HYCROFT MINING HOLDING CORP

The Company’s sole property is the Hycroft Mine, a gold and silver operation located 54 miles northwest of Winnemucca, spanning Humboldt and Pershing counties in Nevada. The mine is accessible via Nevada State Route 49 (Jungo Road), an all-weather, unpaved route maintained in part by both Humboldt County and the Company.

The property consists of patented claims and unpatented lode, and placer mining claims covering approximately 64,000 acres. On-site facilities include two administration buildings, a mobile maintenance shop, a light vehicle maintenance shop, a laboratory, a warehouse, leach pads (Jungo and Brimstone), primary, secondary, and tertiary crushing systems, two Merrill-Crowe process plants, and a refinery (all as further detailed below).

The Hycroft Mine operates under permits authorized by the BLM, NDEP, NDOW, Nevada Division of Water Resources, and various county agencies.

The information that follows relating to the Hycroft Mine is derived, for the most part, from, and in some instances is an extract from, the 2026 Hycroft TRS with an effective date of January 21, 2026. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of the 2026 Hycroft TRS, as previously filed with the SEC on February 18, 2026 and incorporated herein by reference and made a part of this 2025 Form 10-K.

Overview and Highlights

The 2026 Hycroft TRS reflects an updated initial assessment supporting the disclosure of mineral resources at the Hycroft Mine. It outlines plans to process sulfide and some transition mineralization using a milling and pressure oxidation (POX) process, while oxide mineralization and other transitional mineralization will be processed through heap leaching. The 2026 Hycroft TRS was prepared by third-party qualified persons, including Ausenco Engineering South USA, Inc. (“Ausenco”), Independent Mining Consultants, Inc. (“IMC”), WestLand Engineering & Environmental Services, Inc. (“WestLand”), and Hycroft Mining Holding Corporation, in accordance with the Modernization Rules. The report reflects updated findings and supersedes the 2023 Hycroft TRS, which should no longer be relied upon.

During 2023 through 2025, the Company advanced metallurgical testing to improve gold and silver recoveries from sulfide-bearing material. This work included studies on crushing, grinding, flotation variability, pressure oxidation, carbon-in-leach, dewatering, and tailings compaction. These efforts also explored potential byproducts to enhance revenue streams and optimize the deposit’s economic potential.

The Hycroft Mine’s contained measured and indicated mineral resources include 16.4 million ounces of gold and 562.6 million ounces of silver, and contained inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver. These mineral resources include oxide, transitional, and sulfide material.

The Company will continue to evaluate the opportunities identified in the 2026 Hycroft TRS and future technical report summaries will be issued when appropriate, as the Company further refines its analysis and explores additional opportunities.

Hycroft Mine

For a detailed discussion of the Hycroft Mine’s operating and production data, see Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Hycroft Mine.

The Hycroft Mine is an exploration stage property. The Hycroft Mine and related facilities are located approximately 54 miles northwest of Winnemucca, Nevada. Winnemucca, a city with a population of approximately 8,431 (2020 Census data), is a community on Interstate 80, 164 miles northeast of Reno. The mine property straddles Townships 34, 35, 35½, and 36 North and Ranges 28, 29, and 30 East with its central coordinates at approximately latitude 40°52’ north and longitude 118°41’ west. It is situated on the western flank of the Kamma Mountains, near the eastern edge of the Black Rock Desert.

The following shows the location of our property.

Additionally, the following map shows the current property and facilities layout.

The town is currently served by roads, a transcontinental railroad and a municipal airport. Access to the Hycroft Mine from Winnemucca is via Nevada State Route 49 (Jungo Road), a well-maintained, unpaved road, and a short access road leading to the mine’s main entrance. Within the property, well-maintained mine and exploration roads provide access throughout the property. Additional access routes are available from Imlay, Gerlach, and Lovelock, by unpaved roads intersecting Interstate 80 and Nevada State Route 447.

