Hycroft Mining Holding Corporation Q3 FY2020 earnings call

• Diane Garrett highlights Hycroft as a world-class asset with large mineral reserves and resources, anticipates continuing at the mine site, focuses on cost savings through operational efficiency, infrastructure reliability, contractor management, and maintenance. • Strengthened team with experienced individuals, established technical team and engaged consultants like John Marsden, Hazen Research, and Forte Dynamics. • Addressed operational issues in the third quarter, fixed crushing circuit, and confident current results not representative of future plans. • In pre-production phase, plans to ramp up material volumes through 2021, working on mine plan and optimization. • Stan Rideout discusses financials: net losses for third quarter and 9 months, net cash used in operations and investing, net financing activities provided cash, focused on cash position. • Mike Eiselein talks about safety improvements (total reportable incident frequency rate down), COVID controls, mining and processing improvements, transition ores performance, and plans for sulfide material treatment.

No detailed breakdown of product segments with absolute financial performance and revenue contribution % as described in the prompt. The company is focused on gold and silver production from sulfide, transition, and oxide materials in the pre-commercial phase.

• Early in planning for next year, not in position to provide guidance or ranges for expected performance. • Intent on putting together a plan to transition to commercial scale, planning to stack and leach ore without certain costs as process advances. • Identified opportunities to produce gold equivalent ounces, reduce costs, and improve operating performance with cash benefits.

• COVID impacts on equipment delivery and supply chain interruptions. • Operational challenges from pre-production phase, including past issues with crushing, process solutions control, reagent distribution, and aging equipment. • Safety challenges with ongoing efforts to improve safety culture.

Q: Could you walk through remaining hurdles on Pad 1A in terms of technical design and equipment delivery?

A: Technical design about 80% complete, cost saving. Equipment deliveries delayed due to COVID supply chain issues, expecting delivery install window in end of Q1.

Q: Your production guidance for 4Q, is there sequential improvement in gold production?

A: Timing factor in getting ounces off pads, part of optimizing transition ores by cutting some off early and putting directly to leach.

Q: For the 200,000 tons of sulfide ore planned for November, will they be put on clean pads and run through full process?

A: Yes, will use sulfide oxidation process on existing pads or clean areas, similar to test pads with gained knowledge.

Q: Visibility on cyanide soluble content of transition ore and flexibility to prioritize higher cyanide-soluble gold?

A: Goal is to prioritize, intent to transition to gold producer maximizing ounces recovered.

Q: Explain insider purchases of 12.9 million shares?

A: Look into it, no insider purchases during blackout period until 48 hours after quarterly financials.

Q: Qualifying days on different pads and recovery rates on transitional material?

A: Seeing good qualifying days, transitional material leaching with similar recoveries whether oxidized or not, saving OpEx on soda.

Q: Delay in new pad and impact on understanding results?

A: New pad completion delayed, but will put oxide and transition material on it end of Q4/beginning of Q1, with results expected in May-June 2021.

Q: Evaluated situation to ensure no additional issues?

A: Had prior NDA time to understand issues, confident in team additions and bench strength to mitigate risks.

Q: Will be at normalized production rate by Q2 2021?

A: Working on budget and planning, ramping up tonnage, plan to be presented soon after New Year.