863 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 26 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027864 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 27 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027865 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 28 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027866 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 29 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027867 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 30 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027868 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 51 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027889 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 52 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027890 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 53 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027891 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 54 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027892 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 55 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027893 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 56 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027894 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 57 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027895 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 58 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027896 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 59 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027897 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 60 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027898 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 61 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027899 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 62 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027900 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 63 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027901 | &nbsp;&nbsp;Pershing |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;NC 64 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027902 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 65 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027903 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 66 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027904 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 67 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027905 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 68 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027906 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 92 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027930 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 93 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027931 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 94 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027932 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 95 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027933 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 96 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027934 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 97 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027935 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 98 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027936 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NC 99 | &nbsp;&nbsp;8/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027937 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 10 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977842 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 11 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977843 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 21 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977853 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 22 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977854 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 25 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977857 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 6 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977838 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 7 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977839 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 8 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977840 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;NFRA 9 | &nbsp;&nbsp;11/8/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977841 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #120 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141680 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #121 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141681 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #122 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141682 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #123 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141683 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #124 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141684 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #125 | &nbsp;&nbsp;1/24/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141685 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #135 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141692 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #137 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141694 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #139 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141696 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #141 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141698 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #143 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141700 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #145 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141702 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #147 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141704 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #148 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141705 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #149 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141706 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #150 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141707 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #151 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141708 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #152 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141709 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #153 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141710 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #154 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141711 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #155 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141712 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #156 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141713 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #157 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141714 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #158 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141715 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #159 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141716 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #160 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141717 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 336 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #161 | &nbsp;&nbsp;1/22/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141718 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #162 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141719 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #163 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141720 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #164 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141721 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #165 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141722 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #166 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141723 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #167 | &nbsp;&nbsp;1/23/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141724 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #201A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141726 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #202A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141727 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #203A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141728 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #204A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141729 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #205A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141730 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #206A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141731 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #207A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141732 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #208A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141733 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #209A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141734 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #210A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141735 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #211A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141736 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #212A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141737 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #213A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141738 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #214A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141739 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #215A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141740 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #216A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141741 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #217A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141742 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #218A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141743 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #219A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141744 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #220A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141745 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #221A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141746 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #222A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141747 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #223A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141748 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #225A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141750 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #226A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141751 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #227A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141752 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #228A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141754 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #229 | &nbsp;&nbsp;1/25/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141755 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #229A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141756 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #230A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141758 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #231 | &nbsp;&nbsp;1/25/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141759 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #231A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141760 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #232A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141761 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #233 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141762 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #233A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141763 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #234A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141765 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #235A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141767 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #236A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141769 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #237A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141771 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #238A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141772 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #239A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141773 | &nbsp;&nbsp;Pershing |

---

Hycroft Mine Project Page 337 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #240A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141774 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #241A | &nbsp;&nbsp;1/8/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141775 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #251 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141777 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #253 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141779 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG #255 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hrdi | &nbsp;&nbsp;NMC 141781 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 107 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932890 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 109 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932892 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 111 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932894 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 113 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932896 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 114 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932897 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 115 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932898 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 116 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932899 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 117 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932900 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 118 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932901 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 119 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932902 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 142 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932908 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 144 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932909 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG 146 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932910 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;RFG#224A | &nbsp;&nbsp;1/7/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141749 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 169 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990822 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 170 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990823 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 171 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990824 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 172 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990825 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 173 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990826 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 174 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990827 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 175 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990828 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 176 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990829 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 177 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990830 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 178 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990831 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 179 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990832 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 180 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990833 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 181 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990834 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 182 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990835 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 183 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990836 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 184 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990837 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 185 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990838 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 186 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990839 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 187 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990840 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 188 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990841 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 189 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990842 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 190 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990843 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 191 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990844 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 192 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990845 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 193 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990846 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 194 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990847 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 195 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990848 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 196 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990849 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 197 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990850 | &nbsp;&nbsp;Pershing |

---

Hycroft Mine Project Page 338 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 198 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990851 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 199 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990852 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 200 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990853 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 201 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990854 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 202 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990855 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 203 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990856 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 204 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990857 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 205 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990858 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 206 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990859 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 207 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990860 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 208 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990861 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 209 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990862 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 210 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990863 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 211 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990864 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 212 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990865 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 213 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990866 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 214 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990867 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 215 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990868 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 216 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990869 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 217 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990870 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 218 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990871 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 219 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990872 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 220 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990873 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 221 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990874 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 222 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990875 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 223 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990876 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 224 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990877 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 225 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990878 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 226 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990879 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 227 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990880 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 228 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990881 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 229 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990882 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 230 | &nbsp;&nbsp;4/24/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990883 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 231 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990884 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 235 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990888 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 236 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990889 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 237 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990890 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 238 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990891 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 239 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990892 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 240 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990893 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 241 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990894 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 244 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990895 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 245 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990896 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 247 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990900 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 249 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990905 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 250 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990901 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 251 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990902 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 252 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990903 | &nbsp;&nbsp;Pershing |

---

Hycroft Mine Project Page 339 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 253 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990904 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 254 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990906 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 255 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990907 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 256 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990908 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 257 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990909 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 258 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990910 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 259 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990911 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 260 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990912 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 261 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990913 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 262 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990914 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 263 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990915 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 265 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990917 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 266 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990918 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 269 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990921 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 270 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990922 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 271 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990923 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 272 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990924 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 273 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990925 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 274 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990926 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 276 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990928 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 277 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990929 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 278 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990930 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 279 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990931 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 280 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990932 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 281 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990933 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 282 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990934 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 284 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990936 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 285 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990937 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 286 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990938 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 288 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990940 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 290 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC990942 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 291 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990943 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 292 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990944 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 293 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990945 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 294 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990946 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 296 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990948 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 297 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990956 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 298 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990957 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 300 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990950 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 301 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990951 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 303 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990953 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 304 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990954 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 305 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990955 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 307 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990959 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 308 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990960 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 309 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990961 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 310 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990962 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 311 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990963 | &nbsp;&nbsp;Pershing |

