Hycroft Mining Stocks: HYMC Resource, Cash, Costs

Hycroft Mining Holding Corporation trades on the Nasdaq under the ticker HYMC. It is a gold and silver developer, not a producer: it has not mined ore at the Hycroft Mine in Nevada since November 2021, and it has no mining revenue to report. What it holds is one very large deposit. The company’s February 2026 estimate counts 16.4 million ounces of gold and 562.6 million ounces of silver in the Measured and Indicated classes (Hycroft, 18 February 2026). At 30 June 2026 it reported US$220.5 million of unrestricted cash and no debt (Hycroft Q2 results, 28 July 2026). This page collects those facts from the company’s own releases and filings, adds the numbers that matter for judging a development-stage miner, and gives a calculator that shows how the company’s published value moves with gold and silver prices. It gives facts only. It is not investment advice, and it names no price target.

Hycroft stock at a glance

The table below lists the facts most readers look for first. Each row names its source and date, because company figures change every quarter.

Hycroft has one class of shares in the public market, plus warrants. This page does not quote a share price, because a price is out of date within hours. Check a live quote from your broker or the exchange, and read the figures here as company statements, not forecasts.

How Hycroft got here: from restart to shutdown

The Hycroft deposit has a long history. CNBC reported in 2022 that the company was formerly called Allied Nevada Gold, filed for bankruptcy protection in 2015 and took the Hycroft Mining name when it emerged later that year (CNBC, 15 March 2022). The current public company was created when the blank-check company Mudrick Capital Acquisition Corporation bought Hycroft, a deal that closed on 29 May 2020. Funding at that point included a US$110 million senior credit facility from Sprott, of which US$70 million was drawn, and a US$30 million net smelter royalty arranged by Sprott (Hycroft, 1 June 2020). A net smelter royalty (NSR) is a share of revenue, after smelting and refining charges, paid to the royalty holder. The 2026 technical report still carries a 1.5% NSR, which rises to 2.14% after a gross-up.

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Hycroft gold output by year

Ounces of gold; (co.) = Hycroft report, (state) = Nevada Division of Minerals

Mining restarted at pre-commercial scale. The company reported 27,392 ounces of gold and 178,836 ounces of silver for 2020, almost three times the 2019 level, and said it was running a new sulfide oxidation and leach process (Hycroft, 24 March 2021). For 2021 it reported 55,668 ounces of gold and 355,967 ounces of silver, with silver about 20% below guidance (Hycroft, 22 February 2022). In November 2021 the company laid off more than half its mine workforce and stopped mining, and it said it would focus on processing sulfide ore (CNBC, above). The Nevada Division of Minerals lists 56,045 ounces of gold from Hycroft for 2021 and 15,837 ounces for 2022, the last year of leach-pad output on its table (Nevada Division of Minerals, 2022 production table).

Two terms help here. Oxide ore is near-surface rock where gold can be dissolved by cyanide in a heap leach, a pile of crushed rock sprayed with solution. Sulfide ore sits deeper and holds gold inside sulfide minerals, so it needs an extra step such as pressure oxidation (POX), which uses heat, pressure and oxygen to break the sulfides open before the gold is leached. Most of Hycroft’s remaining gold is sulfide, which is why its plan now centres on a mill.

How big is the Hycroft mineral resource

A mineral resource is rock with reasonable prospects of eventual economic extraction. It is not a reserve, which needs a feasibility-level study showing the rock can be mined at a profit. Resources are split by confidence: Measured is best known, Indicated is next, and Inferred is least certain. The February 2026 estimate was prepared by Ausenco, Independent Mining Consultants and WestLand Engineering, used prices of US$3,100 per ounce of gold and US$36 per ounce of silver, and reports in metric units (Hycroft, 18 February 2026).

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Gold in the Hycroft resource by class

Million ounces, at US$3,100 gold, effective 21 January 2026

The unit g/t means grams per tonne. A grade of 0.333 g/t of gold is low by the standard of an underground mine, and it works only because the deposit is so large and can be mined in bulk from an open pit. Of the 16.4 million ounces of gold, 15.5 million sit in the sulfide material meant for the mill and 0.9 million in the oxide and transition material meant for heap leach. The estimate also reports an initial high-grade silver resource of 90.2 million ounces in the Measured and Indicated classes, for the Brimstone and Vortex zones described below. Metallurgical work behind the estimate gives mill recoveries of 82.8% for gold and 77.5% for silver.

The company’s growth claim is stated this way: Measured and Indicated gold and silver rose about 55% from the previous estimate, helped by 70 new drill holes, revised geology, better metallurgy and higher price assumptions. The estimate used drill results received through 17 March 2025, so holes drilled since then are not in it.

What the technical report says about costs and returns

On 3 June 2026 Hycroft filed an S-K 1300 Technical Report Summary and Initial Assessment, prepared by Ausenco, Independent Mining Consultants and WestLand. S-K 1300 is the US Securities and Exchange Commission’s disclosure rule for mining companies. An initial assessment is an early-stage study, and the company says it has no completed feasibility study. The plan it tests is an open pit feeding a mill that uses flotation and POX, plus a heap leach for oxide rock (Hycroft, 3 June 2026).

