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Hycroft (Nasdaq: HYMC) outlines 51-year mine plan with $4.3B NPV

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Rhea-AI Filing Summary

Hycroft Mining Holding Corporation released a new S-K 1300 Technical Report Summary and Initial Assessment for its Hycroft Mine in Nevada, outlining a large-scale, long-life gold and silver project. The base case assumes gold at $3,600/oz and silver at $48/oz.

The study estimates a post-tax NPV at a 5% discount rate of $4.3 billion, rising to $10.0 billion at spot prices, with a post-tax IRR of 16.9% and payback in 4.7 years at base prices. Life-of-mine gross revenues are projected at $54.2 billion over a 51-year mine life.

Average annual production is projected at 204,000 ounces of gold, 6.8 million ounces of silver and 295,000 ounces of gold equivalent, with life-of-mine payable production of 10.4 million ounces of gold and 347.5 million ounces of silver. Initial capital is estimated at $2.4 billion and sustaining capital at $3.1 billion, with projected cash costs of $1,924/oz AuEq and AISC of $2,147/oz AuEq.

The report is an Initial Assessment, not a feasibility or pre-feasibility study, and is based only on measured and indicated mineral resources; inferred resources and certain low-grade stockpiles are excluded from the economic analysis.

Positive

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Insights

Hycroft publishes a large, long-life project case with strong modeled economics but at high metal prices and preliminary study level.

The TRS models a 51-year open pit operation using flotation, pressure oxidation and heap leach processing, with life-of-mine payable production of 10,424 koz gold and 347,462 koz silver. At base prices of $3,600/oz gold and $48/oz silver, post-tax NPV(5%) is $4.344B and IRR is 16.9%, with $54.2B in projected gross revenue.

Economics are sensitive to metals prices: each $100 per ounce increase in gold adds $300M to post-tax NPV(5%), and each $5 per ounce increase in silver adds $460M. Cash cost of $1,924/oz AuEq and AISC of $2,147/oz AuEq reflect a large, capital-intensive sulfide project with initial capital of $2.434B and sustaining capital of $3.107B.

The company clearly states this is an Initial Assessment, not a feasibility or pre-feasibility study, and that mineral resources are not mineral reserves. The plan excludes inferred resources and certain low-grade stockpiles from the economic case, and future engineering, permitting outcomes, and updated metal prices will be key factors in whether these modeled economics can progress toward a development decision.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Base case gold price $3,600 per ounce Commodity price assumption for TRS economic case
Base case silver price $48.00 per ounce Commodity price assumption for TRS economic case
Post-tax NPV(5%) base case $4.344 billion Modeled project value at 5% discount rate
Post-tax NPV(5%) at spot $10.0 billion NPV at quoted spot metal prices
Life-of-mine gross revenue $54.2 billion Modeled revenue over 51-year mine life
Initial capital cost $2.434 billion Upfront project development capital
Cash cost per AuEq ounce $1,924 per oz AuEq Life-of-mine average cash operating cost
AISC per AuEq ounce $2,147 per oz AuEq Life-of-mine all-in sustaining cost
Net Present Value financial
"Base Case Net Present Value at 5% (“NPV 5 ”) of $5.4 billion (pre-tax) and $4.3 billion (post-tax)"
Net present value is a way to measure the value of a future amount of money today. It considers how money available in the future is worth less than money now because of potential earning opportunities or inflation. Investors use it to decide whether an investment is worthwhile, aiming for projects with positive net present value, meaning they are expected to generate more value than they cost.
Internal Rate of Return financial
"Internal Rate of Return (“IRR”) of 18.9% (pre-tax) and 16.9% (post-tax)"
A percentage that represents the annualized yield an investment would earn, taking into account the timing and amount of all cash inflows and outflows; mathematically it is the rate that makes the discounted sum of future cash flows equal the initial cost. Investors use it to compare different projects or deals the way they compare interest rates — a higher internal rate of return suggests a stronger potential payoff, but it does not by itself show risk, scale, or timing nuances.
All-in sustaining cost financial
"LOM average cash cost (3) of $1,924 per ounce AuEq and all-in sustaining cost (“AISC”) (4) of $2,147 per ounce AuEq"
All-in sustaining cost (AISC) is a per-unit measure that shows the full, ongoing cost to produce a commodity, typically an ounce of metal, including direct mining costs, sustaining capital (ongoing equipment and mine upkeep), royalties, and general overhead. For investors it matters because AISC reveals the durable earning power and true profit margin of a producer—like calculating the total monthly cost to own and operate a car to judge whether selling rides is profitable over time.
Measured and Indicated Mineral Resources financial
"Mine plan based on the 2026 Mineral Resource Estimate (16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated)"
Measured and indicated mineral resources are estimates of how much ore and valuable material are present in a deposit, based on sampling, drilling and geological study. “Measured” denotes a high level of confidence in the quantity and quality, while “indicated” means there is reasonable but lower confidence; together they give investors a clearer picture of a project's size, potential revenue and risk—like using multiple spoonfuls to judge how much soup is in a pot before committing to cook it or buy it.
Initial Assessment financial
"The Initial Assessment is a preliminary technical and economic study that indicates the economic potential of the mineralization"
An initial assessment is a short, early review that identifies the main facts, risks and likely next steps about a business matter, product, clinical result or regulatory filing. It matters to investors because it sets first expectations—like a quick health check that signals whether deeper investigation, a change in valuation, or an urgent response is needed—and can influence short‑term market reactions and planning.
heap leach technical
"The Technical Study evaluates a heap leaching and milling operation at the Hycroft Mine"
Heap leach is a mining method where crushed ore is piled into a heap and a liquid is dripped or sprayed over it to dissolve valuable metals, which are then collected from the runoff. Investors care because it is a lower-cost, scalable way to produce metals like gold or copper, but it also affects project timelines, recovery rates, capital needs and environmental or regulatory risk — like choosing a cheap, slow way to extract juice from a fruit versus pressing it quickly.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 2, 2026

