HYMC 2025 Q4 10 Q

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# Financials

Source: https://hycroftmining.com/_resources/financials/2025/HYMC-2025-Q4-10-Q.pdf?v=050509
Published: 2026-03-02T00:00:00+00:00
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## Content

# Financials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended December 31, 2025
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from to
Commission File No. 001-38387
HYCROFT MINING HOLDING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 82-2657796
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
P.O. Box 3030
Winnemucca, Nevada 89446
(Address of principal executive offices)
(Zip code)
(775) 304-0260
(Registrant’s telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange on which
Title of each class Trading Symbol(s) registered
Class A common stock, par value HYMC The Nasdaq Stock Market LLC
$0.0001 per share
Securities registered pursuant to Section 12(g) of the Act: None
1
Table of Contents
Indicate by a check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒
No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be
submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,
a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”
“accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange
Act.
☐ Large accelerated filer ☐ Accelerated filer
☒ Non-accelerated filer ☒ Smaller reporting company
☐ 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. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of
the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15
U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial
statements of the registrant included in the filing reflect the correction of an error to previously issued financial
statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of
incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery
period pursuant to §240.10D-1(b)). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ☐ No ☒
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant as of June 30,
2025, the last business day of the registrant’s most recently completed second fiscal quarter, was $109,132,971.
As of March 2, 2026, there were 91,036,037 shares of the Company’s common stock issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
None.
2
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HYCROFT MINING HOLDING CORPORATION
Annual Report on Form 10-K
TABLE OF CONTENTS
Page
Cautionary Statement Regarding Forward-Looking Statements 4
PART ITEM
I 1 Business 5
1A Risk Factors 11
1B Unresolved Staff Comments 19
1C Cybersecurity 20
2 Properties 20
3 Legal Proceedings 30
4 Mine Safety Disclosures 30
II 5 Market for the Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases 31
of Equity Securities
6 [RESERVED] 31
7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 31
7A Quantitative and Qualitative Disclosures about Market Risk 39
8 Financial Statements and Supplementary Data 40
9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 70
9A Controls and Procedures 70
9B Other Information 71
9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71
III 10 Directors, Executive Officers, and Corporate Governance 71
11 Executive Compensation 71
12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder 71
Matters
13 Certain Relationships and Related Transactions, and Director Independence 71
14 Principal Accountant Fees and Services 71
IV 15 Exhibits and Financial Statement Schedules 72
16 Form 10-K Summary 77
Signatures 78
3
Table of Contents
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this Annual Report on Form 10-K for the year ended December 31, 2025, (“2025 Form 10-K”) may
constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended ( the
“Securities Act”), Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or the Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public
statements by our officers or representatives, that address activities, events or developments that our management expects or
anticipates will or may occur in the future are forward-looking statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words “estimate,”
“plan,” “anticipate,” “expect,” “intend,” “believe,” “target,” “budget,” “may,” “can,” “will,” “would,” “could,” “should,”
“seeks,” or “scheduled to” and similar words or expressions, or negatives of these terms or other variations of these terms or
comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking
statements address activities, events or developments that the Company expects or anticipates will or may occur in the future
and are based on current expectations and assumptions.
These statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause our
actual results, performance or achievements to be materially different from any results, performance or achievements expressed
or implied by such forward-looking statements. See our other reports filed with the Securities and Exchange Commission (the
“SEC”) for more information about these and other risks. You are cautioned against attributing undue certainty to forward-
looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially
from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated,
estimated or intended. Although these forward-looking statements were based on assumptions that the Company believes are
reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that
actual results, performance or achievements may differ materially from those made in or suggested by the forward-looking
statements contained in this 2025 Form 10-K. In addition, even if our results, performance, or achievements are consistent with
the forward-looking statements contained in this 2025 Form 10-K, those results, performance or achievements may not be
indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned
not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this 2025 Form 10-K
speak only as of the date of those statements, and we undertake no obligation to update those statements or to publicly
announce the results of any revisions to any of those statements to reflect future events or developments. For information
identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking
statements, see the Risk Factors and the Summary of Risk Factors in Item 1A. Risk Factors of this 2025 Form 10-K.
4
Table of Contents
PART I
ITEM 1. BUSINESS
About the Company
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.
Our property, the Hycroft Mine, historically operated as an open-pit oxide mining and heap leach processing operation. It is
located approximately 54 miles northwest of Winnemucca, Nevada. Mining operations at the Hycroft Mine were restarted in
2019 on a pre-commercial scale and discontinued in November 2021. Processing of gold and silver ore previously placed on
leach pads was completed as of December 31, 2022. In February 2026, Hycroft, along with its third-party consultants,
completed and filed the Hycroft Mine Initial Assessment and Technical Report Summary, Nevada, USA with an effective date
of January 21, 2026 (the “2026 Hycroft TRS”) and prepared in accordance with the SEC’s Modernization of Property
Disclosures for Mining Registrants as set forth in subpart 1300 of Regulation S-K (“Modernization Rules”). The 2026 Hycroft
TRS provides an initial assessment of the mineral resource estimate utilizing a milling and pressure oxidation (“POX”) process
for sulfide and some transition mineralization and heap leaching process for oxide and some transition mineralization. The 2026
Hycroft TRS superseded and replaced the Hycroft Property Initial Assessment Technical Report Summary Humboldt and
Pershing Counties, Nevada, prepared in accordance with the requirements of the Modernization Rules, with an effective date of
March 27, 2023 (“2023 Hycroft TRS”), and the mineral resource estimates contained within the 2023 Hycroft TRS should no
longer be relied upon. The 2026 Hycroft TRS provides an update to the mineral resource estimate and includes drilling through
the end of 2024 and associated assay results received through March 17, 2025. The Company will continue to build on the work
to date, incorporate exploration data as it becomes available, and investigate opportunities identified through progressing the
technical and data analyses leading up to the 2026 Hycroft TRS and subsequent studies and analyses, and we will provide an
updated tec

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