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Study costs against the base-case gold price

US$ per ounce; life-of-mine averages from the June 2026 initial assessment

NPV, net present value, is the sum of future cash flows after discounting them back to today at a stated rate, here 5%. IRR, internal rate of return, is the discount rate at which that NPV would be zero. Gold equivalent converts silver to gold at the study price ratio of 75 to 1 (US$3,600 divided by US$48). AISC, all-in sustaining cost, adds sustaining capital and closure costs to the cash cost of mining and processing. The study excludes the 5.0 million ounces of Inferred gold from the mine plan and does not use the 2025 and 2026 drill results, so the company describes both as upside rather than as part of the case. A study of this type carries wide error bars. The company also says roasting, an alternative to POX, could add sulfuric acid as a by-product, and that work is still being compared with POX.

How gold and silver prices change the technical report value

Two sensitivities in the June release let a reader check how much of the value comes from metal prices. The company says each US$100 per ounce rise in gold adds US$300 million to the post-tax NPV, and each US$5 rise in silver adds US$460 million. Those two rules, applied to the spot prices of 25 May 2026, return US$10.0 billion, matching the figure in the release. That is a useful check, because it means the relationship is close to a straight line over that range.

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Annual average gold price

US$ per troy ounce; 2025 is a USGS estimate

Metal prices have moved since the report. Fortune’s price pages show gold at US$4,147 per ounce at 9:10 a.m. Eastern on 15 October 2026 and silver at US$56.71 at 7:15 a.m., against the report’s 25 May spot of US$4,569 and US$77.94 (Fortune, gold; Fortune, silver). By our arithmetic from the company’s two sensitivities, those prices give a post-tax NPV near US$6.8 billion. That figure is our own straight-line estimate, not a company number, and it ignores changes in costs, tax and the mine plan. Use the calculator below with any prices you choose.

The US Geological Survey puts the annual average gold price at US$3,300 per troy ounce for 2025 (estimate), up from US$2,388 in 2024 (USGS Mineral Commodity Summaries 2026, gold). Nevada produced about 64% of US mined gold in 2025, from 160 metric tons nationally, according to the same report.

Brimstone and Vortex: what the drill results show

Brimstone and Vortex are two high-grade silver systems found within the known deposit. The company drills them with core rigs and plans to increase from two to four rigs. Drill results are reported as an interval, in metres along the hole, with the grade averaged across it. The interval is measured along the drill hole, so the true thickness of the rock can be smaller. The company states results at US$3,600 gold and US$48 silver when it quotes gold equivalent (AuEq) and silver equivalent (AgEq).

The 13 October result is the one the company calls the best hole in its history of more than 40 years: 19.6 metres at 30.49 g/t gold and 1,726.72 g/t silver, including 1.7 metres at 347.07 g/t gold and 9,526.36 g/t silver, with visible gold in the core (Hycroft, 13 October 2026). The company says the style of mineralisation could point to the source of the Vortex system. The September results include 30.5 metres at 780.53 g/t silver, and a separate gold interval of 6.1 metres at 21.12 g/t in hole H26D-6172 (Hycroft, 9 September 2026). Note that a few holes picked by the company are not an average of the deposit. The resource grade is 0.333 g/t gold and 11.42 g/t silver, far below these intercepts, and a drill result is not a resource estimate until it is modelled and reported as one.

Who owns Hycroft shares and how the company is funded

In September 2025 Hycroft announced a US$60 million private placement led by Eric Sprott, selling more than 14 million units at US$4.2805. Each unit held one common share and half a warrant, and each full warrant lets the holder buy a share at US$6 within two years. Mining-technology.com reported that Sprott’s units gave him about 33% of the common shares, that Tribeca Global Natural Resources held about 8%, and that cash after the placement was about US$129 million (Mining Technology). A warrant is a right to buy a share at a fixed price, so exercising warrants adds shares and cash.

The company is also known for a 2022 deal with AMC Entertainment, which paid US$27.9 million for a stake of about 22% (CNBC, above). On 5 December 2025 AMC said it sold the majority of that investment to Sprott Mining for net consideration of about US$24.1 million, and kept warrants over more than 1.0 million shares at US$10.68 plus about 64,000 common shares (AMC release, 5 December 2025). The holder percentages above are as reported at the time of each deal and have changed since. For current ownership, read the proxy statement and Schedule 13D and 13G filings on SEC EDGAR.

Why the 64,000-acre land package matters

The company says the known resource covers less than 15% of a land position of more than 64,000 acres, and that the system is open in all directions and at depth. Brimstone and Vortex sit inside the known resource area, which is why drilling near the existing pit has been able to add ounces. Whether the other 85% holds more depends on exploration that has not been done. Screening tools, such as satellite alteration maps, geophysics and soil sampling, are what owners of large licences use to decide where the next drill holes go. For other Nevada projects and the state’s geology, see our guide to Walker Lane gold for Canadian juniors.

