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# ex96 1

Source: https://www.sec.gov/Archives/edgar/data/1718405/000149315226007255/ex96-1.htm
Published: 2026-01-21T00:00:00+00:00
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## Content

# ex96 1
EX-99
5
ex96-1.htm
EX-96.1
Exhibit 96.1
HYCROFT
MINE
Hycroft
Technical Report Summary and Initial Assessment
Nevada,
USA
Effective
Date: January 21, 2026
Prepared
for
Hycroft
Mining Holding Corporation
PO
Box 3030
Winnemucca, NV 89446
Prepared
by
Ausenco
Engineering South USA
Contributing
Authors:
Ausenco
Engineering South USA Inc.
Hycroft
Mining Holding Corporation
Independent
Mining Consultants Inc.
WestLand
Engineering & Environmental Services, Inc.
Date
and Signature Page
This
technical report summary (“TRS”), entitled “Initial Assessment and Technical Report Summary on the Hycroft Mine Project,
Nevada, US is current as of January 21, 2026, and has been prepared by:
Qualified
Person or Consulting Firm
Responsible
for the following sections
Signature
Date
Ausenco
Engineering South USA, Inc.
1.1,
1.2, 1.3, 1.8, 2.1-2.4.1, 2.5-2.7, 3.1-3.7, 3.10-3.12, 4, 10, 12-19, 21, 22.1 22.2, 22.5, 22.7.1.3, 22.7.2.2, 23.3. 23.5 and portions
of sections 1.10, 1.11, 24, and 25
“signed”
January
21, 2026
Hycroft
Mining Holding Corporation
1.4,
3.9 and 5
“signed”
January
21, 2026
Independent
Mining Consultants, Inc.
1.5,
1.6, 1.7, 1.9, 2.4.2, 6, 7, 8, 9, 11, 20, 22.3, 22.4, 22.6, 22.7.1.1, 22.7.1.2, 22.7.1.4, 22.7.2.1, 22.7.2.3 23.1, 23.2, 23.4 and
portions of sections 1.10, 1.11, 24, and 25
“signed”
January
21, 2026
WestLand
Engineering & Environmental Services, Inc.
3.8
“signed”
January
21, 2026
Table
of Contents
1
Executive
Summary
1
1.1
Introduction
1
1.2
Terms
of Reference
1
1.3
Mineral
Tenure, Surface Rights, Water Rights, and Agreements
2
1.4
History
2
1.5
Geology
and Mineralization
3
1.6
Exploration
4
1.6.1
Exploration Targets
4
1.7
Sampling
4
1.8
Metallurgical
Testwork
4
1.9
Mineral
Resource Estimate
5
1.10
Conclusions
9
1.11
Recommendations
9
2
Introduction
10
2.1
Introduction
10
2.2
Terms
of Reference
10
2.3
Qualified
Persons
11
2.4
Site
Visits and Scope of Personal Inspection
11
2.4.1
Site inspection for Jonathan Cooper
11
2.4.2
Site inspection for John Marek
11
2.5
Effective
Dates
11
2.6
Information
Sources and References
11
2.6.1
General
11
2.6.2
Previous technical reports
11
2.7
Currency,
Units, Abbreviations and Definitions
12
3
Property
Description
16
3.1
Introduction
16
3.2
Property
and Title in Jurisdiction
16
3.3
Project
Ownership
17
3.4
Property
Agreements
19
3.5
Surface
Rights
22
3.6
Water
Rights
22
3.7
Liabilities
and Encumbrances
22
3.8
Environmental
Considerations
22
3.9
Safety
Considerations
23
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | i
3.10
Permitting
Considerations
23
3.10.1
Hycroft Expansion Permitting and Timelines
25
3.10.2
Crofoot Heap Leach Facility Closure
27
3.11
Social
License Considerations
27
3.12
Project
risks and uncertainties
27
4
Accessibility,
Climate, Local Resources, Infrastructure and Physiography
28
4.1
Physiography
28
4.2
Accessibility
28
4.3
Climate
28
4.4
Local
Resources and Infrastructure
28
4.5
Seismicity
31
5
History
32
5.1
Regional
History
32
5.2
Property
Exploration History
32
5.3
Production
33
6
Geological
Setting, Mineralization, and Deposit
35
6.1
Geological
Setting
35
6.1.1
Regional Geology
35
6.1.2
Local Geology
35
6.2
Mineralization
and Alteration
38
6.2.1
Brimstone
38
6.2.2
Vortex
39
6.2.3
Bay
40
6.2.4
Central
41
6.2.5
Camel
42
6.3
Deposit
Types
42
7
Exploration
44
7.1
Exploration
44
7.2
Geophysics
44
7.3
Soil
Sampling
44
7.4
Rock-chip
Sampling
45
7.5
Drilling
45
7.5.1
Introduction
45
7.5.2
Exploration Drilling
45
7.6
Hydrogeology
50
7.7
Geotechnical
50
7.8
Exploration
Targets
51
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | ii
8
Sample
Preparation, Analyses, and Security
57