---

Hycroft Mine Project Page 340 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 312 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990964 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 313 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990965 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 314 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990966 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 315 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990967 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 316 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990968 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 317 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990969 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 318 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990970 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 319 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990971 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 320 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990972 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 321 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990973 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 323 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990975 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 324 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990976 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 325 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990977 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 326 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990978 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 327 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990979 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 328 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990980 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 334 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990986 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 335 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990987 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 336 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990988 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 337 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990989 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 338 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990990 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 339 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990991 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 340 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990992 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 341 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990993 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 342 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990994 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 343 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990995 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 345 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990997 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 346 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990998 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 347 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990999 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 358 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991010 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 359 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991011 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 360 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991012 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 361 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991013 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 362 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991014 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 363 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991015 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 364 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991016 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 365 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991017 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 366 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991018 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 367 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991019 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 368 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991020 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 370 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991022 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 387 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991039 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 388 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991040 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 389 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991041 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 390 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991042 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 391 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991043 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 392 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991044 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 393 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991045 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 341 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 394 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991046 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 395 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991047 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 412 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991064 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 413 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991065 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 414 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991066 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 415 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991067 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 416 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991068 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 417 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991069 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 435 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991210 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 436 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991087 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 437 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991088 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 438 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991089 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 461 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991112 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 462 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991113 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 463 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991114 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 468 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991119 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 469 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991120 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 470 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991121 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 471 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991122 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 473 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991124 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 474 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991125 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 477 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991128 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 478 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991129 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 480 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991131 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 481 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991132 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 482 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991133 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 483 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991134 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 485 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991136 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 486 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991137 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 488 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991139 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 489 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991140 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 490 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991141 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 491 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991142 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 492 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991143 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 493 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991144 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 497 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991148 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 498 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991149 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 499 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991150 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 500 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991151 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 501 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991152 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 502 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991153 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 503 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991154 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 504 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991155 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 505 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991156 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 507 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991158 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 508 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991159 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 509 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991160 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 510 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991161 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 342 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 511 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991162 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 512 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991163 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 513 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991164 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 514 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991165 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 515 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991166 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 516 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991167 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 517 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991168 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 519 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991170 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 520 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991171 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 521 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991172 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 523 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991174 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 524 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991175 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 526 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991177 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 528 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991179 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 529 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991180 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 530 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991181 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 531 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991182 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 532 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991183 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 533 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991184 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 534 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991185 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 535 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991186 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 536 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991187 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 537 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991188 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 538 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991189 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 539 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991190 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 540 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991191 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 541 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991192 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 542 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991193 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 543 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991194 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 544 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991195 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 545 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991196 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 546 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991197 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 548 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991199 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 549 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991200 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 550 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991201 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 551 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991202 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 552 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991203 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 553 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991204 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 554 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991205 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 555 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991206 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 556 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991207 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 557 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991208 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 558 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022749 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 559 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022750 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 560 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022751 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 561 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022752 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 562 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022753 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 563 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022754 | &nbsp;&nbsp;Pershing |

---

Hycroft Mine Project Page 343 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 564 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022755 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 565 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022756 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 566 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022757 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 567 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022758 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 568 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022759 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 569 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022760 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 570 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022761 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 571 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022762 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 572 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022763 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 573 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022764 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 574 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022765 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 575 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022766 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 576 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022767 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 577 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022768 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 578 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022769 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 579 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022770 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 580 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022771 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 581 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022772 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 582 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022773 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 583 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022774 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 584 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022775 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 585 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022776 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 586 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022777 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 587 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022778 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 588 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022779 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 589 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022780 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 590 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022781 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 591 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022782 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 592 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022783 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 593 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022784 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 594 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022785 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 595 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022786 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 596 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022787 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 597 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022788 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 598 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022789 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 599 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022790 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 600 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022791 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 601 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022792 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 602 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022793 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 603 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022794 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 604 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022795 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 605 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022796 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 606 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022797 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 607 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022798 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 608 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022799 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 609 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022800 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 610 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022801 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 611 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022802 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 344 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 612 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022803 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 613 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022804 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 614 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022805 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 615 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022806 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 616 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022807 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 617 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022808 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 618 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022809 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 619 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022810 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 620 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022811 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 621 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022812 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 622 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022813 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 623 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022814 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 624 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022815 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 625 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022816 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 626 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022817 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 627 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022818 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 628 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022819 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 629 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022820 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 630 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022821 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 631 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022822 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 632 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022823 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 633 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022824 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 232 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990885 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 233 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990886 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 234 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990887 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 242 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990898 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 243 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990899 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 246 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990897 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 248 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991209 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 264 | &nbsp;&nbsp;4/25/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990916 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 267 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990919 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 268 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990920 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 275 | &nbsp;&nbsp;4/23/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990927 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 283 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990935 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 287 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990939 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 289 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990941 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 295 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990947 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 299 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990949 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 302 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990952 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 306 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990958 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 322 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990974 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 344 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990996 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 369 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991021 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 386 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991038 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 418 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991070 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 457 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991108 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 458 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991109 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 459 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991110 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 345 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;SH 460 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991111 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 464 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991115 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 465 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991116 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 466 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC991117 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 467 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991118 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 472 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991123 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 475 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991126 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 476 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991127 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 479 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991130 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 484 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991135 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 487 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991138 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 494 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991145 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 495 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991146 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 496 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991147 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 506 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991157 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 518 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991169 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 522 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991173 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 525 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991176 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 527 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991178 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 547 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991198 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 634 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022825 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 635 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022826 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 636 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022827 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 637 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022828 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 638 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022829 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 639 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022830 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 640 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022831 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 641 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022832 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 642 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022833 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 643 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022834 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 644 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022835 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 645 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022836 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 646 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022837 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 647 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022838 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 648 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022839 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 649 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022840 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 650 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022841 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;SH 651 | &nbsp;&nbsp;3/13/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 1022842 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 1 | &nbsp;&nbsp;3/22/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928826 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 17 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928836 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 18 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928837 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 19 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928838 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 2 | &nbsp;&nbsp;3/22/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928827 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 20 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928839 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 21 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928840 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 22 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928841 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 23 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928842 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 24 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928843 | &nbsp;&nbsp;Pershing |

