Hycroft Mining Holding Corporation

03/03/2026 | Press release | Distributed by Public on 03/03/2026 05:05

Annual Report for Fiscal Year Ending December 31, 2025 (Form 10-K)

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion provides information we believe is relevant to an assessment and understanding of our consolidated operating results and financial condition. The following discussion should be read in conjunction with our other reports filed with the SEC, as well as our Financial Statements and the Notes. Terms not defined herein have the same meaning defined elsewhere in this 2025 Form 10-K.
Introduction to the Company
We are a U.S.-based gold and silver exploration stage issuer that owns the Hycroft Mine in Nevada. Our focus is on exploring the mine's approximately 64,000 acres of claims and developing the project in a safe, environmentally responsible, and cost-effective way. We completed processing the gold and silver ore previously placed on leach pads by the end of December 2022. We do not anticipate significant revenues from gold and silver sales until we complete the necessary technical work and resume mining and processing operations.
Health and Safety
We believe safety is a core value and support that belief through our philosophy of safe work performance. Our mandatory mine safety and health programs include employee engagement and ownership of safety performance, accountability, employee and contractor training, risk management, workplace inspections, emergency response, accident investigation, anti-harassment, and program auditing. This integrated approach is essential to ensure that our employees, contractors, and visitors operate safely.
We reported no lost-time incidents during the year ended December 31, 2025, and continue to operate in excess of 1.4 million work hours without a lost-time incident. The Hycroft Mine's total recordable injury frequency rate (TRIFR) for the trailing 12 months, which includes other reportable incidents, is one of the metrics we use to assess safety performance, and it is well below industry averages. During the year ended December 31, 2025, we continued our critical focus on safety, including allocating additional personnel, resources, workforce time, and communications to mine safety. These actions contributed to
maintaining a TRIFR of 0.00 at both December 31, 2025, and December 31, 2024. We will continue to evolve our safety efforts as needed to keep our workforce, contractors, and visitors safe.
Executive Summary
During the year ended December 31, 2025, the Company: (i) continued advancing its exploration and development programs, (ii) raised gross equity proceeds of $296.8 million from a series of equity offerings, warrant exercises, and the New ATM transactions, and (iii) eliminated $136.4 million of debt and accrued interest, using $125.5 million cash and an approximate 9% discount on the second lien debt. In the second half of 2025, the Company initiated the next phase of drilling with the 2025 - 2026 Exploration Drill Program focusing on the high-grade silver dominant zones in Brimstone and Vortex. The initial plan included 8,200 meters of reverse circulation ("RC") drilling using one RC drill rig and 14,500 meters of core drilling with two drill rigs. The plan has since been updated to add two core drill rigs in 2026, once the drill assays from the initial phase are received, with an estimate of 26,000 meters of core drilling. The exploration and technical work completed earlier in 2025 facilitated the development and publication of the 2026 Hycroft TRS that was filed February 18, 2026, reflecting an approximate 55% increase in measured and indicated mineral resources for both gold and silver mineral resources of 16.4 million ounces and 562.6 million ounces, respectively.
Recent Developments
2025-2026 exploration drilling
The 2025-2026 Drill Program is continuing to build on the high-grade silver dominant trends at Brimstone and Vortex, defined in 2023 and 2024. Additionally, the 2025-2026 Drill Program will continue follow up work in Bay Manganese as well as other near-mine exploration targets, defined in 2023 and 2024. The objective of the program is to further define the structural complexities of these systems; both down dip and along strike. In 2025, the Company completed a total of approximately 6,079 meters of core drilling in Brimstone and Vortex, focusing on high-grade silver opportunities. Additionally, approximately 1,300 meters of RC drilling was completed in 2025 in the Bay area focusing on potential gold-dominant leach opportunities. In July of 2025, a deep Induced Polarity (IP) geophysical survey centered on Brimstone was completed in advance of the 2025-2026 drilling to help guide the down dip off-sets of the Brimstone high-grade silver trend. The IP survey identified a potential altered intrusive center and potential feeder zone which became a focus for the 2025 drilling in Brimstone and will continue to help guide drilling plans in 2026.
