Site Visit Highlights Optionality

Research evidence excerpt

Site Visit Highlights Optionality

May 19, 2026 | 10:46 ET~

Hycroft Mining Holding Gold

Brian Quast, P.Eng., JD. Analyst

brian.quast@bmo.com (416) 359-6824

HYMC-NSDQ Rating Price: May-18 Target

Market Perform(S) $34.83 NA Alexander Mowbray, CPA Senior Associate

alexander.mowbray@bmo.com (437) 335-7742

Legal Entity: BMO Nesbitt Burns Inc.

Bottom Line:

We recently had the opportunity to visit the Hycroft mine in Nevada, USA. While mining

activities are currently paused, the site visit highlighted the optionality of restarting 60 2YR Price Volume Chart

the mine as a heap leach, a high-grade underground mine, and/or a low-grade, bulk 50

tonnage, open pit mine. While any and all of these options are still available, we 40

are awaiting a technical report in the coming months to assign a mine plan based 30 30

valuation. 20 20

10 10

Key Points 0 0

Nov May Nov May

Heap Leach Pad Ready to Accept Ore. Previous management had built the North LHS: Price ($) / RHS: Volume (mm) Source: FactSet

Heap Leach Pad with a view of re-entering commercial scale production. This is the

most likely option for a restart of the operation. Some oxide/transitional material is

relatively accessible from the previous open pit, and at current gold prices, we would

imagine that this is a relatively low risk, low capital option for generating revenue.

Recoveries are currently assumed to be 40% for gold and 12% for silver. All of the

infrastructure is currently in place for this to begin, with relatively modest re-permitting

requirements.

High Grade Silver Intercepts Add Exploration Sizzle. The recent uptick in silver prices,

albeit with somewhat of a pullback, have driven increased investor interest in silver

development companies, particularly those in tier one mining jurisdictions like Nevada.