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Technical Report Summary

Overview

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Exploration & discovery

Technical report summary

Mineral resources

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In June 2026, Hycroft published its S-K 1300 Technical Report Summary and Initial Assessment (the “TRS”), which outlines the economics and mine plan for a milling operation utilizing conventional pressure oxidation (“POX”) and heap leach processing at the Hycroft Mine in Nevada, USA.

The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with compelling economics and strong leverage to rising gold and silver prices, reinforcing its position as a multi-generational, world-class asset in a tier-1 jurisdiction. Furthermore, by advancing the high-grade Brimstone and Vortex silver systems, Hycroft sees a clear path to further improving project economics and unlocking additional value.

Report Downloads and Links

EVENT · JUN 01, 2026

Technical Report Summary Webinar

PRESS RELEASE · PDF

Announcement of the TRS

TECHNICAL REPORT · PDF

Hycroft Project S-K 1300 Technical Report Summary IA with Economics — June 2026

NPV5 Post-tax

$4.3

B

NPV5 at spot1

$10.0

B

IRR post-tax

16.9

%

AVG ANNUAL PRODUCTION

295

koz AuEq

Mine life

51

years

Leverage to Metal Prices

For every $100 increase in gold price per ounce, NPV5 increases by ~$300 million.

For every $5 increase in silver price per ounce, NPV5 increases by ~$460 million.

NPV at 5% NPV at 0%

Leverage to gold and silver prices Net present value at nil and five per cent discount rates across six gold and silver price cases, with the internal rate of return for each. $0 $10 $20 $30 $40 $50 $60 $70 $3,600 / $48: NPV at 5% $4.3 billion $4.3 $3,600 / $48: NPV at 0% $15.8 billion $15.8 IRR 16.9% $4,000 / $60: NPV at 5% $6.7 billion $6.7 $4,000 / $60: NPV at 0% $22.6 billion $22.6 IRR 22.6% $4,500 / $70: NPV at 5% $9.1 billion $9.1 $4,500 / $70: NPV at 0% $29.6 billion $29.6 IRR 28.2% $5,000 / $80: NPV at 5% $11.5 billion $11.5 $5,000 / $80: NPV at 0% $36.5 billion $36.5 IRR 33.6% $5,500 / $90: NPV at 5% $14.0 billion $14.0 $5,500 / $90: NPV at 0% $43.5 billion $43.5 IRR 38.7% $6,000 / $100: NPV at 5% $16.4 billion $16.4 $6,000 / $100: NPV at 0% $50.5 billion $50.5 IRR 43.7% $3,600 / $48 Base case $4,000 / $60 $4,500 / $70 $5,000 / $80 $5,500 / $90 $6,000 / $100 Net present value, US$ billions Gold / silver price per ounce

Scroll the chart sideways to see every price case.

Multi-decade mine with scale

Gold revenue, $M, left axis Cumulative post-tax unlevered free cash flow, $M, right axis

Post-tax cash flow profile Annual gold revenue as bars against cumulative post-tax unlevered free cash flow as a line, 2026 to 2080. Cumulative cash flow turns positive in 2032 and peaks at $16,148 million. -5,000 0 5,000 10,000 15,000 20,000 0 200 400 600 800 1,000 1,200 2027: gold revenue $20M 2028: gold revenue $760M 2029: gold revenue $849M 2030: gold revenue $1,166M 2031: gold revenue $1,008M 2032: gold revenue $965M 2033: gold revenue $979M 2034: gold revenue $830M 2035: gold revenue $908M 2036: gold revenue $758M 2037: gold revenue $709M 2038: gold revenue $611M 2039: gold revenue $678M 2040: gold revenue $761M 2041: gold revenue $696M 2042: gold revenue $763M 2043: gold revenue $655M 2044: gold revenue $584M 2045: gold revenue $664M 2046: gold revenue $652M 2047: gold revenue $607M 2048: gold revenue $733M 2049: gold revenue $1,122M 2050: gold revenue $949M 2051: gold revenue $886M 2052: gold revenue $857M 2053: gold revenue $921M 2054: gold revenue $662M 2055: gold revenue $572M 2056: gold revenue $638M 2057: gold revenue $648M 2058: gold revenue $715M 2059: gold revenue $674M 2060: gold revenue $660M 2061: gold revenue $686M 2062: gold revenue $694M 2063: gold revenue $635M 2064: gold revenue $754M 2065: gold revenue $680M 2066: gold revenue $718M 2067: gold revenue $614M 2068: gold revenue $696M 2069: gold revenue $643M 2070: gold revenue $663M 2071: gold revenue $655M 2072: gold revenue $632M 2073: gold revenue $626M 2074: gold revenue $683M 2075: gold revenue $736M 2076: gold revenue $708M 2077: gold revenue $677M 2078: gold revenue $368M Payback 2032 2026 2030 2040 2050 2060 2070 2080 Gold revenue $M Cumulative free cash flow $M

