Higher Grades Continues To Be Drilled At Mycroft Mine

WINNEMUCCA, NV - Hycroft Mining Holding Corporation (HYMC) reported on additional drill results from its 2022-2023 exploration program at the Hycroft Mine in Northern Nevada. Alex Davidson, Vice President, Exploration, said, "We continue to receive encouraging drill results confirming the higher-grade opportunities identified in the 2021 drill program.  The drill results announced today continue to demonstrate improved continuity in the higher-grade areas as compared with the current model, and at much higher grades than the average grade modeled for the Hycroft deposit.  Particularly exciting for the Hycroft team is RC hole H22R-5648 from the Brimstone area which has multiple intercepts that significantly outperform the model and are at very near true thickness."

Drilling from the Vortex area intercepted multiple ore zones down hole and returned gold values where previously little gold was identified or modeled as Vortex is known for being predominately a silver deposit.   In particular, RC hole H22R-5669 in the Vortex area has several intercepts returning gold, where no gold was modeled previously.  One of these intercepts has 48.8 meters of 0.46 g/t gold and 75.79 g/t silver.

The drill results to date have increased our understanding of the geologic setting of the Hycroft mineralization, both the higher-grade zones and the more disseminated areas throughout the property.

Diane R. Garrett, President & CEO, commented, "We are very excited about this next group of drill results that continue to support our belief in the untapped potential at Hycroft. Our objectives are multi-fold: (1) to improve the resource grade at Hycroft; (2) identify a higher-grade starter pit which would reduce upfront capital requirements for the next phase of operations; and (3) explore for new targets within our vast land position.  Hycroft is one of the largest gold and silver deposits in the world located in the Tier-One mining jurisdiction of Nevada, USA and permitted for both heap leach and milling operations."

The two reverse circulation ("RC") drill rigs continue to drill in Brimstone, Central and Vortex areas. A second core drill arrived mid-September to support the core drilling program.   Two core drill rigs from First Drilling are focused on the high-grade silver zone in Vortex, and higher-grade gold mineralization in Camel. Current core drilling continues to show interesting intervals with silica veining, sulfide stockwork, and visible silver minerals.

The results of this exploration program, together with the 2021 metallurgical drill program results will be used for the geologic modeling, updated resource models and mine planning activities associated with the technical studies underway for the conventional heap leach and sulfide mill operation.  These exploration results do 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) 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 these results and further exploration will result in the estimation of a mineral resource.

The 2022 – 2023 exploration program at the Hycroft Mine comprises approximately 100,000 feet of reverse circulation drilling and approximately 25,000 feet of core drilling.