Hycroft Mining (HYMC) Q3 2026 earnings summary

Executive summary

• Advanced the 2025–2026 drill program at Brimstone and Vortex, completing ~12,900 meters in 9M and ~18,700 meters since launch in August 2025; both silver systems remain open in all directions and at depth.

• Unrestricted cash was $211.2M at September 30, 2026, with no debt; technical studies and project development continued.

• Logged more than 1.5M work hours without a lost-time incident; trailing-12-month TRIFR was 0.86.

Financial highlights

• Q3 net loss was $26.1M vs. $9.4M in Q3 2025; 9M net loss was $95.2M vs. $32.9M.

• Q3 basic and diluted loss per share was $0.28 vs. $0.22; 9M loss per share was $1.04 in both periods.

• 9M operating expenses were $100.8M vs. $25.8M; G&A was $66.0M vs. $9.0M, including $45.0M in make-whole awards and a one-time $4.5M cash bonus.

• 9M cash used in operations was $51.7M vs. $22.2M; cash, cash equivalents and restricted cash ended at $225.8M vs. $167.4M a year earlier.

Outlook and guidance

• Current unrestricted cash is expected to fund planned exploration and development for the foreseeable future; additional capital may be needed if plans, objectives, markets or other conditions change.

• Roasting vs. pressure oxidation trade-off study results are expected in Q1 2027; heap-leach metallurgical test work is expected to finish in H1 2027.

• Project optimization is planned for 2027 and will incorporate conceptual design for a high-grade underground mine and processing facility.

• The 2026 plan targeted ~22,000 meters of drilling, with additional Brimstone, Vortex and regional results anticipated in Q4 2026.