Metallurgical and variability test work
During the year ended December 31, 2025, the Company advanced with metallurgical work and engineering work necessary for designing a sulfide milling operation. The Company has been testing composite samples from around the deposit that represents the various material characteristics in the sulfide mineralization. Crushing, grinding, and flotation work since the 2023 Hycroft TRS has identified significant improvements in gold and silver flotation recoveries that are expected to increase the economic benefits to the project. The Company's test work for identifying the optimal inputs and operating parameters for roasting, pressure oxidation, leaching, sulfuric acid generation, and power co-generation work progressed during the year ended December 31, 2025, and this test work will continue into 2026. Process plant flow sheets, equipment selection, plant layout, water management, and other designs continued to be developed. Due to the potential commercial applications for the significant quantity of sulfuric acid expected to be generated from roasting the sulfide concentrate, the Company engaged a third-party specialist to prepare market focused sulfuric acid study in 2024. The sulfuric acid market study identified a viable market for the potential sulfuric acid by-product generated from roasting the sulfide concentrate. The third-party consultant updated the sulfuric acid market study in 2025 that also identified additional emerging local and regional sulfuric acid markets with current and potentially new consumers. The Company continues to complete metallurgical testing to generate the information necessary to conduct trade-off studies to assess whether roasting technology could offer superior economics compared to POX technology for the Hycroft Mine. During 2025, the Company completed an updated revision of the future tailing storage facility designs needed to extend material storage capacity and comply with new and emerging safety and environmental regulations for these types of facilities.
Balance sheet and equity activities
During the year ended December 31, 2025, the Company completed the following activities (discussed in further detail below) that strengthened the Company's balance sheet:
•The Company sold 54,213,173 shares of common stock via two public equity offerings and a private equity offering for aggregate gross proceeds, before commissions and offering expenses, of $279.8 million.
•The Company sold 979,308 shares of common stock via its at-the-market equity offering (the "New ATM Program") for gross proceeds of $5.7 million.
•The Company issued 2,592,218 shares of common stock through the conversion of its equity warrants for gross proceeds of $11.3 million.
•The Company used a portion of the proceeds from the equity offerings and made payments totaling $125.5 million to fully extinguish its remaining debt, including accrued interest. For additional information, see Note 11 - Debt, net to the Notes to the Consolidated Financial Statements.
•Received net cash proceeds from sales of assets held for sale and miscellaneous equipment totaling $3.6 million.
•Received net cash proceeds from the sales of an equity investment totaling $1.1 million.
2026 Outlook
Our plan is to continue operating safely and in an environmentally responsible manner while advancing exploration and development activities. Key 2026 priorities include executing the 2025-2026 Drill Program to expand high-grade silver mineralization. Additional 2026 activities include assessing the potential for a high-grade underground mining scenario, completing a technical study with economics based on milling and pressure oxidation of sulfide mineralization, advancing the metallurgical test work for roasting sulfide concentrates, assessing the potential restart of mining leachable oxide and transition material, and reviewing district exploration targets to unlock broader mineral resource potential. We plan to continue managing our cash and capital market activities to maintain adequate funding for these priorities and activities.
Results of Operations
Operating expenses
Year Ended December 31,
2025
2024
Exploration and development costs 14,856 19,526
Mine site costs 14,651 9,886
General and administrative costs 14,479 14,472
Depreciation and amortization 2,024 2,233
Other (income), net (165) (9,410)
Asset retirement obligation adjustments and accretion expense (1,377) 7,116
Total $ 44,468 $ 43,823
Exploration and development costs
Exploration and development costsdecreased $4.7 million during the year ended December 31, 2025, primarily due to reduced drilling as the Company focused on incorporating the 2024 Drill Program results and refining the structural framework and mapping programs into an updated geologic model during the first half of 2025. The 2025-2026 Drill Program began in early August 2025.
Mine site costs
Mine site costsincreased $4.8 million during the year ended December 31, 2025, primarily attributed to a $2.5 million agreement signed in November 2025 to terminate the Crofoot Royalty agreement and a $1.5 million payment for sulfur and other mineral rights within certain patented and unpatented mining claims.
General and administrative costs
General and administrative costs were relatively flat year over year.
Depreciation and amortization
Depreciation and amortizationexpense decreased $0.2 million during the year ended December 31, 2025, primarily due to certain assets becoming fully depreciated and modest capital additions in recent periods.
