Why Hycroft Mining Stock Jumped 35% In February

By Brett Schafer – Mar 4, 2026 at 3:12PM ESTKey PointsHycroft Mining stock rose 35% in February, as gold and silver prices rebounded.The company could theoretically benefit from rising metal prices, but it doesn't currently operate its mine. The stock is incredibly risky with zero revenue and billions in market capitalization. Shares of Hycroft Mining (HYMC 1.77%) shot up 34.9% in February, according to data from S&P Global Market Intelligence. The company is a prospective gold and silver miner in Nevada, and has enjoyed massive price appreciation alongside the run-up in metals prices in the last twelve months. Hycroft stock is up nearly 2,000% in the last 12 months alone. Here's why the stock ran up yet again in February, and whether it is a buy for your portfolio right now. ExpandNASDAQ: HYMCHycroft MiningToday's Change(-1.77%) $-0.86Current Price$47.65Key Data PointsMarket Cap$4.0BDay's Range$45.56 - $50.3352wk Range$2.28 - $58.73Volume94KAvg Vol5.1M Rising prices, but no mining as of yet Due to narratives about safe-haven assets during market uncertainty, gold and silver prices have risen significantly over the last year. In the last 12 months, silver has risen 156% and gold 76%, making it two of the best periods to own these metals in modern history. For a miner like Hycroft, investors see rising commodity costs and envision a boatload of new profits. A mine's input costs -- such as equipment and labor -- will be relatively fixed, while the selling price of metal getting refined can change dramatically, meaning that if the price of gold or silver goes up 100%, that can mean 100% of the increase in revenue from the same mining output falls straight to the bottom line. What's more, in February, Hycroft indicated that it had increased its potential mineral deposits by 55% from new surveys, which could mean a more productive mine when operating. The problem is, Hycroft Mining does not actually operate its mine today. It has generated zero revenue over the past 12 months, rendering all these mining profits theoretical. Image source: Getty Images. Should you buy Hycroft Mining stock? We may look back on this period and say that Hycroft Mining completely wasted a golden opportunity -- no pun intended -- during an upcycle in the price of gold and silver. The company is likely to take many years to get its mine fully operational, and who knows what the prices of gold and silver will be by then. Rising prices incentivize existing operations to increase production, a race that Hycroft is currently behind in. Besides the time lag and price risk, Hycroft's stock already suggests it will be a successful gold miner, with its current market cap around $4 billion. Shares outstanding are rising to fund its losses, a trend likely to continue in the years ahead. Rising gold and silver prices would benefit Hycroft Mining, if it actually had an operational mine today. Without one, it is just a meme stock with no underlying revenues, let alone profits. Avoid adding this one to your portfolio. Read NextFeb 24, 2026 •By Eric VolkmanWhy Hycroft Mining Stock Crushed it TodayFeb 20, 2026 •By Brett SchaferWhy Hycroft Mining Stock Was Up Close to 20% This WeekFeb 18, 2026 •By James BrumleyWhy Hycroft Mining Stock Is Soaring TodayFeb 13, 2026 •By Rich SmithWhy Hycroft Mining Stock Popped TodayFeb 4, 2026 •By Brett SchaferWhy Hycroft Mining Stock Soared 57% Last MonthJan 11, 2026 •By Brett SchaferWhy This Gold Mining Stock Was Up Close to 1,000% Last YearAbout the AuthorBrett Schafer is a contributing Motley Fool stock market analyst covering consumer goods, financials, technology, and industrials. Brett is a self-taught investor and has hosted the Chit Chat Stocks podcast since 2018. He previously worked as a lab engineer for science laboratories. He holds a bachelor’s degree in mechanical engineering with minors in finance and mathematics from Washington State University. His lab work on Major League Baseball’s juiced ball problem was featured in The Wall Street Journal and other national outlets.TMFBrettSchaferX@CCM_BrettStocks MentionedHycroft MiningNASDAQ: HYMC$47.65(-1.77%)-$0.86*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.