▶ A quick look at the satellite platform that turns a licence boundary into a geological and economic picture. · 4:56

How explorers screen ground before they drill

Hycroft describes its own discovery work as a mix of re-reading old drilling, field mapping, geochemistry on drill samples, soils and rock chips, and induced polarization, a geophysical method that maps buried sulfide minerals. The company says this showed at least three mineralising events at Brimstone and at least two at Vortex. Satellites do the same job at a coarser scale: they cannot see gold, but they map surface iron staining, clay minerals and fault lines that often travel with hot-water mineral systems. The video below explains that logic, and our page on satellite gold exploration in the United States shows how it is used on US ground.

▶ Satellites cannot see gold; they map the rock around it, including iron stains, clay minerals and faults. · 4:25

Risks and dated items to watch

Hycroft’s own filings list the main risks. They include the cessation of mining, uncertainty in the resource estimates, the lack of a completed feasibility study, metallurgical test work that is still under way, and the need to obtain permits and re-establish commercially feasible mining and processing. Items with dates that a reader can follow:

• Two more core rigs, which the company expects in the fourth quarter (Hycroft, 21 September 2026).
• The roasting versus POX trade-off study, which the company says it is finalising after finishing the roasting test program.
• The conceptual underground mine plan from RESPEC, and the process review by Hatch for high-grade material.
• A decision on restarting heap leach, which waits for a metallurgical test program.
• Permitting, engineering and environmental work that the company says continues in parallel.

Metal prices are a risk in both directions. Gold fell from US$4,291 a month earlier to US$4,147 on 15 October 2026 in Fortune’s table, and silver fell from US$63.24 to US$56.71 over the same month. Since the study value moves about US$300 million per US$100 of gold, such moves change the headline number even if nothing happens at the mine. For silver-sector context, see our note on silver mining stocks and ETFs.

How to read Hycroft’s filings in five steps

1. Open SEC EDGAR and search for Hycroft Mining Holding Corp (CIK 1718405). The 10-K is the annual report and the 10-Q is the quarterly report.
2. Go to the cash and debt lines in the 10-Q balance sheet, and read the going-forward spending plan in the management discussion.
3. Read the Technical Report Summary (exhibit 96) for the mine plan, price assumptions and the qualified persons who signed it.
4. Check each drill release for the cut-off grade, hole length and the price used for equivalent grades.
5. Look at the risk-factor section and at any 8-K announcing a financing, a board change or a study.

If you hold or consider a licence yourself, the same discipline applies: ask what the resource class is, what price it assumes and what has not been tested. Farmonaut can screen a licence area with satellite data and return exploration targets, which sit ahead of any resource estimate. You can read how that works or send a licence area for a quote.

We cover a connected topic in AME Roundup and VRIC: Costs, Formats, PDAC Compared.

For a closer look at a related question, see our guide: Resolution Copper Oak Flat: Land Swap, Courts, Resource.

Frequently asked questions

What is Hycroft Mining?

Hycroft Mining Holding Corporation is a US gold and silver exploration and development company, listed on the Nasdaq as HYMC, that owns the Hycroft Mine about 54 miles west of Winnemucca in Nevada (Mining Technology, above).

Is Hycroft producing gold now?

No. Mining stopped in November 2021 (CNBC, 15 March 2022). The company is studying a heap leach restart, an underground mine for the high-grade zones and a mill for the sulfide ore (Hycroft, 21 September 2026).

How much gold and silver does Hycroft have?

The February 2026 estimate reports 16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated, plus 5.0 million ounces of gold and 132.8 million ounces of silver Inferred. These are resources, not reserves.

Does Hycroft have debt?

At 30 June 2026 the company reported US$220.5 million of unrestricted cash and no debt. Check the next 10-Q for the position after 30 September.

Who is the largest Hycroft shareholder?

At the September 2025 placement, Mining Technology reported that Eric Sprott held about 33% of the common shares. AMC sold most of its stake to Sprott Mining in December 2025. Read the latest 13D and 13G filings for current holdings.

What is the Hycroft technical report worth?

At US$3,600 gold and US$48 silver the post-tax NPV at 5% is US$4.3 billion, with a 16.9% IRR. At the company’s spot prices of 25 May 2026 it is US$10.0 billion with a 30.1% IRR. It is an initial assessment, not a feasibility study.

What does AuEq mean in Hycroft’s news releases?

It is gold equivalent: silver grade converted to gold using a price ratio, 75 to 1 at the company’s US$3,600 and US$48 prices. The 13 October hole works out as 30.49 g/t gold plus 1,726.72 g/t silver divided by 75, which gives 53.51 g/t AuEq.

Why did the Hycroft mine stop?

CNBC reported that the company laid off more than half its mine workforce and ceased mining in November 2021 as it shifted focus to processing sulfide ore. The 2022 Nevada table shows gold output falling from 56,045 ounces in 2021 to 15,837 in 2022.

Is Hycroft the same as Highcroft?

Highcroft is a different spelling. The listed company and the mine are spelled Hycroft, and the filings are under that name on SEC EDGAR.

Is Hycroft a buy?

This page does not say. It lists dated facts from company filings and releases so you can form your own view with a licensed adviser. It is not investment advice.