HYMC just released the big Technical Report Summary / Initial Assessment and honestly it’s stronger than I expected.

Key points:

• Post-tax NPV: $4.3B at base prices ($3,600 gold / $48 silver) • Post-tax NPV: $10B at current spot prices • 16.9% post-tax IRR at base prices • 30.1% IRR at spot prices • 51-year mine life • 16.4M oz gold + 562.6M oz silver M&I resource

Most importantly, this report is largely based on the legacy open-pit operation. The high-grade Brimstone and Vortex discoveries are NOT the main driver of these economics yet.

To me that’s the biggest takeaway.

A lot of people were waiting to see if the giant Hycroft deposit was actually economic. This study says yes.

Now the focus shifts to Brimstone and Vortex.

Management keeps talking about: • bringing high-grade ounces forward • underground mining options • concentrate sales • lower-capex development paths

The current study already works without fully incorporating that upside.

The biggest challenge remains the $2.4B initial capex. That’s a huge number. But if Brimstone/Vortex can support a smaller underground startup, that could potentially change the development pathway significantly.

My interpretation:

Phase 1 = prove Hycroft works.

Phase 2 = show how much Brimstone and Vortex can improve it.

Hycroft Delivers $10 Billion NPV from Technical Report at Spot Prices While Advancing High-Grade Brimstone and Vortex Silver Discoveries | Hycroft Mining Holding Corporation (HYMC) News |