M3-PN170077 Effective Date: July 31, 2019 Revision 1 Isssu Hycroft Project Technical Report Summary Heap Leaching Feasibility Study Winnemucca, Nevada, USA Authors: M3 Engineering and Technology Steven Newman, Registered Member SME Richard F. DeLong, P. Geo Brooke Miller Clarkson, CPG Tim Carew, P. Geo Matt Hartmann, MAusIMM, RM-SME Prepared For: HYCROFT PROJECT TECHNICAL REPORT SUMMARY – HEAP LEACHING FEASIBILITY STUDY DATE AND SIGNATURES PAGE This report is effective as of July 31, 2019. M3 Engineering and Technology signed “M3 Engineering” Steven Newman signed “Steven Newman” Richard F. DeLong signed “Richard F. DeLong” Brooke Miller Clarkson signed “Brooke Miller Clarkson” Tim Carew signed “Tim Carew” Matt Hartmann signed “Matt Hartmann” M3-PN170077 31 July 2019 Revision 1 i HYCROFT PROJECT TECHNICAL REPORT SUMMARY – HEAP LEACHING FEASIBILITY STUDY TABLE OF CONTENTS SECTION PAGE DATE AND SIGNATURES PAGE .................................................................................................................................. I TABLE OF CONTENTS ................................................................................................................................................ II LIST OF FIGURES AND ILLUSTRATIONS ................................................................................................................ IX LIST OF TABLES ........................................................................................................................................................ XI 1 EXECUTIVE SUMMARY ............................................................................................................................... 14 PRINCIPAL FINDINGS ......................................................................................................................... 14 PROPERTY DESCRIPTION AND LOCATION ........................................................................................... 15 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ..................... 16 HISTORY ........................................................................................................................................... 16 Mining History ......................................................................................................... 17 Exploration History ................................................................................................ 17 GEOLOGICAL SETTING AND MINERALIZATION ..................................................................................... 17 DEPOSIT TYPES ................................................................................................................................ 18 EXPLORATION ................................................................................................................................... 18 DRILLING .......................................................................................................................................... 18 SAMPLE PREPARATION, ANALYSIS AND SECURITY ............................................................................. 18 DATA VERIFICATION .......................................................................................................................... 19 MINERAL PROCESSING AND METALLURGICAL TESTING ...................................................................... 19 Historical Test Work ............................................................................................... 20 Recent Heap Leach Test Work .............................................................................. 20 MINERAL RESOURCE ESTIMATE ......................................................................................................... 22 Measured and Indicated Mineral Resources ........................................................ 22 MINERAL RESERVE ESTIMATE ........................................................................................................... 23 MINING METHODS ............................................................................................................................. 24 RECOVERY METHODS ....................................................................................................................... 25 Crushing Plant Design ........................................................................................... 28 Pre-Oxidation .......................................................................................................... 28 Rinse Cycle ............................................................................................................. 29 Heap Leach Cyanidation ........................................................................................ 29 Merrill-Crowe and Refinery .................................................................................... 29 Water Balance and Solution Management ........................................................... 30 PROJECT INFRASTRUCTURE .............................................................................................................. 30 MARKET STUDIES AND CONTRACTS ................................................................................................... 30 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACTS .................................. 31 Mine Closure and Sustainability ........................................................................... 31 CAPITAL AND OPERATING COSTS ...................................................................................................... 31 ECONOMIC ANALYSIS ........................................................................................................................ 32 CONCLUSIONS AND RECOMMENDATIONS ........................................................................................... 33 Prepared in Accordance with US SEC’s New Mining Rules Under Subpart 1300 and Item 601 (96)(B)(iii) ................................................................... 33 M3-PN170077 31 July 2019 Revision 1 ii HYCROFT PROJECT TECHNICAL REPORT SUMMARY – HEAP LEACHING FEASIBILITY STUDY 2 INTRODUCTION ........................................................................................................................................... 34 PURPOSE AND BASIS OF REPORT ...................................................................................................... 34 SOURCES OF INFORMATION ............................................................................................................... 34 QUALIFIED PERSONS AND SITE VISITS ............................................................................................... 34 M3 Engineering & Technology .............................................................................. 34 Steven Newman, Registered Member SME .......................................................... 34 Brooke Miller Clarkson, CPG ................................................................................. 34 Richard F. DeLong, P. Geo .................................................................................... 35 Tim Carew, P. Geo .................................................................................................. 35 Matt Hartmann, MScMEM, P.G., MAusIMM, Registered Member SME ............... 35 Tabulation ............................................................................................................... 35 TERMS OF REFERENCE...................................................................................................................... 35 UNITS AND ABBREVIATIONS .............................................................................................................. 35 3 PROPERTY DESCRIPTION AND LOCATION ............................................................................................. 38 LAND STATUS ................................................................................................................................... 39 AGREEMENTS AND ROYALTIES .......................................................................................................... 43 ENVIRONMENTAL LIABILITIES ............................................................................................................ 43 PERMITS ........................................................................................................................................... 43 Hycroft Expansion Permitting ............................................................................... 45 Crofoot Heap Leach Facility Closure .................................................................... 46 4 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .......... 47 ACCESS ............................................................................................................................................ 47 CLIMATE ........................................................................................................................................... 47 LOCAL RESOURCES AND INFRASTRUCTURE ....................................................................................... 47 PHYSIOGRAPHY ................................................................................................................................ 48 5 HISTORY ....................................................................................................................................................... 49 PROPERTY HISTORY.........................................................................................................................