The majority of the Hycroft Mine’s workforce resides in the Winnemucca area. The site receives electrical power from NV Energy through the northwestern Nevada power grid. Initial surveys indicate that Winnemucca has the necessary infrastructure, including shopping, emergency services, and schools, to support the maximum workforce and dependents. The Hycroft Mine currently has water rights, which are believed to be adequate to support potential future operations.

The Hycroft Mine is located on the eastern edge of the Black Rock Desert and the western flank of the Kamma Mountains, between Winnemucca and Gerlach, Nevada. The area lacks streams, rivers, or major lakes, with elevations ranging from 4,500 to 5,500 feet above sea level. The region’s climate is arid, with an average annual precipitation of 7.7 inches. Summer temperatures typically range from 50°F to 90°F, while winter temperatures average between 20°F and 40°F.

The mine consists of 25 patented claims covering approximately 1,855 acres and 3,249 unpatented lode and placer claims spanning roughly 62,298 acres, totaling approximately 64,000 acres including the May 15, 2023 acquisition of a 50% undivided interest in three additional patented claims, adding approximately 61 acres. Patented claims occupy private land, while unpatented claims are located on public lands managed by the BLM. These claims are subject to U.S. federal and Nevada state regulations.

To maintain the patented claims in good standing, annual property tax payments must be made to the county in which the claims are held. To maintain unpatented claims in good standing, a notice of intent to maintain the claims must be filed with the county, along with annual mineral claim filing fees to the BLM. Filing fees for these claims amounted to $0.7 million and $0.6 million for the years ended December 31, 2025 and 2024, respectively. As long as we file the annual notice and pay the claim filing fees, there is no expiration date for our unpatented claims.

The Hycroft Mine is subject to a perpetual royalty payment equal to 1.5% of Net Smelter Returns, as defined in the Sprott Royalty Agreement, the (“Sprott Royalty Agreement”). There is no expiration or limit on the total amount payable under the Sprott Royalty Agreement. Until January 2026, a portion of the Hycroft Mine was subject to an agreement that required payment of a 4% net profit royalty on certain patented and unpatented mining claims, however, the net profit royalty is no longer in effect.

The Hycroft Mine was formerly known as the Crofoot-Lewis open pit mine, which was a small heap leaching operation that commenced in 1983. Vista Gold Corp., a corporation incorporated under the laws of the Yukon Territory (“Vista”), acquired the Crofoot-Lewis claims and mine in 1987 and 1988. During this first operating period, the mine produced over 1.0 million ounces of gold and 2.5 million ounces of silver. The mine production continued until it was placed on a care and maintenance program in December 1998 due to low gold prices. Hycroft Mining Corporation (“HMC”) acquired the Hycroft Mine in 2007 pursuant to an agreement which Vista transferred its Nevada mining properties to HMC’s predecessor. HMC restarted the Hycroft Mine in 2008 and suspended mining operations on July 8, 2015. During 2016, HMC was actively processing and producing gold from the ore within the heap leach pads. On January 1, 2017, HMC went into a care and maintenance mode when it stopped adding lime to the leach pads and continued to operate in a care and maintenance mode throughout 2017 and 2018. Prior to restarting operations, production of gold and silver was a byproduct of HMC’s maintenance activities on the Hycroft Mine. In December 2018, HMC began restart activities, including the rehabilitation of the crushing facility and construction of a new leach pad, with active mining operations beginning in the second quarter of 2019 with six haul trucks, two hydraulic shovels, and one wheel loader. Initial gold and silver production occurred in August 2019 and continued until active mining operations ceased at the Hycroft Mine in November 2021.

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 gross carrying value of property, plant, and equipment associated with the Hycroft Mine as of December 31, 2025 and 2024, was $88.4 million and $87.9 million, respectively.

