Hycroft Holds $220.5 Million Cash & No Debt While Adding 2 Drill Rigs

• Hycroft closed the second quarter of 2026 with $220.5 million in unrestricted cash and no debt.
• Safety performance held at no lost-time incidents, a total recordable injury frequency rate (TRIFR) of 1.02, and more than 1.4 million work hours without a lost-time incident.
• An updated technical report summary outlined project economics for a large-scale, long-life precious metals project in a Tier 1 jurisdiction.
• The company was added to the Russell 3000 Index effective June 29, 2026.
• Drilling at the 2 high-grade silver systems is set to accelerate with 2 additional core drill rigs, bringing the total to 4.
• Test work on roasting continues, including a trade-off study against pressure oxidation (POX), to further optimize the economics of the development plan.

Company Overview

Hycroft Mining Holding Corporation (Nasdaq: HYMC) is a US-based gold and silver company exploring and developing the Hycroft Mine in northern Nevada. The company has a long history of heap-leach operations at the site and is advancing to the next phase of processing sulfide mineralization. It is also running the 2025 to 2026 exploration drill program to expand and advance 2 high-grade silver systems, Brimstone and Vortex.

Balance Sheet

Hycroft ended the second quarter of 2026 with $220.5 million in unrestricted cash and no debt on the balance sheet. That position supports ongoing exploration, technical studies, and project advancement activities.

Safety Performance

The quarter passed without a lost-time incident. The total recordable injury frequency rate (TRIFR), a measure of recordable injuries against hours worked, stood at 1.02, and the site has now logged more than 1.4 million work hours without a lost-time incident.

Technical Report & Drill Program

Two workstreams defined technical progress in the quarter. The company published an updated technical report summary for the Hycroft Project, which outlined project economics for a large-scale, long-life precious metals project in a Tier 1 jurisdiction.

Alongside it, the 2025 to 2026 exploration drill program continued, focused on expanding the high-grade silver systems at Brimstone and Vortex. The company describes those 2 discoveries as a significant value driver for the Hycroft Mine.

Index Inclusion & Awards

Hycroft was added to the Russell 3000 Index effective June 29, 2026. The company was also named a finalist for the Mining Magazine Awards 2026 Exploration Excellence Award, and Executive Chairman and Chief Executive Officer of Hycroft Mining Holding Corporation, Diane R. Garrett, was named a finalist for the Woman of the Year Award.

Plans for the Remainder of 2026

The program for the rest of the year covers drilling, mine design, and processing. Drilling at the 2 high-grade silver systems is to accelerate with the addition of 2 core drill rigs, bringing the total to 4. The company also intends to evaluate a potential high-grade mining scenario, including the design of an exploration decline to support future underground mining operations, improve drilling efficiency, and reduce costs.

On the processing side, test work and evaluation of roasting continues, including a trade-off study against pressure oxidation (POX). Both are routes for treating sulfide material, and the study is intended to further optimize the economics of the development plan.

Garrett sees the trade-off studies shaping the development plan as the added rigs advance Brimstone and Vortex:

"Looking ahead, we will continue to focus on advancing the high-grade systems at Brimstone and Vortex with the addition of two additional core rigs. Additionally, we will continue to advance the technical and economic trade-off studies that will sharpen the development plan. The most significant value opportunities at Hycroft are still ahead of us as we advance the project towards production."

No date has been put on the completion of the trade-off studies.

Stated Risks

Risks identified for the project fall into two levels. At the company level, they include uncertainties in mineral resource estimates, the lack of a completed feasibility study, metallurgical test work and process development, and the ability to re-establish commercially feasible mining and processing operations. Changes at the Hycroft Mine are also outlined, including reducing the workforce to reflect the cessation of mining operations there.

At the industry level, the named risks cover fluctuations in the price of gold and silver, the commercial success of exploration and development activities, reliance on contractors and consultants, and the availability and cost of equipment, supplies, energy, and reagents.

Next Steps

The Quarterly Report on Form 10-Q for the period ended June 30, 2026, was filed with the Securities and Exchange Commission (SEC) on July 28, 2026. Alongside the technical and drilling work, the company's stated intention through the remainder of 2026 is to continue operating safely and responsibly.

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