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HYMC on Nasdaq

HYCROFT MINING HOLDING CORP

HYCROFT MINING HOLDING CORP is an American Gold and Silver Ores company based in Winnemucca, active since 2017.2 Its shares trade on Nasdaq under the symbol HYMC.2

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Last updated Oct 21, 2026.

Overview

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  • TickerHYMC on Nasdaq2
  • IndustryGold and Silver Ores2
  • HeadquartersWinnemucca, United States2
  • Incorporated inDE3
  • Business address4300 Water Canyon Road, Unit 1, Winnemucca, Nv 894453
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI254900T7FYMGS29WIF552
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 65258242

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Hycroft Mining Holding Corporation (formerly known as Mudrick Capital Acquisition Corporation) was incorporated under the laws of the state of Delaware on August 28, 2017. In this 2025 Form 10-K, “we,” “us,” “our,” “Company,” “Hycroft,” and “HYMC” refer to Hycroft Mining Holding Corporation and its subsidiaries. We are a U.S.-based gold and silver exploration stage issuer that owns the Hycroft Mine in the prolific mining region of Northern Nevada. The following discussion should be read in conjunction with the Company’s Consolidated Financial Statements (“Financial Statements”) and Notes to the Consolidated Financial Statements included in Part II – Item 8. Financial Statements and Supplementary Data of this 2025 Form 10-K.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-100.0%Revenue growth, 20235
-434.8%Return on equity6
11.27×Debt to equity7
-$42.5MFree cash flow7

Financial statements

Revenue89105$0 in 2023
0$50.0M$100.0M$150.0M2019: $13.7M$13.7M20192020: $47.0M$47.0M2020+243%2021: $110.7M$110.7M2021+135%2022: $33.2M$33.2M2022−70%2023: $0$02023
Operating income891057-$45.0M in 2023+33% since 2019
-$100.0M-$75.0M-$50.0M-$25.0M02019: -$33.9M-$33.9M20192020: -$89.4M-$89.4M2020+163%2021: -$83.9M-$83.9M2021−6%2022: -$53.5M-$53.5M2022−36%2023: -$45.0M-$45.0M2023−16%
Net income891057-$55.0M in 2023−44% since 2019
-$150.0M-$100.0M-$50.0M02019: -$98.9M-$98.9M20192020: -$136.4M-$136.4M2020+38%2021: -$88.6M-$88.6M2021−35%2022: -$60.8M-$60.8M2022−31%2023: -$55.0M-$55.0M2023−10%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Exploration and development costs$14.9M$19.5M
Mine site costs$14.7M$9.9M
General and administrative costs$14.5M$14.5M
Depreciation and amortization$2.0M$2.2M
Other (income), net-$165.0K-$9.4M
Asset retirement obligation adjustments and accretion expense-$1.4M$7.1M
Loss from operations-$44.5M-$43.8M
Other income (loss), net$10.4M-$1.5M
Interest income$4.4M$4.4M
Interest expense-$11.0M-$20.0M
Net loss-$40.7M-$60.9M
Basic (in USD per share)-$0.94-$2.63
Diluted (in USD per share)-$0.94-$2.63
Basic (in shares)43.3M shares23.2M shares
Diluted (in shares)43.3M shares23.2M shares

