Hycroft Mine

The Hycroft gold and silver mine is located in the Sulfur Mining district, 54 miles west of Winnemucca and straddles Humboldt and Pershing Counties, in Nevada. The mine is accessible year round via Nevada State Route 49 (Jungo Road). The mine encompasses approximately 72,000 acres, including both patented and unpatented claims. While in production under previous owners (1987-1998), Hycroft produced over one million ounces of gold using an open pit heap leaching process. Since Allied Nevada restarted the mine in 2008, we have sold approximately 580,000 ounces of gold and 2.3 million ounces of silver.

Hycroft Production Profile (Allied Nevada operated)

The following chart illustrates the gold and silver production ramp-up at Hycroft since Allied Nevada recommenced operations in 2008.

Hycroft Production Profile (Allied Nevada operated)

Hycroft General Description

Hycroft operates twenty-four hours a day, seven days a week. Currently, open pit mining of heap leach mineralization is conducted by simple drill, blast and truck haulage of ore to the north heap leach pad complex. Lower grade ore is placed on the heap leach pads as run-of-mine and higher grade ore is crushed using a large three-stage crushing system. Current performance of the heap leach pad shows run-of-mine recoveries of approximately 50% for gold and 12% for silver. Metallurgical testing suggests crushing higher grade ore could improve recovery by approximately 6-10% for gold and 10-15% for silver, though this may vary slightly depending on the type of material crushed. Solution from the heap leach pad is processed through the 21,500 gpm capacity Merrill-Crowe plant. The metals are further processed in the refinery to create gold and silver doré bars, which are sold.

The Company has been increasing the mining rate over the last two years with the addition of larger scale mining equipment including Komatsu 320-ton haul trucks and CAT 7495 electric rope shovels.  Currently, we are among the largest dirt movers in the State of Nevada.

We are now focused on the next stage of expansion at Hycroft, which would include a milling and oxidation plant to allow us to process the large sulfide reserve located below the oxide reserve currently being mined.

The most recent NI 43-101 compliant technical report contains further information regarding the mill expansion and current technical information about Hycroft.