HYMC

Hycroft is a self-described "exploration stage issuer" that finished processing its last leached ore by December 2022 and, per its own MD&A, "do[es] not anticipate significant revenues from gold and silver sales until we complete the necessary technical work and resume mining and processing operations." That shows up starkly in the financials: revenue was $111M in FY2021, $33.2M in FY2022, and $0/—​ in FY2023–FY2025, while the company has lost money every single year (-$40.7M in FY2025) and burned -$82.9M of operating cash. Accumulated deficit sits at -$827M. There is no production, no reserves (only measured-and-indicated mineral resources), and no committed timeline to either — the 10-K explicitly notes the Company "does not have mineral reserves on which to project revenues or cash flows" and must value its assets using comparable-sale transactions instead.

The balance sheet, in isolation, looks unusually clean for a developer: $182M cash, zero long-term and current debt (down -100% YoY after retiring $136.4M of debt/accrued interest), $214M equity and a 0.23x liabilities/equity ratio. But that strength was bought entirely through dilution — the company raised $296.8M of gross equity in 2025 via offerings, warrant exercises and ATM sales, and shares outstanding jumped +264% to 91.0M. With ~$83M annual cash burn against $182M cash, the runway is roughly two years before the next raise, so further dilution is the base case, not a tail risk.