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HYCROFT Hycroft Mining Holding Corp. 8181 East Tufts Ave , Suite 510 Denver , CO 80237 Tel : 303.253.3267 NEWS RELEASE Hycroft Provides First Quarter 2021 Operating and Financial Results DENVER , CO , May 17 , 2021 - Hycroft Mining Holding Corporation ( Nasdaq : HYMC ) ( " Hycroft " or the " Company " ) , a gold and silver producer operating the Hycroft Mine in the prolific mining region of Northern Nevada , today reported its operating and financial results for the first quarter ended March 31 , 2021 . Highlights • • Production in the first quarter of 2021 of 13,858 ounces of gold and 94,845 ounces of silver exceeded plan and represented a 99 % and 126 % increase in ounces produced , respectively , compared with the corresponding period in 2020 Sales in the first quarter of 2021 were 9,830 ounces of gold ( realized average price of $ 1,784 per ounce ) and 57,236 ounces of silver ( realized average price of $ 26.12 per ounce ) , a 50 % and 16 % increase in gold and silver sales volumes , respectively , when compared with first quarter of 2020 • Continued improvements in safety performance with a 1.21 trailing 12 - month total reportable incident frequency rate ( " TRIFR " ) at the end of the first quarter of 2021 compared to 2.3 at the end of 2020 , a nearly 50 % reduction overall • Drilling to obtain metallurgical samples for variability testing commenced as planned in March 2021 • • Hycroft operated at a pre - commercial scale using a run - of - mine ( " ROM " ) plan with direct leaching , and the associated low gold equivalent production and sales volumes and high relative operating costs resulted in a first quarter 2021 net loss and net operating cash outflows from operating activities A new 994K loader arrived as planned and is expected to improve loading capabilities and reduce unit mining costs when placed into operations during May 2021 Diane R. Garrett , President & Chief Executive Officer , said , “ I am very pleased with the progress we continue to make on many fronts . We remain focused on our health and safety culture achieving another almost 50 % decrease in TRIFR at the end of the first quarter of 2021 compared with where we were at year end 2020. We have continued to see the benefits of the diligence of our safety teams and workforce , and I am pleased to say we are currently below the industry average at the end of April . We're also seeing the benefits of the improved safety culture as equipment incidents have decreased and operational performance is improving . Drilling for metallurgical samples commenced as planned during March 2021 and that material will be used for the previously reported variability test work program . This program is critical to completing the database of information on how each geologic domain will perform under the two - step novel sulfide oxidation and heap leach process technology . The oxide and transitional material ROM plan is in the final stages of planning . Our goal is to achieve a cash flow positive ROM heap leach operation while we introduce the sulfide oxidation process on sulfide ores in 2022. The process group has made improvements to the solution management system and Brimstone Merrill - Crowe plant resulting in production and sales being slightly ahead of plan . While we did experience COVID - related workforce shortages that affected our ability to achieve targeted mining rates for the quarter , we are working to make up for these shortfalls and expect to achieve our 2021 production or sales outlook . " www.hycroftmining.com