HYMC · 10-Q · 2026Q1 · Full report

Operating Expense Trends

HYCROFT MINING HOLDING CORP · 2026-04-28 · Importance 82 · Surprise 82

General and administrative costs rose to $34.2 million in Q1 2026 from $2.9 million in Q1 2025, driven primarily by discretionary restricted stock unit Make‑whole Awards of $24.1 million (of which $15.5 million was non‑cash) and a one‑time $4.5 million cash bonus to named executive officers. Exploration and development costs increased to $9.7 million in Q1 2026 from $3.0 million in Q1 2025, primarily due to $2.3 million of restricted stock unit Make‑whole Awards and expanded drilling under the 2025–2026 Exploration Drill Program. Mine site costs increased to $5.4 million in Q1 2026 from $2.5 million in Q1 2025, primarily due to $2.5 million of restricted stock unit Make‑whole Awards and the ramp up of activity to support exploration drilling. Non‑cash stock‑based compensation was a significant item, with $19.1 million of stock‑based compensation included in net loss for the quarter.

Key facts

• General and administrative costs for the three months ended March 31, 2026 totaled $34,165 thousand compared to $2,933 thousand for the same period in 2025.
• Total operating expenses for the three months ended March 31, 2026 were $50,065 thousand compared to $9,222 thousand for the three months ended March 31, 2025.
• The Company reduced the size of the workforce and ceased open pit mining operations to reduce net cash outflows.
• Exploration and development costs for the three months ended March 31, 2026 totaled $9,652 thousand compared to $2,999 thousand for the same period in 2025.
• The Company paid a one-time $4.5 million extraordinary cash bonus to the named executive officers and certain other employees in recognition of leadership's execution of transformational financings completed during 2025.
• Depreciation and amortization expense was $0.4 million for the three months ended March 31, 2026 compared to $0.5 million for the same period in 2025.

Impact estimates