HYMC · 10-Q · 2026Q1 · Full report

Processing Technology Evaluation

HYCROFT MINING HOLDING CORP · 2026-04-28 · Importance 23 · Surprise 24

Metallurgical and variability test work has advanced for designing a sulfide milling operation, including testing composites through crushing, grinding, flotation, pressure oxidation and leaching that identified improvements in gold and silver recoveries. The Company is continuing optimization of inputs and operating parameters and will complete metallurgical roasting testing to determine if roasting of sulfide concentrate could offer superior project economics versus POX. These trade-offs (POX vs roasting) will materially affect capital intensity, operating costs and projected recoveries for any restart scenario.

Key facts

• The 2026 Hycroft TRS outlines plans to process sulfide and some transition mineralization using a milling and pressure oxidation (POX) process.
• The 2026 Hycroft TRS specifies oxide mineralization and other transitional mineralization will be processed through heap leaching.
• The Company will complete metallurgical roasting testing and thereafter conduct trade-off studies to assess whether roasting could offer superior project economics compared to pressure oxidation.
• The Company plans to advance metallurgical test work for roasting sulfide concentrates during 2026.
• The Company continued metallurgical work testing crushing, grinding, flotation, pressure oxidation, and leaching and identified improvements in gold and silver recoveries during testing.
• The Company completed processing the gold and silver ore previously placed on leach pads by the end of December 2022.

Impact estimates