Hycroft Provides Project Update
Hycroft outlines parallel technical workstreams on underground mining, processing options and a possible heap leach restart while updating its brand and website.
Rhea-AI Summary
Hycroft Mining (HYMC) issued a project update on technical work to advance the Hycroft Mine toward production and unveiled a refreshed brand identity and website on September 21, 2026.
The company is progressing underground development planning for the high-grade Brimstone and Vortex systems, supported by RESPEC, which is preparing conceptual underground mine plans and evaluating an exploration decline for improved drill access and future integration into underground operations. Hatch is assessing processing options for a possible underground operation, while Hazen is conducting metallurgical tests to characterize Brimstone and Vortex material.
Hycroft has completed roasting metallurgical test work and is finalizing a trade-off study between roasting and pressure oxidation, noting roasting could enable sulfuric acid sales. The company is also evaluating a potential heap leach restart, supported by a reverse circulation drill program and ongoing metallurgical testing, and has upgraded its website to better communicate strategy and technical progress.
Positive
- Roasting test program completed, enabling a trade-off study versus pressure oxidation
- RESPEC, Hatch and Hazen engaged to design underground options and validate metallurgy for Brimstone and Vortex
- Two additional core rigs expected in Q4 2026 to accelerate drilling at Vortex, Brimstone and other targets
- Heap leach restart under evaluation, supported by a 2025 reverse circulation drill program and ongoing metallurgical tests
- Updated website and corporate materials launched to improve access to technical and strategic information for stakeholders
Negative
- None.
Key Figures
- Additional core rigs
- 2 core rigs
- Expected to support fourth-quarter drilling at Vortex and Brimstone
- Rig arrival timing
- fourth quarter
- Expected timing for the additional core rigs
Historical Context
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High-grade Vortex and Brimstone drilling supported underground mine evaluation
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Four independent directors joined the board to support mine advancement
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Additional drilling extended high-grade silver at Brimstone and Vortex
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Technical studies and drilling advanced alongside a strong balance sheet
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Mining executive appointed to oversee operations and technical development
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
pressure oxidation technical
heap leach technical
reverse circulation drill program technical
metallurgical test program technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Unveils Refreshed Brand Identity to Reflect Its Evolution
The Company is continuing to evaluate multiple potential pathways to unlock shareholder value in the second half of 2026. These efforts are supported by a senior leadership team with extensive operational expertise and a strengthened Board of Directors with substantial experience in mining operations and project development. The updated website, available today at www.hycroftmining.com, provides investors and all stakeholders with enhanced access to information on the Company's strategy, technical programs, exploration results and corporate developments.
Diane Garrett, Executive Chairman and CEO, commented: "We are progressing underground development planning at Brimstone and Vortex, completing trade-off study results between pressure oxidation and roasting for the broader sulfide resource and assessing the potential restart of heap leach operations. Additionally, we are awaiting two additional core rigs and expect to have them in the fourth quarter to accelerate drilling on Vortex and Brimstone and test other highly prospective targets across the site. Our focus remains on defining the optimal path to production that delivers the highest economic value from the asset to our shareholders.
We have also strengthened our Board and management team with highly experienced mining leaders who bring the operating, technical, financial and strategic capabilities needed to support this next phase of growth and our updated website and corporate materials provide a more effective platform to communicate the progress being made across the asset."
Technical Update
Assessment of High-Grade Underground Development Potential
The Company is finalizing its internal assessment of potential underground development options for the high-grade Brimstone and Vortex systems. As previously announced, the Company engaged RESPEC Company LLC ("RESPEC") to evaluate underground mining alternatives and develop a conceptual mine plan. RESPEC is also supporting an assessment of potential locations and configurations for an exploration decline that could provide underground drill access to more effectively and efficiently explore and expand the high-grade systems while also considering its potential integration into a future underground mining operation.
Hatch Ltd. ("Hatch") has also been engaged to evaluate processing alternatives for recovering silver and gold from a potential underground operation. A metallurgical test program is underway at Hazen Research Inc. ("Hazen") to further characterize the metallurgical response of the high-grade Brimstone and Vortex material and support this evaluation.
In parallel, the Company will continue the engineering, environmental, and permitting work required to advance the project along the optimal production path.
