The Hycroft deposit is a low-sulfidation, epithermal, hot springs system that contains Au and Ag mineralization. Radiometric dates of adularia (potassium feldspar) indicate that the main phase of Au and Ag mineralization formed four million years ago (Ebert, 1996) when hydrothermal fluids were fed upward along high angle, normal faults. Low-grade Au and Ag mineralization was co-deposited with silica and potassium feldspar throughout porous rock types. A subsequent drop in permeability, due to sealing of the system, led to over pressuring and subsequent repeated hydrothermal brecciation. Additional precious metal mineralization was deposited during this event as breccia zones, veins, and sulfide flooding. Au and Ag mineralization was followed 0.4 to 2.0 million years ago by an intense event of high sulfidation acid leaching of the mineralized volcanic rocks coincident with a regional water table drop. This allowed steam heated sulfur gases to condense into sulfuric acid and leach the upper portion of the mineralized rocks. Oxidation of sulfide mineralization occurs to variable depths over the deposit, depending upon proximity to faults, extent of acid leaching, and depth to water table. Sulfide content through the deposit is variable from 0% to 20%. Local Geology The deposit is typically broken into six major zones based on geology, mineralization, and alteration. These include Brimstone, Vortex, Central, Bay, Boneyard, and Camel Hill. The boundaries are typically major fau ........

The Hycroft Mine, has historically operated as an open-pit oxide mining and heap leach processing operation. Mining operations at the Hycroft Mine were restarted in 2019 on a pre-commercial scale and discontinued in November 2021 as a result of the then current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing method for the sulfide ore.

In March 2023, Hycroft, along with its third-party consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing Counties, Nevada with an effective date of March 27, 2023 (the “2023 Hycroft TRS”). The 2023 Hycroft TRS provides an initial assessment of the mineral resource estimate utilizing a milling and pressure oxidation (“POX”) process for sulfide mineralization and heap leaching process for oxide and transition mineralization.

OPEN PIT DESIGN
Open Pits were designed by generating Whittle pit shells based on net block values (net smelter returns) and pit slopes recommended by CNI (Call & Nicholas) and Golder Associates. Hycroft designed the final pit with haul ramps, appropriate catch benches, and mining widths. The Hycroft open pit is a large pit, covering an area nearly 3.25 miles long by 1.75 miles wide and reaching a maximum depth of approximately 2,700 feet.

Pit phasing has been designed internal to the final pit limit. Phasing was b ........

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