Hycroft Mining (HYMC) Stock: Surges 21% After Resource Estimate Blows Past Prior Figures

Hycroft Mining Holding Corporation, HYMC

The estimate, dated January 21, 2026, was put together by three independent firms: Ausenco Engineering USA South, Independent Mining Consultants, and WestLand Engineering & Environmental Services.

Measured and Indicated gold and silver resources both came in 55% higher than 2023 estimates. The updated figures show 16.4 million gold ounces and 562.6 million silver ounces in those categories. Inferred gold resources rose 50% and inferred silver resources grew 38%.

Using commodity prices of $3,100 per ounce for gold and $36 per ounce for silver, the implied total resource value exceeds $50 billion. Thats a number worth paying attention to.

What the New Drilling Found

The updated estimate draws on 70 new drill holes, revised geologic modeling, improved metallurgical data, and updated commodity price assumptions.

A newly identified high-grade silver system added 90.2 million silver ounces in the Measured and Indicated categories — the result of roughly 14 months of drilling across two new high-grade systems. Intercepts in the Vortex system hit between 960 g/t and 1,545 g/t silver.

Metallurgical testing showed gold recovery at 83% and silver at 78%, using a mix of milling, pressure oxidation, and heap leaching. The company is also evaluating a roasting process that could produce sulfuric acid as a by-product — a potential third revenue stream.

The Risks Are Real

The Nevada mine is still in development. No meaningful production is underway, and getting there will require years of work and billions in capital. Permitting, financing, and construction all stand between todays resource estimate and actual output.

HYMC shares also tend to track gold and silver prices. A good chunk of recent gains in precious metals have been driven by a weaker U.S. dollar. If prices pull back, the stock could follow — regardless of whats underground.

HYMC has gained over 1,100% in the past year. Shares closed at $40.68 on February 18, putting the market cap at approximately $3.4 billion.

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