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|:---|:---|
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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;WCD 25 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928844 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 26 | &nbsp;&nbsp;4/21/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928845 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 3 | &nbsp;&nbsp;3/22/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928828 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCD 4 | &nbsp;&nbsp;4/22/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 928829 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 10 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941262 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 5 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941257 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 6 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941258 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 7 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941259 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 8 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941260 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 9 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941261 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 34 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941263 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 35 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941264 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 36 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941265 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 37 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941266 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 38 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941267 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 39 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941268 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 40 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941269 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 41 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941270 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 42 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941271 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 43 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941272 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 44 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941273 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 45 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941274 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 46 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941275 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 47 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941276 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 48 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941277 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 49 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941278 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 50 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941279 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 51 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941280 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 52 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941281 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 53 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941282 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 54 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941283 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 55 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941284 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 56 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941285 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 57 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941286 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WCX 58 | &nbsp;&nbsp;9/8/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 941287 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 10 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714261 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 11 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714262 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 12 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714263 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 13 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714264 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 14 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714265 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 15 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714266 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 16 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714267 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 17 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714268 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 19 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714270 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 1 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714252 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 18 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714269 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 2 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714253 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 20 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714271 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 347 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;WRC 21 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714272 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 22 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714273 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 23 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714274 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 24 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714275 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 25 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714276 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 26 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714277 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 27 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714278 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 28 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714279 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 29 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714280 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 3 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714254 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 30 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714281 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 31 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714282 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 32 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714283 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 33 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714284 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 34 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714285 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 35 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714286 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 36 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714287 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 37 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714288 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 38 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714289 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 39 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714290 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 4 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714255 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 40 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714291 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 41 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714292 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 42 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714293 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 43 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714294 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 44 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714295 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 45 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714296 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 46 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714297 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 47 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714298 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 48 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714299 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 49 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714300 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 5 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714256 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 50 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714301 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 51 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714302 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 52 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714303 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 53 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714304 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 54 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714305 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 55 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714306 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 56 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714307 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 57 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714308 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 58 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714309 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 6 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714257 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 60 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714311 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 7 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714258 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 8 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714259 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 82 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714313 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 84 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714315 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 87 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714317 | &nbsp;&nbsp;Pershing |

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Hycroft Mine Project Page 348 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | |
|:---|:---|
| ![](logo_001.jpg) | ![](logo_002.jpg) |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;WRC 88 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714318 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 89 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714319 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 9 | &nbsp;&nbsp;3/13/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714260 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 90 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714320 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;WRC 91 | &nbsp;&nbsp;3/14/1995 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 714321 | &nbsp;&nbsp;Pershing |
| &nbsp;&nbsp;CKC #12 | &nbsp;&nbsp;8/14/1987 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC444109 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;FG 226 | &nbsp;&nbsp;9/5/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939259 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;FG 275 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939296 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;FG 324 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939337 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;FG 377 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939382 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;FG 433 | &nbsp;&nbsp;9/1/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 939438 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 132 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027970 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 17 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027855 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 170 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028008 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 205 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028043 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 240 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028078 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 274 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028112 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 306 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1028144 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 50 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027888 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NC 91 | &nbsp;&nbsp;8/14/2010 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC1027929 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 12 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977844 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 13 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977845 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 14 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977846 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 15 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977847 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 23 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977855 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 24 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977856 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 4 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977836 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;NFRA 5 | &nbsp;&nbsp;11/7/2007 | &nbsp;&nbsp;Victory Exploration Inc. | &nbsp;&nbsp;NMC 977837 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #101 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC 546065 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #103 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC 546066 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #127 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141686 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #129 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141687 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #131 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141688 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #132 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141689 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #133 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141690 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #134 | &nbsp;&nbsp;1/9/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141691 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #200A | &nbsp;&nbsp;12/28/1979 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141725 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #228 | &nbsp;&nbsp;1/25/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141753 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #230 | &nbsp;&nbsp;1/25/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141757 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #234 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141764 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #235 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141766 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #236 | &nbsp;&nbsp;1/26/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141768 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #237 | &nbsp;&nbsp;1/30/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141770 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #250 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141776 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #252 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141778 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #254 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Lewis Frank W | &nbsp;&nbsp;NMC 141780 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #257 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hadi | &nbsp;&nbsp;NMC 141783 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #259 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hadi | &nbsp;&nbsp;NMC 141784 | &nbsp;&nbsp;Pershing/Humboldt |

---

Hycroft Mine Project Page 349 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unpatented Claim**<br> **Name** | &nbsp;&nbsp;**Location**<br> **Date** | &nbsp;&nbsp;**Claimant** | &nbsp;&nbsp;**BLM Serial Number** | &nbsp;&nbsp;**Filing County** |
| &nbsp;&nbsp;RFG #261 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hadi | &nbsp;&nbsp;NMC 141785 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #263 | &nbsp;&nbsp;1/11/1980 | &nbsp;&nbsp;Hadi | &nbsp;&nbsp;NMC 141786 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG #99 | &nbsp;&nbsp;3/11/1989 | &nbsp;&nbsp;Crofoot Daniel M | &nbsp;&nbsp;NMC 546064 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 104 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932887 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 105 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932888 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 106 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932889 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 108 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932891 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 110 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932893 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 112 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932895 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 136 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932905 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 138 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932906 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 140 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932907 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;RFG 256 | &nbsp;&nbsp;5/20/2006 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 932911 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 348 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991000 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 349 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991001 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 329 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990981 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 330 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990982 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 331 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990983 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 332 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990984 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 333 | &nbsp;&nbsp;4/22/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 990985 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 353 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991005 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 354 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991006 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 355 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991007 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 356 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991008 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 357 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991009 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 371 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991023 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 372 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991024 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 382 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991034 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 383 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991035 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 384 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991036 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 385 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991037 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 407 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991059 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 408 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991060 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 409 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991061 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 410 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991062 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 411 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991063 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 431 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991083 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 432 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991084 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 433 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991085 | &nbsp;&nbsp;Pershing/Humboldt |
| &nbsp;&nbsp;SH 434 | &nbsp;&nbsp;4/21/2008 | &nbsp;&nbsp;Hycroft Res & Dev Inc | &nbsp;&nbsp;NMC 991086 | &nbsp;&nbsp;Pershing/Humboldt |

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Hycroft Mine Project Page 350 <br> S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis May 14, 2026

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_001.jpg)

**Hycroft Delivers $10 Billion NPV from Technical Report at Spot Prices**

**While Advancing High-Grade Brimstone and Vortex Silver Discoveries**

**WINNEMUCCA, NV, June 2, 2026** – Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), is pleased to announce the results from its S-K 1300 Technical Report Summary and Initial Assessment (the "TRS"), which outlines the economics and mine plan for a milling operation utilizing conventional pressure oxidation ("POX") and heap leach processing at the Hycroft Mine in Nevada, USA. All amounts are in US dollars, and all figures are presented in US customary units.

