Completion Of Phase 1 Drilling On The Hycroft Mine

WINNEMUCCA, NV - Hycroft Mining Holding Corporation reported on the the 2022-2023 exploration drill program at the Hycroft Mine, in Northern Nevada, to improve the understanding of the higher-grade intercepts, better understand the mineralization controls, test exploration targets outside the currently known deposits, and through this work develop opportunities to mine higher-grade ore early in the mine plan which would enhance the project's economics. The Company has completed Phase 1 of its 2022-2023 exploration drill program and will soon be transitioning to Phase 2 of the program. The focus of Phase 1 was drilling within the current resource, to establish continuity between higher-grade zones identified in 2021.  This represents approximately half of the drilling completed in 2022.  With over-all positive results from this drilling, the Company expanded on these targets to extend higher-grade continuity along strike. The Company converted mineralization in the Camel and Brimstone zones to a higher mineral resource classification.  The results of this drilling are pending. In addition, Phase 1 included expanding the resource on deep structural intersections in Vortex, Central, and East Brimstone zones. The initial logging and interpretation of the core from this drilling indicates alteration, silica veining, and sulfides which are key to mineralization.  Assays are pending for this core drilling.

Approximately 25,000 meters of Reverse Circulation ("RC") drilling was completed in Phase 1.  The overall RC drilling results returned to date were positive as previously reported.  The remainder of assays from Phase 1 are anticipated soon.  Approximately 4,000 meters of core drilling was also completed in Phase 1 with results anticipated by the end of March.

Alex Davidson, VP of Exploration, said, "We are very pleased with the results received to date. Utilizing the data collected, we are continuing to improve our understanding of the controls to mineralization and continuity of the higher-grade.  As a result, it is necessary to change out our drill rigs to accommodate the Phase 2 targets.  We anticipate receiving the new rigs and initiating Phase 2 drilling early in the second quarter of 2023.  This timing also allows us the opportunity to review all the results from Phase 1 and interpret those findings.  And, importantly, the time to review the results recently received from our district-wide hyperspectral flyover in the Fall of 2022.  Hyperspectral imaging helps identify potential minerals or deposits of minerals and allows companies to hone-in on specific areas for drilling which is extremely important information as we begin to test targets in the unexplored 60,000-acre portion of our land package. We are currently prioritizing Phase 2 targets based on these recent drill results and the information from our district-wide 2022 hyperspectral flyover program.  In addition, the current timeline for Phase 2 will accommodate the permitting process for the targets that are outside the currently permitted resource boundary."