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Corporate structure

HYCROFT MINING HOLDING CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of HYCROFT MINING HOLDING CORP

  • State Street Corporation Filed SCHEDULE 13G on HYCROFT MINING HOLDING CORP, latest Aug 7, 2026 (2 filings since May 12, 2026)
  • BlackRock Filed SCHEDULE 13G on HYCROFT MINING HOLDING CORP, latest Jul 28, 2026
  • Tribeca Investment Partners Pty Ltd Filed SCHEDULE 13G/A on HYCROFT MINING HOLDING CORP, latest Jan 21, 2026 (2 filings since Nov 6, 2025)
  • Eric Sprott Filed SCHEDULE 13D/A on HYCROFT MINING HOLDING CORP, latest Dec 30, 2025 (11 filings since Mar 24, 2022)
  • AMC Theatres Filed SCHEDULE 13D/A on HYCROFT MINING HOLDING CORP, latest Dec 5, 2025 (4 filings since Mar 24, 2022)
  • Mudrick Capital Management, L.P. Filed SC 13D/A on HYCROFT MINING HOLDING CORP, latest Mar 22, 2023 (11 filings since Nov 12, 2021)
  • Nomura Holdings Filed SC 13G/A on HYCROFT MINING HOLDING CORP, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • ARISTEIA CAPITAL, L.L.C. Filed SC 13G/A on HYCROFT MINING HOLDING CORP, latest Feb 10, 2023 (2 filings since Feb 14, 2022)
  • HIGHBRIDGE CAPITAL MANAGEMENT LLC Filed SC 13G/A on HYCROFT MINING HOLDING CORP, latest Feb 10, 2023 (2 filings since Feb 11, 2022)
  • WHITEBOX ADVISORS LLC Filed SC 13D/A on HYCROFT MINING HOLDING CORP, latest Mar 10, 2022 (2 filings since Nov 15, 2021)
  • SCOGGIN MANAGEMENT LP Filed SC 13G/A on HYCROFT MINING HOLDING CORP, latest Feb 11, 2022
  • HYCROFT MINING HOLDING CORP Winnemucca, Nevada, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What HYCROFT MINING HOLDING CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$88.4M6 Dec 31, 2025$87.9M6 Dec 31, 2024+0.7%
Accumulated depreciation$38.3M6 Dec 31, 2025$36.3M6 Dec 31, 2024+5.7%
Property and equipment, net$50.1M6 Dec 31, 2025$51.6M6 Dec 31, 2024−2.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$181.7M6 Dec 31, 2025$49.6M6 Dec 31, 2024+266.7%
Equity securities at fair value$776.0K6 Dec 31, 2025$454.0K6 Dec 31, 2024+70.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.4M6 Dec 31, 2025$1.4M6 Dec 31, 2024+4.6%

Properties, in its own words

The Company’s sole property is the Hycroft Mine, a gold and silver operation located 54 miles northwest of Winnemucca, spanning Humboldt and Pershing counties in Nevada. The mine is accessible via Nevada State Route 49 (Jungo Road), an all-weather, unpaved route maintained in part by both Humboldt County and the Company.

The property consists of patented claims and unpatented lode, and placer mining claims covering approximately 64,000 acres. On-site facilities include two administration buildings, a mobile maintenance shop, a light vehicle maintenance shop, a laboratory, a warehouse, leach pads (Jungo and Brimstone), primary, secondary, and tertiary crushing systems, two Merrill-Crowe process plants, and a refinery (all as further detailed below).

The rest of Item 2

The Hycroft Mine operates under permits authorized by the BLM, NDEP, NDOW, Nevada Division of Water Resources, and various county agencies.

The information that follows relating to the Hycroft Mine is derived, for the most part, from, and in some instances is an extract from, the 2026 Hycroft TRS with an effective date of January 21, 2026. Portions of the following information are based on assumptions, qualifications and procedures that are not fully described herein. Reference should be made to the full text of the 2026 Hycroft TRS, as previously filed with the SEC on February 18, 2026 and incorporated herein by reference and made a part of this 2025 Form 10-K.

Overview and Highlights

The 2026 Hycroft TRS reflects an updated initial assessment supporting the disclosure of mineral resources at the Hycroft Mine. It outlines plans to process sulfide and some transition mineralization using a milling and pressure oxidation (POX) process, while oxide mineralization and other transitional mineralization will be processed through heap leaching. The 2026 Hycroft TRS was prepared by third-party qualified persons, including Ausenco Engineering South USA, Inc. (“Ausenco”), Independent Mining Consultants, Inc. (“IMC”), WestLand Engineering & Environmental Services, Inc. (“WestLand”), and Hycroft Mining Holding Corporation, in accordance with the Modernization Rules. The report reflects updated findings and supersedes the 2023 Hycroft TRS, which should no longer be relied upon.

During 2023 through 2025, the Company advanced metallurgical testing to improve gold and silver recoveries from sulfide-bearing material. This work included studies on crushing, grinding, flotation variability, pressure oxidation, carbon-in-leach, dewatering, and tailings compaction. These efforts also explored potential byproducts to enhance revenue streams and optimize the deposit’s economic potential.

The Hycroft Mine’s contained measured and indicated mineral resources include 16.4 million ounces of gold and 562.6 million ounces of silver, and contained inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver. These mineral resources include oxide, transitional, and sulfide material.

