UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 event reported): October 28, 2025 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 No.) P.O. Box 3030 Winnemucca, Nevada 89446 (Address of p ...

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 September 30, 2025 ☐ 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 in ...

[Introduction & Disclaimer](index=1&type=section&id=1.%20Introduction%20%26%20Disclaimer) [Disclaimer](index=2&type=section&id=1.1%20Disclaimer) The report includes a standard disclaimer regarding forward-looking statements, industry data, and currency, noting that all dollar amounts are in US dollars unless otherwise specified - Information and database are derived from third-party research firms[4](index=4&type=chunk) - All dollar amounts are expressed in US dollars, unless otherwise stated[4](index=4&type=chunk) [Key Investment Proposition](index=3&type=section&id=2.%20Key%20Investment%20Proposition) [Investment Highlights](index=3&type=section&id=2.1%20Investment%20Highlights) Hycroft Mining presents a compelling investment case due to its substantial gold and silver resources in a Tier 1 jurisdiction, recent high-grade discoveries, ongoing technical studies for milling operations, a robust cash position, and an experienced management team - Substantial Gold and Silver Resource in Tier 1 Jurisdiction[6](index=6&type=chunk) - New High-Grade Discovery + Exploration Upside[6](index=6&type=chunk) - Cash Position ~ **US$68.8 million** on June 30, 2025[6](index=6&type=chunk) [Gold and Silver Resources Overview](index=4&type=section&id=2.2%20Gold%20and%20Silver%20Resources%20Overview) Hycroft holds significant Measured & Indicated (M&I) and Inferred resources for both gold and silver, with substantial gold and silver equivalent resources calculated at a **77.55:1** gold-to-silver ratio | Resource Type | Gold (g/t) | Silver (g/t) | | :------------ | :------------ | :-------------- | | M&I Gold | 0.401 | - | | M&I Silver | - | 13.68 | | Inferred Gold | 0.389 | - | | Inferred Silver | - | 11.4 | | Resource Type | Gold Eq (g/t) | Silver Eq (g/t) | | :------------ | :--------------- | :----------------- | | M&I Gold | 0.578 | - | | M&I Silver | - | 44.85 | | Inferred Gold | 0.533 | - | | Inferred Silver | - | 41.33 | - Gold and Silver Equivalent is calculated at a gold-to-silver ratio of **77.55:1** (based on **$1900 gold** and **$24.50 silver**)[9](index=9&type=chunk) [Precious Metals Market Context](index=6&type=section&id=2.3%20Precious%20Metals%20Market%20Context) Gold is presented as a traditional safe-haven asset, a long-term store of value, and an inflation hedge, with increasing central bank reserves. Silver is highlighted for its dual role as a precious and industrial metal, driven by growing demand from green energy technologies and limited supply - Gold is the original safe-haven asset, a long-term store of value, and a hedge against inflation, with central bank reserves rising[11](index=11&type=chunk) - Silver has a dual role as a precious and industrial metal (~50/50) and is experiencing increasing demand from green energy technologies (solar, EVs)[11](index=11&type=chunk) - Strong gold-to-silver ratio trending higher[11](index=11&type=chunk) [Company Profile: Asset, Team & Operations](index=7&type=section&id=3.%20Company%20Profile%3A%20Asset%2C%20Team%20%26%20Operations) [World-Class Asset and Leadership Team](index=7&type=section&id=3.1%20World-Class%20Asset%20and%20Leadership%20Team) Hycroft possesses one of the world's largest gold and silver deposits in a Tier 1 jurisdiction, supported by well-advanced development, a new high-grade silver discovery, significant upside potential, and a proven leadership team. The company maintains an award-winning safety record and a strong cash position - One of the world's largest gold and silver deposits in a Tier 1 Jurisdiction, with development well-advanced and significant infrastructure on site[13](index=13&type=chunk) - New high-grade silver discovery represents a significant new value driver for the Hycroft Mine[13](index=13&type=chunk) - Award-winning safety record: TRIFR and LTI of **0.00** for more than two and a half consecutive years[13](index=13&type=chunk) - Cash Position: **~$68.8 million** unrestricted + **$30.0 million** restricted as of June 30, 2025[13](index=13&type=chunk) [Management and Technical Team](index=8&type=section&id=3.2%20Management%20and%20Technical%20Team) Hycroft's management team consists of experienced 'Mine Finders and Mine Builders' with a strong track record, many of whom previously worked together at Romarco Minerals, where they successfully grew the company from a $20 million to over $1 billion market capitalization - Executive leadership team includes Diane Garrett (President & CEO), Stan Rideout (EVP & CFO), Rebecca Jennings (SVP & General Counsel), David Thomas (SVP & General Manager), Alex Davidson (VP Exploration), and Lily He (VP Finance & Treasury)[15](index=15&type=chunk)[16](index=16&type=chunk) - Many team members were formerly with Romarco Minerals, where they grew the company from a market cap of $20 million to over $1 billion, aiming to apply the same principles at Hycroft[16](index=16&type=chunk)[17](index=17&type=chunk) [Nevada: A Premier Mining Jurisdiction](index=12&type=section&id=3.3%20Nevada%3A%20A%20Premier%20Mining%20Jurisdiction) Nevada is recognized as a premier mining jurisdiction, leading the nation in mining programs within the lower 48 states. It is a significant producer of gold and silver, characterized by a strong ethic towards reclamation, favorable mining regulations, excellent infrastructure, and accessible labor - Nevada leads the nation with the largest mining program in the lower 48 states and is a significant producer of gold and silver[31](index=31&type=chunk) - The state offers a favorable mining jurisdiction with excellent infrastructure and accessible labor/contractors[31](index=31&type=chunk) [Hycroft Mine: Asset Details](index=13&type=section&id=3.4%20Hycroft%20Mine%3A%20Asset%20Details) The Hycroft mine is one of the world's largest gold and silver deposits, featuring extensive on-site infrastructure and permits for both heap leach and milling operations. It is considered de-risked and ahead of other developers, with a vast, largely unexplored district-scale land package - Among the world's largest gold and silver deposits[35](index=35&type=chunk) - Extensive infrastructure on-site and permitted for heap leach and milling operations[35](index=35&type=chunk) - De-risked and ahead of other developers[35](index=35&type=chunk) - Large untapped district-scale land package of over **64,000 acres**, with less than **10%** explored[35](index=35&type=chunk) [Property and Infrastructure](index=14&type=section&id=3.5%20Property%20and%20Infrastructure) Hycroft's property spans over **64,000 acres**, with less than **10%** explored, and features comprehensive onsite infrastructure including a lab, maintenance, crusher, Merrill-Crowe facility, and a new permitted leach pad - The land package is over **64,000 acres** (**25,900 hectares**), with the resource area comprising less than **10%** and remaining open in all directions and at depth[36](index=36&type=chunk)[61](index=61&type=chunk) - Onsite infrastructure includes lab, admin, maintenance, truck shop, warehouse, crusher and conveyor belt circuit, Merrill-Crowe facility, and a new permitted leach pad[39](index=39&type=chunk)[42](index=42&type=chunk) [Property Overview](index=14&type=section&id=3.5.1%20Property%20Overview) - Land package is over **64,000 acres** (**25,900 hectares**)[36](index=36&type=chunk) - Resource area comprises less than **10%** of the land package and remains open in all directions and at depth[36](index=36&type=chunk) [Current Infrastructure](index=15&type=section&id=3.5.2%20Current%20Infrastructure) - Onsite facilities include lab, admin, maintenance, truck shop, and warehouse[39](index=39&type=chunk) - Operational equipment includes a crusher and conveyor belt circuit, and a Merrill-Crowe facility[39](index=39&type=chunk)[42](index=42&type=chunk) - A new leach pad is permitted and available for ore loading[42](index=42&type=chunk) [Strategic Objectives & Recent Achievements](index=9&type=section&id=4.