 

HYCROFT MINING HOLDING CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware   001-38387   82-2657796

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

 

P.O. Box 3030 Winnemucca, Nevada   89446
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (775) 304-0260

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class  Trading Symbol(s)  Name of each exchange on which registered
Class A common stock, par value $0.0001 per share  HYMC  The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 7.01. Regulation FD Disclosure.

 

News Release Announcing S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis

 

On June 2, 2026, Hycroft Mining Holding Corporation (the “Company”) issued a press release announcing the results of the S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis (“TRS”) for the Company’s Hycroft Mine in Nevada. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

 

Corporate Presentation

 

On June 2, 2026, the Company furnished its updated corporate presentation to its website at www.hycroftmining.com. A copy of the updated corporate presentation is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K.

 

In accordance with General Instruction B.2 of Form 8-K, the information set forth in (i) this Item 7.01, (ii) the news release and (iii) the updated corporate presentation is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 8.01 Other Events.

 

On June 2, 2026, the Company announced that it had completed the TRS, effective May 14, 2026, which has been prepared in accordance with the requirements of subpart 1300 of Regulation S-K. The TRS was completed by Ausenco Engineering USA South Inc., Independent Mining Consultants, Inc. and WestLand Engineering & Environmental Services, Inc., each a “Qualified Person” as such term is defined in subpart 1300 of Regulation S-K. A copy of the TRS is attached hereto as Exhibit 96.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit Number  Description
23.1  Consent of Ausenco Engineering USA South Inc.
23.2  Consent of Independent Mining Consultants, Inc.
23.3  Consent of WestLand Engineering & Environmental Services, Inc.
96.1  S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis
99.1  Press Release dated June 2, 2026
99.2  Corporate Presentation posted June 2, 2026
104  Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: June 2, 2026 Hycroft Mining Holding Corporation
   
  By: /s/ Rebecca A. Jennings
    Rebecca A. Jennings
    Senior Vice President and General Counsel

 

 

 

Exhibit 99.1

 

 

Hycroft Delivers $10 Billion NPV from Technical Report at Spot Prices

While Advancing High-Grade Brimstone and Vortex Silver Discoveries

 

WINNEMUCCA, NV, June 2, 2026 – Hycroft Mining Holding Corporation (Nasdaq: HYMC) (“Hycroft” or “the Company”), is pleased to announce the results from its S-K 1300 Technical Report Summary and Initial Assessment (the “TRS”), which outlines the economics and mine plan for a milling operation utilizing conventional pressure oxidation (“POX”) and heap leach processing at the Hycroft Mine in Nevada, USA. All amounts are in US dollars, and all figures are presented in US customary units.

