Hycroft (HYMC) Jumps 21% as Nevada Mine Site Shows More Gold, Silver

We recently published 10 Market Winners With Stunning Gains. Hycroft Mining Holding Corp. (NASDAQ:HYMC) was one of the best performers on Wednesday.

Hycroft Mining bounced back by 21.07 percent on Wednesday to finish at $40.68 apiece as investors took heart from news that it found 55 percent more gold and silver resources at its mine site in Nevada, bolstering expectations of increased production at a time when prices of precious metals are surging.

In a statement, Hycroft Mining Holding Corp. (NASDAQ:HYMC) said that measured and indicated gold resources at the Hycroft Mine increased by 55 percent this year to 16.41 million ounces from 10.58 million ounces in 2023, while measured and indicated silver resources jumped by 56 percent to 562.57 million ounces from 360.66 million ounces in the same comparable years.

“Following only approximately 14 months of drilling since the discovery of two new high-grade silver systems, a high-grade mineral resource with underground potential has been established demonstrating the continuity of both the Brimstone and Vortex high-grade systems which remain open along strike and at depth,” said Hycroft Mining Holding Corp. (NASDAQ:HYMC) President and CEO Diane Garrett, referring to the mine site’s controlled silver systems.

Additionally, the rally in shares of Hycroft Mining Holding Corp. (NASDAQ:HYMC) was supported by higher gold and silver prices during the day.

As of writing, the spot prices of gold were up by 2.18 percent or $106.19 to $4,984 per ounce, while silver jumped by 4.97 percent or $3.66 at $77.18 per ounce.

im-yf-promo]

While we acknowledge the potential of HYMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.