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Hycroft Mining (HYMC) - 2024 Q3 - Quarterly Results
2024-11-05 13:00
Company Overview - Hycroft Mining Holding Corporation reported its operating and financial results for the quarter ended September 30, 2024[3]. - The company is registered under the Securities Exchange Act of 1934 and is listed on The Nasdaq Stock Market LLC[1]. - The company has not indicated any changes in its status as an emerging growth company[3]. Financial Reporting - The press release detailing these results was issued on November 5, 2024[5]. - The financial results include key metrics that will be detailed in the attached press release, which is incorporated by reference[4]. - The report does not include specific financial figures or performance metrics in the provided documents[2]. - The press release is attached as Exhibit 99.1, which contains detailed financial information[5]. - The report is not deemed "filed" under the Exchange Act, limiting its liability under that section[4]. Contact Information - The company’s telephone number for inquiries is (775) 304-0260[2]. Signatory Information - The report was signed by Rebecca A. Jennings, Senior Vice President and General Counsel, on behalf of the company[6].
Hycroft Announces Third Quarter 2024 Results
Prnewswire· 2024-11-05 13:00
Core Viewpoint - Hycroft Mining Holding Corporation reported its quarterly results for the three months ending September 30, 2024, highlighting significant operational and technical advancements in its exploration and development activities [1]. Corporate Highlights - The company has achieved a zero total recordable injury frequency rate (TRIFR) for over two years, with more than 1.2 million man hours worked without a lost time incident [2]. - Hycroft received the 2024 Operator Safety Award for small surface mines from the Nevada Mining Association [2]. - As of the end of the quarter, Hycroft had unrestricted cash of $55.8 million and total debt of $122.1 million [3]. Operational Highlights - The exploration program was expanded to approximately 8,500 meters of core drilling, with about 6,600 meters completed by September 30, 2024 [4]. - High-grade results were reported from both Vortex and Brimstone, leading to further drilling to define the structural framework of the new high-grade silver trends [4]. - The drilling program has been extended eastward based on geophysical surveys and mapping efforts [4]. Technical Update - The company advanced metallurgical testing and engineering work for designing a sulfide milling operation, showing significant improvements in gold and silver flotation recoveries [5]. - Future Tailing Storage Facility designs were completed to enhance material storage capacity and comply with new safety and environmental regulations [5]. - Ongoing test work aims to identify optimal processing parameters for sulfide ore, with trade-off studies assessing the economic viability of roasting technology versus pressure oxidation technology [5]. Company Overview - Hycroft Mining Holding Corporation is focused on transitioning the Hycroft Mine into a large-scale milling operation for sulfide ore processing, with less than 10% of its +64,000-acre land package explored to date [7]. - The company announced the discovery of a new high-grade silver system in 2023, which is expected to be a significant value driver for the Hycroft Mine [7].
Hycroft Mining (HYMC) - 2024 Q3 - Quarterly Report
2024-11-04 22:35
Financial Performance - Net loss for the three months ended September 30, 2024, was $14,228,000 compared to a loss of $15,712,000 for the same period in 2023, showing an improvement of approximately 9.4%[11] - For the nine months ended September 30, 2024, the net loss was $48.158 million, compared to $43.510 million for the same period in 2023, indicating a 10.3% increase in losses year-over-year[62] - The company reported a net loss of $14.228 million for the three months ended September 30, 2024, compared to a net loss of $15.712 million for the same period in 2023, representing a decrease of 9.4%[62] - The company reported a net loss of $48.2 million for the nine months ended September 30, 2024, compared to a net loss of $43.5 million for the same period in 2023, indicating a 10.8% increase in losses[102] Cash Flow and Liquidity - Cash and cash equivalents decreased to $55,834,000 from $106,210,000, a decline of approximately 47.5%[9] - The company reported a net cash used in operating activities of $27,802,000 for the nine months ended September 30, 2024, compared to $31,931,000 for the same period in 2023, indicating a reduction of approximately 13%[14] - Cash flows provided by investing activities were $6,139,000, compared to $(292,000) in the prior year, indicating a positive shift in cash flow management[14] - Cash used in operating activities for the nine months ended September 30, 2024, was $27.8 million, an improvement from $31.9 million used in the same period in 2023[103] Assets and Liabilities - Total assets decreased to $149,022,000 from $201,693,000, representing a reduction