The Company will continue to evaluate the opportunities identified in the 2026 Hycroft TRS and future technical report summaries will be issued when appropriate, as the Company further refines its analysis and explores additional opportunities.

Hycroft Mine

For a detailed discussion of the Hycroft Mine’s operating and production data, see Part II – Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Hycroft Mine.

The Hycroft Mine is an exploration stage property. The Hycroft Mine and related facilities are located approximately 54 miles northwest of Winnemucca, Nevada. Winnemucca, a city with a population of approximately 8,431 (2020 Census data), is a community on Interstate 80, 164 miles northeast of Reno. The mine property straddles Townships 34, 35, 35½, and 36 North and Ranges 28, 29, and 30 East with its central coordinates at approximately latitude 40°52’ north and longitude 118°41’ west. It is situated on the western flank of the Kamma Mountains, near the eastern edge of the Black Rock Desert.

The following shows the location of our property.

Additionally, the following map shows the current property and facilities layout.

The town is currently served by roads, a transcontinental railroad and a municipal airport. Access to the Hycroft Mine from Winnemucca is via Nevada State Route 49 (Jungo Road), a well-maintained, unpaved road, and a short access road leading to the mine’s main entrance. Within the property, well-maintained mine and exploration roads provide access throughout the property. Additional access routes are available from Imlay, Gerlach, and Lovelock, by unpaved roads intersecting Interstate 80 and Nevada State Route 447.

The majority of the Hycroft Mine’s workforce resides in the Winnemucca area. The site receives electrical power from NV Energy through the northwestern Nevada power grid. Initial surveys indicate that Winnemucca has the necessary infrastructure, including shopping, emergency services, and schools, to support the maximum workforce and dependents. The Hycroft Mine currently has water rights, which are believed to be adequate to support potential future operations.

The Hycroft Mine is located on the eastern edge of the Black Rock Desert and the western flank of the Kamma Mountains, between Winnemucca and Gerlach, Nevada. The area lacks streams, rivers, or major lakes, with elevations ranging from 4,500 to 5,500 feet above sea level. The region’s climate is arid, with an average annual precipitation of 7.7 inches. Summer temperatures typically range from 50°F to 90°F, while winter temperatures average between 20°F and 40°F.

Item 2 of the 10-K filed Mar 3, 2026.4

Leadership

Who has led HYCROFT MINING HOLDING CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jason Mudrick2018–2020
  2. Randy E. Buffington2020
  3. Diane R. Garrett2020–now

Chair

  1. Randy E. Buffington2020
  2. Diane R. Garrett2026–now

President

  1. Randy E. Buffington2020
  2. Diane R. Garrett2020–now

Chief financial officer

  1. Glenn Spinger2018
  2. Jeffrey Stieber2020
  3. Stanton K. Rideout2020–now

Chief operating officer

  1. John William Henris2021
  2. Michael Jarred Deal2026–now
20202025
Board members and other officers (24)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerDavid B. Thomas named Sep 24, 202543
  • DirectorMichael J. Harrison named Mar 29, 2022 to Sep 24, 202543

Former names

  • Mudrick Capital Acquisition CorpOct 4, 2017 to May 29, 20203

Timeline

  1. Oct 13, 20268-K Regulation FD disclosure44
  2. Sep 23, 20268-K Regulation FD disclosure45
  3. Sep 21, 20268-K Regulation FD disclosure46
  4. Sep 9, 20268-K Regulation FD disclosure47
  5. Sep 1, 20268-K Executive or director change; Regulation FD disclosure48
  6. Aug 28, 20268-K Executive or director change49
  7. Aug 18, 20268-K Regulation FD disclosure50
  8. Jul 28, 20268-K Results of operations; Regulation FD disclosure51
  9. Jul 16, 20268-K Regulation FD disclosure52
  10. Jul 15, 20268-K Executive or director change; Regulation FD disclosure53
  11. Jun 11, 20268-K Executive or director change54
  12. Jun 2, 20268-K Regulation FD disclosure; Other events55
  13. Sep 10, 2020New chief executive Diane R. Garrett becomes CEO14
  14. Jun 2, 2020New chief executive Randy E. Buffington becomes CEO13
  15. Feb 7, 2018New chief executive Jason Mudrick becomes CEO15
  16. Aug 28, 2017Founded HYCROFT MINING HOLDING CORP is founded2

