Core Insights - The article emphasizes the importance of strong brand recognition, solid financials, and growth potential in identifying profitable investment opportunities within the consumer products sector [1] Group 1: Investment Focus - The company specializes in the consumer products sector, aiming to identify firms that combine strong brand recognition with solid financial performance [1] - There is a keen focus on consumer trends, which aids in recognizing potential investment opportunities [1] Group 2: Analytical Approach - The analysis is based on an in-depth understanding of the industry, which is crucial for identifying profitable investments [1]

Core Viewpoint - Hycroft Mining Holding Corporation successfully closed a non-brokered private placement, raising gross proceeds of US$60 million, primarily to advance the Hycroft Mine and for working capital purposes [1][2]. Group 1: Private Placement Details - The private placement consisted of 14,017,056 units priced at $4.2805 per unit, with each unit comprising one common share and one-half common share purchase warrant [2]. - Each warrant is exercisable into one common share at a price of $6.00 per share for a period of 24 months, with an accelerator provision [2]. - The net proceeds will be used mainly for advancing the Hycroft Mine and general corporate purposes, with the company's unrestricted cash post-placement estimated at approximately $129 million [2]. Group 2: Investor Participation - Eric Sprott, through 2176423 Ontario Ltd., acquired 9,344,704 units for a total of $40 million, while Tribeca Global Natural Resources Ltd. acquired 4,438,734 units for $19 million [3]. - Following the private placement, Mr. Sprott beneficially owns approximately 33% of the outstanding shares, totaling about 17,535,528 common shares [2][3]. Group 3: Company Overview - Hycroft Mining Holding Corporation is focused on developing the Hycroft Mine, one of the largest precious metals deposits in northern Nevada, transitioning from oxide heap leaching to processing sulfide ore [6]. - The company is also engaged in exploration drilling to expand high-grade silver systems and unlock the mine's full potential [6].

Company Overview & Investment Highlights [Key Investment Highlights](index=3&type=section&id=Key%20Investment%20Highlights) Hycroft holds significant gold and silver resources in a Tier 1 jurisdiction, advancing metallurgical studies with an experienced team - The company holds significant gold and silver resources in a Tier 1 jurisdiction, with new high-grade discoveries and exploration potential[6](index=6&type=chunk) - The company is advancing technical studies for its metallurgical operations[6](index=6&type=chunk) - As of June 30, 2025, the company's cash position is approximately **$68.8 million**[6](index=6&type=chunk) [Gold and Silver Resources Overview](index=4&type=section&id=Gold%20and%20Silver%20Resources%20Overview) Hycroft holds substantial M&I and Inferred gold and silver resources, detailed in its 2023 technical report Total Gold and Silver Resources (as of March 27, 2023) | Resource Type | Gold (g/t Au) | Silver (g/t Ag) | | :--- | :--- | :--- | | M&I Gold | 0.401 | - | | M&I Silver | - | 13.68 | | Inferred Gold | 0.389 | - | | Inferred Silver | - | 11.4 | Total Gold and Silver Equivalent Resources (as of March 27, 2023) | Resource Type | Gold Equivalent (g/t Au) | Silver Equivalent (g/t Ag) | | :--- | :--- | :--- | | M&I Gold Equivalent | 0.578 | - | | M&I Silver Equivalent | - | 44.85 | | Inferred Gold Equivalent | 0.533 | - | | Inferred Silver Equivalent | - | 41.33 | [World-Class Asset and Team Summary](index=7&type=section&id=World-Class%20Asset%20and%20Team%20Summary) The Hycroft mine is a world-class asset in a Tier 1 jurisdiction, with new high-grade silver discoveries and a proven team - The Hycroft mine is one of the world's largest gold and silver deposits, located in a Tier 1 jurisdiction, with development progressing well, significant infrastructure, and permits in place[13](index=13&type=chunk) - New high-grade silver discoveries provide significant new value drivers for the Hycroft mine[13](index=13&type=chunk) - As of June 30, 2025, the company holds approximately **$68.8 million** in unrestricted cash and **$30 million** in restricted cash[13](index=13&type=chunk) - Hycroft has maintained a **0.00 TRIFR and LTI** for over two and a half years, demonstrating an award-winning safety record[13](index=13&type=chunk) [Management Team](index=8&type=section&id=Management%20Team) Hycroft's management team comprises experienced professionals who successfully grew Romarco Minerals' market capitalization - The management team includes President and CEO Diane Garrett, Executive Vice President and CFO Stan Rideout, Senior Vice President and General Counsel Rebecca Jennings, Senior Vice President and General Manager David Thomas, Vice President of Exploration Alex Davidson, and Vice President of Finance and Treasurer Lily He[15](index=15&type=chunk)[16](index=16&type=chunk) - Many management team members previously worked at Romarco Minerals, successfully increasing the company's market capitalization from **$20 million to over $1 billion**[16](index=16&type=chunk)[17](index=17&type=chunk) [2025 Catalysts](index=9&type=section&id=2025%20Catalysts) Key 2025 catalysts include metallurgical studies, a high-grade silver drill program, and PEA/PFS finalization - Q3 2025: Completion of final metallurgical recovery studies for POX and roasting[21](index=21&type=chunk)[84](index=84&type=chunk) - Q4 2025: Initiation of a high-grade silver system drill program to establish resources and potential mine plans[21](index=21&type=chunk)[84](index=84&type=chunk) - Q3 2025: Completion of PEA/PFS, including economic analysis and updated resources[21](index=21&type=chunk)[84](index=84&type=chunk) - Q3 2025: Evaluation of heap leach restart to strengthen the balance sheet and reduce debt prior to mill operations[21](index=21&type=chunk)[84](index=84&type=chunk) [Our Approach & Strategy](index=10&type=section&id=Our%20Approach%20%26%20Strategy) Hycroft's strategy focuses on operational excellence, high-grade discoveries, sulfide milling, and continuous exploration - Commitment to superior safety performance and a strong corporate culture focused on creating value for stakeholders[24](index=24&type=chunk) - Expanding recent high-grade discoveries and evaluating new potential underground opportunities[24](index=24&type=chunk) - Completing technical studies for sulfide milling operations and finalizing the roaster and POx process flow sheet[24](index=24&type=chunk) - Holding a **64,000-acre** land package, with less than **10%** currently explored, and continuous exploration to identify new targets beyond current resources[24](index=24&type=chunk) [Accomplishments](index=11&type=section&id=Accomplishments) Hycroft achieved an industry-leading safety record, high-grade silver discoveries, improved flotation recoveries, and market presence - Possessing an award-winning safety culture with **zero TRIFR** for 30 months and over **1.3 million** man-hours without a lost-time incident[27](index=27&type=chunk) - Drilled Hycroft's two best holes (H23R-5753 / H24D-6018) in 2023 and 2024, evaluating the potential for a high-grade starter mine[27](index=27&type=chunk) - Average flotation recoveries are **10% higher** than previous models, with **89% gold recovery** and **93% silver recovery**[27](index=27&type=chunk) - Included in Solactive Silver Miners and SLV indices, establishing itself as a major silver miner, with Eric Sprott holding a **21% stake**[27](index=27&type=chunk) Market Context: Why Invest in Precious Metals [Why Invest in Silver?](index=6&type=section&id=Why%20Invest%20in%20Silver%3F) Silver, a dual precious and industrial metal, faces increasing demand from green energy with limited supply - Silver serves a dual role as both a precious and industrial metal (approximately **50/50**)[11](index=11&type=chunk) - Growing demand for silver from green energy technologies, including solar and electric vehicles[11](index=11&type=chunk) - Limited silver supply struggles to meet increasing demand[11](index=11&type=chunk) [Why Invest in Gold?](index=6&type=section&id=Why%20Invest%20in%20Gold%3F) Gold is a safe-haven asset, inflation hedge, and portfolio diversifier, with rising demand and central bank reserves - Gold is the original safe-haven asset, historically used as a store of value[11](index=11&type=chunk) - Gold serves as a hedge against inflation, a means