Exhibit 96.1

HYCROFT MINE

Hycroft Technical Report Summary and Initial Assessment

Nevada, USA

Effective Date: January 21, 2026

Prepared for

Hycroft Mining Holding Corporation

PO Box 3030
Winnemucca, NV 89446

Prepared by

Ausenco Engineering South USA

Contributing Authors:

Ausenco Engineering South USA Inc.

Hycroft Mining Holding Corporation

Independent Mining Consultants Inc.

WestLand Engineering & Environmental Services, Inc.

Date and Signature Page

This technical report summary (“TRS”), entitled “Initial Assessment and Technical Report Summary on the Hycroft Mine Project, Nevada, US is current as of January 21, 2026, and has been prepared by:

Table of Contents

List of Tables

List of Figures

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 provides an update to the Mineral Resource Estimate (“MRE”) in Hycroft’s Initial Assessment (“IA”), filed on Electronic Data Gathering, Analysis, and Retrieval (“EDGAR”), under Form 8-K on March 27, 2023. The MRE is based on a milling and pressure oxidation (“POX”) process for sulfide and some transition mineralization and heap leaching process for oxide and some transition mineralization. This TRS includes drill results received through March 17, 2025, which formed the basis of this mineral resource estimation model, and this updated report.

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, leach pads, primary, secondary and tertiary crushing systems, an assay lab, two Merrill-Crowe process plants, and a refinery.

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 MRE for the mine based on the Pressure Oxidation (POX) and Heap Leach processes.

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

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

Mineral resources and mineral reserves 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”).

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. Payments are current through the 2025 - 2026 claim years, with US$711,551 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 mineral resource area. No further land acquisition is required for the operation of the mine and contemplated processing facilities.

The Mine location is in the Nevada Sulfur District, where mining for native sulfur began in the late 1800’s. Then, in the early part of the 20^th 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.

During 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. 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.

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.

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 formed four million years ago, when hydrothermal fluids were fed upward along high angle, normal faults.

Low-grade gold and silver 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.

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%.

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.

The Hycroft 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. The 2024 drilling focused on high-grade mineralization in Brimstone and Vortex.

In mid-2022 Hycroft restarted exploration drilling with the primary goal of converting waste material and Inferred resource into measured and indicated resource. The drilling was predominantly reverse circulation (RC), and RC with core tails occurring on the deeper (1,800 ft) holes. In the second half of 2023, the program was re-aligned with recognition of significant silver grades within subvertical thin veining in Brimstone and within a low angle breccia body at Vortex. Subsequently, the drilling method was switched to core only 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, induced polarization (“IP”) geophysics, and core drilling. Additionally, exploration work was initiated at Bay to start defining vein geometry as it extends below the current resource.

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 mineral resources.

After the noted adjustments, John Marek, the Qualified Person (“QP”) finds the data applicable to the determination of mineral resources.

Comminution testwork demonstrates that Hycroft mineralization exhibits very high rock competency in both the semi-autogenous grinding (“SAG”) and ball mill grinding.

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 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:

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 to operating conditions. 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 the 2023 Technical Report.

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 Technical Report.

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

The mineral resource at the Hycroft property is currently envisioned to be produced from a conventional hard rock open pit mine feeding two alternative process facilities:

Transitional material will be directed to either (ROM) cyanide heap leaching or flotation milling followed by pressure oxidation (“POX”) depending on the economics of the material.

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

Mineral resources were developed using a computer-based block model for mineralization and pit optimization software to determine mineralization with reasonable expectation of economic extraction as defined by S-K 1300.

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 which is often abbreviated as NSR.

Metal prices for mineral resource 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 mineral resources are 35% below the spot gold price and 62% below the spot silver price on January 21, 2026, and do not include extensive price extrapolation.

The risks to the mineral resource 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. Hycroft mineral resources are 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. Modifying factors for mine and process design have not been applied.

