SCHEDULE: Sprott Boosts Hycroft Mining Stake to 40.79%

Eric Sprott and affiliates increased their beneficial ownership in Hycroft Mining Holding Corp to 40.79% through recent share and warrant purchases.

Summary

• Eric Sprott and his affiliates, primarily 2176423 Ontario Ltd. and Sprott Mining Inc., now beneficially own an aggregate of 35,478,704 shares of Hycroft Mining Holding Corp.
• This represents 40.79% of the 86,979,143 deemed outstanding shares of Class A common stock.
• The calculation of deemed outstanding shares includes 80,966,791 shares outstanding as of December 2, 2025, and 6,012,352 shares issuable from warrants not subject to beneficial ownership limitations.
• On December 3, 2025, Sprott Mining Inc. completed a private purchase of 2,340,824 shares of Common Stock and 1,340,000 warrants from AMC Entertainment Holdings, Inc. for approximately $24,110,487, at a purchase price of $10.30 per share of Common Stock.
• Sprott Mining Inc. also made an open market purchase of 400,000 shares of Common Stock on November 17, 2025, at an average purchase price of $10.37 per share.
• Additional warrants for 5,515,824 shares are held by 2176423 Ontario Ltd. but are subject to beneficial ownership limitations (19.99% for 3,175,000 shares and 9.8% for 2,340,824 shares).

Sentiment

Score: 7

Explanation: The increased beneficial ownership by a prominent mining investor like Eric Sprott, coupled with recent purchases, indicates strong confidence in Hycroft Mining. This is generally viewed positively by the market as it suggests a belief in the company's long-term value.

Positives

• Increased stake by a prominent mining investor, Eric Sprott, signals strong confidence in Hycroft Mining Holding Corp.
• The recent purchases demonstrate continued commitment and potentially a long-term view on the company's prospects.
• The acquisition of a significant block of shares from AMC Entertainment Holdings, Inc. at a specific price provides a recent valuation point for a large transaction.

Negatives

• Beneficial ownership limitations on a significant portion of warrants (5,515,824 shares) restrict Sprott's immediate ability to increase their stake further through these instruments.

Risks

• Warrants exercisable for 3,175,000 shares of Common Stock are subject to a beneficial ownership limitation of 19.99%.
• Warrants exercisable for 2,340,824 shares of Common Stock are subject to a beneficial ownership limitation of 9.8%.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from the issuer or the reporting persons regarding the company's future operations or financial performance, beyond the reporting of current ownership and recent transactions.

Industry Context

Eric Sprott is a well-known investor in the precious metals and mining sector. His continued and increasing investment in Hycroft Mining, a gold and silver producer, suggests a bullish outlook on the company's assets or the broader precious metals market. This move aligns with a strategy of accumulating significant stakes in mining companies, often seen as a vote of confidence in their long-term potential, especially during periods of perceived undervaluation or strategic development.

Comparison to Industry Standards

• This filing primarily details an ownership change and does not provide operational or financial results that can be directly compared to industry standards or specific comparable companies/projects. The transaction price of $10.30 per share for a significant block of shares could be benchmarked against recent trading prices or analyst valuations for Hycroft Mining or similar development-stage precious metals companies, but such analysis is not provided within the filing itself.

Stakeholder Impact

• Shareholders: Increased confidence due to a major investor's growing stake; potential for increased liquidity or market interest.
• Management: May feel validated by a significant investor's continued support, potentially influencing strategic decisions.

Next Steps

• The filing does not explicitly mention future actions or milestones for Hycroft Mining Holding Corp. It primarily reports on the current beneficial ownership status of Eric Sprott and his affiliates.

Key Dates

Recommendation

While the increased stake by Eric Sprott is a strong vote of confidence and a positive signal, this filing primarily details an ownership change rather than new operational or financial performance data. Without additional information on Hycroft Mining's fundamental business performance, strategic direction, or updated financial outlook, a 'hold' recommendation is prudent for existing investors. New investors might consider this a positive indicator for further due diligence.

Keywords

Hycroft Mining, HYMC, Eric Sprott, Sprott Mining, 2176423 Ontario, Schedule 13D, beneficial ownership, common stock, warrants, mining investment, AMC Entertainment Holdings