of wealth preservation, and portfolio diversification[11](index=11&type=chunk) - Gold is a finite resource with increasing demand, and central bank reserves are rising[11](index=11&type=chunk) Hycroft Mine Asset & Operations [Nevada: A Premier Mining Jurisdiction](index=12&type=section&id=Nevada%3A%20A%20Premier%20Mining%20Jurisdiction) Nevada is a premier gold and silver producing state, hosting large mining projects with excellent infrastructure - Nevada is home to the largest mining projects in the contiguous 48 states and is a significant gold and silver producing state[31](index=31&type=chunk) - The state maintains a strong ethic for effective and successful reclamation projects and offers a favorable mining jurisdiction[31](index=31&type=chunk) - Nevada possesses excellent infrastructure and accessible labor/contractors, with mining being the second-largest industry after gaming[31](index=31&type=chunk) [Hycroft: A World-Class Asset Details](index=13&type=section&id=Hycroft%3A%20A%20World-Class%20Asset%20Details) The Hycroft mine is one of the world's largest gold and silver deposits, with extensive infrastructure, permits, and vast unexplored land - The Hycroft mine is one of the world's largest gold and silver deposits, with a history of heap leach operations from the 1980s to 2021[35](index=35&type=chunk) - The mine site features extensive on-site infrastructure and has permits for both heap leach and mill operations[35](index=35&type=chunk) - The company holds a land package exceeding **64,000 acres (25,900 hectares)**, with less than **10%** of the resource area explored, and resources remaining open in all directions and at depth[35](index=35&type=chunk)[36](index=36&type=chunk) [Current Infrastructure](index=15&type=section&id=Current%20Infrastructure) Hycroft's site has well-established infrastructure, including labs, crushing systems, Merrill-Crowe facility, and a new heap leach pad - On-site facilities include labs, administration, maintenance, truck shop, and warehouse[39](index=39&type=chunk) - Equipped with crusher and conveyor systems[39](index=39&type=chunk) - Features a Merrill-Crowe facility and a new permitted heap leach pad ready for ore loading[42](index=42&type=chunk) [Focus for 2025 (Operational & Technical)](index=17&type=section&id=Focus%20for%202025%20%28Operational%20%26%20Technical%29) Hycroft's 2025 focus includes operational excellence, technical reports, high-grade silver system expansion, and regional exploration - Operational Excellence: Dedicated to continuous improvement and efficient operations[44](index=44&type=chunk) - Technical Reports & Economics: Completing critical technical reports and evaluating project economics[44](index=44&type=chunk) - High-Grade Silver System Expansion: Focusing on the expansion of the high-grade silver system[44](index=44&type=chunk) - Regional Targets: Identifying and exploring new regional targets[44](index=44&type=chunk) [ESG Commitment](index=18&type=section&id=ESG%20Commitment) Hycroft integrates ESG principles, boasting an excellent safety record and addressing environmental, social, and governance factors - Hycroft maintains a **0.00 TRIFR** and a record of over **1.3 million** accident-free man-hours[46](index=46&type=chunk) - The company is committed to prioritizing ESG principles, including climate change, water management, diversity, health and safety, ethical standards, and board diversity[47](index=47&type=chunk) Exploration & Development [Positive Metallurgical Results](index=19&type=section&id=Positive%20Metallurgical%20Results) Hycroft achieved significant improvements in flotation gold and silver recoveries, with consistent and repeatable results Flotation Gold and Silver Recovery (%) | Metric | 2023 Technical Report Value | Latest Results | | :--- | :--- | :--- | | Gold Recovery | 82.1% | 89% | | Silver Recovery | 74.0% | 93% | - Gold and silver recoveries are statistically significantly higher, with statistically lower variability[52](index=52&type=chunk) - Results are consistent and repeatable across various lithologies, depths, zones, geochemistry, silicification, and grades, based on **219 variability samples**[52](index=52&type=chunk) [Bridge to Technical Report & Development Roadmap](index=20&type=section&id=Bridge%20to%20Technical%20Report%20%26%20Development%20Roadmap) Hycroft is advancing its technical report and development roadmap, targeting Q4 2025 production through key studies - PFS/FS is underway, targeting completion and production by **Q4 2025**[54](index=54&type=chunk) - Key technical studies include bench-scale roaster testing, capital equipment selection, operating cost evaluation, site layout design, tailings storage facilities, flotation development, and bench-scale pressure oxidation (POx) testing[54](index=54&type=chunk) - Mineral resource updates, geotechnical evaluation, pad design, crushing and grinding studies, and variability studies are in progress[54](index=54&type=chunk) [2025 Drill Program](index=21&type=section&id=2025%20Drill%20Program) The 2025 drill program targets high-grade silver system expansion in Vortex and Brimstone, with vast unexplored land - The 2025 drill program includes **14,500 meters** of core drilling utilizing two core rigs[58](index=58&type=chunk) - The primary objective is to expand the high-grade silver systems in the Vortex and Brimstone areas[58](index=58&type=chunk) - The resource area comprises less than **10%** of the company's land package, with resources remaining open in all directions and at depth[61](index=61&type=chunk) - The Brimstone and Vortex areas exhibit new high-grade gold and silver mineralization trends, offering flexibility for both open pit and underground mining[62](index=62&type=chunk) [2024 Drill Highlights & High-Grade Trends](index=24&type=section&id=2024%20Drill%20Highlights%20%26%20High-Grade%20Trends) 2024 drilling revealed significant high-grade gold and silver mineralization in Brimstone and Vortex, confirming open trends - Hole HD24_6010 in the Brimstone area intersected **18.2 meters** grading **1,987.35 g/t silver**, including a large zone of visible silver at **0.9 meters @ 10,289 g/t silver** and **0.3 meters @ 20,280 g/t silver**[63](index=63&type=chunk) 2024 Brimstone Drill Highlights (Partial) | Hole ID | Interval (m) | Silver (g/t) | Gold (g/t) | Gold Equivalent (g/t) | | :--- | :--- | :--- | :--- | :--- | | H23R-5753 | 85.3 | 534.29 | 0.23 | 7.12 | | Including | 39.6 | 1,019.28 | 0.26 | 13.40 | | Also including | 4.6 | 4,974.00 | 0.56 | 64.70 | | H24D-6010 | 18.2 | 1,987.35 | 0.35 | 25.98 | | Including | 0.3 | 20,280.00 | 0.41 | 261.92 | | H24D-6018 | 21.2 | 2,359.68 | 0.38 | 30.81 | | Including | 0.2 | 80,017.00 | 1.62 | 1,033.42 | 2024 Vortex Drill Highlights (Partial) | Hole ID | Interval (m) | Silver (g/t) | Gold (g/t) | Gold Equivalent (g/t) | | :--- | :--- | :--- | :--- | :--- | | H23D-6001 | 124.4 | 102.6 | 0.95 | 2.3 | | Including | 0.3 | 4,170.0 | 0.03 | 53.8 | | H24D-6002 | 100.9 | 100.6 | 0.38 | 1.7 | | Including | 0.5 | 3,310.0 | 5.90 | 48.6 | | H24D-6005 | 222.4 | 32.4 | 0.45 | 0.9 | | Including | 0.3 | 6,260.0 | 0.06 | 80.8 | - High-grade mineralization in the Brimstone and Vortex areas remains open along strike and at depth, with grade shells based on a **10 ft x 10 ft x 10 ft** block model[62](index=62&type=chunk)[69](index=69&type=chunk)[72](index=72&type=chunk) [Conceptual Underground Access & Potential Extensions](index=29&type=section&id=Conceptual%20Underground%20Access%20%26%20Potential%20Extensions) Hycroft explores conceptual underground access for high-grade mineralization, with strong trends extending east and northeast - Conceptual underground access for high-grade mineralization in the Brimstone and Vortex areas is being explored[74](index=74&type=chunk)[75](index=75&type=chunk) - Extensive surface mapping, soil geochemistry, induced polarization geophysics, and high-resolution drone imagery all indicate additional strong mineralization trends to the east and northeast[79](index=79&type=chunk) - High-priority exploration targets beyond current known resources are being tested to enhance understanding of mineralization controls within the Hycroft system[82](index=82&type=chunk) Financials & Ownership [Capitalization & Ownership Structure](index=33&type=section&id=Capitalization%20%26%20Ownership%20Structure) Hycroft's capitalization as of July 24, 2025, includes its stock price, market cap, cash, debt, and diverse ownership Capital Structure (as of July 24, 2025) | Metric | Amount | | :--- | :--- | | Stock Price (HYMC NASDAQ) | $3.69 | | 52-Week Range | $1.95 - $4.70 | | Shares Outstanding | 39.1 M | | Fully Diluted Shares | 52.8 M | | Market Cap | $144.5 M | | Avg Daily Trading Volume | 291 K | | Unrestricted Cash (as of June 30, 2025) | $68.8 M | | Debt (as of June 30, 2025) | $131 M | Ownership Summary | Shareholder | Holdings (M) | Percentage (%) | | :--- | :--- | :--- | | Eric Sprott | 8.2 | 21% | | AMC Entertainment | 2.4 | 6% | | Institutional Investors | 12.9 | 33% | | Insiders | 0.6 | 2% | | Retail Investors | 15.1 | 38% | [Debt Overview](index=40&type=section&id=Debt%20Overview) Hycroft's debt comprises senior secured and subordinated notes, both maturing in 2027 with specified interest rates Debt Overview (as of June 30, 2025) | Debt Type | Holder | Face Value | Interest Rate | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | Senior Secured | Sprott Resource Lending Corp. | $15 M | 10.55% | May 31, 2027 | | Subordinated Notes | Mudrick, Whitebox Advisors, Highbridge Capital, Aristeia Capital | $118 M | 10% | December 1, 2027 | - The Sprott loan includes a **1.5%** royalty[101](index=101&type=chunk) - Payment-in-kind interest on subordinated debt accrues quarterly and capitalizes to principal, remaining non-cash until maturity[101](index=101&type=chunk) Governance & Appendix [Board of Directors](index=36&type=section&id=Board%20of%20Directors) Hycroft's Board consists of experienced professionals, including the Chairman, CEO, and independent directors with diverse backgrounds - The Board Chairman is Thomas Weng, and the President and CEO is Diane Garrett[91](index=91&type=chunk) - Independent directors include David Naccarati, Sean Goodman (AMC Board Appointee), Stephen Lang, Marni Wieshofer, and Michael Harrison, with affiliations including Cupric Canyon Capital, AMC Entertainment, Centerra Gold Inc., Houlihan Lokey, and Sprott Streaming and Royalty Fund[91](index=91&type=chunk)[92](index=92&type=chunk) [Detailed Mineral Resources](index=37&type=section&id=Detailed%20Mineral%20Resources) Hycroft's detailed mineral resources categorize heap leach and mill resources by Measured, Indicated, and Inferred Combined Mineral Resources (Heap Leach + Mill, as of March 27, 2023) | Category | Gold Equivalent Cut-off Grade (gm/t) | Thousand Tonnes | Gold (gm/tonne) | Silver (gm/tonne) | Sulfide (%) | Contained Gold (Thousand Oz) | Contained Silver (Thousand Oz) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Measured | 0.07 - 0.34 | 450,785 | 0.413 | 14.93 | 1.85 | 5,989 | 216,690 | | Total Indicated | 0.07 - 0.34 | 368,377 | 0.387 | 12.14 | 1.61 | 4,592 | 143,974 | | Total Measured+Indicated | 0.07 - 0.34 | 819,162 | 0.401 | 13.68 | 1.74 | 10,581 | 360,664 | | Total Inferred | 0.07 - 0.34 | 268,179 | 0.389 | 11.14 | 1.54 | 3,356 | 96,117 | - Mineral resources are based on a gold price of **$1,900/ounce** and a silver price of **$24.50/ounce**[95](index=95&type=chunk) - Cut-off grades represent revenue minus processing costs, all units are metric, and gold and silver grades are expressed in grams per tonne[95](index=95&type=chunk) [Resource Estimation Parameters](index=38&type=section&id=Resource%20Estimation%20Parameters) Resource estimation parameters include gold and silver prices, mining costs, and detailed mill and ROM heap leach recovery rates Resource Estimation Assumptions | Parameter | Unit | Value | | :--- | :--- | :--- | | Gold Price | $/ounce | $1,900 | | Silver Price | $/ounce | $24.50 | | Base Mining Cost | $/tonne material | $1.45 | Mill Process Recoveries | Recovery Type | % | | :--- | :--- | | Flotation Gold Recovery | 80.0% | | Flotation Silver Recovery | 80.0% | | Flotation Sulfide Recovery | 80.5% | | Total Mill Recovery | 76.0% | ROM Heap Leach Recoveries | Recovery Type | % | | :--- | :--- | | Gold (Oxide, Transition & Sulfide) | 75.0% | | Silver (Oxide, Transition & Sulfide) | 12.2% | Total Process Costs (Average Sulfide Sulfur) | Cost Type | $/tonne ore | | :--- | :--- | | Mill + Concentrate POX + G&A (Flotation) | $14.83 | | ROM Heap Leach + G&A (Oxide) | $3.19 | | ROM Heap Leach + G&A (Transition & Sulfide) | $3.59 | [Metallurgical Results Program Details](index=39&type=section&id=Metallurgical%20Results%20Program%20Details) The metallurgical test program aimed to optimize flotation parameters for gold and silver recoveries using over 200 drill core samples - The program aimed to determine flotation operating parameters that maximize gold and silver recoveries, utilizing over **200** drill core samples representing multiple mining phases of the Hycroft ore body[99](index=99&type=chunk)[100](index=100&type=chunk) - Flotation variables studied included grind size, grind time, pulp pH, reagent additions (e.g., xanthate, lead nitrate, frother, sulfuric acid), conditioning time, and mass pull[100](index=100&type=chunk) - The sample set represented seven pits, four main alteration mineral assemblages, three minor vein characteristics, and a full range of gold, silver, and sulfide sulfur grades[100](index=100&type=chunk)

WINNEMUCCA, Nev., July 31, 2025 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company") announces second quarter 2025 results and filing of its Form 10-Q. President's Message In the second quarter of 2025, Hycroft advanced several key activities: The Company has steadily achieved key milestones in 2025, positioning it to capitalize on new opportunities identified in 2024. Completing technical studies for the next phase of operations remains a top priority, alongside co ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial information, including statements and management's discussion [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Hycroft Mining Holding Corporation's unaudited condensed consolidated financial statements for Q2 2025, with detailed notes - The company's financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim reporting, condensing certain information and footnote disclosures[28](index=28&type=chunk) Key Financial Data (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------------ | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $68,768 | $49,560 | | Total assets | $162,147 | $140,135 | | Total liabilities | $177,406 | $173,550 | | Total stockholders' deficit | $(15,259) | $(33,415) | Key Operating Results (Three and Six Months Ended June 30, 2025 vs. 2024) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss from operations | $(9,315) | $(10,530) | $(18,537) | $(22,462) | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Basic and diluted loss per share | $(0.43) | $(0.57) | $(0.89) | $(1.55) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and stockholders' deficit at specific dates Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------ | :-------------------------- | :---------------- | | **Assets:** | | | | Cash and cash equivalents | $68,768 | $49,560 | | Current assets | $74,797 | $54,600 | | Total assets | $162,147 | $140,135 | | **Liabilities:** | | | | Current liabilities | $2,899 | $5,794 | | Total liabilities | $177,406 | $173,550 | | **Stockholders' deficit:** | | | | Total stockholders' deficit | $(15,259) | $(33,415) | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's financial performance over specific periods, detailing revenues, expenses, and net loss Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative costs | $3,478 | $3,906 | $6,411 | $6,820 | | Mine site costs | $2,673 | $2,488 | $5,153 | $5,072 | | Exploration and development costs | $2,344 | $5,053 | $5,343 | $9,956 | | Loss from operations | $(9,315) | $(10,530) | $(18,537) | $(22,462) | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Basic and diluted loss per share | $(0.43) | $(0.57) | $(0.89) | $(1.55) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section details the cash inflows and outflows from operating, investing, and financing activities over specific periods Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(18,718) | $(20,331) |\ | Net cash (used in) provided by investing activities | $(329) | $1,268 |\ | Net cash provided by (used in) financing activities | $40,759 | $(28,004) |\ | Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,712 | $(47,067) |\ | Cash, cash equivalents, and restricted cash, end of period | $98,769 | $85,483 | [Unaudited Condensed Consolidated Statements of Stockholders' Deficit](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Deficit) This section presents changes in the company's equity, including common stock, additional paid-in capital, and accumulated deficit Unaudited Condensed Consolidated Statements of Stockholders' Deficit (in thousands, except share amounts) | Metric | Balance at January 1, 2025 | Balance at June 30, 2025 | | :------------------------------------------ | :------------------------- | :----------------------- | | Common Stock (Shares) | 24,875,587 | 37,838,479 | | Common Stock (Amount) | $21 | $22 | | Additional Paid-in Capital | $752,630 | $794,281 | | Accumulated Deficit | $(786,066) | $(809,562) | | Total Stockholders' Deficit | $(33,415) | $(15,259) | - The company issued **12,500,000 shares** of common stock and warrants, contributing **$40,349 thousand** to additional paid-in capital during Q2 2025[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements [1. Company Overview](index=9&type=section&id=1.