• An early-stage gold and silver mining venture, similar to a highly speculative Newmont.
• A startup gold and silver miner, aiming to become a future Barrick Gold.

• Gold: A precious metal extracted and produced from its Hycroft Mine in Nevada.
• Silver: A valuable precious metal co-produced and extracted alongside gold from its Hycroft Mine.

Hycroft Mining (symbol: HYMC) operates a gold and silver mine. As a producer of raw precious metals, it sells primarily to other companies rather than directly to individuals.

Hycroft Mining typically sells its gold and silver production (in the form of doré) on the spot market to a variety of buyers within the precious metals industry. Based on the company's public disclosures, its customers fall into the following categories:

• Commercial Banks: These financial institutions often have dedicated precious metals desks that purchase gold and silver for their own trading, investment products, or client needs.
• Refiners: Companies that further process the gold and silver doré into higher purity bullion bars or other forms suitable for investment or industrial use.
• Precious Metals Dealers: Specialized companies that buy and sell physical gold and silver, acting as intermediaries between producers and end-users (such as investors, jewelers, or industrial manufacturers).

Due to the nature of precious metals commodity trading and sales on the spot market, Hycroft Mining does not typically disclose specific, named "major customers" in its financial filings, as sales are generally distributed among multiple buyers, and no single entity usually constitutes a dominant percentage of its revenue that would warrant individual identification.

null

Diane R. Garrett, President & Chief Executive Officer

Dr. Garrett has over 25 years of senior executive management experience in the mining industry, with a track record for developing projects and building companies. She previously served as President, CEO, and Director of Romarco Minerals Inc., where she led the team that developed the Haile Gold Mine in South Carolina. Romarco was subsequently acquired by OceanaGold in 2015, and Dr. Garrett was appointed to the Board of OceanaGold. She also held the position of President and CEO of Nickel Creek Platinum Corp. Earlier in her career, she held senior positions at Dayton Mining Corporation and Beartooth Platinum Corporation, and was a Senior Mining Analyst and Portfolio Manager in the precious metals sector with US Global Investors.

Stanton K. Rideout, Executive Vice President, Chief Financial Officer and Principal Accounting Officer

Mr. Rideout is a seasoned financial executive with over 30 years of senior executive experience in the mining and manufacturing industries. He served as Senior Vice President, Chief Financial Officer of Romarco Minerals Inc. from 2010 to 2015, where he was responsible for arranging the project debt financing for the Haile Gold Mine in South Carolina.

Rebecca A. Jennings, Senior Vice President, General Counsel and Corporate Secretary

Ms. Jennings has over 25 years of experience in both industry and private practice, working with major international and junior mining companies. Prior to Hycroft, she served as Senior Vice President, General Counsel and Corporate Secretary for Allied Nevada Gold Corp.

David B. Thomas, Senior Vice President, Operations, & General Manager

Mr. Thomas has an extensive background in business finance, project development, and management. His career spans the Oil & Gas Service Industry, Financial Services Industry, and 17 years in the Mining Industry. Before joining Hycroft, he was President and General Manager of the Haile Gold Mine, from its inception with Romarco Minerals until its merger with Oceana Gold in 2015.

Alex Davidson, Vice President, Exploration

Mr. Davidson is a highly experienced geologist with more than 25 years of open-pit and underground operating expertise. He spent over a decade with Newmont Corporation in various senior geology roles and was most recently with Nevada Gold Mines, a joint venture between Barrick Gold and Newmont Corporation. His earlier career includes roles as senior geologist and mine planning engineer for Rio Tinto and work for Hecla Mining. Notably, Alexander (Alex) Davidson contributed to Barrick Gold's success as Executive Vice President of exploration and corporate development, leading discovery teams for deposits like Pascua Lama and evaluating acquisitions such as Placer Dome.

1. Transition from Exploration to Commercial Production and Operational Execution Risks: Hycroft Mining is a development-stage company that is not yet in commercial production and does not generate revenue, leading to ongoing cash burn. The most critical risks are directly tied to successfully transitioning from exploration to re-establishing commercially feasible mining operations. This involves completing technical studies, such as the Technical Report with Economics expected in Q4 2025, and addressing the significant operational challenges of a large-scale mining project. Despite recent financial de-risking efforts, including eliminating debt and raising capital, the company's ability to generate positive cash flow and support ongoing development ultimately depends on the successful execution of its operational plans and potential restart of mining activities.
2. Fluctuations in Gold and Silver Prices: As a precious metals company, Hycroft Mining's profitability and the economic viability of its extensive gold and silver resources are highly sensitive to the volatile prices of these commodities. Favorable metal prices are a key factor in the company's evaluation of restarting heap leach operations. Significant declines in gold and silver prices could materially impact the company's financial condition and operational decisions.
3. High Stock Volatility and Valuation Concerns: Hycroft Mining's stock has exhibited high volatility, and its financial health grades highlight areas of concern. Valuation metrics, such as a high price-to-book ratio, suggest that the stock may be overvalued relative to its book value, with the market potentially pricing in substantial future progress that has yet to be realized in earnings or revenue. This discrepancy between market valuation and current operational status could lead to significant stock price fluctuations.

null

Hycroft Mining (symbol: HYMC) focuses on gold and silver production, with potential for sulfuric acid as a byproduct for the lithium mining industry in Nevada.

