HYCROFT ANNOUNCES PUBLIC OFFERING OF COMMON STOCK

Rhea-AI Summary

Hycroft (Nasdaq: HYMC) announced a proposed public underwritten offering of Class A common stock to raise approximately $100 million gross proceeds.

Proceeds are expected to fund expanded exploration and drilling at the Hycroft Mine, address general corporate and working capital needs, and retire existing debt at a discount to face value to strengthen the balance sheet and reduce future interest expense.

The offering will be led by BMO Capital Markets with Paradigm Capital as book-running manager, includes a 30-day option to purchase up to an additional 15% of the base offering, and will be priced and sized at the time of underwriting under a shelf registration (Form S-3 No. 333-279292).

Positive

• $100M gross proceeds targeted by the offering
• Net proceeds earmarked to expand exploration and drilling
• Intended retirement of existing debt at a discount
• Underwritten by BMO Capital Markets and Paradigm Capital

Negative

• Potential shareholder dilution from new common stock
• Final offering price and size TBD, adding execution uncertainty
• Underwriters' 15% exercise option may increase dilution

Insights

Capital Markets Analyst

Equity raise aims to fund exploration and retire debt; outcome depends on pricing and dilution.

Hycroft announced a proposed underwritten public offering to raise approximately $100 million in gross proceeds on Oct. 9, 2025. The company plans to use net proceeds to expand exploration and drilling, address working capital, and to pay down and eliminate existing debt expected to be retired at a discount to face value.

The business mechanism is straightforward: fresh equity proceeds fund near‑mine and district‑scale exploration while reducing leverage and future interest expense. Benefits depend entirely on the offering price, final size and the degree of dilution created by the issuance.

Key dependencies and risks include market pricing at the time of the underwriting agreement, the underwriters' 30‑day option to buy an additional 15% of the base deal, and successful execution of debt retirements at the anticipated discounts. Watch for the preliminary and final prospectus filings and the definitive underwriting agreement for exact terms in the near term.

WINNEMUCCA, Nev., Oct. 9, 2025 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company") is pleased to announce a proposed public underwritten offering of shares of Class A common stock of the Company for gross proceeds of approximately $100 million (the "Offering").            

Hycroft intends to use the net proceeds from the Offering to expand and accelerate its exploration and drilling programs, supporting the Company's strategy to unlock additional near-mine and district-scale potential at the Hycroft Mine. Net proceeds are also expected to be used to address general corporate and working capital needs, including the anticipated paying down and eliminating the Company's existing debt obligations, which are expected to be retired at a discount to face value, to strengthen the Company's balance sheet and reduce future interest expenses.

BMO Capital Markets is acting as the lead book-running manager with Paradigm Capital acting as book-running manager for the Offering. SCP Resource Finance LP is acting as a capital markets advisor to the Company. The Offering will be priced in the context of the market with the price, total size and other final terms of the Offering to be determined at the time of entering into an underwriting agreement for the Offering. Hycroft will also grant the underwriters a 30-day option to purchase up to an additional 15% of the base Offering. Closing of the offering will be subject to a number of customary conditions, including the entering into of a definitive underwriting agreement.

The Offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-279292) that was filed by the Company with the U.S. Securities and Exchange Commission (the "SEC"), as amended. A preliminary prospectus supplement relating to and describing the terms of the Offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus, as well as copies of the final prospectus supplement, once available, may be obtained upon request by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by email at bmoprospectus@bmo.com.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About Hycroft Mining Holding Corporation

Hycroft Mining Holding Corporation is a US-based gold and silver company developing the Hycroft Mine, among the world's largest precious metals deposits located in northern Nevada, a Tier-One mining jurisdiction. After a long history of oxide heap leaching operations, the Company is focused on completing the technical studies to transition the Hycroft Mine into the next phase of commercial operations for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to further expand the newly discovered high-grade dominant silver systems and unlock the full potential of this worldclass asset, including oxide leaching potential at Manganese.

For further information, please contact:
info@hycroftmining.com

Cautionary Note Regarding Forward-Looking Statements 

This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward- looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements in this news release relate to, among other things, the completion of the Offering and the terms thereof, the closing of the Offering, the intended use of proceeds of the Offering and the strategic vision and objectives for the Company and expectations regarding exploration potential, the ability of the Company to repay and eliminate its outstanding indebtedness and the expectation that such repayment will be at a discount to face value. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to a lack of a completed feasibility study; risks related to our ability to re-establish commercially feasible mining operations; industry related risks, including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; and the availability and cost of equipment, supplies, energy, or reagents. The occurrence of one or more of the events or circumstances described alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Please see our "Risk Factors" outlined in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports we have filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believed were reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements. Readers cannot be assured that the Offering will be completed on the terms described above, or at all. We undertake no obligation to update those statements or publicly announce the results of any revisions to any of those statements to reflect future events or developments except as required by applicable law. All forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements.

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SOURCE Hycroft Mining Holding Corporation

FAQ

What is Hycroft (HYMC) offering on October 9, 2025?

Hycroft announced a proposed underwritten offering of Class A common stock to raise approximately $100 million gross proceeds.

How will Hycroft (HYMC) use proceeds from the offering?

Net proceeds are expected to fund expanded exploration and drilling, general corporate needs, and to retire existing debt at a discount.

Who are the underwriters for Hycroft's (HYMC) offering?

BMO Capital Markets is the lead book-running manager and Paradigm Capital is a book-running manager for the offering.

Will the Hycroft (HYMC) offering increase shareholder dilution?

Yes. Issuing new shares will dilute existing holders; the underwriters also have a 30-day option to buy up to an additional 15%.

Where will Hycroft (HYMC) file final offering terms?

A preliminary and final prospectus supplement will be filed with the SEC and available on www.sec.gov.