- Hycroft Mining reported a 55% increase in measured and indicated mineral resources to 16.4 million ounces of gold and 562.6 million ounces of silver as documented in the Initial Assessment Technical Report filed February 18, 2026.
- The company established an initial high-grade silver resource with underground development potential totalling 90.2 million ounces of measured and indicated silver and 299,000 ounces of measured and indicated gold.
- Hycroft maintained US$189.0 million in cash and cash equivalents with zero debt as of March 31, 2026.
- The company completed more than 9,000 metres of drilling under the 2025 to 2026 Exploration Drill Program, delivering the highest grades recorded to date for both silver and gold at Vortex and extending high-grade mineralisation at Brimstone approximately 150 metres down-dip.
- Hycroft secured inclusion in the VanEck Junior Gold Miners ETF (GDXJ) effective March 20, 2026 and promotion from the MSCI Micro-Cap Index to the MSCI Small Cap Index effective February 27, 2026.
Company Overview
Hycroft Mining Holding Corporation (Nasdaq: HYMC) is a United States-based gold and silver company developing the Hycroft Mine located in northern Nevada. The company is advancing exploration of two high-grade silver systems discovered in 2023 and completing technical studies to transition from historical oxide heap leach operations to milling operations processing sulfide mineralisation.
Resource Base Expansion Establishes Development Scale
Hycroft Mining delivered a 55% expansion in measured and indicated gold and silver mineral resources to 16.4 million ounces of gold and 562.6 million ounces of silver as reported in the Initial Assessment Technical Report filed February 18, 2026. The resource estimate also incorporates 5.0 million ounces of inferred gold and 132.8 million ounces of inferred silver. This resource expansion occurred alongside the establishment of an initial high-grade silver resource containing 90.2 million ounces of measured and indicated silver and 299,000 ounces of measured and indicated gold, with underground development potential. The high-grade silver resource includes an additional 13.4 million ounces of inferred silver and 51,000 ounces of inferred gold.
The resource update provides a quantified inventory for technical and economic studies targeting a transition from historical heap leach operations to milling operations processing sulfide mineralisation. The company is targeting completion and publication of a Preliminary Economic Assessment (PEA) for milling sulfide ore and recovering gold and silver through a pressure oxidation process in 2026, alongside completion of trade-off analysis comparing pressure oxidation against a roasting process.
Balance Sheet Position Provides Operational Flexibility
As of March 31, 2026, Hycroft held US$189.0 million in cash and cash equivalents with zero debt. This balance sheet configuration eliminates interest expense and debt covenant constraints on exploration expenditure and development planning timelines.
President and Chief Executive Officer of Hycroft Mining, Diane R. Garrett, stated:
“The 2026 first quarter marked significant progress for the Company, highlighted by continued strong safety performance, a robust balance sheet with $189 million in cash and no debt, and a 55% increase in measured and indicated gold and silver resources. Exceptional drill results at Vortex and Brimstone continue to demonstrate the scale and high-grade nature of our discovery, while our inclusion in the GDXJ ETF and promotion to the MSCI Small Cap Index reflect the growing recognition of the Company’s achievements and long-term potential.”
Exploration Programme Advances Target Definitions
Hycroft completed more than 9,000 metres of drilling under the 2025 to 2026 Exploration Drill Program, targeting expansion of the high-grade silver systems at Brimstone and Vortex. Drilling extended high-grade mineralisation at Vortex West with an expansion opportunity identified north, south, and down dip, delivering the highest grades recorded to date for both silver and gold at Vortex. At Brimstone, drilling extended high-grade mineralisation approximately 150 metres down-dip.
For 2026, the company is targeting the addition of two core drill rigs, bringing the total to four core rigs, to accelerate exploration drilling aimed at expanding the two high-grade silver systems. The company is also targeting the initiation of step-out drilling to test new potential high-grade exploration targets identified within the permitted boundary. These exploration activities are designed to expand the resource base supporting the technical studies underway for the transition to milling operations.
Index Inclusion Expands Institutional Access
Hycroft was added to the VanEck Junior Gold Miners ETF (GDXJ) effective March 20, 2026, providing exposure to institutional capital allocated through passive index tracking strategies. The company was also promoted from the MSCI Micro-Cap Index to the MSCI Small Cap Index effective February 27, 2026. These index inclusions expand the company’s presence in benchmark-driven investment portfolios.
The GDXJ addition follows the completion of the resource update and ongoing exploration programme, demonstrating scale and grade continuity at the Vortex and Brimstone systems. The MSCI promotion reflects market capitalisation growth and liquidity metrics meeting small-cap index criteria.
Safety Performance Maintained Zero Lost-Time Record
Hycroft maintained an injury-free safety record during the first quarter of 2026 with no lost-time incidents, a 0.00 total recordable injury frequency rate (TRIFR), and more than 1.4 million work hours completed without a lost-time incident. The safety performance occurred during a period of active drilling operations across multiple target areas at the Hycroft Mine.
The safety metrics provide a baseline for operational planning as the company advances toward potential development decisions following completion of the technical studies targeting a transition to milling operations. Maintaining zero lost-time performance during exploration activities demonstrates operational discipline before higher-intensity construction and commissioning phases.
Next Steps
For 2026, Hycroft is targeting the addition of two core drill rigs to bring the total to four core rigs and accelerate exploration drilling to expand the two high-grade silver systems at Brimstone and Vortex. The company is targeting the initiation of step-out drilling to test new potential high-grade exploration targets identified within the permitted boundary.
Hycroft is targeting completion and publication of a PEA for milling sulfide ore and recovering gold and silver through a pressure oxidation process in 2026. The company is also targeting completion of trade-off analysis comparing pressure oxidation against a roasting process. Additionally, the company is targeting completion of in-fill reverse circulation drilling and metallurgical test work for potential restart of a heap leach operation, alongside advancement of activities for future development.