The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with compelling economics and strong leverage to rising gold and silver prices, reinforcing its position as a multi-generational, world-class asset in a Tier-1 jurisdiction. The TRS is being filed concurrently with the SEC on EDGAR and is available on the Company's <u>website</u>.

**Basis of the Technical Report**

● Base case commodity prices: $3,600 per ounce for gold and $48.00 per ounce for silver

● Spot prices<sup>(1)</sup>: $4,569 per ounce of gold and $77.94 per ounce of silver

● Mine plan based on the 2026 Mineral Resource Estimate (16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated)

● Inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver are not included in the mine plan and represent an upside to the TRS economics

● Drill results from the 2025-2026 exploration program are not included in the mine plan and represents further upside

**Highlights:**

● **Robust Economics Demonstrate the Scale and Value of the Hycroft Mine:** 

○ Base Case Net Present Value at 5% ("NPV<sub>5</sub>") of **$5.4 billion** (pre-tax) and **$4.3 billion** (post-tax)

○ Internal Rate of Return ("IRR") of **18.9%** (pre-tax) and **16.9%** (post-tax)

○ NPV<sub>5</sub> at spot prices of **$10.0 billion** and IRR of **30.1%** (post-tax)

○ Post-Tax Payback: **4.7 years** at Base case prices and **2.9 years** at spot prices

○ Gross revenues: **$54.2 billion** at Base case prices

● **Significant Leverage to Commodity Prices:** 

○ For every $100 increase in gold price per ounce, the post-tax NPV<sub>5 </sub>increases by **$300 million** 

○ For every $5.00 increase in silver price per ounce, the post-tax NPV<sub>5 </sub>increases by **$460 million** 

● **Multi-Decade Production Profile at Meaningful Scale:** 

○ **51 year** mine life

○ Average annual production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **204,000 ounces** of gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **6.8 million ounces** of silver

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **295,000 ounces** gold equivalent<sup>(2)</sup> ("AuEq")

<sup>(1)</sup> Spot prices for gold and silver as of May 25, 2026

<sup>(2)</sup> Silver is converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au

![](ex99-1_008.jpg)<sub>1</sub>

○ First 10 years deliver enhanced production averaging more than **330,000 ounces** AuEq

○ Life of Mine ("LOM") production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **10.4 million ounces** of gold

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **347.5 million ounces** of silver

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ **15.1 million ounces** AuEq

● **Conventional Plant Design, Layout and Processing:** 

○ Proven POX processing technology

○ Existing infrastructure on-site allows for reduced capital expenditures

○ Plant designed to process 57,100 tons per day of mineralized material

○ LOM average cash cost<sup>(3)</sup> of $1,924 per ounce AuEq and all-in sustaining cost ("AISC")<sup>(4)</sup> of $2,147 per ounce AuEq

○ Initial capital costs: $2.4 billion and LOM sustaining capital costs of $3.1 billion

**Significant Upside and Optionality Remains:**

● Potential mine plan upside opportunities include:

○ Further drilling to reclassify waste and inferred gold and silver resources to measured and indicated resources enabling integration into future mine plans

○ Accelerated access to high-grade zones at Brimstone and Vortex early in the mine life through targeted optimization

○ Combining underground mine option alongside the open pit benefiting from large scale production and bringing high-grade ounces forward earlier in the mine life

○ New oxide targets have been identified for potential heap leach early in the mine life

○ Extending mine life or expanding production by processing stockpiled low-grade mill feed material within the current mine plan but not included in the economic analysis

● Current mineral resource comprises less than 15% of the +64,000-acre land position as the Hycroft system remains open in all directions and at depth for future growth

○ New exploration targets identified for potential resource expansion opportunities including high-grade and oxide targets

○ Significant drilling campaign underway with two core drill rigs at Brimstone and Vortex, increasing to four core drill rigs over the next quarter to expand and define these two high-grade systems that currently remain open in all directions and at depth

● Roasting test work is pending as an alternative processing option which could potentially enhance project economics including potentially adding a meaningful third revenue stream from the by-product production and sale of sulfuric acid, a strategically important industrial chemical

Diane R. Garrett, Executive Chairman and Chief Executive Officer, commented: "This Technical Study confirms the scale, quality, and long-term potential of the Hycroft Mine. The project delivers strong economics and significant leverage to rising gold and silver prices, reinforcing Hycroft's position as one of the sector's most compelling large-scale development opportunities, located in a Tier 1 jurisdiction.

<sup>(3)</sup> Cash costs consist of mining costs, processing costs, mine-level G&A, and refining charges and royalties

<sup>(4)</sup> All-in sustaining costs includes cash costs plus sustaining capital and closure costs

![](ex99-1_008.jpg)<sub>2</sub>

Importantly, we believe the most meaningful value creation opportunity remains ahead of us. By advancing the high-grade Brimstone and Vortex silver systems, we see a clear path to further improving project economics and unlocking additional value. The Hycroft land package remains a highly prospective environment, and we believe we are only at the beginning of demonstrating its true potential."

For additional context on the TRS, please visit our pre-recorded <u>event</u> with 6ix.

***About Hycroft Mining Holding Corporation***

Hycroft Mining Holding Corporation is a US-based gold and silver company exploring and developing the Hycroft Mine, among the world's largest precious metals deposits, located in northern Nevada, a Tier-1 mining jurisdiction. Hycroft is engaged in a robust exploration drill program (2025-2026 exploration drill program) to expand and advance the two new high-grade silver systems – Brimstone and Vortex. These discoveries represent a significant value driver for the Hycroft Mine.

