Hycroft Mining (HYMC) Registration Filing summary

Company overview and business model

• Operates as a U.S.-based gold and silver exploration and development company, owning the Hycroft Mine in Northern Nevada, with a focus on advancing exploration and technical studies to unlock mineral resource potential.

• Mining operations were restarted in 2019 and discontinued in 2021 due to cost pressures; current activities focus on technical studies and exploration, with no expected revenue from gold and silver sales until further development and recommencement of operations.

• As of December 26, 2025, measured and indicated mineral resources include 10.6 million ounces of gold and 360.7 million ounces of silver, with additional inferred resources.

• 2026 objectives include assessing high-grade underground mining, heap leaching potential, and expanding high-grade silver systems through a new exploration drill program.

Financial performance and metrics

• As of December 26, 2025, the aggregate market value of outstanding common equity held by non-affiliates was $1,292,596,031.68, based on 83,025,384 shares outstanding and a per share price of $25.01.

• Recent common stock offering in October 2025 raised net proceeds of $164,996,952.00, with additional warrant exercises providing $7.7 million and $0.7 million in net proceeds.

• All 10% Senior Secured Notes due 2027 were repurchased at a 9% discount, and the Second Amended and Restated Credit Agreement was repaid and terminated in October 2025.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for general corporate purposes, including exploration, working capital, capital expenditures, acquisitions, and other investments, with specific allocations detailed in prospectus supplements.

• October 2025 offering proceeds are earmarked for expanding and accelerating exploration and drilling programs, general corporate and working capital needs, and anticipated repayment or repurchase of existing debt obligations.