Hycroft Mining Holding Corporation provided an update for the ongoing 2024 exploration drill program. The 2024 Brimstone and Vortex drilling is well underway with assays pending on the initial drill holes. This 10-hole program, launched in February 2024, is targeting the two high-grade underground silver trends discovered in November 2023.

Due to the exciting results achieved, this drill program was launched in February 2024 and will continue through May 2024 with flexibility to expand the program. The drilling is targeting confirmation of the continuity of the high-grade silver mineralization between the Vortex-Brimstone trend and the Vortex-Camel trend, expanding both trends along strike and at depth, and enhancing its understanding of structural controls.  During the first quarter of 2024, the Company continued to operate safely and execute its plans to further drill the newly identified high-grade silver trends, advance the technical work for a sulfide milling operation, and enhance the balance sheet. In addition to ongoing exploration and other operational expenditures, on January 5, 2024, the Company voluntarily pre-paid $38 million of its senior secured debt with Sprott Resource Lending.

At March 31, 2024, unrestricted cash was $57.4 million, restricted cash was $26.6 million, and the Company was in compliance with its debt covenants.