Other (income), net
Operating Other (income), net decreased $9.2 million during the year ended December 31, 2025, primarily due to a year-over-year reduction in net gain, $0.2 million for 2025 as compared to a $9.4 million net gain for 2024. See Note 15 - Other income (loss), netto the Notes to the Consolidated Financial Statements for further detail.
Asset retirement obligation adjustments and accretion expense
During the year ended December 31, 2025, the Company recorded a $2.7 million decrease in its asset retirement obligation estimate. This change in estimate was primarily driven by the change in timing of the anticipated reclamation activities related to solution management.
During the year ended December 31, 2024, the Company recognized a $5.9 million increase in its asset retirement obligation estimate. This change in estimate took into consideration: (i) the Standardized Reclamation Cost Estimator Unit Cost Data, (ii) a revised engineering design for impervious cover placement requiring additional volumes of cover material on the Crofoot heap leach pad, (iii) adjustments to the project timeline, (iv) increased costs due to additional equipment, longer haul distances, and other costs exceeding prior estimates, and (v) accretion. See Note 9 - Asset retirement obligationto the Notes to the Consolidated Financial Statements for additional information.
Non-operating income (expense), net
Year Ended December 31,
2025
2024
Interest expense $ (11,025) $ (19,969)
Interest income 4,385 4,419
Other income / (loss), net 10,444 (1,523)
Total $ 3,804 $ (17,073)
Interest expense
Interest expensedecreased $8.9 million during the year ended December 31, 2025, primarily driven by the Company extinguishing all of its debt on October 15, 2025. The year ended December 31, 2024, included $6.9 million of accelerated amortization of original issue discount and issuance costs related to voluntary first lien debt prepayments in early 2024. See Note 11 - Debt, netto the Notes to the Consolidated Financial Statements for additional information.
Interest income
Interest incomewas flat year over year with interest income of $4.4 million during both the year ended December 31, 2025, and the year ended December 31, 2024.
Other income (loss), net
Non-operating Other income (loss), netincreased $12.0 million during the year ended December 31, 2025, primarily due to a $9.2 million gain on the extinguishment of debt and $1.8 million unrealized gain on securities, as compared to a $1.5 million other loss that included a $1.6 million unrealized loss on securities in 2024. See Note 15 - Other income (loss), net to the Notes to the Consolidated Financial Statements for further detail.
Liquidity and Capital Resources
General
The Company's unrestricted cash position at December 31, 2025, was $181.7 million, as compared with $49.6 million at December 31, 2024. The increase in unrestricted cash was due to: (i) proceeds from two public equity offerings and a private placement, (ii) proceeds from the Company's New ATM Program, and (iii) proceeds from warrant exercises, partially offset by debt payments, including paid-in-kind, and accrued interest, of $125.5 million. Specific activities undertaken included:
Equity
•On June 12, 2025, through a public offering, the Company sold 13,824,117 Units of the Company, including the underwriters' overallotment exercised on July 11, 2025. Each unit consisted of one share of common stock of the Company and one-half of one common stock purchase warrant. Each warrant is exercisable to purchase one share of common stock of the Company at a price of $4.20 per share, exercisable for a period of 36 months. Including the underwriters' overallotment that closed on July 11, 2025, the Company raised total net proceeds of $44.5 million, after deducting underwriting discounts and direct expenses of $3.8 million.
•On September 2, 2025, the Company sold 14,017,056 units of the Company through a private equity placement with three accredited investors. Each unit consisted of one share of common stock and one-half of one warrant to purchase one share of common stock. Each Warrant is exercisable to purchase one share of common stock of the Company at a price of $6.00 per share with a two-year exercise period. Total proceeds raised was $60.0 million.
•On October 9, 2025, through a public offering, the Company raised $164.6 million net proceeds after underwriting discounts, commissions and net issuances expense of $6.8 million.
•During 2025, the Company raised a total of $11.3 million in net proceeds from warrant exercises - $9.9 million from $4.20 warrants and $1.4 million from $6.00 warrants.
•During 2025, the Company sold 979,308 shares under the New ATM Program for net proceeds of $5.5 million, after deducting commissions and direct expense of $0.2 million.
•On October 15, 2025, the Company made payments totaling $125.5 million to fully extinguish its remaining debt, including accrued interest. The Company first repaid the outstanding $15.0 million principal balance of its first-lien debt, along with $0.1 million in accrued interest. The Company then repurchased subordinated notes with an aggregate face value of $120.8 million, plus approximately $0.5 million in accrued paid-in-kind interest, at a 9% discount to face value for a total of $110.4 million. The Company also incurred transaction expenses of $0.1 million.
