Why Hycroft Mining Stock Is Soaring Today
Wednesday is shaping up to be a banner day for Hycroft Mining (NASDAQ: HYMC) shareholders. As of 3:05 p.m. ET, the gold and silver mining stock is up an incredible 25.9%, reversing a pullback that began in late January following a huge run-up late last year and early this year, when precious metal prices began making a sizable, prolonged gain.
Today's big move, however, isn't about gold and silver prices. It's about the amount of silver and gold in the ground at the company's mine in northwest Nevada.
Simply put, Hycroft Mining is sitting on more gold and silver than believed shortly after it began earnest developmental work at its mine back in 2022. An independent mineral resource estimate prepared by Ausenco Engineering USA South, Independent Mining Consultants, and WestLand Engineering & Environmental Services completed late last month indicates 55% more "measured and indicated" gold and silver awaits mining compared to previous estimates first formed in 2023, in fact, while inferred gold resources grew 50% at the same time inferred resources of silver expanded by 38%. These figures conservatively imply a total resource value of well over $50 billion, at today's prices.
Source Fool.com