Geology and Mineralization

The Hycroft Mine is located on the western flank of the Kamma Mountains. The deposit is hosted in a volcanic eruptive breccia and conglomerates associated with the Tertiary Kamma Mountain volcanics. The volcanics are mainly silicious to intermediate tuffs, flows, and coarse volcanoclastic rocks. Fragments of these units dominate the clasts in the eruptive breccia. The Central Fault and East Fault control the distribution of mineralization. A post-mineral range-front fault separates the mineralization body from the adjacent Pleistocene Lahontan Lake sediments in the Black Rock Desert. The geological events have created a physical setting ideally suited to the open-pit, heap leach mining operation at the Hycroft Mine. The heap leach method is widely used in the southwestern United States and allows the economical treatment of oxidized low-grade mineralization deposits in large volumes. The Company is contemplating sulfide processes commonly used worldwide to treat refractory sulfide mineralization.

The deposit is typically broken into six major zones based on geology, mineralization, and alteration: Brimstone, Vortex, Central, Bay, and Camel. Breaks between the zones are major faults.

Mineralization at the Hycroft Mine has been deposited through multiple phases. An early silica sulfide flooding event deposited relatively low-grade gold and silver mineralization generally along bedding. This mineralization is crosscut by later, steeply dipping quartz alunite veins. Late-stage silver bearing veins are found in the Vortex zone and at depth in the Central area. Late to present supergene oxidation along faults has liberated precious metals from sulfide mineralization and further enriched gold and silver mineralization, along water table levels.

The known gold mineralization extends for a distance of three miles in a north-south direction by 1.5 miles in an east-west direction. Mineralization extends to a depth of less than 330 feet in the outcropping to near-outcropping portion of the deposit on the northwest side to over 2,500 feet in the Vortex deposit in the east.

Drilling

The Hycroft Mine mineral resource model includes drilling data from 1982 through 2024 and includes 5,813 drillholes, representing 2,668,616 feet of drilling, of which 260 holes were drilled from 2021 through 2024 with an assay cut-off date of March 17, 2025. Drilling results from the 2025 Drilling Program were not included in the 2026 Hycroft TRS.

Drill hole collar locations are shown in the figure below.

In December 2018, HMC began confirmation drilling of certain sulfide material stockpiles that the Company planned to mine.

Any expansion of the Hycroft Mine necessary to exploit any additional mineral resources that may be established through our exploration drilling program beyond the mineral resources in the 2026 Hycroft TRS, will require us to obtain all permits, approvals and consents of regulatory agencies responsible for the use and development of mines in Nevada.

Measured, Indicated and Inferred Mineral Resources

The 2026 Hycroft TRS summarized the results of an initial assessment and updates the mineral resource estimate. Our mineral resource estimates are calculated in accordance with the Modernization Rules. Measured, Indicated and Inferred mineral resources may not be comparable to similar information regarding mineral resources disclosed in accordance with the guidance of other countries. The estimates of mineral resources may be materially affected if mining, metallurgical, or infrastructure factors change from those currently anticipated at the Hycroft Mine. Estimates of inferred mineral resources have significant geological uncertainty and it should not be assumed that all or any part of an inferred mineral resource may not be converted into mineral reserves unless the determination has been made by a qualified person, through the application of modifying factors, that the mineral resources can be the basis of an economically viable project. Likewise, it should not be assumed that any mineral resources identified in the 2026 Hycroft TRS, or any new mineral resources identified through exploration, will ever be converted to mineral reserves. The Hycroft Mine contains a large precious metals deposit, based on measured and indicated mineral resource size. The mineral resource estimates were prepared by, and are the responsibility of, IMC, as set forth in the 2026 Hycroft TRS.

The following description of the Hycroft Mine’s measured, indicated and inferred mineral resources does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the 2026 Hycroft TRS, incorporated by reference as Exhibit 96.1 to this 2025 Form 10-K.