Table 1-1: Hycroft Mineral Resources as of 21 January 2026, Imperial Units

Notes:

Table 1-2: Hycroft Mineral Resources as of 21 January 2026, Metric Units

Notes:

Contained within the Mineral Resource 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 Mineral Resources at 2 oz/ton cutoff grade in imperial and 68.57 g/t cutoff grade in metric.

Table 1-3: High-grade Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, Imperial Units

Table 1-4: High-grade Silver Bearing Domains, Contained within the Mineral Resource at 68.57 g/t (2 oz/ton) Cutoff Grade, Metric Units

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 Hycroft metallurgical test 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 demonstrates the Hycroft mineralization exhibits very high rock competency. Flotation testwork conducted at grind sizes ranging from 65 µm to 150 µm, at neutral pH and using strong non-selective sulfide collectors, achieved meaningful Au and Ag recoveries. Metallurgical testwork conducted from 2021 through 2025 indicates that 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 mineral resources statement was developed using a conventional computer-based block model. Each block was evaluated to determine the net return from the following two processes:

Ausenco’s QP recommends that Hycroft proceed with a further study to develop a process plant to treat sulfide and transition mineralized materials, while oxide and some transition materials are processed via heap leaching. That study will provide updated process design criteria and cost estimates.

Ausenco also recommends additional metallurgical testwork focusing on optimizing grind size and flotation mass pull, flotation reagent suite, POX operating conditions, equipment sizing, residence times, as well as lime/limestone, and oxygen consumption. Further recommendations include obtaining solids-liquid separation data and flocculant requirements and optimizing cyanide consumption and reagent usage in the cyanide destruction circuit.

IMC recommends ongoing targeted drilling as budgets and time allow.

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.

This technical report summary (“TRS”) summarizes the results of an initial assessment (“IA”) and updates the mineral resource estimate (“MRE”) 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”).

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 March 27, 2023.

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

Some sections of this report were published previously as part of the previous Technical Reports and are listed below in Section 2.6. The sections of these reports which were utilized have been reviewed by both IMC and Ausenco in sufficient detail so that the QPs at IMC and Ausenco have assumed responsibility for this work.

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

This report uses imperial units including troy ounces for gold and silver, throughout. Occasional use of non-imperial units will be clearly noted and explained in text when they occur. Tons means short tons of 2,000 lbs, Ktons means 1,000 short tons. Precious metal grades are presented in units of troy ounces per short ton (“oz/ton”).

The firms and consultants who are providing QPs responsible for the content of the TRS are, in alphabetical order, Ausenco Engineering South USA, Inc. (“Ausenco”), Hycroft Mining Holding Corporation, Independent Mining Consultants, Inc. (“IMC”) and WestLand Engineering & Environmental Services, Inc. (“Westland”).

This TRS presents the MRE for the Hycroft mine (“the Mine”), and an initial assessment based on the pressure oxidation (“POX”) process.

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

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

Mineral Resources are reported in accordance with SK-1300.

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

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.

IMC’s QP, John Marek, P.E., visited the Hycroft property on August 5, 2021, to review the existing core and logs.

The overall Report effective date is January 21, 2026.

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

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

Hycroft Mining Holding Corporation previously filed the following Technical Reports:

Hycroft Mining Corporation 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)

All units of measurement in this report are imperial, 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

Abbreviation

Description

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.
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
ROM	run of mine
RPEEE	reasonable prospect of eventual economic extraction
RQD	rock quality designation
SAG	semi-autogenous grinding
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

Abbreviation

Description

the Mine	Hycroft Mine
TMF	tailings management facility
TRIFR	Total Recordable Incident Frequency Rate
TRS	technical report summary
TSG	Tertiary Sulphur Group
USGS	United States Geological Survey
USFWS	US Fish and Wildlife Service
Westland	WestLand Engineering & Environmental Services, Inc.

