Hycroft Mining Stock Surges After Reporting 55% Growth In Mineral Resources

Hycroft Mining Holding Corporation (NASDAQ:HYMC) shares are trading higher Wednesday after the company announced 55% growth in both gold and silver.

• Hycroft shares are climbing. Where is HYMC stock headed?

Mineral Resource Growth And Metallurgical Results

Hycroft said it filed an updated independent Technical Report reflecting approximately 55% growth in both gold and silver Measured and Indicated Mineral Resources. The updated estimate includes 16.4 million ounces of gold and 562.6 million ounces of silver in Measured and Indicated categories.

The company also reported an initial high-grade silver resource of 90.2 million ounces in the Measured and Indicated category.

President and CEO Diane Garrett said the updated Mineral Resource Estimate reflects significant growth in what is already among the world's largest precious metals deposits.

“Importantly, following only approximately 14 months of drilling since the discovery of two new high-grade silver systems, a high-grade mineral resource with underground potential has been established demonstrating the continuity of both the Brimstone and Vortex high-grade systems which remain open along strike and at depth,” Garrett said.

Hycroft said metallurgical test work for pressure oxidation demonstrated gold recoveries of 83% and silver recoveries of 78%. Flotation recoveries were 89.5% for gold and 92.9% for silver, while pressure oxidation recoveries were 93.5% for gold and 86% for silver.

The company is also evaluating a roasting process alternative that could provide a potential third revenue stream through by-product sulfuric acid production.

Hycroft Shares Climb Wednesday

HYMC Price Action: At the time of writing, Hycroft shares are trading 15.15% higher at $38.69, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.