%20Strategic%20Objectives%20%26%20Recent%20Achievements) [2025 Strategic Catalysts](index=9&type=section&id=4.1%202025%20Strategic%20Catalysts) Hycroft's key catalysts for 2025 include finalizing metallurgical recoveries for both POX and Roasting, launching a drill program on high-grade silver systems, completing a PEA/PFS with updated economics and resource, and assessing the restart of heap-leach operations prior to milling - Finalize Metallurgical Recoveries on both POX and Roasting (**3Q-25**)[21](index=21&type=chunk)[84](index=84&type=chunk) - Launch Drill Program on High-Grade Silver Systems to Establish Resource & Potential Mine Plan (**3Q-25**)[21](index=21&type=chunk)[84](index=84&type=chunk) - Complete PEA / PFS with Economics and Updated Resource (**4Q-25**)[21](index=21&type=chunk)[84](index=84&type=chunk) - Assess Restart of Heap-Leach Operation Prior to Milling Operation (**3Q-25**)[21](index=21&type=chunk)[84](index=84&type=chunk) - Strengthen Balance Sheet & Reduce Debt (**3Q-25**)[21](index=21&type=chunk)[84](index=84&type=chunk) [Operational Approach](index=10&type=section&id=4.2%20Operational%20Approach) Hycroft's operational approach emphasizes outstanding safety, expanding high-grade discoveries, advancing technical studies for sulfide milling to move towards production, and uncovering district potential through ongoing exploration of its vast, largely unexplored land package - Committed to outstanding safety performance and a strong company culture focused on delivering value to stakeholders[24](index=24&type=chunk) - Develop untapped potential by expanding recent high-grade discoveries and evaluating new potential underground opportunities[24](index=24&type=chunk) - Advance towards production by completing technical studies for sulfide milling operation and finalizing Roaster vs POx process flow sheet[24](index=24&type=chunk) - Uncover district potential on the **64,000-acre** land package (only **10%** explored) through ongoing exploration to identify new targets[24](index=24&type=chunk) [Key Accomplishments](index=11&type=section&id=4.3%20Key%20Accomplishments) Hycroft has achieved an industry-leading safety record, executed its largest exploration program in over a decade resulting in significant high-grade silver discoveries, improved flotation recoveries, and strengthened its treasury and market presence through strategic shareholder investment - Industry-leading Safety Record: Award-winning safety culture with a trailing 30-month TRIFR of **ZERO** and over **1.3 million man-hours** without a Lost Time Incident[27](index=27&type=chunk) - Largest Exploration Program In +10 Years: Drilled two best holes at Hycroft in **2023 and 2024**[27](index=27&type=chunk) - Improved Flotation Recoveries: Average flotation recoveries **10%** higher than previously modeled (**89% gold** | **93% silver**)[27](index=27&type=chunk) - Strengthened Treasury And Market Presence: Recognized as a major silver player, with Eric Sprott at **21% ownership** and additional institutional investors representing **~33%**[27](index=27&type=chunk) [2025 Focus Areas](index=17&type=section&id=4.4%202025%20Focus%20Areas) For 2025, Hycroft is strategically focused on maintaining operational excellence, completing a comprehensive technical report with economic analysis, and expanding its district exploration efforts to target high-grade silver systems - Operational Excellence[44](index=44&type=chunk) - Technical Report with Economics[44](index=44&type=chunk) - District Expansion of High-Grade Silver Systems[44](index=44&type=chunk) [ESG, Technical Studies & Exploration](index=18&type=section&id=5.%20ESG%2C%20Technical%20Studies%20%26%20Exploration) [ESG Commitment](index=18&type=section&id=5.1%20ESG%20Commitment) Hycroft is deeply committed to integrating ESG principles across its operations, focusing on environmental stewardship (climate change, water, waste), social responsibility (diversity, health & safety, community engagement), and robust governance (ethical standards, transparency, board diversity). The company boasts an impressive safety record with zero incidents over **1.3 million man-hours** - Committed to conducting business in a manner that prioritizes ESG principles[47](index=47&type=chunk) - Environmental focus includes climate change, GHG emissions, energy management, water management, waste management, and biodiversity[47](index=47&type=chunk) - Social focus includes diversity & equal opportunity, labor relations, health and safety, working conditions, human rights, and community engagement[47](index=47&type=chunk) - Achieved TRIFR **0.00** and over **1.3 million incident-free man-hours**[46](index=46&type=chunk) [Metallurgical Studies](index=19&type=section&id=5.2%20Metallurgical%20Studies) Hycroft has significantly improved gold and silver flotation recoveries to **89%** and **93%** respectively, with consistent results, and is advancing technical studies for a full report, including roaster and POx testing, capital equipment, and operating cost assessments - Statistically significant improvement in gold and silver recoveries, with statistical reduction in variability[52](index=52&type=chunk) - Results are consistent and repeatable across formation, depth, domain, geochemistry, silicification, and grade[52](index=52&type=chunk) - Ongoing technical studies include benchtop roaster testing, capital equipment selection, operating cost assessment, and benchtop autoclave testing (POx)[54](index=54&type=chunk) [Positive Flotation Recoveries](index=19&type=section&id=5.2.1%20Positive%20Flotation%20Recoveries) | Metal | Recovery (%) | | :---- | :----------- | | Gold | 89% | | Silver | 93% | - Statistically significant improvement in gold and silver recoveries, with statistical reduction in variability[52](index=52&type=chunk) - Results are consistent and repeatable across formation, depth, domain, geochemistry, silicification, and grade[52](index=52&type=chunk) [Technical Report Bridge & Program Details](index=20&type=section&id=5.2.2%20Technical%20Report%20Bridge%20%26%20Program%20Details) - Aiming for PFS - FS with Economics and Initial Mine Plan by **4Q 2025**[54](index=54&type=chunk) - Ongoing studies include Benchtop Roaster Testing, Capital Equipment Selection, Operating Cost Assessment, and Benchtop Autoclave Testing (POx)[54](index=54&type=chunk) - Metallurgical program involved **219 variability samples**, including duplicates and triplicates, representing seven mine pits and various geological characteristics[100](index=100&type=chunk) [Mineral Resources & Estimation](index=37&type=section&id=5.3%20Mineral%20Resources%20%26%20Estimation) Hycroft's combined Measured + Indicated resources total **819,162 Thousand Tonnes** at **0.401 g/t Gold** and **13.68 g/t Silver**, containing **10.581 million ounces of gold** and **360.664 million ounces of silver**. These estimates are based on metal prices of **$1,900/oz Gold** and **$24.50/oz Silver**, with detailed mining and processing cost assumptions - Mineral resources are based on metal prices of **$1,900/oz Gold** and **$24.50/oz Silver**[95](index=95&type=chunk) - Cutoffs are income - process cost = NPR = NSR - Process OpEx[95](index=95&type=chunk) - Mineral resources are contained within a computer-generated optimized pit[95](index=95&type=chunk) [Detailed Mineral Resources](index=37&type=section&id=5.3.1%20Detailed%20Mineral%20Resources) | Classification | Thousand Tonnes | Gold (g/tonne) | Silver (g/tonne) | Contained Gold (Thousand Ounces) | Contained Silver (Thousand Ounces) | | :------------- | :------ | :-------------- | :---------------- | :------------------------- | :---------------------------- | | Measured | 450,785 | 0.413 | 14.93 | 5,989 | 216,690 | | Total Indicated | 368,377 | 0.387 | 12.14 | 4,592 | 143,974 | | Total Meas + Ind | 819,162 | 0.401 | 13.68 | 10,581 | 360,664 | | Total Inferred | 268,179 | 0.389 | 11.14 | 3,356 | 96,117 | - Source: Technical Report Summary, dated March 27, 2023[94](index=94&type=chunk) [Resource Estimation Parameters](index=38&type=section&id=5.3.2%20Resource%20Estimation%20Parameters) | Assumption | Unit of measure | Value | | :--------- | :-------------- | :---- | | Gold price | $/oz | $1,900 | | Silver price | $/oz | $24.50 | | Mining cost, base | Per ton material moved | $1.45 | | Recovery Type | % | | :------------ | :- | | Flotation recovery - gold | 80.0% | | Flotation recovery - silver | 80.0% | | Overall recovery, mill | 76.0% | | Cost Type | $/ton ore | | :-------- | :-------- | | Mill + Concentrate POX + G&A | $14.83 | | ROM leach + G&A (oxide) | $3.19 | | ROM leach + G&A (transition & sulfide) | $3.59 | [Exploration Program & Results](index=21&type=section&id=5.4%20Exploration%20Program%20%26%20Results) Hycroft's 2025 drill program targets **14,500 meters** of core drilling to expand high-grade silver systems at Vortex and Brimstone. Recent 2024 drill highlights from these areas show exceptional high-grade silver and gold mineralization, with visible silver in core samples. The company is also exploring potential high-grade extensions and new targets outside the current resource area, indicating significant district-scale potential - **2025** drill program targets **14,500 meters** of core drilling using two rigs[58](index=58&type=chunk) - Focus on expanding high-grade silver systems at Vortex and Brimstone[58](index=58&type=chunk) - High-grade mineralization remains open along trends and at depth[62](index=62&type=chunk) - Extensive surface mapping, soils geochemistry, geophysics, and high-resolution drone imaging indicate additional strong mineralization trends to the east and northeast[79](index=79&type=chunk) [2025 Drill Program](index=21&type=section&id=5.4.1%202025%20Drill%20Program) - **14,500 meters** of core drilling planned[58](index=58&type=chunk) - Two core drill rigs will be utilized[58](index=58&type=chunk) - Target expansion of high-grade silver systems at Vortex and Brimstone[58](index=58&type=chunk) [Geological Context & High-Grade Trends](index=22&type=section&id=5.4.2%20Geological%20Context%20%26%20High-Grade%20Trends) - Resource area comprises less than **10%** of the land package and remains open in all directions and at depth[61](index=61&type=chunk) - New high-grade silver and gold mineralization trends identified[62](index=62&type=chunk) - High-grade mineralization remains open along trends and at depth, offering open pit and underground optionality[62](index=62&type=chunk) [2024 Drill Highlights: Brimstone](index=24&type=section&id=5.4.3%202024%20Drill%20Highlights%3A%20Brimstone) - Visible silver in core from HD24_6010 from Brimstone, including **18.2 meters** of **1,987.35 g/t Silver**[63](index=63&type=chunk) - Ultra-high-grade intercepts include **0.9 meters @ 10,289 g/t Silver** and **0.3 meters @ 20,280 g/t Silver**[63](index=63&type=chunk) | Hole ID | FROM (m) | TO (m) | INTERVAL (m) | Silver (g/t) | Gold (g/t) | Gold Eq (g/t) | | :------ | :------- | :----- | :----------- | :------- | :------- | :--------- | | H24D-6010 | 328.4 | 346.6 | 18.2 | 1,987.35 | 0.35 | 25.98 | | including | 340.2 | 341.1 | 0.9 | 10,289.00 | 0.72 | 133.39 | | H24D-6018 | 306.6 | 327.9 | 21.2 | 2,359.68 | 0.38 | 30.81 | | including | 317.4 | 317.6 | 0.2 | 80,017.00 | 1.62 | 1,033.42 | [2024 Drill Highlights: Vortex](index=26&type=section&id=5.4.4%202024%20Drill%20Highlights%3A%20Vortex) | Hole ID | FROM (m) | TO (m) | INTERVAL (m) | Silver (g/t) | Gold (g/t) | Gold Eq (g/t) | | :------ | :------- | :----- | :----------- | :------- | :------- | :--------- | | H23D-6001 | 383.2 | 507.5 | 124.4 | 102.6 | 0.95 | 2.3 | | including | 451.7 | 452.0 | 0.3 | 4,170.0 | 0.03 | 53.8 | | H24D-6002 | 357.3 | 458.2 | 100.9 | 100.6 | 0.38 | 1.7 | | including | 441.9 | 442.4 | 0.5 | 3,310.0 | 5.90 | 48.6 | [High Grade Trends Visuals](index=27&type=section&id=5.4.5%20High%20Grade%20Trends%20Visuals) - Grade shells based on **10ft x 10ft x 10ft** block model for Brimstone and Vortex illustrate the continuity of high-grade mineralization[69](index=69&type=chunk)[72](index=72&type=chunk) [Conceptual Underground Access](index=29&type=section&id=5.4.6%20Conceptual%20Underground%20Access) - Conceptual diagrams illustrate potential underground access points and layouts for both the Brimstone and Vortex high-grade zones[75](index=75&type=chunk) [Potential Extensions & New Targets](index=30&type=section&id=5.4.7%20Potential%20Extensions%20%26%20New%20Targets) - Extensive surface mapping, soils geochemistry, Induced Polarity Geophysics, and high-resolution drone imaging indicate additional strong mineralization trends to the east and northeast[79](index=79&type=chunk) - Testing high priority exploration targets outside the currently known resource[82](index=82&type=chunk) - The entire land package and historical data provide insight into structural intersections of mineralization[82](index=82&type=chunk) [Corporate Governance & Financials](index=33&type=section&id=6.%20Corporate%20Governance%20%26%20Financials) [Capitalization & Ownership](index=33&type=section&id=6.1%20Capitalization%20%26%20Ownership) As of July 24, 2025, Hycroft has a market capitalization of **$144.5 million** with **39.1 million** shares outstanding. Key shareholders include Eric Sprott (**21%**), AMC Entertainment (**6%**), and institutional investors (**33%**), with retail investors holding the largest share at **38%**. The company reported **$68.8 million** in unrestricted cash as of June 30, 2025 | Metric | Value | | :----- | :---- | | Share Price - HYMC (NASDAQ) ($) | $3.69 | | Shares Outstanding (Million) | 39.1 | | Market Capitalization ($ Million) | 144.5 | | Unrestricted Cash (June 30, 2025) ($ Million) | 68.8 | | Debt (June 30, 2025) ($ Million) | 131 | | Shareholder | Ownership (%) | | :---------- | :------------ | | Eric Sprott | 21% | | AMC Entertainment | 6% | | Institutional | 33% | | Insiders | 2% | | Retail | 38% | [Debt Structure](index=40&type=section&id=6.2%20Debt%20Structure) Hycroft's debt comprises **$15 million** in Senior Secured debt held by Sprott Resource Lending Corp. (**10.55% interest**, maturity May 31, 2027) and **$118 million** in Subordinated Notes held by various institutional investors (**10% interest**, maturity December 1, 2027). Sprott also holds a **1.5% royalty** on the company | Debt Type | Held By | Face Value ($ Million) | Interest Rate (%) | Maturity Date | | :-------- | :------ | :--------- | :------------ | :------------ | | Senior Secured | Sprott Resource Lending Corp. | $15 | 10.55 | May 31, 2027 | | Subordinated Notes | Mudrick, Whitebox Advisors, Highbridge Capital, Aristeia Capital | $118 | 10 | December 1, 2027 | - Sprott lending holds a **1.5% royalty**[101](index=101&type=chunk) - Subordinated Notes interest is paid-in-kind, accrued and capitalized to principal quarterly (non-cash until maturity)[101](index=101&type=chunk) [Board of Directors](index=36&type=section&id=6.3%20Board%20of%20Directors) The Board of Directors is composed of experienced professionals from the mining and finance sectors, including Chairman Thomas Weng, President & CEO Diane Garrett, and independent directors with diverse backgrounds from notable companies such as Deutsche Bank, Newmont, AMC Entertainment, and Sprott Resource Holdings - Board members include Thomas Weng (Chairman), Diane Garrett (President & CEO), David Naccarati, Sean Goodman (AMC Appointee), Stephen Lang, Marni Wieshofer, and Michael Harrison[91](index=91&type=chunk)[92](index=92&type=chunk) - Directors bring diverse experience from companies such as Alta Capital Partners, Deutsche Bank, Romarco Minerals, Newmont, AMC Entertainment, Centerra Gold Inc., and Sprott Streaming and Royalty Fund[91](index=91&type=chunk)[92](index=92&type=chunk)

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents Hycroft Mining Holding Corporation's unaudited condensed consolidated financial statements for Q2 2025, covering balance sheets, operations, cash flows, and stockholders' deficit - The company's financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim reporting, condensing certain information and footnote disclosures[28](index=28&type=chunk) Key Financial Data (June 30, 2025 vs. December 31, 2024) | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------------------ | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $68,768 | $49,560 | | Total assets | $162,147 | $140,135 | | Total liabilities | $177,406 | $173,550 | | Total stockholders' deficit | $(15,259) | $(33,415) | Key Operating Results (Three and Six Months Ended June 30, 2025 vs. 2024) | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss from operations | $(9,315) | $(10,530) | $(18,537) | $(22,462) | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Basic and diluted loss per share | $(0.43) | $(0.57) | $(0.89) | $(1.55) | [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :------------------------------------------ | :-------------------------- | :---------------- | | **Assets:** | | | | Cash and cash equivalents | $68,768 | $49,560 | | Current assets | $74,797 | $54,600 | | Total assets | $162,147 | $140,135 | | **Liabilities:** | | | | Current liabilities | $2,899 | $5,794 | | Total liabilities | $177,406 | $173,550 | | **Stockholders' deficit:** | | | | Total stockholders' deficit | $(15,259) | $(33,415) | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | General and administrative costs | $3,478 | $3,906 | $6,411 | $6,820 | | Mine site costs | $2,673 | $2,488 | $5,153 | $5,072 | | Exploration and development costs | $2,344 | $5,053 | $5,343 | $9,956 | | Loss from operations | $(9,315) | $(10,530) | $(18,537) | $(22,462) | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Basic and diluted loss per share | $(0.43) | $(0.57) | $(0.89) | $(1.55) | [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(18,718) | $(20,331) |\n| Net cash (used in) provided by investing activities | $(329) | $1,268 |\n| Net cash provided by (used in) financing activities | $40,759 | $(28,004) |\n| Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,712 | $(47,067) |\n| Cash, cash equivalents, and restricted cash, end of period | $98,769 | $85,483 | [Unaudited Condensed Consolidated Statements of Stockholders' Deficit](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Deficit) Unaudited Condensed Consolidated Statements of Stockholders' Deficit (in thousands, except share amounts) | Metric | Balance at January 1, 2025 | Balance at June 30, 2025 | | :------------------------------------------ | :------------------------- | :----------------------- | | Common Stock (Shares) | 24,875,587 | 37,838,479 | | Common Stock (Amount) | $21 | $22 | | Additional Paid-in Capital | $752,630 | $794,281 | | Accumulated Deficit | $(786,066) | $(809,562) | | Total Stockholders' Deficit | $(33,415) | $(15,259) | - The company issued **12,500,000 shares** of common stock and warrants, contributing **$40,349 thousand** to additional paid-in capital during Q2 2025[20](index=20&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Company Overview](index=9&type=section&id=1.%20Company%20Overview) - Hycroft Mining Holding Corporation is a U.S.-based gold and silver exploration and development company focused on the Hycroft Mine in Nevada[23](index=23&type=chunk) - Mining operations were discontinued in **November 2021** due to cost pressures, with the company now prioritizing exploration, technical studies, and strategic initiatives[24](index=24&type=chunk) - The company completed a public offering on **June 13, 2025**, raising **$40.7 million** in net proceeds for further exploration, working capital, and general corporate purposes[27](index=27&type=chunk) [2. Summary of Significant Accounting Policies](index=9&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) - Financial statements are prepared in accordance with U.S. GAAP and SEC rules for interim reporting, with certain information condensed or omitted[28](index=28&type=chunk) - Management makes estimates and assumptions, particularly for long-lived assets, mining plans, environmental costs, and fair value measurements, which may differ from actual results[31](index=31&type=chunk) - No impairment was deemed necessary for long-lived assets as of **June 30, 2025**, based on a market-based fair value approach[35](index=35&type=chunk) [3. Prepaids and Deposits](index=11&type=section&id=3.