For further information, please contact:

E: info@hycroftmining.com

Investor Relations Phone: 775-245-0564

www.hycroftmining.com

Media: Tavistock, Jos Simson / Emily Moss

E: <u>hycroft@tavistock.co.uk</u>

Phone: +44 207 920 3150

***Cautionary Statements Regarding the Initial Assessment and Mineral Resources***

The Initial Assessment is a preliminary technical and economic study that indicates the economic potential of the mineralization to support the disclosure of mineral resources at the Hycroft Mine. The Initial Assessment, however, does not represent a feasibility study or a pre-feasibility and does not demonstrate economic viability nor does it support a development decision, for which additional project planning and design are needed. As a result, Hycroft plans to continue to estimate its resources at the Hycroft Mine and further develop the project economics.

As used in this news release, the terms "pre-feasibility study," "feasibility study," "initial assessment," "mineral reserve," "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource", as applicable, and other terms used herein are defined and used in accordance with S-K 1300.

The Initial Assessment also does not include the conversion of mineral resources to mineral reserves. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as "mineral reserves" unless the determination has been made by a QP that the mineral resources can be the basis of an economically viable project. Investors are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves, as defined by the SEC.

In addition, estimates of inferred mineral resources have too high of a degree of uncertainty as to their existence and may not be converted to a mineral reserve. Therefore, investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves.

***Cautionary Note Regarding Forward-Looking Statements***

Certain information set forth in this news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable United States securities law (referred to herein as forward-looking statements). Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company, the Hycroft Mine and its mineral properties; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the PEA for the Hycroft Mine, including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, LOM projections and cost estimates; timing of completion of a technical report summarizing the results of the PEA; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; permitting; construction and optimization planning; estimates of metallurgical recovery rates; anticipated advancement of the Hycroft Mine, future prospects and prospective inclusion of mineral resources in future mining activities; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans.

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the Hycroft Mine; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Hycroft Mine and the Company's mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource. Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in the Hycroft Mine parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company's Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2025, and all other quarterly filings, available on the EDGAR profile for the Company at www.sec.gov.

![](ex99-1_008.jpg)<sub>3</sub>

Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Company's filings with U.S. Securities and Exchange Commission which can be viewed online under the Company's profile on EDGAR at www.sec.gov.

Cautionary Note Regarding Non-GAAP Financial Measures

Alternative performance measures in this news release such as "cash cost", "AISC", and Free Cash Flow are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of the Hycroft Mine, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standardized meaning within the accounting principles generally accepted in the Unites States of America ("GAAP") and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with GAAP.

Cash Costs

Cash costs include site operating costs (mining, processing, site G&A), refining charges and royalties (excludes corporate office G&A and exploration expenses). While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

All-In Sustaining Cost

Site level AISC includes cash costs plus sustaining capital and closure costs. The Company believes that this measure is useful to external users in assessing operating performance and the Company's ability to generate free cash flow from potential operations.

Free Cash Flow

Free cash flows are revenues net of operating costs, royalties, capital expenditures, and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company's ability to generate cash flows.

![](ex99-1_008.jpg)<sub>4</sub>

**Appendix**

*The S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis was prepared by Ausenco Engineering South USA with contributing authors Ausenco Engineering South USA Inc., Independent Mining Consultants Inc. and WestLand Engineering & Environmental Services, Inc.*

 

The following are summaries of or excerpts from the TRS, do not purport to be complete and are qualified in their entirety by reference to the full text of the TRS.

**The Hycroft Mine**

The Hycroft mine is among the world's largest precious metals deposits. It is situated on the western flank of the Kamma Mountains on the eastern edge of the Black Rock Desert approximately 54 miles west of Winnemucca in Humboldt and Pershing Counties, Nevada, a Tier-1 mining jurisdiction.

The Technical Study is based on the 2026 Mineral Resource Estimate of 16.4 million ounces of gold and 562.5 million ounces of silver (measured and indicated). An additional 5.0 million ounces of gold and 132.8 million ounces of silver exist in the inferred mineral resource category which was not included in this study.

In 2023, Hycroft announced the discovery of two new high-grade silver systems within the known resource area and the Company is engaged in a significant exploration drill program (2025-2026 drill program) designed to expand these two systems in addition to targeting newly identified high-grade opportunities. These discoveries represent a significant value driver for the Hycroft Mine.

The mine has existing facilities on site including administration buildings, mobile maintenance and light vehicle maintenance shops, warehouse, leach pads, primary, secondary and tertiary crushing systems, assay lab, Merrill-Crowe process plants, refinery and components for a larger second refinery.

**Current Property and Facilities Layout**

![](ex99-1_008.jpg)<sub>5</sub>

**Technical Study Overview**

The Technical Study evaluates a heap leaching and milling operation at the Hycroft Mine based on a conventional flotation with POX flowsheet, followed by hot cure, lime boil, cyanide leach, Merrill-Crowe precipitation and refining.

The Technical Study was prepared by Ausenco Engineering USA South Inc. ("Ausenco"), Independent Mining Consultants, Inc. ("IMC"), and WestLand Engineering & Environmental Services, Inc. ("WestLand") in accordance with S-K 1300 and encompasses a mine life of 51 years, processing approximately 57,100 tons per day of sulfide and transition mineralized material.