•As of December 31, 2025, $92.1 million gross sales price of common stock was available for issuance under the New ATM Program.
•On December 29, 2025, the Company filed a $500 million universal shelf registration statement that became effective January 12, 2026. The Company believes its existing liquidity is sufficient to meet our operating and capital requirements; however, the universal shelf registration statement provides additional flexibility to raise capital efficiently if needed.
As the Company ceased mining activities in 2021 and completed recovering gold and silver ounces previously placed on the leach pad in 2022, the Company does not expect to generate net positive cash from operations for the foreseeable future. Accordingly, the Company will be dependent on its unrestricted cash and other sources of cash to fund the business. Historically, the Company has been dependent on various forms of debt and equity financing to fund its business. While the Company has been successful in the past raising funds through equity and debt financings, and restructuring its debt, no assurance can be given that additional financing will be available to it in amounts sufficient to meet the Company's needs or on terms acceptable to the Company. If funds are unavailable, the Company may be required to materially change its business plan. However, the Company currently believes its existing liquidity is sufficient to meet our operating and capital requirements for the next 12 months from the date of this Form 10-K.
The Company's future liquidity and capital resources management strategy entails a disciplined approach to monitor the timing and extent of any drilling, metallurgical and mineralogical studies while attempting to remain in a position that allows the Company to respond to changes in the business environment, such as a decrease in metal prices or lower than forecasted future cash flows, and changes in other factors beyond the Company's control. The Company has undertaken efforts aimed at managing its liquidity and preserving its capital resources by, among other things: (i) monitoring metal prices and the impacts (near-term and future) they have on the business; (ii) ceasing open pit mining operations to reduce net cash outflows; (iii) reducing the size of the workforce to reflect the cessation of mining operations; (iv) controlling working capital and managing
discretionary spending; (v) reviewing contractor usage and rental agreements for more economic options, including termination of certain agreements in accordance with their terms; (vi) decreasing Restricted cashbalances that collateralize bonds, as available; (vii) planning the timing and amounts of capital expenditures and costs for drilling, metallurgical and technical studies costs at the Hycroft Mine; and (viii) deferring such items that are not expected to benefit our near term operating plans. The Company has undertaken and continues to undertake additional efforts including: (i) monetizing non-core equipment and excess supplies inventories; (ii) selling uninstalled mills that are not expected to be needed for a future milling operation; and (iii) extinguishing debt.
In addition, the Company will continue to evaluate alternatives to raise additional capital when necessary to fund the future development of the Hycroft Mine and will continue to explore other strategic initiatives to enhance stockholder value. The Company may not be successful with its efforts to raise additional capital.
Cash and liquidity
The Company has placed substantially all its cash in operating and investment accounts with well-capitalized financial institutions, thereby ensuring balances remain readily available. The Company uses AAAm rated U.S. Government Money Market Funds for its cash investments.
The following table summarizes projected sources of future liquidity, as recorded within the Financial Statements (in thousands):
December 31, 2025 December 31, 2024
Cash and cash equivalents $ 181,738 $ 49,560
Equity warrants with mandatory conversion(1)
40,679 -
Assets held-for-sale(2)
2,893 5,698
Equity investment securities 776 -
Interest receivable 609 274
Income tax receivable - 95
Total projected sources of future liquidity $ 226,695 $ 55,627
(1)After satisfying the conditions for a Required Exercise under the 2025 Private Placement Warrant Agreement, Hycroft issued the Notice of Required Exercise of Common Stock Purchase Warrant to the remaining Private Placement warrant holders on December 14, 2025. The Notice requires the exercise of 6,891,719 warrants at the exercise price of $6.00 per warrant for net proceeds of $41.4 million. After the Notice of Required Exercise and through December 31, 2025, 111,809 Private Placement Warrants were exercised for net proceeds of $0.7 million. The remaining 6,779,910 shares of the Private Placement Warrants to be exercised and the associated funding occurred in January 2026.
(2)In September 2025, the Company entered into an Equipment Purchase Agreement to sell one Ball Mill for $4.0 million, before commissions and expenses. The Company recorded a $2.8 million reduction to equipment not-in-use and recognized $0.7 million, net of commissions, as Operating Other incomefor the sale of the Ball Mill for the year ended December 31, 2025.