8.1
Introduction
57
8.2
Sample
Preparation
57
8.3
Assay
Methods
57
8.3.1
Sample Security
60
8.4
Sample
Storage
61
8.5
Analytical
Results
61
8.6
QP
Comment
61
9
Data
Verification
62
9.1
Verification
Procedure
62
9.2
Certificate
of Assay Checks
62
9.3
QA/QC
2005 - 2024
62
9.3.1
Standards 2005-2013
63
9.3.2
Blanks 2008 - 2014
66
9.3.3
Check Assays 2011-2012
66
9.3.4
Standards 2021 - 2022
68
9.3.5
Blank Analysis Results 2021-2022
69
9.3.6
Duplicate Assays, 2021-2022
70
9.3.7
Standards 2023 - 2024
71
9.3.8
Blanks 2023-2024
72
9.3.9
Duplicate Assays 2023-2024
73
9.3.10
Check Assays 2023-2024
76
9.3.11
DDH vs RC for Post 2000 Samples
77
9.3.12
Old vs. New Drilling
78
9.3.13
Downhole Surveys
80
9.4
QP
Comment
80
10
Mineral
Processing and Metallurgical Testing
81
10.1
Introduction
81
10.2
Metallurgical
Testwork
81
10.2.1
Summary of Metallurgical Testwork Programs
81
10.2.2
Mineralized Materials and Sampling
82
10.2.3
Hycroft Mineralization Domains
82
10.3
Legacy
Testwork
83
10.3.1
Comminution Tests
83
10.3.2
Flotation
84
10.3.3
Direct Cyanidation
94
10.3.4
Concentrate Oxidation Tests
94
10.3.5
Solid-Liquid Separation Tests
100
10.3.6
Deleterious Elements
101
10.3.7
Metallurgical Parameters for Process Design Criteria and Financial Analysis
101
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | iii
11
Mineral
Resource Estimates
102
11.1
Summary
102
11.2
Model
Location
102
11.3
Database
102
11.4
Basic
Statistics
103
11.5
Geology
104
11.6
Lithology
104
11.7
Alteration
106
11.8
Structure
107
11.9
Domains
108
11.10
Assay
Caps
111
11.11
Bench
Height Confirmation
112
11.12
Composites
113
11.13
Variography
119
11.14
Block
Grade Estimation
120
11.14.1
Gold
120
11.14.2
Silver
121
11.14.3
Cyanide Ratio
124
11.14.4
Sulfide Sulfur
125
11.14.5
Density
126
11.14.6
Stockpile Grade Estimation
126
11.14.7
Treatment of 1982 - 1987 Data
127
11.15
Classification
128
11.16
Model
Verification
129
11.16.1
Swath Plots
131
11.16.2
Smear Check
135
11.17
Mineral
Resource Estimate
136
12
Mineral Reserve Estimates
144
13
Mining Methods
145
14
Recovery Methods
146
15
Infrastructure
147
16
Market Studies and Contracts
148
17
Environmental Studies, Permitting, and Plan, Negotiations, or Agreements with Local Individuals or Groups
149
18
Capital and Operating Costs
150
19
Economic Analysis
151
20
Adjacent Properties
152
21
Other Relevant Data and Information
154
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | iv
22
Interpretation
and Conclusions
155
22.1
Introduction
155
22.2
Mineral
Tenure, Surface Rights, Water Rights, Royalties, and Agreements
155
22.3
Geology
and Mineralization
155
22.4
Exploration
155
22.5
Metallurgical
Testwork
155
22.6
Mineral
Resource Estimates
156
22.7
Risks
and Opportunities
158
22.7.1
Risks
158
22.7.2
Opportunities
159
23
Recommendations
160
23.1
Exploration
160
23.2
Sample
Preparation, Analysis and Security
160
23.3
Metallurgical
Testing
160
23.4
Mineral
Resource Estimate
161
23.5
Estimated
Program Costs
161
24
References
162
25
Reliance on Other Experts
165
Appendix A Hycroft Patented Claims
A
Appendix B Hycroft Unpatented Claims
B
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | v
List
of Tables
Table
1-1:
Hycroft
Mineral Resources as of 21 January 2026, Imperial Units
6
Table
1-2:
Hycroft
Mineral Resources as of 21 January 2026, Metric Units
7
Table
1-3:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, Imperial Units
8
Table
1-4:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 68.57 g/t (2 oz/ton) Cutoff Grade, Metric Units
8
Table
2-1:
Abbreviations
and Acronyms
12
Table
2-2:
Units
of Measurement
14
Table
3-1:
Hycroft
Annual Land Holding Costs
19
Table
3-2:
Hycroft
Operating Permits
23
Table
3-3:
Hycroft
Miscellaneous Permits
24
Table
3-4:
Hycroft
Miscellaneous Permits
25
Table
3-5:
Right-of-Way
Payment and Renewal Schedule
25
Table
4-1:
Hycroft
Water Wells and Permitted Yearly Consumption