**Economic Analysis Summary**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**General Inputs** | &nbsp;&nbsp;**General Inputs** |
| &nbsp;&nbsp;Gold Price | &nbsp;&nbsp;3600 |
| &nbsp;&nbsp;Silver Price | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;Discount Rate | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;**LOM Production** | &nbsp;&nbsp;**LOM Production** |
| &nbsp;&nbsp;Total Mineralized Material Mined | &nbsp;&nbsp;1496134 |
| &nbsp;&nbsp;Total Waste Mined | &nbsp;&nbsp;2320719 |
| &nbsp;&nbsp;Average Strip Ratio | &nbsp;&nbsp;1.55 |
| &nbsp;&nbsp;Life of Mine | &nbsp;&nbsp;51 |
| &nbsp;&nbsp;Total Mill Feed Processed | &nbsp;&nbsp;1046284 |
| &nbsp;&nbsp;Average Mill Feed Grade (Au) | &nbsp;&nbsp;0.012 |
| &nbsp;&nbsp;Average Mill Feed Grade (Ag) | &nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;Total Leach Material Processed | &nbsp;&nbsp;210010 |
| &nbsp;&nbsp;Average Heap Leach Feed Grade (Au) | &nbsp;&nbsp;0.005 |
| &nbsp;&nbsp;Average Heap Leach Feed Grade (Ag) | &nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;Average Mill Process Gold Recovery | &nbsp;&nbsp;82.8 |
| &nbsp;&nbsp;Average Mill Process Silver Recovery | &nbsp;&nbsp;77.5 |
| &nbsp;&nbsp;Average Heap Leach Gold Recovery | &nbsp;&nbsp;40.0 |
| &nbsp;&nbsp;Average Heap Leach Silver Recovery | &nbsp;&nbsp;12.0 |
| &nbsp;&nbsp;Life of Mine Payable Gold Production | &nbsp;&nbsp;10424 |
| &nbsp;&nbsp;Life of Mine Payable Silver Production | &nbsp;&nbsp;347462 |
| &nbsp;&nbsp;Life of Mine Payable Gold Equivalent Production | &nbsp;&nbsp;15057 |
| &nbsp;&nbsp;**Transport, Refining, Royalties** | &nbsp;&nbsp;**Transport, Refining, Royalties** |
| &nbsp;&nbsp;Gold Payable | &nbsp;&nbsp;99.5 |
| &nbsp;&nbsp;Silver Payable | &nbsp;&nbsp;99.5 |
| &nbsp;&nbsp;NSR Royalty (1.5% plus gross up) | &nbsp;&nbsp;2.14 |
| &nbsp;&nbsp;Refining Costs - Au | &nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;Refining Costs - Ag | &nbsp;&nbsp;0.50 |

---

![](ex99-1_008.jpg)<sub>6</sub>

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**LOM Operating Costs** | &nbsp;&nbsp;**LOM Operating Costs** |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;2.28 |
| &nbsp;&nbsp;Mining Cost | &nbsp;&nbsp;6.91 |
| &nbsp;&nbsp;Mill Processing Cost | &nbsp;&nbsp;16.65 |
| &nbsp;&nbsp;Heap Leach Processing Cost | &nbsp;&nbsp;2.49 |
| &nbsp;&nbsp;G&A Cost | &nbsp;&nbsp;0.53 |
| &nbsp;&nbsp;Total Operating Cost | &nbsp;&nbsp;21.96 |
| &nbsp;&nbsp;Cash Costs<sup>1</sup> | &nbsp;&nbsp;1924 |
| &nbsp;&nbsp;All-In Sustaining Cost<sup>2</sup> | &nbsp;&nbsp;2147 |
| &nbsp;&nbsp;**Capital Costs** | &nbsp;&nbsp;**Capital Costs** |
| &nbsp;&nbsp;Initial Capital | &nbsp;&nbsp;2434 |
| &nbsp;&nbsp;Sustaining Capital | &nbsp;&nbsp;3107 |
| &nbsp;&nbsp;Closure Costs | &nbsp;&nbsp;243 |
| &nbsp;&nbsp;**Financials** | &nbsp;&nbsp;**Financials** |
| &nbsp;&nbsp;Pre-Tax NPV (5%) | &nbsp;&nbsp;5437 |
| &nbsp;&nbsp;Pre-Tax IRR | &nbsp;&nbsp;18.9 |
| &nbsp;&nbsp;Pre-Tax Payback | &nbsp;&nbsp;4.3 |
| &nbsp;&nbsp;Post-Tax NPV (5%) | &nbsp;&nbsp;4344 |
| &nbsp;&nbsp;Post-Tax IRR | &nbsp;&nbsp;16.9 |
| &nbsp;&nbsp;Post-Tax Payback | &nbsp;&nbsp;4.7 |

---

<sup>1</sup>Cash costs consist of mining costs, processing costs, mine-level G&A and refining charges and royalties

<sup>2</sup>AISC includes cash costs plus sustaining capital and closure costs

**Significant Leverage to Gold and Silver Prices**

![](ex99-1_008.jpg)<sub>7</sub>

**LOM Revenue**

**Capital Costs**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Capital<br> Cost (US$M)** | &nbsp;&nbsp;**Sustaining <br> Cost (US$M)** | &nbsp;&nbsp;**Total Cost<br> (US$M)** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;194 | &nbsp;&nbsp;1171 | &nbsp;&nbsp;1365 |
| &nbsp;&nbsp;Crushing | &nbsp;&nbsp;48 | &nbsp;&nbsp;60 | &nbsp;&nbsp;109 |
| &nbsp;&nbsp;Sulfide Process | &nbsp;&nbsp;915 | &nbsp;&nbsp;776 | &nbsp;&nbsp;1692 |
| &nbsp;&nbsp;Oxide Process | &nbsp;&nbsp;16 | &nbsp;&nbsp;46 | &nbsp;&nbsp;63 |
| &nbsp;&nbsp;Waste Rock Storage & TMF | &nbsp;&nbsp;208 | &nbsp;&nbsp;515 | &nbsp;&nbsp;723 |
| &nbsp;&nbsp;Onsite Infrastructure | &nbsp;&nbsp;139 | &nbsp;&nbsp;9 | &nbsp;&nbsp;148 |
| &nbsp;&nbsp;Offsite Infrastructure | &nbsp;&nbsp;43 | &nbsp;&nbsp;366 | &nbsp;&nbsp;409 |
| &nbsp;&nbsp;**Total Direct Costs** | &nbsp;&nbsp;**1563** | &nbsp;&nbsp;**2944** | &nbsp;&nbsp;**4507** |
| &nbsp;&nbsp;Indirects | &nbsp;&nbsp;382 | &nbsp;&nbsp;27 | &nbsp;&nbsp;409 |
| &nbsp;&nbsp;Provisions | &nbsp;&nbsp;448 | &nbsp;&nbsp;136 | &nbsp;&nbsp;584 |
| &nbsp;&nbsp;Owner's Costs | &nbsp;&nbsp;41 | &nbsp;&nbsp;- | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;**Total Capital Cost** | &nbsp;&nbsp;**2434** | &nbsp;&nbsp;**3107** | &nbsp;&nbsp;**5541** |

