# EDGAR Filing Document

**Accession Number:** 0001718405
**File Stem:** 0001718405-23-000043
**Filing Date:** 2023-3
**Character Count:** 51514
**Document Hash:** 2174596620f9774368808b666e028b4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001718405-23-000043.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0001718405-23-000043

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20230328

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HYCROFT MINING HOLDING CORP
- **CENTRAL INDEX KEY:** 0001718405
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **IRS NUMBER:** 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:** 23771276

**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" ? hymc-20230328

  

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**<br>

**CURRENT REPORT**

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

Date of Report (date of earliest event reported): March 28, 2023

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| |
|:---|
| **HYCROFT MINING HOLDING CORPORATION** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38387** | **82-2657796** |
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer<br>Identification No.) |
|  | **4300 Water Canyon Road, Unit 1**<br>**Winnemucca, Nevada 89445** |  |
|  | (Address of principal executive offices) (Zip code) |  |
|  | **(775) 304-0260** |  |
|  | (Registrant's telephone number, including area code) |  |

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| | |
|:---|:---|
| 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): | 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))  |

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| | | |
|:---|:---|:---|
| Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: | Securities registered pursuant to Section 12(b) of the Act: |
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Class A common stock, par value $0.0001 per share | HYMC | The Nasdaq Capital Market |
| Warrants to purchase common stock | HYMCW | The Nasdaq Capital Market |
| Warrants to purchase common stock | HYMCL | The Nasdaq Capital Market |

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| | |
|:---|:---|
| 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. | ☐ |

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**Item 2.02 Results of Operations and Financial Condition.**

On March 28, 2023, Hycroft Mining Holding Corporation issued a press release providing information about its year end 2022 operating and financial results. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in the press release is deemed to be "furnished" and shall not be deemed to be "filed" for purposes 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 7.01 Regulation FD Disclosure.**

Beginning March 28, 2023, the Company's management will deliver and/or utilize the corporate presentation attached hereto as Exhibit 99.2 and incorporated herein by reference. The information contained in any website is not a part of this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01, including Exhibit 99.2, is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of the Exchange Act, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The information set forth under this Item 7.01 shall not be deemed an admission as to the materiality of any information in this Item 7.01.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

The list of exhibits is set forth on the Exhibit Index of this Current Report on Form 8-K and is incorporated herein by reference.

**<u>EXHIBIT INDEX</u>**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 99.1 | <u>[P](pressreleasedatedmarch2820.htm)[ress Release of Hycroft Mining Holding Corporation issued](pressreleasedatedmarch2820.htm)[on](pressreleasedatedmarch2820.htm)[March](pressreleasedatedmarch2820.htm)[2](pressreleasedatedmarch2820.htm)[8, 2022\*](pressreleasedatedmarch2820.htm)</u> |
| 99.2 | <u>[Corporate Presentation of Hycroft Mining Holding Corporation.\*](hycroftinvestorpresentat.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |

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\* Furnished pursuant to Regulation FD.

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**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 hereunto duly authorized.

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| | |
|:---|:---|
| | **HYCROFT MINING HOLDING CORPORATION**<br>(Registrant) |
| Dated: March 29, 2023 | */s/ Stanton Rideout* |
| | Stanton Rideout |
| | Executive Vice President and Chief Financial Officer |

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## Exhibit 99.1

Exhibit 99.1

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| | |
|:---|:---|
| ![hycroftlogo.jpg](hycroftlogo.jpg) | Hycroft Mining Holding Corp. |
| ![hycroftlogo.jpg](hycroftlogo.jpg) | 4300 Water Canyon Road |
| ![hycroftlogo.jpg](hycroftlogo.jpg) | Unit 1 |
| ![hycroftlogo.jpg](hycroftlogo.jpg) | Winnemucca, NV 89445 |
| ![hycroftlogo.jpg](hycroftlogo.jpg) | |
| ![hycroftlogo.jpg](hycroftlogo.jpg) | **NEWS RELEASE** |

---

**HYCROFT ANNOUNCES YEAR END 2022 OPERATING AND FINANCIAL RESULTS** 

–**WINNEMUCCA, NV, March 28, 2023** - Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development company that owns the Hycroft Mine in the prolific mining region of Northern Nevada, announces operating and financial results for the year ended December 31, 2022. Today, the Company filed its Annual Report on Form 10-K for the year ended December 31, 2022 and the Hycroft Property Initial Assessment Technical Report Summary, Humboldt and Pershing Counties, Nevada, effective March 27, 2023 ("2023 Hycroft TRS"). Both are available at <u>www.sec.gov/edgar</u>. A new corporate presentation is available on our website at <u>www.hycroftmining.com</u>. See "Cautionary Note Regarding Forward Looking Statements" below.