%20Company%20Overview) This note describes Hycroft Mining Holding Corporation's business, operational focus, and recent strategic initiatives - Hycroft Mining Holding Corporation is a U.S.-based gold and silver exploration and development company focused on the Hycroft Mine in Nevada[23](index=23&type=chunk) - Mining operations were discontinued in November 2021 due to cost pressures, with the company now prioritizing exploration, technical studies, and strategic initiatives[24](index=24&type=chunk) - The company completed a public offering on June 13, 2025, raising **$40.7 million** in net proceeds for further exploration, working capital, and general corporate purposes[27](index=27&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the key accounting principles, estimates, and assumptions used in preparing the financial statements - Financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim reporting, with certain information condensed or omitted[28](index=28&type=chunk) - Management makes estimates and assumptions, particularly for long-lived assets, mining plans, environmental costs, and fair value measurements, which may differ from actual results[31](index=31&type=chunk) - No impairment was deemed necessary for long-lived assets as of June 30, 2025, based on a market-based fair value approach[35](index=35&type=chunk) [3. Prepaids and Deposits](index=11&type=section&id=3.%20Prepaids%20and%20Deposits) This note details the components and changes in the company's prepaid expenses and deposits Components of Prepaids and Deposits (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Prepaids and deposits, current | $3,337 | $2,863 | | Prepaids, non-current | $652 | $600 | | **Total** | **$3,989** | **$3,463** | - Current prepaids increased primarily due to higher surety bond fees and insurance, while mining claims and license fees decreased[38](index=38&type=chunk) [4. Equity Securities](index=11&type=section&id=4.%20Equity%20Securities) This note provides information on the company's equity securities, including fair value and restrictions Components of Equity Securities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Equity securities, current | $1,109 | $454 | | Equity securities, non-current | $— | $151 | | **Total** | **$1,109** | **$605** | - The company recorded an unrealized gain on equity securities of **$0.4 million** for the three months and **$0.5 million** for the six months ended June 30, 2025, compared to an unrealized loss in 2024[39](index=39&type=chunk) - Non-current equity securities are restricted from sale for **12 months**, with a portion becoming salable quarterly thereafter[39](index=39&type=chunk) [5. Property, Plant, and Equipment and Assets Held-For-Sale, Net](index=12&type=section&id=5.%20Property%2C%20Plant%2C%20and%20Equipment%20and%20Assets%20Held-For-Sale%2C%20Net) This note details the company's property, plant, and equipment, along with assets classified as held-for-sale Property, Plant, and Equipment, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Total property, plant, and equipment, net | $50,999 | $51,588 | | Assets held-for-sale | $5,698 | $5,698 | | **Total** | **$56,697** | **$57,286** | - Depreciation and amortization expense decreased to **$0.5 million** (Q2 2025) and **$1.0 million** (YTD Q2 2025) from **$0.6 million** and **$1.2 million** (same periods 2024), primarily due to certain assets becoming fully depreciated[41](index=41&type=chunk)[108](index=108&type=chunk) - Assets held-for-sale, totaling **$5.7 million**, consist of unused mining equipment for which the company is actively seeking buyers[42](index=42&type=chunk) [6. Restricted Cash](index=12&type=section&id=6.%20Restricted%20Cash) This note explains the nature and changes in the company's restricted cash balances Components of Restricted Cash (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Reclamation and other surety bond cash collateral | $29,948 | $27,445 | | Credit card collateral | $53 | $53 | | **Total** | **$30,001** | **$27,498** | - Restricted cash increased to **$30.0 million** as of June 30, 2025, primarily for surface management surety bonds, which total **$58.7 million**[43](index=43&type=chunk) - Interest income on restricted cash decreased to **$0.3 million** (Q2 2025) and **$0.5 million** (YTD Q2 2025) from **$0.3 million** and **$0.6 million** (same periods 2024)[44](index=44&type=chunk) [7. Accounts Payable, Accrued Expenses, and Other Liabilities](index=13&type=section&id=7.%20Accounts%20Payable%2C%20Accrued%20Expenses%2C%20and%20Other%20Liabilities) This note outlines the components and changes in the company's current and non-current liabilities Components of Accounts Payable, Accrued Expenses, and Other Liabilities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Accounts payable and accrued expenses | $1,330 | $2,389 | | Accrued compensation and benefits | $1,293 | $3,116 | | Total current liabilities | $2,692 | $5,561 | | Other liabilities, non-current | $23 | $— | - Total current accounts payable, accrued expenses, and other liabilities decreased significantly from **$5.561 million** at December 31, 2024, to **$2.692 million** at June 30, 2025, primarily due to a reduction in accrued compensation and benefits[46](index=46&type=chunk) [8. Fair Value Measurements](index=13&type=section&id=8.%20Fair%20Value%20Measurements) This note provides information on assets and liabilities measured at fair value, including valuation methodologies Assets and Liabilities Measured at Fair Value (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Equity securities, current | $1,109 | $454 | | Equity securities, non-current | $— | $151 | | 5-Year Private Warrants | $— | $6 | - The estimated fair value of the company's debt instruments (Sprott Credit Agreement and Subordinated Notes) was **$110.5 million** at June 30, 2025, compared to a carrying value of **$131.0 million**[48](index=48&type=chunk) - The fair value of 5-Year Private Warrants was nil as of June 30, 2025, due to their expiration on May 29, 2025[47](index=47&type=chunk) [9. Debt, Net](index=14&type=section&id=9.%20Debt%2C%20Net) This note details the company's debt instruments, including carrying values, fair values, and interest expense Components of Debt, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Debt, net, current | $28 | $54 | | Debt, net, non-current | $131,007 | $124,945 | | **Total Debt, net** | **$131,035** | **$125,000** | Interest Expense (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Sprott Credit Agreement | $400 | $439 | $794 | $941 | | Subordinated Notes | $2,876 | $2,605 | $5,681 | $5,145 | | Total Interest expense | $3,479 | $3,218 | $6,866 | $13,338 | - Total debt, net, increased to **$131.035 million** at June 30, 2025, from **$125.000 million** at December 31, 2024[50](index=50&type=chunk) - Interest expense for the six months ended June 30, 2025, significantly decreased to **$6.9 million** from **$13.3 million** in 2024, primarily due to a **$6.9 million** accelerated amortization of original issue discount and issuance costs recorded in January 2024[51](index=51&type=chunk)[115](index=115&type=chunk) - The company was in compliance with all financial covenants under its debt agreements as of June 30, 2025[53](index=53&type=chunk) [10. Asset Retirement Obligation](index=15&type=section&id=10.