---

Note: Includes contingencies

**Operating Costs**

The total operating costs are estimated at $21.96/ton or $27.6 billion over the 51-year mine life. These operating costs do not include pre-production operating costs. A summary of operating costs is presented in the table below.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Cost Area** | &nbsp;&nbsp;**LOM Total (US$M)** | &nbsp;&nbsp;**US$/ton processed** | &nbsp;&nbsp;**% of Total** |
| &nbsp;&nbsp;Mining | &nbsp;&nbsp;8683 | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;31.5 |
| &nbsp;&nbsp;Process | &nbsp;&nbsp;18245 | &nbsp;&nbsp;14.52 | &nbsp;&nbsp;66.1 |
| &nbsp;&nbsp;G&A | &nbsp;&nbsp;664 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;2.4 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**27592** | &nbsp;&nbsp;**21.96** | &nbsp;&nbsp;**100.0** |

---

Note: Includes contingencies

The TRS is based on the 2026 Measured and Indicated Mineral Resources Estimate ("MRE"). The mine plan is based only on measured and indicated mineralization that was estimated in the mineral resource block model. Inferred mineralization was not included within the TRS.

![](ex99-1_008.jpg)<sub>8</sub>

**Hycroft Mineral Resource Estimate as of 21 January 2026, US customary Units**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Cutoff Grade**<br> **$ Net**<br> **of Refining** | &nbsp;&nbsp;**Approximate**<br> **Cutoff, AuEq oz/ton** | &nbsp;&nbsp;**Ktons** | &nbsp;&nbsp;**Gold**<br> **oz/ton** | &nbsp;&nbsp;**Silver**<br> **oz/ton** | &nbsp;&nbsp;**Sulfide**<br> **Sulfur %** | &nbsp;&nbsp;**Contained Ounces** | &nbsp;&nbsp;**Contained Ounces** |
| &nbsp;&nbsp;**Classification** | &nbsp;&nbsp;**Cutoff Grade**<br> **$ Net**<br> **of Refining** | &nbsp;&nbsp;**Approximate**<br> **Cutoff, AuEq oz/ton** | &nbsp;&nbsp;**Ktons** | &nbsp;&nbsp;**Gold**<br> **oz/ton** | &nbsp;&nbsp;**Silver**<br> **oz/ton** | &nbsp;&nbsp;**Sulfide**<br> **Sulfur %** | &nbsp;&nbsp;**Gold**<br> **Oz x 1000** | &nbsp;&nbsp;**Silver**<br> **Oz x 1000** |
| &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** | &nbsp;&nbsp;**Heap Leach Resource** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;$1.88 - $3.63 | &nbsp;&nbsp;0.001 - 0.002 | &nbsp;&nbsp;92994 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;446 | &nbsp;&nbsp;10322 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;$1.88 - $3.63 | &nbsp;&nbsp;0.001 - 0.002 | &nbsp;&nbsp;110374 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;475 | &nbsp;&nbsp;9492 |
| &nbsp;&nbsp;Meas + Ind | &nbsp;&nbsp;$1.88 - $3.63 | &nbsp;&nbsp;0.001 - 0.002 | &nbsp;&nbsp;203368 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.67 | &nbsp;&nbsp;921 | &nbsp;&nbsp;19814 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;$1.88 - $3.63 | &nbsp;&nbsp;0.001 - 0.002 | &nbsp;&nbsp;110018 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;528 | &nbsp;&nbsp;10122 |
| &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** | &nbsp;&nbsp;**Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;734571 | &nbsp;&nbsp;0.011 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;8154 | &nbsp;&nbsp;316600 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;748876 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;7339 | &nbsp;&nbsp;226161 |
| &nbsp;&nbsp;Meas + Ind | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;1483447 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;15493 | &nbsp;&nbsp;542761 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;$16.73 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;459646 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;1.76 | &nbsp;&nbsp;4505 | &nbsp;&nbsp;122725 |
| &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** | &nbsp;&nbsp;**Combined Mineral Resources Leach Plus Mill** |
| &nbsp;&nbsp;Measured | &nbsp;&nbsp;$1.88 - $16.73 | &nbsp;&nbsp;0.001 - 0.007 | &nbsp;&nbsp;827565 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;2.01 | &nbsp;&nbsp;8600 | &nbsp;&nbsp;326922 |
| &nbsp;&nbsp;Indicated | &nbsp;&nbsp;$1.88 - $16.73 | &nbsp;&nbsp;0.001 - 0.007 | &nbsp;&nbsp;859250 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;7814 | &nbsp;&nbsp;235653 |
| &nbsp;&nbsp;Meas + Ind | &nbsp;&nbsp;$1.88 - $16.73 | &nbsp;&nbsp;0.001 - 0.007 | &nbsp;&nbsp;1686815 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;16414 | &nbsp;&nbsp;562575 |
| &nbsp;&nbsp;Inferred | &nbsp;&nbsp;$1.88 - $16.73 | &nbsp;&nbsp;0.001 - 0.007 | &nbsp;&nbsp;569664 | &nbsp;&nbsp;0.009 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;5033 | &nbsp;&nbsp;132847 |

---

Notes:

1. Mineral
 resources based on metal prices of $3,100/troy oz Au and $36.00/troy oz Ag

2. Cutoffs
 are Income – Refining Cost = NSR

3. Gold
 Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay,<br>
 or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay

4. Gold
 Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay

5. Numbers
 may not match exactly due to rounding

6. Mineral
 resources are contained within a computer-generated optimized pit

7. Total
 material in that pit is 5.42 billion tons

8. Mineral
 resources are not mineral reserves, and detailed economic considerations have not been applied

9. Modifying
 factors for mine and process design have not been applied

10. All
 units are US customary Ktons means 1,000 short tons. Au and Ag grades are in troy ounces
 per short ton (oz/ton)

**Mining Methods**

Hycroft is planned as a conventional hard rock open pit operation. The mine plan is based on measured and indicated mineralization that was estimated in the mineral resource block model. Independent Mining Consultants developed a mine plan that produces the required process feed and moves sufficient mine waste to assure continued release of the mineralization.