***2022 Corporate Highlights:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Safety***: Hycroft's safety performance continued to improve significantly reaching a ZERO Total Recordable Injury Frequency Rate (TRIFR) per 200,000 man-hours worked (including contractors) at year-end 2022, representing a 100% reduction from 0.64 at the end of 2021. The mining industry TRIFR average for 2022 was 2.02. Currently, the Company's TRIFR remains at ZERO incidents or accidents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Production:*** Gold and silver sales for the year ended December 31, 2022 were 17,728 ounces and 44,084 ounces, respectively. Processing of ore on the leach pads from prior mining operations ceased in December 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Revenue***: Revenue from gold and silver sales totaled $32.2 million and $1.0 million, respectively, for the year ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cash Position:*** The Company ended 2022 with $142 million of unrestricted cash, $34 million of restricted cash, and in compliance with debt covenants.

***2022 Exploration Highlights***:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company launched its 2022-2023 Exploration Drill Program in July 2022 constituting the largest exploration program at the Hycroft Mine in nearly a decade. As of December 2022, approximately 25,000 meters of reverse circulation ("RC") drilling and 4,000 meters of core drilling were completed in Phase 1 of the drill program. Details and highlights are available on the Company's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company successfully accomplished all Phase 1 program objectives which were:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establishing continuity between higher-grade intercepts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Converting material previously classified as waste in the Camel and Central zones into ore-grade mineralization thereby improving project economics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Upgrading material previously classified as inferred into measured and indicated in the Camel and Central zones;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expanding mineralization to the east at least 150 meters beyond the known resource boundary opening a new target area for near-mine exploration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expanding the high-grade silver deposit, Vortex which continues to deliver high-grade silver mineralization over significant intercepts.

Diane R. Garrett, President and CEO commented: "I am very pleased with the progress we are making at Hycroft. Our safety-focused culture has contributed to a rare ZERO TRIFR – an outstanding achievement by the team. Our exploration drilling program is delivering positive results and demonstrating the upside opportunities at Hycroft, which include identifying a new mineralized exploration target area 150 meters east of the known resource boundary, confirming continuity between higher-grade intercepts, and adding the very high-grade silver results at

![pressreleasefooterpage1.jpg](pressreleasefooterpage1.jpg)

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Vortex highlighting additional opportunities within that system. The majority of our drill results returned grades exceeding the average grade at Hycroft. In addition, we added over 425,000 ounces of gold to the measured and indicated resource which confirms our belief that the breadth and extent of the Hycroft system remains unknown and there is significant untapped potential at Hycroft to enhance our future mine plan and operations. We look forward to unlocking this potential during 2023. We have also made significant progress with our technical work to design and develop a cost competitive milling and pressure oxidation process for the gold and silver resource contained in sulfide mineralization. In 2022, we improved our balance sheet through the March 2022 capital raises that allowed us to reduce debt and fund Hycroft's development activities. On behalf of the Board and the management team we want to thank our employees, local community, and shareholders for their support. Our experienced team is enthusiastically committed to advancing the Hycroft project - a unique, world-class scale asset in a Tier 1 mining jurisdiction."

***Mineral Resources***:

At December 31, 2022, measured and indicated mineral resources totaled 10.6 million ounces of gold and 360.7 million ounces of silver. Inferred mineral resources totaled 3.4 million ounces of gold and 96.1 million ounces of silver. Gold equivalent measured and indicated mineral resources totaled 15.2 million ounces and inferred mineral resources totaled 4.6 million ounces. This resource estimate included drill assay results received through December 9, 2022. The Company has additional drill assay results that are pending. See Table 1 below for additional information on mineral resources.

***Operations Update:***

&nbsp;&nbsp;&nbsp;&nbsp;Processing of gold and silver ore from the leach pads from prior mining operations ceased in December 2022. The Company is developing a commercial scale milling operation for processing sulfide material, which accounts for the vast majority of the current mineral resource, along with existing and planned heap leach facilities for processing oxide and leachable transition material. An in-depth study was undertaken to establish the optimal processing method for the sulfide ore. The process yielding the highest recoveries and hence, best economics for the project, is pressure oxidation (POX) – a proven, conventional technology that has been utilized at mining operations around the world for decades.

&nbsp;&nbsp;&nbsp;&nbsp;During 2022, the Company continued metallurgical and variability test work necessary for designing a sulfide milling operation. This work will establish: (i) a comprehensive and current understanding of how each geologic domain will perform during operations and (ii) the processing components and reagents required to optimize gold and silver recoveries. The Company is working with industry leading independent third-party engineering firms to complete this work and expects to receive all test results in April 2023. The Company will also complete autoclave test work during 2023. These results, and results from the 2022-2023 exploration drill program, will be used for designing the mine plan, developing the type and size of the mill circuit configuration, and POX equipment, establishing the hauling truck and loading mine fleet, and determining other engineering and facilities requirements.