 

The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with compelling economics and strong leverage to rising gold and silver prices, reinforcing its position as a multi-generational, world-class asset in a Tier-1 jurisdiction. The TRS is being filed concurrently with the SEC on EDGAR and is available on the Company’s website.

 

Basis of the Technical Report

 

  ●Base case commodity prices: $3,600 per ounce for gold and $48.00 per ounce for silver
  ●Spot prices(1): $4,569 per ounce of gold and $77.94 per ounce of silver
  ●Mine plan based on the 2026 Mineral Resource Estimate (16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated)
  ●Inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver are not included in the mine plan and represent an upside to the TRS economics
  ●Drill results from the 2025-2026 exploration program are not included in the mine plan and represents further upside

 

Highlights:

 

●Robust Economics Demonstrate the Scale and Value of the Hycroft Mine:

 

○Base Case Net Present Value at 5% (“NPV5”) of $5.4 billion (pre-tax) and $4.3 billion (post-tax)
○Internal Rate of Return (“IRR”) of 18.9% (pre-tax) and 16.9% (post-tax)
○NPV5 at spot prices of $10.0 billion and IRR of 30.1% (post-tax)
○Post-Tax Payback: 4.7 years at Base case prices and 2.9 years at spot prices
○Gross revenues: $54.2 billion at Base case prices

 

●Significant Leverage to Commodity Prices:

 

○For every $100 increase in gold price per ounce, the post-tax NPV5 increases by $300 million
○For every $5.00 increase in silver price per ounce, the post-tax NPV5 increases by $460 million

 

●Multi-Decade Production Profile at Meaningful Scale:

 

○51 year mine life
○Average annual production:

 

■204,000 ounces of gold
■6.8 million ounces of silver
■295,000 ounces gold equivalent(2) (“AuEq”)

 

 

(1) Spot prices for gold and silver as of May 25, 2026

(2) Silver is converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au

 

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○First 10 years deliver enhanced production averaging more than 330,000 ounces AuEq
○Life of Mine (“LOM”) production:

 

■10.4 million ounces of gold
■347.5 million ounces of silver
■15.1 million ounces AuEq

 

●Conventional Plant Design, Layout and Processing:

 

○Proven POX processing technology
○Existing infrastructure on-site allows for reduced capital expenditures
○Plant designed to process 57,100 tons per day of mineralized material
○LOM average cash cost(3) of $1,924 per ounce AuEq and all-in sustaining cost (“AISC”)(4) of $2,147 per ounce AuEq
○Initial capital costs: $2.4 billion and LOM sustaining capital costs of $3.1 billion

 

Significant Upside and Optionality Remains:

 

●Potential mine plan upside opportunities include:

 

○Further drilling to reclassify waste and inferred gold and silver resources to measured and indicated resources enabling integration into future mine plans
○Accelerated access to high-grade zones at Brimstone and Vortex early in the mine life through targeted optimization
○Combining underground mine option alongside the open pit benefiting from large scale production and bringing high-grade ounces forward earlier in the mine life
○New oxide targets have been identified for potential heap leach early in the mine life
○Extending mine life or expanding production by processing stockpiled low-grade mill feed material within the current mine plan but not included in the economic analysis

 

●Current mineral resource comprises less than 15% of the +64,000-acre land position as the Hycroft system remains open in all directions and at depth for future growth

 

○New exploration targets identified for potential resource expansion opportunities including high-grade and oxide targets
○Significant drilling campaign underway with two core drill rigs at Brimstone and Vortex, increasing to four core drill rigs over the next quarter to expand and define these two high-grade systems that currently remain open in all directions and at depth

 

●Roasting test work is pending as an alternative processing option which could potentially enhance project economics including potentially adding a meaningful third revenue stream from the by-product production and sale of sulfuric acid, a strategically important industrial chemical

 

Diane R. Garrett, Executive Chairman and Chief Executive Officer, commented: “This Technical Study confirms the scale, quality, and long-term potential of the Hycroft Mine. The project delivers strong economics and significant leverage to rising gold and silver prices, reinforcing Hycroft’s position as one of the sector’s most compelling large-scale development opportunities, located in a Tier 1 jurisdiction.