Metallurgical Test Work on Roasting
The Company has completed the roasting metallurgical test program and is now finalizing a trade-off analysis comparing the economic benefit of both roasting and pressure oxidation. While both processing options are conventional methods, roasting has the potential for an additional revenue stream through the production and sale of sulfuric acid, which is a critical input for lithium, copper, and fertilizer production.
Assessment of a Heap Leach Restart
The Company continues to evaluate the potential to restart heap leach operations at Hycroft. A reverse circulation drill program, initiated in late 2025, further defined the quantity, location and characteristics of oxide and transition material. A metallurgical test program is underway, after which the Company will evaluate the appropriate next steps for advancing the restart opportunity.
About Hycroft Mining Holding Corporation
Hycroft Mining Holding Corporation is a US-based gold and silver company exploring and developing the Hycroft Mine, among the world's largest precious metals deposits, located in Nevada, a Tier-1 mining jurisdiction. With a long history of heap leach operations, Hycroft is advancing to the next phase of operations for processing sulfide mineralization. In addition, Hycroft is engaged in a robust exploration drill program (2025-2026 Exploration Drill Program) to expand and advance the two new high-grade silver systems Brimstone and Vortex. These discoveries represent a significant value driver for the Hycroft Mine.
For Further Information
Investor Relations:
E: info@hycroftmining.com
P: 775-245-0564
Media:
E: media@hycroftmining.com
P: 775-245-0564
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this press release and in public statements by our officers or representatives that address activities, events or developments that we expect or anticipate will or may occur in the future are forward-looking statements. These include, but are not limited to, statements regarding future business strategy, plans and goals, competitive strengths, the advancement and development of the Hycroft Mine, the results and implications of metallurgical analysis and test work, and the expansion and growth of our business.
Forward-looking statements are often identified by future or conditional words such as "estimate," "plan," "anticipate," "expect," "intend," "believe," "target," "budget," "may," "can," "will," "would," "could," "should," "seeks," "scheduled to" and similar words or expressions but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. The risks include, but are not limited to: (i) 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 the lack of a completed feasibility study; risks related to metallurgical test work and process development; risks related to obtaining and maintaining necessary permits and regulatory approvals; and risks related to our ability to re-establish commercially feasible mining and processing operations; and (ii) 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.
These and other risks may cause actual results to differ materially from those expressed or implied by the forward-looking statements, and the occurrence of one or more of these events or circumstances, alone or in combination with others, may have a material adverse effect on our business, cash flows, financial condition and results of operations. Please see the "Risk Factors" outlined in our Annual Report on Form 10-K for the year ended December 31, 2025, and in other reports filed with the SEC, for more information about these and other risks. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE Hycroft Mining Holding Corporation
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What underground development work is Hycroft currently evaluating at Brimstone and Vortex?
Hycroft is finalizing an internal assessment of underground development options for the high-grade Brimstone and Vortex systems. RESPEC is evaluating underground mining alternatives and preparing a conceptual mine plan, including potential locations and configurations for an exploration decline that could provide underground drill access and be integrated into a future underground mining operation.
How is Hycroft assessing processing options for future sulfide production?
Hatch has been engaged to evaluate processing alternatives for recovering gold and silver from a potential underground operation at Hycroft. In parallel, Hycroft has completed a roasting metallurgical test program and is finalizing a trade-off analysis comparing the economic benefits of roasting and pressure oxidation. The company notes that roasting may also enable an additional revenue stream through production and sale of sulfuric acid.
What steps is Hycroft taking toward a possible restart of heap leach operations?
Hycroft is evaluating the potential to restart heap leach operations based on a reverse circulation drill program initiated in late 2025, which further defined the quantity, location and characteristics of oxide and transition material. A metallurgical test program is underway, after which the company will determine next steps for advancing the heap leach restart opportunity.
What changes are included in Hycroft’s refreshed brand identity and communications?
The company has introduced a refreshed brand identity, an updated corporate presentation and a redesigned website at www.hycroftmining.com. These materials are intended to better reflect Hycroft’s transformation and to provide investors and stakeholders with enhanced access to information on strategy, technical programs, exploration results and corporate developments.