Gold

• Global Market: The global gold market was valued at USD 291.68 billion in 2024 and is projected to reach USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51%. Another estimate places the global market size at USD 291.68 billion in 2024, with a projection to reach USD 457.91 billion by 2032 at a CAGR of 5.80%.
• U.S. Market: The U.S. gold market is anticipated to reach USD 20.31 billion in 2025. The broader North American market, including the U.S. and Canada, is expected to be worth USD 23.22 billion in 2025. In 2024, the U.S. had a significant share in the Gold Bullion market, with a size of USD 16.77 billion.

Silver

• Global Market: The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% from 2025 to 2033. In terms of volume, the global silver market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030, with a CAGR of 4.64%.
• U.S. Market: null

Sulfuric Acid for Lithium Mining in Nevada

• null

Here are 3-5 expected drivers of future revenue growth for Hycroft Mining (HYMC) over the next 2-3 years:

1. Resumption of Commercial Gold and Silver Production: Hycroft Mining's primary driver of future revenue growth is the successful resumption of consistent and scalable commercial production of gold and silver from its Hycroft Mine. The company is currently a development-stage entity, with limited revenue generation in recent years, and its long-term financial performance hinges on achieving full-scale precious metals production.
2. Successful Exploration and Expansion of High-Grade Mineral Reserves: Ongoing and planned robust exploration drilling programs, particularly focusing on the newly discovered high-grade silver dominant trends (Vortex and Brimstone), are expected to expand proven and probable mineral reserves. These discoveries represent a significant potential new value driver, and additional drilling throughout 2025 and 2026 aims to further define these systems.
3. Optimization of Sulfide Ore Processing: Hycroft is focused on completing technical studies to transition the mine into a large-scale milling operation for processing sulfide ore. Metallurgical testing and engineering work have shown significant improvements in gold and silver flotation recoveries from sulfide ore, which is anticipated to increase metal recovery rates and enhance overall project economics and profitability.
4. Development of By-Product Revenue Streams (Sulfuric Acid and Green Electricity): The company has identified the potential for roasting Hycroft's sulfide ore to generate sulfuric acid as a valuable by-product. This could create significant economic benefits, especially given the demand for sulfuric acid in industries like lithium production. Additionally, there is potential for co-generating "green" electricity as part of this process, further diversifying potential revenue.

Share Issuance

• In October 2025, Hycroft Mining completed a public underwritten offering, including an over-allotment option, raising approximately $171.4 million in gross proceeds. The net proceeds received were approximately $164.99 million.
• In Q3 2025 and through October 27, 2025, Hycroft raised $235 million in net cash proceeds through a combination of public equity offerings, a private placement, warrant exercises, and sales under its at-the-market equity program.
• In March 2022, following strategic investments, Hycroft conducted an at-the-market stock offering that raised $138.6 million.

Inbound Investments

• In March 2022, Hycroft Mining announced a $56 million equity private placement from renowned precious metals investor Eric Sprott and AMC Entertainment Holdings, Inc., with each investing $27.9 million for units consisting of common shares and warrants.
• In September 2025, Hycroft completed a $60 million private placement. Eric Sprott (through 2176423 Ontario Ltd.) subscribed for approximately 66% of the placement, increasing his stake from 21% to 33%, while Tribeca Global Natural Resources Ltd. took approximately 34%.
• In October 2025, Eric Sprott further purchased 7,690,000 shares of Hycroft Mining stock for $49,985,000.

Capital Expenditures

• For the nine months ended September 30, 2024, Hycroft invested $8.0 million primarily in mineral property, plant, and equipment related to its development programs.
• Hycroft's 2025-2026 Exploration Drill Program, initially planned for 14,500 meters of core drilling, aims to expand high-grade silver systems and explore new targets at the Hycroft Mine. Approximately 2,450 meters were completed by September 30, 2025.
• The net proceeds from the October 2025 public offering are intended to expand and accelerate exploration and drilling programs, as well as address general corporate and working capital needs, including debt repayment.