31
Table
7-1:
Drilling
from 2023 and 2024 Supporting an Updated Mineral Resource Estimation
48
Table
7-2:
Significant
Intercepts (2023)
51
Table
7-3:
Significant
Intercepts (2024)
53
Table
9-1:
Nearest
Neighbor Sample Comparison of RC vs Diamond Core Gold and Silver Assays
78
Table
9-2:
Nearest
Neighbor Sample Comparison of 1982-1987 Gold Assays versus 2005 - 2024 Gold Assays
79
Table
10-1:
Metallurgical
Testwork Summary Table
81
Table
10-2:
Average
Sulfur Contents of Oxide, Transition and Sulfide Mineralized Materials
82
Table
10-3:
Summary
of Test Samples
83
Table
10-4:
Grindability
Test Summary
83
Table
10-5:
G&T
Composites 1 through 24 Flotation Test Results
85
Table
10-6:
G&T
Composites M-1 through M-17 Flotation Test Results
86
Table
10-7:
Flotation
Reagent Schemes Studied
87
Table
10-8:
Estimated
Metallurgical Recoveries from 2016 Feasibility Study - Gold and Silver
94
Table
10-9:
Hycroft
Alkaline POX Testwork Summary
97
Table
10-10:
Hycroft
Acid POX Testwork Summary
98
Table
10-11:
Summary
Comparison Table - POX 3 to POX-7
100
Table
10-12:
Settling
Test Results
101
Table
10-13:
Deleterious
Element Assay
101
Table
10-14:
Process
Plant Overall Recovery Prediction
101
Table
11-1:
Block
Size and Model Size
102
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | vi
Table
11-2:
Data
Available for the Assembly of the Resource Model for Au, Ag, AuCn, Sulfide Sulfur
103
Table
11-3:
Assay
Database (No Stockpile Assays, Inside the Model, and No Drilling from 1982 through 1987)
104
Table
11-4:
Population
Domains for Grade Estimation
108
Table
11-5:
High-grade
Silver Vein Domains
109
Table
11-6:
Sulfide
Domains
109
Table
11-7:
Assay
Cap Values
111
Table
11-8:
Sulfide
Cap Values Prior to Compositing
112
Table
11-9:
Basic
Statistics of Composites, In-Situ Rock, Eliminating Years 1982 to 1987
114
Table
11-10:
Basic
Statistics of 25 ft Sulfide Composites by Sulfide Domain
118
Table
11-11:
Grade
Estimation Parameters for Au, Ag
121
Table
11-12:
Estimation
Parameters for Cyanide Ratio, All Three Domains utilized 1/D 3
125
Table
11-13:
Sulfide
Sulfur Estimation Parameters, All Three Domains Utilized 1/D 3
125
Table
11-14:
Sulfide
Sulfur Default Values if Not Estimated
126
Table
11-15:
Density
Assigned to the Block Model
126
Table
11-16:
Stockpiles
Assigned Grades by Inverse Distance Estimation
127
Table
11-17:
IMC
Smear Check
135
Table
11-18:
Economic
and Technical Parameters for Hycroft Mineral Resource
138
Table
11-19:
Hycroft
Mineral Resources as of 21 January 2026, Imperial Units
139
Table
11-20:
Hycroft
Mineral Resources as of 21 January 2026, Metric Units
140
Table
11-21:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, Imperial Units
141
Table
11-22:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 3 oz/ton Cutoff Grade, Imperial Units
141
Table
11-23:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 4 oz/ton Cutoff Grade, Imperial Units
142
Table
11-24:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 68.57 g/t (2 oz/ton) Cutoff Grade, Metric Units
142
Table
11-25:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 102.86 g/t (3 oz/ton)
Cutoff
Grade, Metric Units
143
Table
11-26:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 137.14 g/t (4 oz/ton) Cutoff Grade, Metric Units
143
Table
22-1:
Hycroft
Mineral Resources as of 21 January 2026, Imperial Units
157
Table
22-2:
High-grade
Silver Bearing Domains, Contained within the Mineral Resource at 2 oz/ton Cutoff Grade, Imperial Units
158
Table
23-1:
Estimated
Program Costs
161
Table
25-1:
Information
Provided by Hycroft
165
HYCROFT MINE | Hycroft Technical Report Summary and Initial Assessment Page | vii
List
of Figures
Figure
3-1:
Hycroft
Mine Location Map
17
Figure
3-2:
Claim
Map
20
Figure
3-3:
Current
Property and Facilities Layout (2025)
21
Figure
4-1:
Onsite
Lab, Ad

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