HYMC 2026 Q2 10 Q

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# Financials

Source: https://hycroftmining.com/_resources/financials/2026/HYMC-2026-Q2-10-Q.pdf?v=080601
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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, 2026
☐ 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
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 27, 2026, there were 93,181,681 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 19
3 Quantitative and Qualitative Disclosures about Market Risk 25
4 Controls and Procedures 25
II 1 Legal Proceedings 26
2 Unregistered Sales of Equity Securities and Use of Proceeds 26
3 Defaults Upon Senior Securities 26
4 Mine Safety Disclosures 26
5 Other Information 26
6 Exhibits 27
Signatures 28
3
ITEM I. FINANCIAL STATEMENTS
INDEX TO FINANCIAL STATEMENTS
Page
Unaudited Condensed Consolidated Financial Statements
Unaudited 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’ Equity (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,
2026 2025
(unaudited)
Assets:
Cash and cash equivalents $ 220,549 $ 181,738
Prepaids and deposits 3,112 2,953
Supplies inventories, net 1,600 1,416
Receivables 300 609
Equity investment securities — 776
Current assets 225,561 187,492
Property, plant, and equipment and assets held-for-sale, net 53,032 53,005
Restricted cash 14,483 22,493
Prepaids, non-current 22 37
Total assets $ 293,098 $ 263,027
Liabilities:
Accounts payable, accrued expenses, and other liabilities $ 5,003 $ 7,712
Contract liabilities 750 —
Asset retirement obligation — 22
Current liabilities 5,753 7,734
Deferred gain on sale of royalty 29,839 29,839
Asset retirement obligation, non-current 6,649 11,751
Other liabilities — 8
Total liabilities 42,241 49,332
Commitments and contingencies - Note 17
Stockholders’ equity
Common stock, $0.0001 par value; 1,400,000,000 shares authorized; 93,130,394
issued and outstanding at June 30, 2026, and 83,025,384 issued and outstanding at
December 31, 2025, respectively 9 8
Additional paid-in capital 1,146,615 1,040,417
Accumulated deficit (895,767) (826,730)
Total stockholders’ equity 250,857 213,695
Total liabilities and stockholders’ equity $ 293,098 $ 263,027
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 Six Months Ended June 30,
June 30,
2026 2025 2026 2025
Operating expenses:
General and administrative costs $ 15,196 $ 3,478 $ 49,361 $ 6,411
Exploration and development costs 8,554 2,344 18,206 5,343
Mine site costs 3,879 2,673 9,322 5,153
Depreciation and amortization 303 498 688 1,032
Asset retirement obligation adjustments
and accretion (5,430) 333 (5,124) 666
Other (income) expense, net — (11) 114 (68)
Loss from operations (22,502) (9,315) (72,567) (18,537)
Non-operating income (expense):
Interest income 1,788 687 3,684 1,400
Other income (loss), net (36) 370 (154) 507
Interest expense — (3,479) — (6,866)
Net loss $ (20,750) $ (11,737) $ (69,037) $ (23,496)
Net loss per share:
Basic and diluted $ (0.23) $ (0.43) $ (0.76) $ (0.89)
Weighted average shares outstanding:
Basic and diluted 91,504,140 27,584,548 90,626,973 26,273,721
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,
2026 2025
Cash flows used in operating activities:
Net loss $ (69,037) $ (23,496)
Adjustments to reconcile net loss for the period to net cash used in operating activities:
Stock-based compensation 32,166 1,164
Depreciation and amortization 688 1,032
Asset retirement obligation adjustments and accretion (5,124) 666
(Gain) loss on sale of assets, net 114 (68)
Other non-cash items 181 (484)
Non-cash interest expense — 6,076
Changes in operating assets and liabilities:
Prepaids and deposits (144) (527)
Receivables 309 97
Contract liabilities 750 —
Supplies inventories, net (199) 30
Accounts payable, accrued expenses, and other liabilities (3,767) (3,208)
Net cash used in operating activities (44,063) (18,718)
Cash flows from investing activities:
Additions to property, plant, and equipment (847) (397)
Proceeds from sale of assets 68 68
Proceeds from sale of equity investment securities 625 —
Net cash used in investing activities (154) (329)
Cash flows from financing activities:
Proceeds from issuance of common stock, net of issuance costs 79,215 40,784
Taxes paid related to net share settlement of equity awards (4,197) —
Principal payments — (25)
Net cash provided by financing activities 75,018 40,759
Net increase in cash, cash equivalents, and restricted cash 30,801 21,712
Cash, cash equivalents, and restricted cash, beginning of period 204,231 77,057
Cash, cash equivalents, and restricted cash, end of period $ 235,032 $ 98,769
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents $ 220,549 $ 68,768
Restricted cash 14,483 30,001
Total cash, cash equivalents, and restricted cash $ 235,032 $ 98,769
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’ EQUITY (DEFICIT)
(in thousands, except share amounts)
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Equity
Balance at January 1, 2026 83,025,384 $ 8 $ 1,040,417 $ (826,730) $ 213,695
Exercise of warrants 8,206,833 1 43,457 — 43,458
Stock-based compensation costs — — 19,130 — 19,130
Taxes withheld related to net share
settlement of equity awards — — (4,197) — (4,197)
Vesting of restricted stock units 128,384 — — — —
Net loss — — — (48,287) (48,287)
Balance at March 31, 2026 91,360,601 $ 9 $ 1,098,807 $ (875,017) $ 223,799
Issuance of common stock 1,476,538 — 35,753 — 35,753
Exercise of warrants 1,000 — 4 — 4
Stock-based compensation costs — — 13,036 — 13,036
Taxes withheld related to net share
settlement of equity awards — — (985) — (985)
Vesting of restricted stock units 292,255 — — — —
Net loss — — — (20,750) (20,750)
Balance at June 30, 2026 93,130,394 $ 9 $ 1,146,615 $ (895,767) $ 250,857
Total
Common Stock Additional Accumulated Stockholders’
Shares Amount Paid-in Capital Deficit Deficit
Balance at January 1, 2025 24,875,587 $ 2 $ 752,649 $ (786,066) $ (33,415)
Issuance of common stock 108,072 — 139 — 139
Stock-based compensation costs — — 529 — 529
Voluntary surrender of shares by
shareholder (301) — — — —
Net loss — — — (11,759) (11,759)
Balance at March 31, 2025 24,983,358 $ 2 $ 753,317 $ (797,825) $ (44,506)
Issuance of common stock 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 $ 3 $ 794,300 $ (809,562) $ (15,259)
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.
Our focus is to transition the project to the next phase of operations by processing sulfide mineralization. With the recent
high-grade silver discoveries at Brimstone and Vortex, the Company is also engaged in a robust drill program designed to
expand the two high-grade silver systems and evaluating underground studies for a potential decline and ultimate mining
methods for Brimstone and Vortex. The Company is also completing trade-off studies between pressure oxidation (“POX”) and
roasting process alternatives.
In June 2026, the Company, along with its third-party consultants, filed the Hycroft Mine Project S-K 1300 Technical
Report Summary and Initial Assessment with Economic Analysis, Nevada, USA with an effective date of May 14, 2026 the
(“May 2026 Hycroft TRS”), which provides an updated initial assessment with an economic analysis based on a conventional
open pit mining operation utilizing a processing approach that includes heap leaching for oxide material and milling with
pressure oxidation for sulfide mineralization, with transitional material directed based on economics to either process stream.
2. Summa

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