Table 2-2: Units of Measurement

Unit	Description

mm	millimeters
Mtons	million short tons
min.	minute
Moz	Million ounces
oz	troy ounce
oz/ton or opt	troy ounces per short ton
oz/gal	troy ounces per gallon
ppm	parts per million
ppt	parts per trillion
psig	pressure per square inch
ton	short ton
ton/d	short tons per day
tn	short ton
TSS	total suspended solids
US$, USD	United States dollars (symbol; currency)
wt/wt	weight percent
%	percent

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. On the date of this report, Hycroft has approximately 52 employees.

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

Figure 3-1: Hycroft Mine Location Map

Source: Nevada Bureau of Mines, 2023

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 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.

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

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

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. Ausenco has defined the project centroid 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.

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$711,551 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 mineral resource 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.

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

Table 3-1: Hycroft Annual Land Holding Costs

Note:

Figure 3-2: Claim Map

Source: Hycroft, 2026

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

Source: Hycroft, 2025

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

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-feet/year (6.65 billion gallons/year). 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.

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.

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$22.4 million in restricted cash for collateral for these bonds.

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.

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 December 31, 2025.

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 December 31, 2025.

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

Operating Permits	Issuing Agency	Number	Status
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 Marshall	8250	Current
Special Use Permit	Pershing County	SUP 12-04	Current
Special Use Permit	Humboldt County	UH-12-04	Current

Table 3-3: Hycroft Miscellaneous Permits

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

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

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. 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 Associates. 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 Mtons/a 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, 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.

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):

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.

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.

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.

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 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 on the western side to 6,000 ft on the eastern side. The climate in the mine area is arid. The area receives about seven to eight inches of precipitation per year, most of it as rain in the spring and snow in the winter months. Summer daytime temperatures are 85°F to 95°F. Daily temperature ranges are extreme, usually 30°F to 35°F resulting in cool nights. Winter nights can drop to well below freezing, but daytime highs are usually above freezing. Winter snowpack is light, and snow does not normally present logistical problems. 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.

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.

The climate at the Mine is classified as arid, with an average precipitation of 7.7 inches per year, most of 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 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°F to 35°F with strong surface heating during the day and rapid nighttime cooling due to the dry air. Hycroft has not reported experiencing major delays in production due to inclement weather and is operating year-round.

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.

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

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

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 production 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

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.

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.

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 and 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).

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 is 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.

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-inch 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 the 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 261 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.

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.

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 of a gold grade averaging 0.014 oz/ton were 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 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 square ft including the Brimstone and Lewis leach pads. Allied Nevada filed for bankruptcy on March 10, 2025, 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 was placed in covered storage for a future restart.

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

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 the qualified organization 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)))¹ 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%.

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.

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 Sulphur Group (“TSG”).

Younger rocks at the mine are Tertiary conglomerate, siltstone and fanglomerate of the Sulphur 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 Sulphur 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.

¹Secondary precious metal enrichment by steam-heated fluids in the Crofoot-Lewis hot spring gold -silver deposit. 

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. 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

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.

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:

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.

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 ft 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.

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.

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.

Oxide mineralization is present at a depth of approximately 500 ft below surface, with sulfide mineralization extending to 2,500 ft below surface. 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

Source: Hycroft, 2025

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.

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 ft to 250 ft thick at Bay and 50 ft 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

Source: Hycroft, 2025

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 Sulphur 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 (50–150 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 ft to 300 ft thick, while the lower zone ranges from 300 ft 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.

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.

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

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

Section 7 has been written and updated by Alex Davidson, Vice President of Exploration of Hycroft and approved by IMC. IMC is the qualified organization 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.

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. 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.

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 sq kilometers.

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.

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 with greater than 0.03 oz/ton Au; two samples with greater than 0.23 oz/ton Au. These samples were collected in mineralized structures in the Bay Pit highwall. Silver values include 16 samples with greater than 0.58 oz/ton Ag; two samples with 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.

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 mineral resource estimation. 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 modeling.

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.