of about 26%[9] - Total liabilities decreased to $172,156,000 from $189,037,000, a decline of about 8.9%[9] - The company’s accumulated deficit increased to $(773,332,000) from $(725,175,000) over the reporting period[9] - Total debt, net as of September 30, 2024, was $122.026 million, a decrease from $142.617 million as of December 31, 2023[41] Stock and Equity - The company raised $10,278,000 from the issuance of common stock during the reporting period[14] - As of September 30, 2024, total stockholders' equity was $23.1 million, with an accumulated deficit of $773.3 million[15] - The weighted average shares outstanding increased to 24,058,560 for the three months ended September 30, 2024, from 20,195,402 in the same period of 2023, reflecting a 19.0% increase[62] - The Company sold 89,118 shares of common stock for aggregate gross proceeds of $0.2 million during the three months ended September 30, 2024[51] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $14,665,000, down from $17,200,000 in the prior year, a decrease of about 14.8%[11] - Operating costs for the Hycroft Mine were $9.597 million for the three months ended September 30, 2024, down from $10.806 million in the same period of 2023, a decrease of 11.1%[67] - General and administrative costs for the three months ended September 30, 2024, were $4.4 million, an increase of $1.6 million from the same period in 2023, primarily due to higher professional fees[89] Income and Other Gains - The company recognized total other income of $2.403 million for the three months ended September 30, 2024, compared to $457,000 for the same period in 2023, marking a significant increase of 426.5%[59] - The company recognized a gain on the sale of equipment amounting to $2.636 million for the three months ended September 30, 2024, compared to $456,000 in the same period in 2023, representing a 478.5% increase[59] - The Company recognized $1.6 million as other income during the nine months ended September 30, 2024, due to the gain on forfeiture of non-refundable deposits related to an Equipment Purchase Agreement[46] Debt Management - The Company voluntarily prepaid $34.7 million of the first lien loan on January 5, 2024, reducing the outstanding balance to $15.0 million[39] - The estimated fair value of the Company's debt instruments was $111.3 million as of September 30, 2024, down from $149.2 million as of December 31, 2023[37] - The Company was in compliance with all financial covenants under its debt agreements as of September 30, 2024[40] Exploration and Development - The company has been focusing on exploration drilling and technical studies to optimize processing methods for sulfide ores[20] - The 2024 Drill Program has been expanded to approximately 8,500 meters, with 6,600 meters completed as of September 30, 2024[84] - During the three and nine months ended September 30, 2024, exploration and development costs totaled $4.7 million and $14.6 million, respectively, a decrease of $2.5 million and $1.4 million compared to the same periods in 2023[87] Environmental and Regulatory Compliance - Remediation and reclamation expenditures were reported at $101.722 million, reflecting the company's commitment to environmental regulations[108] - The estimated undiscounted cash outflows for remediation and reclamation obligations are significant, totaling $58.7 million in reclamation bonds[108] - The Company received $30.0 million in cash consideration under the Sprott Royalty Agreement, granting a perpetual royalty of 1.5% on net smelter returns from the Hycroft Mine[74]
Hycroft Expands Vortex - Encounters Significant Silver and Gold
Prnewswire· 2024-10-03 12:00
Core Insights - Hycroft Mining Holding Corporation has announced significant drill results from its 2024 exploration program at the Hycroft Mine in Nevada, indicating extended mineralization and high-grade silver and gold intercepts [1][2][10] Drilling Results - The Vortex mineralization has been extended approximately 100 meters to the west and south, with notable gold intercepts including 1.5 meters of 4.78 g/t Au within the silver-dominant trend [2][5] - Significant drill highlights include: - Hole H24D-6001: 124.4 meters of 102.59 g/t Ag and 0.95 g/t Au, with intervals showing exceptionally high grades such as 4,170 g/t Ag over 0.3 meters [3][4] - Hole H24D-6002: 100.92 meters of 100.65 g/t Ag and 0.38 g/t Au, including 20.4 meters of 357.01 g/t Ag and 0.83 g/t Au [3][6] - Hole H24D-6005: 222.4 meters of 32.38 g/t Ag and 0.45 g/t Au, with notable intervals of 1,155.27 g/t Ag over 1.7 meters [3][7] Exploration Strategy - The 2024 exploration drill program aims to improve continuity within high-grade silver trends and extend mineralization along strike and depth, with a total of 8,500 meters of core drilling planned [10] - The program is designed to identify opportunities for mining higher-grade ore early in the mine plan, enhancing the project's economics [10][11] Financial Position - The company reported an unrestricted cash balance of $56 million as of September 30, 2024, indicating compliance with its debt covenants [8] Future Outlook - The company is focused on delivering exceptional value to shareholders and has plans for further updates in 2024 and 2025, emphasizing the importance of ongoing exploration and technical studies [9][11]
