TLDR
- Hycroft Mining (HYMC) stock soared by over 21% on Wednesday following a new independent mineral resource assessment that revealed 55% more gold and silver than previously estimated.
- The revised estimate places measured and indicated resources at 16.4 million gold ounces and 562.6 million silver ounces.
- Inferred gold resources expanded by 50%, while inferred silver resources increased by 38%.
- Metallurgical testing indicated gold recovery rates of 83% and silver recovery rates of 78% using conventional techniques.
- The total implied resource value surpasses $50 billion at current prices, although production is still several years away and will require billions in capital.
Hycroft Mining (HYMC) shares jumped by over 21% on Wednesday after the firm released an updated Mineral Resource Estimate that showed far greater gold and silver deposits than anticipated.
The new estimate, effective as of January 21, 2026, was prepared by three independent firms: Ausenco Engineering USA South, Independent Mining Consultants, and WestLand Engineering & Environmental Services.
The figures are hard to overlook. Measured and indicated gold and silver resources were both 55% higher than previous estimates from 2023. The company now reports 16.4 million gold ounces and 562.6 million silver ounces specifically in those categories.
Hycroft Mining’s all-time best news. This is a dramatic rise in reserves. 1,645,630,000 oz silver equivalents. Up from 1,040,000,000 oz silver equivalent. Massive news for the mine. Also, POX processing recovery exceeded expectations. Let’s go!
— Andrew Huotte (@AndrewHuotte)
Inferred resources also expanded. Inferred resources rose by 50%, while silver inferred resources climbed by 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.
There’s a substantial amount of metal lying beneath the Nevada desert.
What the Drilling Revealed
The revised estimate is based on 70 new drill holes and incorporates new geologic modeling, enhanced metallurgical data, and revised commodity price assumptions.
One of the more intriguing findings is a newly identified high-grade silver system. Hycroft established an initial resource of 90.2 million silver ounces in the measured and indicated categories from two new high-grade silver systems found over approximately 14 months of drilling. Intercepts in the Vortex system ranged between 960 g/t and 1,545 g/t silver — those are robust figures.
The company is also considering a roasting process that could generate sulfuric acid as a by-product, potentially adding a third revenue stream.
Metallurgical testing showed gold recovery rates of 83% and silver recovery rates of 78% using a combination of milling, pressure oxidation, and heap leaching. Those recovery rates are in line with — and in some instances better than — comparable operations in the industry.
The Catch
Before anyone gets carried away with calculations, it’s important to slow down. Hycroft’s Nevada mine is still in the development phase. No significant production is occurring yet, and reaching that stage will take several years and likely billions in capital.
There’s no assurance that the company can mine this profitably, nor on any specific timeline. Permitting, financing, and construction all lie between Hycroft’s current state and actual gold production.
Precious metals mining stocks also tend to fluctuate with gold and silver prices. Much of the recent gains in these metals have been driven by a weaker U.S. dollar. If prices retreat, HYMC shares could follow suit regardless of the deposits.
HYMC has risen by over 1,100% in the past year. As of the close on February 18, the stock was trading at around $40.68, giving the company a market cap of approximately $3.4 billion.