![pressreleasefooterpage1.jpg](pressreleasefooterpage1.jpg)

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**Table 1: Hycroft Mineral Resources as of March 27, 2023, Metric Units**

![image_0.jpg](image_0.jpg)

**Notes:**

–Source: Technical Report Summary dated March 27, 2023

–Mineral Resources are based on metals prices of $1,900 per ounce of gold and $24.50 per ounce of silver.

–Cutoffs are income – process costs = NPR = NSR-Process OPEX.

–Numbers may not match exactly due to rounding.

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

–All units are metric. Gold and silver grades are in grams / metric ton.

**Table 2: Economic Parameters for Mineral Resources**

![image_1.jpg](image_1.jpg)

![pressreleasefooterpage1.jpg](pressreleasefooterpage1.jpg)

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Mineral resources were developed using block model and pit optimization software to determine the mineralization within reasonable expectation of economic extraction. Table 2 above summarizes the economic parameters used to define the optimized pit that defined the mineral resource. Metal prices for mineral resources were $1,900/oz gold and $24.50/oz silver. Each block is evaluated to determine which process provides the best net return after operating cost. The two processes are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Run of mine heap leaching, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flotation milling followed by POX.

Both process material types are included on the statement of mineral resources (above). Project costs and project recoveries as well as metal prices can have a substantial impact on the mineral resource both positively and negatively. Mineral resources are not mineral reserves and detailed economic considerations have not been applied. Modifying factors for mine and process design have not been applied. Inferred mineral resources have a high degree of uncertainty as to their existence and whether they can be economically or legally mined. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.

The scientific and technical information concerning the Hycroft Mine has been reviewed and approved by independent, third-party "Qualified Persons" under the Modernization Rules, including Ausenco Engineering South USA, Inc. ("Ausenco"), Independent Mining Consultants, Inc., ("IMC"), and WestLand Engineering & Environmental Services, Inc. ("WestLand").

**About the Hycroft 2022-2023 Exploration Drill Program**

The 2022 – 2023 Exploration Drill Program at the Hycroft Mine is a two-phase project comprising approximately 30,000 meters of RC drilling and approximately 7,500 meters of core drilling. Phase 2 drilling is anticipated to begin in the second quarter of 2023 and includes (i) drilling outside the current plan of operations for which permits are pending; and (ii) drilling prospective high-grade targets within the plan of operation that were refined based on assay results from Phase 1 drilling.

***About Hycroft Mining Holding Corporation***

***About Hycroft Mining Holding Corporation***

Hycroft is a US-based, gold, and silver company developing the Hycroft Mine located in the world-class mining region of Northern Nevada.

FOR FURTHER INFORMATION contact <u>info@hycroftmining.com</u> or visit our website at www.hycroftmining.com.

Diane R. Garrett,

President & CEO

**Cautionary Note Regarding Forward-Looking Statements.** 

This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements include, but are not limited to (i) risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to a lack of a completed feasibility study; and risks related to our ability to re-establish commercially feasible mining operations; (ii) industry related risks including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; availability and cost of equipment, supplies, energy, or reagents. The exploration target does not represent, and should not be construed to be, an estimate of a mineral resource or mineral reserve, as ranges of potential tonnage and grade (or quality) of the exploration target are conceptual in nature; there has been insufficient exploration of the relevant property or properties to estimate a mineral resource; and it is uncertain if further exploration will result in the estimation of a mineral resource. These risks may include the following and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Please see our "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, our Quarterly Report on Form 10-Q for the periods ended September 30, 2022, and other reports filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated,

![pressreleasefooterpage1.jpg](pressreleasefooterpage1.jpg)

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estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements. We undertake no obligation to update those statements or publicly announce the results of any revisions to any of those statements to reflect future events or developments.

