Hycroft Mining Holding Corporation announced that it has completed Phase 1 of its 2022-2023 exploration drill program and will soon be transitioning to Phase 2 of the program. The overall focus of the 2022-2023 exploration drill program is to improve the understanding of the higher-grade intercepts, better understand the mineralization controls, test exploration targets outside the currently known deposits, and through this work develop opportunities to mine higher-grade ore early in the mine plan which would enhance the project's economics. In 2022 the Company began Phase 1 of the largest drilling campaign in the Hycroft district in nearly a decade.

The focus of Phase 1 was: Drilling within the current resource, to establish continuity between higher-grade zones identified in 2021. This represents approximately half of the drilling completed in 2022. With over-all positive results from this drilling, the Company expanded on these targets to extend higher-grade continuity along strike.

Converting mineralization in the Camel and Brimstone zones to a higher mineral resource classification. The results of this drilling are pending. Expanding the resource on deep structural intersections in Vortex, Central, and East Brimstone zones.

The initial logging and interpretation of the core from this drilling indicates alteration, silica veining, and sulfides which are key to mineralization. Assays are pending for this core drilling. Approximately 25,000 meters of Reverse Circulation ("RC") drilling was completed in Phase 1. The overall RC drilling results returned to date were positive as previously reported.

The remainder of assays from Phase 1 are anticipated by the end of February 2023. Approximately 4,000 meters of core drilling was also completed in Phase 1 with results anticipated by the end of March 2023.