Hycroft Mining Holding Corporation

What they do

Hycroft owns the Hycroft Mine, located about 54 miles northwest of Winnemucca, Nevada, covering roughly 64,000 acres of claims. The mine historically operated as an open-pit oxide mining and heap leach processing operation, was restarted on a pre-commercial scale in 2019, and mining was discontinued in November 2021. Processing of gold and silver ore previously placed on leach pads was completed as of December 31, 2022. The company is now an exploration and development-stage issuer, evaluating a sulfide milling and pressure oxidation process alongside heap leaching for oxide and transition mineralization.

Revenue drivers

• Gold and silver sales — The company generated no revenue in 2023 and reported $0.00 revenue in each quarter of 2023; it does not expect revenue from gold and silver sales until mining and processing resume after development.
• Hycroft Mine mineral resources — The 2026 Hycroft TRS reported measured and indicated mineral resources of 16.4 million ounces of gold and 562.6 million ounces of silver, an approximate 55% increase versus the prior estimate.
• Sulfide processing development — Metallurgical test work on crushing, grinding, flotation, roasting, pressure oxidation, leaching, sulfuric acid generation, and power co-generation is intended to underpin a future sulfide milling operation, but no production or associated revenue exists today.
• High-grade silver exploration — The 2025-2026 drill program targets high-grade silver systems at Brimstone and Vortex; these are exploration targets with no current revenue contribution.

Recent performance

For the second quarter of 2026, Hycroft reported $220.5 million in unrestricted cash and no debt as of June 30, 2026. Total assets were $293.1 million, total liabilities $42.2 million, and shareholder equity $250.9 million at June 30, 2026. The company reported no lost-time incidents and a TRIFR of 1.02 for the quarter, with more than 1.4 million work hours without a lost-time incident. Second quarter 2026 revenue was not disclosed in the earnings release excerpt, and the company has no gold or silver sales. The company was added to the Russell 3000 Index effective June 29, 2026.

Strategy

Hycroft is advancing exploration and technical studies toward a potential restart of the Hycroft Mine. In 2025 it raised gross equity proceeds of $296.8 million and eliminated $136.4 million of debt and accrued interest using $125.5 million in cash plus an approximate 9% discount on second lien debt. The 2025-2026 Exploration Drill Program is focused on high-grade silver zones at Brimstone and Vortex, with plans to add two core drill rigs in 2026 for an estimated 26,000 meters of core drilling. The company is also evaluating a potential high-grade mining scenario including an exploration decline for future underground operations, and is running roasting test work with a trade-off study against pressure oxidation.

Risks

• No commercial production — Hycroft is not currently in commercial production and has no definitive restart plan or timeline, with no gold or silver revenue since processing finished in 2022.
• History of losses and cash use — The company reported net losses each year from 2021 through 2025, including $40.7 million in 2025, and operating cash flow was negative $82.9 million in 2025.
• Resource estimate uncertainty — Mineral resource figures are estimates based on geologic interpretation and statistical inferences from drilling and sampling that may prove inaccurate or uneconomic.
• Funding and permitting dependence — Any decision to resume production depends on factors largely beyond the company's control, including metal prices, availability and cost of development capital, and regulatory and environmental requirements.

Outlook

Management plans to continue operating safely, accelerate drilling of the Brimstone and Vortex high-grade silver systems with two additional core rigs, and evaluate a potential high-grade mining scenario including an exploration decline. The company also plans to advance roasting test work and a trade-off study against pressure oxidation to optimize the development plan. Hycroft states it does not expect significant gold and silver revenue until technical work is complete and mining and processing operations resume.