Year ended December 31, 2025, compared to year ended December 31, 2024
The following table summarizes sources and uses of cash for the following periods (in thousands):
Year Ended December 31,
2025 2024
Net loss $ (40,664) $ (60,896)
Net non-cash adjustments 1,293 22,845
Net change in operating assets and liabilities 1,559 2,154
Cash settlement of paid-in-kind interest (45,062) -
Net cash used in operating activities (82,874) (35,897)
Net cash provided by investing activities 4,126 6,327
Net cash provided by (used in) financing activities 205,921 (25,922)
Net decrease in cash 127,173 (55,492)
Cash, cash equivalents and restricted cash, beginning of period 77,058 132,550
Cash, cash equivalents and restricted cash, end of period $ 204,231 $ 77,058
Cash used in operating activities
During the year ended December 31, 2025, the Company used $82.9 million of cash in operating activities, primarily attributable to a Net lossof $40.7 million and cash settlement of paid-in-kind interest of $45.1 million. The largest non-cash items included in Net losswere net gain on the extinguishment of debt for $9.2 million, and non-cash interest expense, including amortization of original issue discount and issuance costs,of $9.3 million. The primary items included in changes in operating assets and liabilities of $1.6 million were an increase in Accounts payable, accrued expenses, and other liabilitiesof $2.0 million with partial offset from decrease in Receivablesof $0.2 million and Prepaidsof $0.1 million.
During the year ended December 31, 2024, the Company used $35.9 million of cash in operating activities primarily attributable to a Net lossof $60.9 million, the cash impact of which was equal to $38.1 million, and $2.1 million sourced through working capital and other operating activities, driven primarily by cash from Receivablesof $1.8 million andPrepaidsof $1.4 million, partially offset by a decrease in Accounts payable, accrued expenses, and other liabilitiesof 0.9 million.
Cash provided by investing activities.
During the year ended December 31, 2025, investing activities generated net cash of $4.1 million, comprised of Proceeds from sale of assetsof $4.7 million, partially offset by Additions to property, plant, and equipmentof $0.6 million.
During the year ended December 31, 2024, investing activities generated net cash of $6.3 million, comprised of Proceeds from sale of assetsof $7.6 million, partially offset by Additions to property, plant, and equipmentof $1.3 million.
Cash provided by (used in) financing activities
During the year ended December 31, 2025, financing activities generated cash of $205.9 million, comprised of $296.8 million gross proceeds, from various equity offerings, warrant exercises and the New ATM Program, less commissions and offering expenses of $10.9 million. The net equity proceeds were partially offset by $80.0 million of Principal payments, including prepayments for the $15.0 million first lien debt and $64.9 million subordinated debt.
During the year ended December 31, 2024, cash used in financing activities of $25.9 million was primarily related to Principal paymentsincluding the $38.0 million voluntary first lien debt prepayment. This amount was partially offset by gross proceeds of $12.6 million, less commissions and offering expenses, from the at-the-market program.
Future capital and cash requirements
The following table provides the Company's gross contractual cash obligations as of December 31, 2025, which are grouped in the same manner as they are classified in the Consolidated Statement of Cash Flows in order to provide a better understanding of the nature of the obligations and to provide a basis for comparison to historical information. The Company believes that the following provides the most meaningful presentation of near-term obligations expected to be satisfied using current and available sources of liquidity (in thousands):
Payments Due by Period
Total Less than
1 Year 		1 - 3
Years 		3 - 5
Years 		More than
5 Years
Operating activities:
Sprott Royalty Agreement(1)
$ 241,199 $ - $ - $ - $ 241,199
Remediation and reclamation expenditures(2)
116,997 22 6,607 - 110,368
Total $ 358,196 $ 22 $ 6,607 $ - $ 351,567
(1)The Company is required to pay a perpetual royalty equal to 1.5% of the net smelter returns from the Hycroft Mine Sprott Royalty Agreement, payable monthly that also includes an additional amount for withholding taxes payable by the royalty holder. See Note 22 - Commitments and contingenciesto the Notes to the Consolidated Financial Statements for additional information.