The mine will feed two processing facilities:

&nbsp;&nbsp;&nbsp;&nbsp;1. A
 flotation mill followed by pressure oxidation and leaching of the concentrate, and

2. A
 Run-of-Mine ("ROM") heap leach for mineralization that is amenable to direct
 cyanide leaching.

The cutoff grade for the schedule is based on income net of process:

● Income net of process = Net Return after Refining – Process Costs

Total mined material begins with 11.3 million tons per annum in preproduction and increases to 71.2 million tons per annum in Years 1 through 3. Additional equipment is acquired later in the mine life with total material movement increasing to 82.0 million tons per annum from Years 5 to 27. From Year 28 until the end of the mine life (Year 51) the total material mined reduces to 70 million tons per annum.

![](ex99-1_008.jpg)<sub>9</sub>

The material planned for milling and leaching on the production schedule is potentially minable material. They do not constitute mineral reserves at this time.

Low-grade mill feed material is stockpiled throughout the mine life. This material is not fed to the mill and is not part of the economic analysis in this report. Further trade-off studies will analyze the opportunity to feed this additional material through the process plant.

**Mined Tons & Payable Gold Equivalent Ounces**

![](ex99-1_005.jpg)

**Production Schedule**

The following graphs reflect the approximate recovered metal produced over the mine life and the relative metal contribution of the heap leach compared to the mill.

**Recovered Gold and Silver by Year**

![](ex99-1_008.jpg)<sub>10</sub>

**Processing and Recovery Methods**

A significant portion of the gold and silver in the material going to the process plant is refractory due to its association with pyrite, marcasite, and other sulfide minerals. Oxide and some transition material will be processed on a heap leach pad. A process flowsheet was developed to treat sulfide and certain transition mineralization. These materials are ground and floated to produce a concentrate. The concentrate is then oxidized in the POX plant and subsequently cyanide leached to extract gold and silver.

The key process plant design criteria are:

● Major equipment is designed for a nominal throughput of 57,100 tons/day

● Plant process recovery of 82.8% gold and 77.5% silver, given the LOM average grades

● Existing crushing circuit consists of primary, secondary, and tertiary crushing, supported by a coarse ore stockpile and a crushed ore stockpile with dedicated feeders to provide continuous feed to the downstream process plant

● Process flowsheets include three stages of crushing followed by two stages of ball milling, flotation, POX, a cyanide leaching circuit for oxidized flotation concentrate, Merrill-Crowe circuit, and Tailings Management Facilities ("TMF"), with an overall availability of 92%

Pregnant solution from the cyanide leach circuit will be processed in the existing Merrill-Crowe zinc cementation facilities.

**Infrastructure**

The Hycroft Mine benefits from substantial existing infrastructure constructed and operated over decades of prior production. Key existing facilities include:

● Crushing facility

● Heap leach pads

● North Merrill-Crowe facility

● Onsite access, haul roads and a major east–west railway pass adjacent to the Hycroft property

● Truck shop

● Maintenance building

● Laboratory and administrative buildings

● Power is supplied to the site from nearby power lines

● Potable water is sourced from a well

![](ex99-1_008.jpg)<sub>11</sub>

New infrastructure to be constructed includes the Northeast TMF, a Waste Rock Storage Facility, the Process Plant Site and associated infrastructure, a Limestone Plant, and a new rail spur.

The proposed processing facility is designed to be inclusive with (or "of") the existing crushing circuit and North Merrill-Crowe facility. The proposed scope of work includes electrical distribution upgrades, new substations, process control systems, reagent handling facilities (including oxygen and limestone systems), and selective expansion or repurposing of existing maintenance and administrative buildings.

The site currently has access to grid power. Additional transmission capacity is required to support the new plant. The total estimated load factoring for load growth, including power for the oxygen plant, is 160 MW. Tie-ins to existing utilities will include water, compressed air, and potable and sewer systems. The development of a freshwater production well field is also planned to support freshwater needs throughout the LOM.

A rail spur extension from the Union Pacific line is planned to support delivery of reagents, consumables, and fuel. Additionally, the existing fuel island is to be replaced with a higher-efficiency system during the LOM.

Ancillary structures including a covered crushed ore stockpile, new laboratory and maintenance facilities, fuel station upgrades, and technical services expansion are proposed to support operations over the LOM. In addition to this, selected existing buildings will be relocated, expanded, rehabilitated, or repurposed.

**Contracts**

Hycroft Mine is subject to a royalty agreement (Sprott Royalty Agreement) with SPRL II which was initiated on May 29, 2020. The royalty is accounted for by Hycroft as a deferred gain liability in which Hycroft received a cash consideration of US$30.0 million in exchange for a perpetual royalty equal to 1.5% (2.14% including withholding tax gross up) of Net Smelter Returns (NSR) from Hycroft Mine.

**Environmental, Permitting and Social Considerations**

The Mine is located on public land administered by the Bureau of Land Management ("BLM") and private land controlled by Hycroft Resources and Development, LLC, a wholly owned subsidiary of Hycroft Mining Holding Company.

Hycroft is currently authorized to operate under a plan of operations ("POO") for ore extraction and processing, water management, engineering, environmental studies, and exploration. In 2012, the BLM issued a Record of Decision ("ROD") for an EIS conducted for the Mine to expand heap leach operations, open pits, and waste rock facilities. In 2014, the BLM issued a Decision Record with an Environmental Assessment authorizing Hycroft's POO for construction and operations of a rail spur, open pit expansion, and construction of a processing complex, including the TMF located northeast of the Mine.

The TRS outlines development of additional infrastructure to support the modified Project including construction of a new TMF, waste rock storage facilities, rail spur, and a new process plant area. Review and approval of proposed revisions to the POO by the BLM constitutes a federal action under the National Environmental Policy Act and applicable BLM regulations. Accordingly, BLM review of the Plan Application will require preparation of either an Environmental Assessment or an Environmental Impact Statement.

![](ex99-1_008.jpg)<sub>12</sub>

## Exhibit 99.2

**Exhibit 99.2**

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