%20Asset%20Retirement%20Obligation) This note describes the company's asset retirement obligation, including changes in estimates and accretion Changes in Asset Retirement Obligation (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Balance, beginning of period | $13,151 | $7,973 | | Accretion | $666 | $1,253 | | Change in estimates | $— | $5,863 | | Balance, end of period | $13,817 | $13,151 | | Current | $179 | $179 | | Non-current | $13,638 | $12,972 | - The asset retirement obligation increased to **$13.8 million** at June 30, 2025, from **$13.2 million** at December 31, 2024, primarily due to accretion[54](index=54&type=chunk) - No adjustments or changes in estimate were recorded for the six months ended June 30, 2025, compared to a **$4.0 million** adjustment in 2024[54](index=54&type=chunk)[109](index=109&type=chunk) [11. Warrant Liabilities](index=15&type=section&id=11.%20Warrant%20Liabilities) This note provides information on the company's warrant liabilities, including their expiration and financial impact - **34,289,898 5-Year Private Warrants** expired unexercised on May 29, 2025, with an exercise price of **$11.50** per warrant (post **1-for-10** reverse stock split basis)[56](index=56&type=chunk) - The expiration of these warrants, including **670,600** classified as warrant liabilities, had no material impact on the company's financial statements[56](index=56&type=chunk) [12. Stockholders' Equity](index=16&type=section&id=12.%20Stockholders%27%20Equity) This note details changes in stockholders' equity, including public offerings, warrant issuances, and ATM programs - The company completed a public offering on June 13, 2025, issuing **12,500,000 Units** (each with one common stock share and one-half 2025 3-Year Warrant) at **$3.50** per Unit, generating **$40.7 million** in net proceeds[61](index=61&type=chunk)[62](index=62&type=chunk) - The underwriters partially exercised their over-allotment option for **937,500 2025 3-Year Warrants** on June 12, 2025, and an additional **1,324,117 shares** of common stock on July 11, 2025, increasing total net proceeds to approximately **$45.0 million**[61](index=61&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Through the New ATM Program, the company sold **108,072 shares** for **$0.3 million** gross proceeds during the six months ended June 30, 2025, with **$97.5 million** remaining available[63](index=63&type=chunk)[122](index=122&type=chunk) Outstanding Equity Classified Warrants (as of June 30, 2025) | Warrant Type | Exercise Price | Expiration Date | Warrants Outstanding | | :------------------------------------------ | :------------- | :-------------- | :------------------- | | Public Offering Warrants (5-Year) | $10.50 | October 6, 2025 | 9,583,334 | | Private Placement Offering Warrants | $1.068 | March 15, 2027 | 46,816,480 | | Public Offering Warrants (3-Year) | $4.200 | June 13, 2028 | 7,187,500 | [13. Stock-Based Compensation](index=17&type=section&id=13.%20Stock-Based%20Compensation) This note outlines the company's stock-based compensation plans, including restricted stock units and shares available - As of June 30, 2025, **490,281 shares** were available for issuance under the HYMC 2020 Performance and Incentive Pay Plan (PIPP), with all awards granted as restricted stock units (RSUs)[67](index=67&type=chunk) Unvested and Outstanding Share Awards Under PIPP | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Unvested at beginning of year | 678,071 | 607,099 | | Granted | 491,949 | 435,204 | | Canceled/forfeited | (15,304) | (20,014) | | Vested | (415,464) | (322,183) | | Unvested end of period | 739,252 | 700,106 | [14. Income Taxes](index=18&type=section&id=14.%20Income%20Taxes) This note provides information on the company's income tax expense or benefit and effective tax rate - The company incurred nil net income tax expense or benefit for the six months ended June 30, 2025 and 2024[71](index=71&type=chunk) - The effective tax rate was nil for both periods, primarily due to changes in the valuation allowance offsetting net deferred tax assets[71](index=71&type=chunk) [15. Loss Per Share](index=18&type=section&id=15.%20Loss%20Per%20Share) This note details the calculation of basic and diluted loss per share, including weighted average shares outstanding Basic and Diluted Loss Per Share Calculations (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Weighted average shares outstanding | 27,584,548 | 22,983,276 | 26,273,721 | 21,903,372 | | Loss per common share, basic and diluted | $(0.43) | $(0.57) | $(0.89) | $(1.55) | - Due to net losses, common stock equivalents (warrants and RSUs) were anti-dilutive and excluded from diluted EPS calculations[73](index=73&type=chunk) [16. Segment Information](index=19&type=section&id=16.%20Segment%20Information) This note clarifies that the company operates as a single reportable segment focused on exploration activities - The company operates as a single reportable segment, with operations limited to exploration since mining ceased in November 2021[75](index=75&type=chunk) - The Chief Executive Officer, as the chief operating decision-maker, manages all resource allocation and performance evaluation on a consolidated basis[75](index=75&type=chunk) [17. Supplemental Cash Flow Information](index=19&type=section&id=17.%20Supplemental%20Cash%20Flow%20Information) This note provides additional details on non-cash investing and financing activities affecting cash flows Supplemental Cash Flow Information (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Increase in debt from in-kind interest | $5,681 | $5,145 | | Accelerated amortization of original issue discount and issuance costs | $— | $6,871 | | Cash interest paid | $794 | $941 | [18. Commitments and Contingencies](index=19&type=section&id=18.%20Commitments%20and%20Contingencies) This note discloses the company's legal proceedings, off-balance sheet arrangements, and other potential liabilities - The company is a defendant in four pro se individual and/or putative class/derivative actions in Delaware Chancery Court related to alleged breaches of Warrant Agreements[77](index=77&type=chunk) - No losses have been recorded for litigation or loss contingencies for the six months ended June 30, 2025 and 2024, as a loss was not deemed probable or reasonably estimable[78](index=78&type=chunk) - Off-balance sheet arrangements include a **4%** net profit Crofoot Royalty (capped at **$7.6 million**, **$3.3 million** paid) and a perpetual **1.5%** net smelter Sprott Royalty Agreement (estimated NPV **$146.7 million**)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [19. Related Party Transactions](index=20&type=section&id=19.%20Related%20Party%20Transactions) This note describes transactions and relationships with related parties, including director fees paid to AMC - AMC is classified as a related party due to its representative on the company's Board of Directors[86](index=86&type=chunk) - The company paid **$0.04 million** in director fees to AMC's board representative for both the six months ended June 30, 2025 and 2024[86](index=86&type=chunk) [20. Subsequent Events](index=20&type=section&id=20.%20Subsequent%20Events) This note reports significant events that occurred after the balance sheet date but before the financial statements were issued - Subsequent to June 30, 2025, on July 11, 2025, underwriters partially exercised their over-allotment option to purchase an additional **1,324,117 shares** of common stock, generating **$4.3 million** in net proceeds[87](index=87&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=20&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section discusses Hycroft Mining's operations, safety, exploration, and Q2 2025 financial results, covering liquidity and capital - The company is a U.S.-based gold and silver exploration and development company, owning the Hycroft Mine in Nevada, with a focus on exploration and project development[89](index=89&type=chunk) - Mining operations were halted in November 2021, and significant revenues from gold and silver sales are not anticipated until technical work is completed and operations resume[89](index=89&type=chunk) - The company maintained a Total Recordable Injury Frequency Rate (TRIFR) of **0.00** for the six months ended June 30, 2025, and received the **2025** first place NVMA Operator Safety Award[91](index=91&type=chunk) - Net loss improved to **$(23.5) million** for the six months ended June 30, 2025, from **$(33.9) million** in the prior year, primarily due to reduced exploration costs and lower interest expense[16](index=16&type=chunk)[107](index=107&type=chunk)[115](index=115&type=chunk) - Cash and cash equivalents increased to **$68.8 million** at June 30, 2025, from **$49.6 million** at December 31, 2024, driven by **$40.8 million** in net cash provided by financing activities[14](index=14&type=chunk)[116](index=116&type=chunk)[127](index=127&type=chunk) [Introduction to the Company](index=21&type=section&id=Introduction%20to%20the%20Company) This section introduces Hycroft Mining Holding Corporation, its primary asset, and its current strategic focus on exploration - Hycroft Mining Holding Corporation is a U.S.