Core Insights - Hycroft Mining (HYMC) announced positive exploration drilling results from its Vortex silver system in Nevada, leading to a 49% stock price increase, with an additional rise of over 10% in subsequent trading [1] - Eric Sprott, the largest shareholder of Hycroft with a 33% stake, benefits significantly from the positive news, while AMC shareholders are left questioning the implications for their investment [1] Company Investment Details - AMC initially invested $27.9 million in Hycroft in March 2022 for a 22% stake, which was matched by Eric Sprott, resulting in a combined ownership of 44% [4] - For its 22% stake, AMC received 23,408,240 Hycroft units, each comprising one common share and a warrant to purchase an additional share at $1.068, with warrants expiring in March 2027 [4] Financial Context - AMC sold a significant portion of its stake in Hycroft to Eric Sprott for $24.1 million, retaining only warrants and a small stake, raising questions about the profitability of this non-core investment [2] - AMC's financial health was concerning, as indicated by an Altman Z-Score of -0.40 in March 2022, suggesting a high likelihood of bankruptcy within 24 months [6]