Hycroft Mining eliminates debt, strengthens balance sheet

WINNEMUCCA, Nev. - Hycroft Mining Holding Corporation (NASDAQ:HYMC), a mining company with a market capitalization of $368 million and a notably high beta of 2.52, has eliminated all debt and strengthened its financial position by raising $235 million in net cash proceeds, according to a press release statement issued Tuesday.

The mining company said it used the funds to prepay approximately $136 million of total indebtedness, making it debt-free. The capital was raised through a combination of public equity offerings, a private placement, warrant exercises, and sales under the at-the-market equity program. InvestingPro data shows the company maintains a strong current ratio of 25.8, indicating robust short-term liquidity.

Following the equity offerings completed in 2025, approximately 80% of Hycroft’s outstanding shares are now held by institutional investors within the global mining sector, expanding its shareholder base to include mining-focused investors in Australia and the United Kingdom. The stock has delivered an impressive year-to-date return of 253%, according to InvestingPro data, which also indicates the stock is currently trading near its Fair Value. Subscribers can access 8 additional ProTips and comprehensive financial metrics for HYMC.

The company also reported progress on its exploration program, having begun the next phase of drilling focused on high-grade silver dominant zones. Through September 30, approximately 2,450 meters of drilling have been completed on five exploration holes since August 3, with results pending assay by third-party laboratories. With an overall Financial Health Score of "FAIR" from InvestingPro, investors can track the company’s operational progress against its financial metrics.

Hycroft stated it plans to expand its current drilling program to include two additional core drill rigs, bringing the total to four.

On the operational front, the company highlighted its safety record, maintaining a 0.00 Total Recordable Incident Frequency Rate for three years as of October 23, operating over 1.4 million man-hours without a Lost Time Incident.

The company reported it is advancing metallurgical and engineering work for a sulfide milling operation, with testing showing higher gold and silver recoveries relative to its March 2023 technical report. Hycroft is also evaluating the restart of a heap leaching operation within its permitted plan.

The Hycroft Mine is located in northern Nevada and is described as one of the world’s largest precious metals deposits.

In other recent news, Hycroft Mining Holding Corporation has announced several significant financial developments. The company has fully paid off its remaining debt of $125.5 million, including accrued interest. This debt repayment involved settling a $15.0 million principal balance of first-lien debt and repurchasing subordinated notes with a face value of $120.8 million at a 9% discount. Additionally, Hycroft Mining raised approximately $171.4 million as underwriters exercised their over-allotment option to purchase an additional 3.3 million shares of Class A Common Stock at $6.50 per share. This follows a previously upsized public offering aimed at raising $150 million through the sale of 23.1 million shares. The company had initially announced a $100 million stock offering to fund exploration and other corporate needs, which later expanded to a total of 26.4 million shares. These financial maneuvers are part of Hycroft’s strategy to fund exploration and drilling programs at its Hycroft Mine and address general corporate needs.

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