-based gold and silver exploration and development company, owning the Hycroft Mine in Nevada[89](index=89&type=chunk) - The company's focus is on exploring its **64,000 acres** of claims and developing the project safely, environmentally responsibly, and cost-effectively[89](index=89&type=chunk) - Mining operations were halted in November 2021, and significant revenues from gold and silver sales are not expected until technical work is completed and operations resume[89](index=89&type=chunk) [Health and Safety](index=21&type=section&id=Health%20and%20Safety) This section highlights the company's commitment to health and safety, reporting incident rates and awards - The company reported no lost time incidents during the six months ended June 30, 2025, operating over **1.3 million man-hours** without such an incident[91](index=91&type=chunk) - The Hycroft Mine's Total Recordable Injury Frequency Rate (TRIFR) was **0.00** at both June 30, 2025, and December 31, 2024, well below industry averages[91](index=91&type=chunk) - Hycroft was awarded the **2025** first place NVMA Operator Safety Award for small surface mines[91](index=91&type=chunk) [Executive Summary](index=21&type=section&id=Executive%20Summary) This section provides a high-level overview of the company's Q2 2025 activities, financial strategy, and recent capital raises - During Q2 2025, the company reviewed **2024** Drill Program results for new high-grade silver zones and continued metallurgical and variability test work for a new technical report expected in Q4 2025[92](index=92&type=chunk) - The company aims to strengthen its balance sheet by reducing debt and funding future development, while exploring other strategic initiatives[92](index=92&type=chunk) - A public offering in June 2025 raised **$40.7 million** in net proceeds, with additional proceeds of **$4.3 million** from an over-allotment option exercised in July 2025, for exploration, working capital, and general corporate purposes[93](index=93&type=chunk)[95](index=95&type=chunk)[87](index=87&type=chunk) [Recent Developments](index=22&type=section&id=Recent%20Developments) This section outlines the latest progress in the company's exploration drilling and metallurgical test work programs [Exploration drilling](index=22&type=section&id=Exploration%20drilling) This section details the focus and outcomes of the company's exploration drilling efforts in H1 2025 - Focus during H1 2025 was on incorporating **2024** drill program results and refining the structural framework into an updated geologic model[97](index=97&type=chunk) - Work improved understanding of mineral domains and became the foundation for selecting targets in the Brimstone and Vortex areas[97](index=97&type=chunk) [Metallurgical and variability test work](index=22&type=section&id=Metallurgical%20and%20variability%20test%20work) This section describes the ongoing metallurgical and engineering studies to optimize gold and silver recoveries - Advanced metallurgical and engineering work for designing a sulfide milling operation, testing composite samples from the ore body[98](index=98&type=chunk) - Identified significant improvements in gold and silver flotation recoveries compared to the current technical report[98](index=98&type=chunk) - Continuing test work for optimal inputs and operating parameters for roasting, pressure oxidation, leaching, sulfuric acid generation, and power co-generation[98](index=98&type=chunk) [2025 Outlook](index=22&type=section&id=2025%20Outlook) This section presents the company's strategic plans and exploration program for the remainder of 2025 - Key plans for **2025** include assessing high-grade underground mining, evaluating rehandling and leaching ore in a historic leach pad, and potentially mining leachable oxide and transition ore[99](index=99&type=chunk)[102](index=102&type=chunk) - The **2025-2026** Exploration Drill Program will commence in early August 2025, focusing on expanding high-grade silver systems with approximately **14,500 meters** of core drilling[100](index=100&type=chunk)[101](index=101&type=chunk) - Trade-off studies and alternative analyses will continue to optimize recoveries and explore by-product revenue streams, with an updated technical report anticipated in Q4 2025[103](index=103&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance, detailing changes in key cost categories and non-operating items [General and administrative costs](index=23&type=section&id=General%20and%20administrative%20costs) This section reviews the trends and factors influencing the company's general and administrative expenses General and Administrative Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $3,478 | $3,906 | | Six Months Ended June 30 | $6,411 | $6,820 | - General and administrative costs remained substantially consistent year-over-year, with a slight decrease in both the three and six-month periods[105](index=105&type=chunk) [Mine site costs](index=23&type=section&id=Mine%20site%20costs) This section examines the company's mine site costs for the reported periods Mine Site Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $2,673 | $2,488 | | Six Months Ended June 30 | $5,153 | $5,072 | - Mine site costs remained substantially consistent year-over-year, with a slight increase in both the three and six-month periods[106](index=106&type=chunk) [Exploration and development costs](index=23&type=section&id=Exploration%20and%20development%20costs) This section analyzes the changes in the company's exploration and development expenditures Exploration and Development Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $2,344 | $5,053 | | Six Months Ended June 30 | $5,343 | $9,956 | - Exploration and development costs significantly decreased by approximately **54%** for both the three and six months ended June 30, 2025, as drilling was paused to incorporate **2024** drill program results[107](index=107&type=chunk) [Depreciation and amortization](index=23&type=section&id=Depreciation%20and%20amortization) This section discusses the depreciation and amortization expenses for property, plant, and equipment Depreciation and Amortization Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $498 | $567 | | Six Months Ended June 30 | $1,032 | $1,183 | - Depreciation and amortization expense decreased due to certain assets becoming fully depreciated[108](index=108&type=chunk) [Asset retirement obligation adjustments and accretion expense](index=24&type=section&id=Asset%20retirement%20obligation%20adjustments%20and%20accretion%20expense) This section details the adjustments and accretion related to the company's asset retirement obligation Asset Retirement Obligation Adjustments and Accretion Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $333 | $2,267 | | Six Months Ended June 30 | $666 | $4,491 | - Expense significantly decreased due to no adjustments or changes in estimate in 2025, compared to **$2.0 million** (Q2) and **$4.0 million** (YTD Q2) adjustments in 2024[109](index=109&type=chunk) [Gain on asset sales](index=24&type=section&id=Gain%20on%20asset%20sales) This section reports the gain or loss recognized from the sale of company assets Gain on Asset Sales (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $(11) | $(3,751) | | Six Months Ended June 30 | $(68) | $(5,060) | - Gain on asset sales significantly decreased in 2025 due to reduced asset sales compared to the prior year[111](index=111&type=chunk) [Non-operating income (expense)](index=24&type=section&id=Non-operating%20income%20(expense)) This section summarizes the company's non-operating income and expenses, including interest and other items Non-Operating Income and (Expense) (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $687 | $1,058 | $1,400 | $2,353 | | Other income (loss) | $370 | $(490) | $507 | $(483) | | Interest expense | $(3,479) | $(3,218) | $(6,866) | $(13,338) | | Total non-operating income and (expense) | $(2,422) | $(2,650) | $(4,959) | $(11,468) | [Interest income](index=24&type=section&id=Interest%20income) This section analyzes the company's interest income for the reported periods Interest Income (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Three Months Ended June 30 | $687 | $1,058 | | Six Months Ended