![pressreleasefooterpage1.jpg](pressreleasefooterpage1.jpg)

## Exhibit 99.2

![](hycroftinvestorpresentat001.jpg)

HYCROFT D E V E L O P I N G O N E O F N O R T H A M E R I C A ' S L A R G E S T P R E C I O U S M E TA L D E P O S I T S March 2023

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![](hycroftinvestorpresentat002.jpg)

DISCLAIMER Financial Projections This presentation contains financial forecasts regarding certain financial metrics of the Company. These projections should not be relied upon as being necessarily indicative of future results. The independent auditor of the Company has not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, it has not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. Hycroft does not undertake any commitment to update or revise the projections, whether as a result of new information, future events, or otherwise. In this presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) to provide comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective forecasts are indicative of the future performance of Hycroft or that actual results will not differ materially from those presented in the prospective financial information. The inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Cautionary Note Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events, or developments that our management expects or anticipates will or may occur in the future are forward-looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths, and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. These risks may include the following, and the occurrence of one or more of the events or circumstances alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Forward-looking statements include, but are not limited to (i) risks related to changes in our operations at the Hycroft Mine including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to a lack of a completed feasibility study; and risks related to our ability to establish commercially feasible mining operations; (ii) industry related risks including fluctuations in the price of gold and silver; the intense competition within the mining industry; the commercial success of, and risks related to, our development activities; uncertainties and risks related to our reliance on contractors and consultants; availability and cost of equipment, supplies, energy, or reagents; the inherently hazardous nature of mining activities, including environmental risks; potential effects on our operations of U.S. federal and state governmental regulations, including environmental regulation and permitting requirements; uncertainties related to obtaining or retaining approvals and permits from governmental regulatory authorities; cost of compliance with current and future government regulations, including environmental regulations; potential challenges to title in our mineral properties; uncertainties related to COVID-19 or any other potential pandemic; our insurance may not cover all risks associated with our business; risks associated with proposed legislation in Nevada that could significantly increase the costs or taxation of our operations; and changes to the climate and regulations regarding climate change; (iii) business- related risks including risks related to our ability to raise capital on favorable terms or at all; the loss of key personnel or our failure to attract and retain personnel; risks related to our substantial indebtedness, including operating and financial restrictions under existing indebtedness, cross acceleration and our ability to generate sufficient cash to service our indebtedness; the costs related to our land reclamation requirements; risks related to technology systems and security breaches; the transition away from the London Interbank Offered Rate ("LIBOR") could have an adverse impact on us; possible litigation as a result of a material weakness in our internal controls over financial reporting; and risks that our principal stockholders will be able to exert significant influence over matters submitted to stockholders for approval; (iv) risks related to our common stock and warrants, including volatility in the price of our common stock and warrants; risks relating to a potential dilution as a result of future equity offerings; risks relating to a short "squeeze" resulting in sudden increases in demand for our common stock; risks relating to information published by third parties about us that may not be reliable or accurate; risks associated with changes in interest rates; volatility in the price of our common stock could subject us to securities litigation; risks associated with our current plan not to pay dividends; risks associated with future offerings of senior debt or equity securities; risks related to delisting by Nasdaq; risks that warrants may expire worthless and that certain warrants are being accounted for as a liability; anti–takeover provisions could make a third-party acquisition of us difficult; and risks related to limited access to our financial information, as we have elected to take advantage of the disclosure requirement exemptions granted to emerging growth companies and smaller reporting companies; and (v) risks related to limited access to our financial information, as we have elected to take advantage of the disclosure requirement exemptions granted to emerging growth companies and smaller reporting companies. These statements involve known and unknown risks, uncertainties, assumptions, and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by such forward-looking statements. Please see our "Risk Factors" set forth in our Annual Report on Form 10-K for the year ended December 31, 2022, and other reports filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward- looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this presentation, those results, performance, or achievements may not be indicative of results, performance, or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this presentation speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. No Offer or Sale of Securities The information provided in this presentation pertaining to the Company is for general informational purposes only and is not a formal offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. Information contained in this presentation should not be relied upon as advice to buy or sell or hold such Company securities or as an offer to sell such Company securities. No Representations or Warranties This presentation does not purport to contain all of the information that may be required to evaluate a possible transaction. No representation or warranty, express or implied, is or will be given by Hycroft or any of its respective affiliates, directors, officers, employees, advisers or any other person as to the accuracy or completeness of the information in this presentation (including as to the accuracy or reasonableness of statements, estimates, targets, projections, assumptions, or judgments) or any other written, oral, or other communications transmitted or otherwise made available to any party in the course of its evaluation of a possible transaction, and no responsibility or liability whatsoever is accepted for the accuracy or sufficiency thereof or for any errors, omissions, or misstatements, negligent or otherwise, relating thereto. Accordingly, neither the Company nor any of its respective affiliates, directors, officers, employees, or advisers or any other person shall be liable for any direct, indirect, or consequential loss or damages suffered by any person as a result of relying on any statement in or omission from this presentation and any such liability is expressly disclaimed. This presentation is not intended to constitute and should not be construed as investment advice and does not constitute investment, tax, or legal advice. Certain information contained herein has been derived from sources prepared by third parties. While such information is believed to be reliable for the purposes used herein, none of the Company, its affiliates, directors, officers, employees, advisers or any other person makes any representation or warranty with respect to the accuracy of such information. Industry and Market Data In this presentation, the Company relies on and refers to information and statistics regarding Hycroft and certain of its competitors and other industry data. The information and statistics are from third-party sources, including reports by market research firms. All dollar amounts are expressed in US dollars, unless otherwise stated. 2