 

 

(3) Cash costs consist of mining costs, processing costs, mine-level G&A, and refining charges and royalties

(4) All-in sustaining costs includes cash costs plus sustaining capital and closure costs

 

2 
 

 

Importantly, we believe the most meaningful value creation opportunity remains ahead of us. By advancing the high-grade Brimstone and Vortex silver systems, we see a clear path to further improving project economics and unlocking additional value. The Hycroft land package remains a highly prospective environment, and we believe we are only at the beginning of demonstrating its true potential.”

 

For additional context on the TRS, please visit our pre-recorded event with 6ix.

 

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 northern Nevada, a Tier-1 mining jurisdiction. 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, please contact:

 

E: info@hycroftmining.com

Investor Relations Phone: 775-245-0564

www.hycroftmining.com

 

Media: Tavistock, Jos Simson / Emily Moss

E: hycroft@tavistock.co.uk

Phone: +44 207 920 3150

 

Cautionary Statements Regarding the Initial Assessment and Mineral Resources

 

The Initial Assessment is a preliminary technical and economic study that indicates the economic potential of the mineralization to support the disclosure of mineral resources at the Hycroft Mine. The Initial Assessment, however, does not represent a feasibility study or a pre-feasibility and does not demonstrate economic viability nor does it support a development decision, for which additional project planning and design are needed. As a result, Hycroft plans to continue to estimate its resources at the Hycroft Mine and further develop the project economics.

 

As used in this news release, the terms “pre-feasibility study,” “feasibility study,” “initial assessment,” “mineral reserve,” “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource”, as applicable, and other terms used herein are defined and used in accordance with S-K 1300.

 

The Initial Assessment also does not include the conversion of mineral resources to mineral reserves. Under subpart 1300 of Regulation S-K, mineral resources may not be classified as “mineral reserves” unless the determination has been made by a QP that the mineral resources can be the basis of an economically viable project. Investors are specifically cautioned not to assume that any part or all of the mineral deposits (including any mineral resources) in these categories will ever be converted into mineral reserves, as defined by the SEC.

 

In addition, estimates of inferred mineral resources have too high of a degree of uncertainty as to their existence and may not be converted to a mineral reserve. Therefore, investors are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be the basis of an economically viable project, or that it will ever be upgraded to a higher category. Likewise, investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted to mineral reserves.

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain information set forth in this news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable United States securities law (referred to herein as forward-looking statements). Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company, the Hycroft Mine and its mineral properties; results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of the PEA for the Hycroft Mine, including cash flows, revenue potential, development, expenditures, and timing thereof, extraction rates, LOM projections and cost estimates; timing of completion of a technical report summarizing the results of the PEA; magnitude or quality of mineral deposits; anticipated advancement of the Project mine plan; exploration expenditures, costs and timing of the development of new deposits; costs and timing of future exploration; permitting; construction and optimization planning; estimates of metallurgical recovery rates; anticipated advancement of the Hycroft Mine, future prospects and prospective inclusion of mineral resources in future mining activities; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; the realization of the expected economics of the Project; future growth potential of the Project; and future development plans.

 

Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company’s ability to complete its planned exploration and development programs; the absence of adverse conditions at the Hycroft Mine; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Hycroft Mine and the Company’s mineral properties economic; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource. Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in the Hycroft Mine parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company’s control and as well as those factors included herein and elsewhere in the Company’s public disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company’s Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2025, and all other quarterly filings, available on the EDGAR profile for the Company at www.sec.gov.

 

3 
 

 

Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. Investors are urged to read the Company’s filings with U.S. Securities and Exchange Commission which can be viewed online under the Company’s profile on EDGAR at www.sec.gov.

 

Cautionary Note Regarding Non-GAAP Financial Measures

 

Alternative performance measures in this news release such as “cash cost”, “AISC”, and Free Cash Flow are furnished to provide additional information. These non-GAAP performance measures are included in this news release because these statistics are used as key performance measures that management uses to monitor and assess performance of the Hycroft Mine, and to plan and assess the overall effectiveness and efficiency of mining operations. These performance measures do not have a standardized meaning within the accounting principles generally accepted in the Unites States of America (“GAAP”) and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. These performance measures should not be considered in isolation as a substitute for measures of performance in accordance with GAAP.

 

Cash Costs

 

Cash costs include site operating costs (mining, processing, site G&A), refining charges and royalties (excludes corporate office G&A and exploration expenses). While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance.

 

All-In Sustaining Cost

 

Site level AISC includes cash costs plus sustaining capital and closure costs. The Company believes that this measure is useful to external users in assessing operating performance and the Company’s ability to generate free cash flow from potential operations.

