Phase 2 Drilling Commences At Hycroft Mine in Nevada

WINNEMUCCA, NV - Hycroft Mining Holding Corporation (HYMC) announced the  initiation of Phase 2 of its 2022-2023 exploration drill program at the Hycroft Mine in Northern Nevada. Approximately 5,000 meters of reverse circulation (RC) drilling and 3,500 meters of core drilling are planned for Phase 2.  The RC drill rig has arrived on site, and the core drill rig is scheduled to arrive in mid-June. The objectives and specific target areas of Phase 2 are designed to continue the success of Phase 1 and for the first time, test new targets within the Company's vast unexplored land position of over 60,000 acres.

RC Drilling: Camel zone - the primary objective of drilling within the current resource boundary is to focus on the overall mine economics for the pre-feasibility study.  The Camel zone is expected to be one of the initial phases of mining sulfide ore.  During Phase 1 drilling in this area, the Company converted waste and inferred material into measured and indicated classification and saw an improvement in the internal mine plan economics as a result.  Phase 2 will continue this objective for further enhancement of the economics.

Core Drilling: Vortex zone – following up Phase 1 drill hole H22R-5700 that encountered 55 meters of 396 g/t silver at the bottom of the pit, ending in ore mineralization.  Vortex is a very high-grade silver deposit and Phase 2 drilling will test deeper potential high grades for both silver and gold.

Brimstone zone – drilling to expand the new target that was identified 150 meters east of the known resource. Drill hole H22R-5679 confirmed our belief that there is mineralization beyond the known resource.

New high-priority targets to be tested within our unexplored land position  and beyond the current known resource. Prior geophysics, recent hyperspectral analysis and recent ground-based geology programs and analysis indicate these areas are of high importance for potential new discoveries.