Hycroft Mining AGM: Shareholders Approve Proposals as CEO Touts Debt-Free Balance Sheet, $175M Cash

Hycroft Mining (NASDAQ:HYMC) held its 2025 Annual Meeting of Stockholders via remote communication, with Chairman Thomas Weng presiding and company executives and advisors participating through the virtual meeting platform. Weng said stockholders could vote and submit written questions through the platform, with questions addressed after the formal business portion of the meeting.

Quorum and meeting logistics

Weng reported that holders of more than 43.5 million shares were present or represented by proxy, representing approximately 54% of the company’s issued and outstanding shares as of the December 12, 2025 record date, establishing a quorum. He also noted that an affidavit of mailing had been received and that a certified list of stockholders had been available for the previous 10 days and was available for examination by stockholders of record.

Weng formally presented the company’s Annual Report on Form 10-K for the year ended December 31, 2024, including financial statements. He also delivered the customary forward-looking statements caution, referencing risk factors in Hycroft’s 2024 Form 10-K and subsequent SEC filings.

Stockholders approve all three proposals

The meeting included three proposals, all of which were approved based on a preliminary report from the inspector of elections, Margaret Lloyd of Continental Stock Transfer and Trust Company, who was appointed and sworn for the meeting. Weng said the final results would be reported to the SEC within four business days on a Form 8-K.

• Proposal 1: Stockholders elected six directors, with each nominee named in the proxy statement “duly elected,” Weng said.
• Proposal 2: Stockholders approved the company’s 2025 performance and incentive pay plan.
• Proposal 3: Stockholders ratified the audit committee’s appointment of Baker Tilly, LLP as independent auditor for 2025.

CEO highlights debt elimination and ownership shift

After the business portion concluded, President and CEO Diane Garrett discussed what she described as a “transformational” 2025 for the company, following what she characterized as high-grade discoveries in 2023 and 2024. Garrett said Hycroft eliminated all debt from its balance sheet during 2025, describing the debt as an inherited obligation that had created an overhang on the stock.

Garrett also said the company’s shareholder base changed materially during the year, with “blue-chip institutional” investors joining what she described as a meaningful retail shareholder base. According to Garrett, roughly 80% of Hycroft’s shares are now held by long-term institutional investors. She said precious metals investor Eric Sprott owns approximately 40% of the company, and she also cited ownership and participation from BlackRock, Franklin Templeton, Schroders, and an Australian investor base led by Tribeca, Regal, and Ilwella.

Drilling plans, cash position, and upcoming reports

Garrett said Hycroft has three drill rigs currently on site and expects two additional drill rigs to arrive around mid-year 2026, attributing the increased activity to the new institutional investment. She said drilling is focused on high-grade silver discoveries, naming the Brimstone and Vortex systems, and added that the company sees other areas as prospective targets it hopes to test in 2026.

On liquidity, Garrett said Hycroft has “no debt and approximately $175 million in cash,” which she said “will soon become well over $200 million” with the exercise of recent warrants from a June offering.

Garrett also said the company expects an updated resource report “coming out in the new year,” along with a technical report that is pending for the new year, and characterized the company as positioned to move quickly on expanding high-grade systems, testing new targets, and advancing the project toward a production decision.

Q&A touches on stockholder list access

During the question-and-answer portion, one stockholder asked about access to the list of stockholders during the virtual meeting, noting it did not appear available for viewing despite disclosure in the proxy materials. General Counsel and Corporate Secretary Rebecca Jennings responded that she had sent a certified item and said she would follow up after the meeting.

With no further questions in the queue, Weng closed the Q&A session and adjourned the meeting.

About Hycroft Mining (NASDAQ:HYMC)

Hycroft Mining PLC is a precious metals company focused on the exploration, development and operation of the Hycroft Mine, a large oxide gold and silver deposit in northwestern Nevada. The company’s primary activities include open-pit mining, heap leach extraction and carbon adsorption/desorption processing designed to recover gold and silver from crushed ore. Hycroft’s technical team employs conventional mining methods and metallurgical processes to advance resource conversion and optimize recovery rates.

Located on approximately 28,800 hectares in Humboldt County, Nevada, the Hycroft Mine ranks among the largest undeveloped oxide gold-silver deposits in North America.