SCHEDULE: Sprott Boosts Hycroft Mining Stake to 34.92%

Eric Sprott's investment entity, 2176423 Ontario Ltd., significantly increased its beneficial ownership in Hycroft Mining Holding Corp. to 34.92% by acquiring 7.69 million shares for $50 million.

Summary

• Eric Sprott, through 2176423 Ontario Ltd., increased beneficial ownership in Hycroft Mining Holding Corp. to 29,897,880 shares, representing 34.92% of the Class A common stock.
• The increase resulted from the purchase of 7,690,000 shares of Common Stock on October 14, 2025, at a price of $6.50 per share.
• The total investment for this acquisition was approximately $50 million, funded by the working capital of 2176423 Ontario Ltd.
• The percentage of ownership is calculated based on 85,627,865 shares of Common Stock deemed outstanding, which includes 80,955,513 shares outstanding as of October 14, 2025, and 4,672,352 shares issuable from warrants not subject to beneficial ownership limitations.
• 2176423 Ontario Ltd. also holds warrants to acquire an additional 5,515,824 shares, but these are subject to beneficial ownership limitations (19.99% for 3,175,000 shares and 9.8% for 2,340,824 shares).

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a prominent and experienced mining investor like Eric Sprott is a strong vote of confidence, generally viewed positively by the market.

Positives

• A significant increase in beneficial ownership by a prominent investor like Eric Sprott signals strong confidence in Hycroft Mining Holding Corp.'s future prospects.
• The company successfully completed a public registered offering, indicating access to capital markets.

Risks

• Certain warrants held by 2176423 Ontario Ltd. are subject to beneficial ownership limitations (19.99% and 9.8%), restricting their full exercise if it would exceed these thresholds.

Future Outlook

No explicit forward-looking statements or guidance were provided by company management in this filing.

Industry Context

Eric Sprott is a well-known and respected investor in the mining sector, particularly in precious metals. His increased stake in Hycroft Mining, a company focused on gold and silver, could be interpreted as a positive signal for the company's prospects and potentially for the broader precious metals market, indicating a belief in the long-term value of these assets.

Stakeholder Impact

• Shareholders: Increased confidence due to a major investor's expanded stake, potentially signaling positive future performance.
• Company: Strengthened capital base from the public offering, part of which was absorbed by the reporting person.

Key Dates

Recommendation

The substantial increase in Eric Sprott's beneficial ownership, a highly regarded investor in the mining sector, signals a strong conviction in Hycroft Mining's value proposition. This insider confidence, coupled with the company's successful capital raise, suggests a positive outlook and warrants a 'buy' recommendation for investors seeking exposure to the precious metals sector through a company backed by significant strategic investment.

Keywords

Hycroft Mining, Eric Sprott, Beneficial Ownership, Schedule 13D, Common Stock, Equity Investment, Mining, Public Offering