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 Hycroft Mine is the company's only operating segment, which includes mine site, exploration, and development activities[19]. - The company requires additional funding to achieve the recommencement of 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 applications comprising 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 top ten producers of gold account for approximately one-quarter of total worldwide mined gold production, indicating a highly competitive market[27]. Employee and Safety Management - As of December 31, 2024, the company had 56 employees, with 48 employed at the Hycroft Mine[30]. - The company emphasizes safety as a core value, supported by mandatory mine safety and health programs[31]. - 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, and December 31, 2023[32]. - The company faces intense competition in the recruitment and retention of qualified employees in the mining industry[29]. - The company’s safety programs include employee engagement, training, risk management, and emergency response, which are essential for maintaining a safe workplace[31]. Environmental Compliance and Reclamation - 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 has obtained or has pending applications for all necessary licenses and permits to conduct current operations and exploration programs[33]. - The Company received correspondence from regulatory agencies regarding environmental and reclamation matters in 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 has 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 plans to conduct additional reclamation activities on the Crofoot leach pad in 2027 and expects to manage solutions in certain ponds through 2026[38]. - 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's surface management surety bonds totaled $58.7 million as of December 31, 2024, with $58.3 million securing financial assurance requirements for the Hycroft Mine[38]. Leadership and Organizational 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].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2024 Q4 - Annual Report