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HIGHLIGHTS One of the World's Largest Precious Metal Deposits GOLD 10.6 M oz Measured & Indicated + 3.4 M oz Inferred1 SILVER 361.0 M oz Measured & Indicated + 96.0 M oz Inferred1 GOLD Eq 15.2 M oz Measured & Indicated + 4.6 M oz Inferred1 Strengthened Balance Sheet Cash: ~$142 Million $34 Million restricted2 Debt: No payments until 2027 〉 〉 Significant Exploration Upside Potential 〉 Prior Drilling Did Not Focus on Potential Feeder Systems or Higher-Grade Intercepts 〉 SIZE 〉OPTIONALITY〉CASH 1 Mineral resources were based upon the March 27, 2023 Technical Report Summary using $1900 Au and $24.50 Ag. See "Cautionary Note to US Investors Regarding Mineral Resources." 2 At December 31, 2022 3 Successful Phase 1 Drill Program in 2022 Phase 2 Drill Program - Spring 2023

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HIGHLIGHTS NEVADA RANKS AT THE TOP OF THE Best Places In the World For Mining PERMITTED FOR COMMERCIAL OPERATIONS Heap Leach and Milling SUBSTANTIAL ONSITE INFRASTUCTURE • Three-stage Crushing System • Two Merrill-Crowe Process Plants • One active Refinery • Power line and water supply infrastructure • Large Mobile Fleet Maintenance Facility • On-site Laboratory 〉 〉 〉 4

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N E V A D A THE LOCATION Hycroft is a World-Class Deposit THE POSITION Property Positioned Between Historic, High-Grade Sleeper and Rosebud Gold Mines THE PROPERTY Large Under-Explored Property Position Current resource only 5% of land position GOLD & SILVER JURISDICTION 5

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6 EXCELLENCE IN SAFETY – 2022 • 2022 TRIFR 0.00 • 12 Month TRIFR 0.00 • Mining National TRIFR 2.017 • 464 Days Last Reportable Injury • 850 Days Since Last Lost Time • At 03/28/23: TRIFR = 0.00 TRIFR = Total Recordable Injury Frequency Rate

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2022 Achievements 2023 Objectives • Phase 2 drilling o 5,000 meters – RC o 3,500 meters – Core o In-fill drilling targeting Years 1-5 of mine plan o Targets outside the known resource • Finalize metallurgical test work for POX process (sulfides) • Finalize flow sheet for milling operation • Finalize PFS economics • Achieved a new safety record well below industry average (TRIFR = 0.00) • Significant financing through Eric Sprott / AMC & ATM • Completed leaching gold and silver from prior operation • Completed Phase 1 drilling o 25,000 meters – RC o 4,000 meters - Core • Established continuity between higher grade zones • Converted waste to ore benefiting project economics • Extended mineralization to the East with new zone • High grade silver at Vortex continues to deliver HYCROFT ACHIEVEMENTS 7

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OPPORTUNITY - GOLD S I Z E , S C A L E & E X P A N S I O N GOLD: ADDITIONAL MINERALIZATION BEYOND THE KNOWN RESOURCE VORTEXBRIMSTONECENTRALBAY 5.3 KILOMETERS / 3.3 MILES 8

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OPPORTUNITY - SILVER S I Z E , S C A L E & E X P A N S I O N SILVER: ADDITIONAL MINERALIZATION BEYOND THE KNOWN RESOURCE VORTEXBRIMSTONECENTRAL BAY 5.3 KILOMETERS / 3.3 MILES 9

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S I Z E , S C A L E & E X P A N S I O N Tighter drill spacing could expand known pits and mineralization opportunities. GOLD + SILVER: THE PROJECT REMAINS OPEN IN ALL DIRECTIONS AND AT DEPTH OPPORTUNITY TO EXPAND MINERALIZATION 10

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2022 PHASE 1 DRILL PROGRAM OBJECTIVES Determine if higher-grade intercepts have continuity 〉 11 Improve Years 1-5 economics by identifying higher-grade material 〉 〉\ 〉 Convert waste to ore mineralization thereby improving project economics〉 Convert inferred material to measured & indicated categories〉 Identify potential for higher-grade start-up pit Target high-grade deep zones at Vortex – remains open 〉

