TLDR
- Hycroft Mining (HYMC) stock surged over 21% Wednesday after a new independent mineral resource estimate showed 55% more gold and silver than previously thought.
- The updated estimate puts measured and indicated resources at 16.4 million gold ounces and 562.6 million silver ounces.
- Inferred gold resources grew 50% and inferred silver resources grew 38%.
- Metallurgical testing showed recovery rates of 83% for gold and 78% for silver using conventional methods.
- The total implied resource value exceeds $50 billion at current prices, though production is still years and billions of dollars away.
Hycroft Mining (HYMC) shares jumped more than 21% Wednesday after the company released an updated Mineral Resource Estimate showing far more gold and silver in the ground than anyone expected.
Hycroft Mining Holding Corporation, HYMC
The new estimate, with an effective date of January 21, 2026, was prepared by three independent firms: Ausenco Engineering USA South, Independent Mining Consultants, and WestLand Engineering & Environmental Services.
The numbers are hard to ignore. Measured and Indicated gold and silver resources both came in 55% higher than prior estimates from 2023. The company now reports 16.4 million gold ounces and 562.6 million silver ounces in those categories alone.
Hycroft Mining’s best news ever. This is a wild increase in reserves. 1,645,630,000 oz silver equivalents. Increased from 1,040,000,000 oz silver equivalent. Huge news for the mine. Also POX processing recovery higher than expected. Let’s go! $hymc @HycroftMining pic.twitter.com/46fkhuigTK
— Andrew Huotte (@AndrewHuotte) February 18, 2026
Inferred resources also grew. Gold inferred resources rose 50%, while silver inferred resources climbed 38%. Using commodity prices of $3,100 per ounce for gold and $36 per ounce for silver, the implied total resource value tops $50 billion.
That’s a lot of metal sitting under the Nevada desert.
What the Drilling Revealed
The updated estimate draws from 70 new drill holes and includes new geologic modeling, improved metallurgical data, and revised commodity price assumptions.
One of the more interesting findings involves 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 discovered over roughly 14 months of drilling. Intercepts in the Vortex system reached between 960 g/t and 1,545 g/t silver — those are strong numbers.
The company is also looking at a roasting process that could produce sulfuric acid as a by-product, potentially adding a third revenue stream to the mix.
Metallurgical testing showed gold recovery rates of 83% and silver at 78%, using a combination of milling, pressure oxidation, and heap leaching. Those recovery rates are in line with — and in some cases better than — comparable operations in the industry.
The Catch
Before anyone starts doing too much mental math, it’s worth slowing down. Hycroft’s Nevada mine is still in development. No meaningful production is happening yet, and getting to that point will take years and likely billions in capital.
There’s no guarantee the company can mine this profitably, or on any particular timeline. Permitting, financing, and construction all sit between where Hycroft is today and actual gold bars.
Precious metals mining stocks also tend to move with gold and silver prices. A lot of recent gains in those metals have been driven by a weaker U.S. dollar. If prices pull back, HYMC shares could follow regardless of what’s in the ground.
HYMC is up over 1,100% in the past year. The stock was trading around $40.68 as of the close on February 18, giving the company a market cap of approximately $3.4 billion.
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