Financial Performance - Revenues for the three months ended September 30, 2023, were $0, compared to $8,758,000 for the same period in 2022, indicating a 100% decrease[16] - Net loss for the nine months ended September 30, 2023, was $43,510,000, a slight improvement from a net loss of $46,891,000 for the same period in 2022[19] - The company reported a net loss of $15,712,000 for the quarter ended September 30, 2023[22] - The net loss for the three months ended September 30, 2023, was $15,712,000, compared to a net loss of $15,849,000 for the same period in 2022, a decrease of 0.9%[86] - The basic loss per common share for the three months ended September 30, 2023, was $(0.08), unchanged from $(0.08) in the same period of 2022[86] - Net loss for the nine months ended September 30, 2023, was $43.51 million, a decrease from a net loss of $46.89 million in the same period of 2022, representing a 5.1% improvement[19] Assets and Liabilities - Total assets decreased from $248,954,000 on December 31, 2022, to $211,813,000 as of September 30, 2023, representing a decline of approximately 15%[14] - Total liabilities increased from $185,648,000 on December 31, 2022, to $189,234,000 as of September 30, 2023, marking a rise of approximately 2%[14] - The total stockholders' equity decreased from $63,306,000 on December 31, 2022, to $22,579,000 as of September 30, 2023, a decline of approximately 64%[14] - The total debt, net, increased to $142.4 million as of September 30, 2023, from $132.7 million as of December 31, 2022[60] - The fair value of the Company's debt instruments as of September 30, 2023, was $118.6 million, compared to $130.7 million as of December 31, 2022[93] Cash Flow and Expenses - Cash and cash equivalents decreased from $141,984,000 as of December 31, 2022, to $106,911,000 as of September 30, 2023, a reduction of approximately 25%[14] - Cash flows used in operating activities for the nine months ended September 30, 2023, were $31,931,000, compared to $24,363,000 for the same period in 2022, an increase of about 31%[19] - Operating expenses for the three months ended September 30, 2023, totaled $12,455,000, compared to $11,032,000 for the same period in 2022, reflecting an increase of about 13%[16] - Cash interest paid for the nine months ended September 30, 2023, was $4,625,000, an increase from $3,858,000 for the same period in 2022[94] Inventory and Assets Management - As of September 30, 2023, the Company's net materials and supplies inventories remained stable at $2.8 million, with sufficient inventory reserves in place[39] - The total net property, plant, and equipment decreased slightly to $53.5 million as of September 30, 2023, from $54.8 million as of December 31, 2022[40] - Current prepaids and deposits increased to $3,674,000 as of September 30, 2023, compared to $2,840,000 as of December 31, 2022[38] - The Company held restricted cash of $35.1 million as of September 30, 2023, an increase from $34.0 million as of December 31, 2022[43] Stock and Equity - The balance of common stock shares outstanding increased to 202,132,839 as of September 30, 2023, from 199,770,659 as of September 30, 2022[22] - The total stockholders' equity as of September 30, 2023, was $22.579 million, a decrease from $76.115 million at the same time in 2022[22] - The total number of outstanding warrants increased to 89,722,621 as of September 30, 2023, from 81,563,197 at the end of 2022, marking a growth of 10.5%[75] - The Company issued 46,816,480 Private Placement Offering Warrants at an exercise price of $1.068, generating gross proceeds of approximately $55.9 million[71] Operational Focus and Future Plans - The company continues to focus on exploration and development of the Hycroft Mine, with a systematic approach to understand the deposit better[27] - The company plans to evaluate the impact of ASU 2022-03 on its financial statements and related disclosures, effective after December 15, 2023[36] - The company plans to continue its exploration efforts focusing on higher-grade opportunities identified during previous drilling[27] Compliance and Legal Matters - The Company is in compliance with all financial covenants under its debt agreements as of September 30, 2023[57] - The company has recorded no losses related to litigation or loss contingencies during the three and nine months ended September 30, 2023[97]
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2023 Q3 - Quarterly Report