Hycroft Mining (HYMC) - 2024 Q2 - Quarterly Results
2024-08-06 17:30
Financial Results - Hycroft Mining Holding Corporation reported its operating and financial results for the period ended June 30, 2024[4]. - The company issued a press release on August 6, 2024, detailing its performance metrics[4]. - Specific financial figures and performance indicators were not disclosed in the provided content[4]. - The report includes an exhibit (99.1) that contains the press release with detailed financial results[4]. Regulatory Information - The report is not deemed "filed" under the Securities Exchange Act of 1934, indicating it is for informational purposes only[4]. - The company has not indicated whether it is an emerging growth company in the provided content[3]. Company Information - The company is registered under the ticker symbol HYMC on the Nasdaq Stock Market[2]. - The report was signed by Rebecca A. Jennings, Senior Vice President and General Counsel, on behalf of the company[6]. Future Outlook and Developments - No specific user data or future outlook was mentioned in the available documents[4]. - There are no details on new products, technologies, market expansion, or mergers and acquisitions in the provided content[4].
Hycroft Announces Second Quarter 2024 Results
Prnewswire· 2024-08-06 13:00
Core Insights - Hycroft Mining Holding Corporation reported strong operational performance with a focus on safety and operational excellence, achieving zero lost time accidents and a total recordable injury frequency rate of 0.00 for the eighth consecutive quarter [2][3] - The company is advancing metallurgical test and design work for a sulfide milling operation while expanding its exploration efforts to identify high-grade silver and gold opportunities adjacent to known resources [2][6] - Financially, Hycroft ended the quarter with $58.5 million in unrestricted cash and total debt of $119.3 million, indicating a solid balance sheet position [3] Corporate Highlights - The company operated without any lost time incidents during the second quarter of 2024, maintaining over one million work hours without a lost time incident [3] - Hycroft accessed its at-the-market offering program, selling 2.5 million shares for gross proceeds of $9.2 million [4] - The company continues to uphold high standards in environmental compliance, workforce health, and community engagement as part of its ESG initiatives [5] Operational Highlights - The 2024 Drill program was expanded to approximately 6,200 meters of core drilling, with about 4,000 meters completed by June 30, 2024, targeting high-grade silver trends [6] - Induced Polarity geophysical surveys were completed, with results expected in the third quarter of 2024, aiding in understanding structural controls of mineralization [6] - Ongoing test work for designing a sulfide milling operation includes evaluating potential byproduct revenues and co-generating "green" electricity [7] Technical Update - The company is focused on developing process plant flowsheets, equipment selection, and plant layout for the sulfide milling operation [7] - Continued exploration efforts are aimed at unlocking the full potential of the expansive land package, with less than 10% explored to date [8]
Hycroft Mining (HYMC) - 2024 Q1 - Quarterly Results
2024-05-07 12:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 P.O. Box 3030, Winnemucca, Nevada 89446 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest reported): May 7, 2024 HYCROFT MINING HOLDING CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-38387 82-2657796 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number) Check the appropriate ...
Hycroft Mining (HYMC) - 2024 Q1 - Quarterly Report
2024-05-06 22:33
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-38387 HYCROFT MINING HOLDING CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...
Hycroft To Be Added To the Solactive Global Silver Miners Total Returns Index
Prnewswire· 2024-04-25 14:00
WINNEMUCCA, Nev., April 25, 2024 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") is pleased to announce that Hycroft will be added to the Solactive Global Silver Miners Total Returns Index (the "Silver Index"), effective May 1, 2024. Diane R. Garrett, President and CEO of Hycroft, commented: "We are incredibly pleased with Hycroft's inclusion on the Solactive Global Silver Miners Total Returns Index as it is an important achievement and comes at a time of stron ...
Hycroft Mining (HYMC) - 2023 Q4 - Annual Results
2024-03-14 12:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest reported): March 14, 2024 HYCROFT MINING HOLDING CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-38387 82-2657796 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification Number) 4300 Water Canyon Road, Unit 1, Winnemucca, Nevada 89445 (A ...