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2022 PHASE 1 DRILL PROGRAM RESULTS Higher gold and silver grades than average resource grade〉 〉 12 Higher grade zones more continuous than previously interpreted 〉 〉\ 〉 Converted waste to ore mineralization (Camel, Central) thereby improving project economics 〉 Added over 425,000 ounces of gold (M&I) in Phase 1 drilling〉 Extended mineralization 150m to the east of known resource boundary Vortex continues to deliver very high-grade silver over long intercepts • 55m @ 396 g/t Ag at bottom of pit (hole ended in ore)

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2022 Phase 1 Drill Program – Brimstone Highlights 13 〉 1 See website for additional drill results FROM TO INTERVAL (meters) (meters) (meters) Au (g/t) Ag (g/t) Brimstone H22R-5650 0 82 82 1.03 30.38 including 21 24 3 1.20 163.51 H22R-5644 37 87 50 0.79 38.74 including 74 79 5 2.23 84.69 H22R-5645 27 47 20 0.10 90.86 including 114 148 34 3.77 16.77 H22R-5648 195 229 34 0.40 9.86 314 503 189 1.06 58.33 including 337 404 67 1.15 72.86 including 369 401 32 0.40 107.14 451 462 11 1.39 354.29 H22R-5671 26 61 35 2.83 35.59 including 38 55 17 4.81 48.53 78 87 9 0.71 16.35 159 177 18 0.78 45.34 394 408 14 0.29 102.92 H22R-5679 221 250 29 0.98 3.62 including 238 250 12 1.82 5.43 Hole ID GRADE

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TARGET MINERALIZATION EXPANDED TO THE EAST 14

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2022 Phase 1 Drill Program – Vortex Highlights 15 〉 1 See website for additional drill results FROM TO INTERVAL (meters) (meters) (meters) Au (g/t) Ag (g/t) Vortex H22R-5670 158 175 17 0.74 11.20 267 360 93 0.70 55.94 including 299 328 29 1.57 98.88 including 340 343 3 0.31 163.50 H22R-5700 489 509 20 2.24 41.77 including 482 483 1 10.94 18.00 including 489 500 11 2.36 46.13 524 579 55 0.88 396.93 including 536 545 9 1.25 1,085.83 Hole ID GRADE

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2023 Phase 2 Drill Program Objectives Drill new target identified 150m east of known resource in Phase 1〉 〉 16 Continue to drill at Vortex – remains open 〉 〉\ Drill high priority targets outside the known resource • 95% of Hycroft land position has not been explored 〉 Drill high priority targets identified through review of historical drilling + geophysics + hyperspectral results (Wild Rose, Chance)

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NUMEROUS TARGETS TO EXPLORE S I Z E , S C A L E , & E X P A N S I O N Land Size Hycroft property is larger than Manhattan with numerous exploration targets 〉 Land Position Significant land position - less than 10% has been explored Rosebud Mine1 Close proximity to the past- producing, high-grade Rosebud Mine High-Grade Intercepts High-grade intercepts identified within and beyond the known resource M A N H A T TA N 1Information regarding the Rosebud Mine is not necessarily indicative of the mineralization on the Hycroft property that is the subject of the March 27, 2023 Hycroft Technical Report Summary and Hycroft can provide no assurance that mineralization at the Rosebud Mine will be consistent with the Hycroft property. 17

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2023 OBJECTIVES Q1 • CONTINUE PFS • PHASE 2 DRILL PROGRAM Q2 – Q3 • PHASE 2 EXPLORATION DRILLING • 5,000 meters – RC • 3,500 meters - Core • FINALIZE METALLURGICAL TESTWORK • FINALIZE PROCESS FLOW SHEET • FINALIZE PFS Q4 – 1Q24 L O O K I N G A H E A D 18

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ATTRACTIVE INVESTMENT ENTRY POINT Source: BMO Capital Markets HYCROFT CURRENTLY TRADES AT A SIGNIFICANT DISCOUNT TO OTHER LARGE-SCALE NORTH AMERICAN PRECIOUS METALS DEVELOPERS 19 Study Prices: $1,900/oz Au \| $24.50/oz Ag

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WHY INVEST ? 20 ✓ One of the world's largest gold and silver deposits in a Tier I Jurisdiction ✓ Significant upside potential (only 5% of the land position has been explored) ✓ Highly leveraged to gold and silver prices ✓ Permitted for both heap leach and milling operation ✓ Significant infrastructure on site ✓ Transitioning to large scale mill operation with engineering studies underway ✓ Strong cash position ~ $142M unrestricted + $34 M restricted ✓ Executive leadership team with proven track record of successful project development