 

Free Cash Flow

 

Free cash flows are revenues net of operating costs, royalties, capital expenditures, and cash taxes. The Company believes that this measure is useful to the external users in assessing the Company’s ability to generate cash flows.

 

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Appendix

 

The S-K 1300 Technical Report Summary and Initial Assessment with Economic Analysis was prepared by Ausenco Engineering South USA with contributing authors Ausenco Engineering South USA Inc., Independent Mining Consultants Inc. and WestLand Engineering & Environmental Services, Inc.

 

The following are summaries of or excerpts from the TRS, do not purport to be complete and are qualified in their entirety by reference to the full text of the TRS.

 

The Hycroft Mine

 

The Hycroft mine is among the world’s largest precious metals deposits. It is situated on the western flank of the Kamma Mountains on the eastern edge of the Black Rock Desert approximately 54 miles west of Winnemucca in Humboldt and Pershing Counties, Nevada, a Tier-1 mining jurisdiction.

 

The Technical Study is based on the 2026 Mineral Resource Estimate of 16.4 million ounces of gold and 562.5 million ounces of silver (measured and indicated). An additional 5.0 million ounces of gold and 132.8 million ounces of silver exist in the inferred mineral resource category which was not included in this study.

 

In 2023, Hycroft announced the discovery of two new high-grade silver systems within the known resource area and the Company is engaged in a significant exploration drill program (2025-2026 drill program) designed to expand these two systems in addition to targeting newly identified high-grade opportunities. These discoveries represent a significant value driver for the Hycroft Mine.

 

The mine has existing facilities on site including administration buildings, mobile maintenance and light vehicle maintenance shops, warehouse, leach pads, primary, secondary and tertiary crushing systems, assay lab, Merrill-Crowe process plants, refinery and components for a larger second refinery.

 

Current Property and Facilities Layout

 

 

5 
 

 

Technical Study Overview

 

The Technical Study evaluates a heap leaching and milling operation at the Hycroft Mine based on a conventional flotation with POX flowsheet, followed by hot cure, lime boil, cyanide leach, Merrill-Crowe precipitation and refining.

 

The Technical Study was prepared by Ausenco Engineering USA South Inc. (“Ausenco”), Independent Mining Consultants, Inc. (“IMC”), and WestLand Engineering & Environmental Services, Inc. (“WestLand”) in accordance with S-K 1300 and encompasses a mine life of 51 years, processing approximately 57,100 tons per day of sulfide and transition mineralized material.

 

Economic Analysis Summary

 

  Unit Value
General Inputs
Gold Price USD$/oz 3,600
Silver Price USD$/oz 48
Discount Rate % 5
LOM Production
Total Mineralized Material Mined kst 1,496,134
Total Waste Mined kst 2,320,719
Average Strip Ratio w:o 1.55
Life of Mine years 51
Total Mill Feed Processed kst 1,046,284
Average Mill Feed Grade (Au) oz/st 0.012
Average Mill Feed Grade (Ag) oz/st 0.43
Total Leach Material Processed kst 210,010
Average Heap Leach Feed Grade (Au) oz/st 0.005
Average Heap Leach Feed Grade (Ag) oz/st 0.12
Average Mill Process Gold Recovery % 82.8
Average Mill Process Silver Recovery % 77.5
Average Heap Leach Gold Recovery % 40.0
Average Heap Leach Silver Recovery % 12.0
Life of Mine Payable Gold Production koz 10,424
Life of Mine Payable Silver Production koz 347,462
Life of Mine Payable Gold Equivalent Production koz 15,057
Transport, Refining, Royalties
Gold Payable % 99.5
Silver Payable % 99.5
NSR Royalty (1.5% plus gross up) % NSR 2.14
Refining Costs - Au US$/oz 5.00
Refining Costs - Ag US$/oz 0.50

 

6 
 

 

  Unit Value
LOM Operating Costs
Mining Cost US$/st mined 2.28
Mining Cost US$/st processed 6.91
Mill Processing Cost US$/st processed 16.65
Heap Leach Processing Cost US$/st processed 2.49
G&A Cost US$/st processed 0.53
Total Operating Cost US$/st processed 21.96
Cash Costs1 US$/oz AuEq 1,924
All-In Sustaining Cost2 US$/oz AuEq 2,147
Capital Costs
Initial Capital US$M 2,434
Sustaining Capital US$M 3,107
Closure Costs US$M 243
Financials
Pre-Tax NPV (5%) US$M 5,437
Pre-Tax IRR % 18.9
Pre-Tax Payback years 4.3
Post-Tax NPV (5%) US$M 4,344
Post-Tax IRR % 16.9
Post-Tax Payback years 4.7

