Hycroft Mine (Open-Pit POX PEA) PEA: $4.30B NPV Over a 51-Year Mine Life
Hycroft Mining Holding Corporation's Hycroft Mine (Open-Pit POX PEA) in Nevada, USA (Humboldt/Pershing County) has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $4.30B. The proposed mine plan runs 51 years.
Hycroft Mining Holding Corporation's Hycroft Mine (Open-Pit POX PEA) has reported Preliminary Economic Assessment (PEA) results for the gold project in Nevada, USA (Humboldt/Pershing County). The study headlines an after-tax net present value of $4.30B at a 5% discount rate. It reflects Hycroft Mining Holding Corporation's (HYMC) latest disclosed economics for the asset.
Economics. The after-tax NPV is $4.30B using a 5% discount rate. The study models a payback period of 4.7 years. Economics are based on Base case: Au $3,600/oz and Ag $48/oz. Spot sensitivity: $4,569/oz gold, $77.98/oz silver. Note: January 2026 MRE used $3,100/oz Au and $36/oz Ag..
Production and mine plan. The project envisions an open-pit (conventional) with heap leach operation. Life of mine is 51 years. Average head grade is Mill feed: 0.012 oz/st Au, 0.43 oz/st Ag; Heap leach feed: 0.005 oz/st Au, 0.12 oz/st Ag. The open-pit strip ratio is 1.55:1.
Resources and ownership. The company holds a 100% interest in the project.
These figures are extracted from Hycroft Mining Holding Corporation's technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured | 750,767 Ktonnes | 0.356 g/t Au, 13.53 g/t Ag, 2.01% S | 8,600 koz Au, 326,922 koz Ag |
| Indicated | 779,512 Ktonnes | 0.311 g/t Au, 9.39 g/t Ag, 1.80% S | 7,814 koz Au, 235,653 koz Ag |
| Measured & Indicated | 1,530,279 Ktonnes | 0.333 g/t Au, 11.42 g/t Ag, 1.90% S | 16,414 koz Au, 562,575 koz Ag |
| Inferred | 516,799 Ktonnes | 0.303 g/t Au, 7.99 g/t Ag, 1.69% S | 5,033 koz Au, 132,847 koz Ag |
Our Analysis
- NPV after-tax
- $4.30B
higher than 98% of 196 projects we track
- Payback
- 4.7yrs
slower than 94% of 107 projects we track
- Mine life
- 51yrs
- Study price assumption
- Base case: Au $3,600/oz and Ag $48/oz. Spot sensitivity: $4,569/oz gold, $77.98/oz silver. Note: January 2026 MRE used $3,100/oz Au and $36/oz Ag.
- Spot gold today
- $3,907.10/oz
A US$4.30B after-tax NPV sitting against a US$1.52B market capitalisation is the fact that frames everything else here. Read one way, the market is ascribing roughly a third of the study's headline value to the entire company, which owns this asset alongside five others. Read the other way, the market is telling you it does not believe a Nevada gold project of this scale gets financed and permitted on the terms the study assumes. Both readings are live, and the gap itself is not evidence of mispricing.
The reason for scepticism is the study's own status. This is a PEA, scoping-level work that can lean on inferred resources and whose capital estimate typically carries a plus or minus 50% band. A 51-year mine life and a 4.7-year payback, longer than all but a handful of the gold projects we track, describe a very large, very slow build. The NPV ranks in the top few percent of the 196 gold projects we track, but that ranking rests on a preliminary number whose capital line could move by half in either direction before a feasibility study fixes it. On a build of this size, that band is the whole investment case.
The price deck cuts both ways. The base case uses US$3,600/oz gold against a live spot of US$3,907.10/oz, so the headline is not stretched on metal price, and the study also shows a sensitivity well above spot. That is a point in its favour. The question that decides this project is not whether the orebody is large, but whether a small-cap can carry a multi-billion-dollar Nevada build through feasibility, permitting and financing without diluting away the value the NPV implies.
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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