Hycroft Mining (US:HYMC)2025-10-28 10:31Financial Performance - For the three months ended September 30, 2025, the net loss was $9,376,000, compared to a net loss of $14,228,000 for the same period in 2024, indicating a 34% improvement[15] - For the nine months ended September 30, 2025, the net loss was $32.872 million, an improvement from a net loss of $48.158 million in the same period of 2024[86] - The Company reported a net loss of $9.376 million for the three months ended September 30, 2025, compared to a net loss of $14.228 million for the same period in 2024[86] - The Company incurred a net loss of $32.9 million for the nine months ended September 30, 2025, compared to a net loss of $48.2 million for the same period in 2024, indicating an improvement in financial performance[15] Cash and Liquidity - As of September 30, 2025, cash and cash equivalents increased to $139,094,000 from $49,560,000 as of December 31, 2024, representing a 180% increase[13] - The company reported a cash and cash equivalents balance of $139.1 million at the end of September 2025, compared to $55.8 million at the end of September 2024, indicating improved liquidity[17] - The Company reported a net cash used in operating activities of $22,157,000 for the nine months ended September 30, 2025, compared to $27,802,000 for the same period in 2024, a decrease of 20%[17] Assets and Liabilities - The total assets of the company rose to $230,591,000, up from $140,135,000 at the end of 2024, marking a 64% increase[13] - Total stockholders' deficit improved to $47,485,000 as of September 30, 2025, from a deficit of $33,415,000 at the end of 2024[13] - The total accumulated deficit increased to $818.938 million as of September 30, 2025, compared to $797.825 million as of March 31, 2025[20] - The total debt, net as of September 30, 2025, was $134.2 million, an increase from $124.9 million as of December 31, 2024[49] Stock and Equity - The company issued 12,500,000 shares of common stock, raising $40,349,000 in the process[20] - The Company sold 513,258 shares of its equity securities for net proceeds of $0.6 million during the three and nine months ended September 30, 2025[35] - The Company issued 16,212,409 shares of common stock and warrants, raising approximately $69.515 million in total[20] - The Company’s weighted average shares outstanding increased to 42,453,570 for the three months ended September 30, 2025, from 24,058,560 in the same period of 2024[15] Expenses and Costs - Operating expenses for the nine months ended September 30, 2025, totaled $25,795,000, down from $34,194,000 in the same period of 2024, reflecting a 24% reduction[15] - Operating expenses for the three months ended September 30, 2025, totaled $9.6 million, down from $11.7 million in the same period of 2024, reflecting a reduction in general and administrative costs[15] - Interest expense for the three months ended September 30, 2025, totaled $3.6 million, compared to $3.3 million for the same period in 2024[53] Investments and Securities - The Company recorded an unrealized gain on equity securities of $0.8 million for the three months ended September 30, 2025, compared to an unrealized loss of $0.5 million for the same period in 2024[36] - The estimated net present value of the Sprott Royalty Agreement was $146.7 million as of September 30, 2025, based on future gold and silver price projections[99] Legal and Compliance - The company has been involved in legal proceedings related to warrants, with ongoing litigation but no recorded losses for the nine months ended September 30, 2025[91] - The company has not recorded any losses related to litigation or loss contingencies during the nine months ended September 30, 2025 and 2024[92] - The Company was in compliance with all financial covenants under its debt agreements as of September 30, 2025[55] Financing Activities - The June 2025 Offering raised net proceeds of $40.3 million, with 12,500,000 Units sold at a price of $3.50 per Unit[63] - The 2025 Private Placement resulted in total proceeds of $60.0 million, with each Unit priced at $4.2805[66] - The company announced a public offering of approximately $150 million, pricing 23,076,924 shares at $6.50 each, with an overallotment option that generated an additional $21.4 million, resulting in net proceeds of approximately $163.6 million after expenses[103] Other Financial Metrics - The effective interest rate for the Sprott Credit Agreement was 18.08% as of September 30, 2025[53] - The Company incurred nil net income tax expense for the nine months ended September 30, 2025, with an effective tax rate of nil[85] - The Company recognized a decrease in its Asset retirement obligation of $2.7 million due to changes in estimates related to reclamation activities[57]