SCHEDULE: Sprott Boosts Hycroft Mining Stake to 42.92%

Eric Sprott and affiliated entities have increased their beneficial ownership in Hycroft Mining Holding Corp. to 42.92% through recent open market purchases.

Summary

• Eric Sprott, through 2176423 Ontario Ltd. and its wholly-owned subsidiary Sprott Mining Inc., now beneficially owns 37,468,704 shares of Hycroft Mining Holding Corp. Class A common stock.
• This represents 42.92% of the 87,295,952 shares of Common Stock deemed outstanding.
• Sprott Mining Inc. recently purchased 850,000 shares in open market transactions between December 19 and December 29, 2025, for a combined gross proceeds of approximately $18,993,435.
• These purchases included 150,000 shares at an average price of $16.31 on December 19, 100,000 shares at $24.79 on December 24, 200,000 shares at $24.93 on December 26, and 400,000 shares at $22.70 on December 29.
• Sprott Mining Inc. has been added as a new reporting person in this Amendment No. 10.
• Additional warrants for 5,515,824 shares are held by 2176423 Ontario but are subject to beneficial ownership limitations of 19.99% and 9.8%.

Sentiment

Score: 8

Explanation: The significant increase in beneficial ownership by a prominent mining investor like Eric Sprott, coupled with substantial recent purchases, indicates strong confidence in Hycroft Mining. This is generally viewed very positively by the market, suggesting potential for future value creation.

Positives

• A prominent investor, Eric Sprott, significantly increased his stake in Hycroft Mining, signaling strong confidence in the company's future prospects.
• The substantial beneficial ownership of 42.92% by Sprott and his entities provides a stable and committed shareholder base.
• Recent open market purchases totaling approximately $18.99 million demonstrate continued investment and support for the company.

Future Outlook

NA

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct."

Industry Context

Eric Sprott is a well-known and influential investor in the precious metals sector, particularly gold and silver mining. His increased stake in Hycroft Mining, a company with significant gold and silver resources, suggests a bullish outlook on the company's potential or the broader precious metals market. Such a substantial investment by a sector-specific expert can often be interpreted by the market as a vote of confidence, potentially attracting other investors to the stock or the sector.

Comparison to Industry Standards

• Eric Sprott's investment strategy often involves taking significant stakes in junior and mid-tier mining companies with high-potential assets.
• His increased ownership in Hycroft Mining to 42.92% is a substantial position, indicating a long-term strategic interest rather than a short-term trade.
• While direct comparisons to specific projects or results are not applicable for an ownership disclosure, Sprott's history of successful investments in companies like Kirkland Lake Gold (acquired by Agnico Eagle Mines) and his current involvement with various exploration and development companies set a high bar for the companies he backs.
• This level of commitment from a renowned mining financier suggests Hycroft Mining aligns with his criteria for significant resource potential, even if the company's operational performance is not detailed here.

Legal Proceedings

• The Reporting Persons have not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) during the last five years.
• The Reporting Persons have not been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction that resulted in a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws during the last five years.

Related Party Transactions

• Sprott Mining Inc., a wholly-owned subsidiary of 2176423 Ontario Ltd., which is controlled by Eric Sprott, completed open market purchases of 850,000 shares of Common Stock of Hycroft Mining Holding Corp. between December 19 and December 29, 2025.
• These transactions are considered related party dealings due to Eric Sprott's significant beneficial ownership and control over the purchasing entities.

Stakeholder Impact

• Shareholders: Existing shareholders may view the increased stake by Eric Sprott as a positive signal, potentially leading to increased investor confidence and share price appreciation.
• Management: The strong backing from a major investor like Eric Sprott could provide stability and strategic support for Hycroft Mining's management.
• Creditors: A strengthened shareholder base and investor confidence could indirectly improve the company's financial standing and creditworthiness.

Next Steps

• The Reporting Persons will continue to monitor their investment in Hycroft Mining.
• The Issuer will continue its operations and disclosures as required by SEC regulations.

Key Dates

Recommendation

The substantial increase in Eric Sprott's beneficial ownership to 42.92% of Hycroft Mining, coupled with recent open market purchases totaling nearly $19 million, represents a strong vote of confidence from a highly respected and successful investor in the precious metals sector. This aggressive accumulation of shares by a strategic investor suggests a belief in significant undervaluation or strong future prospects for Hycroft Mining. For a seasoned investor, this signals a compelling opportunity, warranting a 'strong buy' recommendation based on the conviction of a major industry player.

Keywords

Hycroft Mining, Eric Sprott, Sprott Mining, Beneficial Ownership, SEC Filing, Schedule 13D, Mining Stock, Gold Mining, Silver Mining, Share Purchases, Investor Stake