%20Prepaids%20and%20Deposits) Components of Prepaids and Deposits (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Prepaids and deposits, current | $3,337 | $2,863 | | Prepaids, non-current | $652 | $600 | | **Total** | **$3,989** | **$3,463** | - Current prepaids increased primarily due to higher surety bond fees and insurance, while mining claims and license fees decreased[38](index=38&type=chunk) [4. Equity Securities](index=11&type=section&id=4.%20Equity%20Securities) Components of Equity Securities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Equity securities, current | $1,109 | $454 | | Equity securities, non-current | $— | $151 | | **Total** | **$1,109** | **$605** | - The company recorded an unrealized gain on equity securities of **$0.4 million** for the three months and **$0.5 million** for the six months ended June 30, 2025, compared to an unrealized loss in 2024[39](index=39&type=chunk) - Non-current equity securities are restricted from sale for **12 months**, with a portion becoming salable quarterly thereafter[39](index=39&type=chunk) [5. Property, Plant, and Equipment and Assets Held-For-Sale, Net](index=12&type=section&id=5.%20Property,%20Plant,%20and%20Equipment%20and%20Assets%20Held-For-Sale,%20Net) Property, Plant, and Equipment, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Total property, plant, and equipment, net | $50,999 | $51,588 | | Assets held-for-sale | $5,698 | $5,698 | | **Total** | **$56,697** | **$57,286** | - Depreciation and amortization expense decreased to **$0.5 million** (Q2 2025) and **$1.0 million** (YTD Q2 2025) from **$0.6 million** and **$1.2 million** (same periods 2024), primarily due to certain assets becoming fully depreciated[41](index=41&type=chunk)[108](index=108&type=chunk) - Assets held-for-sale, totaling **$5.7 million**, consist of unused mining equipment for which the company is actively seeking buyers[42](index=42&type=chunk) [6. Restricted Cash](index=12&type=section&id=6.%20Restricted%20Cash) Components of Restricted Cash (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Reclamation and other surety bond cash collateral | $29,948 | $27,445 | | Credit card collateral | $53 | $53 | | **Total** | **$30,001** | **$27,498** | - Restricted cash increased to **$30.0 million** as of June 30, 2025, primarily for surface management surety bonds, which total **$58.7 million**[43](index=43&type=chunk) - Interest income on restricted cash decreased to **$0.3 million** (Q2 2025) and **$0.5 million** (YTD Q2 2025) from **$0.3 million** and **$0.6 million** (same periods 2024)[44](index=44&type=chunk) [7. Accounts Payable, Accrued Expenses, and Other Liabilities](index=13&type=section&id=7.%20Accounts%20Payable,%20Accrued%20Expenses,%20and%20Other%20Liabilities) Components of Accounts Payable, Accrued Expenses, and Other Liabilities (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Accounts payable and accrued expenses | $1,330 | $2,389 | | Accrued compensation and benefits | $1,293 | $3,116 | | Total current liabilities | $2,692 | $5,561 | | Other liabilities, non-current | $23 | $— | - Total current accounts payable, accrued expenses, and other liabilities decreased significantly from **$5.561 million** at December 31, 2024, to **$2.692 million** at June 30, 2025, primarily due to a reduction in accrued compensation and benefits[46](index=46&type=chunk) [8. Fair Value Measurements](index=13&type=section&id=8.%20Fair%20Value%20Measurements) Assets and Liabilities Measured at Fair Value (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Equity securities, current | $1,109 | $454 | | Equity securities, non-current | $— | $151 | | 5-Year Private Warrants | $— | $6 | - The estimated fair value of the company's debt instruments (Sprott Credit Agreement and Subordinated Notes) was **$110.5 million** at June 30, 2025, compared to a carrying value of **$131.0 million**[48](index=48&type=chunk) - The fair value of 5-Year Private Warrants was **nil** as of June 30, 2025, due to their expiration on **May 29, 2025**[47](index=47&type=chunk) [9. Debt, Net](index=14&type=section&id=9.%20Debt,%20Net) Components of Debt, Net (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Debt, net, current | $28 | $54 | | Debt, net, non-current | $131,007 | $124,945 | | **Total Debt, net** | **$131,035** | **$125,000** | Interest Expense (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Sprott Credit Agreement | $400 | $439 | $794 | $941 | | Subordinated Notes | $2,876 | $2,605 | $5,681 | $5,145 | | Total Interest expense | $3,479 | $3,218 | $6,866 | $13,338 | - Total debt, net, increased to **$131.035 million** at June 30, 2025, from **$125.000 million** at December 31, 2024[50](index=50&type=chunk) - Interest expense for the six months ended June 30, 2025, significantly decreased to **$6.9 million** from **$13.3 million** in 2024, primarily due to a **$6.9 million** accelerated amortization of original issue discount and issuance costs recorded in **January 2024**[51](index=51&type=chunk)[115](index=115&type=chunk) - The company was in compliance with all financial covenants under its debt agreements as of June 30, 2025[53](index=53&type=chunk) [10. Asset Retirement Obligation](index=15&type=section&id=10.%20Asset%20Retirement%20Obligation) Changes in Asset Retirement Obligation (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Balance, beginning of period | $13,151 | $7,973 | | Accretion | $666 | $1,253 | | Change in estimates | $— | $5,863 | | Balance, end of period | $13,817 | $13,151 | | Current | $179 | $179 | | Non-current | $13,638 | $12,972 | - The asset retirement obligation increased to **$13.8 million** at June 30, 2025, from **$13.2 million** at December 31, 2024, primarily due to accretion[54](index=54&type=chunk) - No adjustments or changes in estimate were recorded for the six months ended June 30, 2025, compared to a **$4.0 million** adjustment in 2024[54](index=54&type=chunk)[109](index=109&type=chunk) [11. Warrant Liabilities](index=15&type=section&id=11.%20Warrant%20Liabilities) - **34,289,898** 5-Year Private Warrants expired unexercised on **May 29, 2025**, with an exercise price of **$11.50** per warrant (post 1-for-10 reverse stock split basis)[56](index=56&type=chunk) - The expiration of these warrants, including **670,600** classified as warrant liabilities, had no material impact on the company's financial statements[56](index=56&type=chunk) [12. Stockholders' Equity](index=16&type=section&id=12.%20Stockholders'%20Equity) - The company completed a public offering on **June 13, 2025**, issuing **12,500,000 Units** (each with one common stock share and one-half 2025 3-Year Warrant) at **$3.50 per Unit**, generating **$40.7 million** in net proceeds[61](index=61&type=chunk)[62](index=62&type=chunk) - The underwriters partially exercised their over-allotment option for **937,500** 2025 3-Year Warrants on **June 12, 2025**, and an additional **1,324,117 shares** of common stock on **July 11, 2025**, increasing total net proceeds to approximately **$45.0 million**[61](index=61&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Through the New ATM Program, the company sold **108,072 shares** for **$0.3 million** gross proceeds during the six months ended June 30, 2025, with **$97.5 million** remaining available[63](index=63&type=chunk)[122](index=122&type=chunk) Outstanding Equity Classified Warrants (as of June 30, 2025) | Warrant Type | Exercise Price | Expiration Date | Warrants Outstanding | | :------------------------------------------ | :------------- | :-------------- | :------------------- | | Public Offering Warrants (5-Year) | $10.50 | October 6, 2025 | 9,583,334 | | Private Placement Offering Warrants | $1.068 | March 15, 2027 | 46,816,480 | | Public Offering Warrants (3-Year) | $4.200 | June 13, 2028 | 7,187,500 | [13. Stock-Based Compensation](index=17&type=section&id=13.%20Stock-Based%20Compensation) - As of June 30, 2025, **490,281 shares** were available for issuance under the HYMC 2020 Performance and Incentive Pay Plan (PIPP), with all awards granted as restricted stock units (RSUs)[67](index=67&type=chunk) Unvested and Outstanding Share Awards Under PIPP | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Unvested at beginning of year | 678,071 | 607,099 | | Granted | 491,949 | 435,204 | | Canceled/forfeited | (15,304) | (20,014) | | Vested | (415,464) | (322,183) | | Unvested end of period | 739,252 | 700,106 | [14. Income Taxes](index=18&type=section&id=14.%20Income%20Taxes) - The company incurred **nil** net income tax expense or benefit for the six months ended June 30, 2025 and 2024[71](index=71&type=chunk) - The effective tax rate was **nil** for both periods, primarily due to changes in the valuation allowance offsetting net deferred tax assets[71](index=71&type=chunk) [15. Loss Per Share](index=18&type=section&id=15.