(2)Mining operations are subject to extensive environmental regulations in the jurisdictions in which they are conducted, and we are required, upon cessation of operations, to reclaim and remediate the lands that our operations have disturbed. The estimated undiscounted inflated cash outflows of these remediation and reclamation obligations are reflected here. In the above presentation, no offset has been applied for the $58.9 million of our reclamation bonds or for the $22.4 million of cash collateral for those bonds included in Restricted Cash.
In addition, the Company may enter into service agreements with contractors or consultants to perform work on or related to the Hycroft Mine. In general, these agreements are on an as-needed basis and do not have ongoing commitments and, as such, have not been included in the table above.
Debt covenants
Until the Company fully extinguished all its debt on October 15, 2025, the Company's then existing debt agreements contained representations and warranties, events of default, restrictions and limitations, reporting requirements, and covenants that were customary for debt agreements.
Off-balance sheet arrangements
As of December 31, 2025, the Company's off-balance sheet arrangements consisted of a net profit royalty arrangement and a net smelter royalty arrangement. In November 2025, the Company agreed to extinguish the net profit royalty arrangement and completed the extinguishment in early January 2026. See Note 22 - Commitments and contingenciesto the Notes to the Consolidated Financial Statements for additional information.
Critical accounting estimates
This Management's Discussion and Analysis of Financial Condition and Results of Operations is based on our Financial Statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these statements requires us to make assumptions and estimates that affect the reported amounts. We base our assumptions and estimates on historical experience and various other sources that we believe to be reasonable at the time our estimates are made. Actual results may differ from amounts estimated in these statements, and such differences could be material. As such, future events and their effects cannot be determined with certainty.
Although other estimates are used in preparing our financial statements, we believe that the following accounting estimates are the most critical to understanding and evaluating our reported financial results. For information on all of our significant accounting policies, see Note 2 - Summary of significant accounting policiesto the Notes to the Consolidated Financial Statements for additional information.
Impairment of long-lived assets
Refer to Note 1, and Item 1A. "Risk Factors" contained in Part I of our annual report on Form 10-K for the year ended December 31, 2025, for further information regarding, and risks associated with, impairment of long-lived assets.
Our long-lived assets consist of property, plant, and equipment. We review and evaluate our long-lived assets for
impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Events that may trigger a test for recoverability include, but are not limited to, significant adverse changes to projected revenues, costs, or future operating plans or changes to federal and state regulations (with which we must comply) that may adversely impact our current or future operations. An impairment is determined to exist if the total projected future cash flows on an undiscounted basis are less than the carrying amount of a long-lived asset group. An impairment loss is measured and recorded based on the excess carrying value of the impaired long-lived asset group over fair value.
Since the Company does not have mineral reserves on which to project revenues or cash flows from its operations in 2025 or beyond, to determine fair value, we utilize a market-based approach considering comparable sales transactions from the past five years and estimates of enterprise value. Based on the comparable sales transactions identified, we estimated a range of values for measured and indicated mineral resources per equivalent ounce of gold. Our estimates of future cash flows from the potential sale of our assets held-for-sale, which is a variable in the model, are based on numerous assumptions that are consistent or reasonable in relation to transactions occurring in the market and the Company's history with selling similar assets. Actual future cash flows may be significantly different than the estimates as each are subject to significant risks and uncertainties.
During the two-year period ended December 31, 2025, no material impairments of our long-lived assets were recorded.
Asset retirement obligation
Estimate Required:
We will be required to perform reclamation activity at the Hycroft Mine in the future. As a result of this requirement, an Asset retirement obligationhas been recorded on our Consolidated Balance Sheet, which is based on our expectation of the costs that will be incurred years in the future. Any underestimate or unanticipated reclamation costs or any changes in governmental reclamation requirements could require us to record or incur additional reclamation costs. We accrue an Asset retirement obligationwhen they become known, are probable, and can be reasonably estimated. Whenever a previously unrecognized Asset retirement obligationbecomes known, or a previously estimated reclamation cost is increased or decreased, the amount of that liability and any additional cost will be recorded at that time and could materially reduce our consolidated net income attributable to stockholders.
Impact of change in estimate:
The Reclamation Plan, approved by BLM in October 2019, is based on a 34-year mine plan which was the basis of operations when Hycroft ceased mining activities in November 2021. If the reclamation activities expected to be performed upon the estimated closure of the mine were to begin ten years earlier or later than currently assumed our reclamation liability would increase or decrease by approximately $5.6 million and $2.8 million, respectively.
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