June 30 | $1,400 | $2,353 | - Interest income decreased due to a reduction in invested cash[113](index=113&type=chunk) [Other income (loss)](index=24&type=section&id=Other%20income%20(loss)) This section details other income and losses, primarily from unrealized gains or losses on equity securities Other Income (Loss) (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $370 | $(490) | | Six Months Ended June 30 | $507 | $(483) | - Other income in 2025 was primarily due to unrealized gains on equity securities, contrasting with unrealized losses in 2024[114](index=114&type=chunk) [Interest expense](index=24&type=section&id=Interest%20expense) This section examines the company's interest expense, including debt-related costs and amortization Interest Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $3,479 | $3,218 | | Six Months Ended June 30 | $6,866 | $13,338 | - Interest expense for the six months ended June 30, 2025, decreased significantly due to **$6.9 million** of accelerated amortization of original issue discount and issuance costs recorded in January 2024[115](index=115&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, funding sources, and future capital requirements [General](index=25&type=section&id=General) This section provides an overview of the company's liquidity position and its reliance on external financing - Unrestricted cash position at June 30, 2025, was **$68.8 million**, up from **$49.6 million** at December 31, 2024[116](index=116&type=chunk) - The company does not expect to generate net positive cash from operations for the foreseeable future due to the cessation of mining activities[117](index=117&type=chunk) - Future liquidity is dependent on unrestricted cash and other sources, with no assurance that additional financing will be available on acceptable terms[117](index=117&type=chunk) - The company is managing liquidity by controlling spending, monetizing non-core assets, and evaluating alternatives to raise capital, including potential debt restructuring[118](index=118&type=chunk)[119](index=119&type=chunk) [Cash and liquidity](index=25&type=section&id=Cash%20and%20liquidity) This section details the company's cash and other liquid assets, along with projected sources of future liquidity Projected Sources of Future Liquidity (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $68,768 | $49,560 | | Assets held-for-sale | $5,698 | $5,698 | | Equity securities | $1,109 | $454 | | Receivables | $272 | $369 | | **Total projected sources of future liquidity** | **$75,847** | **$56,081** | - The company sold **108,072 shares** through the New ATM Program for **$0.3 million** gross proceeds during H1 2025, with **$97.5 million** remaining available[122](index=122&type=chunk) [Six months ended June 30, 2025 compared to six months ended June 30, 2024](index=26&type=section&id=Six%20months%20ended%20June%2030%2C%202025%20compared%20to%20six%20months%20ended%20June%2030%2C%202024) This section compares the company's cash flow activities for the first six months of 2025 and 2024 Sources and Uses of Cash (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net loss | $(23,496) | $(33,930) | | Net cash used in operating activities | $(18,718) | $(20,331) | | Net cash (used in) provided by investing activities | $(329) | $1,268 | | Net cash provided by (used in) financing activities | $40,759 | $(28,004) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,712 | $(47,067) | | Cash, cash equivalents, and restricted cash, end of period | $98,769 | $85,483 | [Cash used in operating activities](index=26&type=section&id=Cash%20used%20in%20operating%20activities) This section analyzes the cash flows generated from or used in the company's core operating activities - Cash used in operating activities decreased to **$18.7 million** in H1 2025 from **$20.3 million** in H1 2024, primarily due to a lower net loss[124](index=124&type=chunk)[125](index=125&type=chunk) - Non-cash interest expense was **$6.1 million** in H1 2025, compared to **$12.4 million** in H1 2024, which included accelerated amortization[124](index=124&type=chunk)[125](index=125&type=chunk) [Cash (used in) provided by investing activities](index=26&type=section&id=Cash%20(used%20in)%20provided%20by%20investing%20activities) This section details cash flows related to the acquisition and disposal of long-term assets and investments - Investing activities used **$0.3 million** in H1 2025, mainly for property, plant, and equipment additions, partially offset by asset sales[126](index=126&type=chunk) - In H1 2024, investing activities generated **$1.3 million**, primarily from asset sales[126](index=126&type=chunk) [Cash provided by (used in) financing activities](index=26&type=section&id=Cash%20provided%20by%20(used%20in)%20financing%20activities) This section examines cash flows from debt, equity, and other financing transactions - Financing activities provided **$40.8 million** in H1 2025, primarily from common stock issuance through the public offering and ATM program[127](index=127&type=chunk) - In H1 2024, financing activities used **$28.0 million**, mainly due to **$38.1 million** in debt principal payments, including a voluntary prepayment[128](index=128&type=chunk) [Future capital and cash requirements](index=27&type=section&id=Future%20capital%20and%20cash%20requirements) This section outlines the company's estimated future contractual cash obligations and capital needs Gross Contractual Cash Obligations as of June 30, 2025 (in thousands) | Obligation | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | | :------------------------------------------ | :---- | :--------------- | :---------- | :---------- | :---------------- | | Sprott Royalty Agreement | $241,199 | $— | $— | $— | $241,199 | | Remediation and reclamation expenditures | $110,963 | $179 | $9,944 | $— | $100,840 | | Interest payments | $3,382 | $1,764 | $1,618 | $— | $— | | Crofoot Royalty | $4,344 | $— | $— | $— | $4,344 | | Repayments of debt principal | $164,775 | $29 | $164,746 | $— | $— | | **Total** | **$524,663** | **$1,972** | **$176,308** | **$—** | **$346,383** | - The company's total gross contractual cash obligations are estimated at **$524.7 million**, with the largest portions being the Sprott Royalty Agreement and remediation/reclamation expenditures[129](index=129&type=chunk) [Debt covenants](index=27&type=section&id=Debt%20covenants) This section discusses the company's compliance with financial covenants under its debt agreements - The Sprott Credit Agreement restricts certain corporate actions and requires maintaining Working Capital of at least **$10.0 million** and Unrestricted Cash of at least **$15.0 million**[131](index=131&type=chunk) - The company was in compliance with all covenants under its debt agreements as of June 30, 2025[131](index=131&type=chunk) [Off-balance sheet arrangements](index=28&type=section&id=Off-balance%20sheet%20arrangements) This section discloses the company's off-balance sheet commitments, including royalty agreements - Off-balance sheet arrangements include a net profit royalty arrangement (Crofoot Royalty) and a net smelter royalty arrangement (Sprott Royalty Agreement)[134](index=134&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) This section highlights the significant accounting estimates and judgments used in financial reporting - The preparation of financial statements requires significant assumptions, estimates, and judgments, as detailed in the company's Annual Report on Form 10-K for 2024[135](index=135&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=28&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This section advises readers on the inherent risks and uncertainties associated with forward-looking statements in the report - This report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[136](index=136&type=chunk)[137](index=137&type=chunk) - Readers are cautioned not to place undue reliance on these statements, which speak only as of their date, and the company undertakes no obligation to update them[139](index=139&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=28&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Hycroft Mining Holding Corporation is not required to provide quantitative and qualitative disclosures about market risk in this filing, and such information has been omitted - The company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K[141](index=141&type=chunk) - Quantitative and qualitative disclosures about market risk are not required and