SCHEDULE: Sprott Boosts Hycroft Mining Stake to 36.66%

Eric Sprott and 2176423 Ontario Ltd. increased their beneficial ownership in Hycroft Mining Holding Corp. to 36.66% through recent open market purchases totaling 1.5 million shares.

Summary

• Eric Sprott and 2176423 Ontario Ltd. (collectively, the "Reporting Persons") now beneficially own 31,397,880 shares of Hycroft Mining Holding Corp. Class A common stock.
• This represents 36.66% of the 85,638,143 shares of Common Stock deemed outstanding.
• The deemed outstanding shares include 80,965,791 shares outstanding as of October 27, 2025, and 4,672,352 shares issuable from warrants not subject to beneficial ownership limitations.
• Between November 11 and November 13, 2025, 2176423 Ontario purchased an additional 1,500,000 shares of Common Stock in open market transactions.
• These purchases were made at average prices of $8.07, $8.79, and $9.42 per share, totaling approximately $13,138,950.
• The funds for these acquisitions came from the working capital of 2176423 Ontario.
• The Reporting Persons also hold warrants to acquire an additional 5,515,824 shares, subject to beneficial ownership limitations of 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 investor like Eric Sprott, coupled with purchases made at increasing prices, indicates strong confidence in the company's value and future prospects. This is a very positive signal from a major shareholder.

Positives

• A significant increase in beneficial ownership by a prominent investor like Eric Sprott indicates strong confidence in Hycroft Mining's future prospects.
• The substantial investment of approximately $13.14 million demonstrates a tangible commitment from the Reporting Persons.
• The purchases were made at increasing prices ($8.07, $8.79, $9.42), suggesting a belief in the company's rising value.

Risks

• The filing mentions beneficial ownership limitations on certain warrants (19.99% and 9.8%), which could restrict the Reporting Persons' ability to fully exercise all their warrants and further increase their stake beyond the current 36.66%.

Future Outlook

This filing does not contain explicit forward-looking statements or guidance from the company or the reporting persons regarding the company's future operations or financial performance, beyond the implications of increased ownership.

Industry Context

This filing indicates a significant investor's increased confidence in a specific mining company. In the broader mining industry, such substantial insider or major shareholder accumulation can signal positive sentiment, especially in the context of commodity price trends (e.g., gold/silver, given Hycroft's operations). It suggests a belief that the company's assets or strategy are undervalued or poised for growth, potentially attracting further investor interest in the sector.

Comparison to Industry Standards

• The increase in stake by Eric Sprott, a well-known investor in the precious metals sector, is often viewed positively within the mining industry. His investments are frequently seen as a vote of confidence, similar to how other prominent resource investors might signal value.
• While specific comparable companies or projects are not mentioned in the filing, a 36.66% beneficial ownership stake is a substantial position, indicating a significant level of influence and commitment, which is higher than typical institutional passive investments and approaches a controlling interest.

Stakeholder Impact

• Shareholders: The increased stake by a significant investor could be perceived positively, potentially boosting investor confidence and share price. It signals a strong belief in the company's value.
• Management: The substantial ownership by Eric Sprott and his entity could lead to increased influence on strategic decisions and corporate governance, aligning interests with a major shareholder.

Key Dates

Recommendation

The substantial increase in Eric Sprott's beneficial ownership to 36.66% of Hycroft Mining, through open market purchases at progressively higher prices, signals a strong vote of confidence from a highly respected investor in the mining sector. This aggressive accumulation suggests a belief that the company is undervalued or poised for significant upside, making it an attractive 'buy' for investors seeking to align with a knowledgeable and committed major shareholder.

Keywords

Hycroft Mining Holding Corp, HYMC, Eric Sprott, 2176423 Ontario Ltd, Schedule 13D, Beneficial Ownership, Stock Purchase, Warrants, Mining, Gold, Silver, Investor Stake