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 loss per share of $0.47 for Q1 2025, improving from a loss per share of $1.00 in Q1 2024[16]. - For the three months ended March 31, 2025, the total net loss was $11,759,000, a decrease from the net loss of $20,749,000 for the same period in 2024, representing a 43.5% improvement[16]. - The loss from operations decreased to $9,222,000 in Q1 2025 from $11,928,000 in Q1 2024, reflecting a 22.7% reduction[16]. - Interest income for Q1 2025 was $713,000, compared to $1,298,000 in Q1 2024, indicating a decline of 45.0%[16]. - Operating costs for the Hycroft Mine were $5,410,000 in Q1 2025, down 12.4% from $6,176,000 in Q1 2024[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]. 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]. - Cash and cash equivalents decreased to $39.7 million from $49.6 million, a decline of 20.0%[14]. - Total stockholders' deficit increased to $44.5 million as of March 31, 2025, compared to $33.4 million at the end of 2024, reflecting a deterioration of approximately 33.3%[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 balance of the Asset Retirement Obligation (ARO) increased to $13,484,000 as of March 31, 2025, up from $13,151,000 at the end of 2024, reflecting an accretion of $333,000[57]. Cash Flow and Financing - Cash flows used in operating activities for the first quarter of 2025 were $9,695,000, compared to $11,733,000 in the first quarter of 2024, indicating a 17% improvement[18]. - The company ended the period with cash, cash equivalents, and restricted cash totaling $67,430,000, down from $84,199,000 at the end of March 2024, reflecting a decrease of 20%[18]. - The company generated net proceeds of $0.2 million from the sale of 108,072 shares under the new $100 million at-the-market public offering program during Q1 2025[25]. - The company had $27.7 million in restricted cash as of March 31, 2025, which is primarily related to surety bond cash collateral[44]. - The company is subject to debt covenants requiring unrestricted cash to be at least $15 million and working capital to be at least $10 million[28]. - 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]. Equity and Shares - 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, indicating a 19.5% increase[70]. - The total number of outstanding warrants as of March 31, 2025, was 90,019,112, with a total amount of $68,096,000[63]. - The company had 966,926 shares available for issuance under the HYMC 2020 Performance and Incentive Pay Plan as of March 31, 2025[67]. - The company issued 108,072 shares of common stock during the three months ended March 31, 2025, generating net proceeds of $258,000[20]. Operational Highlights - 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 no mineral reserves, and all related costs are expensed until mineral reserves are established[58]. - The company completed its evaluation and determined no impairment was necessary for its long-lived assets as of March 31, 2025[37]. - The company has not recorded any losses related to litigation or loss contingencies during the three months ended March 31, 2025 and 2024[79]. Tax and Compliance - The Company recognized no net income tax expense or benefit for the three months ended March 31, 2025, maintaining an effective tax rate of nil[69]. - The company was in compliance with all financial covenants under its debt agreements as of March 31, 2025[56].
HYCROFT MNG.HLDG.EQ. WARRT(HYMCZ) - 2025 Q1 - Quarterly Report