%20Loss%20Per%20Share) Basic and Diluted Loss Per Share Calculations (in thousands, except per share amounts) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(11,737) | $(13,180) | $(23,496) | $(33,930) | | Weighted average shares outstanding | 27,584,548 | 22,983,276 | 26,273,721 | 21,903,372 | | Loss per common share, basic and diluted | $(0.43) | $(0.57) | $(0.89) | $(1.55) | - Due to net losses, common stock equivalents (warrants and RSUs) were anti-dilutive and excluded from diluted EPS calculations[73](index=73&type=chunk) [16. Segment Information](index=19&type=section&id=16.%20Segment%20Information) - The company operates as a **single reportable segment**, with operations limited to exploration since mining ceased in **November 2021**[75](index=75&type=chunk) - The Chief Executive Officer, as the chief operating decision-maker, manages all resource allocation and performance evaluation on a consolidated basis[75](index=75&type=chunk) [17. Supplemental Cash Flow Information](index=19&type=section&id=17.%20Supplemental%20Cash%20Flow%20Information) Supplemental Cash Flow Information (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Increase in debt from in-kind interest | $5,681 | $5,145 | | Accelerated amortization of original issue discount and issuance costs | $— | $6,871 | | Cash interest paid | $794 | $941 | [18. Commitments and Contingencies](index=19&type=section&id=18.%20Commitments%20and%20Contingencies) - The company is a defendant in **four pro se individual and/or putative class/derivative actions** in Delaware Chancery Court related to alleged breaches of Warrant Agreements[77](index=77&type=chunk) - No losses have been recorded for litigation or loss contingencies for the six months ended June 30, 2025 and 2024, as a loss was not deemed probable or reasonably estimable[78](index=78&type=chunk) - Off-balance sheet arrangements include a **4% net profit Crofoot Royalty** (capped at **$7.6 million**, **$3.3 million** paid) and a perpetual **1.5% net smelter Sprott Royalty Agreement** (estimated NPV **$146.7 million**)[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [19. Related Party Transactions](index=20&type=section&id=19.%20Related%20Party%20Transactions) - AMC is classified as a related party due to its representative on the company's Board of Directors[86](index=86&type=chunk) - The company paid **$0.04 million** in director fees to AMC's board representative for both the six months ended June 30, 2025 and 2024[86](index=86&type=chunk) [20. Subsequent Events](index=20&type=section&id=20.%20Subsequent%20Events) - Subsequent to June 30, 2025, on **July 11, 2025**, underwriters partially exercised their over-allotment option to purchase an additional **1,324,117 shares** of common stock, generating **$4.3 million** in net proceeds[87](index=87&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=20&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section discusses Hycroft Mining Holding Corporation's operations, safety, exploration, and financial performance, including liquidity and capital resources for Q2 2025 - The company is a U.S.-based gold and silver exploration and development company, owning the Hycroft Mine in Nevada, with a focus on exploration and project development[89](index=89&type=chunk) - Mining operations were halted in **November 2021**, and significant revenues from gold and silver sales are not anticipated until technical work is completed and operations resume[89](index=89&type=chunk) - The company maintained a Total Recordable Injury Frequency Rate (TRIFR) of **0.00** for the six months ended June 30, 2025, and received the **2025 first place NVMA Operator Safety Award**[91](index=91&type=chunk) - Net loss improved to **$(23.5) million** for the six months ended June 30, 2025, from **$(33.9) million** in the prior year, primarily due to reduced exploration costs and lower interest expense[16](index=16&type=chunk)[107](index=107&type=chunk)[115](index=115&type=chunk) - Cash and cash equivalents increased to **$68.8 million** at June 30, 2025, from **$49.6 million** at December 31, 2024, driven by **$40.8 million** in net cash provided by financing activities[14](index=14&type=chunk)[116](index=116&type=chunk)[127](index=127&type=chunk) [Introduction to the Company](index=21&type=section&id=Introduction%20to%20the%20Company) - Hycroft Mining Holding Corporation is a U.S.-based gold and silver exploration and development company, owning the Hycroft Mine in Nevada[89](index=89&type=chunk) - The company's focus is on exploring its **64,000 acres** of claims and developing the project safely, environmentally responsibly, and cost-effectively[89](index=89&type=chunk) - Mining operations were halted in **November 2021**, and significant revenues from gold and silver sales are not expected until technical work is completed and operations resume[89](index=89&type=chunk) [Health and Safety](index=21&type=section&id=Health%20and%20Safety) - The company reported **no lost time incidents** during the six months ended June 30, 2025, operating over **1.3 million man-hours** without such an incident[91](index=91&type=chunk) - The Hycroft Mine's Total Recordable Injury Frequency Rate (TRIFR) was **0.00** at both June 30, 2025, and December 31, 2024, well below industry averages[91](index=91&type=chunk) - Hycroft was awarded the **2025 first place NVMA Operator Safety Award** for small surface mines[91](index=91&type=chunk) [Executive Summary](index=21&type=section&id=Executive%20Summary) - During Q2 2025, the company reviewed 2024 Drill Program results for new high-grade silver zones and continued metallurgical and variability test work for a new technical report expected in **Q4 2025**[92](index=92&type=chunk) - The company aims to strengthen its balance sheet by reducing debt and funding future development, while exploring other strategic initiatives[92](index=92&type=chunk) - A public offering in **June 2025** raised **$40.7 million** in net proceeds, with additional proceeds of **$4.3 million** from an over-allotment option exercised in **July 2025**, for exploration, working capital, and general corporate purposes[93](index=93&type=chunk)[95](index=95&type=chunk)[87](index=87&type=chunk) [Recent Developments](index=22&type=section&id=Recent%20Developments) [Exploration drilling](index=22&type=section&id=Exploration%20drilling) - Focus during H1 2025 was on incorporating 2024 drill program results and refining the structural framework into an updated geologic model[97](index=97&type=chunk) - Work improved understanding of mineral domains and became the foundation for selecting targets in the Brimstone and Vortex areas[97](index=97&type=chunk) [Metallurgical and variability test work](index=22&type=section&id=Metallurgical%20and%20variability%20test%20work) - Advanced metallurgical and engineering work for designing a sulfide milling operation, testing composite samples from the ore body[98](index=98&type=chunk) - Identified significant improvements in gold and silver flotation recoveries compared to the current technical report[98](index=98&type=chunk) - Continuing test work for optimal inputs and operating parameters for roasting, pressure oxidation, leaching, sulfuric acid generation, and power co-generation[98](index=98&type=chunk) [2025 Outlook](index=22&type=section&id=2025%20Outlook) - Key plans for 2025 include assessing high-grade underground mining, evaluating rehandling and leaching ore in a historic leach pad, and potentially mining leachable oxide and transition ore[99](index=99&type=chunk)[102](index=102&type=chunk) - The 2025-2026 Exploration Drill Program will commence in early **August 2025**, focusing on expanding high-grade silver systems with approximately **14,500 meters** of core drilling[100](index=100&type=chunk)[101](index=101&type=chunk) - Trade-off studies and alternative analyses will continue to optimize recoveries and explore by-product revenue streams, with an updated technical report anticipated in **Q4 2025**[103](index=103&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) [General and administrative costs](index=23&type=section&id=General%20and%20administrative%20costs) General and Administrative Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $3,478 | $3,906 | | Six Months Ended June 30 | $6,411 | $6,820 | - General and administrative costs remained substantially consistent year-over-year, with a slight decrease in both the three and six-month periods[105](index=105&type=chunk) [Mine site costs](index=23&type=section&id=Mine%20site%20costs) Mine Site Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $2,673 | $2,488 | | Six Months Ended June 30 | $5,153 | $5,072 | - Mine site costs remained substantially consistent year-over-year, with a slight increase in both the three and six-month periods[106](index=106&type=chunk) [Exploration and development costs](index=23&type=section&id=Exploration%20and%20development%20costs) Exploration and Development Costs (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $2,344 | $5,053 | | Six Months Ended June 30 | $5,343 | $9,956 | - Exploration and development costs significantly decreased by approximately **54%** for both the three and six months ended June 30, 2025, as drilling was paused to incorporate 2024 drill program results[107](index=107&type=chunk) [Depreciation and amortization](index=23&type=section&id=Depreciation%20and%20amortization) Depreciation and Amortization Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $498 | $567 | | Six Months Ended June 30 | $1,032 | $1,183 | - Depreciation and amortization expense decreased due to certain assets becoming fully depreciated[108](index=108&type=chunk) [Asset retirement obligation adjustments and accretion expense](index=24&type=section&id=Asset%20retirement%20obligation%20adjustments%20and%20accretion%20expense) Asset Retirement Obligation Adjustments and Accretion Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $333 | $2,267 | | Six Months Ended June 30 | $666 | $4,491 | - Expense significantly decreased due to no adjustments or changes in estimate in 2025, compared to **$2.0 million** (Q2) and **$4.0 million** (YTD Q2) adjustments in 2024[109](index=109&type=chunk) [Gain on asset sales](index=24&type=section&id=Gain%20on%20asset%20sales) Gain on Asset Sales (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Three Months Ended June 30 | $(11) | $(3,751) | | Six Months Ended June 30 | $(68) | $(5,060) | - Gain on asset sales significantly decreased in 2025 due to reduced asset sales compared to the prior year[111](index=111&type=chunk) [Non-operating income (expense)](index=24&type=section&id=Non-operating%20income%20(expense)) Non-Operating Income and (Expense) (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Interest income | $687 | $1,058 | $1,400 | $2,353 | | Other income (loss) | $370 | $(490) | $507 | $(483) | | Interest expense | $(3,479) | $(3,218) | $(6,866) | $(13,338) | | Total non-operating income and (expense) | $(2,422) | $(2,650) | $(4,959) | $(11,468) | [Interest income](index=24&type=section&id=Interest%20income) Interest Income (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :----- | :----- | | Three Months Ended June 30 | $687 | $1,058 | | Six Months Ended June 30 | $1,400 | $2,353 | - Interest income decreased due to a reduction in invested cash[113](index=113&type=chunk) [Other income (loss)](index=24&type=section&id=Other%20income%20(loss)) Other Income (Loss) (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $370 | $(490) | | Six Months Ended June 30 | $507 | $(483) | - Other income in 2025 was primarily due to unrealized gains on equity securities, contrasting with unrealized losses in 2024[114](index=114&type=chunk) [Interest expense](index=24&type=section&id=Interest%20expense) Interest Expense (in thousands) | Period | 2025 | 2024 | | :------------------------------------------ | :--- | :--- | | Three Months Ended June 30 | $3,479 | $3,218 | | Six Months Ended June 30 | $6,866 | $13,338 | - Interest expense for the six months ended June 30, 2025, decreased significantly due to **$6.9 million** of accelerated amortization of original issue discount and issuance costs recorded in **January 2024**[115](index=115&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) [General](index=25&type=section&id=General) - Unrestricted cash position at June 30, 2025, was **$68.8 million**, up from **$49.6 million** at December 31, 2024[116](index=116&type=chunk) - The company does not expect to generate net positive cash from operations for the foreseeable future due to the cessation of mining activities[117](index=117&type=chunk) - Future liquidity is dependent on unrestricted cash and other sources, with no assurance that additional financing will be available on acceptable terms[117](index=117&type=chunk) - The company is managing liquidity by controlling spending, monetizing non-core assets, and evaluating alternatives to raise capital, including potential debt restructuring[118](index=118&type=chunk)[119](index=119&type=chunk) [Cash and liquidity](index=25&type=section&id=Cash%20and%20liquidity) Projected Sources of Future Liquidity (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Cash and cash equivalents | $68,768 | $49,560 | | Assets held-for-sale | $5,698 | $5,698 | | Equity securities | $1,109 | $454 | | Receivables | $272 | $369 | | **Total projected sources of future liquidity** | **$75,847** | **$56,081** | - The company sold **108,072 shares** through the New ATM Program for **$0.3 million** gross proceeds during H1 2025, with **$97.5 million** remaining available[122](index=122&type=chunk) [Six months ended June 30, 2025 compared to six months ended June 30, 2024](index=26&type=section&id=Six%20months%20ended%20June%2030,%202025%20compared%20to%20six%20months%20ended%20June%2030,%202024) Sources and Uses of Cash (in thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :----------------------------- | :----------------------------- | | Net loss | $(23,496) | $(33,930) | | Net cash used in operating activities | $(18,718) | $(20,331) | | Net cash (used in) provided by investing activities | $(329) | $1,268 | | Net cash provided by (used in) financing activities | $40,759 | $(28,004) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $21,712 | $(47,067) | | Cash, cash equivalents, and restricted cash, end of period | $98,769 | $85,483 | [Cash used in operating activities](index=26&type=section&id=Cash%20used%20in%20operating%20activities) - Cash used in operating activities decreased to **$18.7 million** in H1 2025 from **$20.3 million** in H1 2024, primarily due to a lower net loss[124](index=124&type=chunk)[125](index=125&type=chunk) - Non-cash interest expense was **$6.1 million** in H1 2025, compared to **$12.4 million** in H1 2024, which included accelerated amortization[124](index=124&type=chunk)[125](index=125&type=chunk) [Cash (used in) provided by investing activities](index=26&type=section&id=Cash%20(used%20in)%20provided%20by%20investing%20activities) - Investing activities used **$0.3 million** in H1 2025, mainly for property, plant, and equipment additions, partially offset by asset sales[126](index=126&type=chunk) - In H1 2024, investing activities generated **$1.3 million**, primarily from asset sales[126](index=126&type=chunk) [Cash provided by (used in) financing activities](index=26&type=section&id=Cash%20provided%20by%20(used%20in)%20financing%20activities) - Financing activities provided **$40.8 million** in H1 2025, primarily from common stock issuance through the public offering and ATM program[127](index=127&type=chunk) - In H1 2024, financing activities used **$28.0 million**, mainly due to **$38.1 million** in debt principal payments, including a voluntary prepayment[128](index=128&type=chunk) [Future capital and cash requirements](index=27&type=section&id=Future%20capital%20and%20cash%20requirements) Gross Contractual Cash Obligations as of June 30, 2025 (in thousands) | Obligation | Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | | :------------------------------------------ | :---- | :--------------- | :---------- | :---------- | :---------------- | | Sprott Royalty Agreement | $241,199 | $— | $— | $— | $241,199 | | Remediation and reclamation expenditures | $110,963 | $179 | $9,944 | $— | $100,840 | | Interest payments | $3,382 | $1,764 | $1,618 | $— | $— | | Crofoot Royalty | $4,344 | $— | $— | $— | $4,344 | | Repayments of debt principal | $164,775 | $29 | $164,746 | $— | $— | | **Total** | **$524,663** | **$1,972** | **$176,308** | **$—** | **$346,383** | - The company's total gross contractual cash obligations are estimated at **$524.7 million**, with the largest portions being the Sprott Royalty Agreement and remediation/reclamation expenditures[129](index=129&type=chunk) [Debt covenants](index=27&type=section&id=Debt%20covenants) - The Sprott Credit Agreement restricts certain corporate actions and requires maintaining Working Capital of at least **$10.0 million** and Unrestricted Cash of at least **$15.0 million**[131](index=131&type=chunk) - The company was in compliance with all covenants under its debt agreements as of June 30, 2025[131](index=131&type=chunk) [Off-balance sheet arrangements](index=28&type=section&id=Off-balance%20sheet%20arrangements) - Off-balance sheet arrangements include a net profit royalty arrangement (Crofoot Royalty) and a net smelter royalty arrangement (Sprott Royalty Agreement)[134](index=134&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) - The preparation of financial statements requires significant assumptions, estimates, and judgments, as detailed in the company's Annual Report on Form 10-K for 2024[135](index=135&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=28&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) - This report contains forward-looking statements subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially[136](index=136&type=chunk)[137](index=137&type=chunk) - Readers are cautioned not to place undue reliance on these statements, which speak only as of their date, and the company undertakes no obligation to update them[139](index=139&type=chunk) [ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=28&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Hycroft Mining Holding Corporation omits quantitative and qualitative disclosures about market risk from this filing - The company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K[141](index=141&type=chunk) - Quantitative and qualitative disclosures about market risk are not required and are omitted from this filing[141](index=141&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=29&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no significant internal control changes during the quarter - Management, with CEO and CFO participation, concluded that disclosure controls and procedures were effective as of June 30, 2025[143](index=143&type=chunk)[144](index=144&type=chunk) - Disclosure controls are designed to provide reasonable assurance that required information is accumulated, communicated, recorded, processed, summarized, and reported timely[144](index=144&type=chunk) - No significant changes in internal control over financial reporting occurred during the quarter ended June 30, 2025[146](index=146&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) [ITEM 1. LEGAL PROCEEDINGS](index=29&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) No material developments occurred in legal proceedings during Q2 2025, as previously disclosed in the 2024 Annual Report on Form 10-K - No material developments occurred in legal proceedings during the quarter ended June 30, 2025[147](index=147&type=chunk) - Legal proceedings were previously disclosed in Part I, Item 3 of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024[147](index=147&type=chunk) [ITEM 1A. RISK FACTORS](index=29&type=section&id=ITEM%201A.