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HYCROFT Hycroft Provides Business Update and 2021 Third Quarter Operating Results Hycroft Mining Holding Corp. 8181 East Tufts Ave , Suite 510 Denver , CO 80237 Tel : 303.253.3267 NEWS RELEASE DENVER , CO , November 10 , 2021 - Hycroft Mining Holding Corporation ( Nasdaq : HYMC ) ( " Hycroft " or the " Company " ) , a gold and silver company operating the Hycroft Mine in the prolific mining region of Northern Nevada , is providing a business update and operating results for the third quarter of 2021. The Company anticipates filing its 10 - Q for the period ending September 30 , 2021 , on or about November 11 , 2021. The Company also announces that Mr. David Kirsch has resigned as Chairman of the Board and as a director of Hycroft . On November 9 , 2021 , the Hycroft Board of Directors appointed its independent lead director , Eugene Davis , to replace Mr. Kirsch as Chairman of the Board . As a result of current and expected ongoing cost pressures for many of the reagents and consumables used at the Hycroft Mine , and the timeline for completing its updated technical studies in early 2022 , effective immediately the Company is discontinuing pre - commercial scale mining at its run - of - mine ( " ROM " ) operation . The Company will continue producing gold and silver from ore on the leach pads as long as it is economic and will right - size the workforce to meet ongoing operational requirements . When the operation was started up in 2019 , mining oxide and transition ore allowed the Company to pre - strip overburden with some revenue offset to gain access to commercial scale sulfide ore . With the change in focus from the two - stage heap oxidation and leach to a milling operation , there is ample time to align the remaining pre - stripping with the start - up of commercial scale sulfide operations . The Company believes that this action will conserve cash and focus the Company's time and resources on its technical studies for sulfide ore . The metallurgical and variability drill program is ongoing with drilling expected to be completed by the end of 2021 and metallurgical analysis and test work continuing through the first half of 2022 . Diane R. Garrett , President & Chief Executive Officer , said , " We are proud of the safety culture we have established and our strong safety performance month after month this past year . We are very disappointed that the challenges and economics for our pre - commercial scale ROM operation necessitates that we cease mining . Until this point , the Company's cash position was optimized through the ROM operation but , with increasing consumables costs , and the likely future timing of commercial scale sulfide operations , it is no longer prudent to continue the ROM operation while we move forward with our technical work . We believe we are taking the most prudent approach to de - risking the project , including critical steps to continue the important work necessary for the development of this substantial mineral endowment . With respect to the technical study currently underway on the acid pressure oxidation process , we have run pit optimization work to analyze the in - pit value of the orebody under various processing options . The Acid POX process generates significantly higher relative economic value at Hycroft with substantial leverage to even modest increases in precious metals prices . We are extremely encouraged by the preliminary results we have seen on the Acid POX work to date and expect that the pre - feasibility study will highlight the significant value of Hycroft . I am very pleased with the progress we are making , thanks to the focus and diligence of our team and consulting partners as we complete these critical initiatives . " The Company has previously discussed its strategy for developing an economic sulfide process for Hycroft . Based on the Company's findings to date , including the analysis completed by an independent third - party research laboratory and the independent reviews by two metallurgical consultants , the Company does not believe the novel two - stage sulfide heap oxidation and leach process ( " Novel www.hycroftmining.com