Notes:

1. Mineral resources based on metal prices of $3,100/ oz Au and $36.00/ oz Ag

2. Cutoffs are Income – Refining Cost = NSR

3. Gold Equivalent for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay

4. Gold Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay

5. Numbers may not match exactly due to rounding

6. Mineral resources are contained within a computer-generated optimized pit

7. Total material in that pit is 4.92 billion tonnes

8. All units on this table are metric: Ktonnes means 1,000 tonnes. Au and Ag grades are in grams per tonne (g/t)

9. Mineral resources are not mineral reserves, and detailed economic considerations have not been applied

10. Modifying factors for mine and process design have not been applied

Notes:

1. Mineral resources based on metal prices of $3,100/troy oz Au and $36.00/troy oz Ag

2. Cutoffs are Income – Refining Cost = NSR

3. Gold Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay, or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay

4. Gold Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay

5. Numbers may not match exactly due to rounding

6. Mineral resources are contained within a computer-generated optimized pit

7. Total material in that pit is 5.42 billion tons

8. Mineral resources are not mineral reserves, and detailed economic considerations have not been applied

9. Modifying factors for mine and process design have not been applied

10. All units are imperial. Ktons means 1,000 short tons of 2,000 lbs Au and Ag grades are in troy ounces per short ton (oz/ton)

Mineral resources were developed based on a conventional computer-based block model of the deposit and the application of open pit optimization software to determine the mineralization with reasonable expectation of economic extraction. Each block was evaluated to determine which process provides the best net return after operating cost. The two processes identified were:

•Run-of-Mine (“ROM”) cyanide heap leaching of oxide mineralization;

•Sulfide material will be directed to a crushing, flotation milling followed by pressure oxidation (POX) of the concentrate to make a gold and silver doré; and

•Transition 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.

Other assumptions used to develop measured, indicated and inferred mineral resources were:

•assumed prices for gold of $3,100 per troy ounce and for silver of $36.00 per troy ounce;

•recoveries for gold and silver were estimated by process type:

◦milling, flotation and acid pressure oxidation was 82.8% overall of the fire assays for gold and 77.5% for fire assays for silver; and

◦ROM heap leaching was 75% for cyanide soluble gold and 12.2% for total assay silver

•base mining cost of $1.65 per ton with an additional incremental $0.018/ton applied to each bench below the 4660 level;

•variable material processing costs based on geometallurgical domains and sulfur content; and

•general and administrative costs

See Table 11-20 in Section 11 of the 2026 Hycroft TRS for a more detailed presentation of the economic parameters for mineral resource estimation.

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.

Internal Controls and Material Assumptions

Hycroft developed the resource model and IMC reviewed and approved the block model for the 2026 Hycroft TRS. Below is the summary of the work and checks they used to develop the block model.

The Hycroft Mine resource model includes data from 1982 through 2024 and includes 5,813 drillholes, representing 2,668,616 feet of drilling. The drill hole collar locations are shown in the 2026 Hycroft TRS and in previous text. In the 2026 Hycroft TRS, there are also 188 drillholes that have been drilled to define stockpiles or the Crofoot leach pad.

In addition to drilling activity, the Company has also conducted geophysical surveys, soil and rock chip sampling programs, field mapping, historical data compilation, and regional reconnaissance at the Hycroft Mine site. These efforts are designed to improve the understanding of the known mineralization, as well as provide data for further exploration of the greater property position.

A soil sampling grid was conducted over the Vortex and Brimstone areas historically (1,797 samples) and was extended approximately 5,200 feet north and 29,600 feet south of the mine (1,834 samples). The soil sampling program was conducted primarily along the East Fault exposure, which is a primary mineralization-controlling feature at Vortex and Brimstone. Soil samples are taken on an evenly spaced grid, 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. Most of these samples did not have multi-element geochemistry. An additional 966 soil samples were collected during the 2023 and 2024 exploration season. 529 samples were collected extending the historical grid east of the East Fault approximately 1,600 feet and south approximately 3,300 feet. And 437 samples were collected around an exploration target approximately 1.8 miles to the south of the mine site. All analysis on these samples included 64 element geochemistry.

