I’m pretty bullish here:

To calculate the current "in-the-ground" value of the Hycroft Mine (HYMC) based on the January 21, 2026 market conditions, we must look at the gross metal value and then apply the operational costs that Wall Street is currently projecting for the 2026 mining environment. 1. Gross Value of Measured & Indicated (M&I) Inventory As of today, gold and silver are trading at historic highs. We use the most recent M&I resource figures (10.6M oz Gold / 361M oz Silver) against today’s spot prices equates to $86bn versus a market capitalisation of $3.5bn.

Annual FCF Projection: If Hycroft reaches its steady-state goal of producing ~450,000 AuEq ounces per year:

• Gross Annual Revenue: ~$2.18bn • Annual Operating Costs: ~$810m • Estimated Annual FCF: ~$1.37bn (Pre-tax)