Hycroft Mining (HYMC) Q1 2026 earnings summary

Executive summary

• Achieved over 1.4 million work hours without a lost-time incident and maintained a TRIFR of 0.00 for the trailing 12 months.

• Increased measured and indicated gold and silver resources by 55%, reaching 16.4 million oz gold and 562.6 million oz silver, and established an initial high-grade silver resource with underground potential at 90.2 million oz.

• Completed over 9,000 meters of drilling in high-grade silver zones, extending mineralization at Vortex and Brimstone.

• Ended the quarter with a strong cash position of $189.0 million and no debt.

• Added to the VanEck Junior Gold Miners ETF and promoted to the MSCI Small Cap Index.

Financial highlights

• Net loss of $48.3 million for Q1 2026, compared to $11.8 million for Q1 2025.

• General and administrative costs rose to $34.2 million, driven by $24.1 million in make-whole awards and a $4.5 million extraordinary bonus.

• Exploration and development costs increased to $9.7 million, reflecting expanded drilling and related awards.

• Cash and cash equivalents at March 31, 2026, were $189.0 million, up from $181.7 million at year-end 2025.

• No interest expense in Q1 2026 due to extinguishment of all debt in Q4 2025.

Outlook and guidance

• Plans to accelerate exploration drilling with up to four core rigs and expand high-grade silver systems in 2026.

• Will initiate step-out drilling to test new high-grade targets and complete a Preliminary Economic Assessment for milling sulfide ore.

• Ongoing metallurgical test work to optimize processing of sulfide ores, including assessment of roasting and pressure oxidation technologies.

• Evaluating potential restart of mining leachable oxide and transition material and reviewing district exploration targets.

• Focus on maintaining adequate funding and disciplined capital management.