Hycroft Mining has closed a $60m non-brokered private placement, initially announced on 2 September 2025, for mine development, with Eric Sprott leading the investment.

The placement consisted of more than 14 million units priced at $4.2805 each.

Each unit in the private placement comprises one common share of Hycroft Mining and a one-half common warrant, with each full warrant allowing the holder to purchase an additional common share at $6 within a two-year period, subject to an accelerator clause.

The funds raised are earmarked for the development of the Hycroft gold-silver mine and for the company's working capital, including supporting general corporate activities.

Situated in Nevada's Sulfur Mining District, the mine is equipped for both heap leach and milling operations and has significant infrastructure.

It lies 54 miles to the west of Winnemucca, spanning both Humboldt and Pershing counties in Nevada.

The project already has a considerable amount of established infrastructure including facilities for three-stage crushing, ample capacity for leach pads and a pair of Merrill Crowe plants, complete with a refinery.

The company plans to finalise the technical studies necessary to advance the Hycroft Mine into the subsequent phase of commercial operations, aimed at processing the sulphide ore.

Following the completion of the placement, Hycroft Mining's unrestricted cash reserves stand at approximately $129m.

Eric Sprott, through the acquisition of 9,344,704 units, now owns around 33% of Hycroft Mining's common shares and holds 10,188,176 warrants.

Tribeca Global Natural Resources has an approximate 8% ownership stake after purchasing 4,438,734 units. Other investors collectively acquired 233,618 units, contributing $1m to the total proceeds.