%20RISK%20FACTORS) As a smaller reporting company, Hycroft Mining Holding Corporation omits risk factors from this Quarterly Report filing - The company qualifies as a smaller reporting company under Item 10(f) of Regulation S-K[148](index=148&type=chunk) - Risk factors are not required in a Quarterly Report and are omitted from this filing[148](index=148&type=chunk) [ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=29&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) No unregistered sales of equity securities or use of proceeds were reported during the period - No unregistered sales of equity securities and use of proceeds to report[149](index=149&type=chunk) [ITEM 3. DEFAULTS UPON SENIOR SECURITIES](index=29&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities were reported during the period - No defaults upon senior securities to report[150](index=150&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=30&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) The company prioritizes mine safety with mandatory programs and a goal of zero workplace injuries, with violation details provided in Exhibit 95.1 - The company prioritizes mine safety with mandatory programs including training, risk management, and workplace inspection, aiming for zero workplace injuries[151](index=151&type=chunk) - Information concerning mine safety violations or other regulatory matters is included in Exhibit 95.1[152](index=152&type=chunk) [ITEM 5. OTHER INFORMATION](index=30&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No material changes to director nominee recommendation procedures or Rule 10b5-1 trading arrangements by directors or officers occurred during the quarter - No material changes to procedures for security holders to recommend Board of Directors nominees[153](index=153&type=chunk) - No director or officer adopted or terminated a Rule 10b5-1(c) trading arrangement during the quarter ended June 30, 2025[153](index=153&type=chunk) [ITEM 6. EXHIBITS](index=31&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Quarterly Report on Form 10-Q, including warrant agreements, CEO/CFO certifications, and mine safety disclosures - Exhibit 4.1: Warrant Agency Agreement dated June 13, 2025[154](index=154&type=chunk) - Exhibit 4.2: Form of Warrant dated June 12, 2025[154](index=154&type=chunk) - Exhibit 31.1 and 31.2: Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)[154](index=154&type=chunk) - Exhibit 95.1: Mine Safety Disclosures[154](index=154&type=chunk) [SIGNATURES](index=32&type=section&id=SIGNATURES) The report is signed by Hycroft Mining Holding Corporation's President and CEO, and EVP and CFO, as of July 31, 2025 - The report is signed by Diane R. Garrett, President and Chief Executive Officer, and Stanton Rideout, Executive Vice President and Chief Financial Officer[159](index=159&type=chunk) - The signing date for the report is July 31, 2025[159](index=159&type=chunk)

Financial Results - Hycroft Mining Holding Corporation reported its operating and financial results for Q1 2025 on May 14, 2025[5]. - The company provided a press release detailing its performance metrics, which are included as Exhibit 99.1[5]. - The financial results are not deemed "filed" under the Securities Exchange Act of 1934, indicating a specific reporting structure[6]. Reporting Structure - The report includes a Cover Page Interactive Data File, which is embedded within the Inline XBRL document[7]. - The report was signed by Rebecca A. Jennings, Senior Vice President and General Counsel, on behalf of the company[10]. Company Information - The company is registered under the Nasdaq Stock Market with trading symbols HYMC, HYMCW, and HYMCL[3].

Financial Performance - The net loss for the three months ended March 31, 2025, was $11.8 million, a reduction of 43.3% compared to a net loss of $20.7 million for the same period in 2024[16]. - The company reported a basic and diluted loss per share of $0.47 for the three months ended March 31, 2025, compared to a loss of $1.00 per share in the same period of 2024[16]. - The net loss for Q1 2025 was $11,759,000, compared to a net loss of $20,749,000 in Q1 2024, representing a 43.3% improvement[16]. - The company reported a loss from operations of $9,222,000 for Q1 2025, which is a 22.7% improvement from the loss of $11,928,000 in Q1 2024[16]. - The company incurred cash interest paid of $394,000 in Q1 2025, down from $502,000 in Q1 2024, a decrease of 21.5%[77]. Assets and Liabilities - As of March 31, 2025, total assets decreased to $129.3 million from $140.1 million as of December 31, 2024, representing a decline of approximately 7.0%[14]. - The total stockholders' deficit increased to $44.5 million as of March 31, 2025, compared to $33.4 million at the end of 2024, marking an increase of 33.0%[14]. - The company's total debt, net as of March 31, 2025, was $127.9 million, an increase from $124.9 million as of December 31, 2024[51]. - The estimated fair value of the company's debt instruments was $112.7 million as of March 31, 2025, compared to a carrying value of $128.0 million[49]. - The company's accumulated deficit increased to $797,825,000 as of March 31, 2025, from $786,066,000 at the end of 2024[14]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were $39.7 million, down from $49.6 million at the end of 2024, reflecting a decrease of 20.0%[14]. - Cash flows used in operating activities for Q1 2025 were $9,695,000, compared to $11,733,000 in Q1 2024, indicating a 17% decrease in cash outflow[18]. - The company reported a net decrease in cash, cash equivalents, and restricted cash of $9,627,000 for the three months ended March 31, 2025, compared to a decrease of $48,351,000 in the same period of 2024[18]. - As of March 31, 2025, total cash, cash equivalents, and restricted cash amounted to $67,430,000, down from $84,199,000 at the end of Q1 2024[18]. - The company had $27.7 million in restricted cash as of March 31, 2025, compared to $27.5 million as of December 31, 2024, primarily for surety bond cash collateral[44]. Operating Expenses - Operating expenses for the three months ended March 31, 2025, totaled $9.2 million, down from $11.9 million in the prior year, indicating a decrease of 22.6%[16]. - Total interest expense for the three months ended March 31, 2025, was $3,387,000, a decrease of 66.5% from $10,119,000 in the same period of 2024[52]. - For the three months ended March 31, 2025, the total operating costs were $8,344,000, a decrease of 8.2% from $9,089,000 in the same period of 2024[75]. - The Hycroft Mine segment incurred operating costs of $5.4 million in Q1 2025, down from $6.2 million in Q1 2024, indicating an 11.1% reduction[75]. Equity and Stock - The company generated net proceeds of $0.2 million from the sale of 108,072 shares of common stock during the three months ended March 31, 2025, under the new $100 million ATM program[25]. - The weighted average shares outstanding increased to 24,948,434 for the three months ended March 31, 2025, compared to 20,811,602 in 2024[70]. - The company reported total equity securities of $739,000 as of March 31, 2025, up from $605,000 as of December 31, 2024, reflecting an unrealized gain of $100,000 during the three months ended March 31, 2025[41]. - The company had 670,600 5-Year Private Warrants outstanding with an exercise price of $11.50, expiring on May 29, 2025[62]. - The company's total outstanding warrants as of March 31, 2025, amounted to 90,019,112, with a total value of $68.096 million[63]. Future Plans and Operations - The company is prioritizing exploration drilling and data analysis, subject to securing necessary funding, to advance technical studies for processing sulfide ores[24]. - The company has incurred significant operating losses since ceasing mining operations in 2021 and remains dependent on unrestricted cash to meet obligations over the next 12 months[27]. - The company must maintain at least $15 million in unrestricted cash and $10 million in working capital as per the Sprott Credit Agreement[28]. - The company has a net profit royalty arrangement of 4% on a portion of the Hycroft Mine, with total payments capped at $7.6 million[82]. - The Company received cash consideration of $30.0 million under the Sprott Royalty Agreement, granting a perpetual royalty of 1.5% on net smelter returns from the Hycroft Mine[85].

