Hycroft Mining soars on Sprott stake: project scale and resource lens for engineers
Reviewed by Tom Sullivan

First reported on MINING.com
30 Second Briefing
Hycroft Mining’s share price jumped more than 12% to a one‑month high of US$47.47 after a filing showed Eric Sprott bought a further 150,000 shares at US$42.05 each, lifting his stake to about 36.9 million shares, or 44.45% of the company. The Nevada mine developer, pivoting from historic heap leach operations to large‑scale milling of sulphide ores under existing permits and infrastructure, now carries a market capitalisation of US$3.8 billion, up from US$50 million a year ago. An updated resource statement reports 16.4 million oz gold and 562.6 million oz silver measured and indicated, including 90.2 million oz high‑grade silver with underground potential.
Technical Brief
- Hycroft is transitioning from historic oxide heap leach to large-scale milling of sulphide ore under existing permits.
- The site retains permits for both heap leach and milling, allowing flexible sequencing of oxide–sulphide processing.
- Existing “extensive infrastructure” in northern Nevada reduces greenfield capital needs for the new milling flowsheet.
- Updated measured and indicated resources increased 55%, now including a discrete high-grade silver domain with underground potential.
- Inferred resources rose 50% for gold and 38% for silver, expanding the potential mine planning envelope.
- Sprott’s initial 2022 entry was via a US$56 million private placement split equally with AMC.
- He later acquired most of AMC’s former 22% equity stake for US$24 million in late 2025.
- Hycroft ranked as the top small-cap mining stock in MINING.COM’s January Global Mining Power Rankings, signalling strong market confidence in the sulphide-milling pivot.
Our Take
With Hycroft Mining’s measured and indicated inventory of 16.4 Moz gold and 562.6 Moz silver, the asset now sits at the upper end of single-asset precious metals resource size in our database, which helps explain why equity investors like Eric Sprott are prepared to tolerate Nevada permitting and development risk.
The emergence of a 90.2 Moz high-grade silver resource with underground potential at Hycroft contrasts with most Nevada coverage in our database, which is dominated by open-pit gold or lithium projects such as Century Lithium’s Angel Island claystone project, signalling a more complex future mine design and sequencing challenge for operators in the state.
The jump in Hycroft’s market capitalisation from about US$50 million to US$3.8 billion within a year places it among the more extreme re-ratings in recent gold-silver names in our coverage, which is likely to raise scrutiny on how quickly the enlarged resource base can be converted into reserves and a bankable development plan.
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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