Key Highlights

  • Hycroft Mining reported a third-quarter net loss of $26.1 million, or $0.28 per share, with unrestricted cash of $211.2 million and no debt.
  • SunCoke Energy raised 2026 adjusted EBITDA guidance to $250 million to $265 million from $230 million to $250 million.
  • SunCoke's third-quarter adjusted EBITDA rose 30.1% to $76.9 million on revenue of $485.9 million (calculated).
  • Electra Battery Materials had not published third-quarter results by October 28 and targets commercial cobalt refinery production in the fourth quarter of 2027.
  • Canstar Resources drill hole MM-26-42 returned 15.6 metres at 2.3% copper equivalent, and C$4.0 million of advances mature in October 2026.

Which Mining and Materials Updates Arrived Around October 27, and What Did They Show?

Only two of the four companies here reported results on Tuesday, October 27. Hycroft Mining (NASDAQ:HYMC) posted a third-quarter net loss of $26.1 million, or $0.28 per share, while holding $211.2 million of unrestricted cash. SunCoke Energy (NYSE:SXC) reported adjusted EBITDA of $76.9 million and raised its 2026 guidance.

Electra Battery Materials (NASDAQ:ELBM) had not published third-quarter results by Wednesday, October 28, so its picture comes from second-quarter filings. Canstar Resources (OTC:CSRNF) had an estimated earnings date of October 27 but had issued no annual results by October 28, so its section rests on recent drilling and funding news.

Hycroft Mining: Why Did the Loss Widen While $211 Million Sits in Cash?

Hycroft owns a Nevada gold and silver project and is moving toward processing sulfide mineralization. The third-quarter loss of $0.28 per share compared with $0.22 a year earlier and a screened estimate of a $0.22 loss. General and administrative expense was $16.7 million versus $2.6 million, reflecting about $45.0 million of make-whole awards in 2026 and a one-time $4.5 million cash bonus.

Unrestricted cash rose to $211.2 million from $181.7 million at the end of 2025, and there is no debt. Drilling of about 18,700 meters has shown high-grade growth at the Brimstone and Vortex silver systems. A roasting versus pressure oxidation study is due in the first quarter of 2027, and the release gave no guidance.

SunCoke Energy: How Did Adjusted EBITDA Rise 30% on Flat Revenue?

SunCoke makes coke for blast furnace steelmakers and provides bulk material handling and industrial services. Adjusted EBITDA was $76.9 million versus $59.1 million on revenue of $485.9 million versus $487.0 million, and diluted EPS was $0.25 versus $0.26. Industrial Services adjusted EBITDA reached $32.1 million versus $18.2 million, helped by an extra month of Phoenix Global and higher terminal volumes.

Management raised 2026 adjusted EBITDA guidance to $250 million to $265 million and said it expects to modestly exceed the high end. Operating cash flow guidance rose to $270 million to $285 million, net leverage fell to 2.11 times from 2.76 times at the end of 2025, and the quarterly dividend is $0.12, payable December 1, 2026. The Granite City customer contract expires in December 2026.

Electra Battery Materials: Did It Report, and What Do the Latest Filings Show About the Cobalt Refinery?

Electra is building a cobalt sulfate refinery in Ontario, and all figures here are in Canadian dollars unless noted. Six-month net income was C$37.2 million, driven by C$48.5 million of non-cash warrant gains, so the swing to profit was non-operating. Cash was C$35.9 million at June 30, down from C$39.0 million at year-end 2025, and the filing flags a material uncertainty that may cast doubt on the ability to continue as a going concern.

Commercial production is targeted for the fourth quarter of 2027, with a US$73 million construction budget and aggregate support of about US$82 million. The minimum liquidity covenant was cut to US$2 million from US$15 million. The third-quarter filing, which came in mid-November last year, is the next catalyst.

Canstar Resources: What Is the Market Missing About Mary March Drilling and the C$4.0 Million Advance?

Canstar is an exploration company with projects in Newfoundland and northern Sweden, and its primary trading venue is the TSX Venture Exchange. On Thursday, August 27, it reported that hole MM-26-42 at Mary March returned 15.6 metres grading 2.3% copper equivalent, including 9.75 metres at 3.3%. Canstar has not issued guidance and no analyst EPS estimate exists. The OTC line closed at US$0.0287 on Monday, October 26, for a market capitalisation of about $5.33 million.

VMS Mining has advanced C$4.0 million toward Mary March, with C$3.5 million deployed in 2026. The advances mature in October 2026 and must be repaid if the Phase 2 option is not exercised. A bridge facility of C$500,000 was set on September 17, 2026.

Mining Earnings Compared: How Do Cash Cushions, Costs and Guidance Stack Up?

Hycroft's net loss of $26.1 million is about 2.8 times the year-earlier $9.4 million, and its general and administrative expense is about 6.4 times the prior $2.6 million (both calculated). Its $211.2 million of cash is about 4.1 times the $51.7 million used in operations over nine months (calculated). Electra's C$35.9 million of cash is about 4.6 times the C$7.8 million used in operations over six months (calculated), though the currencies and periods differ.

SunCoke's 2026 EBITDA guidance midpoint of $257.5 million is $17.5 million, or about 7.3%, above the prior $240 million midpoint (calculated). Its revenue slipped about 0.2% while EBITDA rose 30.1% (calculated), and net leverage fell 0.65 turns (calculated). Electra's warrant gains exceeded its six-month net income by C$11.3 million (calculated), and Canstar's C$500,000 bridge is 12.5% of its C$4.0 million advances (calculated).

What to Watch Next: Which Study Results, Filings and Maturities Are Dated?

Hycroft expects its roasting versus pressure oxidation study in the first quarter of 2027 and heap leach test work in the first half. SunCoke will be judged on the fourth-quarter result against the raised guidance and on the Granite City contract outcome and on further debt reduction, since the release gave no 2027 outlook. Hycroft also names a pending warrantholder matter and class actions, for which no loss has been accrued.

Electra's third-quarter filing, early commissioning in the fourth quarter of 2026 and the Nasdaq minimum bid price extension to March 15, 2027 are the dated items. For Canstar, the annual statements for the year ended June 30, 2026, the VMS Mining decision before the October maturity and pending assay results are the key readings.