 

 

1Cash costs consist of mining costs, processing costs, mine-level G&A and refining charges and royalties

2AISC includes cash costs plus sustaining capital and closure costs

 

Significant Leverage to Gold and Silver Prices

 

 

7 
 

 

LOM Revenue

 

 

Capital Costs

 

Description Capital
Cost (US$M)		 Sustaining
Cost (US$M)		 Total Cost
(US$M)
Mining 194 1,171 1,365
Crushing 48 60 109
Sulfide Process 915 776 1,692
Oxide Process 16 46 63
Waste Rock Storage & TMF 208 515 723
Onsite Infrastructure 139 9 148
Offsite Infrastructure 43 366 409
Total Direct Costs 1,563 2,944 4,507
Indirects 382 27 409
Provisions 448 136 584
Owner’s Costs 41 - 41
Total Capital Cost 2,434 3,107 5,541

 

Note: Includes contingencies

 

Operating Costs

 

The total operating costs are estimated at $21.96/ton or $27.6 billion over the 51-year mine life. These operating costs do not include pre-production operating costs. A summary of operating costs is presented in the table below.

 

Cost Area LOM Total (US$M) US$/ton processed % of Total
Mining 8,683 6.91 31.5
Process 18,245 14.52 66.1
G&A 664 0.53 2.4
Total 27,592 21.96 100.0

 

Note: Includes contingencies

 

The TRS is based on the 2026 Measured and Indicated Mineral Resources Estimate (“MRE”). The mine plan is based only on measured and indicated mineralization that was estimated in the mineral resource block model. Inferred mineralization was not included within the TRS.

 

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Hycroft Mineral Resource Estimate as of 21 January 2026, US customary Units

 

Classification

Cutoff Grade

$ Net

of Refining

Approximate

Cutoff, AuEq oz/ton

 Ktons

Gold

oz/ton

Silver

oz/ton

Sulfide

Sulfur %

 Contained Ounces

Gold

Oz x 1000

Silver

Oz x 1000

Heap Leach Resource
Measured $1.88 - $3.63 0.001 - 0.002 92,994 0.005 0.11 1.83 446 10,322
Indicated $1.88 - $3.63 0.001 - 0.002 110,374 0.004 0.09 1.54 475 9,492
Meas + Ind $1.88 - $3.63 0.001 - 0.002 203,368 0.005 0.10 1.67 921 19,814
Inferred $1.88 - $3.63 0.001 - 0.002 110,018 0.005 0.09 1.41 528 10,122
Flotation Mill + Concentrate Treatment by Pressure Oxidation and Cyanide Leach
Measured $16.73 0.007 734,571 0.011 0.43 2.03 8,154 316,600
Indicated $16.73 0.007 748,876 0.010 0.30 1.84 7,339 226,161
Meas + Ind $16.73 0.007 1,483,447 0.010 0.37 1.93 15,493 542,761
Inferred $16.73 0.007 459,646 0.010 0.27 1.76 4,505 122,725
Combined Mineral Resources Leach Plus Mill
Measured $1.88 - $16.73 0.001 - 0.007 827,565 0.010 0.40 2.01 8,600 326,922
Indicated $1.88 - $16.73 0.001 - 0.007 859,250 0.009 0.27 1.80 7,814 235,653
Meas + Ind $1.88 - $16.73 0.001 - 0.007 1,686,815 0.010 0.33 1.90 16,414 562,575
Inferred $1.88 - $16.73 0.001 - 0.007 569,664 0.009 0.23 1.69 5,033 132,847

 

Notes:

 

