Hycroft Mining Holding Corporation provided preliminary operating results for 2021 and results of an Initial Assessment for the Hycroft project. 2021 Development Highlights: Drill Results: During the 2021 drill program Hycroft encountered positive assay results further supporting the strategy to enhance the deposit through exploration drilling: High-grade intercepts from the 2021 drill program returned approximately 102 intercepts (1.5-meter intervals) averaging 4.1 grams per metric ton (g/t) or 0.13 ounces per ton (opt) gold and 85.3 g/t (2.73 opt) silver. Recent near-surface, high-grade material was encountered in the Porter area of the deposit with intervals including 3 meters grading 9.13 g/t (0.29 opt) gold and 32.55 g/t (1.04 opt) silver within a larger interval of 19.8 meters grading 1.78 g/t (0.06 opt) gold and 12.85 g/t (0.41 opt) silver (H21C-5568) and 12.2 meters grading 0.68 g/t (0.02 opt) gold and 12.78 g/t (0.41 opt) silver (H21C-5552).

As reported in the Company's September 8, 2021 press release, exploration drilling in the Vortex Zone identified gold grades that are up to five times higher than the average Mineral Resource grades at Hycroft of 0.34 g/t (0.011 opt). Significant intercepts previously reported from that drilling included 51.8 meters (170 feet) grading 2.47 g/t (0.08 opt) gold and 25.5 g/t (0.82 opt) silver (H21R-5592) and an additional intercept of 30.5 meters (100 feet) grading 0.71 g/t (0.02 opt) gold and 17.5 g/t (0.56 opt) silver in drill hole H21R-5591. Variability Program: The drilling portion of the program concluded in January 2022.

The Company completed 12,985 meters of drilling in 62 holes. This generated 92 samples and two bulk samples for variability testing and enhancing information in the metallurgical database. Backlogs in the independent labs due reduced staffing levels associated with the Covid-19 pandemic combined with delayed drilling have adversely impacted the assays and variability work schedule.

To date, the Company has received test results for approximately 20% of the samples. Additional test results on the remaining samples are anticipated to be received over the course of the next two quarters, assuming no further delays. Mineral Resource Update: Gold equivalent Mineral Resources totaled 15.3 million ounces of Measured & Indicated and 6.9 million ounces of Inferred.

For this study, Independent Mining Consultants Inc. developed the Hycroft resource block model which includes data from 1981 to 2018 and includes 5,501 holes, representing 2,482,722 ft of drilling. The current inflationary environment and change in processing technique has resulted in increased cost assumptions and an associated high cut-off grade partially mitigated by higher recoveries leading to a change in the Mineral Resource estimate, when compared with the prior model. The Mineral Resources were estimated based upon results of an Initial Assessment, as conducted in accordance with the Modernization of Property Disclosures for Mining Registrants promulgated by the U.S. Securities and Exchange Commission, as set forth in subpart 1300 of Regulation S-K. With the issuance of the Initial Assessment reflecting a different mining process, the 2019 Technical Report is superseded.

Initial Assessment Highlights: Pursuant to release in November 2021, Hycroft, together with its consultants and Ausenco Engineering USA South Inc., has continued to advance work on the mill and pressure oxidation (POX) process. The mill and POX process remains the focus of ongoing study work, as it generates high gold and silver recoveries than the sulfide heap oxidation and leach process, which will be foundational in optimizing the economics of the deposit. Recoveries become a critical factor when mining begins in the high-grade silver Vortex deposit.

POX recoveries will be further verified with ore-specific variability testing. As the work progressed, Hycroft also identified several opportunities that may yield significant additional economic benefits to the project. These opportunities, combined with the delays in receiving critical information important to the overall flowsheet, has led to the decision to release an Initial Assessment at this time.