Scroll the chart sideways to see the full mine life.

  • Life-of-mine production:

    • 10.4 million oz gold

    • 347 million oz of silver

  • First 10 years production of +330,000oz AuEq ⁽¹⁾

  • Average annual production:

    • 204,000 oz of gold

    • 6.8 million oz of silver

    • 295,000 oz gold equivalent

  • Initial Capital: $2.4 billion

  • LOM Sustaining Capital: $3.1 billion

  • Payback:

    • 4.7 Years Post-Tax (base case)

    • 2.9 Years Post-Tax (spot prices)

⁽¹⁾ Silver is converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au

Highlights

Robust Economics Demonstrate the Scale and Value of the Hycroft Mine

Base case Net Present Value at 5% (“NPV5”) of $5.4 billion (pre-tax) and $4.3 billion (post-tax)

Internal Rate of Return (“IRR”) of 18.9% (pre-tax) and 16.9% (post-tax)

NPV5 at spot prices of $10.0 billion and IRR of 30.1% (post-tax)

Post-Tax Payback: 4.7 years at Base case prices and 2.9 years at spot prices

Gross revenues: $54.2 billion at Base case prices

Significant Leverage to Commodity Prices

Per $100 / oz gold increase

+$300 M

post-tax NPV5

Per $100 / oz gold increase

+$300 M

post-tax NPV5

Multi-Decade Production Profile at Meaningful Scale

MINE LIFE

51

years

AVERAGE ANNUAL PRODUCTION

204,000 ounces of gold
6.8 million ounces of silver
295,000 ounces gold equivalent2 (“AuEq”)

First 10 years deliver enhanced production averaging more than 330,000 ounces AuEq

LIFE OF MINE (“LOM”) PRODUCTION

10.4 million ounces of gold
347.5 million ounces of silver
15.1 million ounces AuEq

Conventional Plant Design, Layout and Processing

Proven POX processing technology

Existing infrastructure on-site allows for reduced capital expenditures

Plant designed to process 57,100 tons per day of mineralized material

LOM average cash cost3 of $1,924 per ounce AuEq and all-in sustaining cost (“AISC”)4 of $2,147 per ounce AuEq

Initial capital costs: $2.4 billion and LOM sustaining capital costs of $3.1 billion

(1) Spot prices for gold and silver as of May 25, 2026
(2) Silver is converted to AuEq using the ratio of $48.00/oz Ag to $3,600/oz Au
(3) Cash costs consist of mining costs, processing costs, mine-level G&A, and refining charges and royalties
(4) All-in sustaining costs include cash costs plus sustaining capital and closure costs

Basis of the Technical Report

Base case 

Commodity prices of $3,600 per ounce for gold and $48.00 per ounce for silver

Mine plan

Based on the 2026 Mineral Resource Estimate (16.4 million ounces of gold and 562.6 million ounces of silver Measured and Indicated)

SPOT1

$4,569 per ounce of gold and $77.94 per ounce of silver

Upside

Inferred mineral resources of 5.0 million ounces of gold and 132.8 million ounces of silver are not included in the mine plan and represent an upside to the TRS economics. Drill results from the 2025-2026 exploration program are not included in the mine plan and represent further upside.

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The TRS demonstrates that Hycroft hosts a large-scale, long-life precious metals project with compelling economics and strong leverage to rising gold and silver prices, reinforcing its position as a multi-generational, world-class asset in a tier-1 jurisdiction.

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