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    Hycroft mine $10B, 51-year Nevada plan: capex and production lens for engineers

    June 3, 2026|

    Reviewed by Tom Sullivan

    Hycroft mine $10B, 51-year Nevada plan: capex and production lens for engineers

    First reported on MINING.com

    30 Second Briefing

    Hycroft Mining’s proposed Nevada gold-silver operation is now scoped as a 51-year, large-scale POX and heap leach mine with a post-tax NPV of $10 billion at a 5% discount rate, based on spot prices of $4,569/oz gold and $77.94/oz silver and an initial capital cost of $2.4 billion plus $3.1 billion sustaining. The plant is designed to treat 57,100 t/d, producing on average 204,000 oz/y gold and 6.8 Moz/y silver (295,000 oz/y AuEq) at an all-in sustaining cost of $2,147/oz AuEq. The mine plan draws on 16.4 Moz gold and 562.6 Moz silver M&I resources, with upside from 5 Moz gold and 132.8 Moz silver inferred, underground options at Brimstone and Vortex, and new oxide heap leach targets across a land package exceeding 64,000 acres.

    Technical Brief

    • Conventional pressure oxidation (POX) plant is paired with heap leach, both already fully permitted on site.
    • Existing infrastructure includes three-stage crushing, leach pad capacity and two Merrill Crowe plants plus refinery.
    • SEC S-K 1300 technical summary underpins the plan, giving a 30.1% IRR at spot prices.
    • Payback at spot pricing is “just under” three years; base-case payback extends to 4.7 years.
    • Base-case metal prices of $3,600/oz gold and $48/oz silver cut NPV to $4.3 billion.
    • Measured and indicated resources total 16.4 Moz Au and 562.6 Moz Ag; inferred add 5 Moz Au, 132.8 Moz Ag.
    • Brimstone and Vortex high-grade silver systems are being evaluated for an underground option to front-load ounces.
    • New oxide targets and low-grade stockpile reprocessing are being assessed for early-life heap leach feed.
    • Current resource footprint covers <15% of Hycroft’s >64,000-acre Nevada land position, indicating substantial exploration upside.

    Our Take

    Hycroft Mining has featured prominently in recent Global Mining Power Rankings coverage, suggesting that the Hycroft project’s large gold–silver endowment is already on the radar of institutional and retail investors even as the current market capitalisation lags the study’s NPV figures.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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