Financial Performance - Revenues for the three months ended March 31, 2023, were $0, compared to $9,166,000 for the same period in 2022, representing a 100% decrease[16] - Net loss for the three months ended March 31, 2023, was $13,909,000, an improvement from a net loss of $22,060,000 for the same period in 2022, reflecting a reduction of approximately 37.5%[16] - The company reported a basic loss per share of $0.07 for the three months ended March 31, 2023, compared to a loss per share of $0.27 for the same period in 2022[16] - The net loss for Q1 2023 was $13.909 million, a decrease from a net loss of $22.060 million in Q1 2022, reflecting improved financial performance despite no revenues[16] - The company incurred no net income tax expense for the three months ended March 31, 2023, maintaining an effective tax rate of Nil, consistent with the same period in 2022[74] Assets and Liabilities - Total assets decreased from $248,954,000 as of December 31, 2022, to $235,260,000 as of March 31, 2023, a decline of approximately 5.6%[14] - Total stockholders' equity decreased from $63,306,000 as of December 31, 2022, to $50,536,000 as of March 31, 2023, a decline of approximately 20.2%[14] - Cash and cash equivalents decreased from $141,984,000 as of December 31, 2022, to $131,987,000 as of March 31, 2023, a decline of about 7.5%[14] - The Company’s total liabilities decreased slightly to $184.724 million as of March 31, 2023, from $185.648 million at the end of 2022[14] - The Company’s accumulated deficit increased to $684.060 million as of March 31, 2023, compared to $670.151 million at the end of 2022[14] Operational Activities - The company did not generate revenues or incur costs of sales during the three months ended March 31, 2023, as it ceased mining operations in November 2021[28] - The company completed the processing of gold and silver ore previously placed on leach pads prior to ceasing mining operations in November 2021, resulting in no revenues for the three months ended March 31, 2023[28] - The company reported operating costs of $11,533,000 for the three months ended March 31, 2023, compared to $16,972,000 for the same period in 2022[78] - Total cost of sales for Q1 2023 was $0, while it was $16.972 million in Q1 2022, indicating a significant reduction in operational activity[16] Cash and Investments - The Company’s restricted cash increased to $34.3 million as of March 31, 2023, up from $34.0 million as of December 31, 2022, primarily related to reclamation and surety bond cash collateral[40] - The Company held assets for sale, specifically equipment not-in-use, valued at $7.1 million as of March 31, 2023[42] - The Company completed a purchase of a 50% undivided interest in patented mining claims for cash consideration of $0.05 million during the three months ended March 31, 2023[37] - The Company has plans to adopt new accounting guidance (ASU 2022-03) effective after December 15, 2023, and is currently evaluating its impact[33] Debt and Financing - Total net debt as of March 31, 2023, is $137.4 million, an increase from $132.7 million as of December 31, 2022[51] - The Company’s debt agreements include financial covenants, and as of March 31, 2023, it was in compliance with all such covenants[49] - The Company has contractual debt payments totaling $149.32 million over the next five years, with a significant payment of $144.07 million due in 2027[51] - The Company made a total of $23.9 million in Subsequent Equity Proceeds Prepayments under the Sprott Credit Agreement, which included a $10.0 million initial prepayment and a $13.9 million subsequent prepayment[45] Shareholder Information - The weighted average shares outstanding increased significantly from 81,201,453 in Q1 2022 to 200,270,659 in Q1 2023, reflecting a dilution effect on earnings per share[75] - The Company’s common stock authorized shares increased by 1 billion to a total of 1.4 billion as per the amendment approved on March 11, 2022[60] - The total outstanding warrants as of March 31, 2023, increased to 87,739,991, with a total amount of $68,027,000, compared to 81,563,197 warrants amounting to $67,496,000 as of December 31, 2022[64] Future Plans and Exploration - The company plans to continue exploration focusing on higher-grade opportunities identified during 2021 exploration drilling[26] - The company completed the Hycroft Property Initial Assessment Technical Report Summary in March 2023, which included a mineral resource estimate utilizing a pressure oxidation process[25] - The company plans to provide an updated technical report based on the findings from the 2023 Hycroft Technical Report Summary[25]
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2023 Q1 - Quarterly Report