Calendar

Coming up

  1. Oct 27, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.22) a share, on Oct 28, 2025.56

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results51
  2. Apr 28, 2026Reported quarterly or annual results57
  3. Mar 3, 2026Reported quarterly or annual results58
  4. Oct 28, 2025Reported quarterly or annual results59
  5. Jul 31, 2025Reported quarterly or annual results60
  6. May 14, 2025Reported quarterly or annual results61
  7. Mar 5, 2025Reported quarterly or annual results62
  8. Nov 5, 2024Reported quarterly or annual results63

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

414 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 120 major events, 154 insider forms, 40 large holders, 2 private raises, 78 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Sep 23, 20268-K/A EDGAR
  3. Sep 21, 20268-K EDGAR
  4. Sep 9, 20268-K EDGAR
  5. Sep 3, 20264 EDGAR
  6. Sep 3, 20264 EDGAR
  7. Sep 3, 20264 EDGAR
  8. Sep 3, 20264 EDGAR
  9. Sep 3, 20263 EDGAR
  10. Sep 3, 20263 EDGAR
  11. Sep 3, 20263 EDGAR
  12. Sep 3, 20263 EDGAR
  13. Sep 1, 20268-K EDGAR
  14. Aug 31, 20264 EDGAR
  15. Aug 28, 20268-K EDGAR
  16. Aug 25, 20263 EDGAR
  17. Aug 18, 20268-K EDGAR
  18. Aug 7, 2026SCHEDULE 13G EDGAR
  19. Jul 28, 2026SCHEDULE 13G EDGAR
  20. Jul 28, 202610-Q EDGAR

The 414 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

103 open-market trades by officers, directors and large owners since October 2021: 30 buys and 73 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 16, 2026Thomas David BrianSVP, General ManagerSale25,000$26.32$658.0KForm 4
Jun 15, 2026Jennings RebeccaEVP & General CounselSale1,194$28.64$34.2KForm 4
Jun 12, 2026Jennings RebeccaEVP & General CounselSale15,329$26.25$402.4KForm 4
Jun 4, 2026Thomas David BrianSVP, General ManagerSale9,000$30.15$271.4KForm 4
Jun 4, 2026RIDEOUT STANTON KExecutive Vice President & CFOSale16,500$30.18$498.0KForm 4
Jun 4, 2026GARRETT DIANE RChair, President & CEOSale21,550$31.50$678.8KForm 4
Jun 4, 2026Jennings RebeccaEVP & General CounselSale11,300$30.27$342.1KForm 4
Apr 24, 20262176423 Ontario Ltd.10% ownerBuy100,000$37.84$3.8MForm 4
Apr 9, 2026Sprott Eric10% ownerBuy200,000$38.67$7.7MForm 4
Mar 17, 2026Jennings RebeccaEVP & General CounselSale9,071$39.33$356.8KForm 4
Mar 5, 20262176423 Ontario Ltd.10% ownerBuy100,000$40.85$4.1MForm 4
Mar 4, 2026Sprott Eric10% ownerBuy100,000$47.58$4.8MForm 4
Feb 20, 20262176423 Ontario Ltd.10% ownerBuy150,000$42.05$6.3MForm 4
Jan 29, 20262176423 Ontario Ltd.10% ownerBuy200,000$45.99$9.2MForm 4
Jan 26, 20262176423 Ontario Ltd.10% ownerBuy100,000$49.96$5.0MForm 4
Jan 14, 20262176423 Ontario Ltd.10% ownerBuy200,000$33.21$6.6MForm 4
Jan 9, 2026Sprott Eric10% ownerBuy25,000$27.05$676.2KForm 4
Jan 8, 2026Sprott Eric10% ownerBuy100,000$26.08$2.6MForm 4
Dec 29, 2025Thomas David BrianSVP, General ManagerSale15,000$21.21$318.1KForm 4
Dec 29, 2025Sprott Eric10% ownerBuy400,000$22.70$9.1MForm 4

All 103 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Diane R. GarrettPh.D.$600.0K$1.7M75
2025Stanton K. Rideout$425.0K$1.0M75
2025Rebecca A. Jennings$315.0K$685.1K75
2025David B. Thomas$300.0K$659.5K75
2024President and Chief Executive Officer$600.0K$1.5M75
2024Executive VicePresident & Chief Financial Officer$425.0K$999.6K75
2024Senior Vice PresidentGeneral Counsel & Corporate Secretary$315.0K$671.7K75