1.Mineral resources based on metal prices of $3,100/troy oz Au and $36.00/troy oz Ag
2.Cutoffs are Income – Refining Cost = NSR
3.Gold Equivalent (AuEq) for Heap Leach = Cyanide Gold + 0.0019 x Total Silver Assay,
or at average gold leach recovery AuEq = Fire Gold + 0.0035 Total Silver Assay
4.Gold Equivalent for Mill + Pressure Oxidation = Fire Gold + 0.0107 x Total Silver Assay
5.Numbers may not match exactly due to rounding
6.Mineral resources are contained within a computer-generated optimized pit
7.Total material in that pit is 5.42 billion tons
8.Mineral resources are not mineral reserves, and detailed economic considerations have not been applied
9.Modifying factors for mine and process design have not been applied
10.All units are US customary Ktons means 1,000 short tons. Au and Ag grades are in troy ounces per short ton (oz/ton)

 

Mining Methods

 

Hycroft is planned as a conventional hard rock open pit operation. The mine plan is based on measured and indicated mineralization that was estimated in the mineral resource block model. Independent Mining Consultants developed a mine plan that produces the required process feed and moves sufficient mine waste to assure continued release of the mineralization.

 

The mine will feed two processing facilities:

 

1.A flotation mill followed by pressure oxidation and leaching of the concentrate, and
2.A Run-of-Mine (“ROM”) heap leach for mineralization that is amenable to direct cyanide leaching.

 

The cutoff grade for the schedule is based on income net of process:

 

●Income net of process = Net Return after Refining – Process Costs

 

Total mined material begins with 11.3 million tons per annum in preproduction and increases to 71.2 million tons per annum in Years 1 through 3. Additional equipment is acquired later in the mine life with total material movement increasing to 82.0 million tons per annum from Years 5 to 27. From Year 28 until the end of the mine life (Year 51) the total material mined reduces to 70 million tons per annum.

 

9 
 

 

The material planned for milling and leaching on the production schedule is potentially minable material. They do not constitute mineral reserves at this time.

 

Low-grade mill feed material is stockpiled throughout the mine life. This material is not fed to the mill and is not part of the economic analysis in this report. Further trade-off studies will analyze the opportunity to feed this additional material through the process plant.

 

Mined Tons & Payable Gold Equivalent Ounces

 

 

Production Schedule

 

The following graphs reflect the approximate recovered metal produced over the mine life and the relative metal contribution of the heap leach compared to the mill.

 

Recovered Gold and Silver by Year

 

 

10 
 

 

 

Processing and Recovery Methods

 

A significant portion of the gold and silver in the material going to the process plant is refractory due to its association with pyrite, marcasite, and other sulfide minerals. Oxide and some transition material will be processed on a heap leach pad. A process flowsheet was developed to treat sulfide and certain transition mineralization. These materials are ground and floated to produce a concentrate. The concentrate is then oxidized in the POX plant and subsequently cyanide leached to extract gold and silver.

 

The key process plant design criteria are:

 

●Major equipment is designed for a nominal throughput of 57,100 tons/day
●Plant process recovery of 82.8% gold and 77.5% silver, given the LOM average grades
●Existing crushing circuit consists of primary, secondary, and tertiary crushing, supported by a coarse ore stockpile and a crushed ore stockpile with dedicated feeders to provide continuous feed to the downstream process plant
●Process flowsheets include three stages of crushing followed by two stages of ball milling, flotation, POX, a cyanide leaching circuit for oxidized flotation concentrate, Merrill-Crowe circuit, and Tailings Management Facilities (“TMF”), with an overall availability of 92%

 

Pregnant solution from the cyanide leach circuit will be processed in the existing Merrill-Crowe zinc cementation facilities.

 

Infrastructure

 

The Hycroft Mine benefits from substantial existing infrastructure constructed and operated over decades of prior production. Key existing facilities include:

 

●Crushing facility
●Heap leach pads
●North Merrill-Crowe facility
●Onsite access, haul roads and a major east–west railway pass adjacent to the Hycroft property
●Truck shop
●Maintenance building
●Laboratory and administrative buildings
●Power is supplied to the site from nearby power lines
●Potable water is sourced from a well

 

11 
 

 

New infrastructure to be constructed includes the Northeast TMF, a Waste Rock Storage Facility, the Process Plant Site and associated infrastructure, a Limestone Plant, and a new rail spur.

 

The proposed processing facility is designed to be inclusive with (or “of”) the existing crushing circuit and North Merrill-Crowe facility. The proposed scope of work includes electrical distribution upgrades, new substations, process control systems, reagent handling facilities (including oxygen and limestone systems), and selective expansion or repurposing of existing maintenance and administrative buildings.