Financial Results Announcement - Hycroft Mining Holding Corporation announced its full year 2024 results on March 5, 2025[5]. - The company filed its Annual Report on Form 10-K for the year ended December 31, 2024[5]. - Specific financial metrics and performance data were included in the press release, which is referenced as Exhibit 99.1[5]. Regulatory and Filing Information - The report does not specify whether the company is an emerging growth company[4]. - The press release and financial statements are not deemed "filed" under the Securities Exchange Act of 1934[6]. - The company is registered on The Nasdaq Stock Market LLC under the trading symbol HYMC[3]. - The report includes a cover page interactive data file embedded within the Inline XBRL document[7]. - The company is represented by Rebecca A. Jennings, Senior Vice President and General Counsel, in the filing[10]. Content Limitations - The report does not provide specific user data or future guidance in the available content[5]. - There are no mentions of new products, technologies, market expansion, or acquisitions in the provided documents[5].

Mineral Resources - As of December 31, 2024, the Hycroft Mine had measured and indicated mineral resources of 10.6 million ounces of gold and 360.7 million ounces of silver, with inferred resources of 3.4 million ounces of gold and 96.1 million ounces of silver[18]. - The 2023 Hycroft Technical Report Summary provides an initial assessment of the mineral resource estimate utilizing milling and pressure oxidation for sulfide and transition mineralization, and heap leaching for oxide mineralization[17]. Revenue and Operations - The company generated no revenues during the years ended December 31, 2024 and 2023 due to the cessation of active mining operations in November 2021[20]. - The company does not expect to generate revenues from gold and silver sales until further developing the Hycroft Mine and recommencing mining operations[21]. - The company requires additional funding to achieve its goals of restarting mining and processing operations at the Hycroft Mine[18]. Market Demand - Gold demand in 2024 was approximately 4,554 metric tons, totaling approximately $382 billion in value, with jewelry accounting for 40% of the demand[23]. - Silver demand in 2024 was approximately 1,219 million troy ounces, totaling approximately $34.5 billion in value, with electrical and electronics accounting for 40% of the demand[24]. - The average gold price in 2024 was $2,389 per ounce, while the average silver price was $28.27 per ounce[26]. - The price of gold reached an average of $2,389 per ounce in 2024, while silver averaged $28.27 per ounce[26]. - The top ten producers of gold comprise approximately one-quarter of total worldwide mined gold production, indicating a highly competitive market[27]. Employment and Safety - The company has 56 employees as of December 31, 2024, with 48 employed at the Hycroft Mine[30]. - The company achieved one million work hours without a lost time incident in Q2 2024, maintaining a total recordable injury frequency rate (TRIFR) of 0.00 as of December 31, 2024, significantly below industry averages[32]. - The company’s safety programs include employee engagement, training, risk management, and emergency response, which are essential for maintaining a safe workplace[31]. - The company faces intense competition in the recruitment and retention of qualified employees within the mining industry[29]. Environmental Compliance - The Company is in compliance with applicable mining, health, safety, and environmental statutes and regulations in Nevada and at the federal level[33]. - The Company received correspondence from regulatory agencies regarding environmental and reclamation matters during 2024, with no material impact on operations[37]. - The Company did not incur material expenditures for environmental control facilities during 2024 and 2023, and no material expenditures are expected for 2025[37]. - The company reported no known material environmental incidents during 2024 and 2023, and does not expect to incur material expenditures for environmental control facilities in 2025[37]. - The Company’s reclamation obligations are secured by surety bonds that meet the financial assurance requirements of the State of Nevada and the Bureau of Land Management[38]. - The Company plans to conduct additional reclamation activities on the Crofoot leach pad in 2027, with ongoing management of solutions in certain ponds through 2026[38]. Management and Structure - Rebecca A. Jennings joined the Company as Senior Vice President, General Counsel, and Corporate Secretary in October 2022, bringing over 25 years of experience in the industry[49]. - David B. Thomas has served as Senior Vice President, General Manager since April 2024, with extensive experience in business finance and project management[50]. - The Company operates as a remote-first organization without a corporate headquarters, with a mailing address in Winnemucca, Nevada[51].

Financial Results - Hycroft Mining Holding Corporation reported its operating and financial results for the quarter ended September 30, 2024[5]. - The company issued a press release on November 5, 2024, detailing its performance metrics[5]. - Specific financial figures and performance indicators are included in the attached press release as Exhibit 99.1[7].

Financial Performance - Net loss for the three months ended September 30, 2024, was $14,228,000, compared to a net loss of $15,712,000 for the same period in 2023, representing a 9% improvement[15]. - The net loss for the nine months ended September 30, 2024, was $48,158, an increase from a net loss of $43,510 in the same period of 2023[21]. - The company reported a net loss of $14.2 million for the three months ended September 30, 2024, compared to a net loss of $15.7 million for the same period in 2023, resulting in a basic and diluted loss per share of $0.59[80]. - The company reported a net loss of $13.909 million for the quarter ended March 31, 2023, and a net loss of $15.712 million for the quarter ended June 30, 2023[19]. Assets and Liabilities - Total assets decreased from $201,693,000 on December 31, 2023, to $149,022,000 on September 30, 2024, a decline of approximately 26%[14]. - Cash and cash equivalents decreased from $106,210,000 on December 31, 2023, to $55,834,000 on September 30, 2024, a reduction of approximately 48%[14]. - The company reported a total stockholders' deficit of $23,134,000 as of September 30, 2024, compared to a total stockholders' equity of $12,656,000 on December 31, 2023[14]. - 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[50]. - The total debt, net, as of September 30, 2024, was $122.1 million, a decrease from $142.6 million as of December 31, 2023[56]. Operating Expenses - Operating expenses for the nine months ended September 30, 2024, totaled $41,512,000, up from $36,671,000 in the same period of 2023, indicating a 13% increase[15]. - For the three months ended September 30, 2024, the total operating costs were $14,002, resulting in a loss from operations of $14,002, compared to $13,571 in the same period of 2023[21]. Cash Flow - Cash flows used in operating activities for the nine months ended September 30, 2024, were $27,802,000, compared to $31,931,000 for the same period in 2023, reflecting a 13% improvement[17]. - Cash interest paid for the nine months ended September 30, 2024, was $1,380, a decrease from $4,625 in 2023[84]. Stock and Equity - The company issued 517,688 shares of common stock during the period, raising $1,160,000 in additional paid-in capital[18]. - The weighted average shares outstanding increased from 20,195,402 in Q3 2023 to 24,058,560 in Q3 2024, reflecting a growth of approximately 19%[15]. - The total outstanding equity classified warrants increased to 90,019,112 with a total value of $68.086 million as of September 30, 2024[70]. - The company sold 89,118 shares of common stock for gross proceeds of $0.2 million during the three months ended September 30, 2024, and 3,081,665 shares for $10.6 million during the nine months ended September 30, 2024[68]. Inventory and Assets Held-for-Sale - Supplies inventories decreased from $1.8 million as of December 31, 2023, to $1.4 million as of September 30, 2024, with a write-down of $0.4 million recorded due to obsolescence[37]. - Assets held-for-sale included equipment not-in-use valued at $4.4 million as of September 30, 2024, down from $7.1 million as of December 31, 2023[44]. Income and Interest - Interest income for the nine months ended September 30, 2024, was $3,382,000, down from $6,159,000 in the same period of 2023, a decrease of 45%[15]. - The Company earned $0.3 million and $0.9 million in interest income on cash collateral for the three and nine months ended September 30, 2024, respectively, compared to $0.4 million and $1.1 million for the same periods in 2023[43]. Other Income and Gains - The Company recognized $1.6 million as other income during the nine months ended September 30, 2024, due to the forfeiture of non-refundable deposits related to an equipment purchase agreement[60]. - The company reported a gain on the sale of equipment of $2.6 million for the three months ended September 30, 2024[76]. Compliance and Regulations - As of September 30, 2024, the Company was in compliance with all financial covenants under its debt agreements[55]. - The Company has not recorded any losses related to litigation or loss contingencies during the nine months ended September 30, 2024, and 2023[88]. Future Plans and Projects - The company adjusted its project timeline for the Crofoot Heap Leach Pad, with work now scheduled to begin in 2024 and be completed by the end of 2027[65]. - The company completed and filed the 2023 Hycroft Technical Report Summary, focusing on optimal processing methods for sulfide ores[23].