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Sep 10, 2025Raised $60 million in a private offering of equity Form D: 3 investors so far Form D
  2. Mar 14, 2022Raised $105.9 million in a private offering of equity Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Tidal Investments LLC6,331,901$148.2M0.4%+1,704,631
State Street Corp6,300,675$147.4M0.0%+1,628,760
BlackRock, Inc.5,290,019$123.8M0.0%+2,044,903
Vanguard Capital Management LLC2,428,068$56.8M0.0%+160,209
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,798,517$42.1M0.1%+202,859
Van Eck Associates Corp1,589,898$37.2M0.0%−79,129
Geode Capital Management, LLC1,540,791$36.1M0.0%+714,155
Capital Research Global Investors1,486,903$34.8M0.0%New
UBS Group AG1,476,357$34.5M0.0%+982,974
Renaissance Technologies LLC730,125$17.1M0.0%+426,861
Ninepoint Partners LP628,405$14.7M1.3%−9,603
Vanguard Portfolio Management LLC622,034$14.6M0.0%New
Northern Trust Corp482,452$11.3M0.0%+319,575
Vanguard Fiduciary Trust Co464,622$10.9M0.0%+66,335
IMC-Chicago, LLC297,734$7.0M0.1%+22,696
Millennium Management LLC286,168$6.7M0.0%−292,091
Morgan Stanley220,033$5.1M0.0%−140,885
Hohimer Wealth Management, LLC208,370$4.9M0.5%−4,010
Cetera Investment Advisers207,577$4.9M0.0%−12,624
Goldman Sachs Group Inc201,998$4.7M0.0%+131,788
Bank Of Montreal /can/197,942$4.6M0.0%−10,250
Susquehanna International Group, Llp173,041$4.0M0.0%+142,696
Charles Schwab Investment Management Inc172,945$4.0M0.0%+132,646
Bank of New York Mellon Corp163,362$3.8M0.0%+147,807
Orion Porfolio Solutions, LLC161,288$3.8M0.0%+110,881

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How HYCROFT MINING HOLDING CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHYCROFT MINING HOLDING CORP1
  • CIK0001718405
  • Employer ID (EIN)82-26577964
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)1040 Gold and Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address4300 Water Canyon Road, Unit 1, Winnemucca, NV 894451
  • Phone77530402601
  • Shares outstanding93,181,681 as of Jul 27, 202612
  • Public float$109.1M as of Jun 30, 20254
  • AuditorBaker Tilly US, LLP, Dallas, Texas PCAOB ID 23; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 4, 20171
  • Filings709 in all: 4 (199), 8-K (154), 424B3 (39), 3 (38), 10-Q (26), SC 13D/A (22), 144 (21), SC 13G/A (21)1
    All 51 form types

    CORRESP (15), 4/A (14), SC 13G (14), EFFECT (12), 424B5 (10), SCHEDULE 13D/A (9), UPLOAD (9), 10-K (8), DEF 14A (8), POS AM (7), 424B4 (5), 8-K/A (5), DEFA14A (5), S-1/A (5), S-3 (5), 25-NSE (4), 425 (4), S-1 (4), S-8 (4), SC 13D (4), SCHEDULE 13G (4), 3/A (3), 8-A12B (3), CERT (3), S-4/A (3), 10-K/A (2), D (2), PRE 14A (2), S-3/A (2), 25-NSE/A (1), 8-K12B (1), 8-K12B/A (1), AW (1), DEF 14C (1), DEFR14A (1), DRS (1), DRS/A (1), DRSLTR (1), POS EX (1), PRE 14C (1), S-1MEF (1), S-4 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Mar 25, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareHYMCNasdaq

From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks HYCROFT MINING HOLDING CORP names in Item 1A of its 10-K filed Mar 3, 2026: 37 risks under these headings, as written.4

