HYMC 2025 Q2 10 Q

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# Financials

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## Content

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 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
Warrants to purchase common stock HYMCL The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
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 is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ☐ No ☒
As of July 30, 2025, there were 39,162,596 shares of the Company’s common stock issued and outstanding.
HYCROFT MINING HOLDING CORPORATION
Quarterly Report on Form 10-Q
TABLE OF CONTENTS
Page
PART ITEM
I 1 Financial Statements 4
2 Management’s Discussion and Analysis of Financial Condition and Results of Operations 21
3 Quantitative and Qualitative Disclosures about Market Risk 28
4 Controls and Procedures 29
II 1 Legal Proceedings 29
2 Unregistered Sales of Equity Securities and Use of Proceeds 29
3 Defaults Upon Senior Securities 29
4 Mine Safety Disclosures 30
5 Other Information 30
6 Exhibits 31
Signatures 32
3
ITEM I. FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
Page
Condensed Consolidated Financial Statements
Condensed Consolidated Balance Sheets 5
Unaudited Condensed Consolidated Statements of Operations 6
Unaudited Condensed Consolidated Statements of Cash Flows 7
Unaudited Condensed Consolidated Statements of Stockholders’ Deficit 8
Notes to Unaudited Condensed Consolidated Financial Statements 9
4
Table of Contents
HYCROFT MINING HOLDING CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
June 30, December 31,
2025 2024
(unaudited)
Assets:
Cash and cash equivalents $ 68,768 $ 49,560
Prepaids and deposits 3,337 2,863
Supplies inventories, net 1,311 1,354
Equity securities 1,109 454
Receivables 272 369
Current assets 74,797 54,600
Property, plant, and equipment and assets held-for-sale, net 56,697 57,286
Restricted cash 30,001 27,498
Prepaids 652 600
Equity securities — 151
Total assets $ 162,147 $ 140,135
Liabilities:
Accounts payable, accrued expenses, and other liabilities $ 2,692 $ 5,561
Asset retirement obligation 179 179
Debt, net 28 54
Current liabilities 2,899 5,794
Debt, net 131,007 124,945
Deferred gain on sale of royalty 29,839 29,839
Asset retirement obligation 13,638 12,972
Other liabilities 23 —
Total liabilities 177,406 173,550
Commitments and contingencies
Stockholders’ deficit
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 37,838,479
issued and outstanding at June 30, 2025, and 24,875,587 issued and outstanding at
December 31, 2024, respectively 22 21
Additional paid-in capital 794,281 752,630
Accumulated deficit (809,562) (786,066)
Total stockholders’ deficit (15,259) (33,415)
Total liabilities and stockholders’ deficit $ 162,147 $ 140,135
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
5
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three Months Ended
June 30, Six Months Ended June 30,
2025 2024 2025 2024
Operating expenses:
General and administrative costs $ 3,478 $ 3,906 $ 6,411 $ 6,820
Mine site costs 2,673 2,488 5,153 5,072
Exploration and development costs 2,344 5,053 5,343 9,956
Depreciation and amortization 498 567 1,032 1,183
Asset retirement obligation adjustments and
accretion expense 333 2,267 666 4,491
Gain on asset sales (11) (3,751) (68) (5,060)
Loss from operations (9,315) (10,530) (18,537) (22,462)
Non-operating income and (expense):
Interest income 687 1,058 1,400 2,353
Other income (loss) 370 (490) 507 (483)
Interest expense (3,479) (3,218) (6,866) (13,338)
Net loss $ (11,737) $ (13,180) $ (23,496) $ (33,930)
Loss per share:
Basic and diluted $ (0.43) $ (0.57) $ (0.89) $ (1.55)
Weighted average shares outstanding:
Basic and diluted 27,584,548 22,983,276 26,273,721 21,903,372
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
6
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Six Months Ended June 30,
2025 2024
Cash flows used in operating activities:
Net loss $ (23,496) $ (33,930)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Non-cash interest expense, including accelerated amortization of original issue
discount and issuance costs 6,076 12,396
Stock-based compensation 1,164 1,479
Depreciation and amortization 1,032 1,183
Asset retirement obligation adjustments and accretion expense 666 4,491
Gain on sale of assets, net (68) (5,060)
Other non-cash items (484) 495
Changes in operating assets and liabilities:
Receivables 97 307
Supplies inventories, net 30 52
Prepaids and deposits (527) (635)
Accounts payable, accrued expenses, and other liabilities (3,208) (1,109)
Net cash used in operating activities (18,718) (20,331)
Cash flows (used in) provided by investing activities:
Proceeds from sale of assets 68 1,717
Additions to property, plant, and equipment (397) (449)
Net cash (used in) provided by investing activities (329) 1,268
Cash flows provided by (used in) financing activities:
Proceeds from issuance of common stock, net of issuance costs (exclusive of $294
accrued issuance costs) 40,784 10,053
Principal payments (25) (38,057)
Net cash provided by (used in) financing activities 40,759 (28,004)
Net increase (decrease) in cash, cash equivalents, and restricted cash 21,712 (47,067)
Cash, cash equivalents, and restricted cash, beginning of period 77,057 132,550
Cash, cash equivalents, and restricted cash, end of period $ 98,769 $ 85,483
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents $ 68,768 $ 58,548
Restricted cash 30,001 26,935
Total cash, cash equivalents, and restricted cash $ 98,769 $ 85,483
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
7
Table of Contents
HYCROFT MINING HOLDING CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(in thousands, except share amounts)
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Deficit
Balance at January 1, 2025 24,875,587 $ 21 $ 752,630 $ (786,066) $ (33,415)
Issuance of common stock 108,072 — 139 — 139
Voluntary surrender of shares by
shareholder (301) — — — —
Stock-based compensation costs — — 529 — 529
Net loss — — — (11,759) (11,759)
Balance at March 31, 2025 24,983,358 $ 21 $ 753,298 $ (797,825) $ (44,506)
Issuance of common stock and
warrants 12,500,000 1 40,348 — 40,349
Stock-based compensation costs — — 635 — 635
Vesting of restricted stock units 355,121 — — — —
Net loss — — — (11,737) (11,737)
Balance at June 30, 2025 37,838,479 $ 22 $ 794,281 $ (809,562) $ (15,259)
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Deficit
Balance at January 1, 2024 20,736,612 $ 21 $ 737,810 $ (725,175) $ 12,656
Issuance of common stock 517,688 — 1,160 — 1,160
Stock-based compensation costs — — 679 — 679
Vesting of restricted stock units 2,595 — — — —
Net loss — — — (20,749) (20,749)
Balance at March 31, 2024 21,256,895 $ 21 $ 739,649 $ (745,924) $ (6,254)
Issuance of common stock 2,474,859 — 8,898 — 8,898
Stock-based compensation costs — — 801 — 801
Vesting of restricted stock units 290,397 — — — —
5-Year Private Warrants
transferred to 5-Year Public
Warrants — — 5 — 5
Net loss — — — (13,180) (13,180)
Balance at June 30, 2024 24,022,151 $ 21 $ 749,353 $ (759,104) $ (9,730)
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
8
Table of Contents
HYCROFT MINING HOLDING CORPORATION
Notes to Unaudited Condensed Consolidated Financial Statements
1. Company Overview
Hycroft Mining Holding Corporation and its subsidiaries (collectively, “Hycroft,” the “Company,” “we,” “us,” “our,” “it,”
or “HYMC”) is a U.S.-based gold and silver company dedicated to the safe, environmentally responsible, and cost-effective
exploration and development of the Hycroft Mine, located in the state of Nevada.
The Company restarted pre-commercial scale open pit mining operations at the Hycroft Mine during the second quarter of
2019 and discontinued mining operations in November 2021 as a result of the then-current and expected ongoing cost pressures
for many of the reagents and consumables used at the Hycroft Mine and to further determine the most effective processing
method for the sulfide ore. In July 2024, the Company disposed of previously scrapped carbon, which contained gold and silver
from processing in prior years. As the Company does not currently have cost of sales due to its cessation of mining operations,
these proceeds were recognized as a reduction to Mine site costs. In March 2023, the Company, along with its third-party
consultants, completed and filed the Hycroft Property Initial Assessment Technical Report Summary Humboldt and Pershing
Counties, Nevada that included a mineral resource estimate utilizing a pressure oxidation process for transitional and sulfide
mineralization and heap leaching process for oxide mineralization. The Company is prioritizing exploration drilling and data
analysis, as well as advancing technical studies,

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