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PROVEN TRACK RECORD OF SUCCESS STRONG BOARD, MANAGEMENT & TECHNICAL TEAM WITH PROVEN TRACK RECORD OF DELIVERING SHAREHOLDER VALUE 21

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CAPITALIZATION AND MAJOR SUPPORTS Ownership Summary\* AMC Entertainment 23.4 mm 11.7% Eric Sprott 18.4 mm 9.2 % Mudrick 3.9 mm 1.9 % Other/Retail 154.6 mm 77.2 % 1. As of close on March 24, 2023, unless otherwise noted. 2. Carrying value as of December 31, 2022, includes debt issuance costs and discounts. Capital Structure \*Based on outstanding shares on March 24, 2023. 22 AMC Ent 11.7% Eric Sprott 9.2 % Mudrick 1.9 % Other/Retail 77.2 % Share Price - HYMC1. (NASDAQ) $0.39 52-Week High-Low $3.10 - $0.31 Shares Outstanding 200.3 mm Market Capitalization $78.1 mm 5-year Warrants issued 5/2020 - HYMCW (exercise price of $11.50) 34.3 mm 5-year Warrants issued 10/2020 - HYMCL (exercise price of $10.50) 9.6 mm 5-year Warrants issued 03/2022 (exercise price of $1.068) 46.8 mm Basic Shares + 5-year Warrants 291.0 mm Unrestricted Cash on Hand (at 12/31/22) $142 mm Debt2 $135.0 mm A C Ent 11.7% Eric Sprott 9.2 % udrick 1.9 % Other/Retail 77.2 %

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UNDER A NET ZERO EMISSIONS SCENARIO, PHOTOVALTAIC DEMAND IS EXPECTED TO MAKE UP OVER A THIRD OF TOTAL INDUSTRIAL SILVER DEMAND BY 2030. 1 NUMBER ONE Green Stimulus is a Key Driver Explosive growth of silver-intensive areas such as 5G and solar technology will drive demand. NUMBER TWO Solar (Photovoltaics) Demand Silver Record photovoltaic installations are expected to lift silver demand to all-time highs. NUMBER THREE Electric Vehicle Market China and Europe expected to fuel the EV market and related silver demand. Source: McKinsey & Co. Source: BMO Capital Markets Equity Research 1 BMO Capital Markets Equity Research T R E N D S INCREASING SILVER DEMAND 23

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T R E N D S SILVER TOUCHES VIRTUALLY EVERY ASPECT OF VEHICLES. 52% OF NEW VEHICLE SALES WILL BE ELECTRIC BY 2030. SOURCE: S&P GLOBAL AUTOMOTIVE APPLICATIONS FOR SILVER 24

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HYCROFT Appendix WWW.HYCROFTMINING.COM

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26 MINERAL RESOURCES Mineral resources based on metal prices of $1,900/oz Au and $24.50/oz Ag. Cutoffs are income – process cost = NPR = NSR – Process OpEx. Numbers may not match exactly due to rounding. Mineral resources are contained within a computer-generated optimized pit. All units are metric. Gold and silver grades are in grams / metric ton \*\*Source: Technical Report Summary, dated March 27, 2023. Approximate Contained Ounces Classification Cutoff, Equiv Gold Silver Sulfide Gold Silver Gold gm/t Ktonnes gm/tonne gm/tonne Sulfur% Ozs x 1000 Ozs x 1000 Heap Leach Resource Measured 0.07 85,424 0.274 5.72 2.14 753 15,725 Indicated 0.07 54,206 0.250 4.32 1.78 436 7,529 Meas + Ind 0.07 139,630 0.265 5.17 2.00 1,189 23,254 Inferred 0.07 41,838 0.250 4.86 1.62 337 6,549 Flotation Mill + Concentrate Treatment by POX and Cyanide Leach Measured 0.34 365,361 0.445 17.09 1.78 5,236 200,965 Indicated 0.34 314,171 0.411 13.49 1.58 4,156 136,445 Meas + Ind 0.34 679,532 0.429 15.43 1.69 9,391 337,410 Inferred 0.34 226,341 0.414 12.29 1.52 3,019 89,568 Combined Mineral Resources, Leach Plus Mill Total Measured 0.07-0.34 450,785 0.413 14.93 1.85 5,989 216,690 Total Indicated 0.07-0.34 368,377 0.387 12.14 1.61 4,592 143,974 Total Meas + Ind 0.07-0.34 819,162 0.401 13.68 1.74 10,581 360,664 Total Inferred 0.07-0.34 268,179 0.389 11.14 1.54 3,356 96,117