  • Risks Related to Changes in the Hycroft Mine’s Operations
  • Risks Related to The Hycroft Mine
  • Hycroft is not currently in commercial production, and we may never restart production or generate positive cash flow from the mine.
  • The figures for the Company’s mineral resources are estimates based on interpretation and assumptions, and the Hycroft Mine may yield less mineral production or less profit under actual conditions than is currently estimated.
  • The Company has not completed a feasibility study for the Hycroft Mine.
  • The Company may not be able to successfully establish mining operations or profitably produce precious metals.
  • The Company is dependent on the Hycroft Mine.
  • The Company cannot be certain that future exploration and development activities will be commercially successful.
  • Industry-Related Risks
  • Gold and silver prices are volatile.
  • Competition for skilled employees and contractors may adversely affect our operations.
  • Loss of key management could adversely affect our strategy and execution.
The other 28 risks
  • Reliance on contractors and consultants could disrupt operations and increase costs.
  • Equipment and supply constraints could delay operations and increase costs.
  • Mining, exploration, development and processing operations pose inherent risks and costs that may negatively impact the Company’s business.
  • Environmental regulations may increase costs and expose us to significant liability.
  • Government permits are difficult to obtain and maintain, and failure to obtain, renew, or comply with required permits could delay or prevent development.
  • Failure to comply with environmental regulations could result in penalties, increased costs, and operational delays.
  • Compliance with current and future government regulations could increase costs and limit operations.
  • Title uncertainties could impair our rights at Hycroft and jeopardize the business.
  • Insurance may not cover all risks of our business.
  • Proposed changes to U.S. mining law could increase costs and reduce the economic viability of our unpatented mining claims.
  • Climate change, related regulation, and other systemic disruptions could increase costs and disrupt operations.
  • Business-Related Risks
  • The Company may need to raise additional capital, which may not be available on favorable terms or at all.
  • Hycroft Mine reclamation obligations may be costly and may require financial assurance
  • Future litigation could adversely affect our business and results of operations.
  • Cybersecurity incidents involving our data or systems or disruptions or failures of our information technology systems or those of third parties could adversely affect our operations.
  • A significant stockholder may exert substantial influence over the Company, which could limit changes in control and adversely affect other stockholders.
  • Risks related to the Company’s Common Stock and Warrants
  • The market prices and trading volume of shares of the Company’s common stock have experienced, and may continue to experience, extreme volatility, which could cause purchasers of the Company’s common stock to incur substantial losses.
  • The market price of the Company’s shares of common stock and publicly traded warrants may fluctuate widely.
  • You may experience dilution as a result of future equity offerings.
  • A “short squeeze” due to a sudden increase in demand for shares of the Company’s common stock that largely exceeds supply and/or focused investor trading in anticipation of a potential short squeeze have led to, may be currently leading to, and could again lead to, extreme price volatility in shares of the Company’s common stock.
  • Third-party public information about us may be inaccurate and could affect our stock price.
  • Increases in market interest rates may cause potential investors to seek higher returns and therefore, may reduce demand for the Company’s common stock, which could result in a decline in the Company’s stock price.
  • Stock price volatility could result in securities litigation.
  • We do not expect to pay dividends on our common stock.
  • Future issuances of debt or preferred equity could subordinate common stock and reduce its market price.
  • There is no guarantee that the Company’s outstanding warrants will ever be in the money, and they may expire worthless.
  • Anti-takeover provisions contained in the Company’s charter and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
  • We are a “smaller reporting company,” and reduced disclosure requirements may make our common stock less attractive.

Legal proceedings

From time to time, the Company may be involved in various legal actions related to our business, some of which are class action lawsuits. The Company does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s Financial Statements, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on its results of operations and cash flows for such period. Regardless of the outcome, litigation can have a material adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

Warrant Holder Litigation

The Company has been named as a defendant in four pro se actions that assert claims for breach of contract and declaratory judgment arising from or directly relating to warrants purportedly held by the pro se plaintiffs in the Delaware Chancery Court. In various forms, they allege that the Company or its predecessor entities breached the Warrant Agreement, dated October 22, 2015, and/or related Amendment Agreement, dated February 26, 2020. In sum, in all four actions, Plaintiffs allege, by or on behalf of “Warrant holders,” that the Company or its predecessor(s) breached these agreements by failing to make proper “Mechanical Adjustments” to the warrants in accordance with terms of the Warrant Agreement upon the occurrence of certain business transactions and events, including the Recapitalization Transaction. On July 9, 2024, the Delaware Chancery Court entered a letter opinion relative to the warrant holder lawsuits and certain procedural issues relative to the Company’s motion to consolidate and/or stay proceedings. All parties are currently awaiting further direction from the Delaware Chancery Court in order to move to the next phase of motions.

The opening of Item 3, Legal Proceedings.4

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