HYCROFT MINING HOLDING CORPHYMC

HYCROFT MINING HOLDING CORP Fair Value Disclosure

10-KFiled Mar 3, 20262 min read
Fair value measurements
Recurring fair value measurements
The following table sets forth by level within the fair value hierarchy, the Company’s liabilities measured at fair value on a recurring basis (in thousands).
Hierarchy
Level		Year Ended December 31,
2025
2024
Equity investment securities, current1$776 $454 
Equity investment securities, non-current1— 151 
Total (1)
$776 $605 
5-Year Private Warrants (2)
2$— $6 
(1)The value of equity securities was determined using the closing price of the publicly traded Canadian gold mining company on the last day of the period as quoted on the TSX Venture Exchange. See Note 5 – Equity investment securities to the Notes to the Consolidated Financial Statements for additional information.
(2)     The value of certain warrants to purchase shares of the Company’s common stock that were issued to the special purpose acquisition company sponsor and/or underwriter in a private placement and/or pursuant to a forward purchase contract (collectively, the 5-Year Private Warrants) as of December 31, 2025, was nil due to the expiration of the warrants on May 29, 2025. See Note 12 – Warrant liabilities to the Notes to the Consolidated Financial Statements for additional information on the fair value of the Company’s liability classified warrants.
Items disclosed at fair value
Debt, net
The Company paid off all debt during the year end December 31, 2025, but had debt balances as of December 31, 2024. The Sprott Credit Agreement and the Subordinated Notes were privately held and, as such, there was no public market or trading information available for such debt instruments. As of December 31, 2025 and December 31, 2024, the fair value of the Company’s debt instruments was nil and $108.0 million, compared to the carrying value of nil and $125.0 million as of December 31, 2025 and December 31, 2024, respectively. The fair value of the principal of the Company’s debt instruments, including capitalized interest, was estimated using a market approach in which pricing information for publicly traded, non-convertible debt instruments with speculative ratings were analyzed to derive a mean trading multiple to apply to the December 31, 2025 and December 31, 2024, balances.

Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 5, 2025
2023Mar 14, 2024
2022Mar 28, 2023
2021Mar 31, 2022
2020Mar 24, 2021
2019Mar 12, 2020
2018Mar 25, 2019

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

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