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RESOURCE ESTIMATION PARAMETERS Process costs: Comminution Per ton of feed to float plant $3.99 Flotation Per ton of feed to float plant $3.68 Process (fixed costs) Per ton of feed to float plant $0.51 Leach, CCD, Detox (fixed costs) Per ton of feed to float plant $0.43 Total Mill Cost Per ton of feed to float plant $8.61 ROM Leach (Oxide) Per ton of feed to ROM Leach $2.75 ROM Leach (Transitional & Sulfide) Per ton of feed to ROM Leach $3.15 Mine Site G&A Per ton of feed $0.44 Flotation Concentrate Treatment Costs: Assumed sulfide grade in feed % 1.80% Ton sulfide sulfur/ton concentrate Ton/ton 0.1093 Consumable unit cost/ton sulfur $/ton sulfide sulfur in concentrate $339.07 POX consumable cost per ton $/ton concentrate $27.74 Total POX treatment cost $/ton concentrate $14.11 Total POX treatment cost $/ton of ore $4.24 Total Process Costs (at avg sulf sulfur): Mill + Concentrate POX + G&A $/ton ore flotation $14.83 ROM leach + G&A (oxide) $/ton of ore to ROM leach $3.19 ROM leach + G&A (transition & sulfide) $/ton of ore to ROM leach $3.59 Mill Process Recoveries: Flotation recovery – gold % of AuFA 80.0% Flotation recovery – silver % of AgFA 80.0% Flotation recovery – sulfide % of sulfide sulfur 85.0% Mass pull % 14.0% Concentrate leach recovery % 95.0% Overall recovery, mill % 76.0% ROM Leach Recoveries: Gold (oxide, transition & sulfide) % of AuCN 75.0% Silver (oxide, transition & sulfide) % of AgFA 12.2% Assumptions: Unit of measure Value Gold price $/oz $1,900 Silver price $/oz $24.50 Mining cost, base\* Per ton material moved $1.45 \*\*Source: Technical Report Summary, dated March 27, 2023. 27

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LEADERSHIP Highly experienced and motivated management team in place, led by: Formerly with Romarco Minerals, US Global Investors Formerly with Romarco Minerals, Phelps Dodge Corp. Diane Garrett President & CEO Stan Rideout Executive Vice President & CFO Ashlie Thorburn Vice President, Controller On-site Technical Team: Process Manager, Environmental Manager, Chief Metallurgist, Chief Mine Engineer, Chief Geologist Formerly with Zynex, Inc., SRK Consulting (U.S.) Inc, Vista Gold Alex Davidson Vice-President Exploration Formerly with Romarco Minerals David Thomas Vice-President & General Manager Formerly with Nevada Gold Mines 28

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BOARD OF DIRECTORS Stephen Lang Chairman, Director Formerly with Centerra Gold Inc., Stillwater Mining Company, Barrick Goldstrike, Rio Algom Ltd, Kinross Gold/Amax Gold, Santa Fe Pacific Gold. Diane Garrett Director President and CEO, Hycroft; formerly CEO, Romarco Minerals, US Global Investors. Sean Goodman AMC Board Appointee CFO, AMC Entertainment; formerly with Asbury Automotive, Home Depot, Morgan Stanley Michael Harrison Director Managing Partner, Sprott Streaming and Royalty Fund; formerly with Sprott Resource Holdings, Inc., Adriana Resources Inc., Coeur Mining Inc. David Naccarati Director Independent consultant; formerly with Cupric Canyon Capital, LLC, Phelps Dodge Corporation. Thomas Weng Lead Director Co-Founding Partner, Alta Capital Partners; formerly with Deutsche Bank. Marni Wieshofer Director Formerly with Houlihan Lokey, Lionsgate Entertainment. 29

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2022-2023 EXPLORATION PROGRAM 30 Generalized Low Sulfidation Deposit • Upper large low-grade mineralization. • High-grade Au/Ag breccia zone. • High-grade Au/Ag/Base Metal vein system Development Drilling • 125,000 ft (RC & Core) • Define high-grade intercepts • Convert inferred model blocks to indicated • Expand resources along strike & at depth • Target on potential feeder zones • Explore deep structural targets Hycroft Hycroft

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OPEN IN ALL DIRECTIONS 2000 Feet Open HYCROFT MINE OBLIQUE VIEW (0.010 Au opt Grade Shell) Looking Northeast VORTEX HIGH-GRADE SECTION 40700 NORTH OPEN OPEN OPEN OPEN OPEN SOUTH NORTH 31

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MINE SITE VORTEX BRIMSTONE CAMEL CENTRAL GAP BAY North Merrill- Crowe Administratio n, Warehouse, Maintenance Main East-West Railway (Union Pacific) State Route 49 (Jungo Road) New Leach Pad N 32

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