are omitted from this filing[141](index=141&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=29&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, concluding they were effective. No significant changes in internal control over financial reporting occurred during the quarter - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective as of June 30, 2025[143](index=143&type=chunk)[144](index=144&type=chunk) - Disclosure controls are designed to provide reasonable assurance that required information is accumulated, communicated, recorded, processed, summarized, and reported timely[144](index=144&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[146](index=146&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information not covered in financial statements, including legal proceedings, risk factors, and other items [ITEM 1. LEGAL PROCEEDINGS](index=29&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) There were no material developments in legal proceedings during the quarter ended June 30, 2025, as previously disclosed in the company's 2024 Annual Report on Form 10-K - No material developments occurred in legal proceedings during the quarter ended June 30, 2025[147](index=147&type=chunk) - Legal proceedings were previously disclosed in Part I, Item 3 of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024[147](index=147&type=chunk) [ITEM 1A. RISK FACTORS](index=29&type=section&id=ITEM%201A.%20RISK%20FACTORS) As a smaller reporting company, Hycroft Mining Holding Corporation is not required to include risk factors in its Quarterly Report, and therefore, they are omitted from this filing - The company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K[148](index=148&type=chunk) - Risk factors are not required in a Quarterly Report and are omitted from this filing[148](index=148&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=29&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities and use of proceeds to report[149](index=149&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=29&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) There were no defaults upon senior securities to report during the period - No defaults upon senior securities to report[150](index=150&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=30&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) The company prioritizes mine safety through continuous improvement, mandatory programs, and a goal of zero workplace injuries - The company prioritizes mine safety with mandatory programs including training, risk management, and workplace inspection, aiming for zero workplace injuries[151](index=151&type=chunk) - Information concerning mine safety violations or other regulatory matters is included in Exhibit 95.1[152](index=152&type=chunk) [ITEM 5. OTHER INFORMATION](index=30&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section confirms no material changes to director nominee recommendation procedures, and no Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during the quarter - No material changes to procedures for security holders to recommend Board of Directors nominees[153](index=153&type=chunk) - No director or officer adopted or terminated a Rule 10b5-1(c) trading arrangement during the quarter ended June 30, 2025[153](index=153&type=chunk) [ITEM 6. EXHIBITS](index=31&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including warrant agreements, certifications, and mine safety disclosures - Exhibit **4.1**: Warrant Agency Agreement dated June 13, 2025[154](index=154&type=chunk) - Exhibit **4.2**: Form of Warrant dated June 12, 2025[154](index=154&type=chunk) - Exhibit **31.1** and **31.2**: Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)[154](index=154&type=chunk) - Exhibit **95.1**: Mine Safety Disclosures[154](index=154&type=chunk) [SIGNATURES](index=32&type=section&id=SIGNATURES) The report is duly signed on behalf of Hycroft Mining Holding Corporation by its President and Chief Executive Officer and Chief Financial Officer - The report is signed by Diane R. Garrett, President and Chief Executive Officer, and Stanton Rideout, Executive Vice President and Chief Financial Officer[159](index=159&type=chunk) - The signing date for the report is July 31, 2025[159](index=159&type=chunk)

Two Core Drill Rigs Arriving in August WINNEMUCCA, Nev., July 30, 2025 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company") today announces it will soon be initiating its 2025-2026 Exploration Drill Program (the "2025-2026 Exploration Drill Program") at the Hycroft Mine, located in Nevada, USA, a Tier-1 mining jurisdiction. The 2025-2026 Exploration Drill Program comprises approximately 14,500 meters of core drilling utilizing two drill rigs. The Exploration Program ...

Core Viewpoint - Hycroft Mining Holding Corporation successfully exercised the underwriters' over-allotment option, resulting in additional capital to support exploration and development activities at the Hycroft Mine [1][4]. Group 1: Offering Details - The underwriters' over-allotment option included the purchase of an additional 1,324,117 shares of Class A Common Stock at $3.49 per share and 937,500 warrants at $0.02 per warrant [1][2]. - The total number of Class A Common Stock sold in the public offering increased to 13,824,117 shares, with total warrants issued rising to 7,187,500 [3]. - Gross proceeds from the offering reached approximately $48.4 million before deducting underwriting discounts and offering expenses [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for further exploration, working capital, and general corporate purposes [4]. Group 3: Company Background - Hycroft Mining Holding Corporation is focused on developing the Hycroft Mine, one of the largest precious metals deposits in northern Nevada, and is transitioning to commercial operations for processing sulfide ore [7]. - The company is also engaged in a robust exploration drill program to expand high-grade silver systems and unlock the full potential of its mining assets [7].

Resource Highlights - Total Measured and Indicated (M&I) Gold Resources are 106 million ounces [11] - Total Inferred Gold Resources are 34 million ounces [11] - Total M&I Silver Resources are 361 million ounces [11] - Total Inferred Silver Resources are 96 million ounces [11] - Total M&I Gold Equivalent Resources are 152 million ounces [14] - Total Inferred Gold Equivalent Resources are 46 million ounces [14] - The resource area comprises less than 10% of the company's land package [22, 40, 44, 85] Financial Position - Cash position was approximately $397 million as of March 31, 2025 [9, 24] - An additional $277 million was held as restricted cash [24] Exploration and Development - The company has made a new high-grade silver discovery [9, 22, 33] - Average flotation recoveries are 10% higher than previously modeled, with 89% gold and 93% silver recovery [33]

Group 1 - Hycroft Mining Holding Corporation (NYSE: HYMC) is considered a highly speculative investment with potential asymmetric upside related to gold prices [1] - The company possesses significant precious metals deposits located in Nevada, and its current valuations are notably below the intrinsic value of its assets [1] Group 2 - The article indicates that the author may initiate a long position in HYMC through stock purchases or call options within the next 72 hours [2]

Core Viewpoint - Hycroft Mining Holding Corporation has announced an underwritten offering of 12,500,000 units at a price of $3.50 per unit, aiming to raise approximately $43.75 million for exploration and working capital [1][2]. Group 1: Offering Details - Each unit consists of one share of common stock and one-half of a common stock purchase warrant, with each whole warrant exercisable at $4.20 per share for 36 months [1]. - The offering is expected to close on June 13, 2025, subject to customary closing conditions [2]. - The underwriters have a 30-day option to purchase an additional 1,875,000 units at their discretion [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for further exploration, working capital, and general corporate purposes [2]. Group 3: Company Background - Hycroft Mining Holding Corporation is focused on developing the Hycroft Mine, one of the largest precious metals deposits in northern Nevada, transitioning to commercial operations for processing sulfide ore [5]. - The company is also engaged in a robust exploration drill program to expand high-grade silver systems and unlock the full potential of its assets [5].