 

The site currently has access to grid power. Additional transmission capacity is required to support the new plant. The total estimated load factoring for load growth, including power for the oxygen plant, is 160 MW. Tie-ins to existing utilities will include water, compressed air, and potable and sewer systems. The development of a freshwater production well field is also planned to support freshwater needs throughout the LOM.

 

A rail spur extension from the Union Pacific line is planned to support delivery of reagents, consumables, and fuel. Additionally, the existing fuel island is to be replaced with a higher-efficiency system during the LOM.

 

Ancillary structures including a covered crushed ore stockpile, new laboratory and maintenance facilities, fuel station upgrades, and technical services expansion are proposed to support operations over the LOM. In addition to this, selected existing buildings will be relocated, expanded, rehabilitated, or repurposed.

 

Contracts

 

Hycroft Mine is subject to a royalty agreement (Sprott Royalty Agreement) with SPRL II which was initiated on May 29, 2020. The royalty is accounted for by Hycroft as a deferred gain liability in which Hycroft received a cash consideration of US$30.0 million in exchange for a perpetual royalty equal to 1.5% (2.14% including withholding tax gross up) of Net Smelter Returns (NSR) from Hycroft Mine.

 

Environmental, Permitting and Social Considerations

 

The Mine is located on public land administered by the Bureau of Land Management (“BLM”) and private land controlled by Hycroft Resources and Development, LLC, a wholly owned subsidiary of Hycroft Mining Holding Company.

 

Hycroft is currently authorized to operate under a plan of operations (“POO”) for ore extraction and processing, water management, engineering, environmental studies, and exploration. In 2012, the BLM issued a Record of Decision (“ROD”) for an EIS conducted for the Mine to expand heap leach operations, open pits, and waste rock facilities. In 2014, the BLM issued a Decision Record with an Environmental Assessment authorizing Hycroft’s POO for construction and operations of a rail spur, open pit expansion, and construction of a processing complex, including the TMF located northeast of the Mine.

 

The TRS outlines development of additional infrastructure to support the modified Project including construction of a new TMF, waste rock storage facilities, rail spur, and a new process plant area. Review and approval of proposed revisions to the POO by the BLM constitutes a federal action under the National Environmental Policy Act and applicable BLM regulations. Accordingly, BLM review of the Plan Application will require preparation of either an Environmental Assessment or an Environmental Impact Statement.

 

12 

 

Exhibit 99.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: View Original Filing on SEC EDGAR

FAQ

What does Hycroft Mining (HYMC) announce in this 8-K filing?

Hycroft Mining announces results of an S-K 1300 Technical Report Summary and Initial Assessment for the Hycroft Mine. The study outlines a 51-year mine plan, projected production, capital and operating costs, and economic metrics such as NPV and IRR based on specified metal prices.

What are the key economic figures from Hycroft Mining’s new TRS?

The Initial Assessment shows a post-tax NPV(5%) of $4.344 billion and post-tax IRR of 16.9% at base prices. At spot prices, NPV(5%) increases to $10.0 billion. Life-of-mine gross revenues are projected at $54.2 billion over a modeled 51-year operating life.

What production levels does the Hycroft TRS project for gold and silver?

The TRS projects average annual production of 204,000 ounces of gold, 6.8 million ounces of silver and 295,000 ounces of gold equivalent. Over the life of mine, payable production is estimated at 10.424 million ounces of gold and 347.462 million ounces of silver, plus 15.057 million ounces gold-equivalent.

What capital and operating costs are estimated for the Hycroft Mine plan?

Initial capital is estimated at $2.434 billion with sustaining capital of $3.107 billion and closure costs of $243 million. Total operating cost is $21.96 per ton processed, with cash costs of $1,924 per ounce gold equivalent and all-in sustaining costs of $2,147 per ounce gold equivalent.

Is the Hycroft Technical Report a feasibility study supporting mine construction?

No. The company states the Initial Assessment is a preliminary technical and economic study, not a feasibility or pre-feasibility study. It does not demonstrate economic viability, does not convert resources to reserves, and does not by itself support a development decision for the Hycroft Mine.

What mineral resources underpin Hycroft Mining’s new Technical Report?

The TRS is based on the 2026 Measured and Indicated Mineral Resource Estimate totaling 16.414 million ounces of gold and 562.575 million ounces of silver. An additional 5.033 million ounces of gold and 132.847 million ounces of silver inferred resources are excluded from the economic analysis and mine plan.

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