Hycroft Mining (HYMC) Q2 2026 earnings summary

Executive summary

• Maintained a strong balance sheet with $220.5 million in cash and no debt as of June 30, 2026, supporting ongoing exploration and project advancement activities.

• Filed the May 2026 Hycroft TRS and published an updated S-K 1300 Technical Report Summary, providing an updated economic assessment with a 51-year mine life, $4.3 billion post-tax NPV (5% discount), and 16.9% post-tax IRR, based on $3,600/oz gold and $48/oz silver.

• Continued focus on transitioning to sulfide mineralization processing, with robust drilling at Brimstone and Vortex high-grade silver systems and evaluation of underground mining scenarios.

• Maintained an injury-free safety record with over 1.4 million work hours without a lost-time incident and a TRIFR of 1.02.

• Added to the Russell 3000® Index effective June 29, 2026, and recognized as a finalist for industry awards.

Financial highlights

• Net loss of $20.8 million for Q2 2026 and $69.0 million for the six months ended June 30, 2026, compared to $11.7 million and $23.5 million losses for the same periods in 2025.

• General and administrative costs rose to $15.2 million (Q2) and $49.4 million (six months), driven by $34.1 million in make-whole stock awards and a $4.5 million extraordinary bonus.

• Exploration and development costs increased to $8.6 million (Q2) and $18.2 million (six months), reflecting expanded drilling and stock awards.

• Cash used in operations was $44.1 million for the six months, offset by $75.0 million in financing inflows from warrant exercises and ATM equity sales.

• Interest expense was nil in 2026 due to debt repayment in late 2025; interest income increased to $1.8 million (Q2) and $3.7 million (six months) from higher cash balances.

Outlook and guidance

• Drilling to accelerate at Brimstone and Vortex with two additional rigs in Q3 2026, totaling four rigs; focus remains on expanding high-grade silver systems and evaluating underground mining.

• Evaluating a potential high-grade mining scenario, including the design of an exploration decline to support future underground mining operations.

• Advancing test work and evaluation of roasting versus pressure oxidation to optimize development economics.

• No significant revenues expected until technical work and mine development are complete.

• Current cash balances deemed sufficient to fund planned activities for the foreseeable future.