Rock chip sampling has been conducted both in the active mine area, and on a regional basis. A database of 2,416 samples has been compiled, covering the greater land position. Au values range from 0 to 0.372 ppm, while Ag values range from 0 to 71.8 ppm. 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 not used in the resource estimation. An additional 206 rock chip samples were collected during the 2023 and 2024 exploration season within the mining area and immediately east of the mine area. The gold values include 22 samples with greater than 1.0 ppm Au and two samples with greater than 8.0 ppm Au that were collected in mineralized structures in the Bay Pit highwall. Silver values include 16 samples with greater than 20.0 ppm Ag and two samples with greater than 169.0 ppm Ag (maximum 521 ppm Ag) that were collected in mineralized structures in the Brimstone Pit highwall.

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. Gravity has also defined the basin edge to the west, approximately four miles west of the Brimstone Pit.

Ground 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.

In 2022, a hyperspectral imaging flyover of the Hycroft property was conducted by SpecTIR Advanced Hyperspectral Solutions. Both Longwave Infrared and Shortwave Infrared imaging were collected with the intent of helping identify key minerals on the surface to focus reconnaissance mapping and soils programs.

Field mapping was historically 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.

The drill hole database was assembled over many years by multiple companies using at least four different drill methods.

There are stockpiles and historical leach pads at the Hycroft Mine that are within the block model area. Many of those have been drilled after the original excavation of hard rock by sonic or rotary methods. The stockpile holes have been used to estimate the stockpile and leach pad areas only; they have not been used to estimate in-situ rock.

The block model was verified by several methods before being used to determine mineral resource, including:

•detailed Visual Checks of Drilling versus Block Estimates;

•swath Plots; and

•IMC Smear Check.

IMC completed visual checks on plan and section for all of the estimated variables in the model. In addition to IMC visual checks, the Hycroft engineering and geology team on site also reviewed the model and assisted IMC with identifying and correcting coding issues prior to finalizing the block model.

Swath plots are a practice now common among resource modelers to provide a visual indication if the block model follows the grade trends indicated by the supporting data and if there is any observable local bias in the block grade estimation.

Quality assurance and quality control methods utilized in the 2026 Hycroft TRS included the use of a test by IMC to understand the amount of grade smoothing within the block model and to confirm that the model grades are not high biased, referred to internally as the “smear check.”

The procedure utilized by IMC was as follows:

•a range of cutoff grades were selected for the check process, generally bracketing the potential planning cutoff grades;

•for each cutoff grade being tested, the blocks above cutoff were identified;

•all composites contained within those blocks were identified;

•the average grade of the composites and blocks were tabulated; and

•the percentage of the contained composites less than cutoff were calculated.

Cautionary Note to U.S. Investors Regarding Mineral Resources. The mineral resource estimates included herein or incorporated by reference herein, including in the 2026 Hycroft TRS, have been prepared in accordance with the requirements of the Modernization Rules as set forth in subpart 1300 of Regulation S-K. Under the Modernization Rules, mineral resources cannot be converted into mineral reserves unless the determination is made by a qualified person, through the application of modifying factors, that the mineral resources can be the basis of an economically viable project. The terms “Mineral Resource,” “Measured Mineral Resource,” “Indicated Mineral Resource,” and “Inferred Mineral Resource” are defined and used in accordance with the Modernization Rules. You are specifically cautioned not to assume that any part or all of the mineral deposits (including mineral resources) in these categories will ever be converted into mineral reserves, as defined by the SEC. You are further cautioned that, except for any portion of mineral resources, as applicable, classified as mineral reserves, mineral resources do not have demonstrated economic value. Inferred mineral resources have a high degree of uncertainty as to their existence as to whether they can be economically or legally mined. Under the Modernization Rules, estimates of inferred mineral resources may not form the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be economically or legally mined, or that it will ever be upgraded to a higher category. Likewise, you are cautioned not to assume that all or any part of measured or indicated mineral resources will be upgraded to mineral reserves.

Technical Report Summaries and Qualified Persons

The scientific and technical information concerning the Hycroft Mine in this 2025 Form 10-K have been reviewed and approved by third-party “qualified persons” under the Modernization Rules, including Ausenco, IMC, and WestLand. For al description of the key assumptions, parameters and methods used to estimate mineral resources included in the 2025 Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant factors, please review the 2026 Hycroft TRS incorporated by reference herein.